Document:

EXECUTION

    

    

    

    GSR
      MORTGAGE LOAN TRUST 2007-3F

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES

     

    SERIES
      2007-3F 

     

    

    MASTER
      SERVICING

     

     

    and

     

     

    TRUST
      AGREEMENT

     

     

    among

     

     

    GS
      MORTGAGE SECURITIES CORP.,

    as
      Depositor

     

     

    U.S.
      BANK NATIONAL ASSOCIATION,

    as
      Trustee

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION,

    as
      Master Servicer and Securities Administrator 

    

    and

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    as
      a Custodian

     

    Dated
      as of

     

    April
      1, 2007

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

     

    Page

    
      	
              ARTICLE
                I. DEFINITIONS

            	
              1

            
	
              Section
                1.01.

            	
              Standard
                Terms.

            	
              1

            
	
              Section
                1.02.

            	
              Defined
                Terms.

            	
              2

            
	
              ARTICLE
                II. FORMATION OF TRUST; CONVEYANCE OF MORTGAGE LOANS

            	
              19

            
	
              Section
                2.01.

            	
              Conveyance
                to the Trustee.

            	
              19

            
	
              Section
                2.02.

            	
              Acceptance
                by the Trustee and Securities Administrator.

            	
              21

            
	
              Section
                2.03.

            	
              REMIC
                Elections and REMIC Interests Designations.

            	
              21

            
	
              ARTICLE
                III. REMITTING TO CERTIFICATEHOLDERS

            	
              25

            
	
              Section
                3.01.

            	
              Distributions
                to Certificateholders.

            	
              25

            
	
              Section
                3.02.

            	
              Allocation
                of Realized Losses and Shortfalls.

            	
              29

            
	
              ARTICLE
                IV. THE SECURITIES

            	
              31

            
	
              Section
                4.01.

            	
              The
                Certificates.

            	
              31

            
	
              Section
                4.02.

            	
              Denominations.

            	
              32

            
	
              Section
                4.03.

            	
              Redemption
                of Certificates.

            	
              32

            
	
              Section
                4.04.

            	
              Securities
                Laws Restrictions.

            	
              33

            
	
              Section
                4.05.

            	
              Deposit
                of Exchangeable REMIC Certificates.

            	
              33

            
	
              ARTICLE
                V. MISCELLANEOUS PROVISIONS

            	
              33

            
	
              Section
                5.01.

            	
              Request
                for Opinions.

            	
              33

            
	
              Section
                5.02.

            	
              Schedules
                and Exhibits.

            	
              33

            
	
              Section
                5.03.

            	
              Governing
                Law.

            	
              33

            
	
              Section
                5.04.

            	
              Counterparts.

            	
              34

            
	
              Section
                5.05.

            	
              Notices.

            	
              34

            

    

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    SCHEDULES
      AND EXHIBITS

    

    
      	
              Schedule
                I

            	
              Mortgage
                Loans

            
	 	 
	
              Schedule
                II

            	
              [Reserved]

            
	 	 
	
              Schedule
                III

            	
              PAC
                Scheduled Amounts

            
	 	 
	
              Exhibit
                A

            	
              Forms
                of Certificates

            

    

    

    

    

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    MASTER
      SERVICING AND TRUST AGREEMENT

     

    THIS
      MASTER SERVICING AND TRUST AGREEMENT (this “Trust
      Agreement”),
      dated
      as of April 1, 2007, is hereby executed by and among GS MORTGAGE SECURITIES
      CORP., a Delaware corporation (the “Depositor”),
      U.S.
      BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”),
      DEUTSCHE BANK NATIONAL TRUST COMPANY, as a custodian (a “Custodian”)
      and
      WELLS FARGO BANK, N.A., as securities administrator (in such capacity, the
      “Securities
      Administrator”)
      and
      master servicer (in such capacity, the “Master
      Servicer”).
      All
      of the provisions of the Standard Terms to Master Servicing and Trust Agreement
      (April 2007 Edition) (the “Standard
      Terms”),
      unless otherwise specified herein, are hereby incorporated herein by reference
      and shall be a part of this Trust Agreement as if set forth herein in
      full.

     

    PRELIMINARY
      STATEMENT

     

    The
      Board
      of Directors of the Depositor has duly authorized the formation of GSR Mortgage
      Loan Trust 2007-3F as a trust (the “Trust”)
      to
      issue a series of securities with an aggregate initial outstanding principal
      balance of $772,611,564 to be known as the Mortgage Pass-Through Certificates,
      Series 2007-3F (the “Certificates”).
      The
      Trust is formed by this Trust Agreement. The Certificates in the aggregate
      evidence the entire beneficial ownership in the Trust. The Certificates consist
      of the Classes set forth herein. 

     

    Pursuant
      to Section 12.01 of the Standard Terms, the Securities Administrator, on behalf
      of the Trustee, shall make an election to treat all of the Trust Estate as
      three
      real estate mortgage investment conduits (each, a “REMIC”
and,
      individually, “REMIC
      LT1,”
      “REMIC
      MT”
and
      “REMIC
      UT”)
      for
      federal income tax purposes. The “startup day” of each REMIC for purposes of the
      REMIC Provisions is the Closing Date.

     

    For
      purposes of naming the REMIC Interests and the Certificates, the first number
      of
      the Senior Certificates (“1,” “2,” “3” or “4”), if any, refers to the Collateral
      Group, the letter (“A,” “M” or “B”), refers to the status of the interest (“A”
for senior or “M” or “B” for subordinate) and the final character or characters
      (“1,” “2,” “3,” “4,” “5,” “6,” “7,” “8,” “9,” “10,” “P,” “R” or “RC”) refers to
      the specific Class.

     

    NOW,
      THEREFORE, in consideration of the mutual promises, covenants, representations
      and warranties hereinafter set forth, the Depositor, the Trustee, the Securities
      Administrator, the Custodian and the Master Servicer agree as
      follows:

     

    ARTICLE
      I.

     

    DEFINITIONS

     

    Section
      1.01. Standard
      Terms.

     

    The
      Depositor, the Trustee, the Securities Administrator, the Custodian and the
      Master Servicer acknowledge that the Standard Terms prescribe certain
      obligations of each such entity with respect to the Certificates. The Depositor,
      the Trustee, the Securities Administrator, the Custodian and the Master Servicer
      agree to observe and perform such prescribed duties, responsibilities and
      obligations, pursuant to the terms and conditions thereof and of this Trust
      Agreement, except to the extent inconsistent with the provisions of this Trust
      Agreement, the Standard Terms are and shall be a part of this Trust Agreement
      to
      the same extent as if set forth herein in full.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      1.02. Defined
      Terms.

     

    Capitalized
      terms used but not defined herein shall have the respective meanings assigned
      to
      them in Section 1.01 of the Standard Terms or in the applicable Sale and
      Servicing Agreement. In the event of a conflict between the Standard Terms
      and
      the applicable Sale and Servicing Agreement, such Sale and Servicing Agreement
      shall govern. In the event of a conflict between the Standard Terms and this
      Trust Agreement, this Trust Agreement shall govern. In addition, the following
      provisions shall govern the defined terms set forth below for this Trust
      Agreement:

     

    “Accrued
      Certificate Interest”:
      Interest to be distributed to each Class of Certificates entitled to interest
      on
      any Distribution Date consisting of the sum of (i) interest accrued during
      the
      related Interest Accrual Period at the applicable Certificate Rate for such
      Class of Certificates on the Certificate Balance (or Notional Amount) of such
      Class of Certificates immediately preceding such Distribution Date and (ii)
      accrued but unpaid Accrued Certificate Interest from prior Distribution Dates
      (on a cumulative basis, but without interest on such unpaid Accrued Certificate
      Interest). 

     

    “Aggregate
      Subordinate Percentage”:
      For
      any Certificate Group at any time, the sum of the Class Principal Balances
      of
      the Subordinate Certificates divided by the sum of the outstanding principal
      balances for all the Mortgage Loans in the related Collateral
      Groups.

     

    “Applicable
      Fraction”:
      For
      each Mortgage Loan and REMIC LT1, shall be calculated as follows: 

     

     

    
      	 	
              ·

            	
              For
                Collateral Group 1 and each Mortgage Loan with a Net Rate greater
                than or
                equal to 5.00% per annum, but less than 5.75% per
                annum:

            

    

    

    5.75%
      minus
      the
Net
      Rate
      on
      such Mortgage
      Loan

                            
      0.75%;

    

     

    
      	 	
              ·

            	
              For
                Collateral Group 2 and each Mortgage Loan with a Net Rate greater
                than or
                equal to 5.00% per annum, but less than 5.75% per
                annum:

            

    

    

    1
      minus é5.75%
      minus the
      Net
      Rate
      on
      such Mortgage
      Loanù

        
      ë                                   
0.75%                                        
       û;

     

    
      	 	
              ·

            	
              For
                Collateral Group 2 and each Mortgage Loan with a Net Rate greater
                than or
                equal to 5.75% per annum, but less than 6.00% per
                annum:

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    6.00%
      minus
      the
      Net Rate
      on
      such Mortgage
      Loan

                    
      0.25%;

    

    
      	 	
              ·

            	
              For
                Collateral Group 3 and each Mortgage Loan with a Net Rate greater
                than or
                equal to 5.75% per annum, but less than 6.00% per
                annum:

            

    

    

    1
      minus é6.00%
      minus the
      Net
      Rate
      on
      such Mortgage
      Loanù

                                        
      ë                                 
0.25%                                             û;

    

    
      	 	
              ·

            	
              For
                Collateral Group 3 and each Mortgage Loan with a Net Rate greater
                than or
                equal to 6.00% per annum, but less than 7.00% per
                annum:

            

    

    

    7.00%
      minus
      the
      Net Rate
      on
      such Mortgage
      Loan

                      
      1.00%;

    

    
      	 	
              ·

            	
              For
                Collateral Group 4 and each Mortgage Loan with a Net Rate greater
                than or
                equal to 6.00% per annum, but less than 7.00% per
                annum:

            

    

    

    1
      minus é7.00%
      minus the
      Net
      Rate
      on
      such Mortgage
      Loanù

                                       
       ë                                   
1.00%                                         
      û;

    

    
      	 	
              ·

            	
              For
                Collateral Group 4 and each Mortgage Loan with a Net Rate greater
                than or
                equal to 7.00% per annum, 100%. 

            

    

    

    “Apportioned
      Principal Balance”:
      For
      any Class of Subordinate Certificates and any Distribution Date, the Class
      Principal Balance of such Class immediately prior to such Distribution Date
      multiplied by a fraction, the numerator of which is the related Group
      Subordinate Amount for such date and the denominator of which is the sum of
      the
      Group Subordinate Amounts for all of the related Collateral Groups for such
      date.

    

    “Assignment
      Agreements”:
      (i)
      the Assignment, Assumption and Recognition Agreement dated as of April 1, 2007,
      by and among GSMC, the Depositor and PHH Mortgage, as servicer, (ii) the
      Assignment, Assumption and Recognition Agreement dated as of April 1, 2007,
      by
      and among the Depositor, PHH Mortgage and the Trustee, and as acknowledged
      by
      the Master Servicer, (iii) the Assignment, Assumption and Recognition Agreement
      dated as of April 1, 2007, among GSMC, the Depositor and JPMCB, as servicer,
      (iv) the Assignment, Assumption and Recognition Agreement dated as of April
      1,
      2007, among the Trustee, the Depositor and JPMCB, as servicer, and as
      acknowledged by the Master Servicer, (v) the Assignment, Assumption and
      Recognition Agreement dated as of April 1, 2007, by and among GSMC, the
      Depositor and Wells Fargo, as servicer, (vi) the Assignment, Assumption and
      Recognition Agreement dated as of April 1, 2007, among the Depositor, the
      Trustee and Wells Fargo, as servicer, and as acknowledged by the Master
      Servicer, (vii) the Assignment, Assumption and Recognition Agreement dated
      as of
      April 1, 2007, by and among GSMC, the Depositor and WaMu, as servicer, (viii)
      the Assignment, Assumption and Recognition Agreement dated as of April 1, 2007,
      among the Depositor, the Trustee and WaMu, as servicer, and as acknowledged
      by
      the Master Servicer, (ix) the Assignment, Assumption and Recognition Agreement
      dated as of April 1, 2007, by and among GSMC, the Depositor and Nat City, as
      servicer and (x) the Assignment, Assumption and Recognition Agreement dated
      as
      of April 1, 2007, among the Depositor, the Trustee and Nat City, as servicer,
      and as acknowledged by the Master Servicer.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Available
      Distribution Amount”:
      For
      any Distribution Date and any Collateral Group, the sum of the Applicable
      Fractions for each Mortgage Loan contributing to such Collateral Group of the
      following amounts:

     

    (i) the
      total
      amount of all cash received from or on behalf of the Mortgagors or advanced
      by
      the Servicer (or the Master Servicer in the event the Servicer fails to make
      such required advances, or by the Trustee in the event the Master Servicer
      fails
      to make any such required advances, in each case pursuant to Section 3.05 of
      the
      Standard Terms) on the Mortgage Loans contributing to such Collateral Group
      and
      not previously distributed (including Monthly Advances made by the Servicer
      (or
      by the Master Servicer in the event the Servicer fails to make such required
      advances, or by the Trustee in the event the Master Servicer fails to make
      any
      such required advances, in each case pursuant to Section 3.05 of the Standard
      Terms), Compensating Interest Payments made by the Servicer (or the Master
      Servicer or other successor servicer, as the case may be) and proceeds of
      Mortgage Loans that are liquidated), except:

     

    (a) all
      Scheduled Payments collected but due on a Due Date after such Distribution
      Date;

     

    (b) all
      Curtailments received after the previous calendar month;

     

    (c) all
      Payoffs received after the previous calendar month (together with each interest
      payment received with such Payoffs to the extent that it represents the payment
      of interest accrued on the Mortgage Loans contributing to such Collateral Group
      for the period after the previous calendar month);

     

    (d) Liquidation
      Proceeds, Condemnation Proceeds and Insurance Proceeds received on the Mortgage
      Loans contributing to such Collateral Group after the previous calendar
      month;

     

    (e) all
      amounts in the Certificate Account from Mortgage Loans contributing to such
      Collateral Group that are then due and payable to the Servicer under the related
      Sale and Servicing Agreement;

     

    (f) the
      Servicing Fee and the Master Servicing Fee for each Mortgage Loan in such
      Collateral Group, net of any amounts payable as compensating interest by the
      Servicer on that Distribution Date;

     

    (g) any
      amounts payable in respect of any primary mortgage insurance
      policy;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (h) all
      related indemnification amounts and other amounts reimbursable on such
      Distribution Date to the Securities Administrator, the Custodian or the Trustee
      or the Master Servicer; and

     

    (i) all
      expenses of the Trust Estate paid after the immediately preceding Distribution
      Date; 

     

    (ii) the
      total
      amount of any cash received by the Securities Administrator or the Servicer
      (or
      the Master Servicer) from the repurchase by the applicable Loan Seller of any
      Mortgage Loans contributing to such Collateral Group as a result of defective
      documentation or breach of representations and warranties (provided that the
      obligation to repurchase arose before the related Due Date); provided further
      that the Available Distribution Amount for REMIC UT shall be the amounts
      distributed by REMIC MT and the Available Distribution Amount for REMIC MT
      shall
      be the amounts distributed by REMIC LT1.

     

    provided
      that
      interest with respect to any Mortgage Loan that relates to two Collateral Groups
      shall be included in the Available Distribution Amount for each related
      Collateral Group as follows: first,
      to the
      Collateral Group with the lower Effective Net Rate, interest to the extent
      accrued on the Applicable Fraction of the principal of such Mortgage Loan at
      the
      Effective Net Rate for such Collateral Group; and second,
      to the
      other Collateral Group related to such Mortgage Loan.

     

    “Bank
      of America”:
      Bank
      of America, National Association.

     

    “B
      Average Rate”:
      For
      each Distribution Date, an annual rate equal to the weighted average of the
      Designated Rates applicable to Collateral Group 1, Collateral Group 2,
      Collateral Group 3 and Collateral Group 4, and weighted on the basis of the
      Group Subordinate Amounts for such Collateral Groups.

     

    “Book-Entry
      Certificates”:
      The
      Senior Certificates and the Subordinate Certificates.

     

    “Certificate
      Account Property”:
      The
      Certificate Account, all amounts, investments and other property held from
      time
      to time in the Certificate Account, and all proceeds of the
      foregoing.

     

    “Certificate
      Balance”:
      As to
      any Class of Certificates (other than any Interest Only Certificate) or
      Interests as of the close of business on each Distribution Date, the initial
      Certificate Balance thereof (as shown on the charts in Section 2.03) reduced
      by
      (i) all principal payments previously distributed to such Class and (ii) all
      Realized Losses previously allocated to such Class and increased (a) in the
      case
      of any Class of Certificates for which the Certificate Balance thereof has
      been
      reduced by any Realized Loss, by the amount of any Subsequent Recoveries
      allocated to such Class in accordance with Section 3.02(e) and (b) in the case
      of any Accrual Certificates, by any Accrued Certificate Interest previously
      added to the Certificate Balance thereof.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    “Certificate
      Group”:
      The
      Group 1 Certificates, Group 2 Certificates, Group 3 Certificates and Group
      4
      Certificates, as applicable.

     

    “Certificate
      Rate”:
      With
      respect to each Class of Certificates on any Distribution Date, the percentage
      per annum or other entitlement to interest described in Section 2.03. With
      respect to each REMIC Interest on any Distribution Date, the Certificate Rates
      described in Section 2.03.

     

    “Certificates”:
      The
      Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 2A-4, Class 2A-6,
      Class 2A-7, Class 2A-8, Class 2A-9, Class 2A-10, Class 3A-3, Class 3A-4, Class
      3A-6, Class 3A-7, Class 3A-8, Class 4A-1, Class 4A-2, Class A-X, Class M-1,
      Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class RC
      and
      Class R Certificates.

     

    “Chase
      Home Finance”:
      Chase
      Home Finance LLC.

     

    “Class”:
      Each
      Class of Certificates or REMIC Interests. 

     

    "Class
      4A-2 Notional Amount":
      Initially shall be $67,662,000, and with respect to each Distribution Date,
      an
      amount equal to the Class Principal Balance of the Class 4A-1 Certificates
      on
      such Distribution Date.

     

    “Class
      A Certificates”:
      The
      Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 2A-4, Class 2A-6,
      Class 2A-7, Class 2A-8, Class 2A-9, Class 2A-10, Class 3A-3, Class 3A-4, Class
      3A-6, Class 3A-7, Class 3A-8, Class 4A-1, Class 4A-2 and Class A-X Certificates.
      

     

    “Class
      A-X Notional Amount”:
      Initially shall be $248,093, and with respect to each Distribution Date, an
      amount (truncated to the nearest integer) equal to the product of (x) a
      fraction, the numerator of which is the weighted average of the Net Rates of
      the
      Premium Loans at the beginning of the related Due Period minus
      7.00%
      and the denominator of which is 6.00% and (y) the total principal balance of
      the
      Premium Loans as of the first day of the related Interest Accrual
      Period.

     

    “Class
      B Certificates”:
      The
      Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
      Certificates.

     

    “Class
      M Certificates”:
      The
      Class M-1 Certificates. 

     

    “Class
      Principal Balance”:
      As to
      any Class of Certificates on each Distribution Date, the total Certificate
      Balance of all Certificates of such Class on that Distribution
      Date.

     

    “Closing
      Date”:
      April
      30, 2007.

     

    “Collateral
      Group”:
      Any of
      Collateral Group 1, Collateral Group 2, Collateral Group 3 and Collateral Group
      4, as applicable.

     

    “Collateral
      Group 1”:
      The
      Mortgage Loans in Subgroup 1-A or portions thereof that have been stripped
      to an
      Effective Net Rate of 5.00%.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    “Collateral
      Group 2”:
      The
      Mortgage Loans in Subgroup 1-A and Subgroup 1-B or portions thereof that have
      been stripped to an Effective Net Rate of 5.75%.

     

    “Collateral
      Group 3”:
      The
      Mortgage Loans in Subgroup 1-B and Subgroup 1-C or portions thereof that have
      been stripped to an Effective Net Rate of 6.00%.

     

    “Collateral
      Group 4”:
      The
      Mortgage Loans in Subgroup 1-C and Subgroup 1-D or portions thereof that have
      been stripped to an Effective Net Rate of 7.00%.

     

    “Combination
      Group”:
      Any
      combination of Exchangeable REMIC Certificates set forth on Appendix A to the
      Exchange Agreement.

     

    “Conduit
      Program”:
      GSMC’s
      mortgage conduit program, through which mortgage loans are acquired from time
      to
      time from various banks, savings and loan associations, mortgage bankers and
      other mortgage loan originators and purchasers of mortgage loans in the
      secondary market.

     

    “Corresponding
      Class”:
      For
      each Class of REMIC Interests or Certificates, the Class or Classes indicated
      as
      such in the tables set forth in Section 2.03.

     

    “Credit
      Support Depletion Date”:
      The
      first Distribution Date (if any) on which the aggregate Certificate Balance
      of
      the Subordinate Certificates has been or shall be reduced to zero.

     

    “Current
      Shortfall”:
      Any
      amount included in the Principal Distribution Amount for which cash is not
      available to make distributions as a result of the Servicer’s decision not to
      Advance a delinquent payment, other than a Realized Loss.

     

    “Curtailment”:
      Any
      partial prepayment on any Mortgage Loan.

     

    “Custodian”:
      As
      defined in the Preliminary Statement.

     

    “Custodial
      Agreement”:
      The
      Master Custodial Agreement, dated as of April 1, 2007 among GSMC, the Custodian,
      the Servicers, the Master Servicer and the Securities Administrator.

    

    “Cut-Off
      Date”:
      April
      1, 2007.

     

    “Data
      Collection Schedule”:
      As
      defined in the Custodial Agreement.

     

    “Depositor”:
      GS
      Mortgage Securities Corp., in its capacity as depositor under this Trust
      Agreement.

     

    “Designated
      Rate”:
      With
      respect to Collateral Group 1, 5.00% per annum. With respect to Collateral
      Group
      2, 5.75% per annum. With respect to Collateral Group 3, 6.00% per annum. With
      respect to Collateral Group 4, 7.00% per annum. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    “Deutsche
      Bank”:
      Deutsche Bank National Trust Company, or any successor in interest.

     

    “Distribution
      Date”:
      The
      25th day of each month, or if such day is not a Business Day, the next Business
      Day following such day. The first Distribution Date shall be May 25,
      2007.

     

    “Due
      Date”:
      For
      any Mortgage Loan, the first day in each calendar month.

     

    “Due
      Period”:
      For
      any Distribution Date, the period beginning on the second day of the month
      immediately preceding the month in which such Distribution Date occurs and
      ending on the first day of the month in which such Distribution Date
      occurs.

     

    “Exchangeable
      REMIC Class”
      or “Exchangeable
      REMIC Certificates”:
      The Class
      1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 2A-4, Class 2A-6, Class 2A-7,
      Class 2A-8, Class 2A-9, Class 2A-10, Class 3A-3, Class 3A-4, Class 3A-6, Class
      3A-7 and Class 3A-8 Certificates.

    

    “Exchange
      Classes”
      or “Exchange
      Certificates”:
      The Class 1A-1, Class 2A-1, Class 2A-2, Class 2A-3, Class 2A-5, Class 3A-1,
      Class 3A-2 and Class 3A-5 Certificates
      issued or issuable pursuant to the Exchange Agreement in exchange and in
      accordance with the Exchange Agreement for the Exchangeable REMIC Certificates,
      or the Certificates of each such Class, as the context may require.

    

    “Exchange
      Agreement”:
      The
      Trust Agreement dated as of April 1, 2007, entered into by and among the
      Depositor, the Trustee, the Master Servicer and the Securities Administrator
      for
      the issuance of the Exchange Certificates.

    

    “Exchange
      Trustee”:
      U.S.
      Bank National Association, in its capacity as trustee under the Exchange
      Agreement.

    

    “Effective
      Net Rate”:
      For any Mortgage Loan and any Collateral Group to which such Mortgage Loan
      contributes interest, the effective Net Rate at which such Mortgage Loan
      contributes interest to such Collateral Group.

    

    “Fair
      Market Value Excess”:
      An
      amount equal to the excess, if any, of the amount in clause (y) of the
      definition of “Termination Price,” over the amount in clause (x) of the
      definition of “Termination Price.”

     

    “Fitch”:
      Fitch
      Ratings, or any successor in interest.

     

    “Group
      1 Certificate”:
      Any
      Class 1A-2, Class 1A-3, Class 1A-4 or Class 1A-5 Certificate.

     

    "Group
      1 NAS Priority Amount":
      For
      any Distribution Date shall be equal to the lesser of (i) the sum of (x) the
      product of the Group 1 NAS Percentage for such date, the NAS Scheduled Principal
      Percentage for such date and the Scheduled Principal Amount for Collateral
      Group
      1 and such date and (y) the product of the Group 1 NAS Percentage for such
      date,
      the NAS Prepayment Shift Percentage for such date and the Unscheduled Principal
      Amount for Collateral Group 1 and such date and (ii) the aggregate Class
      Principal Balance of the Class 1A-4 and Class 1A-5 Certificates immediately
      prior to such date. Notwithstanding the foregoing, (i) on and after the Credit
      Support Depletion Date, the Class 1A-4 and Class 1A-5 Certificates shall be
      entitled to their aggregate pro rata share of all scheduled and unscheduled
      payments of principal related to Collateral Group 1 and (ii) on the date on
      which the aggregate Class Principal Balance of the Class 1A-2 and Class 1A-3
      Certificates has been reduced to zero, the Class 1A-4 and Class 1A-5
      Certificates shall be entitled, pro rata, to any remaining Senior Principal
      Distribution Amount for Collateral Group 1 allocable to the Class 1A-2 and
      Class
      1A-3 Certificates and thereafter, the Group 1 NAS Priority Amount will equal
      the
      Senior Principal Distribution Amount for Collateral Group 1. 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    "Group
      1 NAS Percentage":
      For
      any Distribution Date shall be equal to the lesser of (i) 100% and (ii) the
      percentage obtained by dividing (x) the aggregate Class Principal Balance of
      the
      Class 1A-4 and Class 1A-5 Certificates immediately prior to such date by (y)
      the
      aggregate Class Principal Balance of the 1A-2, Class 1A-3, Class 1A-4 and Class
      1A-5 Certificates immediately prior to such date.

     

    “Group
      2 Certificate”:
      Any
      Class 2A-4, Class 2A-6, Class 2A-7, Class 2A-8, Class 2A-9 or Class 2A-10
      Certificate.

     

    "Group
      2 NAS Priority Amount":
      For
      any Distribution Date shall be equal to the lesser of (i) the sum of (x) the
      product of the Group 2 NAS Percentage for such date, the NAS Scheduled Principal
      Percentage for such date and the Scheduled Principal Amount for Collateral
      Group
      2 and such date and (y) the product of the Group 2 NAS Percentage for such
      date,
      the NAS Prepayment Shift Percentage for such date and the Unscheduled Principal
      Amount for Collateral Group 2 and such date and (ii) the aggregate Class
      Principal Balance of the Class 2A-7 and Class 2A-8 Certificates immediately
      prior to such date. Notwithstanding the foregoing, (i) on and after the Credit
      Support Depletion Date, the Class 2A-7 and Class 2A-8 Certificates shall be
      entitled to their aggregate pro rata share of all scheduled and unscheduled
      payments of principal related to Collateral Group 2 and (ii) on the date on
      which the aggregate Class Principal Balance of the Class 2A-4, Class 2A-6,
      Class
      2A-9 and Class 2A-10 Certificates has been reduced to zero, the Class 2A-7
      and
      Class 2A-8 Certificates shall be entitled, pro rata, to any remaining Senior
      Principal Distribution Amount for Collateral Group 2 allocable to the Class
      2A-4, Class 2A-6, Class 2A-9 and Class 2A-10 Certificates and thereafter, the
      Group 2 NAS Priority Amount will equal the Senior Principal Distribution Amount
      for Collateral Group 2. 

     

    "Group
      2 NAS Percentage":
      For
      any Distribution Date shall be equal to the lesser of (i) 100% and (ii) the
      percentage obtained by dividing (x) the aggregate Class Principal Balance of
      the
      Class 2A-7 and Class 2A-8 Certificates immediately prior to such date by (y)
      the
      aggregate Class Principal Balance of the Class 2A-4, Class 2A-6, Class 2A-7,
      Class 2A-8, Class 2A-9 and Class 2A-10 Certificates immediately prior to such
      date.

     

    “Group
      3 Certificate”:
      Any
      Class 3A-3, Class 3A-4, Class 3A-6, Class 3A-7 or Class 3A-8 Certificate.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    "Group
      3 NAS Priority Amount":
      For
      any Distribution Date shall be equal to the lesser of (i) the sum of (x) the
      product of the Group 3 NAS Percentage for such date, the NAS Scheduled Principal
      Percentage for such date and the Scheduled Principal Amount for Collateral
      Group
      3 and such date and (y) the product of the Group 3 NAS Percentage for such
      date,
      the NAS Prepayment Shift Percentage for such date and the Unscheduled Principal
      Amount for Collateral Group 3 and such date and (ii) the aggregate Class
      Principal Balance of the Class 3A-7 and Class 3A-8 Certificates immediately
      prior to such date. Notwithstanding the foregoing, (i) on and after the Credit
      Support Depletion Date, the Class 3A-7 and Class 3A-8 Certificates shall be
      entitled to their aggregate pro rata share of all scheduled and unscheduled
      payments of principal related to Collateral Group 3 and (ii) on the date on
      which the aggregate Class Principal Balance of the Class 3A-3, Class 3A-4 and
      Class 3A-6 Certificates has been reduced to zero, the Class 3A-7 and Class
      3A-8
      Certificates shall be entitled, pro rata, to any remaining Senior Principal
      Distribution Amount for Collateral Group 3 allocable to the Class 3A-3, Class
      3A-4 and Class 3A-6 Certificates and thereafter, the Group 3 NAS Priority Amount
      will equal the Senior Principal Distribution Amount for Collateral Group 3.
      

     

    "Group
      3 NAS Percentage":
      For
      any Distribution Date shall be equal to the lesser of (i) 100% and (ii) the
      percentage obtained by dividing (x) the aggregate Class Principal Balance of
      the
      Class 3A-7 and Class 3A-8 Certificates immediately prior to such date by (y)
      the
      aggregate Class Principal Balance of the Class 3A-3, Class 3A-4, Class 3A-6,
      Class 3A-7 and Class 3A-8 Certificates immediately prior to such
      date.

     

    “Group
      4 Certificate”:
      Any
      Class 4A-1 or Class 4A-2 Certificate.
      

     

    “Group
      Subordinate Amount”:
      With
      respect to each Collateral Group and any Distribution Date, the excess of the
      sum of the Applicable Fractions of the Scheduled Principal Balance of the
      Mortgage Loans contributing to such Collateral Group for the immediately
      preceding Distribution Date for that Collateral Group over the total Certificate
      Balance of the Senior Certificates of the related Certificate Group immediately
      prior to such Distribution Date.

     

    “GSMC”:
      Goldman Sachs Mortgage Company, or any successor in interest.

     

    “Interest
      Accrual Period”:
      For
      any Distribution Date (other than the first Distribution Date) and any regular
      interest in any REMIC created hereby or any Class of Certificates entitled
      to
      interest (other than the Class 4A-1 and Class 4A-2 Certificates), the calendar
      month immediately preceding the calendar month in which such Distribution Date
      occurs. For any Distribution Date (other than the first Distribution Date)
      and
      the Class 4A-1 and Class 4A-2 Certificates is the period beginning on and
      including the 25th day of the month immediately preceding the month in which
      such Distribution Date occurs and ending on and including the 24th day of the
      month in which such Distribution Date occurs. For the first Distribution Date
      and any regular interest in any REMIC created hereby or any Class of
      Certificates entitled to interest (other than the Class 4A-1 and Class 4A-2
      Certificates) will accrue from April 1, 2007. For the first Distribution Date,
      interest on the Class 4A-1 and Class 4A-2 Certificates will accrue from April
      25, 2007. 

     

    “Interest
      Only Certificate”:
      Any
      Class 4A-2 or Class A-X Certificate.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    “Interests”:
      Each
      Class of REMIC Interests.

     

    “JPMCB”:
      JPMorgan Chase Bank, National Association, or any successor in
      interest.

     

    “Junior
      Subordinate Certificates”:
      The
      Class B-4, Class B-5 and Class B-6 Certificates.

     

    “Liquidation
      Principal”:
      For
      any Distribution Date, the principal portion of Liquidation Proceeds received
      from each Mortgage Loan that became a Liquidated Mortgage Loan during the
      calendar month preceding the month of such Distribution Date.

     

    “Loan
      Seller”:
      Each
      of Bank of America, JPMCB, Wells Fargo, National City, PHH Mortgage and
      WaMu.

     

    “Master
      Servicer”:
      Wells
      Fargo Bank, N.A., in its capacity as Master Servicer, or any successor master
      servicer.

     

    “Master
      Servicing Fee”:
      With
      respect to any Distribution Date, all income and gain realized from the
      investment of funds in the Master Servicer Account during the period from but
      excluding the Servicer Remittance Date relating to such Distribution Date,
      to
      but excluding the Master Servicer Remittance Date relating to such Distribution
      Date. 

     

    “Maximum
      Rate”:
      With
      respect to any Distribution Date and any Class of Floating Rate Certificates,
      the amount set forth in the table in footnote 4 to the table in Section
      2.03(d).

     

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

     

    “Mortgage
      Loans”:
      The
      mortgage loans identified on Schedule I hereto.

     

    "NAS
      Prepayment Shift Percentage":
      For
      any Distribution Date during the five years beginning on the first Distribution
      Date shall be 0%. Thereafter, the NAS Prepayment Shift Percentage for any
      Distribution Date occurring on or after the fifth anniversary of the first
      Distribution Date shall be as follows: for any Distribution Date in the first
      year thereafter, 30%; for any Distribution Date in the second year thereafter,
      40%; for any Distribution Date in the third year thereafter, 60%; for any
      Distribution Date in the fourth year thereafter, 80%; and for any subsequent
      Distribution Date, 100%.

     

    "NAS
      Scheduled Principal Percentage":
      For
      any Distribution Date during the five years beginning on the first Distribution
      Date shall be 0%. Thereafter, the NAS Scheduled Principal Percentage for any
      Distribution Date occurring on or after the fifth anniversary of the first
      Distribution Date shall be 100%. 

     

    “National
      City”:
      National City Mortgage Co., or any successor in interest.

     

    “Net
      Rate”:
      With
      respect to each Mortgage Loan, the Note Rate of such Mortgage Loan less the
      Servicing Fee Rate and the rate on any primary mortgage insurance applicable
      to
      such Mortgage Loan. 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    “Note
      Rate”:
      For
      each Mortgage Loan, the rate at which the related promissory note accrues
      interest. For purposes of calculating the Certificate Rates on the Interests
      and
      Certificates, the Note Rate of a Mortgage Loan shall be calculated without
      regard to any modification, waiver or amendment of the interest rate of the
      Mortgage Loan, whether agreed to by the Servicer or resulting from a bankruptcy,
      insolvency or similar proceeding involving the related Mortgagor.

     

    “Notional
      Amount”:
      The
      Class 4A-2 Notional Amount or the Class A-X Notional Amount, as applicable.
      For
      the avoidance of doubt, the Notional Amount is used to calculate distributions
      on the related Class of Certificates, but is not a principal amount or other
      amount to which a Certificateholder is entitled.

     

    “P&I
      Certificates”:
      All
      Classes of Certificates
      other
      than any Interest Only Certificates and the Residual
      Certificates.

     

    "PAC
      Certificates":
      The
      Class 2A-9 Certificates. 

     

    "PAC
      Scheduled Amount":
      For
      the PAC Certificates related to Collateral Group 2 and any Distribution Date,
      the amount set forth on Schedule III hereto for such certificates and such
      Distribution Date.

     

    “Payoffs”:
      Any
      prepayment in full on any Mortgage Loan.

     

    “PHH
      Mortgage”:
      PHH
      Mortgage Corporation, and any successor in interest. 

     

    “Pool
      Balance”:
      For
      any Distribution Date and any Collateral Group, the sum of the products, for
      each Mortgage Loan contributing to such Collateral Group, of (i) the Applicable
      Fraction for such Mortgage Loan in respect of such Collateral Group and (ii)
      the
      outstanding principal balance of such Mortgage Loan as of the Due Date of the
      month in which such Distribution Date occurs.

     

    “Premium
      Loan”:
      Any
      Mortgage Loan with a Net Rate greater than or equal to 7.00% per
      annum.

     

    “Prepayment
      Period”:
      With
      respect to each Distribution Date, the preceding calendar month.

     

    “Principal
      Distribution Amount”:
      For
      each Collateral Group and any Distribution Date, the sum of:

     

    (1) the
      Principal Payment Amount for such Collateral Group;

     

    (2) the
      Principal Prepayment Amount for such Collateral Group; and

     

    (3) the
      Applicable Fraction for each Mortgage Loan contributing to such Collateral
      Group
      of the Liquidation Principal derived from such Mortgage Loan.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    “Principal
      Payment Amount”:
      For
      each Collateral Group and any Distribution Date, the sum of the products, for
      each Mortgage Loan contributing to such Collateral Group, of (i) the Applicable
      Fraction for such Mortgage Loan in respect of such Collateral Group and (ii)
      the
      sum of the following amounts:

     

    (a) the
      principal portion of Scheduled Payments on such Mortgage Loan due on the related
      Due Date and received or advanced during the related Due Period;

     

    (b) the
      principal portion of repurchase proceeds received on such Mortgage Loan if
      such
      Mortgage Loan was repurchased as permitted or required by this Trust Agreement
      during the calendar month preceding the month of such Distribution Date;
      and

     

    (c) any
      other
      unscheduled payments of principal which were received on such Mortgage Loan
      during the period beginning on and including the second day of the preceding
      calendar month and ending on and including the first day of the current calendar
      month, other than Payoffs, Curtailments, or Liquidation Principal.

     

    “Principal
      Prepayment Amount”:
      For
      any Distribution Date and any Collateral Group, the sum of the products, for
      each Mortgage Loan contributing to such Collateral Group, of (i) the Applicable
      Fraction for such Mortgage Loan in respect of such Collateral Group and (ii)
      all
      Payoffs and Curtailments for such Mortgage Loan that were received during the
      preceding calendar month or received during the period beginning on and
      including the second day of the preceding calendar month and ending on and
      including the first day of the current calendar month (as specified in the
      related Servicing Agreement).

     

    “Private
      Certificates”:
      The
      Junior Subordinate Certificates.

     

    “Qualified
      Institutional Buyer”:
      Any
“qualified institutional buyer” as defined in clause 7(a) of Rule 144A
      promulgated under the Securities Act.

     

    “Rating
      Agency”:
      Each
      of Fitch and Moody’s.

     

    “Record
      Date”:
      For
      each Class of Certificates, the last Business Day of the related Interest
      Accrual Period.

     

    “REMIC”:
      As
      specified in the preliminary statement.

     

    “REMIC
      Class”
or
      “REMIC
      Certificate”:
      Each
      Class of Certificates or Certificate, as applicable, issued by REMIC UT pursuant
      to Section 2.03 and the Class RC and Class R Certificates.

     

    “REMIC
      Interests”:
      Each
      Class of REMIC interests issued pursuant to Section 2.03.

     

    “REMIC
      LT1”:
      One of
      the real estate mortgage investment conduits created hereunder, which consists
      of the Mortgage Loans and the REMIC LT1 Distribution Account.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    “REMIC
      LT1 Regular Interests”:
      The
      regular interests issued by REMIC LT1 as specified in Section 2.03.

     

    “REMIC
      MT”:
      One of
      the real estate mortgage investment conduits created hereunder, which consists
      of the REMIC LT1 Regular Interests and the REMIC MT Distribution
      Account.

     

    “REMIC
      MT Regular Interests”:
      The
      regular interests issued by REMIC MT as specified in Section 2.03.

     

    “REMIC
      UT”:
      One of
      the real estate mortgage investment conduits created hereunder, which consists
      of the REMIC MT Regular Interests and the REMIC UT Distribution
      Account.

     

    “REMIC
      UT Regular Interests”:
      The
      regular interests issued by REMIC UT as specified in Section 2.03.

     

    “Remittance
      Date”:
      For
      each Mortgage Loan and any Distribution Date, as set forth in the related
      Servicing Agreement. 

     

    “Residual
      Certificates”:
      The
      Class RC and Class R Certificates.

     

    “Rule
      144A Certificates”:
      The
      Junior Subordinate Certificates.

     

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

     

    “Sale
      and Servicing Agreement”:
      collectively, (i) Second Amended and Restated Mortgage Loan Flow Purchase,
      Sale
& Servicing Agreement, dated as of May 1, 2006, as amended by Amendment No.
      1, dated August 1, 2006, each between GSMC and PHH Mortgage; (ii) the Mortgage
      Loan Purchase, Warranties and Servicing Agreement, dated as of January 1, 2005,
      between Bank of America and Chase Home Finance, as amended by that certain
      Amendment Reg AB, dated January 1, 2006, among Bank of America, JPMCB, and
      Chase
      Home Finance; (iii) the Assignment, Assumption and Recognition Agreement dated
      as of February 26, 2007, among Bank of America, Chase Home Finance, JPMCB and
      GSMC and the related trade confirmation dated as of January 3, 2007 between
      GSMC
      and Bank of America; (iv) the Second Amended and Restated Master Seller’s
      Warranties and Servicing Agreement, dated as of November 1, 2005, between
      GSMC and Wells Fargo; (v) the Amended and Restated Master Seller’s Warranties
      and Servicing Agreement, dated as of December 1, 2005, between Bank of America
      and Wells Fargo; (vi) the Second Amended and Restated Master Mortgage Loan
      Purchase Agreement, dated as of May 1, 2006, between Bank of America and Wells
      Fargo; (vii) the Mortgage Loan Purchase Agreement, dated as of July 1, 2006,
      between Bank of America and DLJ Mortgage Capital, Inc; (viii) the Second Amended
      and Restated Flow Seller’s Warranties and Servicing Agreement dated as of
      January 1, 2006, as amended by Amendment No. 1 dated as of July 24, 2006, as
      further amended by Amendment No. 2, dated as of August 9, 2006, between GSMC,
      as
      Purchaser, and Nat City, as seller and servicer; (ix) the Mortgage Loan Purchase
      and Sale Agreement dated as of December 1, 2003, as amended by the First
      Amendment to Mortgage Loan Purchase Agreement dated as of October 1, 2004,
      and
      as further amended by the Regulation AB Amendment to Mortgage Loan Purchase
      and
      Sale Agreement dated as of April 1, 2006, between GSMC, as Purchaser, and WaMu,
      as Seller; and (x) the Servicing Agreement dated as of December 1, 2003, as
      amended by the First Amendment to Servicing Agreement dated as of October 1,
      2004, and as further amended by the Regulation AB Amendment to Servicing
      Agreement dated as of April 1, 2006, between GSMC, as Purchaser, and WaMu,
      as
      Servicer. 

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    “Scheduled
      Final Distribution Date”:
      For
      each Class of Certificates, the respective dates specified in Section
      2.03(e).

     

    “Scheduled
      Payments”:
      With
      respect to any Mortgage Loan, the monthly payments of principal and interest
      payable by the related Mortgagor pursuant to the related amortization
      schedule.

     

    “Scheduled
      Principal Amount”:
      With
      respect to each Collateral Group and any Distribution Date, an amount equal
      to
      the amount described in clause (i) of the definition of Senior Principal
      Distribution Amount.

     

    “Securities
      Administrator”:
      Wells
      Fargo Bank, National Association in its capacity as Securities Administrator
      under this Trust Agreement, or any successor securities
      administrator.

     

    “Senior
      Certificates”:
      The
      Class A Certificates.

     

    “Senior
      Collateral Group Percentage”:
      For
      Collateral Group 1, Collateral Group 2, Collateral Group 3 and Collateral Group
      4 shall equal (i) as of the Closing Date, 96.40%, 96.40%, 96.40% and 96.40%,
      respectively, and (ii) for any Distribution Date thereafter shall be a fraction
      expressed as a percentage equal to (a) the sum of the Certificate Balances
      of
      the Senior Certificates related to such Collateral Group immediately preceding
      such Distribution Date, over (b) the sum of the products, for each Mortgage
      Loan
      contributing to such Collateral Group, of (x) the Applicable Fraction for such
      Mortgage Loan in respect of such Collateral Group and (y) the outstanding
      principal balance of such Mortgage Loan as of the Due Date of the month in
      which
      such Distribution Date occurs.

     

    “Senior
      Interests”:
      All of
      the REMIC M-T Regular Interests except those corresponding to a Class B
      Certificate.

     

    “Senior
      Liquidation Amount”:
      For
      any Distribution Date and any Collateral Group, the aggregate, for each Mortgage
      Loan contributing to such Collateral Group that became a Liquidated Mortgage
      Loan during the calendar month preceding the month of such Distribution Date,
      of
      the Applicable Fraction of the lesser of (i) the related Senior Collateral
      Group
      Percentage of the scheduled principal balance of such Mortgage Loan and (ii)
      the
      applicable Senior Prepayment Percentage of the Liquidation Principal derived
      from such Mortgage Loan. 

     

    “Senior Prepayment Percentage”:
      For
      each Collateral Group, as follows: (i) on any Distribution Date occurring before
      the Distribution Date in the month of May 2012, 100%; (ii) on any other
      Distribution Date on which the related Senior Collateral Group Percentage for
      such Distribution Date exceeds the initial Senior Collateral Group Percentage
      as
      of the Cut-Off Date, 100% (in which case, the Senior Prepayment Percentage
      for
      each other Collateral Group shall also equal 100% for such Distribution Date);
      and (iii) on any other Distribution Date in the month of May 2012, and
      thereafter, 100%, unless:

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    (a) the
      mean
      of the sum of the Applicable Fractions of the Scheduled Principal Balances
      of
      the Mortgage Loans contributing to each related Collateral Group that are 60
      or
      more days delinquent (including Mortgage Loans in foreclosure or bankruptcy
      and
      property held by the Trust) for each of the immediately preceding three calendar
      months is less than or equal to 50% of the Group Subordinate Amount for such
      Collateral Group as of such Distribution Date, and

     

    (b) the
      sum
      of the Applicable Fractions of the cumulative Realized Losses on the Mortgage
      Loans contributing to each related Collateral Group are less than or equal
      to
      the following percentage of the aggregate Group Subordinate Amount for such
      Collateral Group:

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage
                of the aggregate Group

              Subordination
                Amount as of the Cut-Off Date

            
	
              May
                2012 through April 2013

            	
              30%

            
	
              May
                2013 through April 2014

            	
              35%

            
	
              May
                2014 through April 2015

            	
              40%

            
	
              May
                2015 through April 2016

            	
              45%

            
	
              May
                2016 and thereafter 

            	
              50%

            
	 	 

    

    in
      which
      case, the Senior Prepayment Percentage for each Collateral Group shall be as
      follows:

     

    
      	
              Distribution
                Date Occurring In or On

            	
              Senior
                Prepayment Percentage

            
	
              May
                2007 through April 2011

            	
              100%

            
	 	 
	
              May
                2012 through April 2013

            	
              Senior
                Collateral Group Percentage for such Collateral Group + 70% of the
                related
                Subordinate Percentage

            
	 	 
	
              May
                2013 through April 2014

            	
              Senior
                Collateral Group Percentage for such Collateral Group + 60% of the
                related
                Subordinate Percentage

            
	 	 
	
              May
                2014 through April 2015

            	
              Senior
                Collateral Group Percentage for such Collateral Group + 40% of the
                related
                Subordinate Percentage

            
	 	 
	
              May
                2015 through April 2016

            	
              Senior
                Collateral Group Percentage for such Collateral Group + 20% of the
                related
                Subordinate Percentage

            
	 	 
	
              May
                2016 through the Distribution Date 

              immediately
                preceding the Final Distribution 

              Date

            	
               

               

              Senior
                Collateral Group Percentage for such Collateral
                Group

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	 	 
	
              Final
                Distribution Date 

            	
              100%

            
	 	 

    

    If
      on any
      Distribution Date the allocation to the P&I Certificates of Principal
      Prepayments in the percentage required would reduce the sum of the Certificate
      Balances of the P&I Certificates below zero, the Senior Prepayment
      Percentage for such Distribution Date shall be equal to the percentage necessary
      to reduce such sum to zero.

     

    “Senior
      Principal Distribution Amount”:
      For
      any Distribution Date and each Collateral Group shall equal the sum
      of:

     

    
      	 	
              (i)

            	
              the
                related Senior Collateral Group Percentage of the related Principal
                Payment Amount for such Distribution
                Date;

            

    

     

    
      	 	
              (ii)

            	
              the
                related Senior Prepayment Percentage of the related Principal Prepayment
                Amount for such Distribution Date;
                and

            

    

     

    
      	 	
              (iii)

            	
              the
                related Senior Liquidation Amount for such Distribution
                Date.

            

    

     

    “Senior
      Subordinate Certificates”:
      The
      Class M-1, Class B-1, Class B-2 and Class B-3 Certificates.

     

    “Servicer”:
      Each
      of PHH Mortgage, JPMCB, National City, WaMu and Wells Fargo and their respective
      successors or assigns, in their respective capacities as servicer under the
      related Sale and Servicing Agreement.

     

    “Servicing
      Fee Rate”:
      For
      each Mortgage Loan, the per annum fee described in Schedule I
      hereto.

     

    “Servicemembers
      Shortfall”:
      Any
      shortfall in amounts paid by any Mortgagors on the related Mortgage Loan that
      occurs pursuant to the Servicemembers Civil Relief Act, as amended, or
      comparable state or local laws affording relief to members of the armed
      forces.

     

    “Subgroup
      1-A”:
      The
      Mortgage Loans with Net Rates greater than or equal to 5.00% and less than
      5.75%.

     

    “Subgroup
      1-B”:
      The
      Mortgage Loans with Net Rates greater than or equal to 5.75% and less than
      6.00%.

     

    “Subgroup
      1-C”:
      The
      Mortgage Loans with Net Rates greater than or equal to 6.00% and less than
      7.00%.

     

    “Subgroup
      1-D”:
      The
      Mortgage Loans with Net Rates greater than or equal to 7.00%.

     

    “Subordinate
      Certificates”:
      The
      Class M and Class B Certificates.

     

    “Subordinate
      Class Percentage”:
      For
      each Class of Subordinate Certificates and each Distribution Date, the
      percentage obtained by dividing the Class Principal Balance of such Class
      immediately prior to such Distribution Date by the aggregate Certificate
      Principal Balance of all related Subordinate Certificates immediately prior
      to
      such date.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    “Subordinate
      Interests”:
      The
      Interest corresponding to the Subordinate Certificates.

     

    “Subordinate
      Liquidation Amount”:
      For any
      Distribution Date and Collateral Group, the Applicable Fraction of the related
      Liquidation Principal in respect of each Mortgage Loan contributing to such
      Collateral Group which became a Liquidated
      Mortgage Loan
      during
      the calendar month preceding the month of such Distribution Date, minus the
      related Senior
      Liquidation Amount for
      such
      Distribution Date.

     

    “Subordinate
      Percentage”:
      For
      any Collateral Group and any Distribution Date, 100% minus the Senior Collateral
      Group Percentage for such Collateral Group. The Subordinate Percentages as
      of
      the Closing Date shall be 3.60%, 3.60%, 3.60% and 3.60% for Collateral Group
      1,
      Collateral Group 2, Collateral Group 3 and Collateral Group 4,
      respectively.

     

    “Subordinate
      Prepayment Percentage”:
      For
      any Distribution Date and any Collateral Group, the excess of 100% over the
      Senior Prepayment Percentage for such Collateral Group. Initially, the
      Subordinate Prepayment Percentage for each Collateral Group shall be
      0%.

     

    “Subordinate
      Principal Distribution Amount”:
      For
      any Distribution Date and any Collateral Group, the sum of:

     

    
      	 	
              (i)

            	
              the
                related Subordinate Percentage of the related Principal Payment
                Amount;

            

    

     

    
      	 	
              (ii)

            	
              the
                related Subordinate Principal Prepayment Amount;
                and

            

    

     

    
      	 	
              (iii)

            	
              the
                related Subordinate Liquidation
                Amount.

            

    

     

    Any
      reduction in the Subordinate Principal Distribution Amount for any Collateral
      Group pursuant to the proviso above shall reduce the amount calculated pursuant
      to clause (i), clause (iii) and clause (ii), in that order in each case of
      the
      definition thereof, and such amounts shall nevertheless reduce the Certificate
      Balance of the applicable Class of Subordinate Certificates.

     

    “Subordinate
      Principal Prepayment Amount”:
      For
      each Distribution Date and each Collateral Group, the Subordinate Prepayment
      Percentage of the related Principal Prepayment Amount.

     

    “Subordination
      Levels”:
      For
      any Class of Subordinate Certificates and any specified date, a fraction
      expressed as a percentage equal to (i) the sum of the Class Principal Balances
      of all Classes of Subordinate Certificates that are subordinate to such Class,
      over (ii) the sum of the Class Principal Balances of all related Classes of
      Certificates as of such date, before giving effect to distributions on such
      date, and allocations of Realized Losses on such date.

     

    “Subsequent
      Recovery”:
      With
      respect to any Liquidated Mortgage Loan on which a Realized Loss has occurred,
      any amount that the related Servicer ultimately recovers in respect of such
      Liquidated Mortgage Loan, net of the reasonable fees of the Servicer associated
      with such recovery.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    “Trust
      Estate”:
      As
      defined in Section 2.01 hereof.

     

    “Trust
      Agreement”:
      This
      Master Servicing and Trust Agreement, dated as of April 1, 2007, which
      incorporates by reference the Standard Terms to Master Servicing and Trust
      Agreement (April 2007 edition); provided
      that any
      references in any documents required to be provided pursuant to the terms of
      this Trust Agreement, including references in documents within the Trustee
      Mortgage Loan File, to a Trust Agreement dated as of April 1, 2007, shall be
      deemed to refer to this Trust Agreement.

     

    “Trustee”:
      U.S.
      Bank National Association, not in its individual capacity but solely as Trustee
      under this Trust Agreement, or its successor in interest, or any successor
      trustee appointed as herein provided.

     

    “UCC”:
      The
      Uniform Commercial Code as in effect in the State of New York.

     

    “Undercollateralization
      Distribution”:
      As
      defined in Section 3.01 hereof.

     

    “Undercollateralized
      Group”:
      On any
      Distribution Date, any Collateral Group for which the total Certificate Balance
      of the Senior Certificates of the related Certificate Group is greater than
      the
      Pool Balance of such Collateral Group.

     

    “Unscheduled
      Principal Amount”:
      With
      respect to each Collateral Group and any Distribution Date, an amount equal
      to
      the sum of the amounts described in clauses (ii) and (iii) of the definition
      of
      Senior Principal Distribution Amount.

     

    “Verified
      Information”:
      As
      defined in the Custodial Agreement. 

     

    “WaMu”:
      Washington Mutual Bank, or any successors in interest. 

     

    ARTICLE
      II.

     

    FORMATION
      OF TRUST; CONVEYANCE OF MORTGAGE LOANS

     

    Section
      2.01. Conveyance
      to the Trustee.

     

    (a) To
      provide for the distribution of the principal of and interest on the
      Certificates and Interests in accordance with their terms, all of the sums
      distributable under this Trust Agreement with respect to the Certificates and
      the Interests and the performance of the covenants contained in this Trust
      Agreement, the Depositor hereby bargains, sells, conveys, assigns and transfers
      to the Trustee, in trust, without recourse and for the exclusive benefit of
      the
      Holders of the Certificates, all of the Depositor’s right, title and interest in
      and to any and all benefits accruing to the Depositor from: (i) the Mortgage
      Loans, the related Trustee Mortgage Loan Files, and all Monthly Payments due
      thereon after the Cut-Off Date and all principal prepayments collected with
      respect to the Mortgage Loans and paid by a Borrower on or after the Cut-Off
      Date, and proceeds of the conversion, voluntary or involuntary, of the
      foregoing; (ii) the Sale and Servicing Agreements; provided
      that the
      Depositor hereby reserves its right to indemnification under the Sale and
      Servicing Agreements; (iii) the Custodial Agreement; (iv) the Assignment
      Agreements; (v) the Distribution Account, the Master Servicer Account, the
      Certificate Account and the Collection Accounts and (vi) proceeds of all of
      the
      foregoing (including, without limitation, all amounts, other than investment
      earnings, from time to time held or invested in the Collection Account and
      the
      Certificate Account, whether in the form of cash, instruments, securities or
      other property, all proceeds of any mortgage insurance, mortgage guarantees,
      hazard insurance, or title insurance policy relating to the Mortgage Loans,
      cash
      proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
      paper, checks, deposit accounts, rights to payment of any and every kind, and
      other forms of obligations and receivables, which at any time constitute all
      or
      part or are included in the proceeds of any of the foregoing) to pay the REMIC
      Interests and the Certificates as specified herein (collectively items (i)
      through (vi), the “Trust Estate”). 

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    (b) It
      is
      intended that the conveyance of the Trust Estate by the Depositor to the Trustee
      as provided in this Section be, and be construed as, a sale of the Trust Estate
      by the Depositor to the Trustee for the benefit of the Certificateholders.
      It
      is, further, not intended that such conveyance be deemed a pledge of the Trust
      Estate by the Depositor to the Trustee to secure a debt or other obligation
      of
      the Depositor. However, in the event that the Trust Estate is held to be the
      property of the Depositor, or if for any reason this Agreement is held or deemed
      to create a security interest in the Trust Estate, then it is intended that
      this
      Agreement shall also be deemed to be a security agreement within the meaning
      of
      Articles 8 and 9 of the UCC and the corresponding articles of the Uniform
      Commercial Code of any other applicable jurisdiction; and the Depositor hereby
      grants to the Trustee for the benefit of the Certificateholders a security
      interest in all of the Depositor’s right, title and interest, whether now owned
      or existing or hereafter acquired or arising, in and to the Trust Estate. The
      Depositor and the Trustee, at the Depositor’s direction and expense, shall, to
      the extent consistent with this Agreement, take such actions as may be necessary
      to ensure that, if this Agreement were deemed to create a security interest
      in
      assets constituting the Trust Estate described above, such security interest
      would be deemed to be a perfected security interest of first priority under
      applicable law and will be maintained as such throughout the term of the
      Agreement.

     

    (c) The
      foregoing sale, transfer, assignment, set-over and conveyance does not and
      is
      not intended to result in the creation of an assumption by the Trustee of any
      obligation of the Depositor, the Seller or any other person in connection with
      the Mortgage Loans, the Sale and Servicing Agreements, the Assignment Agreements
      or under any agreement or instrument relating thereto except as specifically
      set
      forth herein.

     

    (d) It
      is
      agreed and understood by the Depositor and the Trustee (and the Depositor so
      represents and recognizes) that it is not intended that any Mortgage Loan to
      be
      included in the Trust Estate be (i) a “High-Cost Home Loan” as defined in the
      New Jersey Home Ownership Act effective November 27, 2003, (ii) a “High-Cost
      Home Loan” as defined in the New Mexico Home Loan Protection Act effective
      January 1, 2004, (iii) a “High-Cost Home Mortgage Loan” as defined in the
      Massachusetts Predatory Home Loan Practices Act effective November 7, 2004
      or
      (iv) a “High Cost Home Loan” as defined in the Indiana Home Loan Practices Act
      effective February 1, 2005.

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    Section
      2.02. Acceptance
      by the Trustee and Securities Administrator.

     

    By
      its
      execution of this Trust Agreement, the Trustee acknowledges and declares that
      it
      holds and shall hold or has agreed to hold (in each case through the applicable
      Custodian) all documents delivered to any such person from time to time with
      respect to the Mortgage Loans and all assets included in the definition of
      Trust
      Estate herein in trust for the exclusive use and benefit of all present and
      future Holders of the Certificates. The Trustee has not created and shall not
      create, and no Officer of the Trustee has any actual knowledge or has received
      actual notice of, any interest in the Trust Estate contrary to the interests
      created by this Trust Agreement. The Trustee has not entered, nor intends to
      enter, into any subordination agreement or intercreditor agreement with respect
      to any assets included in the Trust Estate.

     

    Pursuant
      to Section 2.02(f) of the Standard Terms, the Depositor acknowledges the
      appointment of the Custodian and agrees to deliver, or cause to be delivered,
      to
      the applicable Custodian all Mortgage Loan documents that are to be included
      in
      the Trustee Mortgage Loan File for each Mortgage Loan for which such Custodian
      shall act as custodian. The Depositor and the Custodian acknowledge that,
      pursuant to the Custodial Agreement and in connection with the formation of
      the
      Trust, the Depositor hereby assigns the Custodial Agreement to the Trustee
      and
      agrees to cause a receipt to be issued in the name of the Trustee. It is
      understood that the Custodian will charge for its services under this Agreement
      as set forth in a separate agreement between such Custodian and the Securities
      Administrator, the payment of which fees and expenses (as set forth in such
      separate agreement) shall be the sole obligation of the Securities
      Administrator. The Securities Administrator will further pay or reimburse the
      Custodian upon its request for all reasonable expenses, disbursements and
      advances incurred or made by such Custodian in accordance with this Agreement,
      the Custodial Agreement and any document executed in connection herewith or
      therewith.

     

    Pursuant
      to a separate agreement, the Master Servicer shall pay the Trustee fee and
      the
      Securities Administrator fee from the Master Servicing Fee.

     

    Section
      2.03. REMIC
      Elections and REMIC Interests Designations.

     

    (a) REMIC
      Elections. Elections shall be made by the Securities Administrator to treat
      the
      assets of the Trust Estate described in the definition of the term “REMIC LT1,”
the assets of the Trust Estate described in the definition of the term “REMIC
      MT,” and the assets of the Trust Estate described in the definition of the term
      “REMIC UT” as separate REMICs for federal income tax purposes. The REMIC LT1
      Regular Interests shall constitute the regular interests in REMIC LT1; the
      REMIC
      MT Regular Interests shall constitute the REMIC regular interests in REMIC
      MT;
      and the REMIC UT Regular Interests shall constitute the regular interests in
      REMIC UT. The Class RC Certificates shall represent ownership of the sole Class
      of residual interest in REMIC LT1. The Class R Certificates shall represent
      ownership of the sole Class of residual interests in REMIC MT and REMIC UT.
      References in the Standard Terms to REMIC I and REMIC II shall be deemed, for
      purposes of this Trust Agreement, to refer to REMIC LT1, REMIC MT and REMIC
      UT
      referred to herein, as modified by this Trust Agreement.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    (b) REMIC
      LT1
      Interests. REMIC LT1 shall issue each of the following Classes of Interests
      in
      book-entry form, each of which shall be a Class of REMIC LT1 Interests, having
      the following Certificate Rates and initial principal balances:

     

    
      	
              Class

            	
              Initial
                Certificate Balance

              Or
                Notional Amount

            	
              Certificate
                Rate

            
	 	 	 
	
              LT1-Pool

            	
              (1)

            	
              (2)

            
	
              LT1-Sub-A

            	
              (3)

            	
              (2)

            
	
              LT1-Sub-B

            	
              (3)

            	
              (2)

            
	
              LT1-AX

            	
              (4)

            	
              6.00%

            
	
              RC

            	
              (5)

            	
              (5)

            

    

    
       

      
        

      

    

     

    
      	 	
              (1)

            	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (i) the aggregate principal balance of the Mortgage Loans as of the
                Cut-Off Date, over (ii) the aggregate initial principal balance of
                each
                other regular interest in REMIC
                LT1.

            

    

     

    
      	 	
              (2)

            	
              This
                Interest shall bear interest for any Interest Accrual Period equal
                to (i)
                the weighted average of the Net Rates of all the Mortgage Loans as
                of the
                beginning of such Interest Accrual Period, weighted on the Scheduled
                Principal Balance of each such Mortgage Loan as of the first day
                of the
                preceding calendar month and determined by subjecting the Net Rate
                of each
                such Mortgage Loan to a cap equal to the Designated Rate for the
                related
                Collateral Group over (ii) (x) the sum of any expenses payable to
                the
                Securities Administrator or to the Trustee (to the extent such expenses
                were not taken into account in computing the Net Rate of any Mortgage
                Loan
                and do not constitute “unanticipated expenses” of a REMIC within the
                meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided
                by (y)
                the aggregate Scheduled Principal Balance of the Mortgage Loans as
                of the
                beginning of such Interest Accrual
                Period.

            

    

     

    
      	 	
              (3)

            	
              This
                Interest shall have an initial principal balance of 1% of the aggregate
                Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off
                Date.

            

    

     

    
      	 	
              (4)

            	
              This
                Interest shall have a notional balance, which for any Distribution
                Date
                shall be equal to the Class A-X Notional Amount.
                

            

    

     

    
      	 	
              (5)

            	
              The
                Class RC Certificate shall not be entitled to payments of principal
                or
                interest.

            

    

     

    (c) REMIC
      MT.
      REMIC MT shall issue the following Classes of Interests in book-entry form,
      with
      the designations, initial principal balances and Certificate Rates indicated,
      each of which shall be a Class of REMIC MT Interests:

     

    
      	
              Class

            	
              Initial
                Class

              Principal
                Balance

            	
              Certificate
                Rate

            	
               

               

              Corresponding

              Class
                of Certificates

            
	
              MT-1A-2

            	
              (1)

            	
              5.00%

            	
              1A-2

            
	
              MT-1A-3

            	
              (1)

            	
              5.00%

            	
              1A-3

            
	
              MT-1A-4

            	
              (1)

            	
              5.00%

            	
              1A-4

            

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    
      	
              Class

            	
              Initial
                Class

              Principal
                Balance

            	
              Certificate
                Rate

            	
               

               

              Corresponding

              Class
                of Certificates

            

    

    
      	
              MT-1A-5

            	
              (1)

            	
              5.00%

            	
              1A-5

            
	
              MT-2A-4

            	
              (1)

            	
              5.75%

            	
              2A-4

            
	
              MT-2A-6

            	
              (1)

            	
              5.75%

            	
              2A-6

            
	
              MT-2A-7

            	
              (1)

            	
              5.75%

            	
              2A-7

            
	
              MT-2A-8

            	
              (1)

            	
              5.75%

            	
              2A-8

            
	
              MT-2A-9

            	
              (1)

            	
              5.75%

            	
              2A-9

            
	
              MT-2A-10

            	
              (1)

            	
              5.75%

            	
              2A-10

            
	
              MT-3A-3

            	
              (1)

            	
              6.00%

            	
              3A-3

            
	
              MT-3A-4

            	
              (1)

            	
              6.00%

            	
              3A-4

            
	
              MT-3A-6

            	
              (1)

            	
              6.00%

            	
              3A-6

            
	
              MT-3A-7

            	
              (1)

            	
              6.00%

            	
              3A-7

            
	
              MT-3A-8

            	
              (1)

            	
              6.00%

            	
              3A-8

            
	
              MT-4A-1

            	
              (1)

            	
              7.00%

            	
              4A-1,
                4A-2

            
	
              MT-A-X

            	
              (2)

            	
              6.00%

            	
              A-X

            
	
              MT-M-1

            	
              (1)

            	
              (3)

            	
              M-1

            
	
              MT-B-1

            	
              (1)

            	
              (3)

            	
              B-1

            
	
              MT-B-2

            	
              (1)

            	
              (3)

            	
              B-2

            
	
              MT-B-3

            	
              (1)

            	
              (3)

            	
              B-3

            
	
              MT-B-4

            	
              (1)

            	
              (3)

            	
              B-4

            
	
              MT-B-5

            	
              (1)

            	
              (3)

            	
              B-5

            
	
              MT-B-6

            	
              (1)

            	
              (3)

            	
              B-6

            
	
              II-R

            	
              (4)

            	
              (4)

            	
              R

            

    

     

      
        

      

    

    
      	 	
              (1)

            	
              This
                initial Class principal balance for this Interest shall equal the
                Initial
                Class Principal Balance of its Corresponding Class of Certificates,
                but
                shall not include the Notional Amount of any related Interest Only
                Certificate.

            

    

     

    
      	 	
              (2)

            	
              This
                interest shall have a notional balance, which for any Distribution
                Date
                shall be equal to the Class A-X Notional
                Amount.

            

    

     

    
      	 	
              (3)

            	
              For
                each Distribution Date (and the related Interest Accrual Period)
                this
                Interest shall bear interest at a per annum rate equal to the B Average
                Rate, adjusted to take into account the sum of any expenses payable
                to the
                Securities Administrator or the Trustee (to the extent (i) not taken
                into
                account in computing the Net Rate of any Mortgage Loan, (ii) such
                expense
                is not an “unanticipated expense” within the meaning of the Treasury
                Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was
                not taken
                into account in computing the interest rate of an interest with a
                greater
                level of subordination).

            

    

     

    
      	 	
              (4)

            	
              The
                Class II-R interest shall not be entitled to payments of principal
                or
                interest.

            

    

     

    (d) REMIC
      UT.
      REMIC UT shall issue the following Classes of Certificates (other than the
      Class
      RC and Class R Certificates), with the designations, initial Certificate
      Balances and Certificate Rates indicated, each of which (other than the Class
      RC
      and Class R Certificates) shall be a Class of REMIC UT Regular
      Interests.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    
      	
              Class

            	
              Initial
                Certificate Balance

              Or
                Notional Amount

            	
              Certificate
                Rate

            
	
              1A-2(5)

            	
              $
                36,758,000

            	
              5.00%

            
	
              1A-3(5)

            	
              $  
                5,732,000

            	
              5.00%

            
	
              1A-4(5)

            	
              $ 
                 9,917,000

            	
              5.00%

            
	
              1A-5(5)

            	
              $
                     706,000

            	
              5.00%

            
	
              2A-4(5)

            	
              $
                12,027,000

            	
              5.75%

            
	
              2A-6(5)

            	
              $  
                5,094,000

            	
              5.75%

            
	
              2A-7(5)

            	
              $
                47,292,000

            	
              5.75%

            
	
              2A-8(5)

            	
              $ 
                 3,363,000

            	
              5.75%

            
	
              2A-9(5)

            	
              $114,758,000

            	
              5.75%

            
	
              2A-10(5)

            	
              $
                70,743,000

            	
              5.75%

            
	
              3A-3(5)

            	
              $262,541,000

            	
              6.00%

            
	
              3A-4(5)

            	
              $
                18,532,000

            	
              6.00%

            
	
              3A-6(5)

            	
              $
                15,522,000

            	
              6.00%

            
	
              3A-7(5)

            	
              $
                69,226,000

            	
              6.00%

            
	
              3A-8(5)

            	
              $ 
                 4,923,000

            	
              6.00%

            
	
              4A-1

            	
              $
                67,662,000

            	
              (4)

            
	
              4A-2

            	
              $
                67,662,000(1)

            	
              (4)

            
	
              A-X

            	
              $   248,093(1)

            	
              6.00%

            
	
              M-1

            	
              $   
                5,409,000

            	
              (2)

            
	
              B-1

            	
              $  10,431,000

            	
              (2)

            
	
              B-2

            	
              $   
                4,635,000

            	
              (2)

            
	
              B-3

            	
              $  
                 3,091,000

            	
              (2)

            
	
              B-4

            	
              $   
                1,545,000

            	
              (2)

            
	
              B-5

            	
              $  
                 1,159,000

            	
              (2)

            
	
              B-6

            	
              $ 
                 1,545,564

            	
              (2)

            
	
              RC

            	
              (3)

            	
              (3)

            
	
              R

            	
              (3)

            	
              (3)

            

    

     

    (1)           
      Notional
      Amount.

     

    (2)          
      For
      each
      Distribution Date (and the related Interest Accrual Period) each of the Class
      M-1, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
      Certificates shall accrue interest at a per annum rate equal to the B Average
      Rate.

     

    (3)          
      REMIC
      UT
      shall also issue the Class III-R Interest, which shall represent the sole Class
      of residual interest in REMIC UT. The Class R Certificate shall represent
      beneficial ownership of the Class II-R and Class III-R Interests. 

     

    
      	 	
              (4)

            	
              The
                annual certificate interest rate for certificates with floating rates
                of
                interest are set forth in the table
                below:

            

    

     

    
      	
              Class

            	
              Formula

            	
              Initial

            	
              Minimum

            	
              Maximum

            
	
              4A-1

            	
              1
                mo. LIBOR + 0.30%

            	
              5.62%

            	
              0.30%

            	
              7.00%

            
	
              4A-2

            	
              6.70%
                - 1 mo. LIBOR

            	
              1.38%

            	
              0.00%

            	
              6.70%

            

    

     

    
      	 	
              (5)

            	
              The
                Exchangeable REMIC Certificates shall be issued in uncertificated
                form to
                the Exchange Trustee and held in trust pursuant to terms of the Exchange
                Agreement. Pursuant to the terms of the Exchange Agreement, each
                Class of
                Exchange Certificates shall be issuable in exchange for a certificated
                interest in the Classes of Exchangeable REMIC Certificates in the
                related
                Combination Group pursuant to the terms of the Exchange
                Agreement.

            

    

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    (e) REMIC
      Scheduled Final Distribution. The Scheduled Final Distribution Date for the
      Regular Interests in REMIC LT1, REMIC MT and REMIC UT is the Distribution Date
      following the third anniversary of the scheduled maturity date of the Mortgage
      Loan having the latest scheduled maturity as of the Closing Date.

     

    ARTICLE
      III.

     

    REMITTING
      TO CERTIFICATEHOLDERS

     

    Section
      3.01. Distributions
      to Certificateholders.

     

    (a) REMIC
      UT
      Distributions. In accordance with Section 3.01(d) of the Standard Terms and
      subject to the exceptions set forth below and to Section 3.02, on each
      Distribution Date, the Securities Administrator shall withdraw the aggregate
      Available Distribution Amount for each Collateral Group from the Certificate
      Account, and shall distribute it in the following manner and order of
      priority:

     

    (i) to
      each
      Class of REMIC Certificates that are Senior Certificates related to such
      Collateral Group, Accrued Certificate Interest thereon, pro
      rata in
      proportion to the amount of Accrued Certificate Interest owing to each such
      Class; 

     

    (ii) to
      the
      REMIC Certificates that are Senior Certificates (other than the Interest Only
      Certificates) related to such Collateral Group, to the extent of the remaining
      Available Distribution Amount for such Collateral Group, as
      follows:

    

      
        	 	
                (A)

              	
                to
                  the Class 1A-2, Class 1A-3, Class 1A-4 and Class 1A-5 Certificates,
                  in
                  reduction of their respective Class Principal Balances, from the
                  Available
                  Distribution Amount for Collateral Group 1 in an amount up to the
                  Senior
                  Principal Distribution Amount for Collateral Group 1 for such Distribution
                  Date, in the following order of
                  priority:

              

      

    

     

    
      	 	 	
              (1)
                to the Class 1A-4 and Class 1A-5 Certificates, pro
                rata,
                in proportion to the Class Principal Balance of each such Class,
                the Group
                1 NAS Priority Amount for such Distribution Date, until the Class
                Principal Balance of each such Class is reduced to
                zero;

            

    

     

    (2)
      to
      the Class 1A-2 and Class 1A-3 Certificates, sequentially, in that order, until
      the Class Principal Balance of each such Class is reduced to zero;
      and

     

    (3)
      to
      the Class 1A-4 and Class 1A-5 Certificates, pro
      rata,
      in
      proportion to the Class Principal Balance of each such Class, until the Class
      Principal Balance of each such Class is reduced to zero;

    

      
        	 	
                (B)

              	
                to
                  the Class 2A-4, Class 2A-6, Class 2A-7, Class 2A-8, Class 2A-9
                  and Class
                  2A-10 Certificates, in reduction of their respective Class Principal
                  Balances, from the Available Distribution Amount for Collateral
                  Group 2 in
                  an amount up to the Senior Principal Distribution Amount for Collateral
                  Group 2 for such Distribution Date, in the following order of
                  priority:

              

      

    

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    
      	 	
              (1)

            	
              to
                the Class 2A-7 and Class 2A-8 Certificates, pro
                rata,
                in proportion to the Class Principal Balance of each such class,
                the Group
                2 NAS Priority Amount for such Distribution Date, until the Class
                Principal Balance of each such class is reduced to
                zero;

            

    

     

    
      	 	
              (2)

            	
              to
                the Class 2A-9 Certificates, until the Class Principal Balance thereof
                is
                reduced to the PAC Scheduled Amount for such Distribution
                Date;

            

    

     

    
      	 	
              (3)

            	
              to
                the Class 2A-10 Certificates, until the Class Principal Balance thereof
                is
                reduced to zero;

            

    

     

    
      	 	
              (4)

            	
              to
                the Class 2A-9 Certificates, without regard to the PAC(A) Scheduled
                Amount
                for such Distribution Date, until the Class Principal Balance thereof
                is
                reduced to zero;

            

    

     

    
      	 	
              (5)

            	
              to
                the Class 2A-4 Certificates, until the Class Principal Balance thereof
                is
                reduced to zero;

            

    

     

    
      	 	
              (6)

            	
              to
                the Class 2A-6 Certificates, until the Class Principal Balance thereof
                is
                reduced to zero; and 

            

    

     

    
      	
            	(7)	
              to
                the Class 2A-7 and Class 2A-8 Certificates, pro
                rata,
                in proportion to the Class Principal Balance of each such class,
                until the
                Class Principal Balance of each such class is reduced to zero;  

            

    

    
      

        
          	 	
                  (C)

                	to the Class 3A-3, Class 3A-4, Class 3A-6, Class
                  3A-7 and
                  Class 3A-8 Certificates, in reduction of their respective Class
                  Principal
                  Balances, from the Available Distribution Amount for Collateral
                  Group 3 in
                  an amount up to the Senior Principal Distribution Amount for Collateral
                  Group 3 for such Distribution Date, in the following order of priority:
                  

        

      

    

     

    
      	 	
              (1)

            	
              to
                the Class 3A-7 and Class 3A-8 Certificates, pro
                rata,
                in proportion to the Class Principal Balance of each such class,
                the Group
                3 NAS Priority Amount for such Distribution Date, until the Class
                Principal Balance of each such class is reduced to
                zero;

            

    

     

    
      	 	
              (2)

            	
              to
                the Class 3A-3 Certificates, until the Class Principal Balance thereof
                is
                reduced to zero;

            

    

     

    
      	 	
              (3)

            	
              to
                the Class 3A-4 Certificates, until the Class Principal Balance thereof
                is
                reduced to zero;

            

    

     

    
      	 	
              (4)

            	
              to
                the Class 3A-6 Certificates, until the Class Principal Balance thereof
                is
                reduced to zero; and 

            

    

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    
      	 	
              (5)

            	
              to
                the Class 3A-7 and Class 3A-8 Certificates, pro
                rata,
                in proportion to the Class Principal Balance of each such class,
                until the
                Class Principal Balance of each such class is reduced to
                zero;

            

    

    
      

        
          	 	
                  (D)

                	to the Class 4A-1 Certificates, in reduction
                  of their
                  Class Principal Balance, from the Available Distribution Amount
                  for
                  Collateral Group 4 in an amount up to the Senior Principal Distribution
                  Amount for Collateral Group 4 for such Distribution Date, until
                  the Class
                  Principal Balance of such class is reduced to
                  zero;

        

         

      

    

    (iii) to
      the
      extent of the remaining Available Distribution Amount for Collateral Group
      1,
      Collateral Group 2, Collateral Group 3 and Collateral Group 4, but subject
      to
      the prior distribution of amounts described under Section 3.01(e) below, to
      the
      related classes of Subordinate Certificates, in their order of seniority the
      sum
      of (i) Accrued Certificate Interest pro
      rata on
      the
      basis of the amount owing to each such Class, and (ii) their pro
      rata shares,
      based on their outstanding Certificate Balances, of the Subordinate Principal
      Distribution Amount for each such Collateral Group, as applicable; provided,
      however,
      that on
      any Distribution Date on which the Subordination Level for any Class of
      Subordinate Certificates is less than its Subordination Level as of the Closing
      Date, the portion of the related Subordinate Principal Prepayment Amount
      otherwise allocable to the Class or Classes of the Subordinate Certificates
      junior to such class will be allocated pro
      rata
      to the
      most senior Class of Subordinate Certificates for which the Subordination Level
      on such Distribution Date is less than the Subordination Level as of the Closing
      Date and all Classes of Subordinate Certificates senior thereto;
      and

     

    (iv) to
      each
      related Class of Certificates, in the order of their seniority, the amount
      of
      any unreimbursed Realized Losses previously allocated to such Certificates;
      and

     

    (v) after
      all
      of the other Classes of Certificates (other than the Residual Certificates)
      have
      been paid in full, the remainder, if any, which is expected to be zero, of
      the
      Available Distribution Amount for all Collateral Groups (other than any Fair
      Market Value Excess remaining after an optional termination of the Trust Estate)
      to the Class RC Certificates to the extent such remainder is applicable to
      REMIC
      LT1 and otherwise to the Class R Certificates. 

     

    (b)On
      each
      Distribution Date on or after the Credit Support Depletion Date, to the extent
      of the Available Distribution Amount allocable to each Collateral Group on
      such
      Distribution Date, distributions shall be made to the Senior Certificates
      related to each such Collateral Group, in respect of interest (pro
      rata
      according to Accrued Certificate Interest for such Distribution Date) and then
      with respect to principal (pro
      rata
      according to their outstanding principal balances; and the remainder (other
      than
      any Fair Market Value Excess remaining after the optional termination of the
      Trust Estate), if any, which is expected to be zero, of the Available
      Distribution Amount for each such Collateral Group shall be distributed to
      the
      holders of the Class RC Certificates to the extent such remainder is applicable
      to REMIC LT1 and otherwise to the holder of the Class R
      Certificates.

     

    On
      each
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Senior Certificates of two or more related Certificate Groups has been reduced
      to zero, any amounts distributable pursuant to this Section 3.01(d) shall be
      allocated, as to each applicable related Class of Subordinate Certificates,
      in
      proportion to such Class’s Subordinate Class Percentage of the Subordinate
      Principal Distribution Amount for the Collateral Group relating to each such
      retired Certificate Group.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    On
      each
      Distribution Date on which the Senior Certificates of two or more related
      Certificate Groups remain outstanding, any amounts distributable pursuant to
      this Section 3.01(d) shall be distributed in proportion to the aggregate
      Certificate Principal Balances of such Certificates of each such Certificate
      Group.

     

    (c)On
      any
      Distribution Date on which any Certificate Group constitutes an
      Undercollateralized Group, all amounts with respect to the related Mortgage
      Loans otherwise distributable as principal on the related Subordinate
      Certificates, in reverse order of priority (other than amounts necessary to
      pay
      Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the
      related Credit Support Depletion Date, such other amounts described in the
      immediately following sentence), shall be distributed as principal to the Senior
      Certificates (other than any Interest Only Certificates) of such
      Undercollateralized Group pursuant to Section 3.01(e), until the aggregate
      Certificate Principal Balance of such Senior Certificates equals the Pool
      Balance of the related Collateral Group (such distribution, an “Undercollateralization
      Distribution”).
      In
      the event that any Certificate Group constitutes an Undercollateralized Group
      on
      any Distribution Date following the related Credit Support Depletion Date,
      Undercollateralization Distributions shall be made from any Available
      Distribution Amount for each related Collateral Group that does not constitute
      an Undercollateralized Group remaining after all required amounts have been
      distributed to the Senior Certificates of such other Certificate Groups. In
      addition, the amount of any unpaid Current Shortfalls with respect to an
      Undercollateralized Group on any Distribution Date (including any Current
      Shortfalls for such Distribution Date) shall be distributed to the REMIC
      Certificates that are Senior Certificates of such Undercollateralized Group
      prior to the payment of any Undercollateralization Distributions from amounts
      otherwise distributable as principal on the related Subordinate Certificates,
      in
      reverse order of priority (or, following the Credit Support Depletion Date,
      as
      provided in the preceding sentence).

     

    If
      on any
      Distribution Date two or more related Certificate Groups are Undercollateralized
      Groups, the distribution described in the immediately preceding paragraph shall
      be made in proportion to the amount by which the aggregate Certificate Principal
      Balance of the REMIC Certificates that are Senior Certificates of each such
      Certificate Group, after giving effect to distributions pursuant to Section
      3.01(a) on such Distribution Date, exceeds the Pool Balance of the related
      Collateral Group for such Distribution Date.

     

    (d) REMIC
      LT1
      Distributions. On each Distribution Date, the Securities Administrator shall
      apply amounts in the REMIC LT1 Distribution Account to the REMIC LT1 Regular
      Interests in the same manner that amounts are distributed on any Corresponding
      Classes of Certificates on such Distribution Date.

     

    On
      each
      Distribution Date, the Securities Administrator shall apply remaining amounts
      in
      the REMIC LT1 Distribution Account in respect of interest to the Class LT1
      Pool,
      Class LT1-Sub-A and Class LT1-Sub-B Interests in accordance with their interest
      rates set forth above. In addition, on each Distribution Date, the Trustee
      shall
      apply amounts in the REMIC LT1 Distribution Account in respect of principal
      to
      the Class LT1-Pool, Class LT1-Sub-A and Class LT1-Sub-B Interests as
      follows:

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    
      	 	
              (i)

            	
              first,
                to the Class LT1-Sub-A and Class LT1-Sub-B Interests, the minimum
                amounts
                to each such that following that allocation the weighted average
                rate of
                the Class LT1-Sub-A and Class LT1-Sub-B Interests, weighted on the
                principal balances thereof and determined by subjecting the Class
                LT1-Sub-A Interest to a floor of 7.869% and subjecting the Class
                LT1-Sub-B
                Interest to a cap of 4.000%, equals the interest rate on the Class
                B
                Certificates for the following Distribution
                Date;

            

    

     

    
      	 	
              (ii)

            	
              second,
                to the Class LT1-Pool Interest until its principal balance is reduced
                to
                zero; and

            

    

     

    
      	 	
              (iii)

            	
              third,
                pro
                rata
                to
                the Class LT1-Sub-A and Class LT1-Sub-B Interests in accordance with
                their
                principal balances following clause (i)
                above.

            

    

     

    Realized
      Losses and Shortfalls shall be allocated in the same manner.

     

    The
      Securities Administrator shall withdraw all amounts allocated to the various
      REMIC LT1 Regular Interests and deposit such amounts in the Certificate Account
      for distribution pursuant to Section 3.01(a) above on such Distribution Date.
      Any amount remaining in the REMIC LT1 Distribution Account after making all
      other payments required under this Section 3.01(d) shall be distributed to
      the
      holder of the Class RC Certificates.

     

    (e) REMIC
      MT
      Distributions. On each Distribution Date, the Securities Administrator shall
      apply amounts in the REMIC MT Distribution Account to the REMIC MT Regular
      Interests in the same manner that amounts are distributed on the Corresponding
      Classes of Certificates on such Distribution Date. Realized Losses and
      Shortfalls shall be allocated in the same manner. The Securities Administrator
      shall withdraw all amounts allocated to the various REMIC MT Regular Interests
      and deposit such amounts in the Certificate Account for distribution pursuant
      to
      Section 3.01(a) above on such Distribution Date. Any amount remaining in the
      REMIC MT Distribution Account after making all other payments required under
      this Section 3.01(e) shall be distributed to the holder of the Class R
      Certificates.

     

    (f) On
      each
      Distribution Date on which any Fair Market Value Excess is on deposit in the
      Certificate Account and such Fair Market Value Excess has not been previously
      distributed in accordance with this Section 3.01(h), the Securities
      Administrator shall withdraw such Fair Market Value Excess, from the Certificate
      Account, and shall distribute it to the Holder of the Class RC
      Certificates.

     

    Section
      3.02. Allocation
      of Realized Losses and Shortfalls.

     

    (a) Realized
      Losses of Principal.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    (i) On
      each
      Distribution Date, the respective Applicable Fractions of each Realized Loss
      on
      a Mortgage Loan, to the extent allocable to principal, shall be allocated to
      the
      related Collateral Groups for further allocation to the Class or Classes of
      REMIC Interests supported by such Collateral Groups in reduction of the
      Certificate Balance thereof; provided,
      however,
      that
      any Realized Loss allocated to a Collateral Group shall be allocated first
      to
      the Subordinate Interests related to such Collateral Group, in reverse numerical
      order, until the Certificate Balance thereof is reduced to zero, and then
pro
      rata
      to the
      Senior Interests related to such Collateral Group; provided
      further,
      that
      (a) any Realized Losses otherwise allocable to the Class 1A-4 Certificates
      shall
      instead be allocated to the Class 1A-5 Certificates, until the Class Principal
      Balance of the Class 1A-5 Certificates is reduced to zero; (b) any Realized
      Losses otherwise allocable to the Class 2A-7 Certificates shall instead be
      allocated to the Class 2A-8 Certificates, until the Class Principal Balance
      of
      the Class 2A-8 Certificates is reduced to zero; and (c) any Realized Losses
      otherwise allocable to the Class 3A-7 Certificates shall instead be allocated
      to
      the Class 3A-8 Certificates, until the Class Principal Balance of the Class
      3A-8
      Certificates is reduced to zero.

     

    (ii)The
      distribution of any Current Realized Losses and Deferred Principal Amounts
      to a
      Class of Senior Interests on any Distribution Date shall not result in a further
      reduction of the Certificate Balance of such Class of Senior Interests, but
      instead shall result in the reduction of the Certificate Balance of the
      Subordinate Interests in REMIC MT, until the Certificate Balance thereof has
      been reduced to zero. The Current Realized Losses and Deferred Principal Amounts
      shall be paid from the amounts otherwise payable to the Classes of Subordinate
      Interests related to the applicable REMIC, beginning with the Class having
      the
      highest numerical designation. Any Current Realized Losses and Deferred
      Principal Amounts not paid on the Distribution Date relating to the Due Period
      in which the Realized Loss was incurred shall be carried forward and shall
      be
      included in the Current Realized Losses and Deferred Principal Amounts for
      the
      next Distribution Date.

     

    (iii)Any
      Realized Losses allocated to a Class of REMIC MT Interests pursuant to Section
      3.02(a)(i) and not reimbursed on the same Distribution Date shall be allocated
      on the same date to the Corresponding Class or Classes of REMIC UT
      Certificates.

     

    (b) Realized
      Losses Allocable to Interest. On each Distribution Date, the portion of each
      Realized Loss on a Mortgage Loan that exceeds the outstanding principal amount
      of such Mortgage Loan shall be allocated pro
      rata
      to the
      related Collateral Group or Groups, on the basis of the amount of interest
      due
      to such Collateral Group from such Mortgage Loan. On each Distribution Date,
      the
      interest portion of each Realized Loss allocated to a Collateral Group in
      accordance with the preceding sentence shall be further allocated pro
      rata,
      on the
      basis of Accrued Certificate Interest, on the Class Principal Balance thereof,
      in the case of the Senior Certificates, and the related Apportioned Principal
      Balance, in the case of the Subordinated Interests, to each Class of related
      REMIC Interests; provided that the interest portion of any Realized Losses
      allocated to the related Subordinate Interests in a REMIC as provided in this
      Section 3.02(b) shall be allocated to such Subordinate Interests in reverse
      order of seniority.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    (c) Interest
      Shortfall. Notwithstanding anything in the Standard Terms to the contrary,
      on
      each Distribution Date, before any distributions are made on the REMIC Interests
      and the Certificates, Month End Interest Shortfall not covered by a Compensating
      Interest Payment and Servicemembers Shortfall with respect to any Mortgage
      Loan
      shall be allocated pro
      rata
      among
      the Classes of the related REMIC based on the amount of interest otherwise
      owing
      thereto in reduction of that amount.

     

    (d) Modification
      Losses. In the event that the Note Rate on a Mortgage Loan is reduced as a
      result of a modification of the terms of such Mortgage Loan, such modification
      shall be disregarded for purposes of calculating the Certificate Rate on any
      Class of Certificates or Class of REMIC Interest. Any shortfall resulting from
      any such modifications, however, shall be treated as a Realized Loss occurring
      on each Distribution Date and shall be applied to reduce the Certificate
      Balances of the Certificates and REMIC Interests in the manner and order of
      priority set forth above.

     

    (e) In
      the
      event of any Subsequent Recovery, (i) such amount shall be treated as a
      Principal Prepayment Amount and shall be included in the related Available
      Distribution Amount for the Distribution Date occurring in the month following
      the month in which such recovery is received and (ii) the Certificate Balance
      of
      the Class or Classes to which the related Realized Loss had previously been
      allocated, whether or not such Class or Classes remain outstanding, shall be
      increased in direct order of priority, in each case by an amount equal to the
      lesser of (x) the amount of such recovery and (y) the aggregate amount of
      Realized Losses previously allocated to such Classes less amounts previously
      allocated to such Classes pursuant to this paragraph. 

     

    ARTICLE
      IV.

     

    THE
      SECURITIES

     

    Section
      4.01. The
      Certificates.

     

    The
      Certificates shall be designated generally as the Mortgage Pass-Through
      Certificates, Series 2007-3F. The aggregate principal amount of Certificates
      or
      Interests, as applicable, that may be executed and delivered under this Trust
      Agreement is limited to $772,611,564, except for Certificates executed and
      delivered upon registration of transfer of, or in exchange for, or in lieu
      of,
      other Certificates pursuant to Section 4.05 hereof or Sections 5.03 or 5.05
      of
      the Standard Terms. On the Closing Date, the Trustee shall execute, and the
      Certificate Registrar shall authenticate and deliver Mortgage Pass-Through
      Certificates in the names and amounts and to the Persons as directed by the
      Depositor. The table in Section 2.03 sets forth the Classes of Certificates,
      the
      initial Certificate Balance and the Certificate Rate for each Class of the
      Certificates. The Certificates authorized by this Trust Agreement shall consist
      of the Certificates having the designations, Initial Certificate Balances or
      Notional Amounts and Certificate Rates specified in the table in Section
      2.03(d).

     

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    Section
      4.02. Denominations.

     

    Each
      of
      the Class A and Subordinate Certificates shall be issued in fully registered,
      book-entry form and shall be Book-Entry Certificates. Each Class of Residual
      Certificates shall be issued in fully registered, certificated form. The Class
      A
      Certificates (other than the Interest Only Certificates) are offered in minimum
      denominations of $25,000 initial Certificate Balance each and multiples of
      $1 in
      excess of $25,000 or, if the Class Principal Balance of such Class of
      Certificates is less than $25,000, the Class Principal Balance thereof. The
      Class 4A-2 Certificates are offered in minimum denominations of $1,000,000
      initial Notional Amount each and multiples of $1 in excess of $1,000,000. The
      Class A-X Certificates are offered in the form of a single Certificate
      representing the entire Notional Amount thereof. The Subordinate Certificates
      are offered in minimum denominations of $250,000 initial Certificate Balance
      each and multiples of $1 in excess of $250,000. In addition, one Certificate
      of
      each Class (other than the Class A-X and the Residual Certificates) may be
      issued evidencing the sum of an authorized denomination thereof and the
      remainder of the initial Class Principal Balance (or, in the case of the
      Interest Only Certificates, the Notional Amount) of such Class. Each Class
      of
      Residual Certificates shall be issued in percentage interests of 99.99% and
      0.01%.

     

    Section
      4.03. Redemption
      of Certificates.

     

    (a) There
      shall be no right to redemption pursuant to Section 10.01 of the Standard Terms.
      Moreover, notwithstanding anything to the contrary in Section 10.02 of the
      Standard Terms, the obligations created by this Trust Agreement shall terminate
      upon payment to the Certificateholders of all amounts held in the Collection
      Account, the Certificate Account and the Distribution Account required to be
      paid to the Certificateholders pursuant to this Trust Agreement, following
      the
      final payment or other liquidation (or any Advance with respect thereto) of
      the
      last Mortgage Loan remaining in the Trust Estate or the disposition of all
      property acquired upon foreclosure of any such Mortgage Loan.

     

    (b) On
      or after the date on which the aggregate Scheduled Principal Balance of the
      Mortgage Loans
      is less than or equal to 1% of the aggregate Scheduled Principal Balance of
      such
      Mortgage Loans as of the Cut-Off Date the Master Servicer shall have the right
      to purchase the remaining Mortgage Loans and any other assets in REMIC LT1
      at
      the Termination Price and thereby cause the retirement of the related
      Certificates.

     

    Notwithstanding
      anything to the contrary contained herein, the obligations created by the Trust
      Agreement shall terminate upon payment to the Certificateholders of all amounts
      held in the Certificate Account and the REMIC LT1 Distribution Account and
      the
      REMIC MT Distribution Account required to be paid to the Certificateholders
      pursuant to the Trust Agreement, following the earlier of: (i) the final payment
      or other liquidation (or any Advance with respect thereto) of the last Mortgage
      Loan remaining in the Trust Estate or the disposition of all property acquired
      upon foreclosure of any such Mortgage Loan and (ii) the purchase of all of
      the
      assets of the Trust Estate as provided above. Written notice of termination
      shall be given to each Certificateholder, and the final distribution shall
      be
      made only upon surrender and cancellation of the Certificates at an office
      or
      agency appointed by the Securities Administrator, which shall be specified
      in
      the notice of termination. Any repurchase of the assets of the Trust Estate
      pursuant to this Section 4.03 shall be made at a price equal to the Termination
      Price. 

     

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    Section
      4.04. Securities
      Laws Restrictions.

     

    Each
      of
      the Junior Subordinate Certificates is a Private Certificate subject to the
      restrictions on transfer contained in Section 5.05(a) of the Standard Terms.
      Furthermore, each of the Private Certificates is a Rule 144A Certificate. The
      Class R and Class RC Certificates are Residual Certificates subject to Section
      5.05(c) of the Standard Terms.

     

    Section
      4.05. Deposit
      of Exchangeable REMIC Certificates.

     

    The
      Exchangeable REMIC Certificates shall be issued in uncertificated form to the
      Underwriter pursuant to Section 4(c) of the Underwriting Agreement and
      transferred by the Underwriter to the Exchange Trustee to be held in trust
      pursuant to terms of the Exchange Agreement.

     

    ARTICLE
      V.

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      5.01. Request
      for Opinions.

     

    (a) The
      Depositor hereby requests and authorizes McKee Nelson LLP, as its counsel in
      this transaction, to issue on behalf of the Depositor such legal opinions to
      the
      Trustee, the Securities Administrator and each Rating Agency as may be (i)
      required by any and all documents, certificates or agreements executed in
      connection with the Trust, or (ii) requested by the Trustee, the Securities
      Administrator, any such Rating Agency or their respective counsels.

     

    (b) Each
      of
      the Trustee, the Securities Administrator and the Master Servicer hereby
      requests and authorizes its counsel to issue on behalf of such Person such
      legal
      opinions to the Depositor, GSMC and Goldman, Sachs & Co. as may be required
      by any and all documents, certificates or agreements executed in connection
      with
      the establishment of the Trust and the issuance of the
      Certificates.

     

    Section
      5.02. Schedules
      and Exhibits.

     

    Each
      of
      the Schedules and Exhibits attached hereto or referenced herein are incorporated
      herein by reference as contemplated hereby and by the Standard Terms. Each
      Class
      of Certificates shall be in substantially the form attached hereto, as set
      forth
      in the Exhibit index.

     

    Section
      5.03. Governing
      Law.

     

    THIS
      TRUST AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
      OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS
      (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS,
      RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
      WITH SUCH LAWS.

     

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    Section
      5.04. Counterparts.

     

    This
      Trust Agreement may be executed in any number of counterparts, each of which
      so
      executed shall be deemed to be an original but all of such counterparts shall
      together constitute but one and the same instrument.

     

    Section
      5.05. Notices.

     

    All
      demands and notices hereunder shall be in writing and shall be deemed to have
      been duly given if personally delivered at or mailed by first class mail,
      postage prepaid, or by express delivery service, to (a) in the case of the
      Depositor, 85 Broad Street, New York, New York 10004, Attention: President
      (telecopy number (212) 902-3000 and email addresses: sang.kim@gs.com and
      michelle.gill@gs.com) or such other address, telecopy number or email address
      as
      may hereafter be furnished to each party to this Trust Agreement in writing
      by
      the Depositor; (b) in the case of the Trustee, U.S. Bank National Association,
      One Wall Street, Suite 1600, New York, New York 10005, Attention:
      Structured Finance Department, GSR 2007-3F,
      or such
      other address or telecopy number as may hereafter be furnished to each party
      to
      this Trust Agreement in writing by the Trustee; (c) in the case of the Master
      Servicer, Wells Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046,
      Attention: Client Manager (GSR 2007-3F) (or in the case of overnight deliveries,
      9062 Old Annapolis Road, Columbia, Maryland 21045) Telephone: (410) 884-2000
      Facsimile: (410) 715-2380, or such other address, telecopy number or email
      address as may hereafter be furnished to each party to this Trust Agreement
      in
      writing by the Master Servicer; (d) in the case of the Securities Administrator,
      Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue, Minneapolis,
      Minnesota 55479, Attention: Corporate Trust: GSR 2007-3F, or such other address,
      telecopy number or email address as may hereafter be furnished to each party
      to
      this Trust Agreement in writing by the Securities Administrator; and (e) in
      the
      case of each Custodian, the addresses set forth in the Custodial Agreement
      with
      respect to such Custodian. The addresses of the rating agencies required to
      be
      stated herein pursuant to Section 13.08(d) of the Standard Terms are Fitch
      Ratings, One
      State Street Plaza, New York, New York 10004
      and
      Moody’s Investors Service, Inc., 99 Church Street, New York, New York
      10007.

    

    

    [Signature
      page follows]

     

    

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Trustee, the Master Servicer, the Securities
      Administrator and each Custodian have caused this Trust Agreement to be duly
      executed by their respective officers thereunto duly authorized and their
      respective signatures duly attested all as of the day and year first above
      written.

     

    

    GS
      MORTGAGE SECURITIES CORP.,

    as
      Depositor

    

    By:
      /s/
      M.
      Gill                                          
 

    Name:
      M.
      Gill

    Title:
      Vice President

    

    

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    not
      in
      its individual capacity, but solely in 

    its
      capacity as Trustee under this Trust Agreement

    

    By:
      /s/
      Patricia
      O’Neill                                

    Name:
      Patricia O’Neill

    Title:
      Vice President

    

    

    WELLS
      FARGO BANK, N.A.,

    not
      in
      its individual capacity, but solely in its capacity as Securities Administrator
      and Master Servicer

    

    By:
      /s/
      Sandra
      Whalen                                

    Name:
      Sandra Whalen

    Title:
      Vice President

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY, 

    not
      in
      its individual capacity, but solely in its capacity as Custodian

    

    By:
      /s/
      Andrew
      Hays                                  

    Name:
      Andrew Hays

    Title:
      Associate

    

    

    

    By:
      /s/
      Norma L.
      Catone                               

    Name:
      Norma L. Catone

    Title:
      Vice President

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Solely
      for purposes of Section 2.01(a), 

    accepted
      and agreed to by:

     

    GOLDMAN
      SACHS MORTGAGE

    COMPANY

    

    By: Goldman
      Sachs Real Estate Funding

    Corp.,
      its General Partner

    

    

    By:
      /s/ Marc
      Flamino                                          

           Name:
      Marc Flamino

           Title: Vice
      President

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I

    

    Mortgage
      Loan Schedule

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      II

    

    [Reserved]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      III

    

    PAC
      Scheduled Amounts

    

    

    
      	
              Distribution
                Date

            	 	
              PAC

              Scheduled
                Amount ($)

            
	 	 	 
	
              Closing
                Date

            	 	
              114,758,000.00

            
	
              May
                25, 2007

            	 	
              113,992,397.02

            
	
              June
                25, 2007

            	 	
              113,182,979.55

            
	
              July
                25, 2007

            	 	
              112,330,071.98

            
	
              August
                25, 2007

            	 	
              111,434,021.27

            
	
              September
                25, 2007

            	 	
              110,495,196.73

            
	
              October
                25, 2007

            	 	
              109,513,989.78

            
	
              November
                25, 2007

            	 	
              108,490,813.73

            
	
              December
                25, 2007

            	 	
              107,426,103.47

            
	
              January
                25, 2008

            	 	
              106,320,315.22

            
	
              February
                25, 2008

            	 	
              105,173,926.15

            
	
              March
                25, 2008

            	 	
              103,987,434.13

            
	
              April
                25, 2008

            	 	
              102,761,357.33

            
	
              May
                25, 2008

            	 	
              101,496,233.88

            
	
              June
                25, 2008

            	 	
              100,192,621.44

            
	
              July
                25, 2008

            	 	
              98,851,096.89

            
	
              August
                25, 2008

            	 	
              97,472,255.81

            
	
              September
                25, 2008

            	 	
              96,056,712.14

            
	
              October
                25, 2008

            	 	
              94,627,957.23

            
	
              November
                25, 2008

            	 	
              93,186,237.25

            
	
              December
                25, 2008

            	 	
              91,731,807.02

            
	
              January
                25, 2009

            	 	
              90,264,929.84

            
	
              February
                25, 2009

            	 	
              88,785,877.23

            
	
              March
                25, 2009

            	 	
              87,295,802.87

            
	
              April
                25, 2009

            	 	
              85,813,037.66

            
	
              May
                25, 2009

            	 	
              84,337,548.08

            
	
              June
                25, 2009

            	 	
              82,869,301.05

            
	
              July
                25, 2009

            	 	
              81,408,263.90

            
	
              August
                25, 2009

            	 	
              79,954,923.77

            
	
              September
                25, 2009

            	 	
              78,509,241.61

            
	
              October
                25, 2009

            	 	
              77,071,178.59

            
	
              November
                25, 2009

            	 	
              75,640,696.10

            
	
              December
                25, 2009

            	 	
              74,217,755.69

            
	
              January
                25, 2010

            	 	
              72,802,319.15

            
	
              February
                25, 2010

            	 	
              71,394,348.44

            
	
              March
                25, 2010

            	 	
              69,993,805.75

            
	
              April
                25, 2010

            	 	
              68,600,653.44

            
	
              May
                25, 2010

            	 	
              67,214,854.07

            
	
              June
                25, 2010

            	 	
              65,836,370.41

            
	
              July
                25, 2010

            	 	
              64,465,165.42

            
	
              August
                25, 2010

            	 	
              63,101,202.23

            
	
              September
                25, 2010

            	 	
              61,744,444.20

            
	
              October
                25, 2010

            	 	
              60,394,854.86

            
	
              November
                25, 2010

            	 	
              59,052,397.93

            
	
              December
                25, 2010

            	 	
              57,717,037.33

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                Date

            	 	
              PAC

              Scheduled
                Amount ($)

            
	
              January
                25, 2011

            	 	
              56,388,737.15

            
	
              February
                25, 2011

            	 	
              55,067,461.69

            
	
              March
                25, 2011

            	 	
              53,753,175.42

            
	
              April
                25, 2011

            	 	
              52,445,843.01

            
	
              May
                25, 2011

            	 	
              51,145,429.30

            
	
              June
                25, 2011

            	 	
              49,851,899.33

            
	
              July
                25, 2011

            	 	
              48,565,218.30

            
	
              August
                25, 2011

            	 	
              47,285,351.62

            
	
              September
                25, 2011

            	 	
              46,012,264.86

            
	
              October
                25, 2011

            	 	
              44,745,923.78

            
	
              November
                25, 2011

            	 	
              43,486,294.32

            
	
              December
                25, 2011

            	 	
              42,233,342.59

            
	
              January
                25, 2012

            	 	
              40,987,034.88

            
	
              February
                25, 2012

            	 	
              39,747,337.66

            
	
              March
                25, 2012

            	 	
              38,514,217.58

            
	
              April
                25, 2012

            	 	
              37,287,641.46

            
	
              May
                25, 2012

            	 	
              36,240,285.68

            
	
              June
                25, 2012

            	 	
              35,199,362.10

            
	
              July
                25, 2012

            	 	
              34,164,838.68

            
	
              August
                25, 2012

            	 	
              33,136,683.53

            
	
              September
                25, 2012

            	 	
              32,114,864.98

            
	
              October
                25, 2012

            	 	
              31,099,351.48

            
	
              November
                25, 2012

            	 	
              30,090,111.67

            
	
              December
                25, 2012

            	 	
              29,087,114.37

            
	
              January
                25, 2013

            	 	
              28,090,328.54

            
	
              February
                25, 2013

            	 	
              27,099,723.33

            
	
              March
                25, 2013

            	 	
              26,115,268.03

            
	
              April
                25, 2013

            	 	
              25,136,932.12

            
	
              May
                25, 2013

            	 	
              24,194,431.93

            
	
              June
                25, 2013

            	 	
              23,257,780.05

            
	
              July
                25, 2013

            	 	
              22,326,946.52

            
	
              August
                25, 2013

            	 	
              21,401,901.57

            
	
              September
                25, 2013

            	 	
              20,482,615.58

            
	
              October
                25, 2013

            	 	
              19,569,059.07

            
	
              November
                25, 2013

            	 	
              18,661,202.75

            
	
              December
                25, 2013

            	 	
              17,759,017.46

            
	
              January
                25, 2014

            	 	
              16,862,474.20

            
	
              February
                25, 2014

            	 	
              15,971,544.12

            
	
              March
                25, 2014

            	 	
              15,086,198.55

            
	
              April
                25, 2014

            	 	
              14,206,408.94

            
	
              May
                25, 2014

            	 	
              13,470,823.13

            
	
              June
                25, 2014

            	 	
              12,748,782.67

            
	
              July
                25, 2014

            	 	
              12,040,071.26

            
	
              August
                25, 2014

            	 	
              11,344,475.78

            
	
              September
                25, 2014

            	 	
              10,661,786.28

            
	
              October
                25, 2014

            	 	
              9,991,795.89

            
	
              November
                25, 2014

            	 	
              9,334,300.84

            
	
              December
                25, 2014

            	 	
              8,689,100.37

            
	
              January
                25, 2015

            	 	
              8,055,996.70

            
	
              February
                25, 2015

            	 	
              7,434,794.99

            
	
              March
                25, 2015

            	 	
              6,825,303.29

            
	
              April
                25, 2015

            	 	
              6,227,332.50

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                Date

            	 	
              PAC

              Scheduled
                Amount ($)

            
	
              May
                25, 2015

            	 	
              5,756,547.80

            
	
              June
                25, 2015

            	 	
              5,294,167.79

            
	
              July
                25, 2015

            	 	
              4,840,055.23

            
	
              August
                25, 2015

            	 	
              4,394,074.94

            
	
              September
                25, 2015

            	 	
              3,956,093.87

            
	
              October
                25, 2015

            	 	
              3,525,980.99

            
	
              November
                25, 2015

            	 	
              3,103,607.30

            
	
              December
                25, 2015

            	 	
              2,688,845.80

            
	
              January
                25, 2016

            	 	
              2,281,571.45

            
	
              February
                25, 2016

            	 	
              1,881,661.13

            
	
              March
                25, 2016

            	 	
              1,488,993.63

            
	
              April
                25, 2016

            	 	
              1,103,449.62

            
	
              May
                25, 2016

            	 	
              819,859.03

            
	
              June
                25, 2016

            	 	
              540,413.14

            
	
              July
                25, 2016

            	 	
              265,053.35

            
	
              August
                25, 2016

            	 	
              0.00

            
	 	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

    

    Form
      of
      Certificates

     

    
      
        
        

      

      
        A-1EXECUTION

    
      

      

    

     

    

    

    

    

    STANDARD
      TERMS

    

    

    

    TO

    

    

    MASTER
      SERVICING

    

    

    

    AND

    

    

    TRUST
      AGREEMENT

    

    

    

     

      
        

      

    

    

    

    

    GS
      Mortgage Securities Corp.

    Depositor

    

    GSR
      Mortgage Loan Trust 2007-3F 

    Mortgage
      Pass-Through Certificates, Series 2007-3F

    

    April
      2007 Edition

    

    

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    

    Page

     

    
      	
              STANDARD
                TERMS

            	
              1

            
	 	 
	
              ARTICLE
                I DEFINITIONS

            	
              1

            
	
              Section
                1.01

            	
              Defined
                Terms.

            	
              1

            
	 	 
	
              ARTICLE
                II MORTGAGE LOAN FILES

            	
              23

            
	
              Section
                2.01

            	
              Mortgage
                Loan Files.

            	
              23

            
	
              Section
                2.02

            	
              Acceptance
                by the Trustee.

            	
              23

            
	
              Section
                2.03

            	
              Purchase
                of Mortgage Loans by a Servicer, a Seller, GSMC or the
                Depositor.

            	
              26

            
	
              Section
                2.04

            	
              Representations
                and Warranties of the Depositor.

            	
              30

            
	 	 
	
              ARTICLE
                III ADMINISTRATION OF THE TRUST

            	
              32

            
	
              Section
                3.01

            	
              The
                Collection Accounts; the Master Servicer Account; the Distribution
                Accounts and the Certificate Account.

            	
              32

            
	
              Section
                3.02

            	
              Filings
                with the Commission.

            	
              34

            
	
              Section
                3.03

            	
              Securities
                Administrator to Cooperate; Release of Mortgage Files.

            	
              40

            
	
              Section
                3.04

            	
              Amendments
                to Servicing Agreement.

            	
              41

            
	
              Section
                3.05

            	
              Monthly
                Advances by Master Servicer or Trustee.

            	
              42

            
	
              Section
                3.06

            	
              Enforcement
                of Servicing Agreement.

            	
              43

            
	 	 
	
              ARTICLE
                IV REPORTING/REMITTING TO CERTIFICATEHOLDERS

            	
              43

            
	
              Section
                4.01

            	
              Statements
                to Certificateholders.

            	
              43

            
	
              Section
                4.02

            	
              Remittance
                Reports and other Reports from the Servicers.

            	
              46

            
	
              Section
                4.03

            	
              Compliance
                with Withholding Requirements.

            	
              47

            
	
              Section
                4.04

            	
              Reports
                of Certificate Balances to The Depository Trust Company.

            	
              47

            
	
              Section
                4.05

            	
              Preparation
                of Regulatory Reports.

            	
              48

            
	
              Section
                4.06

            	
              Management
                and Disposition of REO Property.

            	
              48

            
	 	 
	
              ARTICLE
                V THE INTERESTS AND THE SECURITIES

            	
              48

            
	
              Section
                5.01

            	
              REMIC
                Interests.

            	
              48

            
	
              Section
                5.02

            	
              The
                Certificates.

            	
              48

            
	
              Section
                5.03

            	
              Book-Entry
                Certificates.

            	
              49

            
	
              Section
                5.04

            	
              Registration
                of Transfer and Exchange of Certificates.

            	
              50

            
	
              Section
                5.05

            	
              Restrictions
                on Transfer.

            	
              51

            
	
              Section
                5.06

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	
              56

            
	
              Section
                5.07

            	
              Persons
                Deemed Owners.

            	
              57

            
	
              Section
                5.08

            	
              Appointment
                of Paying Agent.

            	
              57

            
	 	 
	
              ARTICLE
                VI THE DEPOSITOR

            	
              57

            
	
              Section
                6.01

            	
              Liability
                of the Depositor.

            	
              57

            
	
              Section
                6.02

            	
              Merger
                or Consolidation of the Depositor.

            	
              58

            
	 	 
	
              ARTICLE
                VII TERMINATION OF SERVICING ARRANGEMENTS

            	
              58

            
	
              Section
                7.01

            	
              Termination
                and Substitution of Servicer.

            	
              58

            
	
              Section
                7.02

            	
              Notification
                to Certificateholders.

            	
              60

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

            	
              60

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                8.01

            	
              Duties
                of the Master Servicer; Enforcement of Servicer’s and Master Servicer’s
                Obligations.

            	
              60

            
	
              Section
                8.02

            	
              Maintenance
                of Fidelity Bond and Errors and Omissions Insurance.

            	
              63

            
	
              Section
                8.03

            	
              Representations
                and Warranties of the Master Servicer.

            	
              64

            
	
              Section
                8.04

            	
              Master
                Servicer Events of Default.

            	
              66

            
	
              Section
                8.05

            	
              Waiver
                of Default.

            	
              68

            
	
              Section
                8.06

            	
              Successor
                to the Master Servicer.

            	
              68

            
	
              Section
                8.07

            	
              Fees
                and Other Amounts Payable to the Master Servicer.

            	
              69

            
	
              Section
                8.08

            	
              Merger
                or Consolidation.

            	
              69

            
	
              Section
                8.09

            	
              Resignation
                and Removal of Master Servicer.

            	
              70

            
	
              Section
                8.10

            	
              Assignment
                or Delegation of Duties by the Master Servicer.

            	
              70

            
	
              Section
                8.11

            	
              Limitation
                on Liability of the Master Servicer and Others.

            	
              71

            
	
              Section
                8.12

            	
              Indemnification;
                Third-Party Claims.

            	
              71

            
	 	 
	
              ARTICLE
                IX CONCERNING THE TRUSTEE

            	
              72

            
	
              Section
                9.01

            	
              Duties
                of Trustee.

            	
              72

            
	
              Section
                9.02

            	
              Certain
                Matters Affecting the Trustee.

            	
              73

            
	
              Section
                9.03

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            	
              76

            
	
              Section
                9.04

            	
              Trustee
                May Own Certificates.

            	
              76

            
	
              Section
                9.05

            	
              Trustee’s
                Fees and Expenses and Indemnification.

            	
              76

            
	
              Section
                9.06

            	
              Eligibility
                Requirements for Trustee.

            	
              77

            
	
              Section
                9.07

            	
              Resignation
                and Removal of the Trustee.

            	
              77

            
	
              Section
                9.08

            	
              Successor
                Trustee.

            	
              78

            
	
              Section
                9.09

            	
              Merger
                or Consolidation of Trustee.

            	
              78

            
	
              Section
                9.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	
              79

            
	
              Section
                9.11

            	
              Appointment
                of Custodian.

            	
              79

            
	
              Section
                9.12

            	
              Appointment
                of Office or Agent.

            	
              80

            
	
              Section
                9.13

            	
              Representation
                and Warranties of the Trustee.

            	
              80

            
	 	 
	
              ARTICLE
                X TERMINATION OF TRUST

            	
              81

            
	
              Section
                10.01

            	
              Qualified
                Liquidation.

            	
              81

            
	
              Section
                10.02

            	
              Termination.

            	
              81

            
	
              Section
                10.03

            	
              Procedure
                for Termination.

            	
              82

            
	
              Section
                10.04

            	
              Additional
                Termination Requirements.

            	
              83

            
	 	 
	
              ARTICLE
                XI CONCERNING THE SECURITIES ADMINISTRATOR

            	
              84

            
	
              Section
                11.01

            	
              Certain
                Matters Affecting the Securities Administrator.

            	
              84

            
	
              Section
                11.02

            	
              Securities
                Administrator Not Liable for Certificates or Mortgage
                Loans.

            	
              88

            
	
              Section
                11.03

            	
              Securities
                Administrator May Own Certificates.

            	
              88

            
	
              Section
                11.04

            	
              Custodian’s
                and Securities Administrator's Fees, Expenses and
                Indemnification.

            	
              88

            
	
              Section
                11.05

            	
              Resignation
                and Removal of the Securities Administrator.

            	
              89

            
	
              Section
                11.06

            	
              Successor
                Securities Administrator.

            	
              90

            
	
              Section
                11.07

            	
              Representations
                and Warranties of the Securities Administrator.

            	
              90

            
	
              Section
                11.08

            	
              Eligibility
                Requirements for the Securities Administrator.

            	
              91

            
	 	 
	
              ARTICLE
                XII REMIC TAX PROVISIONS

            	
              92

            
	
              Section
                12.01

            	
              REMIC
                Administration.

            	
              92

            
	
              Section
                12.02

            	
              Prohibited
                Activities.

            	
              94

            
	 	 
	
              ARTICLE
                XIII MISCELLANEOUS PROVISIONS

            	
              95

            
	
              Section
                13.01

            	
              Amendment
                of Trust Agreement.

            	
              95

            
	
              Section
                13.02

            	
              Recordation
                of Agreement; Counterparts.

            	
              96

            
	
              Section
                13.03

            	
              Limitation
                on Rights of Certificateholders.

            	
              97

            
	
              Section
                13.04

            	
              [Reserved].

            	
              98

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                13.05

            	
              Notices.

            	
              98

            
	
              Section
                13.06

            	
              Severability
                of Provision.

            	
              98

            
	
              Section
                13.07

            	
              Sale
                of Mortgage Loans.

            	
              98

            
	
              Section
                13.08

            	
              Notice
                to Rating Agencies

            	
              99

            
	
              Section
                13.09

            	
              Custodian’s
                Limitation of Liability.

            	
              100

            

    

    

    
      	
              Exhibit A

            	
              Form
                of Trust Receipt

            
	
              Exhibit B

            	
              Form
                of Final Certification

            
	
              Exhibit C-1

            	
              Form
                of Rule 144A Agreement - QIB Certification

            
	
              Exhibit
                C-2

            	
              Form
                of Transfer Certificate for Transfer from Rule 144A Certificate to
                Regulation S Global Security

            
	
              Exhibit
                C-3 

            	
              Form
                of Transfer Certificate for Transfer from Regulation S Global Security
                to
                Rule 144A Certificate

            
	
              Exhibit D

            	
              Form
                of Transferee Agreement

            
	
              Exhibit E

            	
              Form
                of Benefit Plan Affidavit

            
	
              Exhibit F

            	
              Form
                of Residual Transferee Agreement

            
	
              Exhibit G-1

            	
              Form
                of Non-U.S. Person Affidavit

            
	
              Exhibit G-2

            	
              Form
                of U.S. Person Affidavit

            
	
              Exhibit H

            	
              Form
                of Securities Administrator Certification

            
	
              Exhibit I

            	
              Form
                of Master Servicer Certification

            
	
              Exhibit
                J

            	
              Wells
                Fargo Servicing Criteria 

            
	
              Exhibit
                K

            	
              Form
                8-K Disclosure Information

            
	
              Exhibit
                L

            	
              Additional
                Form 10-D Disclosure

            
	
              Exhibit
                M

            	
              Additional
                Form 10-K Disclosure

            
	
              Schedule
                I

            	
              Bond
                Level Report

            
	
              Schedule
                II

            	
              Loan
                Level Report

            
	
              Schedule
                III

            	
              Remittance
                Report

            

    

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    RECITALS

     

    GS
      Mortgage Securities Corp. (the “Depositor”),
      a
      trustee (together with its successors and assigns, the “Trustee”),
      a
      securities administrator (together with its successors and assigns, the
“Securities
      Administrator”),
      a
      custodian (together with their successors and assigns, the “Custodian”),
      and a
      master servicer (together with its successors and assigns, the “Master
      Servicer”)
      identified in the Trust Agreement (as defined below) have entered into the
      Trust
      Agreement that provides for the issuance of mortgage pass-through certificates
      (the “Certificates”)
      that
      in the aggregate evidence the entire interest in Mortgage Loans or certificates
      or securities evidencing an interest therein and other property owned by the
      Trust created by such Trust Agreement. These Standard Terms are a part of,
      and
      are incorporated by reference into, the Trust Agreement.

     

    STANDARD
      PROVISIONS

     

    NOW,
      THEREFORE, in consideration of the mutual promises, covenants, representations,
      and warranties made in the Trust Agreement and as hereinafter set forth, the
      Depositor, the Trustee, the Securities Administrator, the Custodian and the
      Master Servicer agree as follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01 Defined
      Terms.

     

    Except
      as
      otherwise specified herein or in the Trust Agreement or as the context may
      otherwise require, whenever used in these Standard Terms, the following words
      and phrases shall have the meanings specified in this Article. Capitalized
      words
      and phrases used herein but not defined herein or in the Trust Agreement shall,
      when applied to a Trust, have the meanings set forth in the Servicing
      Agreement(s) assigned to such Trust as in effect on the date of this Agreement.
      In the event of a conflict between the Trust Agreement and these Standard Terms,
      the Trust Agreement shall govern. 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”:
      As
      defined in Section 3.02.

     

    “Accounting
      Date”:
      With
      respect to each Distribution Date, the last day of the month preceding the
      month
      in which such Distribution Date occurs.

     

    “Additional
      Form 10-D Disclosure”:
      As
      defined in Section 3.02.

     

    “Additional
      Form 10-K Disclosure”:
      As
      defined in Section 3.02.

     

    “Additional
      Servicer”:
      Each
      affiliate of each Servicer that Services any of the Mortgage Loans and each
      Person that is not an affiliate of each such Servicer, that Services 10% or
      more
      of the Mortgage Loans. For the avoidance of doubt, the Master Servicer and
      Securities Administrator are Additional Servicers.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Administrative
      Cost Rate”:
      Not
      applicable.

     

    “Advance”:
      The
      aggregate amount of the (i) advances made by a Servicer on any Servicer
      Remittance Date in respect of delinquent Monthly Payments pursuant to the
      applicable Sale and Servicing Agreement, (ii) any advances made by the
      Master Servicer (or by the Trustee, as successor Master Servicer, pursuant
      to
      Section 3.05 in the event the Master Servicer fails to make such advances as
      required) in respect of any such delinquent Monthly Payment pursuant to
      Section 3.05 and (iii) amounts necessary to preserve the Trust’s
      interest in the Mortgaged Premises or the Mortgage Loans, including without
      limitation, property taxes or insurance premiums not paid as required by the
      Mortgagor and advanced by the related Servicer or successor
      servicer.

     

    “Affiliate”:
      Any
      person or entity controlling, controlled by, or under common Control with the
      Depositor, the Trustee, the Securities Administrator, the Custodian, the Master
      Servicer or any Servicer. “Control” means the power to direct the management and
      policies of a person or entity, directly or indirectly, whether through
      ownership of voting securities, by contract or otherwise. “Controlling” and
“controlled” shall have meanings correlative to the foregoing.

     

    “Aggregate
      Principal Distribution Amount”:
      The
      amount specified in the Trust Agreement.

     

    “ARM
      Loan”:
      An
“adjustable rate” Mortgage Loan, the Note Rate of which is subject to periodic
      adjustment in accordance with the terms of the Note.

     

    “Assignment
      Agreement”:
      Any
      Assignment, Assumption and Recognition Agreement or Agreements identified in
      the
      Trust Agreement to which the Depositor is a party.

     

    “Available
      Distribution Amount”:
      Unless
      otherwise provided in the Trust Agreement, on each Distribution Date the
      Available Distribution Amount shall equal (i) the sum of the following:
      (A) all amounts credited to the Collection Account as of the close of
      business on the related Distribution Date, (B) an amount equal to Monthly
      Advances made on or before the previous Distribution Date, to the extent such
      Monthly Advance was made from funds on deposit in any related Collection Account
      held for future distribution, (C)  all Monthly Advances made with respect
      to such Distribution Date (to the extent not included in
      clause (B) above) and (D) all amounts deposited into the
      Certificate Account to effect a Terminating Purchase in accordance with
      Section 10.02 minus
      (ii) the sum of (A) any Principal Prepayments (including Liquidation
      Proceeds, Insurance Proceeds and Condemnation Proceeds) or Payoffs received
      after the related Principal Prepayment Period, (B) Monthly Payments
      collected but due on a Due Date or Dates subsequent to the related Due Period
      and (C) reinvestment income on amounts deposited in any Collection Account
      to the extent included in (i) above.

     

    “Back-Up
      Certification”:
      As
      defined in Section 3.02. 

     

    “Bankruptcy
      Loss”:
      Any
      reduction in the total amount owed by a Borrower on a Mortgage Loan occurring
      as
      a result of a final order of a court in a bankruptcy proceeding.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “Beneficial
      Owner”:
      With
      respect to a Book-Entry Certificate, the Person who is registered as owner
      of
      that Certificate in the books of the Clearing Agency for that Certificate or
      in
      the books of a Person maintaining an account with such Clearing
      Agency.

     

    “Benefit
      Plan Affidavit”:
      An
      affidavit substantially in the form of Exhibit E
      hereto.

     

    “Benefit
      Plan Opinion”:
      An
      opinion of counsel satisfactory to the Trustee and the Securities Administrator
      (and upon which the Trustee, the Master Servicer, the Securities Administrator
      and the Depositor shall be entitled to rely) to the effect that the purchase
      or
      holding of such Certificate by the prospective transferee will not result in
      any
      non-exempt prohibited transactions under Section 406 of ERISA or Section 4975
      of
      the Code and will not subject the Trustee, the Securities Administrator, the
      Master Servicer or the Depositor to any obligation in addition to those
      undertaken by such parties in the Trust Agreement, which opinion of counsel
      shall not be an expense of the Trust or any of the above parties. 

     

    “Bond
      Level Reports”:
      Shall
      mean the reports prepared by the Securities Administrator in substantially
      the
      form attached as Schedule I hereto.

     

    “Book-Entry
      Certificates”:
      The
      Classes of Certificates, if any, specified as such in the Trust Agreement for
      a
      Series.

     

    “Book-Entry
      Custodian”:
      The
      custodian appointed pursuant to Section 5.03(d).

     

    “Borrower”:
      The
      individual or individuals obligated to repay a Mortgage Loan.

     

    “Business
      Day”:
      Any day
      that is not (i) a Saturday or Sunday, or (ii) a legal holiday in the
      State of New York and the state in which the Corporate Trust Office or the
      principal offices of the Securities Administrator, the Master Servicer or any
      Servicer are located, or (iii) a day on which the banking or savings and
      loan institutions in the State of New York and the state in which the Corporate
      Trust Office or the principal office of the Securities Administrator, the Master
      Servicer or any Servicer is located are authorized or obligated by law or
      executive order to be closed.

     

    “Certificate”:
      Any
      security issued under the Trust Agreement and designated as such.

     

    “Certificate
      Account”:
      The
      account or accounts created and maintained for a Trust pursuant to
      Section 3.01 hereof.

     

    “Certificate
      Balance”:
      With
      respect to each Class of Certificates or Interests, as of the close of business
      on any Distribution Date, the initial balance of such Class of Certificates
      or
      Interests set forth in the Trust Agreement reduced by (a) all principal
      payments previously distributed to such Class of Certificates or Interests
      in
      accordance with the Trust Agreement, and (b) all Realized Losses, if any,
      previously allocated to such Class of Certificates or Interests pursuant to
      the
      Trust Agreement.

     

    “Certificate
      of Title Insurance”:
      A
      certificate of title insurance issued pursuant to a master title insurance
      policy.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Certificate
      Rate”:
      With
      respect to the Certificates, as to each Distribution Date, the rate specified
      as
      such in the Trust Agreement.

     

    “Certificate
      Register”
      and
“Certificate
      Registrar”:
      The
      register maintained and the registrar appointed pursuant to
      Section 5.04
      hereof.

     

    “Certificated
      Subordinated Certificates”:
      The
      Classes of Certificates, if any, specified as such in the Trust Agreement for
      a
      Series.

     

    “Certification
      Parties”:
      As
      defined in Section 3.02.

     

    “Certifying
      Person”:
      As
      defined in Section 3.02.

     

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

     

    “Class
      B Interests”:
      As set
      forth in the Trust Agreement.

     

    “Clearing
      Agency”:
      The
      Depository Trust Company, or any successor organization or any other
      organization registered as a “clearing agency” pursuant to Section 17A of
      the Securities Exchange Act of 1934, as amended, and the regulations of the
      Commission thereunder.

     

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

     

    “Closing
      Date”:
      The
      date on which Certificates are issued by a Trust as set forth in the related
      Trust Agreement.

     

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

     

    “Collection
      Account”:
      The
      collection account or accounts identified in or established in connection with
      the Servicing Agreement or Agreements identified in the Trust
      Agreement.

     

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

     

    “Compensating
      Interest Payment”:
      With
      respect to the Mortgage Loans and any Distribution Date, an amount equal to
      the
      excess of (x) the aggregate of any Prepayment Interest Shortfalls with respect
      to the Mortgage Loans and such Distribution Date over (y) the aggregate of
      any
      amounts required to be paid by any Servicer in respect of such shortfalls but
      not paid; provided that the aggregate Compensating Interest Payment to be paid
      by the Master Servicer for any Distribution Date shall not exceed the Master
      Servicing Fee that would be payable to the Master Servicer in respect of the
      Mortgage Loans and Distribution Date without giving effect to any Compensating
      Interest Payment.

     

    “Condemnation
      Proceeds”:
      All
      awards or settlements in respect of a taking of an entire Mortgaged Premises
      or
      a part thereof by exercise of the power of eminent domain or
      condemnation.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    “Contract
      of Insurance Holder”:
      Any FHA
      approved mortgagee identified as such in the Trust Agreement or any Servicing
      Agreement.

     

    “Contractually
      Delinquent”:
      With
      respect to any Mortgage Loan, having one or more uncured delinquencies in
      respect of payment at any time during the term of such Mortgage
      Loan.

     

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

     

    “Corporate
      Trust Office”:
      The
      respective principal corporate trust office of the Trustee or the Securities
      Administrator, as applicable, at which at any particular time its corporate
      trust business shall be administered.

     

    “Custodian”:
      The
      Custodian or Custodians identified in the Trust Agreement, which shall hold
      all
      or a portion of the Trustee Mortgage Loan Files with respect to a
      Series.

     

    “Custody
      Agreement”:
      The
      Master Custodial Agreement or other Custodial Agreements identified in the
      Trust
      Agreement.

     

    “Cut-off
      Date”:
      The
      date specified as such in the Trust Agreement.

     

    “Defect
      Discovery Date”:
      With
      respect to a Mortgage Loan, the date on which any of the Trustee, the Securities
      Administrator, the Master Servicer or any Servicer first discovers a
      Qualification Defect affecting the Mortgage Loan.

     

    “Depositor”:
      GS
      Mortgage Securities Corp., a Delaware corporation, and its
      successors.

     

    “Disqualified
      Organization”:
      Either
      (a) the United States, (b) any state or political subdivision thereof,
      (c) any foreign government, (d) any international organization,
      (e) any agency or instrumentality of any of the foregoing, (f) any
      tax-exempt organization (other than a cooperative described in Section 521
      of the Code) that is exempt from federal income tax unless such organization
      is
      subject to tax under the unrelated business taxable income provisions of the
      Code, (g) any organization described in Section 1381(a)(2)(C) of the
      Code, or (h) any other entity identified as a disqualified organization by
      the REMIC Provisions. A corporation will not be treated as an instrumentality
      of
      the United States or any state or political subdivision thereof if all of its
      activities are subject to tax and, with the exception of the Federal Home Loan
      Mortgage Corporation, a majority of its board of directors is not selected
      by
      such governmental
      unit.

     

    “Disqualified
      Organization
      Affidavit”:
      An
      affidavit substantially in the form of Exhibit F-2.

     

    “Distribution
      Account”:
      An
      Eligible Account maintained by the Securities Administrator on behalf of the
      Trustee for the REMIC. Unless otherwise provided in the Trust Agreement, the
      Distribution Account shall be considered an asset of the REMIC.

     

    “Distribution
      Date”:
      Shall
      have the meaning set forth in the Trust Agreement.

     

    “Distribution
      Statement”:
      As
      defined in Section 4.01.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    “Due
      Date”:
      The
      first day of a calendar month.

     

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

     

    “EDGAR”:
      The
      Commission’s Electronic Data Gathering and Retrieval System.

     

    “Eligible
      Account”:
      A trust
      account (i) maintained
      by a depository institution, the long-term unsecured debt obligations are rated
      by the Rating Agency in one of its two highest rating categories at the time
      of
      any deposit therein, (ii) maintained with the Securities Administrator or
      the Trustee and satisfies either clause (i) or (iii) hereof or (iii) an
      account otherwise acceptable to the Rating Agencies. If the definition of
      Eligible Account is met, any Certificate Account may be maintained with the
      Trustee, the Securities Administrator or the Master Servicer or any of their
      respective Affiliates. 

     

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

     

    “Errors
      and Omissions Insurance Policy”:
      An
      errors and omissions insurance policy to be maintained by the Master Servicer
      pursuant to Section 8.02 or a Servicer pursuant to the related Servicing
      Agreement.

     

    “Event
      of
      Default”:
      With
      respect to each Servicer, a Servicer Event of Default and with respect to the
      Master Servicer, a Master Servicer Event of Default.

     

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

     

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

     

    “Fidelity
      Bond”:
      A
      fidelity bond to be maintained by the Master Servicer pursuant to Section 8.02
      or a Servicer pursuant to the related Servicing Agreement.

     

    “Final
      Certification”:
      A
      certification as to the completeness of each Trustee Mortgage Loan File
      substantially in the form of Exhibit B
      hereto
      provided by a Custodian on or before the first anniversary of the Closing Date
      pursuant to Section 2.02
      hereof.

     

    “Fiscal
      Year”:
      Unless
      otherwise provided in the Trust Agreement, the fiscal year of the Trust shall
      run from January 1 (or from the Closing Date, in the case of the first fiscal
      year) through the last day of
      December.

     

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

     

    “Form
      8-K Disclosure Information”:
      As
      defined in Section 3.02.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    “Fraud
      Losses”:
      Losses
      on Mortgage Loans resulting from fraud, dishonesty or misrepresentation in
      the
      origination of such Mortgage
      Loans.

     

    “GSMC”:
      Goldman
      Sachs Mortgage Company,
      and its successors and assigns.

     

    “Holders”
      or
“Certificateholders”:
      The
      holders of the Certificates, as shown on the Certificate Register.

     

    “Independent”:
      When
      used with respect to any specified Person, another Person who (a) is in
      fact independent of the Depositor, the Initial Purchaser, the Trustee, the
      Securities Administrator, the Master Servicer, each Servicer or GSMC, any
      obligor upon the Certificates or any Affiliate of the Depositor, the Initial
      Purchaser, the Trustee, the Securities Administrator, the Master Servicer,
      each
      Servicer or GSMC or such obligor, (b) does not have any direct financial
      interest or any material indirect financial interest in the Depositor, the
      Initial Purchaser, the Trustee, the Securities Administrator, the Master
      Servicer, each Servicer or GSMC or in any such obligor or in an Affiliate of
      the
      Depositor, the Trustee, the Securities Administrator, the Master Servicer,
      each
      Servicer or GSMC or such obligor, and (c) is not connected with the
      Depositor, the Initial Purchaser, the Trustee, the Securities Administrator,
      the
      Master Servicer, each Servicer or GSMC or any such obligor as an officer,
      employee, promoter, underwriter, trustee, partner, director or person performing
      similar functions. Whenever it is provided herein that any Independent Person’s
      opinion or certificate shall be furnished to the Trustee or the Securities
      Administrator, such Person shall be appointed by the Depositor, the Initial
      Purchaser, the Trustee, the Securities Administrator, the Master Servicer,
      any
      applicable Servicer or GSMC in the exercise of reasonable care by such Person,
      as the case may be, and approved by the Securities Administrator, and such
      opinion or certificate shall state that the Person executing the same has read
      this definition and that such Person is independent within the meaning
      thereof.

     

    “Initial
      Certificate Balance”:
      With
      respect to any Certificate or Class of Certificates, the Certificate Balance
      of
      such Certificate or Class of Certificates as of the Closing Date.

     

    “Initial
      Purchaser”:
      Goldman, Sachs
&
      Co.

     

    “Insurance
      Proceeds”:
      Proceeds
      of any federal insurance, title policy, hazard policy or other insurance policy
      covering a Mortgage Loan, if any, 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.

     

    “Insurer”:
      Any
      issuer of an insurance policy relating to the Mortgage Loans or Certificates
      of
      a
      Series.

     

    “Interest”:
      The
      REMIC interests that are established by the Trust for purposes of the REMIC
      Provisions. The Interests shall be Regular Interests in, and assets of, the
      REMICs specified in the Trust Agreement.

     

    “Interest
      Rate Cap Counterparty”
      Shall
      have the meaning set forth in the Trust Agreement.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    "LIBOR":
      For any
      Interest Accrual Period (other than the initial Interest Accrual Period), the
      offered rate for one-month United States dollar deposits which appears on
      Reuters Screen LIBOR01, as reported by Bloomberg Financial Markets Commodities
      News (or such other page as may replace Reuters Screen LIBOR01 for the purpose
      of displaying comparable rates), as of 11:00 a.m. (London time) on the LIBOR
      Determination Date applicable to such Interest Accrual Period. If such rate
      does
      not appear on Reuters Screen LIBOR01 (or such other page as may replace Reuters
      Screen LIBOR01 for the purpose of displaying comparable rates), the rate for
      that day will be determined on the basis of the rates at which deposits in
      United States dollars are offered by the Reference Banks at approximately 11:00
      a.m., London time, on that day to leading banks in the London interbank market
      for a period of one month commencing on the first day of the relevant Interest
      Accrual Period. The Securities Administrator will request the principal London
      office of each of the Reference Banks to provide a quotation of its rate to
      the
      Securities Administrator. If at least two such quotations are provided, the
      rate
      for that day will be the arithmetic mean of the quotations. If fewer than two
      quotations are provided as requested, the rate for that day will be the
      arithmetic mean of the rates quoted by major banks in New York City, selected
      by
      the Securities Administrator, at approximately 11:00 a.m., New York City time,
      on that day for loans in United States dollars to leading European banks for
      a
      one-month period (commencing on the first day of the relevant Interest Accrual
      Period). If none of such major banks selected by the Securities Administrator
      quotes such rate to the Securities Administrator, LIBOR for such LIBOR
      Determination Date will be the rate in effect with respect to the immediately
      preceding LIBOR Determination Date.

     

    "LIBOR
      Determination Date":
      With
      respect to any Interest Accrual Period and any Floating Rate Certificate, the
      second London Business Day prior to the date on which such Interest Accrual
      Period commences. Absent manifest error, the Securities Administrator’s
      determination of LIBOR will be conclusive. 

     

    “Liquidated
      Mortgage Loan”:
      Any
      Mortgage Loan for which the applicable Servicer has determined (and reported
      to
      the Master Servicer) that it has received all amounts that it expects to recover
      from or on account of such Mortgage Loan, whether from Insurance Proceeds,
      Liquidation Proceeds or otherwise.

     

    “Liquidation
      Loss”:
      With
      respect to any Liquidated Mortgage Loan, the excess of (a) the sum of (i) the
      outstanding principal balance of such Mortgage Loan, (ii) all accrued and unpaid
      interest thereon, and (iii) the amount of all Advances and other expenses
      incurred with respect to such Mortgage Loan (including expenses of enforcement
      and foreclosure) over (b) Liquidation Proceeds realized from such Mortgage
      Loan.

     

    “Liquidation
      Proceeds”:
      Amounts,
      other than Insurance Proceeds and Condemnation Proceeds, received by the related
      Servicer in connection with the liquidation of a defaulted Mortgage Loan through
      trustee’s sale, foreclosure sale or otherwise, including amounts received
      following the disposition of an REO Property pursuant to the applicable
      Servicing Agreement less costs and expenses of such foreclosure
      sale.

     

    “Loan
      Level Report”:
      Shall
      mean the report prepared by the Master Servicer in substantially the form set
      forth in Schedule II hereto.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    “Loan-to-Value
      Ratio”:
      For
      purposes of the REMIC Provisions, the ratio that results when the Unpaid
      Principal Balance of a Mortgage Loan is divided by the fair market value of
      the
      Mortgaged Premises (or, in the case of a Mortgage Loan that is secured by a
      leasehold interest, the fair market value of the leasehold interest and any
      improvements thereon). For purposes of determining that ratio, the fair market
      value of the Mortgaged Premises (or leasehold interest, as the case may be)
      must
      be reduced by (i) the full amount of any lien on the Mortgaged Premises (or
      leasehold interest, as the case may be) that is senior to the Mortgage Loan
      and
      (ii) a pro rata portion of any lien that is in parity with the
      Mortgage
      Loan.

     

    "London
      Business Day":
      A day on
      which commercial banks in London are open for business (including dealings
      in
      foreign exchange and foreign currency deposits).

     

    “Lost
      Document
      Affidavit”:
      An
      affidavit, in recordable form, in which the Seller of a Mortgage Loan
      represents, warrants and covenants that: (i) immediately prior to the
      transfer of such Mortgage Loan under the related Sale Agreement, such Seller
      was
      the lawful owner of the Mortgage Loan and the Seller has not canceled, altered,
      assigned or hypothecated the mortgage note or the related Mortgage,
      (ii) the missing document was not located after a thorough and diligent
      search by the Seller, (iii) in the event that the missing document ever
      comes into the Seller’s possession, custody or power, the Seller covenants
      immediately and without further consideration to surrender such document to
      the
      applicable Custodian, and (iv) that it shall indemnify and hold harmless
      the Trust, its successors, and assigns, against any loss, liability, or damage,
      including reasonable attorney’s fees, resulting from the unavailability of any
      originals of any such documents or of a complete chain of intervening
      endorsements, as the case
      may
      be.

     

    “Master
      Servicer”:
      Shall
      have the meaning set forth in the recitals hereto.

     

    “Master
      Servicer Account”:
      An
      Eligible Account established by the Master Servicer pursuant to
      Section 3.01 hereof.

     

    “Master
      Servicer Event of Default”:
      Those
      events of default described in Section 8.04 hereof.

     

    “Master
      Servicer Fee Rate”:
      Not
      applicable.

     

    “Master
      Servicer Remittance Date”:
      With
      respect to each Distribution Date, shall be a date which occurs two Business
      Days prior to such Distribution Date, unless the Securities Administrator and
      Master Servicer are the same person, and then the Distribution
      Date.

     

    “Master
      Servicing Fee”:
      Shall
      have the meaning set forth in the Trust Agreement.

     

    “Modification
      Loss”:
      A
      decrease in the total payments due from a Borrower as a result of a modification
      of such Mortgage Loans following a default or reasonably expected default
      thereon. If a Modification Loss results in a decrease in the Note Rate of a
      Mortgage Loan, such Modification Loss shall be treated as occurring on each
      Due
      Date to the extent of such decrease.

     

    “Month
      End Interest
      Shortfall”:
      For any
      Distribution Date, the aggregate Prepayment Interest Shortfall Amount for the
      Mortgage Loans, to the extent not paid out of the Servicer’s Servicing Fee
      pursuant to the applicable Servicing Agreement.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    “Monthly
      Advance”:
      The
      aggregate amount of the (i) advances made by a Servicer on any Servicer
      Remittance Date in respect of delinquent Monthly Payments pursuant to the
      applicable Servicing Agreement and (ii) any advances made by the Master
      Servicer (or the Trustee, as successor Master Servicer, pursuant to Section
      3.05
      in the event the Master Servicer fails to make such advances as required) in
      respect of any such delinquent Monthly Payment pursuant to
      Section 3.05.

     

    “Monthly
      Payment”:
      With
      respect to any Mortgage Loan, the scheduled monthly payment of principal thereof
      and interest thereon due in any month under the terms thereof.

     

    “Mortgage
      Loan”:
      The
      mortgage loans sold by the Depositor to the Trust as listed on the Mortgage
      Loan
      Schedule to the Trust Agreement. Unless the context indicates otherwise the
      term
“Mortgage Loan” includes any REO Property held by the
      Trust.

     

    “Mortgage
      Loan
      Schedule”:
      The
      list of Mortgage Loans sold by the Depositor to the Trust, which Schedule is
      attached to the Trust Agreement and to the applicable Custody Agreement, and
      which shall set forth for each Mortgage Loan the following
      information:

     

    (a)
      the
      Originator’s loan number;

     

    (b)
      the
      Borrower’s name;

     

    (c)
      the
      original principal balance;

     

    (d)
      the
      Scheduled Principal Balance as of the close of business on the Cut off
      Date;

     

    (e)
      the
      maturity date of the mortgage loan; and

     

    (f)
      the
      mortgage loan interest rate;

     

    together
      with such additional information as may be reasonably requested by the
      Securities Administrator or the Master Servicer.

     

    “Mortgaged
      Premises”:
      The
      real property securing repayment of the debt evidenced by a Note.

     

    “Mortgagor”:
      Borrower.

     

    “Net
      Rate”:
      Unless
      otherwise provided in the Trust Agreement, with respect to each Mortgage Loan,
      the Note Rate of that Mortgage Loan less the Administrative Cost Rate applicable
      thereto.

     

    “Non-U.S.
      Person”:
      A
      foreign person within the meaning of Treasury Regulation
      Section 1.860G-3(a)(1) (i.e.,
      a
      person other than (i) a citizen or resident of the United States,
      (ii) a corporation or partnership that is organized under the laws of the
      United States or any jurisdiction thereof or therein, (iii) an estate that
      is subject to United States federal income tax regardless of the source of
      its
      income or (iv) a trust if a court within the United States is able to
      exercise primary supervision over the administration of such trust and one
      or
      more United States Persons have the authority to control all substantial
      decisions of the trust) who would be subject to United States income tax
      withholding pursuant to Section 1441 or 1442 of the Code on income derived
      from the Residual Certificates.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    “Non-U.S.
      Person
      Affidavit”:
      An
      affidavit substantially in the form of Exhibit G-1
      hereto.

     

    “Note”:
      A
      manually executed written instrument evidencing the Borrower’s promise to repay
      a stated sum of money, plus
      interest, to the holder of the Note by a specific date according to a schedule
      of principal and interest payments.

     

    “Note
      Rate”:
      The
      rate of interest borne by each Note according to its terms.

     

    “Opinion
      of
      Counsel”:
      A
      written opinion of counsel, who may be counsel for the Depositor or a Servicer,
      acceptable to the Trustee, the Securities Administrator, the Master Servicer
      and
      the Servicer, as applicable. An Opinion of Counsel relating to tax matters
      must
      be an opinion of Independent counsel.

     

    “Originator”:
      Any
      other originator contemplated by Item 1110 (§ 229.1110) of Regulation
      AB.

     

    “Paying
      Agent”:
      The
      paying agent appointed pursuant to Section 5.08
      hereof.

     

    “Payoff”:
      Any
      payment or other recovery of principal on a Mortgage Loan equal to the Unpaid
      Principal Balance of such Mortgage Loan, received in advance of the last
      scheduled Due Date, including any prepayment penalty or premium thereon, which
      is accompanied by an amount of interest representing scheduled interest from
      the
      Due Date interest was last paid by the Mortgagor to the date of such
      prepayment.

     

    “PCAOB”:
      The
      Public Company Accounting Oversight Board.

     

    “Percentage
      Interest”:
      With
      respect to any Certificate to which principal is assigned as of the Closing
      Date, the portion of the Class evidenced by such Certificate, expressed as
      a
      percentage, the numerator of which is the initial Certificate Balance of such
      Certificate and the denominator of which is the aggregate Certificate Balance
      of
      all of the Certificates of such Class as of the Closing Date. With respect
      to
      any Certificate to which a principal balance is not assigned as of the Closing
      Date, the portion of the Class evidenced by such Certificate, expressed as
      a
      percentage, as stated on the face of such Certificate.

     

    “Permitted
      Investments”:
      Permitted Investments shall consist of the following:

     

    (i)
      direct obligations of, or obligations fully guaranteed as to 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)
      repurchase obligations (the collateral for which is held by a third party,
      the
      Trustee or the Securities Administrator, or any of their respective affiliates)
      with respect to any security described in clause (i) above, provided
      that the
      long-term or short-term unsecured debt obligations of the party agreeing to
      repurchase such obligations are at the time rated by each Rating Agency in
      its
      highest long-term unsecured debt rating categories;

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (iii)
      certificates of deposit, time deposits and bankers’ acceptances of any bank or
      trust company (including the Trustee or the Securities Administrator or an
      affiliate of either) incorporated under the laws of the United States or any
      state, provided
      that the
      long-term unsecured debt obligations of such bank or trust company at the date
      of acquisition thereof have been rated by each Rating Agency in one of its
      two
      highest long-term unsecured debt rating categories;

     

    (iv)
      commercial paper (having original maturities of not more than 270 days) of
      any
      corporation (including an affiliate of the Trustee or the Securities
      Administrator) incorporated under the laws of the United States or any state
      thereof which on the date of acquisition has been rated by each Rating Agency
      in
      its highest short-term unsecured debt rating available (i.e.,
“P-1”
      by Moody’s Investors Service, Inc., “A-1+” by Standard & Poor’s Ratings
      Services and “F1+” by Fitch, if rated by such rating agency);

     

    (v)
      money
      market funds administered by the Trustee or the Securities Administrator or
      any
      of their respective affiliates provided that such money market funds are rated
      by each Rating Agency (i) in its highest short-term unsecured debt rating
      category available (i.e., “P-1” by Moody’s Investors Service, Inc. “A-1+” by
      Standard & Poor’s Ratings Services and “F-1+” by Fitch, Inc.) or
      (ii) in one of its two highest long-term unsecured debt rating categories;
      and

     

    (vi)
      any
      other demand, money market or time deposit or obligation, or interest-bearing
      or
      other security or investment as would not affect the then current rating of
      the
      Certificates by any Rating Agency (which shall include money market funds rated
      in the highest long-term rating category with portfolios consisting solely
      of
      obligations in clauses (i) through (iv) above);

     

    provided,
      however,
      that no
      investment described above shall constitute a Permitted Investment (A) if
      such investment evidences either the right to receive (i) only interest
      with respect to the obligations underlying such instrument or (ii) both
      principal and interest payments derived from obligations underlying such
      instrument if 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 or (B) if such investment is
      not a “permitted investment” for purposes of the REMIC Provisions; and
provided
      further,
      that no
      investment described above shall constitute a Permitted Investment unless such
      investment matures no later than the Business Day immediately preceding the
      Distribution Date or the Master Servicer Remittance Date, as applicable, on
      which the funds invested therein are required to be distributed (or, in the
      case
      of an investment that is an obligation of the institution in which the account
      is maintained, no later than such Distribution
      Date).
      Neither the Securities Administrator nor the Master Servicer shall sell or
      permit the sale of any Permitted Investment unless they shall have determined
      that such a sale would not result in a prohibited transaction in which a gain
      would be realized under the REMIC Provisions.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

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

     

    “Plan”:
      Any
      employee benefit plan or retirement arrangement, including individual retirement
      accounts, educational savings accounts and annuities, Keogh plans and collective
      investment funds in which such plans, accounts, annuities or arrangements are
      invested, that are described in or subject to the Plan Asset Regulations, ERISA
      or corresponding provisions of the
      Code.

     

    “Plan
      Asset Regulations”:
      The
      Department of Labor regulations set forth in 29 C.F.R. § 2510.3-101, as amended
      from time to
      time.

     

    “Plan
      Investor”:
      Any
      Plan, any Person acting on behalf of a Plan or any Person using the assets
      of
      a
      Plan.

     

    “Prepayment
      Period”:
      With
      respect to each Distribution Date and each Mortgage Loan (except with respect
      to
      Mortgage Loans serviced by Wells Fargo), the calendar month preceding the month
      in which such Distribution Date occurs.
      With respect to each Distribution Date and each Mortgage Loan serviced by Wells
      Fargo, the period commencing on the 16th day of the month preceding the month
      in
      which such Distribution Date occurs (or in the case of the first Distribution
      Date, commencing on the Cut-Off Date) and ending on the 15th day of the month
      in
      which such Distribution Date occurs.

     

    “Prepayment
      Interest Shortfall”:
      With
      respect to any Distribution Date and any Principal Prepayment Amount, the
      difference between (i) one full month’s interest at the applicable Note Rate
      (after giving effect to any applicable Relief Act Reduction), as reduced by
      the
      applicable Servicing Fee Rate, on the outstanding principal balance of such
      Mortgage Loan immediately prior to such prepayment and (ii) the amount of
      interest actually received with respect to such Mortgage Loan in connection
      with
      such Principal Prepayment Amount.

     

    “Prime
      Rate”:
      With
      respect to any Distribution Date, the rate published as the “Prime Rate” in the
“Money Rates” section or other comparable section of The
      Wall Street Journal
      on such
      date. In the event The
      Wall Street Journal
      publishes a prime rate range, the average of that range, as determined by the
      Securities Administrator, shall be the Prime Rate. In the event The
      Wall Street Journal
      no
      longer publishes a “Prime Rate” entry, the Securities Administrator shall
      designate a new methodology for determining the Prime Rate based on comparable
      data.

     

    “Principal
      Prepayment
      Amount”:
      As
      defined in the Trust Agreement.

     

    “Private
      Residual
      Certificate”:
      Any
      Class of Certificates designated as such in the Trust Agreement.

     

    “Private
      Certificate”:
      Any
      Class of Certificates designated as such in the Trust Agreement.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    “Purchase
      Price”:
      With
      respect to a Mortgage Loan purchased from the Trust, an amount equal to the
      Scheduled Principal Balance of the Mortgage Loan, plus
      accrued
      and unpaid interest thereon at the Note Rate to the last day of the month in
      which the purchase occurs, plus
      the
      amount of any costs and damages incurred by the Trust as a result of any
      violation of any applicable federal, state, or local predatory or abusive
      lending law arising from or in connection with the origination of such Mortgage
      Loan, and less
      any
      amounts received in respect of such Mortgage Loan and being held in the
      Collection
      Account.

     

    “Purchaser”:
      The
      Person that purchases a Mortgage Loan from the Trust pursuant to
      Section 2.03
      hereof.

     

    “QIB
      Certificate”:
      As
      defined in Section 5.5(a), a Rule 144A Agreement or a certificate
      substantially to the same
      effect.

     

    “Qualification
      Defect”:
      With
      respect to a Mortgage Loan, (a) a defective document in the Trustee
      Mortgage Loan File, (b) the absence of a document in the Trustee Mortgage
      Loan File, or (c) the breach of any representation, warranty or covenant
      with respect to the Mortgage Loan made by the applicable Seller or Servicer
      or
      the Depositor but only if the affected Mortgage Loan would cease to qualify
      as a
“qualified mortgage” for purposes of the REMIC Provisions. With respect to a
      REMIC Regular Interest or a mortgage certificate described in
      Section 860G(a)(3) of the Code, the failure to qualify as a “qualified
      mortgage” for purposes of the REMIC Provisions.

     

    “Qualified
      Institutional Buyer”:
      Any
“qualified institutional buyer” as defined in clause (a)(1) of Rule
      144A.

     

    “Rating
      Agency”:
      Any
      nationally recognized statistical rating agency, or its successor, that on
      the
      Closing Date rated one or more Classes of the Certificates at the request of
      the
      Depositor and identified in the Trust Agreement. If such agency or a successor
      is no longer in existence, the “Rating Agency” shall be such nationally
      recognized statistical rating agency, or other comparable Person, designated
      by
      the Depositor, notice of which designation shall be given to the Securities
      Administrator. References herein to any long-term rating category of a Rating
      Agency shall mean such rating category without regard to any plus or minus
      or
      numerical designation.

     

    “Realized
      Loss”:
      A
      Liquidation Loss, a Modification Loss or a Bankruptcy Loss, in each case, to
      the
      extent not covered by Insurance Proceeds.

     

    “Record
      Date”:
      Shall
      have the meaning set forth in the Trust Agreement.

     

    “Regular
      Interest”:
      An
      interest in a REMIC that is designated in the Trust Agreement as a “regular
      interest” under the REMIC Provisions.

     

    “Regular
      Certificate”:
      Any
      Certificate other than a Residual Certificate or a Class X Certificate and
      that
      represents a Regular Interest in a REMIC or a combination of Regular Interests
      in a
      REMIC.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    "Reference
      Banks":
      Four
      major banks in the London interbank market selected by the Securities
      Administrator.

     

    “Regulation
      AB”:
      Subpart
      229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Commission
      in
      the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time.

     

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

     

    “Regulation
      S Global Security”:
      The
      meaning specified in Section 5.05(b).

     

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

     

    “REMIC”:
      With
      respect to each Trust, each real estate mortgage investment conduit, within
      the
      meaning of the REMIC Provisions, for such
      Trust.

     

    “REMIC
      Provisions”:
      Provisions of the Code relating to real estate mortgage investment conduits,
      which appear at Sections 860A through 860G of the Code, related Code
      provisions, and regulations, announcements and rulings thereunder, as the
      foregoing may be in effect from time to
      time.

     

    “Remittance
      Report”:
      The
      report (either a data file or hard copy) that is prepared by each Servicer
      for
      the Master Servicer which contains the information specified in Schedule III
      hereto.

     

    “REO
      Disposition”:
      The
      receipt by the applicable Servicer of Insurance Proceeds and other payments
      and
      recoveries (including Liquidation Proceeds) which the Servicer recovers from
      the
      sale or other disposition of an REO Property.

     

    “REO
      Property”:
      Mortgaged Premises acquired by the Trust in foreclosure or similar
      actions.

     

    “Reportable
      Event”:
      As
      defined in Section 3.02.

     

    “Reporting
      Servicer”:
      As
      defined in Section 3.02.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    “Request
      for
      Release”:
      A
      request signed by an Officer of any Servicer, requesting that the Trustee (or
      applicable Custodian) release the Trustee Mortgage Loan File to such Servicer
      for the purpose set forth in such release, in accordance with the terms of
      the
      Servicing Agreement and these Standard
      Terms.

     

    “Reserve
      Fund”:
      Unless
      otherwise provided in the Trust Agreement, any fund in the Trust Estate other
      than (a) the Certificate Account, Distribution Account, the Master Servicer
      Account and Termination Account and (b) any other fund that is expressly
      excluded from a
      REMIC.

     

    “Residual
      Certificate”:
      The
      Class RC and Class R Certificates designated as such in the Trust
      Agreement.

     

    “Residual
      Interest”:
      An
      interest in a REMIC that is designated as a “residual interest” under the REMIC
      Provisions.

     

    “Residual
      Transferee
      Agreement”:
      An
      agreement substantially in the form of Exhibit F
      hereto.

     

    “Responsible
      Officer”:
      When
      used with respect to the Trustee or the Securities Administrator, any senior
      vice president, any vice president, any assistant vice president, any assistant
      treasurer, any trust officer, any assistant secretary in the Corporate Trust
      Office of the Trustee or the Securities Administrator, as the case may be,
      or
      any other officer of the Trustee or the Securities Administrator customarily
      performing functions similar to those performed by the persons who at the time
      shall be such officers and having direct responsibility for the administration
      of this Agreement, and also to whom with respect to a particular corporate
      trust
      matter such matter is referred because of such officer’s knowledge of and
      familiarity with the particular subject; provided,
      however,
      when
      used with respect to the Master Servicer, any senior vice president, any
      assistant vice president, any trust officer, or any other officer of the Master
      Servicer customarily performing functions similar to those performed by any
      such
      named officer and having direct responsibility for the master servicing of
      the
      Mortgage Loans under this Trust Agreement. With respect to any other Person,
      the
      chairman of the board, the president, a vice president (however designated),
      the
      treasurer or controller.

     

    “Rule
      144A”:
      Rule
      144A promulgated by the Commission under the Securities Act, as the same may
      be
      amended from time to
      time.

     

    “Rule
      144A
      Agreement”:
      An
      agreement substantially in the form of Exhibit C
      hereto.

     

    “Rule
      144A Certificates”:
      Any
      Class of Certificates designated as such in the Trust Agreement.

     

    “Sale
      Agreement”:
      The
      Sale
      and Servicing Agreement or Sale and Servicing Agreements, as defined in the
      Trust Agreement. 

     

    “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).

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

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

     

    “Scheduled
      Principal
      Balance”:
      For any
      Mortgage Loan as of any Due Date subsequent to the Cut-off Date up to and
      including the date on which such Mortgage Loan is finally liquidated or
      repurchased from the Trustee, the scheduled principal balance thereof as of
      the
      Cut-off Date, increased by the amount of negative amortization, if any, with
      respect thereto, and reduced by (i) the principal portion of all Monthly
      Payments due on or before such Due Date, whether or not paid by the Borrower
      or
      advanced by a Servicer, the Master Servicer, the Securities
      Administrator or
      an
      Insurer, net of any portion thereof that represents principal due on a Due
      Date
      occurring on or before the date on which such proceeds were received,
      (ii) the principal portion of all Prepayments, including Liquidation
      Proceeds, Condemnation Proceeds and Insurance Proceeds, and Payoffs received
      on
      or before the last day of the Prepayment Period preceding such date of
      determination, and (iii) without duplication, the amount of any Realized
      Loss that has occurred with respect to such Mortgage
      Loan.

     

    “Securities
      Account”:
      As set
      forth in the Trust Agreement.

     

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

     

    “Securities
      Administrator”:
      As set
      forth in the Trust Agreement.

     

    “Securities
      Intermediary”:
      As set
      forth in the Trust Agreement.

     

    “Seller”:
      The
      Loan Seller or Loan Sellers identified in the Trust Agreement.

     

    “Senior
      Collateral Group Percentage”:
      The
      percentage, if any, calculated as set forth in the Trust Agreement.

     

    “Senior
      Prepayment Percentage”:
      The
      percentage, if any, calculated as set forth in the Trust Agreement.

     

    “Series”:
      A group
      of Certificates issued by a separate
      Trust.

     

    “Servicemembers
      Shortfall”:
      Interest losses on a Mortgage Loan resulting from application of the
      Servicemembers’ Civil Relief Act, as amended.

     

    
      
        
        

      

      
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    “Servicer”:
      The
      Servicer or Servicers identified in the Servicing Agreement
      or Agreements.

     

    “Service(s)(ing)”
With
      respect to Regulation AB, the act of servicing and administering the Mortgage
      Loans or any other assets of the Trust by an entity that meets the definition
      of
“servicer” set forth in Item 1101 of Regulation AB and is subject to the
      disclosure requirements set forth in 1108 of Regulation AB. Any uncapitalized
      occurrence of this term shall have the meaning commonly understood by
      participants in the residential mortgage-backed securitization
      market.

     

    “Servicer
      Compensation”:
      The
      Servicing Fee and any additional compensation as specified in the Servicing
      Agreement or Agreements.

     

    “Servicer
      Event of Default”:
      With
      respect to each Servicer, shall have the meaning set forth in the applicable
      Servicing Agreement.

     

    “Servicer
      Mortgage
      Loan File”:
      With
      respect to each Mortgage Loan, the related Mortgage File, as that term is
      defined in the related Servicing Agreement.

     

    “Servicer
      Remittance Date”:
      Shall
      mean the 18th
      day of
      each month or, if such day is not a Business Day, the immediately preceding
      Business Day, or such other day as set forth in the related Sale and Servicing
      Agreement.

     

    “Servicing
      Advance”:
      Amounts
      advanced by the applicable Servicer as necessary to preserve the Trust’s
      interest in the Mortgaged Premises or the Mortgage Loans.

     

    “Servicing
      Agreement”:
      The
      Sale and Servicing Agreement or Sale and Servicing Agreements, as defined in
      the
      Trust Agreement. 

     

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

     

    “Servicing
      Fee”:
      Unless
      otherwise provided in the Trust Agreement, in any month, an amount equal to
      one-twelfth of the Servicing Fee Rate multiplied by the aggregate Scheduled
      Principal Balance of the Mortgage Loans as of the Due Date preceding a
      Distribution Date without taking into account any payment of principal due
      or
      made on such Due
      Date.

     

    “Servicing
      Fee Rate”:
      The
      rate or rates specified as such in the applicable Servicing
      Agreement.

     

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

     

    “Shortfall”:
      Month
      End Interest Shortfall and Servicemembers’ Shortfall.

     

     

    
      
        
        

      

      
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    “Special
      Tax
      Consent”:
      The
      written consent of the Holder of a Residual Certificate to any tax (or risk
      thereof) arising out of a proposed transaction or activity that may be imposed
      upon such Holder or that may affect adversely the value of such Holder’s
      Residual Certificate.

     

    “Special
      Tax
      Opinion”:
      An
      Opinion of Counsel that a proposed transaction or activity will not
      (a) affect adversely the status of any REMIC as a REMIC or of the Regular
      Interests as the “regular interests” therein under the REMIC Provisions,
      (b) affect the payment of interest or principal on the Regular Interests,
      or (c) result in the encumbrance of the Mortgage Loans by a tax
      lien.

     

    “Standard
      Terms”:
      These
      Standard Terms, as amended or supplemented, incorporated by reference in a
      Trust
      Agreement.

     

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

     

    “Subservicer”:
      Any
      Person that services Mortgage Loans on behalf of a Servicer or any Subservicer
      and is responsible for the performance (whether directly or through Subservicers
      or Subcontractors) of a substantial portion of the material servicing functions
      require to be performed by a Servicer under the applicable Servicing Agreement
      that are identified in Item 1122(d) of Regulation AB.

     

    “Supplemental
      Trust Agreement”:
      Any
      Supplemental Trust Agreement by and between the Trustee, the Master Servicer
      and
      the Securities Administrator.

     

    “Tax
      Matters
      Person”:
      The
      Securities Administrator which will act as tax matters person (within the
      meaning of the REMIC Provisions) of a
      REMIC.

     

    “Terminating
      Purchase”:
      The
      purchase of all Mortgage Loans and each REO Property owned by a Trust pursuant
      to Section 10.02
      hereof.

     

    “Termination
      Account”:
      An
      escrow account maintained by the Securities Administrator into which any Trust
      funds not distributed on the Distribution Date on which the earlier of
      (a) a Terminating Purchase or (b) the final payment or other
      Liquidation of the last Mortgage Loan remaining in the Trust or the disposition
      of the last REO Property remaining in the Trust is made are deposited. The
      Termination Account shall be an Eligible Account.

     

    “Termination
      Price”:
      An
      amount
      equal to the greater of (a) the sum of (i) 100% of the aggregate outstanding
      principal balance of each Mortgage Loan (other than Liquidated Mortgage Loans)
      remaining in the Trust on the day of such purchase, plus accrued interest
      thereon at the Note Rate and the amount of any outstanding Servicing Advances
      on
      such Mortgage Loans to the Due Date in the month in which the Termination Price
      is distributed to Certificateholders, less Bankruptcy Losses that would
      otherwise have been allocated to the Certificates and (ii) the lesser of (A)
      the
      Scheduled Principal Balance of the Mortgage Loan for each REO Property or other
      property remaining in the Trust, plus accrued interest thereon at the Note
      Rate
      (less the related Servicing Fee Rate) to the Due Date in the month in which
      the
      Termination Price is distributed to Certificateholders, and (B) the sum of
      the
      aggregate fair market value of any such REO Property and all other property
      of
      the Trust, and (b) the aggregate fair market value of all of the Mortgage Loans
      remaining in the Trust on the date of such purchase, plus all REO Property
      and
      any other property remaining in the Trust on the date of such purchase. The
      respective amounts under clause (a)(ii)(B) and clause (b) above shall be
      determined by the Securities Administrator in consultation with the Initial
      Purchaser (or, if the Initial Purchaser is unwilling or unable to serve in
      that
      capacity, a financial advisor selected by the Securities Administrator in a
      commercially reasonable manner, whose fees will be an expense of the Depositor
      (or other party causing the Termination Purchase)), based upon the mean of
      bids
      from at least three recognized broker/dealers that deal in similar assets)
      as of
      the close of business on the third Business Day preceding the date upon which
      notice of any such termination is furnished to Certificateholders pursuant
      to
      Section 9.03; provided,
      however,
      that in
      determining such aggregate fair market value, the Securities Administrator
      shall
      be entitled to conclusively rely on such bids or the opinion of a nationally
      recognized investment banker (the fees of which shall be an expense of the
      Trust). The fair market value of the REO Property and other property of the
      Trust shall be based upon the inclusion of (i) accrued interest to the last
      day
      of the month in which the Termination Price is distributed to the
      Certificateholders, at the applicable Note Rate (less the related Servicing
      Fee
      Rate) on the Scheduled Principal Balance of each Mortgage Loan related to an
      REO
      Property and (ii) the amount of any costs and damages incurred by the Trust
      as a
      result of any violation of any applicable federal, state, or local predatory
      or
      abusive lending law arising from or in connection with the origination of any
      Mortgage Loans remaining in the Trust.

     

    
      
        
        

      

      
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    “Transferee
      Agreement”:
      An
      agreement substantially in the form of Exhibit D
      hereto.

     

    “Trust”:
      The
      trust formed pursuant to the Trust
      Agreement.

     

    “Trust
      Agreement” or
      this“Agreement”:
      The
      Master Servicing and Trust Agreement, dated as of April 1, 2007, among the
      Depositor, the Custodian, the Master Servicer, the Securities Administrator
      and
      the Trustee relating to the issuance of Certificates, and into which these
      Standard Terms are incorporated by reference.

     

    “Trust
      Estate”:
      The
      segregated pool of assets sold and assigned to the Trustee for the benefit
      of
      the Certificateholders by the Depositor pursuant to the conveyance
      clause of the Trust Agreement.

     

    “Trust
      Receipt”:
      A
      certification as to the completeness of each Trustee Mortgage Loan File
      substantially in the form of Exhibit A
      hereto
      provided by each Custodian pursuant to Section 2.02
      hereof.

     

    “Trustee”:
      The
      bank or trust company identified as the Trustee in the Trust Agreement, and
      its
      successors and assigns.

     

    “Trustee
      Advance”:
      Not
      applicable.

     

    “Trustee
      Fee”:
      Not
      applicable.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    “Trustee
      Fee Rate”:
      Not
      applicable.

     

    “Trustee
      Mortgage
      Loan File”:
      With
      respect to each Mortgage Loan, unless otherwise provided in the Trust Agreement,
      collectively, the following documents, together with any other Mortgage Loan
      documents held by the Trustee or the related Custodian with respect to such
      Mortgage Loan:

     

    (a)
      The
      original executed mortgage note endorsed, “Pay to the order of ________________
      or in the name of the Trustee, U.S. Bank National Association, as trustee under
      a Master Servicing and Trust Agreement, dated as of April 1, 2007, without
      recourse”, and signed in the name of the Seller (or an affiliate of such Seller,
      if applicable) by an officer of such Seller (or an affiliate of such Seller,
      if
      applicable), or a Lost Document Affidavit with a copy of the original mortgage
      note attached; provided that unless otherwise provided in the related Sale
      and
      Servicing Agreement or if the mortgage note has been left blank, the words
“U.S.
      Bank National Association, as trustee under a Master Servicing and Trust
      Agreement, dated as of April 1, 2007 shall be inserted into the blank; and
      provided that the mortgage note shall include all intervening original
      endorsements showing a complete chain of title from the originator to such
      Seller (or an affiliate of such Seller, if applicable);

     

    (b)
      The
      original executed Mortgage, or a certified copy thereof, in either case with
      evidence of recording noted thereon;

     

    (c)
      Except for Mortgage Loans registered on MERS, the original assignment of each
      Mortgage from the related Seller (or its affiliate, if applicable) delivered
      in
      blank in recordable form;

     

    (d)
      The
      original or copy of a policy of title insurance, a certificate of title, or
      attorney’s opinion of title (accompanied by an abstract of title), as the case
      may be, with respect to each Mortgage Loan;

     

    (e)
      Except for Mortgage Loans originated through MERS, originals of any intervening
      assignments of the mortgage necessary to show a complete chain of title from
      the
      original mortgagee to the Seller, or certified copies thereof, in either case
      with evidence of recording noted thereon; provided, that such intervening
      assignments may be in the form of blanket assignments, a copy of which, with
      evidence of recording noted thereon, shall be acceptable;

     

    (f)
      Originals of all modification agreements, or certified copies thereof, in either
      case with evidence of recording noted thereon if recordation is required to
      maintain the lien of the mortgage or is otherwise required, or, if recordation
      is not so required, an original or copy of any such modification
      agreement;

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    (g)
      To
      the extent applicable, an original power of attorney, or a certified copy
      thereof, in either case with evidence of recordation thereon if necessary to
      maintain the lien on the Mortgage or if the document to which such power of
      attorney relates is required to be recorded, or, if recordation is not so
      required, an original or copy of such power of attorney; and

     

    (h)
      An
      original or copy of any surety agreement or guaranty agreement.

     

    Notwithstanding
      the foregoing, with respect to any power of attorney, mortgage, assignment,
      intervening assignment, assumption agreement, modification agreement or deed
      of
      sale for which a certified copy is delivered in accordance with the foregoing,
      the copy must be certified as true and complete by the appropriate public
      recording office, or, if the original has been submitted for recording but
      has
      not yet been returned from the applicable recording office, an officer of the
      Seller (or a predecessor owner, a title company, closing/settlement/escrow
      agent
      or company or closing attorney) must certify the copy as a true copy of the
      original submitted for recordation. Copies of blanket intervening assignments,
      however, need not be certified.

     

    “UCC”:
      The
      Uniform Commercial Code as in effect in the jurisdiction that governs the
      interpretation of the substantive provisions of the Trust Agreement,
      as such Uniform Commercial Code may be amended from time to time.

     

    “Underlying
      MBS”:
      As set
      forth in the Trust Agreement.

     

    “Unpaid
      Principal
      Balance”:
      With
      respect to any Mortgage Loan, the outstanding principal balance payable by
      the
      related Borrower under the terms of the
      Note.

     

    “U.S.
      Bank”:
      U.S.
      Bank National Association and its successors.

     

    “U.S.
      Person”:
      A
      Person other than a Non-U.S.
      Person.

     

    “Voting
      Rights”:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. Unless otherwise provided in the Trust Agreement, (a) if
      any Class of Certificates does not have a Certificate Balance or has an initial
      Certificate Balance that is less than or equal to 1% of the aggregate
      Certificate Balance of all of the Certificates, then 1% of Voting Rights shall
      be allocated to each Class of such Certificates having no Certificate Balance
      or
      a Certificate Balance equal to or less than 1% of the aggregate Certificate
      Balance of all Certificates; provided,
      however,
      that
      each class of Residual Interest Certificateholders in a multiple REMIC Series
      shall be treated as a separate Class of Certificateholders, and the balance
      of
      Voting Rights shall be allocated among the remaining Classes of Certificates
      in
      proportion to their respective Certificate Balances following the most recent
      Distribution Date, and (b) if no Class of Certificates has an initial
      Certificate Balance less than 1% of the aggregate Certificate Balance, then
      all
      of the Voting Rights shall be allocated among all the Classes of Certificates
      in
      proportion to their respective Certificate Balances following the most recent
      Distribution Date. Voting Rights allocated to each Class of Certificates shall
      be allocated in proportion to the respective Percentage Interests of the Holders
      thereof.

     

    
      
        
        

      

      
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    “Wells
      Fargo Bank”:
      Wells
      Fargo Bank, N.A., and its successors.

     

    “Withholding
      Agent”:
      The
Securities
      Administrator or
      its
      designated Paying Agent or other person who is liable to withhold federal income
      tax from a distribution on a Residual Certificate under Sections 1441 and
      1442 of the Code and the Treasury regulations thereunder.

     

    ARTICLE
      II

     

    MORTGAGE
      LOAN FILES

     

    Section
      2.01 Mortgage
      Loan Files.

     

    Pursuant
      to the Trust Agreement, the Depositor has sold to the Trustee, for the benefit
      of the Certificateholders, without recourse all the right, title and interest
      of
      the Depositor in and to the Mortgage Loans, any and all rights, privileges
      and
      benefits accruing to the Depositor under each Assignment Agreement, each Sale
      Agreement, and each Servicing Agreement with respect to the Mortgage Loans,
      including the rights and remedies with respect to the enforcement of any and
      all
      representations, warranties and covenants under such agreements and all other
      agreements and assets included or to be included in the Trust for the benefit
      of
      the Certificateholders as set forth in the conveyance clause of the Trust
      Agreement. Such assignment includes all of the Depositor’s rights to Monthly
      Payments on the Mortgage Loans due after the Cut-off Date, and all other
      payments of principal (and interest) made on or after the Cut-off Date that
      are
      reflected in the initial aggregate Certificate Balance for a Trust.

    

    In
      connection with such transfer and assignment, the Depositor shall deliver,
      or
      has caused to be delivered, to the Trustee or the related Custodian on or before
      the Closing Date, with respect to each Mortgage Loan, the Trustee Mortgage
      Loan
      File that was delivered to such Custodian by the Servicer. If any Mortgage
      or an
      assignment of a Mortgage to the Trustee or any prior assignment is in the
      process of being recorded on the Closing Date, the Depositor shall cause each
      such original recorded document or certified copy thereof, to be delivered
      to
      the Trustee or the related Custodian promptly following its recordation and
      return to the Depositor.

     

    The
      Depositor hereby directs the Trustee and the Securities Administrator, not
      in
      their individual capacities but solely in such capacities, to enter into the
      Supplemental Trust Agreement, to make any representations and warranties of
      such
      party set forth therein and to perform their respective obligations
      thereunder.

     

    Section
      2.02 Acceptance
      by the Trustee.

     

    (a)
      By
      its execution of the Trust Agreement, the Trustee acknowledges and declares
      that
      it or the applicable Custodian holds and will hold or has agreed to hold (in
      each case through the applicable Custodian) all documents delivered to it or
      any
      such Custodian from time to time with respect to a Mortgage Loan and all assets
      included in the definition of “Trust Estate” in the Trust Agreement in trust for
      the exclusive use and benefit of all present and future Certificateholders.
      The
      Trustee represents and warrants that (i) it acquired the Mortgage Loans on
      behalf of the Trust from the Depositor in good faith, for value, and without
      actual notice or actual knowledge of any adverse claim, lien, charge,
      encumbrance or security interest (including, without limitation, federal tax
      liens or liens arising under ERISA) (it being understood that the Trustee has
      not undertaken searches (lien records or otherwise) of any public records),
      (ii) except as permitted in the Trust Agreement, it has not and will not,
      in any capacity, assert any claim or interest in the Mortgage Loans and will
      hold (or its agent will hold) such Mortgage Loans and the proceeds thereof
      in
      trust pursuant to the terms of the Trust Agreement, and (iii) it has not
      encumbered or transferred its right, title or interest in the Mortgage
      Loans.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    (b)
      The
      applicable Custodian has reviewed, for the benefit of the Certificateholders
      and
      the parties hereto, each Trustee Mortgage Loan File and has delivered to the
      Trustee (with a copy to the Depositor) on the Closing Date a Trust Receipt,
      in
      the form annexed hereto as Exhibit
      A
      (the
“Trust
      Receipt”)
      with
      respect to each Mortgage Loan to the effect that, except as specifically noted
      on a schedule of exceptions thereto (the “Exceptions
      List”):

     

    (i)
      all
      documents required to be delivered to it pursuant to clause (a) through (e)
      and (g) of the definition of Trustee Mortgage Loan File are in the Trustee’s or
      the applicable Custodian’s possession,
      provided
      that,

     

    (A)
      such
      Custodian shall have no obligation to verify the receipt of any such documents
      the existence of which was not made known to such Custodian by the Trustee
      Mortgage Loan File, and

     

    (B)
      such
      Custodian shall have no obligation to determine whether recordation of any
      such
      modification is necessary;

     

    (ii)
      all
      documents have been examined by such Custodian and appear regular on their
      face
      and to relate to the Mortgage Loans; 

     

    (iii)
      based only on such Custodian’s examination of the foregoing documents, the
      information set forth on the Mortgage Loan Schedule representing each Mortgage
      Loan accurately reflects the Originator loan number, the borrower’s name, the
      original principal balance, the maturity date of the mortgage loan and the
      mortgage loan interest rate; and 

     

    (iv)
      that
      each mortgage note has been endorsed and each assignment of mortgage has been
      assigned as described in the definition of Trustee Mortgage Loan File,
provided
      that
      such Custodian shall have no obligation to confirm that the assignments are
      in
      recordable form.

     

    In
      making
      the verification required by this Section 2.02(b), the Custodian has
      conclusively relied on the Mortgage Loan Schedule attached hereto, and the
      Custodian shall have no obligation to independently verify the correctness
      of
      such Mortgage Loan Schedule.

     

    (c)
      It is
      understood that before delivering the Trust Receipt, the applicable Custodian,
      on behalf of the Trustee, has examined the Mortgage Loan Documents to confirm
      the following (and shall report any exceptions to these confirmations in the
      Exceptions Report attached to the Trust Receipt):

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    (i)
      each
      mortgage note, mortgage, guaranty and deed of sale bears a signature or
      signatures that appear on their face to be original and that purport to be
      that
      of the Person or Persons named as the maker and mortgagor/trustor or, if
      photocopies are permitted, that such copies bear a reproduction of such
      signature or signatures;

     

    (ii)
      the
      mortgage and the assignment include the endorsement required pursuant to clause
      (a) of the definition of Trustee Mortgage Loan File;

     

    (iii)
      the
      original principal amount of the indebtedness secured by the mortgage is
      identical to the original principal amount of the mortgage note;

     

    (iv)
      the
      interest rate shown on the Mortgage Loan Schedule is identical to the interest
      rate shown on the mortgage note;

     

    (v)
      the
      assignment of the mortgage from the related Seller (or its affiliate, if
      applicable) to the Trustee is in the form required pursuant to clause (c)
      of the definition of Trustee Mortgage Loan File, and bears the signature of
      the
      related Seller (or its affiliate, if applicable) that appears to be an original
      or, if photocopies are permitted, such copies bear a reproduction of such
      signature or signatures; and

     

    (vi)
      if
      intervening assignments are included in the Trustee Mortgage Loan File, each
      such intervening assignment bears the signature of the mortgagee and/or the
      Purchaser (and any subsequent assignors) that appears to be an original or,
      if
      photocopies are permitted, that such copies bear a reproduction of such
      signature or signatures.

     

    (d)
      On or
      before March 31, 2008, each Custodian shall deliver to the Trustee (or any
      assignee of the Trustee) a Final Certification in the form of Exhibit
      B
      evidencing the completeness of such Trustee Mortgage Loan File for each related
      Mortgage Loan (provided,
      however,
      that
      such Custodian shall not be required nor does it intend to re-examine the
      contents of the Trustee Mortgage Loan File for any of the Mortgage Loans in
      connection with entering into this Agreement). An updated exceptions report
      for
      the Mortgage Loans shall be attached to such Custodian’s Final Certification to
      be delivered under this Section 2.02.

     

    (e)
      Upon
      the written request of a Servicer, the Depositor or the Trustee, no later than
      the fifth Business Day of each month, commencing in May 2007, each Custodian
      shall deliver to each related Servicer (or such other party responsible for
      recordation of any mortgages and/or assignments as specified in the related
      Sale
      and Servicing Agreement), GS Mortgage Securities Corp., as depositor, and the
      Trustee in hard copy format (and if requested, in electronic format), the
      exceptions list required by this Section 2.02, updated to remove exceptions
      cured since the date on which the applicable Custodial Receipt was issued.
      In
      addition, such monthly reports shall list any document with respect to which
      the
      applicable Seller delivered a copy certifying that the original had been sent
      for recording, until such time as the applicable Seller delivers to the
      applicable Custodian the original of such document or a copy thereof certified
      by the appropriate public recording office. The data collection schedule
      attached to each Trust Receipt shall not be included unless specifically
      requested in advance by such Servicer, the Depositor or the Trustee. No
      Custodian shall be under a duty to review, inspect or examine such documents
      to
      determine that any of them are genuine, recordable, enforceable or appropriate
      for their prescribed purpose. During the term of this Agreement, in the event
      a
      Custodian discovers any nonconformity with the review set forth in this
      Section 2.02 with respect to such Trustee Mortgage Loan Files, such
      Custodian shall give written notice of such defect to such Servicer, the
      Depositor and the Trustee.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    (f)
      In
      lieu of the Trustee’s taking possession of the Trustee Mortgage Loan Files and
      reviewing such files itself, the Trustee shall, in accordance with
      Section 9.11 hereof, appoint one or more Custodians to hold the Trustee
      Mortgage Loan Files on its behalf and to review them as provided in this
      Section 2.02. The Depositor shall, upon notice of the appointment of a
      Custodian, deliver or cause to be delivered all documents to such Custodian
      that
      would otherwise be deliverable to the Trustee. In such event, the Trustee shall
      obtain from each such Custodian, within the specified times, the Trust Receipt
      and the Final Certifications with respect to those Mortgage Loans held and
      reviewed by such Custodian and may deliver (or cause such Custodian to deliver)
      such Certifications and electronically deliver Reports to the Depositor in
      satisfaction of the Trustee’s obligation to prepare such Certifications and
      Reports (it being understood that absent actual knowledge to the contrary,
      the
      Trustee may conclusively rely on the certifications provided by such Custodian).
      The Trustee shall notify the applicable Custodian of any notices delivered
      to
      the Trustee with respect to those Trustee Mortgage Loan Files.

     

    Section
      2.03 Purchase
      of Mortgage Loans by a Servicer, a Seller, GSMC or the
      Depositor.

     

    (a)
      Servicer
      Breach.
      In
      addition to taking any action required pursuant to Section 7.01 hereof,
      upon discovery by a Responsible Officer of the Master Servicer, the Securities
      Administrator or the Trustee of any breach by any Servicer of any
      representation, warranty or covenant under the related Servicing Agreement,
      which breach materially and adversely affects the value of any Mortgage Loan
      or
      the interest of the Trust therein (it being understood that any such breach
      shall be deemed to have materially and adversely affected the value of the
      related Mortgage Loan or the interest of the Trust therein if the Trust incurs
      or may incur a loss as a result of such breach), the party discovering such
      breach shall give prompt written notice thereof to the other party. Upon
      discovery by a Responsible Officer of the Trustee of such breach or receipt
      of
      notice thereof, the Trustee shall promptly request that such Servicer of such
      Mortgage Loan cure such breach, and if such Servicer does not cure such breach
      in all material respects by the end of the cure period set forth in the related
      Servicing Agreement, shall enforce such Servicer’s obligation under such
      Servicing Agreement to purchase such Mortgage Loan from the Trustee.
      Notwithstanding the foregoing, however, if such breach results in or is a
      Qualification Defect, such cure, purchase or substitution must take place within
      75 days of the Defect Discovery Date.

     

    (b)
      Sellers’
      Breach.
      Upon
      discovery by a Responsible Officer of the Master Servicer, the Securities
      Administrator or the Trustee or notice to the Master Servicer, the Securities
      Administrator or the Trustee of any defective or missing document (as described
      in the related Sale Agreement) in a Trustee Mortgage Loan File, or of any breach
      by any Seller of any representation, warranty or covenant under the related
      Sale
      Agreement, which defect or breach materially and adversely affects the value
      of
      any Mortgage Loan or the interest of the Trust therein (it being understood
      that
      any such defect or breach shall be deemed to have materially and adversely
      affected the value of the related Mortgage Loan or the interest of the Trust
      therein if the Trust incurs a loss as a result of such defect or breach), the
      parties discovering or receiving notice of such defect or breach shall notify
      the Trustee. Upon discovering or receipt of notice of such breach, the Trustee
      shall promptly request that such Seller cure such breach and, if such Seller
      does not cure such defect or breach in all material respects by the end of
      the
      cure period specified in such Sale Agreement and any extension of the cure
      period granted as permitted by such Sale Agreement, shall enforce such Seller’s
      obligation under such Sale Agreement to purchase such Mortgage Loan from the
      Trustee.

     

    
      
        
        

      

      
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    In
      the
      event any Servicer has breached a representation or warranty under the related
      Servicing Agreement that is substantially identical to a representation or
      warranty breached by a Seller, the Trustee shall first proceed against such
      Servicer. If such Servicer does not within 60 days (or such other period
      provided in the related Servicing Agreement) after notification of the breach,
      either take steps to cure such breach (which may be evidenced by a certificate
      asking for an extension of time in which to effectuate a cure) or complete
      the
      purchase of the Mortgage Loan, then (i) the Trustee, shall enforce the
      obligations of the Seller under the related Sale Agreement to cure such breach
      or to purchase the Mortgage Loan from the Trust, and (ii) such Seller shall
      succeed to the rights of the Trustee to enforce the obligations of the Servicer
      to cure such breach or repurchase such Mortgage Loan under the Servicing
      Agreement with respect to such Mortgage Loan.

     

    Notwithstanding
      the foregoing, however, if any breach of a representation or warranty by the
      Servicer or of a Seller is a Qualification Defect, a cure or purchase must
      take
      place within 75 days of the Defect Discovery Date.

     

    (c)
      GSMC
      Breach.
      Upon
      its discovery or notice to it of any breach by GSMC of any representation,
      warranty or covenant under any Assignment Agreement which materially and
      adversely affects the value of any Mortgage Loan or the interest of the Trust
      therein (it being understood that any such defect or breach shall be deemed
      to
      have materially and adversely affected the value of the related Mortgage Loan
      or
      the interest of the Trust therein if the Trust incurs a loss as a result of
      such
      defect or breach), the Trustee shall promptly request that GSMC cure such breach
      and, if GSMC does not cure such breach in all material respects within 90 days
      from the date on which it is notified of the breach, shall enforce GSMC’s
      obligation under such Assignment Agreement to purchase such Mortgage Loan from
      the Trustee.

     

    (d)
      Depositor
      Breach.
      Within
      90 days of the earlier of its discovery or receipt of notice by the Depositor
      of
      the breach of any of its representations or warranties set forth in
      Section 2.04 hereof with respect to any Mortgage Loan, which breach
      materially and adversely affects the value of the related Mortgage Loan or
      the
      interest of the Trust therein (it being understood that any such defect or
      breach shall be deemed to have materially and adversely affected the value
      of
      the related Mortgage Loan or the interest of the Trust therein if the Trust
      incurs a loss as a result of such defect or breach), the Depositor shall
      (i) cure such breach in all material respects, or (ii) purchase the
      Mortgage Loan from the Trustee.

     

    In
      the
      event the Depositor has breached a representation or warranty under
      Section 2.04 hereof that is substantially identical to a representation or
      warranty breached by a Servicer or Seller, the Trustee shall first proceed
      against the applicable Servicer or Seller, as appropriate. If such Servicer
      or
      Seller, as appropriate, does not within the cure period set forth in the related
      Sale Agreement or Servicing Agreement, as applicable, either take steps to
      cure
      such breach (which may be evidenced by a certificate asking for an extension
      of
      time in which to effectuate a cure) or complete the purchase of or substitution
      for the Mortgage Loan, then (i) the Trustee shall enforce the obligations
      of the Depositor to cure such breach or to purchase the Mortgage Loan from
      the
      Trust, and (ii)  the Depositor shall succeed to the rights of the Trustee
      to enforce the obligations of such Servicer or Seller to cure such breach or
      repurchase such Mortgage Loan under the related Servicing Agreement or Sale
      Agreement, as applicable, with respect to such Mortgage Loan.

     

    
      
        
        

      

      
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    Notwithstanding
      the foregoing, however, if any breach of a representation or warranty by the
      Depositor is a Qualification Defect, a cure or purchase must take place within
      75 days of the Defect Discovery Date.

     

    (e)
      Purchase
      Price.
      The
      purchase of any Mortgage Loan from the Trust pursuant to this Section 2.03
      shall be effected for its Purchase Price. If the Purchaser is the related
      Servicer, the Purchase Price shall be deposited in the Collection Account.
      If
      the Purchaser is other than such Servicer, an amount equal to the Purchase
      Price
      shall be deposited into the Certificate Account. Within five Business Days
      of
      its receipt of such funds or certification by the appropriate Servicer that
      such
      funds have been deposited in the related Collection Account, the Trustee shall
      release or cause the related Servicer to cause the applicable Custodian to
      release to the Purchaser or its designee the related Trustee Mortgage Loan
      File
      and, at the request of the Purchaser, the Trustee shall execute and deliver
      such
      instruments of transfer or assignment, in each case without recourse, in form
      as
      presented by the Purchaser and satisfactory to the Trustee, as shall be
      necessary to vest in the Purchaser title to any Mortgage Loan released pursuant
      hereto and the Trustee shall have no further responsibility with regard to
      such
      Trustee Mortgage Loan File.

     

    (f)
      Determination
      of Purchase Price.
      The
      Securities Administrator will be responsible for determining the Purchase Price
      for any Mortgage Loan that is sold by the Trust or with respect to which
      provision is made for the escrow of funds pursuant to this Section 2.03 and
      shall at the time of any purchase or escrow certify such amounts to the
      Depositor; provided
      that the
      Securities Administrator may consult with the Servicer to determine the Purchase
      Price unless such Servicer is the Purchaser of such Mortgage Loan. If, for
      whatever reason, the Securities Administrator shall determine that there is
      a
      miscalculation of the amount to be paid to the Trust, the Securities
      Administrator shall from monies in a Distribution Account return any overpayment
      that the Trust received as a result of such miscalculation to the applicable
      Purchaser upon the discovery of such overpayment, and the Securities
      Administrator shall collect from the applicable Purchaser for deposit to the
      Securities Account any underpayment that resulted from such miscalculation
      upon
      the discovery of such underpayment. Recovery may be made either directly or
      by
      set-off of all or any part of such underpayment against amounts owed by the
      Trust to such Purchaser.

     

    (g)
      Qualification
      Defect.
      If
      (A) any person required to cure or purchase under subsections 2.03(a),
      2.03(b), 2.03(c) or 2.03(d) of these Standard Terms or under a separate
      agreement for a Mortgage Loan affected by a Qualification Defect fails to
      perform within the earlier of (1) 75 days of the Defect Discovery Date or
      (2) the time limit set forth in those subsections or that separate
      agreement or (B) no person is obligated to cure or purchase a Mortgage Loan
      affected by a Qualification Defect, the Trustee shall dispose of such Mortgage
      Loan in such manner and for such price as the Trustee determines are
      appropriate, provided
      that the
      removal of such Mortgage Loan occurs no later than the 90th day from the Defect
      Discovery Date. If the Servicer is not the person required to cure or repurchase
      the Mortgage Loan, the Trustee may consult with such Servicer to determine
      an
      appropriate manner of disposition for and price for such Mortgage Loan. It
      is
      the express intent of the parties that a Mortgage Loan affected by a
      Qualification Defect be removed from the Trust by the 90th day from the Defect
      Discovery Date so that the related REMIC(s) will continue to qualify as a REMIC.
      Accordingly, the Trustee is not required to sell an affected Mortgage Loan
      for
      its fair market value nor shall the Trustee be required to make up any shortfall
      resulting from the sale of such Mortgage Loan. The person failing to perform
      under subsections 2.03(a), 2.03(b), 2.03(c) or 2.03(d) of these Standard
      Terms shall be liable to the Trust for (i) any difference between
      (A) the Unpaid Principal Balance of the Mortgage Loan plus
      accrued
      and unpaid interest thereon at the Note Rate to the date of disposition and
      (B) the net amount received by the Trustee from the disposition (after the
      payment of related expenses), (ii) interest on such difference at the Note
      Rate (less the Administrative Cost Rate) from the date of disposition to the
      date of payment and (iii) any legal and other expenses incurred by or on
      behalf of the Trust in seeking such payments. The Trustee shall pursue the
      legal
      remedies of the Trust on the Trust’s behalf and the Trust shall reimburse the
      Trustee for any legal or other expenses of the Trustee related to such pursuit
      not recovered from such person.

     

    
      
        
        

      

      
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    (h)
      Unless otherwise provided in the applicable Sale Agreement, and notwithstanding
      Section 2.03(b) hereof, if a Seller concludes at the end of any applicable
      cure period (and any extension thereof) that a document required to be included
      in the Trustee Mortgage Loan File cannot be found or replaced, the Seller may,
      in lieu of immediately repurchasing the related Mortgage Loan, provide
      (a) a Lost Document Affidavit and (b) an Opinion of Counsel that the
      missing document does not constitute a Qualification Defect. In that event,
      the
      Trustee shall not require such Seller immediately to repurchase the Mortgage
      Loan, but, if at any time there is any loss, liability, or damage, including
      reasonable attorney’s fees, resulting from the unavailability of any originals
      of any such documents or of a complete chain of intervening endorsements, as
      the
      case may be (collectively, “Losses”),
      the
      Trustee shall enforce the Seller’s obligation to indemnify the Trust for such
      Losses. Expenses of the Trustee related to such enforcement not recovered from
      the Seller shall be reimbursed by the Trust.

     

    (i)
      Notices.
      Any
      Person required under this Section 2.03 to give notice or to make a request
      of another Person to give notice shall give such notice or make such request
      promptly.

     

    (j)
      No
      Other Enforcement Obligation.
      Except
      as specifically set forth herein, none of the Master Servicer, the Securities
      Administrator or the Trustee shall have any responsibility to enforce any
      provision of a Sale Agreement, Servicing Agreement or Assignment Agreement
      assigned to it hereunder, to oversee compliance thereof, or to take notice
      of
      any breach or default thereof. No successor servicer shall have any obligation
      to repurchase a Mortgage Loan except to the extent specifically set forth in
      the
      Servicing Agreement signed by such substitute servicer.

     

     

    
      
        
        

      

      
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    Section
      2.04 Representations
      and Warranties of the Depositor.

     

    The
      Depositor hereby represents and warrants to the Trustee that as of the Closing
      Date or as of such other date specifically provided herein:

     

    (a)
      The
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of the State of Delaware with full power and
      authority (corporate and other) to enter into and perform its obligations under
      the Trust Agreement;

     

    (b)
      The
      Trust Agreement has been duly executed and delivered by the Depositor, and,
      assuming due authorization, execution and delivery by the Trustee, the
      Securities Administrator and the Master Servicer, constitutes a legal, valid
      and
      binding agreement of the Depositor, enforceable against it in accordance with
      its terms, subject to bankruptcy, insolvency, reorganization, moratorium or
      other similar laws affecting creditors’ rights generally and to general
      principles of equity regardless of whether enforcement is sought in a proceeding
      in equity or at law;

     

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

     

    (d)
      The
      execution and delivery of this Trust Agreement have been duly authorized by
      all
      necessary corporate action on the part of the Depositor; neither the execution
      and delivery by the Depositor of the Trust Agreement, nor the consummation
      by
      the Depositor of the transactions therein contemplated, nor consummation of
      the
      transactions therein contemplated, nor compliance by the Depositor with the
      provisions thereof, will conflict with or result in a breach of, or constitute
      a
      default under, any of the provisions of the articles of incorporation or by-laws
      of the Depositor or any law, governmental rule or regulation or any judgment,
      decree or order binding on the Depositor or any of its properties, or any of
      the
      provisions of any indenture, mortgage, deed of trust, contract or other
      instrument to which the Depositor is a party or by which it is
      bound;

     

    (e)
      There
      are no actions, suits or proceedings pending or, to the knowledge of the
      Depositor, threatened against the Depositor, before or by any court,
      administrative agency, arbitrator or governmental body (A) with respect to
      any of the transactions contemplated by the Trust Agreement or (B) with
      respect to any other matter which in the judgment of the Depositor will be
      determined adversely to the Depositor and will if determined adversely to the
      Depositor materially adversely affect its ability to perform its obligations
      under the Trust Agreement;

     

    (f)
      Except for the sale to the Trustee, the Depositor has not assigned or pledged
      any mortgage note or the related mortgage or any interest or participation
      therein;

     

    (g)
      The
      Depositor has acquired its ownership in the Mortgage Loans in good faith and
      without notice of any adverse claim;

     

    
      
        
        

      

      
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    (h)
      The
      Depositor has not canceled, satisfied or subordinated in whole or in part,
      or
      rescinded any Mortgage, and the Depositor has not released any Mortgaged
      Premises from the lien of the related mortgage, in whole or in part, nor has
      the
      Depositor executed an instrument that would effect any such release,
      cancellation, subordination or rescission (except in connection with an
      assumption agreement or other agreement offered by the related federal insurer,
      to the extent such approval was required); and

     

    (i)
      The
      Securities Account constitutes a “securities account” (as defined in Section
      8-501(a) of the UCC). The Underlying MBS has been credited to the Securities
      Account. The Securities Intermediary has agreed to treat all assets credited
      to
      the Securities Account as “financial assets” (as defined in Section 8-102(a)(9)
      of the UCC).

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 2.04 shall survive delivery of the respective Trustee Mortgage Loan
      Files to the Trustee (or the applicable Custodian) and shall inure to the
      benefit of the Trustee notwithstanding any restrictive or qualified endorsement
      or assignment. Upon the discovery by the Depositor, the Master Servicer, the
      Securities Administrator or the Trustee of a breach of the foregoing
      representations and warranties, the party discovering such breach shall give
      prompt written notice to the other parties to the Trust Agreement, and in no
      event later than two Business Days from the date of such discovery. It is
      understood and agreed that the obligations of the Depositor set forth in
      Section 2.03(d) to cure or repurchase a Mortgage Loan constitute the sole
      remedies available to the Certificateholders or to the Trustee on their behalf
      respecting a breach of the representations and warranties contained in this
      Section 2.04. It is further understood and agreed that the Depositor shall
      be deemed not to have made the representations and warranties in this
      Section 2.04 with respect to, and to the extent of, representations and
      warranties made, as to the matters covered in this Section 2.04, by the
      Servicer in any Servicing Agreement or the Seller in any Sale Agreement assigned
      to the Trustee.

     

    It
      is
      understood and agreed that the Depositor has made no representations or
      warranties to the Trust other than those contained in this Section 2.04 and
      any Assignment Agreement. GSMC has made no representations or warranties to
      the
      Trust other than those in any Assignment Agreement, or in any Sale Agreement
      under which GSMC is acting as Seller, and no other Affiliate of the Depositor
      has made any representations or warranty of any kind to the Trustee or the
      Trust. Neither the Depositor, GSMC, nor any of the directors, officers,
      employees or agents of either such entity shall be under any liability to the
      Trust or the Certificateholders and all such Persons shall be indemnified and
      held harmless by the Trust for any claims, losses, penalties, forfeitures,
      legal
      fees and related costs, judgments, and any other costs, fees and expenses that
      such Persons may sustain as a result of or arising out of or based upon any
      breach of a representation, warranty or covenant made by any Servicer or Seller
      or any failure by any Servicer or Seller to perform its obligations in strict
      compliance with the terms of the related Servicing or Sale Agreement or the
      failure of the Securities Administrator or the Trustee to perform its duties
      hereunder; provided, however, that this provision shall not protect the
      Depositor against any breach of warranties or representations made in
      Section 2.04 herein, or the Depositor against any breach of representations
      or warranties made in any Assignment Agreement or Sale Agreement.

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    ADMINISTRATION
      OF THE TRUST

     

    Section
      3.01 The
      Collection Accounts; the Master Servicer Account;
      the Distribution Accounts and the Certificate Account.

     

    (a)
      Servicer
      and Master Servicer Remittances.

     

    (i)
      On or
      prior to the Closing Date, the Servicers shall have established one or more
      separate Collection Accounts as provided in the related Servicing Agreement,
      each of which shall be an Eligible Account. All Monthly Payments and other
      amounts collected
      by each Servicer on the Mortgage Loans, shall, to the extent provided in the
      related Servicing Agreement, be deposited by such Servicer within one Business
      Day of receipt (or within 2 Business Days in the case of Liquidation Proceeds,
      Insurance Proceeds and Condemnation Proceeds) into the related Collection
      Account.

     

    (ii)
      On
      each Servicer Remittance Date, each Servicer is required to remit to the Master
      Servicer all payments received during the related Due Period or Prepayment
      Period in respect of the Mortgage Loans serviced by it, less certain deductions
      as described herein and in each Servicing Agreement. The Master Servicer will
      establish and maintain a separate account in its own name in trust for the
      benefit of the Certificateholders (the “Master
      Servicer Account”),
      which
      account may be a sub-account of the Certificate Account, and shall be an
      Eligible Account for so long as Wells Fargo Bank is both the Master Servicer
      and
      the Securities Administrator. The amounts remitted by the Servicers to the
      Master Servicer shall be credited to the Master Servicer Account. 

     

    (iii)
      On
      each Master Servicer Remittance Date, the Master Servicer shall remit to the
      Securities Administrator the amounts received from the Servicers on the related
      Servicer Remittance Date, net of any fees, expenses and other amounts payable
      to
      the Master Servicer hereunder. The
      amounts remitted by the Master Servicer to the Securities Administrator will
      be
      credited to the REMIC I Distribution Account which will be established and
      maintained by the Securities Administrator.

     

    (iv)
      On
      each Distribution Date, amounts on deposit in the REMIC I Distribution Account
      (net of any expenses payable to the Securities Administrator under Section
      11.04
      hereof or to the Trustee under Section 9.05 hereof) will be allocated by the
      Securities Administrator to pay amounts due on the REMIC I Interests, in
      accordance with Section 3.01 of the Trust Agreement. Such amounts will then
      be passed through the REMIC II Distribution Account and to the Certificate
      Account for distribution to the Certificateholders in accordance with
      Section 3.01 of the Trust Agreement.

     

    (b)
      Accounts.
      The
      Securities Administrator shall establish and maintain one or more Eligible
      Accounts in its own name in trust for the benefit of the Certificateholders.
      The
      account held by the REMIC that directly owns the Mortgage Loans shall be the
      “REMIC
      I Distribution Account”
which
      account may be a sub-account of the Certificate Account and the account held
      by
      the REMIC that owns all interests in REMIC I shall be the “REMIC
      II Distribution Account”
which
      account may be a sub-account of the Certificate Account. In addition, the
      Securities Administrator shall establish and maintain an account for the benefit
      of the Certificateholders into which it shall deposit all amounts to be
      distributed on each Distribution Date (the “Certificate
      Account”).
      Each
      such account shall be an Eligible Account. On each Distribution Date, the
      Securities Administrator shall deposit into the REMIC I Distribution Account
      the
      following amounts, to the extent not previously deposited therein:

     

    
      
        
        

      

      
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    (i)
      all
      amounts remitted by the Master Servicer to the Securities Administrator pursuant
      to Section 3.01(a)(iii);

     

    (ii)
      all
      Monthly Advances made pursuant to Section 3.05; and

     

    (iii)
      the
      amount (if any) required to effect a redemption in accordance with the terms
      of
      the Trust Agreement and received from the Master Servicer or the
      Depositor.

     

    (c)
      Deposits.
      In the
      event a Servicer or the Securities Administrator has remitted to the Master
      Servicer Account or to the REMIC I Distribution Account, respectively, in error,
      any amount not required to be remitted in accordance with the definition of
      Available Distribution Amount, such party may at any time direct the Master
      Servicer or the Securities Administrator, as applicable, to withdraw such amount
      from such account for repayment to such Servicer or Master Servicer, as
      applicable, by delivery of an Officer’s Certificate to the Master Servicer or
      the Securities Administrator which describes the amount deposited in error
      and
      the Master Servicer or the Securities Administrator, as applicable, shall
      withdraw such amount from the Master Servicer Account or the REMIC I
      Distribution Account, as applicable, and pay such amount as directed, but only
      to the extent it agrees that the amount so described was deposited in
      error.

     

    (d)
      Withdrawal.
      On each
      Distribution Date, the Securities Administrator shall transfer the Available
      Distribution Amount on deposit in the REMIC I Distribution Account to the REMIC
      II Distribution Account and then to the Certificate Account in accordance with
      the amounts set forth in the statement prepared pursuant to Section 4.01
      and shall distribute such amounts to holders of the Regular Interests and
      Residual Interest of the applicable REMICs, in accordance with Article III
      of the Trust Agreement, in the order of priority set forth therein.

     

    (e)
      Accounting.
      The
      Master Servicer shall keep and maintain separate accounting (to the extent
      provided to it by each Servicer), on a Mortgage Loan by Mortgage Loan basis,
      for
      the purpose of justifying any payment to and from the Master Servicer Account.
      No later than 21 days after each Distribution Date, the Master Servicer shall,
      upon written request, forward to the Depositor and the Securities Administrator,
      a statement setting forth the balance of the Master Servicer Account as of
      the
      close of business on the last day of the month of the Distribution Date and
      showing, for the one calendar month covered by the statement, any deposits
      and
      or withdrawals from the Master Servicer Account.

     

    (f)
      Investments
      by the Master Servicer or the Securities Administrator.
      Any
      investment by the Master Servicer or the Securities Administrator of amounts
      received hereunder shall be in Permitted Investments only. All income and gain
      realized from any such investment of amounts in the Master Servicer Account
      shall be for the benefit of the Master Servicer and shall be subject to its
      withdrawal on order from time to time, and shall not be part of the Trust
      Estate. All income and gain realized from any such investment of amounts in
      the
      Certificate Account shall be for the benefit of the Securities Administrator
      and
      shall be subject to its withdrawal on order from time to time. In the event
      of a
      loss or reduction in the amount to be remitted by the Master Servicer to the
      Securities Administrator on the Master Servicer Remittance Date or the amount
      to
      be remitted by the Securities Administrator on the Distribution Date because
      of
      a loss on a Permitted Investment, the Master Servicer or the Securities
      Administrator, as applicable, shall be required to deposit the amount of such
      loss into the Master Servicer Account or the Certificate Account, as applicable,
      within one Business Day of realization of such loss from its own funds without
      reimbursement.

     

    
      
        
        

      

      
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    (g)
      Compensating
      Interest.
      The
      amount of the Master Servicing Fee payable to the Master Servicer in respect
      of
      any Distribution Date shall be reduced by the amount of any Compensating
      Interest Payment for such Distribution Date, but only to the extent such
      Compensating Interest Payment is not actually made by a Servicer on the
      applicable Servicer Remittance Date. Such amount shall not be treated as an
      Advance and shall not be reimbursable to the Master Servicer.

     

    Section
      3.02 Filings
      with the Commission.

     

    (a)
      As
      further set forth in Section 8.01(e), the Master Servicer and the Securities
      Administrator shall deliver (and the Master Servicer and Securities
      Administrator shall cause any Additional Servicer engaged by it to deliver)
      to
      the Depositor and the Securities Administrator on or before March 15 of each
      year, commencing in March 2008, an officer’s certificate substantially in the
      form of Exhibit H and Exhibit I hereto, respectively, stating, as to the signer
      thereof, that (i) a review of such party’s activities during the preceding
      calendar year or portion thereof and of such party’s performance under this
      Agreement, or such other applicable agreement in the case of an Additional
      Servicer, has been made under such officer’s supervision and (ii) to the best of
      such officer’s knowledge, based on such review, such party has fulfilled all its
      obligations under this Agreement, or such other applicable agreement in the
      case
      of an Additional Servicer, in all material respects throughout such year or
      portion thereof, or, if there has been a failure to fulfill any such obligation
      in any material respect, specifying each such failure known to such officer
      and
      the nature and status thereof. Promptly after receipt of each such officer’s
      certificate, the Depositor shall review such officer’s certificate and consult
      with each such party, as applicable, as to the nature of any failures by such
      party, in the fulfillment of any of such party’s obligations hereunder or, in
      the case of an Additional Servicer, under such other applicable
      agreement.

     

    The
      Master Servicer shall enforce any obligation of the Servicers, to the extent
      set
      forth in the related Servicing Agreement, to deliver to the Master Servicer
      an
      annual statement of compliance within the time frame set forth in, and in such
      form and substance as may be required pursuant to, the related Servicing
      Agreement The Master Servicer shall include such annual statements of compliance
      with its own annual statement of compliance to be submitted to the Securities
      Administrator pursuant to this Section.

     

    (b)
      The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. Thereafter within four Business Days after the occurrence of an event
      requiring disclosure in a current report on Form 8-K (each such event, a
“Reportable
      Event”),
      and
      if requested by the Depositor, the Master Servicer shall sign on behalf of
      the
      Depositor and the Securities Administrator shall prepare and file with the
      Commission any Form 8-K, as required by the Exchange Act. Any disclosure or
      information related to a Reportable Event or that is otherwise required to
      be
      included on Form 8-K (“Form
      8-K Disclosure Information”)
      shall
      be determined and prepared by and at the direction of the Depositor pursuant
      to
      this Section 3.02 and the Securities Administrator shall have no duty or
      liability for any failure hereunder to determine or prepare any Form 8-K
      Disclosure Information or any Form 8-K, except as set forth in this Section
      3.02. 

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    As
      set
      forth on Exhibit K hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than the end of business on the second
      Business Day after the occurrence of a Reportable Event (i) certain parties
      to
      the GSR Mortgage Loan Trust 2007-3F Mortgage Pass-Through Certificates, Series
      2007-3F transaction shall be required to provide to the Securities Administrator
      and Depositor, to the extent known, in form compatible with the Commission’s
      Electronic Data Gathering and Retrieval System (“EDGAR”), or in such other form
      as otherwise agreed upon by the Securities Administrator and such party, the
      form and substance of any Form 8-K Disclosure Information, if applicable and
      (ii) the Depositor shall approve, as to form and substance, or disapprove,
      as
      the case may be, the inclusion of the Form 8-K Disclosure Information. The
      Depositor shall be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator in connection with including any Form
      8-K Disclosure Information on Form 8- K pursuant to this paragraph.

     

    After
      preparing the Form 8-K, the Securities Administrator shall forward
      electronically a draft copy of the Form 8-K to the Depositor for review. No
      later than 12:00 noon New York City time on the fourth Business Day after the
      Reportable Event, a duly authorized representative of the Master Servicer in
      charge of the master servicing function shall sign the Form 8-K and return
      such
      signed Form 8-K to the Securities Administrator, and no later than 5:00 p.m.
      New
      York City time on such Business Day the Securities Administrator shall file
      such
      Form 8-K with the Commission. If a Form 8-K cannot be filed on time or if a
      previously filed Form 8-K needs to be amended, the Securities Administrator
      will
      follow the procedures set forth in Section 3.02(e). Promptly (but no later
      than
      one Business Day) after filing with the Commission, the Securities Administrator
      will make available on its internet website (located at www.ctslink.com) a
      final
      executed copy of each Form 8-K prepared by the Securities Administrator. The
      signing party at the Master Servicer can be contacted at 9062 Old Annapolis
      Road, Columbia, Maryland 21045-1951, Attention: Client Manager, GSR 2007-3F.
      The
      parties to this Agreement acknowledge that the performance by the Securities
      Administrator of its duties under this Section 3.02(b) related to the timely
      preparation and filing of Form 8-K is contingent upon such parties strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 3.02. The Securities Administrator shall have no liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare and/or timely file such Form 8-K, where such failure results from the
      Securities Administrator’s inability or failure to receive on a timely basis,
      any information from any other party hereto needed to prepare, arrange for
      execution or file such Form 8-K, not resulting from its own negligence, bad
      faith or willful misconduct.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    (c)
      Within fifteen days after each Distribution Date (subject to permitted
      extensions under the Exchange Act), the Securities Administrator shall prepare
      and file, and the Master Servicer shall sign on behalf of the Depositor and
      file
      with the Commission any distribution report on Form 10-D required by the
      Exchange Act, in form and substance as required by the Exchange Act. The
      Securities Administrator shall file each Form 10-D with a copy of the related
      Monthly Statement 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 determined and prepared by and at the direction of the
      Depositor pursuant to the following paragraph and the Securities Administrator
      will have no duty or liability for any failure hereunder to determine or prepare
      any Additional Form 10-D Disclosure, except as set forth in this Section
      3.02.

     

    As
      set
      forth on Exhibit L hereto, within five calendar days after the related
      Distribution Date, (i) certain parties to the GSR Mortgage Loan Trust 2007-3F
      Mortgage Pass-Through Certificates, Series 2007-3F transaction shall be required
      to provide to the Securities Administrator and the Depositor, to the extent
      known, in EDGAR-compatible form, or in such other form as otherwise agreed
      upon
      by the Securities Administrator and such party, the form and substance of any
      Additional Form 10-D Disclosure, if applicable and (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 Depositor
      shall be responsible for any reasonable fees and expenses assessed or incurred
      by the Securities Administrator in connection with any Additional Form 10-D
      Disclosure on Form 10-D pursuant to this Section 3.02(c).

     

    After
      preparing the Form 10-D, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-D to the Depositor for review. No
      later than two Business Days following the tenth calendar day after the related
      Distribution Date, a duly authorized representative of the Master Servicer
      in
      charge of the master servicing function shall sign the Form 10-D and return
      such
      signed Form 10-D to the Securities Administrator and Depositor, and no later
      than 5:00 p.m. New York City time on the fifteenth calendar day after such
      Distribution Date the Securities Administrator shall file such Form 10-D with
      the Commission. If a Form 10-D cannot be filed on time or if a previously filed
      Form 10-D needs to be amended, the Securities Administrator will follow the
      procedures set forth in Section 3.02(e). Promptly (but no later than one
      Business Day) after filing with the Commission, the Securities Administrator
      will make available on its internet website (located at www.ctslink.com) a
      final
      executed copy of each Form 10-D prepared by the Securities Administrator. The
      signing party at the Master Servicer can be contacted at 9062 Old Annapolis
      Road, Columbia, Maryland 21045-1951, Attention: Client Manager, GSR 2007-3F.
      Each party to this Agreement acknowledges that the performance by the Securities
      Administrator of its duties under this Section 3.02(c) related to the timely
      preparation and filing of Form 10-D is contingent upon such parties strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 3.02. The Securities Administrator shall have no liability for any
      loss,
      expense, damage or claim arising out of or with respect to any failure to
      properly prepare and/or timely file such Form 10-D, where such failure results
      from the Securities Administrator’s inability or failure to receive on a timely
      basis, any information from any other party hereto needed to prepare, arrange
      for execution or file such Form 10-D, not resulting from its own negligence,
      bad
      faith or willful misconduct.

     

    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 Securities 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
      Securities Administrator in writing, no later than the fifth calendar day after
      the related Distribution Date with respect to the filing of a report on Form
      10-D if the answer to the questions should be no.  The Securities
      Administrator shall be entitled to rely on such representations in preparing,
      executing and/or filing any such report.

    

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    (d)
      Within 90 days after the end of each fiscal year of the Trust or such earlier
      date as may be required by the Exchange Act (the “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust ends on December 31 of
      each
      year), commencing in March 2008, the Securities Administrator shall prepare
      and
      file on behalf of the Depositor an annual report on Form 10-K, in form and
      substance as required by the Exchange Act. Each such Form 10-K shall include
      the
      following items, in each case to the extent they have been delivered to the
      Securities Administrator within the applicable time frames set forth in this
      Agreement and the related Servicing Agreement: (i) an annual compliance
      statement for each Servicer, each Additional Servicer, the Master Servicer
      and
      the Securities Administrator (each, a “Reporting
      Servicer”)
      as
      described under Section 3.02(a), (ii)(A) the annual reports on assessment of
      compliance with servicing criteria for each Reporting Servicer, as described
      under Section 8.01(e) and Section 11.01(c), and (B) if each Reporting Servicer’s
      report on assessment of compliance with servicing criteria described under
      Section 8.01(e) and Section 11.01(c) 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
      described under Section 8.01(e) and Section 11.01(c) is not included as an
      exhibit to such Form 10-K, disclosure that such report is not included and
      an
      explanation why such report is not included, (iii)(A) the registered public
      accounting firm attestation report for each Reporting Servicer, as described
      under Section 8.01(f) and Section 11.01(d), and (B) if any registered public
      accounting firm attestation report described under Section 8.01(f) and Section
      11.01(d) identifies any material instance of noncompliance, disclosure
      identifying such instance of noncompliance, or if any such registered public
      accounting firm attestation report is not included as an exhibit to such Form
      10-K, disclosure that such report is not included and an explanation why such
      report is not included, and (iv) a Sarbanes-Oxley Certification as described
      in
      Section 3.02(f). Any disclosure or information in addition to the disclosure
      or
      information specified in items (i) through (iv) above that is required to be
      included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be determined and prepared by and at the direction of the Depositor pursuant
      to
      the following paragraph and the Securities Administrator shall have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-K Disclosure, except as set forth in this Section 3.02(d). 

     

    As
      set
      forth on Exhibit M hereto, no later than March 1 of each year that the Trust
      is
      subject to the Exchange Act reporting requirements, commencing in 2008, (i)
      certain parties to the GSR Mortgage Loan Trust 2007-3F Mortgage Pass-Through
      Certificates, Series 2007-3F transaction shall be required to provide to the
      Securities Administrator and the Depositor, to the extent known, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-K Disclosure, if applicable and (ii) the Depositor shall
      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 Depositor
      shall be responsible for any reasonable fees and expenses assessed or incurred
      by the Securities Administrator in connection with including any Additional
      Form
      10-K Disclosure on Form 10-K pursuant to this Section 3.02(d).

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    After
      preparing the Form 10-K, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-K to the Depositor for review. No
      later than 12:00 noon New York City time on the fourth Business Day prior to
      the
      10-K Filing Deadline, a senior officer of the Depositor shall sign the Form
      10-K
      and return such signed Form 10-K to the Securities Administrator. If a Form
      10-K
      cannot be filed on time or if a previously filed Form 10-K needs to be amended,
      the Securities Administrator will follow the procedures set forth in 3.02(e).
      Promptly (but no later than one Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website located
      at (located at www.ctslink.com) a final executed copy of each Form 10-K prepared
      by the Securities Administrator. The parties to this Agreement acknowledge
      that
      the performance by the Securities Administrator of its duties under this Section
      3.02(d) related to the timely preparation and filing of Form 10-K is contingent
      upon such parties (and any Additional Servicer or Servicing Function
      Participant) strictly observing all applicable deadlines in the performance
      of
      their duties under this Section 3.02(d), Section 3.02(f), Section 3.02(a),
      Sections 8.01(e) and (f) and Sections 11.01(c) and (d). The Securities
      Administrator shall have no liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare and/or timely
      file such Form 10-K, where such failure results from the Securities
      Administrator’s inability or failure to receive on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 10-K, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    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 Securities 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
      Securities Administrator in writing, no later than March 15th
      if the
      answer to the questions should be no.  The Securities Administrator shall
      be entitled to rely on such representations in preparing, executing and/or
      filing any such report.

    

    (e)
      Prior
      to January 30 of the first year in which the Securities Administrator is able
      to
      do so under applicable law, the Master Servicer shall sign and the Securities
      Administrator shall prepare and file a Form 15 relating to the automatic
      suspension of reporting in respect of the Trust under the Exchange Act.

     

    In
      the
      event that the Securities Administrator becomes aware that it will be unable
      to
      timely file with the Commission all or any required portion of any Form 8-K,
      10-D or 10-K required to be filed by this Agreement because required disclosure
      information was either not delivered to it or delivered to it after the delivery
      deadlines set forth in this Agreement or for any other reason, the Securities
      Administrator will immediately notify the Depositor. In the case of Form 10-D
      and 10-K, the parties to this Agreement will cooperate and cause such other
      Servicers or Servicing Function Participants, as applicable, to cooperate,
      to
      prepare and file a Form 12b-25 and a 10-D/A and 10-K/A, as applicable, pursuant
      to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Securities
      Administrator will, upon receipt of all required Form 8-K Disclosure Information
      and upon the approval and direction of the Depositor, include such disclosure
      information on the next Form 10-D. In the event that any previously filed Form
      10-D or 10-K needs to be amended, the Securities Administrator shall notify
      the
      Depositor and prepare any necessary 10-D/A or 10-K/A. Any Form 15, Form 12b-25
      or any amendment to Form 8-K or 10-D shall be signed by a duly authorized
      representative of the Master Servicer in charge of the master servicing
      function. Any amendment to Form 10-K shall be signed by the Depositor. The
      parties to this Agreement acknowledge that the performance by the Securities
      Administrator of its duties under this Section 3.02(e) related to the timely
      preparation and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K,
      10-D or 10-K is contingent upon each such party performing its duties under
      this
      Section. The Securities Administrator shall have no liability for any loss,
      expense, damage or claim arising out of or with respect to any failure to
      properly prepare and/or timely file any such Form 15, Form 12b-25 or any
      amendments to Forms 8-K, 10-D or 10-K, where such failure results from the
      Securities Administrator’s inability or failure to receive on a timely basis,
      any information from or on behalf of any other party hereto needed to prepare,
      arrange for execution or file such Form 15, Form 12b-25 or any amendments to
      Forms 8-K, 10-D or 10-K, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    (f)
      Each
      Form 10-K shall include a Sarbanes-Oxley Certification, required to be included
      therewith pursuant to the Sarbanes-Oxley Act. Each Servicer, the Securities
      Administrator and the Master Servicer shall cause any Servicing Function
      Participant engaged by it to provide to the Person who signs the Sarbanes-Oxley
      Certification (the “Certifying
      Person”),
      by
      March 15 of each year in which the Trust 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
      I,
      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 Depositor shall serve as the
      Certifying Person on behalf of the Trust. In the event the Master Servicer,
      the
      Securities Administrator, the Trustee or any Servicing Function Participant
      engaged by parties 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 3.02(f) with respect to the period of time it was subject to this
      Agreement or any applicable sub-servicing agreement, as the case may
      be.

     

    The
      Master Servicer shall enforce any obligation of the Servicers, to the extent
      set
      forth in the related Servicing Agreement, to deliver to the Master Servicer
      a
      certification similar to the Back-Up Certification within the time frame set
      forth in, and in such form and substance as may be required pursuant to, the
      related Servicing Agreement. 

     

    (g)
      The
      Securities Administrator shall promptly file, and exercise its reasonable best
      efforts to obtain a favorable response to, no-action requests, or other
      appropriate exemptive relief with the Commission seeking the usual and customary
      exemption from such reporting requirements granted to issuers of securities
      similar to the Certificates if and to the extent the Depositor shall deem any
      such relief to be necessary or appropriate. Unless otherwise advised by the
      Depositor, the Securities Administrator shall assume that the Depositor is
      in
      compliance with the preceding sentence. In no event shall the Securities
      Administrator have any liability for the execution or content of any document
      required to be filed by the 1934 Act. The Depositor agrees to promptly furnish
      to the Securities Administrator, from time to time upon request, such further
      information, reports, and financial statements within its control related to
      the
      Trust Agreement and the Mortgage Loans as the Depositor reasonably deems
      appropriate to prepare and file all necessary reports with the
      Commission.

     

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    Section
      3.03 Securities
      Administrator to Cooperate; Release of Mortgage Files.

     

    The
      Trustee, shall, if requested by any Servicer, execute a power of attorney
      pursuant to which such Servicer, on behalf of the Trustee, shall authorize,
      make, constitute and appoint designated officers of such Servicer with full
      power to execute in the name of the Trustee (without recourse, representation
      or
      warranty) any deed of reconveyance, any substitution of trustee documents or
      any
      other document to release, satisfy, cancel or discharge any Mortgage or Mortgage
      Loan serviced by such Servicer upon its payment in full or other liquidation;
      provided, however, that such power of appointment shall be limited to the powers
      limited above; and provided, further, that such Servicer shall promptly forward
      to the Trustee for its files copies of all documents executed pursuant to such
      power of appointment.

     

    Pursuant
      to the Custodial Agreement, any Servicer may submit a Request for Release to
      have delivered to it the related Trustee Mortgage Loan File and a release of
      the
      Mortgaged Premises from the lien of the Mortgage. No expenses incurred in
      connection with any instrument of satisfaction or deed of reconveyance shall
      be
      chargeable to a Collection Account, the Master Servicer Account or the
      Certificate Account.

     

    Upon
      receipt of any other Request for Release for purposes of servicing a Mortgage
      Loan, including but not limited to, collection under any Insurance Policy,
      title
      insurance policy, primary mortgage insurance policy, flood insurance policy
      or
      hazard insurance policy or to effect a partial release of any Mortgaged Premises
      from the lien of the Mortgage, the Securities Administrator, on behalf of the
      Trustee, within five Business Days of receipt of such Request for Release,
      shall
      release, or shall cause the related Servicer to cause the applicable Custodian
      to release, the related Trustee Mortgage Loan File to such Servicer. Upon
      receipt of an Officer’s Certificate of the Servicer stating that such Mortgage
      Loan was liquidated and that all amounts received or to be received in
      connection with such liquidation which are required to be deposited into the
      Collection Account or the Certificate Account have been so deposited, or that
      such Mortgage Loan has become an REO Property, the related Trustee Mortgage
      Loan
      File shall be released by the Trustee (or the applicable Custodian) to such
      Servicer.

     

    Any
      Servicer may execute a written certification to have delivered to it, pursuant
      to the Custodial Agreement, court pleadings, requests for trustee’s sale or
      other documents necessary to the foreclosure or trustee’s sale in respect of a
      Mortgaged Premises or to any legal action brought to obtain judgment against
      any
      Borrower on the Note or Mortgage or to obtain a deficiency judgment, or to
      enforce any other remedies or rights provided by the Note or Mortgage or
      otherwise available at law or in equity.

     

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    Section
      3.04 Amendments
      to Servicing Agreement.

     

    Each
      Servicing Agreement may be amended or supplemented from time to time by the
      related Servicer, the Master Servicer, the Securities Administrator and the
      Trustee without the consent of any of the Certificateholders to (a) cure
      any ambiguity, (b) correct or supplement any provisions therein which may
      be inconsistent with any other provisions therein, (c) modify, eliminate or
      add to any of its provisions to such extent as shall be necessary or appropriate
      to maintain the qualification of the Trust (or certain assets thereof) as one
      or
      more REMICs, at all times that any Certificates are outstanding or (d) make
      any other provisions with respect to matters or questions arising under such
      Servicing Agreement or matters arising with respect to the servicing of the
      Mortgage Loans which are not covered by such Servicing Agreement which shall
      not
      be inconsistent with the provisions of such Servicing Agreement, provided that
      such action shall not adversely affect in any material respect the interests
      of
      any Certificateholder. Any such amendment or supplement shall be deemed not
      to
      adversely affect in any material respect any Certificateholder if there is
      delivered to the Trustee and the Securities Administrator written notification
      from each Rating Agency that rated the applicable Certificates to the effect
      that such amendment or supplement will not cause that Rating Agency to reduce
      or
      qualify the then current rating assigned to such Certificates, as well as an
      Opinion of Counsel (at the expense of the applicable Servicer) that such
      amendment or supplement will not result in the loss by the Trust or the assets
      thereof of REMIC status or result in the imposition of any taxes on the Trust
      or
      any REMIC.

     

    Each
      Servicing Agreement may also be amended from time to time by the related
      Servicer, the Master Servicer, the Securities Administrator and the Trustee
      with
      the consent of 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 such Servicing Agreement or
      of
      modifying in any manner the rights of the Holders of Certificates; provided,
      however,
      that no
      such amendment shall (A) 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, (B) adversely affect in any material respect the interests of
      the Holders of any Class of Certificates, or (C) reduce the aforesaid
      percentage of Certificates the Holders of which are required to consent to
      any
      such amendment, unless each Holder of a Certificate affected by such amendment
      consents. For purposes of the giving or withholding of consents pursuant to
      this
      Section 3.04, Certificates registered in the name of the Depositor or an
      Affiliate thereof shall be entitled to Voting Rights with respect to matters
      affecting such Certificates.

     

    Upon
      delivery of a written request to the Trustee, the Securities Administrator
      and/or the Master Servicer together with a certification from the related
      Servicer that any such amendment or supplement is permitted hereby, the
      Securities Administrator and Trustee shall join in any such amendment or
      supplement.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    Promptly
      after the execution of any such amendment the Securities Administrator shall
      notify each Certificateholder and the Master Servicer of such amendment and,
      upon written request, shall furnish a copy of such amendment to each
      Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 3.04 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 Securities Administrator may prescribe.
      Prior to consenting to any amendment pursuant to this Section 3.04, the
      Trustee, the Securities Administrator and the Master Servicer shall be entitled
      to receive an Opinion of Counsel (at the expense of the applicable Servicer)
      that such amendment is authorized and permitted pursuant to the terms of this
      Trust Agreement and the applicable Servicing Agreement.

     

    Section
      3.05 Monthly
      Advances by Master Servicer or Trustee.

     

    (a)
      Under
      the terms of each Servicing Agreement, on the Business Day prior to each
      Servicer Remittance Date, the related Servicer is obligated to make a Monthly
      Advance with respect to any delinquencies as of the related Distribution Date,
      unless such Servicer furnishes to the Master Servicer, an Officer’s Certificate
      evidencing the determination by such Servicer, in its reasonable judgment,
      that
      such Monthly Advance would be non-recoverable from Liquidation Proceeds,
      Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such
      Mortgage Loan (a “Non-Recoverability
      Certificate”).
      If
      (i) a Servicer reports a delinquency on a Remittance Report, and
      (ii) such Servicer, by 11:00 a.m. (New York Time) on the related
      Distribution Date, neither makes a Monthly Advance nor provides the Securities
      Administrator and the Master Servicer or Trustee, as applicable, with a
      Non-Recoverability Certificate with respect to such delinquency, then subject
      to
      paragraph (b) below, the Master Servicer shall deposit, from its own funds,
      on the Master Servicer Remittance Date, the amount of such Monthly Advance
      not
      made by the Servicer into the Certificate Account for distribution to
      Certificateholders as provided in the Trust Agreement. If the Master Servicer
      fails to make a Monthly Advance as required by the preceding sentence, then
      the
      Securities Administrator shall notify the Trustee of such failure, and the
      Trustee (as successor to the Master Servicer pursuant to Section 8.06) shall
      deposit, from its own funds, on the Distribution Date, the amount of such
      Monthly Advance into the Certificate Account. Notwithstanding the foregoing,
      if
      either the Master Servicer or the Trustee (as successor to the Master Servicer
      pursuant to Section 8.06), in their reasonable judgment, determine that such
      Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation
      Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan,
      then neither the Master Servicer nor the Trustee, as applicable, shall be
      obligated to make such Monthly Advance.

     

    (b)
      Each
      Servicer is obligated under the applicable Servicing Agreement to remit to
      the
      Master Servicer the required remittance on each Servicer Remittance Date. If
      (i) a Servicer fails to remit such remittance on any Servicer Remittance
      Date and (ii) such failure is not cured by 11 a.m. (New York Time) on the
      related Master Servicer Remittance Date, then, to the extent permitted by the
      related Servicing Agreement, the Master Servicer shall withdraw the amount
      of
      such required remittance from such Collection Account, to the extent that such
      amount is on deposit in such Collection Account, and shall deposit such amount
      in the Certificate Account.

     

    
      
        
        

      

      
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    (c)
      All
      Monthly Advances (together with, in the case of the Master Servicer and the
      Trustee, interest thereon at a rate equal to the prevailing Prime Rate
plus
      2.0%)
      shall be reimbursable to the related Servicer, the Master Servicer or the
      Trustee, as the case may be, on a first priority basis from deposits to the
      Collection Account of late collections, Insurance Proceeds, Liquidation Proceeds
      and Condemnation Proceeds from the related Mortgage Loan as to which a Monthly
      Advance has been made. The Master Servicer or the Trustee’s right to
      reimbursement as provided in this paragraph (c) shall not negate its
      obligation to continue to make Monthly Advances as provided in
      paragraph (a) of this Section 3.05. To the extent Monthly Advances are
      not recoverable as set forth in the first sentence of this paragraph (c),
      the Master Servicer or the Trustee, as the case may be, shall be entitled to
      recover such Monthly Advances as provided in Section 3.01(b).

     

    (d)
      To
      the extent that any Servicer is required to pay penalty interest pursuant to
      the
      related Servicing Agreement, and the Master Servicer or the Trustee makes any
      Monthly Advance, the Master Servicer or the Trustee, as applicable, in its
      individual capacity shall be entitled to retain such penalty
      interest.

     

    Section
      3.06 Enforcement
      of Servicing Agreement.

     

    Subject
      to Article VIII hereof, the Master Servicer agrees to comply with the terms
      of each Servicing Agreement and to enforce the terms and provisions thereof
      against the related Servicer for the benefit of the
      Certificateholders.

     

    ARTICLE
      IV

     

    REPORTING/REMITTING
      TO CERTIFICATEHOLDERS

     

    Section
      4.01 Statements
      to Certificateholders.

     

    (a)
      Distribution
      Date Statement.
      On each
      Distribution Date, the Securities Administrator shall prepare a statement as
      to
      such distribution (the “Distribution
      Statement”),
      based
      solely on information provided by the Servicers in the related Remittance
      Reports, and on each Distribution Date, such statement will be made available
      at
      a website located at www.ctslink.com to the Depositor, any Interest Rate Cap
      Counterparty and each Certificateholder, setting forth:

     

    (i)
      the
      class factor for each Class of Certificates;

     

    (ii)
      the
      aggregate Scheduled Principal Balance of each Pool and/or Group of Mortgage
      Loans;

     

    (iii)
      the
      Available Distribution Amount, the Aggregate Principal Distribution Amount
      and
      the Principal Prepayment Amount for such Distribution Date;

     

    (iv)
      a
      statement as to whether any exchanges of Exchangeable Certificates have take
      place since the preceding Distribution Date, and, if applicable, the names,
      certificate balances, including notional balances, pas-through rates, and any
      interest and principal paid, including any shortfalls allocated, of any classes
      of Certificates that were received by the Certificateholder as a result of
      such
      exchange;

     

    
      
        
        

      

      
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    (v)
      the
      amount of distributions to the Holders of Certificates of each Class to be
      applied to reduce the Certificate Balance thereof, separately identifying the
      amounts, if any, of any Payoffs, Principal Prepayments made by the Mortgagor,
      Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds;

     

    (vi)
      the
      amount of such distribution to the Holders of Certificates of such Class
      allocable to interest, and the Certificate Rate applicable to each Class
      (separately identifying (A) the amount of such interest accrued during the
      calendar month preceding the month of such Distribution Date, and (B) the
      amount of interest from previous calendar months;

     

    (vii)
      the
      aggregate amount of the Servicing Fees and the Master Servicing Fee paid as
      required under the Servicing Agreements and the Trust Agreement and any other
      fees or expenses paid out of the Available Distribution Amount for such
      Distribution Date as permitted hereunder;

     

    (viii)
      if
      applicable, the aggregate amount of outstanding Monthly Advances included in
      such distribution, the aggregate amount of Monthly Advances reimbursed during
      the calendar month preceding the Distribution Date (including such amounts
      reimbursed to the Master Servicer or Trustee) and the aggregate amount of
      unreimbursed Monthly Advances at the close of business on such Distribution
      Date;

     

    (ix)
      LIBOR for such Distribution Date;

     

    (x)
      the
      Certificate Rate for each Class of Certificates for such Distribution
      Date;

     

    (xi)
      the
      amount of any Basis Risk Shortfalls on any Floating Rate Certificates that
      have
      the benefit of an Interest Rate Cap Agreement;

     

    (xii)
      the
      amount of any Interest Rate Cap Amounts on any such Certificates referenced
      in
      clause (xii) above;

     

    (xiii)
      the amounts, if any, deposited into any Basis Risk Reserve Fund on such
      Distribution Date, and the balance of each Basis Risk Reserve Fund, after such
      deposits, on such Distribution Date;

     

    (xiv)
      the
      number and aggregate Scheduled Principal Balance of the Mortgage Loans
      outstanding as of the last Business Day of the calendar month preceding such
      Distribution Date;

     

    (xv)
      the
      number and aggregate Scheduled Principal Balance of Mortgage Loans as reported
      to the Securities Administrator by the Servicer, (A) that are current, 30
      days contractually delinquent, 60 days contractually delinquent, 90 days
      contractually delinquent or 120 days or more contractually delinquent (each
      to
      be calculated using the Mortgage Bankers Association (MBA) method), (B) as
      to which foreclosure proceedings have been commenced, (C) as to which the
      Mortgagor is subject to a bankruptcy proceeding and (D) secured by REO
      Properties;

     

    
      
        
        

      

      
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    (xvi)
      with respect to any mortgaged property acquired on behalf of Certificateholders
      through foreclosure or deed in lieu of foreclosure during the preceding calendar
      month, the Scheduled Principal Balance of the related Mortgage Loan as of the
      last Business Day of the calendar month preceding the Distribution
      Date;

     

    (xvii)
      the aggregate Certificate Balance of each Class of Certificates (and, in the
      case of any Certificate with no Certificate Balance, the notional amount of
      such
      Class) after giving effect to the distribution to be made on such Distribution
      Date, and separately identifying any reduction thereof on account of Realized
      Losses;

     

    (xviii)
      the aggregate amount of (A) Payoffs and Principal Prepayments made by
      Mortgagors, (B) Liquidation Proceeds, Condemnation Proceeds and Insurance
      Proceeds, and (C) Realized Losses incurred during the related Prepayment
      Period;

     

    (xix)
      the
      aggregate amount of any Mortgage Loan that has been repurchased from the
      Trust;

     

    (xx)
      the
      aggregate Shortfall, if any, allocated to each Class of Certificates at the
      close of business on such Distribution Date;

     

    (xxi)
      the
      Certificate Rate for each Class of Certificates applicable to such Distribution
      Date; and

     

    (xxii)
      the Senior Collateral Group Percentages, the Senior Prepayment Percentages,
      the
      Subordinate Percentages and the Subordinate Prepayment Percentages, if any,
      for
      such Distribution Date. 

     

    In
      the
      case of information furnished pursuant to clauses (i) through (iii) above,
      the amounts shall be expressed, with respect to any Certificate, as a dollar
      amount per $1,000 denomination; provided,
      however,
      that if
      any Class of Certificates does not have a Certificate Balance, then the amounts
      shall be expressed as a dollar amount per 10% Percentage Interest.

     

    In
      addition to the Distribution Statement that includes the information listed
      above, the Securities Administrator shall prepare and file a statement including
      such
      other information as is required by Form 10-D, including, but not limited to,
      the information required by Item 1121 (§229.1121) of Regulation AB.

     

    In
      addition to the Distribution Statement specified above, the Securities
      Administrator shall prepare and make available to each Certificateholder (with
      respect to clauses (i) and (ii) below) and each Holder of a Residual Certificate
      (with respect to clauses (iii) and (iv) below), if any, on each Distribution
      Date a statement setting forth: (i) in the case of a Trust with respect to
      which
      one or more REMIC elections have been or will be made, any reports required
      to
      be provided to Holders by the REMIC Provisions; (ii) such other customary
      information as the Securities Administrator deems necessary or desirable, or
      which a Certificateholder reasonably requests, to enable Certificateholders
      to
      prepare their tax returns; (iii) the amounts actually distributed with respect
      to the Residual Certificates of such Class on such Distribution Date; and (iv)
      the aggregate Certificate Balance, if any, of the Residual Certificates of
      such
      Class after giving effect to any distribution made on such Distribution Date,
      separately identifying the amount of Realized Losses allocated to such Residual
      Certificates of such Class on such Distribution Date.

     

    
      
        
        

      

      
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    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall prepare and furnish a statement, containing the information
      set forth in clauses (i) through (iv) above (based on information provided
      by the Master Servicer), to each Person who at any time during the calendar
      year
      was a Holder that requests such statement, aggregated for such calendar year
      or
      portion thereof during which such Person was a Certificateholder. Such
      obligation of the Securities Administrator shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      provided by the Master Servicer or the Securities 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 Securities
      Administrator shall prepare and shall furnish to each Person who at any time
      during the calendar year was a Holder of a Residual Certificate a statement,
      upon request, containing the information provided pursuant to the second
      preceding paragraph aggregated for such calendar year thereof during which
      such Person was a Certificateholder. Such obligation of the Securities
      Administrator shall be deemed to have been satisfied to the extent that
      substantially comparable information shall be provided by the Securities
      Administrator pursuant to any requirements of the Code as from time to time
      are
      in force.

     

    Section
      4.02 Remittance
      Reports
      and other Reports from the
      Servicers.

     

    To
      the
      extent received from any Servicer and the Master Servicer, the Securities
      Administrator shall make the information in each Remittance Report available
      to
      the Depositor, the Trustee, or any Certificateholder upon written request
      therefor. In addition, upon written request from the Depositor, the Trustee,
      the
      Securities Administrator or any Certificateholder (such party, the “Requesting
      Party”),
      the
      Securities Administrator shall use commercially reasonable efforts to obtain
      from each Servicer and subsequently provide to the Requesting Party any other
      reports or information that may be obtained by the Securities Administrator
      from
      any Servicer pursuant to the related Servicing Agreement; provided, however,
      that if the Securities Administrator incurs costs pursuant to the Servicing
      Agreement with respect to any particular request, the Securities Administrator
      shall be entitled to reimbursement from the Requesting Party for such costs,
      together with any other reasonable costs incurred by it for obtaining or
      delivering the reports or information specified by such request. Upon the
      request of the Depositor, if permitted pursuant to a Sale and Servicing
      Agreement, the Master Servicer shall request, on an annual basis beginning
      one
      year after the Closing Date, copies of the related Servicer’s internal quality
      control reports (it being understood that the Master Servicer shall have no
      responsibility for, or be deemed to have, constructive notice of any information
      contained therein or determinable therefrom). Neither the Master Servicer,
      the
      Securities Administrator nor any agent of the Securities Administrator shall
      be
      under any duty to recalculate, verify or recompute the information provided
      to
      it under any Servicing Agreement by the applicable Servicer.

     

     

    
      
        
        

      

      
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    Section
      4.03 Compliance
      with Withholding Requirements.

     

    Notwithstanding
      any other provisions of the Trust Agreement, the Securities Administrator shall
      comply with all federal withholding requirements respecting payments of interest
      or principal to the extent of accrued original issue discount on Certificates
      to
      each Holder of such Certificates who (a) is not a “United States person,”
within the meaning of Code Section 7701(a)(30), (b) fails to furnish
      its TIN to the Securities Administrator, (c) furnishes the Securities
      Administrator an incorrect TIN, (d) fails to report properly interest and
      dividends, (e) under certain circumstances, fails to provide the Securities
      Administrator or the Certificateholder’s securities broker with a certified
      statement, signed under penalties of perjury, that the TIN provided by such
      Certificateholder to the Securities Administrator or such broker is correct
      and
      that the Certificateholder is not subject to backup withholding or
      (f) otherwise fails to satisfy any applicable certification requirements
      relating to the withholding tax. The consent of such a Certificateholder shall
      not be required for such withholding. In the event the Securities Administrator,
      on behalf of the Trustee, does withhold the amount of any otherwise required
      distribution from interest payments on the Mortgage Loans (including principal
      payments to the extent of accrued original issue discount) or Monthly Advances
      thereof to any Certificateholder pursuant to federal withholding requirements,
      the Securities Administrator shall indicate with any payments to such
      Certificateholders the amount withheld. In addition, if any United States
      federal income tax is due at the time a Non-U.S. Person transfers a Residual
      Certificate, the Securities Administrator, on behalf of the Trustee, or other
      Withholding Agent may (1) withhold an amount equal to the taxes due upon
      disposition of such Residual Certificate from future distributions made with
      respect to such Residual Certificate to the transferee thereof (after giving
      effect to the withholding of taxes imposed on such transferee), and (2) pay
      the withheld amount to the Internal Revenue Service unless satisfactory written
      evidence of payment by the transferor of the taxes due has been provided to
      the
      Securities Administrator or such Withholding Agent. Moreover, the Securities
      Administrator, on behalf of the Trustee, or other Withholding Agent may
      (1) hold distributions on a Residual Certificate, without interest, pending
      determination of amounts to be withheld, (2) withhold other amounts, if
      any, required to be withheld pursuant to United States federal income tax law
      from distributions that otherwise would be made to such transferee on each
      Residual Certificate that it holds, and (3) pay to the Internal Revenue
      Service all such amounts withheld.

     

    Section
      4.04 Reports
      of Certificate Balances to The Depository Trust Company.

     

    If
      and
      for so long as any Certificate is held by The Depository Trust Company, on
      each
      Distribution Date, the Securities Administrator shall give notice to The
      Depository Trust Company (and shall promptly thereafter confirm in writing)
      the
      following: (a) the amount to be reported pursuant to clause (c) and
      (d) of each statement provided to Holders of Certificates pursuant to
      Section 4.01 in respect of the next succeeding distribution, (b) the
      Record Date for such distribution, (c) the Distribution Date for such
      distribution and (d) the aggregate Certificate Balance of each Class of
      Certificates to be reported pursuant to clause (i) of the first
      paragraph of Section 4.01 in such month.

     

     

    
      
        
        

      

      
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    Section
      4.05 Preparation
      of Regulatory Reports.

     

    Notwithstanding
      any other provision of this Agreement, the Securities Administrator has not
      assumed, and shall not by its performance hereunder be deemed to have assumed,
      any of the duties or obligations of the Depositor or any other Person with
      respect to (a) the registration of the Certificates pursuant to the
      Securities Act, (b) the issuance or sale of the Certificates, or
      (c) compliance with the provisions of the Securities Act, the Exchange Act,
      or any offering circular, applicable federal or state securities or other laws
      including, without limitation, any requirement to update the registration
      statement or prospectus relating to the Certificates in order to render the
      same
      not materially misleading to investors.

     

    Section
      4.06 Management
      and Disposition of REO Property.

     

    The
      Master Servicer shall enforce the obligation of each Servicer under any
      Servicing Agreement to dispose of any REO Property acquired by such Servicer
      on
      behalf of the Trust before the end of the third calendar year following the
      calendar year in which the related REO Property was acquired; provided that
      the
      Master Servicer shall waive such requirement if the Master Servicer, the Trustee
      and the Securities Administrator (a) receive an Opinion of Counsel
      (obtained at the expense of the party requesting such Opinion of Counsel)
      indicating that, under then-current law, the REMIC may hold such REO Property
      for a period longer than three years without threatening the REMIC status of
      any
      related REMIC or causing the imposition of a tax upon any such REMIC or
      (b) such Servicer applies for and is granted an extension of such three
      year period pursuant to Code Sections 860G(a)(8) and 856(e)(3) (the
      applicable period provided pursuant to such Opinion of Counsel or such Code
      Section being referred to herein as an “Extended
      Holding Period”).
      In
      that event, the Master Servicer shall direct such Servicer to sell any REO
      Property remaining after such date in an auction before the end of the Extended
      Holding Period.

     

    ARTICLE
      V

     

    THE
      INTERESTS AND THE SECURITIES

     

    Section
      5.01 REMIC
      Interests.

     

    The
      Trust
      Agreement will set forth the terms of the Regular Interests and Residual
      Interest of each REMIC. Unless otherwise specified in the Trust Agreement,
      (a) the Regular Interests in each REMIC will be “regular interests” for
      purposes of the REMIC Provisions; (b) the Trustee will be the owner of the
      Regular Interests in any REMIC held by another REMIC formed pursuant to the
      terms of the Trust Agreement, and such Regular Interests may not be transferred
      to any person other than a successor trustee appointed pursuant to
      Section 8.07 hereof unless the party desiring the transfer obtains a
      Special Tax Opinion; and (c) such Regular Interests will be represented by
      the respective Interests.

     

    Section
      5.02 The
      Certificates.

     

    The
      Certificates shall be designated in the Trust Agreement. The Certificates in
      the
      aggregate will represent the entire beneficial ownership interest in the Trust
      Estate. On the Closing Date, the aggregate Certificate Balance of the
      Certificates will equal the aggregate Scheduled Principal Balance of the
      Mortgage Loans as of the Cut-off Date. The Certificates will be substantially
      in
      the forms annexed to the Trust Agreement. Unless otherwise provided in the
      Trust
      Agreement, the Certificates of each Class will be issuable in registered form,
      in denominations of authorized Percentage Interests as described in the
      definition thereof. Each Certificate will share ratably in all rights of the
      related Class.

     

    
      
        
        

      

      
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    Upon
      original issue, the Certificates shall be executed by the Trustee and delivered
      by the Securities Administrator and the Securities Administrator shall cause
      the
      Certificates to be authenticated by the Certificate Registrar to or upon the
      order of the Depositor upon receipt by the Trustee of the documents specified
      in
      Section 2.01. The Certificates shall be executed and attested by manual or
      facsimile signature on behalf of the Trustee by an authorized Officer under
      its
      seal imprinted thereon. Certificates bearing the manual or facsimile signatures
      of individuals who were at any time the proper Officers of the Trustee shall
      bind the Trustee, 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 in the Trust Agreement
      executed by the Certificate Registrar 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 execution.

     

    Section
      5.03 Book-Entry
      Certificates.

     

    (a)
      The
      Book-Entry Certificates will be represented initially by one or more
      certificates registered in the name designated by the Clearing Agency. The
      Depositor and the Securities Administrator may for all intents and purposes
      (including the making of payments on the Book-Entry Certificates) deal with
      the
      Clearing Agency as the authorized representative of the Beneficial Owners of
      the
      Book-Entry Certificates for as long as those Certificates are registered in
      the
      name of the Clearing Agency. The rights of Beneficial Owners of the Book-Entry
      Certificates shall be limited by law to those established by law and agreements
      between such Beneficial Owners and the Clearing Agency and Clearing Agency
      Participants. The Beneficial Owners of the Book-Entry Certificates shall not
      be
      entitled to certificates for the Book-Entry Certificates as to which they are
      the Beneficial Owners, except as provided in subsection (c) below. Requests
      and
      directions from, and votes of, the Clearing Agency, as Holder, shall not be
      deemed to be inconsistent if they are made with respect to different Beneficial
      Owners. Without the consent of the Depositor, the Trustee and the Securities
      Administrator, a Book-Entry Certificate may not be transferred by the Clearing
      Agency except to another Clearing Agency that agrees to hold the Book-Entry
      Certificate for the account of the respective Clearing Agency Participants
      and
      Beneficial Owners.

     

    (b)
      Neither the Depositor, the Trustee nor the Securities Administrator will have
      any liability for any aspect of the records relating to or payment made on
      account of Beneficial Owners of the Book-Entry Certificates held by the Clearing
      Agency, for monitoring or restricting any transfer of beneficial ownership
      in a
      Book-Entry Certificate or for maintaining, supervising or reviewing any records
      relating to such Beneficial Owners.

     

    
      
        
        

      

      
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    (c)
      A
      Book-Entry Certificate will be registered in fully registered, certificated
      form
      to Beneficial Owners of Book-Entry Certificates or their nominees, rather than
      to the Clearing Agency or its nominee, if (a) the Depositor advises the
      Securities Administrator and Trustee in writing that the Clearing Agency is
      no
      longer willing or able to discharge properly its responsibilities as depository
      with respect to the Book-Entry Certificates, and the Depositor is unable to
      locate a qualified successor within 30 days, (b) the Depositor, at its
      option, elects to terminate the book-entry system operating through the Clearing
      Agency or (c) after the occurrence of an Event of Default, Beneficial
      Owners representing at least a majority of the aggregate outstanding Certificate
      Balance of the Book-Entry Certificates advise the Clearing Agency in writing
      that the continuation of a book-entry system through the Clearing Agency is
      no
      longer in the best interests of the Beneficial Owners. Upon the occurrence
      of
      any such event, the Securities Administrator shall notify the Clearing Agency,
      which in turn will notify all Beneficial Owners of Book-Entry Certificates
      through Clearing Agency Participants, of the availability of certificated
      Certificates. Upon surrender by the Clearing Agency or the Book-Entry Custodian
      of the certificates representing the Book-Entry Certificates and receipt of
      instructions for re-registration, the Securities Administrator will reissue
      the
      Book-Entry Certificates as certificated Certificates to the Beneficial Owners
      identified in writing by the Clearing Agency. Neither the Depositor, the Trustee
      nor the Securities Administrator shall be liable for any delay in the delivery
      of such instructions and may rely conclusively on, and shall be protected in
      relying on, such instructions. Such certificated Certificates shall not
      constitute Book-Entry Certificates. All reasonable costs associated with the
      preparation and delivery of certificated Certificates shall be borne by the
      Trust.

     

    (d)
      The
      Securities Administrator is hereby initially appointed as Book-Entry Custodian
      with respect to the Book-Entry Certificates, and hereby agrees to act as such
      in
      accordance herewith and in accordance with the agreement that it has with the
      Clearing Agency authorizing it to act as such (it being understood that should
      any conflict arise between the provisions hereof and the provisions of the
      agreement between the Securities Administrator and the Clearing Agency, the
      agreement with the Clearing Agency will control). 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 and, if
      the
      Securities Administrator is not the Book-Entry Custodian, the Securities
      Administrator, any other transfer agent (including the Clearing Agency or any
      successor Clearing Agency) to act as Book-Entry Custodian under such conditions
      as the predecessor Book-Entry Custodian and the Clearing Agency or any successor
      Clearing Agency may prescribe; provided
      that the
      predecessor Book-Entry Custodian shall not be relieved of any of its duties
      or
      responsibilities by reason of such appointment of other than the Clearing
      Agency. If the Securities Administrator resigns or is removed in accordance
      with
      the terms hereof, the successor securities administrator, or, if it so elects,
      the Clearing Agency 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.

     

    Section
      5.04 Registration
      of Transfer and Exchange of Certificates.

     

    The
      Securities Administrator shall cause to be kept at its Corporate Trust Office
      a
      Certificate Register in which, subject to such reasonable regulations as it
      may
      prescribe, the Securities Administrator shall provide for the registration
      of
      Certificates and of transfers and exchanges of Certificates as herein provided.
      The Securities Administrator will initially serve as Certificate Registrar
      for
      the purpose of registering Certificates and transfers and exchanges of
      Certificates as herein provided. The Securities Administrator may appoint any
      other Person to act as Certificate Registrar hereunder.

     

    
      
        
        

      

      
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    Subject
      to Section 5.05, upon surrender for registration of transfer of any
      Certificate at the Corporate Trust Office of the Securities Administrator or
      at
      any other office or agency of the Securities Administrator maintained for such
      purpose, the Securities Administrator shall execute and the Certificate
      Registrar shall authenticate and deliver, in the name of the designated
      transferee or transferees, one or more new Certificates of the same Class of
      a
      like aggregate Percentage Interest.

     

    At
      the
      option of the Certificateholders, each Certificate may be exchanged for other
      Certificates of the same Class with the same and authorized denominations and
      a
      like aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any such office or agency. Whenever any Certificates are so
      surrendered for exchange, the Securities Administrator shall execute and cause
      the Certificate Registrar to authenticate and deliver the Certificates which
      the
      Certificateholder making the exchange is entitled to receive. Every Certificate
      presented or surrendered for transfer or exchange shall (if so required by
      the
      Securities Administrator) be duly endorsed by, or be accompanied by a written
      instrument of transfer in the form satisfactory to the Securities Administrator
      duly executed by, the Holder thereof or his attorney duly authorized in
      writing.

     

    No
      service charge to the Certificateholders shall be made for any transfer or
      exchange of Certificates (except as provided in the Exchange Agreement), but
      the
      Securities Administrator may require payment of a sum sufficient to cover any
      tax or governmental charge that may be imposed in connection with any transfer
      or exchange of Certificates.

     

    All
      Certificates surrendered for transfer and exchange shall be destroyed by the
      Certificate Registrar.

     

    The
      Securities Administrator will cause the Certificate Registrar (unless the
      Securities Administrator is acting as Certificate Registrar) to provide notice
      to the Securities Administrator of each transfer of a Certificate, and the
      Certificate Registrar will provide the Securities Administrator with an updated
      copy of the Certificate Register on January 1 and July 1 of each
      year.

     

    Section
      5.05 Restrictions
      on Transfer.

     

    (a)
      No
      transfer of any Private Certificate shall be made unless that transfer is made
      pursuant to an effective registration statement under the Securities Act and
      effective registration or qualification under applicable state securities laws,
      or is made in a transaction that does not require such registration or
      qualification. Any Holder of a Private Certificate shall, and, by acceptance
      of
      such Private Certificate, does agree to, indemnify the Depositor, the
      Certificate Registrar and the Securities Administrator against any liability
      that may result if any transfer of such Certificates by such Holder is not
      exempt from registration under the Securities Act and all applicable state
      securities laws or is not made in accordance with such federal and state laws.
      Neither the Depositor, the Certificate Registrar nor the Securities
      Administrator is obligated to register or qualify any Private Certificate under
      the Securities Act or any other securities law or to take any action not
      otherwise required under this Agreement to permit the transfer of such
      Certificates without such registration or qualification. Neither the Certificate
      Registrar nor the Securities Administrator shall register any transfer of a
      Private Certificate (other than a Residual Certificate) unless and until the
      prospective transferee provides the Securities Administrator with an agreement
      certifying to facts which, if true, would mean that the proposed transferee
      is a
      Qualified Institutional Buyer (a “QIB
      Certificate”),
      or,
      if the Private Certificate to be transferred is not a Rule 144A Certificate,
      a
      Transferee Agreement, and in any case unless and until the transfer otherwise
      complies with the provisions of this Section 5.05. If so provided in the
      Trust Agreement, the prospective transferee will be deemed to have provided
      a
      QIB Certificate upon acceptance of the Certificate. If a proposed transfer
      does
      not involve a Rule 144A Certificate, the Securities Administrator or the
      Certificate Registrar shall require that the transferor and transferee certify
      as to the factual basis for the registration exemption(s) relied upon, and
      if
      the transfer is made within two years of the acquisition thereof by a
      non-Affiliate of the Depositor from the Depositor or an Affiliate of the
      Depositor, or the Securities Administrator or the Certificate Registrar also
      may
      require an Opinion of Counsel that such transfer may be made without
      registration or qualification under the Securities Act and applicable state
      securities laws, which Opinion of Counsel shall not be obtained at the expense
      of the Depositor, the Certificate Registrar or the Securities Administrator.
      Notwithstanding the foregoing, no QIB Certificate, Transferee Agreement or
      Opinion of Counsel shall be required in connection with the initial transfer
      of
      the Private Certificates and no Opinion of Counsel shall be required in
      connection with the transfer of the Private Certificates by a broker or dealer,
      if such broker or dealer was the initial transferee.

     

    
      
        
        

      

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

     

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

     

    
      
        
        

      

      
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    The
      Depositor (or, upon direction of the Depositor, the Securities Administrator,
      which directions shall specify the information to be provided, and at the
      expense of the Depositor or the Securities Administrator) shall provide to
      any
      Holder of a Rule 144A Certificate and any prospective transferee designated
      by
      such Holder information regarding the related Certificates and the Mortgage
      Loans and such other information as shall be necessary to satisfy the condition
      to eligibility set forth in Rule 144A(d)(4) for transfer of any such Rule 144A
      Certificate without registration thereof under the Securities Act pursuant
      to
      the registration exemption provided by Rule 144A.

     

    (d)
      Notwithstanding any provision to the contrary herein, so long as a global
      security representing any Private Certificate remains outstanding and is held
      by
      or on behalf of DTC, transfers of a global security representing any such
      Certificates, in whole or in part, shall only be made in accordance with this
      Section 5.05(d).

     

    
      	 	
              (A)

            	
              Subject
                to clauses (B) and (C) of this Section 5.05(d), transfers of a global
                security representing any Private Certificate shall be limited to
                transfers of such global security, in whole or in part, to nominees
                of DTC
                or to a successor of DTC or such successor’s nominee.
                

            

    

     

    
      	 	
              (B)

            	
              Rule
                144A Certificate to Regulation S Global Security.
                If a holder of a beneficial interest in a Rule 144A Certificate deposited
                with or on behalf of DTC wishes at any time to exchange its interest
                in
                such Rule 144A Certificate for an interest in a Regulation S Global
                Security, or to transfer its interest in such Rule 144A Certificate
                to a
                Person who wishes to take delivery thereof in the form of an interest
                in a
                Regulation S Global Security, such holder, provided
                such holder or proposed transferee is not a U.S. person, may, subject
                to
                the rules and procedures of DTC, exchange or cause the exchange of
                such
                interest for an equivalent beneficial interest in the Regulation
                S Global
                Security. Upon receipt by the Securities Administrator, as Certificate
                Registrar, of (I) instructions from DTC directing the Securities
                Administrator, as Certificate Registrar, to be credited a beneficial
                interest in a Regulation S Global Security in an amount equal to
                the
                beneficial interest in such Rule 144A Certificate to be exchanged
                but not
                less than the minimum denomination applicable to such holder’s
                Certificates held through a Regulation S Global Security, (II) a
                written
                order given in accordance with DTC’s procedures containing information
                regarding the participant account of DTC and, in the case of a transfer
                pursuant to and in accordance with Regulation S, the Euroclear or
                Clearstream account to be credited with such increase and (III) a
                certificate in the form of Exhibit C-2 hereto given by the holder
                of such
                beneficial interest stating that the exchange or transfer of such
                interest
                has been made in compliance with the transfer restrictions applicable
                to
                the Global Securities, including that the holder is not a U.S. person,
                and
                pursuant to and in accordance with Regulation S, the Securities
                Administrator, as Certificate Registrar, shall reduce the principal
                amount
                of the Rule 144A Certificate and increase the principal amount of
                the
                Regulation S Global Security by the aggregate principal amount of
                the
                beneficial interest in the Rule 144A Certificate to be exchanged,
                and
                shall instruct Euroclear or Clearstream, as applicable, concurrently
                with
                such reduction, to credit or cause to be credited to the account
                of the
                Person specified in such instructions a beneficial interest in the
                Regulation S Global Security equal to the reduction in the principal
                amount of the Rule 144A
                Certificate.

            

    

     

    
      
        
        

      

      
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              (C)

            	
              Regulation
                S Global Security to Rule 144A Certificate.
                If a holder of a beneficial interest in a Regulation S Global Security
                deposited with or on behalf of DTC wishes at any time to transfer
                its
                interest in such Regulation S Global Security to a Person who wishes
                to
                take delivery thereof in the form of an interest in a Rule 144A
                Certificate, such holder may, subject to the rules and procedures
                of DTC,
                exchange or cause the exchange of such interest for an equivalent
                beneficial interest in a Rule 144A Certificate. Upon receipt by the
                Securities Administrator, as Certificate Registrar, of (I) instructions
                from DTC directing the Securities Administrator, as Certificate Registrar,
                to cause to be credited a beneficial interest in a Rule 144A Certificate
                in an amount equal to the beneficial interest in such Regulation
                S Global
                Security to be exchanged but not less than the minimum denomination
                applicable to such holder’s Certificates held through a Rule 144A
                Certificate, to be exchanged, such instructions to contain information
                regarding the participant account with DTC to be credited with such
                increase, and (II) a certificate in the form of Exhibit C-3 hereto
                given
                by the holder of such beneficial interest and stating, among other
                things,
                that the Person transferring such interest in such Regulation S Global
                Security reasonably believes that the Person acquiring such interest
                in a
                Rule 144A Certificate is a QIB, is obtaining such beneficial interest
                in a
                transaction meeting the requirements of Rule 144A and in accordance
                with
                any applicable securities laws of any State of the United States
                or any
                other jurisdiction, then the Securities Administrator, as Certificate
                Registrar, will reduce the principal amount of the Regulation S Global
                Security and increase the principal amount of the Rule 144A Certificate
                by
                the aggregate principal amount of the beneficial interest in the
                Regulation S Global Security to be transferred and the Securities
                Administrator, as Certificate Registrar, shall instruct DTC, concurrently
                with such reduction, to credit or cause to be credited to the account
                of
                the Person specified in such instructions a beneficial interest in
                the
                Rule 144A Certificate equal to the reduction in the principal amount
                of
                the Regulation S Global Security.

            

    

     

    
      
        
        

      

      
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              (D)

            	
              Other
                Exchanges.
                In the event that a global security is exchanged for Certificates
                in
                definitive registered form without interest coupons, pursuant to
                Section
                5.03(c) hereof, such Certificates may be exchanged for one another
                only in
                accordance with such procedures as are substantially consistent with
                the
                provisions above (including certification requirements intended to
                insure
                that such transfers comply with Rule 144A, comply with Rule 501(a)(1),
                (2), (3) or (7) or are to non-U.S. persons in compliance with Regulation
                S
                under the Securities Act, as the case may
                be).

            

    

     

    
      	 	
              (E)

            	
              Restrictions
                on U.S. Transfers.
                Transfers of interests in the Regulation S Global Security to U.S.
                persons
                (as defined in Regulation S) shall be limited to transfers made pursuant
                to the provisions of Section
                5.05(d)(C).

            

    

     

    (e)
      ERISA
      Restrictions.
      No
      Private Certificate (a
      “Certificated
      Subordinated Security”),
      Residual Certificate or Class X Certificate shall be transferred unless the
      prospective transferee provides the Securities Administrator and Certificate
      Registrar with a properly completed Benefit Plan Affidavit.

     

    Prior
      to
      the termination of any class of certificates which have the benefit of an
      interest rate cap agreement, each beneficial owner of a Certificate
      of such class or any interest therein, will be deemed to have represented,
      by
      virtue of its acquisition or holding of a such Certificate,
      or interest therein, that either (i) it is not a Plan or (ii) the acquisition
      and holding of such Certificate are eligible for the exemptive relief available
      under the statutory exemption for nonfiduciary service providers under Section
      408(b)(17) of ERISA and Section 4975(d)(20) of the Code, Department of Labor
      Prohibited Transaction Class Exemption 84-14, 90-1, 91-38, 95-60 or 96-23 or
      some other applicable exemption.

    

    (f)
      Residual
      Certificates.
      No
      Residual Certificate (including any beneficial interest therein) may be
      transferred to a Disqualified Organization. In addition, no Residual Certificate
      (including any beneficial interest therein) may be transferred unless
      (i) the proposed transferee provides the Securities Administrator or the
      Certificate Registrar with (A) a Residual Transferee Agreement, (B) if
      the proposed transferee is a U.S. Person, a U.S. Person Affidavit and Affidavit
      Pursuant to Sections 860D(a)(6)(A) and 860E(e)(4) of the Code, and
      (C) if the proposed transferee is a Non-U.S. Person, a Non-U.S. Person
      Affidavit and Affidavit Pursuant to Sections 860D(a)(6)(A) and 860E(e)(4)
      of the Code, and (ii) the interest transferred involves the entire interest
      in a Residual Certificate or an undivided interest therein (unless the
      transferor or the transferee provides the Securities Administrator or the
      Certificate Registrar with an Opinion of Counsel (which shall not be an expense
      of the Securities Administrator or the Certificate Registrar, as applicable)
      that the transfer will not jeopardize the REMIC status of any related REMIC).
      Furthermore, if a proposed transfer involves a Rule 144A Certificate, the
      Securities Administrator or the Certificate Registrar shall require the
      transferee to certify as to facts that, if true, would mean that the proposed
      transferee is a Qualified Institutional Buyer; and, if a proposed transfer
      involves a Private Certificate that is not a Rule 144A Certificate, (1) the
      Securities Administrator or the Certificate Registrar shall require that the
      transferee certify as to the factual basis for the registration exemption(s)
      relied upon, and (2) if the transfer is made within two years from the
      acquisition of the Certificate by a non-Affiliate of the Depositor from the
      Depositor or an Affiliate of the Depositor, the Securities Administrator or
      the
      Certificate Registrar also may require an Opinion of Counsel that such transfer
      may be made without registration or qualification under the Securities Act
      and
      applicable state securities laws, which Opinion of Counsel shall not be obtained
      at the expense of the Securities Administrator or the Certificate Registrar,
      as
      applicable. In any event, neither the Securities Administrator nor the
      Certificate Registrar shall effect any transfer of a Residual Certificate except
      upon notification of such transfer to the Securities Administrator or the
      Certificate Registrar, as applicable. Notwithstanding the foregoing, no Opinion
      of Counsel shall be required in connection with the initial transfer of the
      Residual Certificates or their transfer by a broker or dealer, if such broker
      or
      dealer was the initial transferee. Notwithstanding the fulfillment of the
      prerequisites described above, the Securities Administrator or the Certificate
      Registrar may refuse to recognize any transfer to the extent necessary to avoid
      a risk of disqualification of any related REMIC as a REMIC or the imposition
      of
      a tax upon any such REMIC.

     

    
      
        
        

      

      
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    Upon
      notice to the Securities Administrator that any legal or beneficial interest
      in
      any portion of the Residual Certificates has been transferred, directly or
      indirectly, to a Disqualified Organization or agent thereof (including a broker,
      nominee, or middleman) in contravention of the foregoing restrictions, such
      transferee shall be deemed to hold the Residual Certificate in constructive
      trust for the last transferor who was not a Disqualified Organization or agent
      thereof, and such transferor shall be restored as the owner of such Residual
      Certificate as completely as if such transfer had never occurred, provided that
      the
      Securities Administrator may, but is not required to, recover any distributions
      made to such transferee with respect to the Residual Certificate and return
      such
      recovery to the transferor. The Securities Administrator, on behalf of the
      Trustee, agrees to furnish to the Internal Revenue Service and to any transferor
      of the Residual Certificate or such agent (within 60 days of the request
      therefor by the transferor or agent) such information necessary for the
      computation of the tax imposed under Section 860E(e) of the Code and as
      otherwise may be required by the Code, including but not limited to the present
      value of the total anticipated excess inclusions with respect to the Residual
      Certificate (or portion thereof) for periods after such transfer. At the
      election of the Securities Administrator, the cost to the Securities
      Administrator of computing and furnishing such information may be charged to
      the
      transferor or such agent referred to above; however, the Securities
      Administrator shall not be excused from furnishing such
      information.

     

    If
      a tax
      or a reporting cost is borne by any REMIC as a result of the transfer of a
      Residual Certificate or any beneficial interest therein in violation of the
      restrictions set forth in this Section, the transferor shall pay such tax or
      cost and, if such tax or cost is not so paid, the Securities Administrator,
      on
      behalf of the Trustee, shall pay such tax or cost with amounts that otherwise
      would have been paid to the transferee of the Residual Certificate (or
      beneficial interest therein). In that event, neither the transferee nor the
      transferor shall have any right to seek repayment of such amounts from the
      Depositor, the Securities Administrator, any REMIC, or the other Holders of
      any
      of the Certificates, and none of such parties shall have any liability for
      payment of any such tax or reporting cost.

     

    Section
      5.06 Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (a) any mutilated Certificate is surrendered to the Securities
      Administrator or the Certificate Registrar, or the Securities Administrator
      and
      the Certificate Registrar receive evidence to their satisfaction of the
      destruction, loss or theft of any Certificate, and (b) there is delivered
      to the Securities Administrator, the Trustee and the Certificate Registrar
      such
      security or indemnity as may be required by them to save each of them harmless,
      then, in the absence of actual knowledge by the Securities Administrator or
      the
      Certificate Registrar that such Certificate has been acquired by a bona fide
      purchaser, the Securities Administrator shall execute and cause the Certificate
      Registrar to 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 tenor and Percentage Interest. Upon the issuance of any new
      Certificate pursuant to this Section, the Securities Administrator may require
      the payment of a sum sufficient to cover any tax or other governmental charge
      that may be imposed in relation thereto and any other expenses (including the
      fees and expenses of the Certificate Registrar) connected therewith. Any
      replacement Certificate issued pursuant to this Section shall constitute
      complete and indefeasible evidence of ownership in the Trust, as if originally
      issued, whether or not the destroyed, lost or stolen Certificate shall be found
      at any time.

     

     

    
      
        
        

      

      
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    Section
      5.07 Persons
      Deemed Owners.

     

    Prior
      to
      due presentation of a Certificate for registration of transfer, the Securities
      Administrator, the Certificate Registrar 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 and for all other
      purposes whatsoever, and neither the Securities Administrator, the Certificate
      Registrar nor any agent of any of them shall be affected by notice to the
      contrary.

     

    Section
      5.08 Appointment
      of Paying Agent.

     

    The
      Securities Administrator may, with the consent of the Trustee (if such Paying
      Agent is other than Wells Fargo Bank), appoint a Paying Agent for the purpose
      of
      making distributions to Certificateholders. The Securities Administrator shall
      cause such Paying Agent (if other than the Securities Administrator) to execute
      and deliver to the Securities Administrator an instrument in which such Paying
      Agent shall agree with the Securities Administrator that such Paying Agent
      will
      hold all sums held by it for the payment to Certificateholders in an Eligible
      Account in trust for the benefit of the Certificateholders entitled thereto
      until such sums shall be paid to the Certificateholders. All funds remitted
      by
      the Securities Administrator to any such Paying Agent for the purpose of making
      distributions shall be paid to Certificateholders on each Distribution Date
      and
      any amounts not so paid shall be returned on such Distribution Date to the
      Securities Administrator. The initial Paying Agent shall be Wells Fargo
      Bank.

     

    ARTICLE
      VI

     

    THE
      DEPOSITOR

     

    Section
      6.01 Liability
      of the Depositor.

     

    The
      Depositor shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed by the Trust Agreement and undertaken by the
      Depositor under the Trust Agreement.

     

     

    
      
        
        

      

      
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    Section
      6.02 Merger
      or Consolidation of the Depositor.

     

    Subject
      to the following paragraph, the Depositor will keep in full effect its corporate
      existence, rights and franchises under the laws of the jurisdiction of its
      organization, and will obtain and preserve its qualification to do business
      in
      each jurisdiction in which such qualification is or shall be necessary to
      protect the validity and enforceability of the Trust Agreement, the Certificates
      or any of the Mortgage Loans and to perform its duties under the Trust
      Agreement.

     

    The
      Depositor 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 shall be
      a
      party, or any Person succeeding to the business of the Depositor, shall be
      the
      successor of the Depositor 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.

     

    ARTICLE
      VII

     

    TERMINATION
      OF SERVICING ARRANGEMENTS

     

    Section
      7.01 Termination
      and Substitution of Servicer.

     

    Upon
      the
      occurrence of any Servicer Event of Default for which any Servicer may be
      terminated pursuant to the related Servicing Agreement, the Master Servicer,
      in
      accordance with Section 8.01(a) hereof, may, and shall, at the direction of
      the Certificateholders holding 66% of the Voting Rights, terminate such
      Servicing Agreement. The Holders of Certificates evidencing at least 66% of
      the
      Voting Rights of Certificates affected by a Servicer Event of Default may waive
      such Servicer Event of Default; provided,
      however,
      that
      (a) a Servicer Event of Default with respect to any Servicer’s obligation
      to make Monthly Advances may be waived only by all of the holders of the
      Certificates affected by such Servicer Event of Default and (b) no such
      waiver is permitted that would materially adversely affect any non-consenting
      Certificateholder. Subject to the conditions set forth below in this
      Section 7.01, the Master Servicer, at the direction of the
      Certificateholders holding 66% of the Voting Rights, shall, concurrently with
      such termination, either assume the duties of the terminated Servicer under
      the
      applicable Servicing Agreement or appoint another servicer to enter into such
      Servicing Agreement.

     

    Notwithstanding
      the foregoing, the Master Servicer may not terminate a Servicer without cause
      unless the Master Servicer or a successor servicer is appointed concurrently
      with such termination. There may be a transition period of not longer than
      ninety (90) days prior to the effective date of the servicing transfer to the
      successor Servicer or Master Servicer, as applicable, provided,
      however,
      that
      during
      such transition period, the Master Servicer or successor servicer shall use
      commercially reasonable efforts to perform the duties of the terminated Servicer
      in its capacity as successor servicer.

     

    If
      the
      Master Servicer terminates a Servicer, the Master Servicer may name another
      mortgage loan service company and such mortgage loan service company shall
      be
      acceptable to each Rating Agency and such mortgage loan service company shall
      assume, satisfy, perform and carry out all liabilities, duties, responsibilities
      and obligations that are to be, or otherwise were to have been, satisfied,
      performed and carried out by such terminated Servicer under the related
      Servicing Agreement. Such successor servicer shall be a mortgage loan servicing
      institution, with except in the case of Avelo Mortgage L.L.C., or any successor
      in interest, a net worth of at least $25,000,000. In the event that the Master
      Servicer cannot appoint a substitute servicer, it shall petition a court of
      competent jurisdiction for the appointment of a substitute servicer meeting
      the
      foregoing requirements. 

     

    
      
        
        

      

      
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    In
      the
      event any Servicer resigns or is terminated as provided above and the Master
      Servicer has not appointed a successor servicer (or no successor servicer has
      accepted such appointment) prior to the effective date of such resignation
      or
      termination, then the Master Servicer shall serve as successor servicer and
      shall succeed to, satisfy, perform and carry out all obligations which otherwise
      were to have been satisfied, performed and carried out by such Servicer under
      the terminated Servicing Agreement until another successor servicer has been
      appointed and has accepted its appointment. In no event shall the Master
      Servicer be deemed to have assumed the obligations of a Servicer to purchase
      any
      Mortgage Loan from the Trust pursuant to any Servicing Agreement or any
      obligations of a Servicer which were incurred thereunder prior to the date
      the
      Master Servicer assumes the obligations of the Servicer under the related
      Servicing Agreement. As compensation to the Master Servicer for any servicing
      obligations fulfilled or assumed by the Master Servicer, the Master Servicer
      shall be entitled to any servicing compensation to which such Servicer would
      have been entitled if the Servicing Agreement with such Servicer had not been
      terminated; provided,
      however, that
      the
      Master Servicer shall not be (a) liable for any acts or omissions of the
      terminated Servicer, (b) obligated to make Advances if it is prohibited from
      doing so under applicable law, (c) responsible for expenses of the terminated
      Servicer pursuant to the terms of the Servicing Agreement or (d) obligated
      to
      deposit losses on any Permitted Investments directed by the terminated
      Servicer.

     

    In
      no
      event shall the Master Servicer be deemed to have assumed the obligations of
      a
      Servicer to purchase any Mortgage Loan from the Trust. Notwithstanding
      the foregoing, if a Servicer Event of Default shall occur and if the Servicer
      is
      to be terminated under this Section 7.01, the Master Servicer shall, by notice
      in writing to the applicable Servicer, which may be delivered by telecopy,
      immediately terminate all of the rights and obligations of such Servicer
      thereafter arising under the applicable Servicing 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 Master Servicer shall
      act as provided in this Section 7.01 to carry out the duties of such Servicer,
      including the obligation to make any Advance the nonpayment of which was a
      Servicer Event of Default. Any such action taken by the Master Servicer must
      be
      prior to the distribution of the relevant Distribution Date. The Servicer being
      terminated as a result of an Event of Default shall bear all costs of a
      servicing transfer as set forth in the applicable Servicing
      Agreement.

     

      As
      set
      forth in the applicable Servicing Agreement, the Master Servicer shall be
      entitled to be reimbursed from such Servicer (or by the Trust Estate, if such
      Servicer is unable to fulfill its obligations hereunder) for all costs
      associated with the transfer of servicing from the predecessor Servicer,
      including, without limitation, any costs or expenses associated with the
      complete transfer of all servicing data and the completion, correction or
      manipulation of such servicing data as may be required by the succeeding
      servicer to correct any errors or insufficiencies in the servicing data or
      otherwise to enable the succeeding servicer to service the Mortgage Loans
      properly and effectively. If the terminated Servicer does not pay such
      reimbursement within thirty (30) days of its receipt of an invoice therefor,
      such reimbursement shall be an expense of the Trust and the Master Servicer
      shall be entitled to withdraw such reimbursement from amounts on deposit in
      the
      Certificate Account pursuant to the terms hereof; provided that,
      in
      accordance with the applicable Servicing Agreement, the terminated Servicer
      shall reimburse the Trust for any such expense incurred by the Trust; and
provided,
      further,
      that
      the
      Master Servicer shall decide whether and to what extent it is in the best
      interest of the Certificateholders to pursue any remedy against any party
      obligated to make such reimbursement.

     

    
      
        
        

      

      
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    No
      Certificateholder, solely by virtue of such holder’s status as a
      Certificateholder, will have any right under the Trust Agreement to institute
      any proceeding with respect to the Trust Agreement or any Servicing Agreement,
      Custodial Agreement or any Assignment Agreement, unless such holder previously
      has given to the Trustee written notice of default and unless the
      Certificateholders evidencing at least 25% of Voting Rights have made written
      request upon the Trustee to institute such proceeding in its own name and have
      offered to the Trustee reasonable indemnity, and the Trustee for 60 days has
      neglected or refused to institute any such proceeding.

     

    Section
      7.02 Notification
      to Certificateholders.

     

    (a)
      Upon
      any termination pursuant to Section 7.01 above or appointment of a
      successor to any Servicer or the Master Servicer, the Securities Administrator
      shall give prompt written notice thereof to the Certificateholders at their
      respective addresses appearing in the Certificate Register, and to each Rating
      Agency.

     

    (b)
      Within sixty (60) days after the occurrence of any Servicer Event of Default
      involving any Servicer, the Securities Administrator shall transmit by mail
      to
      all Holders of Certificates and each Rating Agency, the Trustee and the Master
      Servicer notice of each such Servicer Event of Default or occurrence known
      to a
      Responsible Officer of the Trustee unless such default shall have been cured
      or
      waived.

     

    ARTICLE
      VIII

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

    BY
      THE MASTER SERVICER

     

    
      
        
          	Section
                  8.01	
                  Duties
                    of the Master Servicer; Enforcement of Servicer’s and Master Servicer’s
                    Obligations.

                

        

      

    

     

    (a)
      The
      Master Servicer, on behalf of the Trustee, the Securities Administrator, the
      Depositor and the Certificateholders, shall monitor the performance of the
      Servicers under the Servicing Agreements, and (except as set forth below) shall
      use its reasonable good faith efforts to cause the Servicers to duly and
      punctually to perform their duties and obligations thereunder. Upon the
      occurrence of a Servicer Event of Default of which a Responsible Officer of
      the
      Master Servicer has actual knowledge under a Servicing Agreement, the Master
      Servicer shall promptly notify the Securities Administrator and Trustee and
      shall specify in such notice the action, if any, the Master Servicer plans
      to
      take in respect of such default. So long as any such default shall be
      continuing, the Master Servicer may (i) terminate all of the rights and
      powers of such Servicer pursuant to the applicable provisions of the Servicing
      Agreement; (ii) exercise any rights it may have to enforce the Servicing
      Agreement against such Servicer; (iii) waive any such default under the
      Servicing Agreement in accordance with Section 7.01 hereof or
      (iv) take any other action with respect to such default as is permitted
      thereunder. Except as set forth in Section 4.06 hereof, the Master Servicer
      shall have no duty to supervise any Servicer’s activities related to the
      servicing or administration of defaulted or delinquent Mortgage Loans or the
      management and disposition of any REO Properties. 

     

    
      
        
        

      

      
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    (b)
      The
      Master Servicer shall pay the costs of monitoring the Servicers as required
      hereunder (including costs associated with (i) termination of any Servicer
      or (ii) the appointment of a successor servicer and shall, to the extent
      permitted by the related Servicing Agreement, seek reimbursement therefor
      initially from the terminated Servicer. In the event the full costs associated
      with the transition of servicing responsibilities to the Master Servicer are
      not
      paid for by the predecessor Servicer or successor servicer (provided
      that
      such
      successor Servicer is not the Master Servicer), the
      Master Servicer may be reimbursed therefor by the Trust for out of pocket costs
      incurred by the Master Servicer associated with any such transfer of servicing
      duties from a Servicer to any other successor servicer.

     

    (c)
      None
      of the Depositor, the Securities Administrator nor the Trustee shall consent
      to
      the assignment by any Servicer of such Servicer’s rights and obligations under
      the related Servicing Agreement without the prior written consent of the Master
      Servicer, which consent shall not be unreasonably withheld.

     

    (d)
      The
      Master Servicer shall not assume liability for any Servicer’s representations
      and warranties if it becomes a successor servicer.

     

    (e)
      On or
      before March 15 of each year, commencing in March 2008, the Master Servicer,
      at
      its own expense, shall furnish, and shall cause any Servicing Function
      Participant engaged by it to furnish, each at its own expense, to the Securities
      Administrator and the Depositor, an assessment of compliance with the Relevant
      Servicing Criteria that contains (i) a statement by such party of its
      responsibility for assessing compliance with the Servicing Criteria, (ii) a
      statement that such party used the Servicing Criteria to assess compliance
      with
      the Relevant Servicing Criteria, (iii) such party’s assessment of compliance
      with the Relevant Servicing Criteria as of and for the fiscal year covered
      by
      the Form 10-K required to be filed pursuant to Section 3.02(e), including,
      if
      there has been any material instance of noncompliance with the Relevant
      Servicing Criteria, a discussion of each such failure and the nature and status
      thereof, and (iv) 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. 

     

    No
      later
      than the end of each fiscal year for the Trust for which a 10-K is required
      to
      be filed, the Master Servicer shall forward to the Securities Administrator
      the
      name of each Servicing Function Participant engaged by it and what Relevant
      Servicing Criteria will be addressed in the report on assessment of compliance
      prepared by such Servicing Function Participant. When the Master Servicer and
      the Trustee (or any Servicing Function Participant engaged by them) submits
      its
      assessment to the Securities Administrator, such parties will also at such
      time
      include the assessment and attestation pursuant to Section 8.01(f) and 11.01(d)
      of each Servicing Function Participant engaged by it.

     

    
      
        
        

      

      
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    Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and, if applicable, consult with the Master
      Servicer, the Securities Administrator and any Servicing Function Participant
      engaged by such parties as to the nature of any material instance of
      noncompliance with the Relevant Servicing Criteria by each such party, and
      (ii)
      the Securities Administrator shall confirm that the assessments, taken as a
      whole, address all of the Servicing Criteria and, taken individually, address
      the Relevant Servicing Criteria for each party as set forth on Exhibit
      J
      and on
      any similar exhibit set forth in each Servicing Agreement and each Custody
      Agreement in respect of the applicable Servicer or Custodian and notify the
      Depositor of any exceptions. None of such parties shall be required to deliver
      any such assessments until April 15 in any given year so long as such party
      has
      received written confirmation from the Depositor that a Form 10-K is not
      required to be filed in respect of the Trust for the preceding calendar
      year.

     

    The
      Master Servicer shall enforce any obligation of a Servicer (and the applicable
      Servicing Agreement will provide that each Servicer shall enforce any
      obligations of an Additional Servicer engaged by such Servicer), to the extent
      set forth in the related Servicing Agreement (or, in the case of an Additional
      Servicer, such applicable agreement), to deliver to the Master Servicer an
      annual report on assessment of compliance within the time frame set forth in,
      and in such form and substance as may be required pursuant to, the related
      Servicing Agreement (or, in the case of an Additional Servicer, such applicable
      agreement). The Master Servicer shall include such annual report on assessment
      of compliance with its own assessment of compliance to be submitted to the
      Securities Administrator pursuant to this Section 8.01.

     

    (f)
      On or
      before March 15 of each calendar year, commencing in March 2008, the Master
      Servicer, at its own expense, shall cause, and shall cause any Servicing
      Function Participant engaged by it to cause, each at its own expense, a
      registered public accounting firm (which may also render other services to
      the
      Master Servicer or such other Servicing Function Participants, as the case
      may
      be) that is a member of the American Institute of Certified Public Accountants
      to furnish a report to the Securities Administrator and the Depositor (and,
      in
      the case of any other Servicing Function Participant, the Master Servicer)
      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 PCAOB, it is expressing an opinion as
      to
      whether such party’s compliance with the Relevant Servicing Criteria was fairly
      stated in all material respects, or it cannot express an overall opinion
      regarding such party’s assessment of compliance with the Relevant Servicing
      Criteria. In the event that an overall opinion cannot be expressed, such
      registered public accounting firm shall state in such report why it was unable
      to express such an opinion. Such report must be available for general use and
      not contain restricted use language. 

     

    Promptly
      after receipt of such report from the Master Servicer or any Servicing Function
      Participant engaged by the Master Servicer, (i) the Depositor shall review
      the
      report and, if applicable, consult with such parties as to the nature of any
      defaults by such parties, in the fulfillment of any of each such party’s
      obligations hereunder or under any other applicable agreement, and (ii) the
      Securities Administrator shall confirm that each assessment submitted pursuant
      to Section 8.01(e) and Section 11.01(c) is coupled with an attestation meeting
      the requirements of this Section and shall notify the Depositor of any
      exceptions. Neither the Master Servicer nor any Servicing Function Participant
      engaged by the Master Servicer shall be required to deliver or cause the
      delivery of such reports until April 15 in any given year so long as it has
      received written confirmation from the Depositor that a 10-K is not required
      to
      be filed in respect of the Trust for the preceding fiscal year.

     

    
      
        
        

      

      
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    The
      Master Servicer shall enforce any obligation of a Servicer (and the applicable
      Servicing Agreement will provide that each Servicer shall enforce any
      obligations of an Additional Servicer engaged by such Servicer), to the extent
      set forth in the related Servicing Agreement (or, in the case of an Additional
      Servicer, such applicable agreement), to deliver to the Master Servicer an
      attestation within the time frame set forth in, and in such form and substance
      as may be required pursuant to, the related Servicing Agreement (or, in the
      case
      of an Additional Servicer, such applicable agreement). The Master Servicer
      shall
      include such annual report on assessment of compliance with its own assessment
      of compliance to be submitted to the Securities Administrator pursuant to this
      Section 8.01.

     

    (g)
      The
      Master Servicer shall give prior written notice to the Depositor of the
      appointment of any Subcontractor by it and a written description (in form and
      substance satisfactory to the Depositor) of the role and function of each
      Subcontractor utilized by the Master Servicer, specifying (i) the identity
      of
      each such Subcontractor and (ii) which elements of the servicing criteria set
      forth under Item 1122(d) of Regulation AB will be addressed in assessments
      of
      compliance provided by each such Subcontractor.

     

    (h)
      The
      Master Servicer shall notify the Depositor and the Sponsor within five days
      of
      its gaining knowledge thereof (i) of any legal proceedings pending against
      the
      Master Servicer of the type described in Item 1117 (§ 229.1117) of Regulation
      AB, (ii) of any merger, consolidation or sale of substantially all of the assets
      of the Master Servicer and (iii) if the Master Servicer shall become (but only
      to the extent not previously disclosed) at any time an affiliate of any of
      the
      Depositor, any Servicer, any Originator contemplated by Item 1110 (§ 229.1110)
      of Regulation AB, any significant obligor contemplated by Item 1112 (§ 229.1112)
      of Regulation AB, any enhancement or support provider contemplated by Items
      1114
      or 1115 (§§ 229.1114-1115) of Regulation AB or any successor thereto or any
      other material party to the Trust Fund contemplated by Item 1100(d)(1) (§
229.1100(d)(1)) of Regulation AB, as applicable, and identified as such to
      the
      Master Servicer.

     

    Section
      8.02 Maintenance
      of Fidelity Bond and Errors and Omissions Insurance.

     

    (a)
      The
      Master Servicer shall maintain with responsible companies, at its own expense,
      a
      blanket Fidelity Bond and an Errors and Omissions Insurance Policy, with broad
      coverage on all directors, officers, employees or other persons acting in any
      capacity requiring such persons to handle funds, money, documents or papers
      relating to the related Mortgage Loans (“Master
      Servicing Employees”).
      Any
      such Fidelity Bond and Errors and Omissions Insurance Policy shall be in the
      form of the Mortgage Banker’s Blanket Bond or the Financial Institution Bond and
      shall protect and insure the Master Servicer against losses, including forgery,
      theft, embezzlement, fraud, errors and omissions and negligent acts of the
      Master Servicer Employees. Such Fidelity Bond and Errors and Omissions Insurance
      Policy also shall protect and insure the Master Servicer against losses in
      connection with the release or satisfaction of a related Mortgage Loan without
      having obtained payment in full of the indebtedness secured thereby. No
      provision of this Section 8.02 requiring such Fidelity Bond and Errors and
      Omissions Insurance Policy shall diminish or relieve the Master Servicer from
      its duties and obligations as set forth in this Agreement. The minimum coverage
      under any such bond and insurance policy shall be at least equal to the
      corresponding amounts required by Fannie Mae or Freddie Mac. Upon the request
      of
      the Securities Administrator, the Master Servicer shall cause to be delivered
      to
      the Securities Administrator a certificate of insurance of the insurer and
      the
      surety including a statement from the surety and the insurer that such fidelity
      bond and insurance policy shall in no event be terminated or materially modified
      without thirty (30) days’ prior written notice to the Securities Administrator.
      The Master Servicer shall (i) require each Servicer to maintain an Errors and
      Omissions Insurance Policy and a Fidelity Bond in accordance with the provisions
      of the applicable Servicing Agreement, (ii) cause each Servicer to provide
      to
      the Master Servicer certificates evidencing that such policy and bond is in
      effect and to furnish to the Master Servicer any notice of cancellation,
      non-renewal or modification of the policy or bond received by it, as and to
      the
      extent provided in the applicable Servicing Agreement, and (iii) furnish copies
      of the certificates and notices referred to in clause (ii) to the Securities
      Administrator upon its request.

     

    
      
        
        

      

      
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    (b)
      The
      Master Servicer shall promptly report to the Securities Administrator any
      material changes that may occur in the Master Servicer Fidelity Bond or the
      Master Servicer Errors and Omissions Insurance Policy and shall furnish to
      the
      Securities Administrator, on request, certificates evidencing that such bond
      and
      insurance policy are in full force and effect. The Master Servicer shall
      promptly report to the Securities Administrator, to the best of its knowledge,
      all cases of forgery, theft, embezzlement, fraud, errors or omissions, if such
      events involve funds relating to the Mortgage Loans. The total losses,
      regardless of whether claims are filed with the applicable insurer or surety,
      shall be disclosed in such reports together with the amount of such losses
      covered by insurance. If a bond or insurance claim report is filed with any
      of
      such bonding companies or insurers, the Master Servicer shall promptly furnish
      a
      copy of such report to the Securities Administrator. Any amounts relating to
      the
      Mortgage Loans collected by the Master Servicer under any such bond or policy
      shall be promptly remitted by the Master Servicer to the Securities
      Administrator for deposit into the Certificate Account. Any amounts relating
      to
      the Mortgage Loans collected by any Servicer under any such bond or policy
      shall
      be remitted to the Master Servicer to the extent provided in the applicable
      Servicing Agreement.

     

    Section
      8.03 Representations
      and Warranties of the Master Servicer.

     

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

     

    (i)
      it is
      a national banking association validly existing and in good standing under
      the
      laws of the United States, and as Master Servicer has full power and authority
      to transact any and all business contemplated by this Trust Agreement and to
      execute, deliver and comply with its obligations under the terms of this Trust
      Agreement, the execution, delivery and performance of which have been duly
      authorized by all necessary corporate action on the part of the Master
      Servicer;

     

    
      
        
        

      

      
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    (ii)
      the
      execution and delivery of this Trust Agreement by the Master Servicer and its
      performance and compliance with the terms of this Trust Agreement will not
      (A) violate the Master Servicer’s charter or bylaws, (B) violate any
      law or regulation or any administrative decree or order to which it is subject
      or (C) constitute a default (or an event which, with notice or lapse of
      time, or both, would constitute a default) under, or result in the breach of,
      any material contract, agreement or other instrument to which the Master
      Servicer is a party or by which it is bound or to which any of its assets are
      subject, which violation, default or breach would materially and adversely
      affect the Master Servicer’s ability to perform its obligations under this Trust
      Agreement;

     

    (iii)
      this Trust Agreement constitutes, assuming due authorization, execution and
      delivery hereof by the other respective parties hereto, a legal, valid and
      binding obligation of the Master Servicer, enforceable against it in accordance
      with the terms hereof, except as such enforcement may be limited by bankruptcy,
      insolvency, reorganization, moratorium and other laws affecting the enforcement
      of creditors’ rights in general, and by general equity principles (regardless of
      whether such enforcement is considered in a proceeding in equity or at
      law);

     

    (iv)
      the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

     

    (v)
      the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any charter provision, bylaw or any other corporate restriction
      or
      any judgment, order, writ, injunction, decree, law or regulation that may
      materially and adversely affect its ability as Master Servicer to perform its
      obligations under this Trust Agreement or that requires the consent of any
      third
      person to the execution of this Trust Agreement or the performance by the Master
      Servicer of its obligations under this Trust Agreement;

     

    (vi)
      no
      litigation is pending or, to the best of the Master Servicer’s knowledge,
      threatened against the Master Servicer that would prohibit its entering into
      this Trust Agreement or performing its obligations under this Trust
      Agreement;

     

    (vii)
      the
      Master Servicer, or an affiliate thereof the primary business of which is the
      servicing of conventional residential mortgage loans, is a FNMA and FHLMC
      approved seller/servicer;

     

    (viii)
      no
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Master
      Servicer of or compliance by the Master Servicer with this Trust Agreement
      or
      the consummation of the transactions contemplated by this Trust Agreement,
      except for such consents, approvals, authorizations and orders (if any) as
      have
      been obtained; and

     

    
      
        
        

      

      
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    (ix)
      the
      consummation of the transactions contemplated by this Trust Agreement are in
      the
      ordinary course of business of the Master Servicer.

     

    (b)
      It is
      understood and agreed that the representations and warranties set forth in
      this
      Section shall survive the execution and delivery of this Trust Agreement.
      The Master Servicer shall indemnify the Depositor, the Securities Administrator
      and the Trustee and hold them harmless against any loss, damages, penalties,
      fines, forfeitures, reasonable legal fees and related costs, judgments, and
      other reasonable costs and expenses resulting from any claim, demand, defense
      or
      assertion based on or grounded upon, or resulting from, a material breach of
      the
      Master Servicer’s representations and warranties contained in
      Section 8.03(a) above. It is understood and agreed that the enforcement of
      the obligation of the Master Servicer set forth in this Section to
      indemnify the Depositor, the Securities Administrator and the Trustee
      constitutes the sole remedy of the Depositor and the Trustee, respecting a
      breach of the foregoing representations and warranties. Such indemnification
      shall survive any termination of the Master Servicer as Master Servicer
      hereunder and any termination of this Trust Agreement.

     

    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue
      upon discovery of such breach by either the Depositor, the Master Servicer,
      the
      Securities Administrator or the Trustee or notice thereof by any one of such
      parties to the other parties.

     

    Section
      8.04 Master
      Servicer Events of Default.

     

    Each
      of
      the following shall constitute a Master Servicer Event of Default:

     

    (a)
      any
      failure by the Master Servicer to remit to the Securities Administrator any
      payment required to be made under the terms of this Trust Agreement which
      continues unremedied for a period of two (2) 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 (with a copy to the Trustee) by the
      Securities Administrator;

     

    (b)
      failure by the Master Servicer to duly observe or perform, in any material
      respect, any other covenants, obligations or agreements of the Master Servicer
      as set forth in this Trust Agreement which failure continues unremedied for
      a
      period of thirty (30) days after the date on which written notice of such
      failure, requiring the same to be remedied, shall have been given to the Master
      Servicer by the Securities Administrator;

     

    (c)
      failure by the Master Servicer to maintain its license to do business in any
      jurisdiction where the Mortgaged Premises are located if such license is
      required;

     

    (d)
      a
      decree or order of a court or agency or supervisory authority having
      jurisdiction for the appointment of a conservator or receiver or liquidator
      in
      any insolvency, bankruptcy, readjustment of debt, marshaling of assets and
      liabilities or similar proceedings, or for the winding-up or liquidation of
      its
      affairs, shall have been entered against the Master Servicer and such decree
      or
      order shall have remained in force, undischarged or unstayed for a period of
      sixty (60) days;

     

    
      
        
        

      

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

     

    (f)
      the
      Master Servicer shall admit in writing its inability to pay its debts 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 for three (3) Business
      Days;

     

    (g)
      an
      affiliate of the Master Servicer that performs any back-up servicer duties
      of
      the Master Servicer or any servicing duties assumed by the Master Servicer
      as
      successor servicer under any Servicing Agreement ceases to meet the
      qualifications of a FNMA or FHLMC servicer;

     

    (h)
      the
      Master Servicer attempts to assign this Trust Agreement or its responsibilities
      hereunder or to delegate its duties hereunder (or any portion thereof) without
      the consent of the Trustee and the Depositor; or

     

    (i)
      the
      indictment of the Master Servicer for the taking of any action by the Master
      Servicer, any employee thereof, any Affiliate or any director or employee
      thereof that constitutes fraud or criminal activity in the performance of its
      obligations under the Trust Agreement, in each case, where such indictment
      materially and adversely affects the ability of the Master Servicer to perform
      its obligations under the Trust Agreement (subject to the condition that such
      indictment is not dismissed within ninety (90) days).

     

    In
      each
      and every such case, so long as a Master Servicer Event of Default shall not
      have been remedied, in addition to whatever rights the Trustee may have at
      law
      or equity to damages, including injunctive relief and specific performance,
      the
      Trustee, by notice in writing to the Master Servicer, may terminate with cause
      all the rights and obligations of the Master Servicer under this Trust
      Agreement.

     

    Upon
      receipt by the Master Servicer of such written notice, all authority and power
      of the Master Servicer under this Trust Agreement, shall pass to and be vested
      in any successor master servicer appointed hereunder that accepts such
      appointments. Upon written request from the Trustee, the Master Servicer shall
      prepare, execute and deliver to the successor entity designated by the Trustee
      any and all documents and other instruments related to the performance of its
      duties hereunder as the Master Servicer and, place in such successor’s
      possession all such documents, together with any Mortgage Files related to
      any
      pool of Mortgage Loans with respect to which it acts as a successor servicer,
      and do or cause to be done all other acts or things necessary or appropriate
      to
      effect the purposes of such notice of termination, at the Master Servicer’s sole
      expense. The Master Servicer shall cooperate with the Trustee and such successor
      master servicer in effecting the termination of the Master Servicer’s
      responsibilities and rights hereunder, including without limitation, the
      transfer to such successor master servicer for administration by it of all
      cash
      amounts that shall at the time be credited to the Master Servicer Account or
      are
      thereafter received with respect to the Mortgage Loans.

     

    
      
        
        

      

      
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    The
      Master Servicer being terminated shall bear and agrees to reimburse the Trustee
      and the successor master servicer from all costs, damages, expenses and
      liabilities incurred by them in connection with the transfer of master
      servicing, including but not limited to, legal fees and expenses, accounting
      fees and expenses. If the terminated Master Servicer does not pay any such
      costs
      and expenses within thirty (30) days of its receipt of an invoice therefor,
      the
      Trust shall reimburse the Trustee (or successor master servicer therefor) and
      the Trustee shall be entitled to withdraw such reimbursement from amounts on
      deposit in the Certificate Account pursuant to Section 3.01(a)(iv); provided
      that the terminated Master Servicer shall reimburse the Trust for any such
      expense incurred by the Trust.

     

    Section
      8.05 Waiver
      of Default.

     

    By
      a
      written notice, the Trustee may, and shall, at the direction of the
      Certificateholders holding 51% of the Voting Rights, waive any default by the
      Master Servicer in the performance of its obligations hereunder and its
      consequences. Upon any waiver of a past default, such default shall cease to
      exist, and any Master Servicer Event of Default arising therefrom shall be
      deemed to have been remedied for every purpose of this Trust Agreement. No
      such
      waiver shall extend to any subsequent or other default or impair any right
      consequent thereon except to the extent expressly so waived.

     

    Section
      8.06 Successor
      to the Master Servicer.

     

    Upon
      termination of the Master Servicer’s responsibilities and duties under this
      Trust Agreement, the Trustee shall appoint a successor, which shall succeed
      to
      all rights and assume all of the responsibilities, duties and liabilities of
      the
      Master Servicer under this Trust Agreement prior to the termination of the
      Master Servicer. In connection with such appointment and assumption, the Trustee
      may make such arrangements for the compensation of such successor out of
      payments on Mortgage Loans as it and such successor shall agree; provided,
      however,
      that in
      no event shall the Master Servicing Fee paid to such successor master servicer
      exceed that paid to the Master Servicer hereunder. In the event that the Master
      Servicer’s duties, responsibilities and liabilities under this Trust Agreement
      are terminated, the Master Servicer shall continue to discharge its duties
      and
      responsibilities hereunder until the effective date of such termination with
      the
      same degree of diligence and prudence that it is obligated to exercise under
      this Trust Agreement and shall take no action whatsoever that might impair
      or
      prejudice the rights of its successor. The termination of the Master Servicer
      shall not become effective until a successor shall be appointed pursuant hereto
      and shall in no event (a) relieve the Master Servicer of responsibility for
      the representations and warranties made pursuant to Section 8.03(a) hereof
      and the remedies available to the Trustee under Section 8.03(b) hereof, it
      being understood and agreed that the provisions of Section 8.03 hereof
      shall be applicable to the Master Servicer notwithstanding any such sale,
      assignment, resignation or termination of the Master Servicer or the termination
      of this Trust Agreement; or (b) affect the right of the Master Servicer to
      receive payment and/or reimbursement of any amounts accruing to it hereunder
      prior to the date of termination (or during any transition period in which
      the
      Master Servicer continues to perform its duties hereunder prior to the date
      the
      successor master servicer fully assumes its duties).

     

    
      
        
        

      

      
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    If
      no
      successor master servicer has accepted its appointment within ninety (90) days
      of the time the Trustee receives the resignation of the Master Servicer, the
      Trustee shall be the successor master servicer in all respects under the Trust
      Agreement and shall have all the rights and powers and be subject to all the
      responsibilities, duties and liabilities relating thereto, including the
      obligation to make Monthly Advances; provided,
      however,
      that
      any
      failure to perform any duties or responsibilities caused by the Master
      Servicer’s failure to provide information required by these Standard Terms shall
      not be considered a default by the Trustee hereunder. In the Trustee’s capacity
      as such successor, the Trustee shall have the same limitations on liability
      herein granted to the Master Servicer. As compensation therefor, the Trustee
      shall be entitled to receive the compensation, reimbursement and indemnities
      otherwise payable to the Master Servicer under these Standard Terms, including
      the fees and other amounts payable pursuant to Section 8.07
      hereof.

     

    Any
      successor master servicer appointed as provided herein, shall execute,
      acknowledge and deliver to the Master Servicer and to the Trustee an instrument
      accepting such appointment hereunder, wherein the successor shall make the
      representations and warranties set forth in Section 8.03(a) hereof,
      whereupon such successor shall become fully vested with all of the rights,
      powers, duties, responsibilities, obligations and liabilities of the Master
      Servicer, with like effect as if originally named as a party to this Trust
      Agreement. Any termination or resignation of the Master Servicer or termination
      of this Trust Agreement shall not affect any claims that the Trustee may have
      against the Master Servicer arising out of the Master Servicer’s actions or
      failure to act prior to any such termination or resignation. 

     

    Upon
      a
      successor’s acceptance of appointment as such, the Master Servicer shall notify
      by mail the Trustee of such appointment.

     

    Section
      8.07 Fees
      and Other Amounts Payable to the Master Servicer.

     

    The
      Master Servicer and the Trustee, as successor Master Servicer, shall be entitled
      to either retain or withdraw from the Master Servicer Account, (a) the
      Master Servicing Fee, (b) amounts necessary to reimburse itself for any
      previously unreimbursed Advances and any Advances the Master Servicer deems
      to
      be non-recoverable from the related Mortgage Loan proceeds, (c) an
      aggregate annual amount to indemnify the Master Servicer for amounts due in
      accordance with Section 8.01(b), 8.11 and 8.12 hereof, and (d) any
      other amounts that it or the Trustee, as successor Master Servicer is entitled
      to receive hereunder for reimbursement, indemnification or otherwise. The Master
      Servicer shall be required to pay all expenses incurred by it in connection
      with
      its activities hereunder and shall not be entitled to reimbursement therefor
      except as provided in this Trust Agreement. 

     

    Section
      8.08 Merger
      or Consolidation.

     

    Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided,
      however,
      that the
      successor or resulting Person to the Master Servicer shall (a) be a Person
      (or have an Affiliate) that is qualified and approved to service mortgage loans
      for Fannie Mae and FHLMC (provided
      that
      a
      successor master servicer that satisfies subclause (a) through an Affiliate
      agrees to service the Mortgage Loans in accordance with all applicable Fannie
      Mae and FHLMC guidelines) and (b) have a net worth of not less than
      $25,000,000.

     

     

    
      
        
        

      

      
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    Section
      8.09 Resignation
      and Removal of Master Servicer.

     

    Except
      as
      otherwise provided in Sections 8.08 and 8.10 hereof, the Master Servicer
      shall not resign from the obligations and duties hereby imposed on it unless
      the
      Master Servicer’s duties hereunder are no longer permissible under applicable
      law or are in material conflict by reason of applicable law with any other
      activities carried on by it and cannot be cured. Any such determination
      permitting the resignation of the Master Servicer shall be evidenced by an
      Opinion of Counsel that shall be Independent to such effect delivered to the
      Trustee. No such resignation shall become effective until the Trustee shall
      have
      assumed, or a successor master servicer shall have been appointed by the Trustee
      and until such successor shall have assumed, the Master Servicer’s
      responsibilities and obligations under this Trust Agreement. Notice of such
      resignation shall be given promptly by the Master Servicer and the Depositor
      to
      the Trustee.

     

    In
      the
      event that the Master Servicer fails to comply with the provisions of Section
      3.02, the Depositor may at any such time remove the Master Servicer by written
      instrument, in duplicate, which instrument shall be delivered to the Master
      Servicer so removed and to the Trustee. In any such event the Trustee shall
      appoint a successor master servicer by written instrument, in duplicate, which
      instrument shall be delivered to the Master Servicer so removed, to the
      Depositor and to the successor master servicer. If the Trustee and Depositor
      execute such an instrument, then the Trustee shall deliver copies of such
      instrument to the Certificateholders and each Servicer.

     

    Section
      8.10 Assignment
      or Delegation of Duties by the Master Servicer.

     

    Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any other Person to perform any
      of the duties, covenants or obligations to be performed by the Master Servicer
      without the prior written consent of Freddie Mac; provided,
      however,
      that the
      Master Servicer shall have the right with the prior written consent of the
      Trustee and the Depositor (which shall not be unreasonably withheld) and upon
      delivery to the Trustee and the Depositor of a letter from each Rating Agency
      to
      the effect that such action shall not result in a downgrade or withdrawal of
      the
      ratings assigned to any of the Certificates, to delegate or assign to or
      subcontract with or authorize or appoint any qualified Person to perform and
      carry out any duties, covenants or obligations to be performed and carried
      out
      by the Master Servicer hereunder. Notice of such permitted assignment shall
      be
      given promptly by the Master Servicer to the Depositor and the Trustee. If,
      pursuant to any provision hereof, the duties of the Master Servicer are
      transferred to a successor master servicer, the entire amount of the Master
      Servicing Fee and other compensation payable to the Master Servicer pursuant
      hereto shall thereafter be payable to such successor master servicer, but in
      no
      event shall the Master Servicing Fee payable to the successor master servicer
      exceed that payable to the predecessor master servicer.

     

     

    
      
        
        

      

      
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    Section
      8.11 Limitation
      on Liability of the Master Servicer and Others.

     

    Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Trustee, the Depositor,
      the Securities Administrator or the Certificateholders for any action taken
      or
      for refraining from the taking of any action in good faith pursuant to this
      Trust Agreement, or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Master Servicer or any such person against
      any liability that would otherwise be imposed by reason of willful malfeasance,
      bad faith or negligence in the performance of its duties or by reason of
      reckless disregard for its obligations and duties under this Trust Agreement.
      The Master Servicer and any director, officer, employee or agent of the Master
      Servicer may rely in good faith on any document prima
      facie
      properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Master Servicer shall be under no obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties as Master Servicer
      with respect to the Mortgage Loans under this Trust Agreement and that in its
      opinion may involve it in any expenses or liability; provided,
      however,
      that the
      Master Servicer may in its sole discretion undertake any such action that it
      may
      deem necessary or desirable in respect to this Trust Agreement and the rights
      and duties of the parties hereto and the interests of the Certificateholders
      hereunder. In such event, the legal expenses and costs of such action and any
      liability resulting therefrom, shall be liabilities of the Trust, and the Master
      Servicer shall be entitled to be reimbursed therefor out of the Master Servicer
      Account in accordance with the provisions of Section 8.07 and
      Section 8.12.

     

    The
      Master Servicer shall not be liable for any acts or omissions of any Servicer
      except to the extent that damages or expenses are incurred as a result of such
      act or omissions and such damages and expenses would not have been incurred
      but
      for the negligence, willful malfeasance, bad faith or recklessness of the Master
      Servicer in supervising, monitoring and overseeing the obligations of each
      Servicer under this Trust Agreement.

     

    Section
      8.12 Indemnification;
      Third-Party Claims.

     

    The
      Master Servicer agrees to indemnify the Depositor, the Securities Administrator
      and the Trustee, and hold them harmless against, any and all claims, losses,
      penalties, fines, forfeitures, legal fees and related costs, judgments, and
      any
      other costs, liability, fees and expenses that the Depositor, the Securities
      Administrator or the Trustee may sustain as a result of the Master Servicer’s
      willful malfeasance, bad faith or negligence in the performance of its duties
      hereunder or by reason of its reckless disregard for its obligations and duties
      under this Trust Agreement. Each of the Depositor, the Securities Administrator
      and the Trustee shall, immediately upon notice to it, notify the Master Servicer
      if a claim is made by a third party with respect to this Trust Agreement or
      the
      Mortgage Loans which would entitle the Depositor, the Securities Administrator
      or the Trustee, as the case may be, to indemnification under this
      Section 8.12, whereupon the Master Servicer shall assume the defense of any
      such claim and pay all expenses in connection therewith, including counsel
      fees
      and expenses, and promptly pay, discharge and satisfy any judgment or decree
      which may be entered against it or them in respect of such claim.

     

    The
      Trust
      will indemnify the Master Servicer and hold it harmless against any and all
      claims, losses, penalties, fines, forfeitures, legal fees and related costs,
      judgments, and any other costs, liabilities, fees and expenses that the Master
      Servicer may incur or sustain in connection with, arising out of or related
      to
      this Trust Agreement, any Servicing Agreement, any Assignment Agreement, the
      Custodial Agreement or the Certificates, except to the extent that any such
      loss, liability or expense (a) is related to (i) a material breach of the
      Master Servicer’s representations and warranties in the Trust Agreement or
      (ii) the Master Servicer’s willful malfeasance, bad faith or negligence or
      by reason of its reckless disregard of its duties and obligations under any
      such
      agreement or (b) does not constitute an “unanticipated expense” within the
      meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii). The Master Servicer
      shall be entitled to reimburse itself for any such indemnified amount from
      funds
      on deposit in the Master Servicer Account.

     

     

    
      
        
        

      

      
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    ARTICLE
      IX

     

    CONCERNING
      THE TRUSTEE

     

    Section
      9.01 Duties
      of Trustee.

     

    The
      Trustee, prior to the occurrence of a Master Servicer Event of Default and
      after
      the curing of any such Master Servicer Event of Default, undertakes to perform
      such duties and only such duties as are specifically set forth in the Trust
      Agreement. Notwithstanding anything to the contrary herein, the appointment
      by
      the Trustee of Wells Fargo Bank as Securities Administrator to perform the
      duties and obligations specifically set forth in Sections 2.03, 3.01, 3.02,
      3.03, 3.05, 4.01, 4.03, 4.04, 5.02, 5.03, 5.04, 5.08, 7.01, 7.02 and 10.03
      hereof, and any other duties and obligations as may be set forth in a letter
      agreement between Wells Fargo Bank, and the Trustee, shall not release the
      Trustee from its duty to perform such duties and obligations hereunder;
provided,
      however,
      that
      the Trustee shall not be liable for any action or failure to act by the
      Securities Administrator hereunder. During a Master Servicer Event of Default
      of
      which a Responsible Officer of the Trustee has notice, the Trustee shall
      exercise such of the rights and powers vested in it by the Trust Agreement,
      and
      use the same degree of care and skill in its exercise thereof as a prudent
      Person would exercise or use under the circumstances in the conduct of such
      Person’s own affairs. 

     

    The
      Trustee upon receipt of all resolutions, certificates, statements, reports,
      documents, orders or other instruments created by any Person other than itself
      and furnished to it which are specifically required to be furnished pursuant
      to
      any provision of the Trust Agreement, Custody Agreement, Servicing Agreement,
      Sale Agreement or Assignment Agreement shall examine them to determine whether
      they conform to the requirements of such agreement; provided,
      however,
      that the
      Trustee shall not be under any duty to recalculate, verify or recompute the
      information provided to it hereunder by any Servicer or the Depositor. If any
      such instrument is found not to conform to the requirements of such agreement
      in
      a material manner, the Trustee shall take action as it deems appropriate to
      have
      the instrument corrected, and if the instrument is not corrected to its
      satisfaction, then it will provide notice thereof to the other parties hereto
      and to the Certificateholders.

     

    No
      provision of the Trust Agreement shall be construed to relieve the Trustee
      from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct; provided,
      however,
      that:

     

    
      
        
        

      

      
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    (a)
      Prior
      to the
      occurrence of any Master
      Servicer Event
      of
      Default and after the curing of all of such Events of Default, the
      respective duties and obligations of the Trustee shall be determined solely
      by
      the express provisions of the Trust Agreement (including the obligation of
      the
      Trustee to enforce each Custody Agreement against the related Custodian, each
      Sale Agreement against the related Seller, each Assignment Agreement against
      GSMC and otherwise to act as owner under such agreements for the benefit of
      the
      Certificateholders), the Trustee shall not be liable except for the performance
      of the respective duties and obligations as are specifically set forth in the
      Trust Agreement, no implied covenants or obligations shall be read into the
      Trust 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 that conform to the
      requirements of the Trust Agreement;

     

    (b)
      The
      Trustee shall not be personally liable for an error of judgment made in good
      faith by an Officer of the Trustee unless it shall be proved that the Trustee
      was negligent in ascertaining the pertinent facts;

     

    (c)
      The
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of Holders of Certificates entitled to at least 25% of the Voting
      Rights relating to the time, method and place of conducting any proceeding
      for
      any remedy available to the Trustee, or exercising any trust or power conferred
      upon the Trustee, under the Trust Agreement;

     

    (d)
      Any
      determination of negligence, bad faith, willful misconduct or breach of conduct
      of the Trustee shall be made only upon a finding that there is clear and
      convincing evidence (and not upon the mere preponderance of evidence) thereof
      in
      a proceeding before a court of competent jurisdiction in which the Trustee
      has
      had an opportunity to defend; and

     

    (e)
      In no
      event shall the Trustee be held liable for the actions or omissions of the
      Master Servicer, Securities Administrator, any Servicer or Custodian (excepting
      the Trustee’s own actions as Servicer or Custodian). Prior to the occurrence of
      any Event of Default and after the curing of all such Events of Default, other
      than those obligations assumed by the Trustee as successor Servicer under
      Article VII, no provision of the Trust Agreement shall require the Trustee
      to
      expend or risk its own funds or otherwise incur any financial liability in
      the
      performance of any of its duties hereunder, or in the exercise of any of its
      rights or powers, if it shall have reasonable grounds for believing that
      repayment of such funds or adequate indemnity against such risk or liability
      is
      not reasonably assured to it unless such risk or liability relates to duties
      set
      forth herein.

     

    Section
      9.02 Certain
      Matters Affecting the Trustee.

     

    (a)
      Except as otherwise provided in Section 9.01 hereof:

     

    (i)
      The
      Trustee may rely and shall be protected in acting or refraining from acting
      upon
      any resolution, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal, bond
      or
      other paper or document believed by it to be genuine and to have been signed
      or
      presented by the proper party or parties. Further, the Trustee may accept a
      copy
      of the vote of the Board of Directors of any party certified by its clerk or
      assistant clerk or secretary or assistant secretary as conclusive evidence
      of
      the authority of any person to act in accordance with such vote, and such vote
      may be considered as in full force and effect until receipt by the Trustee
      of
      written notice to the contrary;

     

    
      
        
        

      

      
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    (ii)
      The
      Trustee may, in the absence of bad faith on its part, rely upon a certificate
      of
      an Officer of the appropriate Person whenever in the administration of the
      Trust
      Agreement the Trustee shall deem it desirable that a matter be proved or
      established (unless other evidence be herein specifically prescribed) prior
      to
      taking, suffering or omitting any action hereunder;

     

    (iii)
      The
      Trustee may consult with counsel and the written advice of such counsel or
      any
      Opinion of Counsel shall be full and complete authorization and protection
      in
      respect of any action taken or suffered or omitted by it hereunder in good
      faith
      and in accordance with such written advice or Opinion of Counsel;

     

    (iv)
      The
      Trustee shall not be under any obligation to exercise any of the trusts or
      powers vested in it by the Trust Agreement or to institute, conduct or defend
      any litigation thereunder or in relation thereto at the request, order or
      direction of any of the Certificateholders, pursuant to the provisions of the
      Trust Agreement, unless such Certificateholders shall have offered to the
      Trustee reasonable security or indemnity against the costs, expenses and
      liabilities which may be incurred therein or thereby;

     

    (v)
      The
      Trustee shall not 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 the Trust Agreement;

     

    (vi)
      The
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval, bond or other paper or document,
      unless requested in writing to do so by 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 of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee not assured to the Trustee by the security
      afforded to it by the terms of the Trust Agreement, the Trustee may require
      indemnity against such expense or liability as a condition to taking any such
      action;

     

    (vii)
      The
      Trustee may execute any of the trusts or powers under the Trust Agreement or
      perform any duties hereunder either directly or by or through agents or
      attorneys and the Trustee shall not be responsible for any misconduct or
      negligence on the part of any agent or attorney appointed with due care by
      it
      under the Trust Agreement, provided that any agent appointed by the Trustee
      hereunder shall be entitled to all of the protections of the Trustee under
      this
      Agreement including, without limitation, the indemnification provided for under
      Section 9.05 hereof;

     

    
      
        
        

      

      
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    (viii)
      Whenever the Trustee is authorized herein to require acts or documents in
      addition to those required to be provided it in any matter, it shall be under
      no
      obligation to make any determination whether or not such additional acts or
      documents should be required unless obligated to do so under
      Section 9.01;

     

    (ix)
      The
      permissive right or authority of the Trustee to take any action enumerated
      in
      this Agreement shall not be construed as a duty or obligation;

     

    (x)
      The
      Trustee shall not be deemed to have notice of any matter, including without
      limitation any Event of Default, unless one of its Responsible Officers has
      actual knowledge thereof or unless written notice thereof is received by the
      Trustee at its Corporate Trust Office and such notice references the applicable
      Certificates generally, the applicable Servicer or Seller, the Trust or this
      Agreement;

     

    (xi)
      The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability for the performance of any of its duties hereunder or the
      exercise of any of its rights or powers (except with respect to its obligation
      to make Monthly Advances as successor Master Servicer pursuant hereto) if there
      is reasonable ground for believing that the repayment of such funds or adequate
      indemnity against such risk or liability is not assured to it, and none of
      the
      provisions contained in this Agreement shall in any event require the Trustee
      to
      perform, or be responsible for the manner of performance of, any of the
      obligations of any Servicer or the Master Servicer under this Agreement except
      with respect to the Trustee’s obligation to make Monthly Advances pursuant
      hereto as successor Master Servicer or any successor master servicer under
      this
      Agreement and during such time, if any, as the Trustee shall be the successor
      to, and be vested with the rights, duties, powers and privileges of, any
      Servicer or the Master Servicer in accordance with the terms of this
      Agreement;

     

    (xii)
      Subject to the other provisions of this Agreement and without limiting the
      generality of this Section 9.02, the Trustee shall not have any duty
      (A) to see to any recording, filing or depositing of this Agreement or any
      agreement referred to herein or any financing statement or continuation
      statement evidencing a security interest, or to see the maintenance of any
      such
      recording of filing or depositing or to any rerecording, refiling or
      redepositing any thereof, (B) to see to any insurance, (C) to see to
      the payment or discharge of any tax, assessment or other governmental charge
      or
      any lien or encumbrance of any kind owing with respect to, assessed or levied
      against, any part of the Trust Estate other than from funds available in the
      Certificate Account, or (D) to confirm or verify the contents of any
      reports or certificates of any Servicer delivered to the Trustee pursuant to
      this Agreement believed by the Trustee to be genuine and to have been signed
      or
      presented by the proper party or parties;

     

    (xiii)
      The Trustee shall not be required to give any bond or surety in respect of
      the
      execution of the Trust Estate created hereby or the powers granted hereunder;
      and

     

    (xiv)
      Anything in this Agreement to the contrary notwithstanding, in no event shall
      the Trustee be liable for special, indirect or consequential loss or damage
      of
      any kind whatsoever (including but not limited to lost profits), even if the
      Trustee has been advised of the likelihood of such loss or damage and regardless
      of the form of action.

     

    
      
        
        

      

      
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    (b)
      All
      rights of action under the Trust 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 the Trust Agreement. Any recovery
      of
      judgment shall, after provision for the payment of the reasonable compensation,
      expenses, disbursements and advances of the Trustee, its agents and counsel,
      be
      for the ratable benefit of the Holders in respect of which such judgment has
      been recovered.

     

    Section
      9.03 Trustee
      Not Liable for Certificates or Mortgage Loans.

     

    The
      recitals contained in the Trust Agreement and in the Certificates (other than
      the signature of the Trustee, the acknowledgments by the Trustee in
      Section 2.02 hereof and the representations and warranties made in
      Section 9.13 hereof) shall be taken as the statements of the Depositor, and
      the Trustee assumes no responsibility for their correctness. The Trustee makes
      no representations or warranties as to the validity or sufficiency of the Trust
      Agreement, any Supplemental Trust Agreement or of the Certificates (other than
      the signature of the Trustee on the Certificates) or of any Mortgage Loan
      or related document. The Trustee shall not 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 in respect of the Mortgage Loans or deposited in or withdrawn from
      any
      Collection Account, the Master Servicer Account or the Certificate Account
      or
      Collection Account other than any funds, if any, held by the Trustee in
      accordance with Sections 3.01 and 3.02 or as owner of the Regular Interests
      of any REMIC.

     

    Section
      9.04 Trustee
      May Own Certificates.

     

    The
      Trustee 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.

     

    Section
      9.05 Trustee’s
      Fees and Expenses
      and Indemnification.

     

    Pursuant
      to the Trust Agreement, the Trustee shall be paid by the Securities
      Administrator. The Trustee shall be entitled to reimbursement for all reasonable
      expenses and disbursements incurred or made by the Trustee in accordance with
      any of the provisions of the Trust Agreement (including but not limited to
      the
      reasonable compensation and the expenses and disbursements of its counsel and
      of
      all persons not regularly in its employ) except any such expense, disbursement
      or advance as may arise from its negligence, bad faith, willful misconduct
      or
      breach of contract by the Trustee. The Trustee and any director, officer,
      employee or agent of the Trustee shall be indemnified and held harmless by
      the
      Trust against any loss, liability or expense thereof, including reasonable
      attorney’s fees and expenses, incurred, arising out of or in connection with the
      Trust Agreement, any Custody Agreement, any Supplemental Trust Agreement or
      the
      Certificates, including, but not limited to, any such loss, liability, or
      expense incurred in connection with any legal action against the Trust or the
      Trustee or any director, officer, employee or agent thereof, or the performance
      of any of the Trustee’s duties under the Trust Agreement other than any loss,
      liability or expense incurred by reason of willful misfeasance, bad faith,
      negligence, willful misconduct or breach of contract in the performance of
      duties under the Trust Agreement or by reason of reckless disregard of
      obligations and duties under the Trust Agreement or that do not constitute
      “unanticipated expenses” within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii). The provisions of this Section 9.05 shall survive the
      resignation or removal of the Trustee.

     

     

    
      
        
        

      

      
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    Section
      9.06 Eligibility
      Requirements for Trustee.

     

    The
      Trustee shall at all times be a corporation or national banking association
      that
      is not an Affiliate of the Depositor organized and doing business under the
      laws
      of any state or the United States of America, authorized under such laws to
      exercise corporate trust powers, having a combined capital and surplus of at
      least $50,000,000 and subject to supervision or examination by federal or state
      authority. If such corporation publishes reports of its conditions at least
      annually, pursuant to law or to the requirements of the aforesaid supervising
      or
      examining authority, then for the purposes of this Section the combined
      capital and surplus of such corporation shall be deemed to be its combined
      capital and surplus as set forth in its most recent report of conditions so
      published. In case at any time the Trustee shall cease to be eligible in
      accordance with the provisions of this Section, the Trustee shall resign
      immediately in the manner and with the effect specified in
      Section 9.07.

     

    Section
      9.07 Resignation
      and Removal of the Trustee.

     

    The
      Trustee may at any time resign and be discharged from the trusts created
      pursuant to the Trust Agreement by giving written notice thereof to the
      Depositor, the Master Servicer and to all Certificateholders. Upon receiving
      such notice of resignation, the Depositor shall promptly appoint a successor
      trustee by written instrument, in triplicate, which instrument shall be
      delivered to the resigning Trustee and to the successor trustee. A copy of
      such
      instrument shall be delivered to the Depositor, the Master Servicer, the
      Securities Administrator, the Certificateholders and each Servicer by the
      Depositor. If no successor trustee shall have been so appointed and have
      accepted appointment within sixty (60) days after the giving of such notice
      of
      resignation, the resigning Trustee may petition any court of competent
      jurisdiction for the appointment of a successor trustee.

     

    The
      Depositor may at any time remove the Trustee and appoint a successor trustee
      by
      written instrument, in duplicate, which instrument shall be delivered to the
      Trustee so removed and to the successor trustee. If the Depositor executes
      such
      an instrument, then the Depositor shall deliver a copy of such instrument to
      the
      Certificateholders, the Master Servicer, the Securities Administrator, the
      Trustee and each Servicer.

     

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

     

    
      
        
        

      

      
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    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      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 9.08 hereof.

     

    Section
      9.08 Successor
      Trustee.

     

    Any
      successor trustee appointed as provided in Section 9.07 shall execute,
      acknowledge and deliver to the Depositor and to the predecessor trustee an
      instrument accepting such appointment under the Trust Agreement and thereupon
      the resignation or removal of the predecessor trustee shall become effective
      and
      such successor trustee, without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor thereunder, with the like effect as if originally named as trustee
      therein. The predecessor trustee shall deliver to the successor trustee all
      Trustee Mortgage Loan Files and related documents and statements held by it
      under the Trust Agreement and the Depositor and the predecessor trustee shall
      execute and deliver such instruments and do such other things as may reasonably
      be required for more fully and certainly vesting and confirming in the successor
      trustee, all such rights, powers, duties and obligations.

     

    No
      successor trustee shall accept appointment as provided in this
      Section unless at the time of such acceptance such successor trustee shall
      be eligible under the provisions of Section 9.06 hereof.

     

    Upon
      acceptance of appointment by a successor trustee as provided in this Section,
      the Depositor shall mail notice of the succession of such trustee under the
      Trust Agreement to all Holders of Certificates at their addresses as shown
      in
      the Certificate Register. If the Depositor fails to mail such notice within
      ten
      (10) days after acceptance of appointment by the successor trustee, the Trustee
      shall cause such notice to be mailed at the expense of the
      Depositor.

     

    Notwithstanding
      anything to the contrary contained herein, the appointment of any successor
      Trustee pursuant to any provisions of this Agreement will be subject to the
      prior written consent of the Trustee, which consent will not be unreasonably
      withheld.

     

    Section
      9.09 Merger
      or Consolidation of Trustee.

     

    Any
      corporation into which the Trustee may be merged or converted or with which
      it
      may be consolidated or any corporation resulting from any merger, conversion
      or
      consolidation to which the Trustee shall be a party, or any corporation
      succeeding to the corporate trust business of the Trustee shall be the successor
      of the Trustee under the Trust Agreement, provided
      such
      corporation shall be eligible under the provisions of Section 9.06, without
      the execution or filing of any paper or any further act on the part of any
      of
      the parties hereto, anything herein to the contrary
      notwithstanding.

     

     

    
      
        
        

      

      
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    Section
      9.10 Appointment
      of Co-Trustee or Separate Trustee.

     

    For
      the
      purpose of meeting any legal requirements of any jurisdiction in which any
      part
      of the Trust or property securing the same may at the time be located, the
      Depositor and the Trustee acting jointly shall have the power and shall execute
      and deliver all instruments to appoint one or more Persons approved by the
      Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
      separate trustee or trustees, of all or any part of the Trust, and to vest
      in
      such Person or Persons, in such capacity, such title to the Trust, or any part
      thereof, and, subject to the other provisions of this Section 9.10, such
      powers, duties, obligations, rights and trusts as the Depositor and the Trustee
      may consider necessary or desirable. If the Depositor shall not have joined
      in
      such appointment within fifteen (15) days after the receipt by it of a request
      so to do, the Trustee alone shall have the power to make such appointment.
      No
      co-trustee or separate trustee(s) hereunder shall be required to meet the terms
      of eligibility as a successor trustee under Section 9.06 hereof and no
      notice to Holders of Certificates of the appointment of co-trustee(s) or
      separate trustee(s) shall be required under Section 9.08
      hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 9.10 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 the Trustee shall be incompetent or unqualified
      to
      perform such act or acts, in which event such rights, powers, duties and
      obligations (including the holding of title to the Trust 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 the Trust Agreement and the conditions of this
      Article IX. Each separate trustee and co-trustee, upon its acceptance of
      the trusts conferred, shall be vested with the estates or property specified
      in
      its instrument of appointment, either jointly with the Trustee or separately,
      as
      may be provided therein, subject to all the provisions of the Trust Agreement,
      specifically including every provision of the Trust 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. No trustee (including
      the
      Trustee) shall be responsible for the actions of any co-trustee.

     

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

     

    Section
      9.11 Appointment
      of Custodian.

     

    The
      Trustee may appoint one or more Custodians to hold all or a portion of the
      Trustee Mortgage Loan Files as agent for the Trustee, by entering into a custody
      agreement. The appointment of any Custodian may at any time be terminated and
      a
      substitute custodian appointed therefor by the Trustee. Subject to this
      Article IX, the Trustee agrees to comply with the terms of each custody
      agreement and to enforce the terms and provisions thereof against the Custodians
      for the benefit of the Certificateholders. Each Custodian shall be a depository
      institution or trust company subject to supervision by federal or state
      authority, shall have combined capital and surplus of at least $10,000,000
      and
      shall be qualified to do business in the jurisdiction in which it holds any
      Trustee Mortgage Loan File. Any such Custodian may not be an affiliate of the
      Depositor or any Seller or Servicer. The Trustee shall not be responsible or
      liable for the acts or omissions of any Custodian appointed by it hereunder
      (except for a Custodian which is an affiliate of the Trustee). Any
      indemnification due a Custodian under a Custody Agreement shall be an obligation
      of the Purchaser, as stated in such Custody Agreement.

     

     

    
      
        
        

      

      
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    Section
      9.12 Appointment
      of Office or Agent.

     

    The
      Trustee shall appoint an office or agent in The City of New York where notices
      to and demands upon the Trustee in respect of the Certificates and the Trust
      Agreement may be served. The parties hereto and the Certificateholders hereby
      acknowledge that the Trustee may delegate or assign to or subcontract with
      or
      authorize or appoint any qualified Person to perform and carry out certain
      non-fiduciary duties or obligations relating to the administration of the Trust,
      including the duties and obligations of the Certificate Registrar and Paying
      Agent; provided,
      however,
      in no
      event shall any such delegation, assignment, authorization or appointment
      relieve the Trustee of its liability with regard to such duties or obligations.
      Any such agent shall nevertheless be entitled to all the rights, benefits and
      protections afforded to the Trustee under Article IX, to the extent assigned
      to
      any such agent by the Trustee. 

     

    Section
      9.13 Representation
      and Warranties of the Trustee.

     

    The
      Trustee hereby represents and warrants to the Depositor that as of the Closing
      Date or as of such other date specifically provided herein:

     

    (a)
      It is
      a national banking association and has been duly organized, and is validly
      existing in good standing under the laws of the United States of America with
      full power and authority (corporate and other) to enter into and perform its
      obligations under the Trust Agreement;

     

    (b)
      The
      Trust Agreement has been duly executed and delivered by it, and, assuming due
      authorization, execution and delivery by the Depositor and the other parties
      hereto, constitutes a legal, valid and binding agreement of such entity,
      enforceable against it in accordance with its terms, subject to bankruptcy,
      insolvency, reorganization, moratorium or other similar laws affecting
      creditors’ rights generally and to general principles of equity regardless of
      whether enforcement is sought in a proceeding in equity or at law;

     

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

     

    
      
        
        

      

      
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    (d)
      The
      execution and delivery of this Trust Agreement by it have been duly authorized
      by all necessary corporate action on its part; neither the execution and
      delivery by it of the Trust Agreement, consummation of the transactions therein
      contemplated, nor compliance by it with the provisions thereof, will conflict
      with or result in a breach of, or constitute a default under, any of the
      provisions of its articles of organization or by-laws or any law, governmental
      rule or regulation or any judgment, decree or order binding on it to its
      knowledge or any of its properties, or any of the provisions of any indenture,
      mortgage, deed of trust, contract or other instrument to which it is a party
      or
      by which it is bound;

     

    (e)
      There
      are
      no actions, suits or proceedings pending or, to its knowledge, threatened or
      asserted against it, before or by any court, administrative agency, arbitrator
      or governmental body (i) with respect to any of the transactions
      contemplated by the Trust Agreement or (ii) with respect to any other
      matter which in its judgment will be determined adversely to it and will if
      determined adversely to it materially adversely affect its ability to perform
      its obligations under the Trust Agreement;
      and

     

    (f)
      It
      meets all of the eligibility requirements set forth in Section 9.06
      hereof.

     

    ARTICLE
      X

     

    TERMINATION
      OF TRUST

     

    Section
      10.01 Qualified
      Liquidation.

     

    The
      Provisions of this Article X are subject to the requirement that any
      termination shall be a “qualified liquidation” of each associated REMIC unless
      100% of the affected holders of interests in each such REMIC have consented
      to
      waive such requirements. For this purpose “affected holders” shall mean each
      holder of a regular or residual interest which would receive a smaller amount
      in
      final distributions if the termination were not a “qualified liquidation” and
      such REMIC owed taxes as a result thereof. 

     

    Section
      10.02 Termination.

     

    The
      party
      designated in Section 4.03 of the Trust Agreement may, at its option, make
      or cause a Person to make a Terminating Purchase for the Termination Price
      at
      the time and on the terms and conditions specified in the Trust Agreement.
      Upon
      such Terminating Purchase or the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      or the disposition of the last REO Property remaining in the Trust, the
      respective obligations and responsibilities under the Trust Agreement of the
      Depositor, the Master Servicer, the Trustee and the Securities Administrator
      shall terminate upon payment to the Certificateholders of all amounts held
      by or
      on behalf of the Securities Administrator and required hereunder to be so paid
      and upon deposit of unclaimed funds otherwise distributable to
      Certificateholders in the Termination Account. Notwithstanding the foregoing,
      in
      no event shall the Trust created hereby continue beyond the expiration of
      twenty-one (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.

     

    
      
        
        

      

      
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    The
      Trust
      also may be terminated and the Certificates retired if the Securities
      Administrator determines, based upon an Opinion of Counsel, that the REMIC
      status of any related REMIC has been lost or that a substantial risk exists
      that
      such REMIC status will be lost for the then-current taxable year.

     

    Section
      10.03 Procedure
      for Termination.

     

    The
      party
      designated in Section 4.03 of the Trust Agreement shall advise the Securities
      Administrator in writing of its election to cause a Terminating Purchase, no
      later than the Distribution Date in the month preceding the Distribution Date
      on
      which the Terminating Purchase will occur.

     

    Notice
      of
      the Distribution Date on which any such termination shall occur (or the
      Distribution Date on which final payment or other Liquidation of the last
      Mortgage Loan remaining in the Trust or the disposition of the last REO Property
      remaining in the Trust will be distributed to Certificateholders, as reflected
      in the Remittance Report for such month (the “Final
      Distribution Date”)
      shall
      be given promptly by the Securities Administrator by letter to
      Certificateholders mailed (a) in the event such notice is given in
      connection with a Terminating Purchase, not earlier than the 15th day of the
      month preceding such final distribution and not later than the 5th
      day of
      the month of such final distribution or (b) otherwise during the month of
      such final distribution on or before the Servicer Remittance Date in such month,
      in each case specifying (i) the Final Distribution Date and that final
      payment of the Certificates will be made upon presentation and surrender of
      Certificates at the office of the Securities Administrator therein designated
      on
      that date, (ii) the amount of any such final payment and (iii) that
      the Record Date otherwise applicable to such Final Distribution Date is not
      applicable, payments being made only upon presentation and surrender of the
      Certificates at the office of the Securities Administrator. The Securities
      Administrator shall give such notice to the Certificate Registrar at the time
      such notice is given to Certificateholders. In the event such notice is given
      in
      connection with a Terminating Purchase, the purchaser shall deliver to the
      Securities Administrator for deposit in the Certificate Account on the Business
      Day immediately preceding the Final Distribution Date an amount in next day
      funds equal to the Termination Price, as the case may be.

     

    Upon
      presentation and surrender of the Certificates on a Distribution Date by
      Certificateholders, the Securities Administrator shall distribute to
      Certificateholders (a) the amount otherwise distributable on such
      Distribution Date, if not in connection with Terminating Purchase, or
      (b) if in connection with a Terminating Purchase, an amount determined as
      follows: with respect to each Certificate with an outstanding Certificate
      Balance, the outstanding Certificate Balance thereof, plus
      interest
      thereon through the Accounting Date preceding the Distribution Date fixed for
      termination and any previously unpaid interest, net of unrealized losses,
      Realized Interest Shortfall and Shortfall with respect thereto; and in addition,
      with respect to each Residual Certificate, the Percentage Interest evidenced
      thereby multiplied by the difference between the Termination Price and the
      aggregate amount to be distributed as provided in the first clause of this
      sentence.

     

    
      
        
        

      

      
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    Upon
      the
      receipt of a request for release from the Master Servicer, the applicable
      Custodian, on behalf of the Trustee, shall promptly release to the purchaser
      the
      Trustee Mortgage Loan Files for the remaining Mortgage Loans, and the Securities
      Administrator, on behalf of the Trustee, shall execute all assignments,
      endorsements and other instruments without recourse necessary to effectuate
      such
      transfer. The Trust shall terminate immediately following the deposit of funds
      in the Termination Account as provided below.

     

    In
      the
      event that all of the Certificateholders shall not surrender their Certificates
      within six months after the Final Distribution Date specified in the
      above-mentioned written notice, the Securities Administrator shall give a second
      written notice to the remaining Certificateholders to surrender their
      Certificates and receive the final distribution with respect thereto, net of
      the
      cost of such second notice. If within one year after the second notice all
      the
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator may take appropriate steps, or may appoint an agent to take
      appropriate steps, to contact the remaining Certificateholders concerning
      surrender of their Certificates, and the cost thereof shall be paid out of
      the
      amounts otherwise payable on such Certificates. Any funds payable to
      Certificateholders that are not distributed on the Final Distribution Date
      shall
      be deposited in a Termination Account, which shall be an Eligible Account,
      to be
      held for the benefit of Certificateholders not presenting and surrendering
      their
      Certificates in the aforesaid manner, and shall be disposed of in accordance
      with this Section. The Securities Administrator shall establish the Termination
      Accounts, which shall be Eligible Accounts, on or about the Closing
      Date.

     

    Section
      10.04 Additional
      Termination Requirements.

     

    (a)
      In
      the event of a Terminating Purchase as provided in Section 10.02, the Trust
      shall be terminated in accordance with the following additional requirements,
      unless the Securities Administrator receives (i) a Special Tax Opinion and
      (ii) a Special Tax Consent from each of the Holders of the Residual
      Certificates (unless the Special Tax Opinion specially provides that no
      REMIC-level tax will result from the Terminating Purchase):

     

    (i) Within
      ninety (90) days prior to the Final Distribution Date, the Depositor and the
      Trustee on behalf of the related REMIC shall adopt a plan of complete
      liquidation meeting the requirements of a qualified liquidation under the REMIC
      Provisions (which plan may be adopted by the Securities Administrator’s
      attachment of a statement specifying the first day of the 90-day liquidation
      period to the REMIC’s final federal income tax return) and the REMIC will sell
      all of its assets (other than cash);

     

    (ii) Upon
      making final payment on the Regular Certificates or the deposit of any unclaimed
      funds otherwise distributable to the holders of the Regular Certificates in
      the
      Termination Account on the Final Distribution Date, the Securities Administrator
      shall distribute or credit, or cause to be distributed or credited, pro rata,
      to the
      Holders of the Residual Certificates representing ownership of the residual
      interest in such REMIC all cash on hand relating to such REMIC after such final
      payment (other than cash retained to meet claims), and such REMIC shall
      terminate at that time; and

     

    (iii) In
      no
      event may the final payment on the Certificates be made after the 90th day
      from
      the date on which the plan of complete liquidation is adopted. A payment into
      the Termination Account with respect to any Certificate pursuant to
      Section 10.03 shall be deemed a final payment on, or final distribution
      with respect to, such Certificate for the purposes of this clause.

     

    
      
        
        

      

      
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    (b)
      By
      its acceptance of a Residual Certificate, the Holder thereof hereby
      (i) authorizes such action as may be necessary to adopt a plan of complete
      liquidation of any related REMIC and (ii) agrees to take such action as may
      be necessary to adopt a plan of complete liquidation of any related REMIC upon
      the written request of the Trustee, which authorization shall be binding upon
      all successor Holders of Residual Certificates.

     

    ARTICLE
      XI

     

    CONCERNING
      THE SECURITIES ADMINISTRATOR

     

    Section
      11.01 Certain
      Matters Affecting the Securities Administrator.

     

    (a) Except
      as
      otherwise provided herein:

     

    (i) The
      Securities Administrator may rely and shall be protected in acting or refraining
      from acting upon any resolution, certificate of auditors or any other
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, appraisal, bond or other paper or document believed by it to be genuine
      and to have been signed or presented by the proper party or parties. Further,
      the Securities Administrator may accept a copy of the vote of the board of
      directors of any party certified by its clerk or assistant clerk or secretary
      or
      assistant secretary as conclusive evidence of the authority of any person to
      act
      in accordance with such vote, and such vote may be considered as in full force
      and effect until receipt by the Securities Administrator of written notice
      to
      the contrary;

     

    (ii) The
      Securities Administrator may, in the absence of bad faith on its part, rely
      upon
      a certificate of an Officer of the appropriate Person whenever in the
      administration of the Trust Agreement the Securities Administrator shall deem
      it
      desirable that a matter be proved or established (unless other evidence be
      herein specifically prescribed) prior to taking, suffering or omitting any
      action hereunder;

     

    (iii) The
      Securities Administrator may consult with counsel and the written advice of
      such
      counsel or any Opinion of Counsel shall be full and complete authorization
      and
      protection in respect of any action taken or suffered or omitted by it hereunder
      in good faith and in accordance with such written advice or Opinion of
      Counsel;

     

    (iv) The
      Securities Administrator shall not be under any obligation to exercise any
      of
      the trusts or powers vested in it by the Trust Agreement or to institute,
      conduct or defend any litigation thereunder or in relation thereto at the
      request, order or direction of any of the Certificateholders, pursuant to the
      provisions of the Trust Agreement, unless such Certificateholders shall have
      offered to the Securities Administrator reasonable security or indemnity against
      the costs, expenses and liabilities which may be incurred therein or
      thereby;

     

    
      
        
        

      

      
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    (v) The
      Securities Administrator shall not 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 the Trust
      Agreement;

     

    (vi) The
      Securities Administrator shall not be bound to make any investigation into
      the
      facts or matters stated in any resolution, certificate, statement, instrument,
      opinion, report, notice, request, consent, order, approval, bond or other paper
      or document, unless requested in writing to do so by Holders of Certificates
      entitled to at least 25% of the Voting Rights; provided, however, that if the
      payment within a reasonable time to the Securities Administrator of the costs,
      expenses or liabilities likely to be incurred by it in the making of such
      investigation is, in the opinion of the Securities Administrator not assured
      to
      the Securities Administrator by the security afforded to it by the terms of
      the
      Trust Agreement, the Securities Administrator may require indemnity against
      such
      expense or liability as a condition to taking any such action;

     

    (vii) The
      Securities Administrator may execute any of the trusts or powers under the
      Trust
      Agreement or perform any duties hereunder either directly or by or through
      agents or attorneys, and the Securities Administrator shall not be responsible
      for any misconduct or negligence on the part of any agent or attorney appointed
      with due care by it under the Trust Agreement, provided that any agent appointed
      by the Securities Administrator hereunder shall be entitled to all of the
      protections of the Securities Administrator under this Agreement;

     

    (viii) Whenever
      the Securities Administrator is authorized herein to require acts or documents
      in addition to those required to be provided it in any matter, it shall be
      under
      no obligation to make any determination whether or not such additional acts
      or
      documents should be required unless obligated to do so hereunder;

     

    (ix) The
      permissive right or authority of the Securities Administrator to take any action
      enumerated in this Agreement shall not be construed as a duty or
      obligation;

     

    (x) The
      Securities Administrator shall not be deemed to have notice of any matter,
      including without limitation any Event of Default, unless one of its Responsible
      Officers has actual knowledge thereof or unless written notice thereof is
      received by the Securities Administrator at its Corporate Trust Office and
      such
      notice references the applicable Certificates generally, the applicable Servicer
      or Seller, the Trust or this Agreement;

     

    (xi) The
      Securities Administrator shall not be required to expend or risk its own funds
      or otherwise incur financial liability for the performance of any of its duties
      hereunder or the exercise of any of its rights or powers if there is reasonable
      ground for believing that the repayment of such funds or adequate indemnity
      against such risk or liability is not assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Securities
      Administrator to perform, or be responsible for the manner of performance of,
      any of the obligations of any Servicer or the Master Servicer under this
      Agreement;

     

    (xii) Subject
      to the other provisions of this Agreement and without limiting the generality
      of
      this Section 11.01, the Securities Administrator shall not have any duty (A)
      to
      see to any recording, filing or depositing of this Agreement or any agreement
      referred to herein or any financing statement or continuation statement
      evidencing a security interest, or to see the maintenance of any such recording
      of filing or depositing or to any rerecording, refiling or redepositing any
      thereof, (B) to see to any insurance, (C) to see to the payment or discharge
      of
      any tax, assessment or other governmental charge or any lien or encumbrance
      of
      any kind owing with respect to, assessed or levied against, any part of the
      Trust Estate other than from funds available in the Certificate Account, or
      (D)
      to confirm or verify the contents of any reports or certificates of any Servicer
      delivered to the Securities Administrator pursuant to this Agreement believed
      by
      the Securities Administrator to be genuine and to have been signed or presented
      by the proper party or parties;

     

    
      
        
        

      

      
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    (xiii) The
      Securities Administrator shall not be required to give any bond or surety in
      respect of the execution of the Trust Estate created hereby or the powers
      granted hereunder; and

     

    (xiv) Anything
      in this Agreement to the contrary notwithstanding, in no event shall the
      Securities Administrator be liable for special, indirect or consequential loss
      or damage of any kind whatsoever (including but not limited to lost profits),
      even if the Securities Administrator has been advised of the likelihood of
      such
      loss or damage and regardless of the form of action.

     

    (b) All
      rights of action under the Trust Agreement or under any of the Certificates,
      enforceable by the Securities Administrator 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 Securities Administrator shall be brought in name of the
      Trustee for the benefit of all the Holders of such Certificates, subject to
      the
      provisions of the Trust Agreement. Any recovery of judgment shall, after
      provision for the payment of the reasonable compensation, expenses,
      disbursements and advances of the Securities Administrator, its agents and
      counsel, be for the ratable benefit of the Holders in respect of which such
      judgment has been recovered.

     

    (c) On
      or
      before March 15 of each year, commencing in March 2008, the Securities
      Administrator, at its own expense, shall furnish, and each such party shall
      cause any Servicing Function Participant engaged by it to furnish, each at
      its
      own expense, to the Securities Administrator and the Depositor, a report on
      an
      assessment of compliance with the Relevant Servicing Criteria that contains
      (i)
      a statement by such party of its responsibility for assessing compliance with
      the Servicing Criteria, (ii) a statement that such party used the Servicing
      Criteria to assess compliance with the Relevant Servicing Criteria, (iii) such
      party’s assessment of compliance with the Relevant Servicing Criteria as of and
      for the fiscal year covered by the Form 10-K required to be filed pursuant
      to
      Section 3.02(e), including, if there has been any material instance of
      noncompliance with the Relevant Servicing Criteria, a discussion of each such
      failure and the nature and status thereof, and (iv) 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. 

     

    Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and, if applicable, consult with the Master
      Servicer, the Securities Administrator and any Servicing Function Participant
      engaged by such parties as to the nature of any material instance of
      noncompliance with the Relevant Servicing Criteria by each such party, and
      (ii)
      the Securities Administrator shall confirm that the assessments, taken as a
      whole, address all of the Servicing Criteria and, taken individually, address
      the Relevant Servicing Criteria for each party as set forth on Exhibit
      J
      and on
      any similar exhibit set forth in each Servicing Agreement and each Custody
      Agreement in respect of the applicable Servicer or Custodian and notify the
      Depositor of any exceptions. None of such parties shall be required to deliver
      any such assessment until April 15 in any given year if such party has received
      written confirmation from the Depositor that a Form 10-K is not required to
      be
      filed in respect of the Trust for the preceding calendar year.

     

    
      
        
        

      

      
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    (d) On
      or
      before March 15 of each year, commencing in March 2008, the Securities
      Administrator, at its own expense, shall cause, and 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
      Securities Administrator, or such other Servicing Function Participants, as
      the
      case may be) that is a member of the American Institute of Certified Public
      Accountants to furnish a report to the Depositor (and, in the case of any other
      Servicing Function Participant, the Master Servicer) 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 PCAOB, it is expressing an opinion as to whether such party’s
      compliance with the Relevant Servicing Criteria was fairly stated in all
      material respects, or it cannot express an overall opinion regarding such
      party’s assessment of compliance with the Relevant Servicing Criteria. In the
      event that an overall opinion cannot be expressed, such registered public
      accounting firm shall state in such report why it was unable to express such
      an
      opinion. Such report must be available for general use and not contain
      restricted use language. 

     

    Promptly
      after receipt of such report from the Securities Administrator or any Servicing
      Function Participant engaged by such parties, (i) the Depositor shall review
      the
      report and, if applicable, consult with or cause the Master Servicer to consult
      with such parties as to the nature of any defaults by such parties, in the
      fulfillment of any of each such party’s obligations hereunder or under any other
      applicable agreement and (ii) the Securities Administrator shall confirm that
      each assessment submitted pursuant to Section 8.01(e) or Section 11.01(c) is
      coupled with an attestation meeting the requirements of this Section and shall
      notify the Depositor of any exceptions. Neither the Securities Administrator
      nor
      any Servicing Function Participant shall be required to deliver any such
      assessment until April 15 in any given year if such party has received written
      confirmation from the Depositor that a Form 10-K is not required to be filed
      in
      respect of the Trust for the preceding calendar year.

     

    (e) The
      Securities Administrator shall give prior written notice to the Depositor of
      the
      appointment of any Subcontractor by it and a written description (in form and
      substance satisfactory to the Depositor) of the role and function of each
      Subcontractor utilized by the Securities Administrator, specifying (i) the
      identity of each such Subcontractor and (ii) which elements of the servicing
      criteria set forth under Item 1122(d) of Regulation AB will be addressed in
      assessments of compliance provided by each such Subcontractor.

     

    
      
        
        

      

      
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    (f) The
      Securities Administrator shall notify the Depositor and the Sponsor within
      five
      (5) days of its gaining knowledge thereof (i) of any legal proceedings pending
      against the Securities Administrator of the type described in Item 1117 (§
229.1117) of Regulation AB, (ii) of any merger, consolidation or sale of
      substantially all of the assets of the Securities Administrator and (iii) if
      the
      Securities Administrator shall become (but only to the extent not previously
      disclosed) at any time an affiliate of any of the Depositor, any Servicer,
      any
      Originator contemplated by Item 1110 (§ 229.1110) of Regulation AB, any
      significant obligor contemplated by Item 1112 (§ 229.1112) of Regulation AB, any
      enhancement or support provider contemplated by Items 1114 or 1115 (§§
229.1114-1115) of Regulation AB or any successor thereto or any other material
      party to the Trust Fund contemplated by Item 1100(d)(1) (§ 229.1100(d)(1)) of
      Regulation AB, as applicable.

     

    Section
      11.02 Securities
      Administrator Not Liable for Certificates or Mortgage
      Loans. 

     

    The
      recitals contained in the Trust Agreement and in the Certificates (other than
      the signature of the Securities Administrator and the representations and
      warranties made in Section 11.07 hereof) shall be taken as the statements of
      the
      Depositor, and the Securities Administrator assumes no responsibility for their
      correctness. The Securities Administrator makes no representations or warranties
      as to the validity or sufficiency of the Trust Agreement, any Supplemental
      Trust
      Agreement or of the Certificates (other than the signature of the Securities
      Administrator on the Certificates) or of any Mortgage Loan or related document.
      The Securities Administrator shall not 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
      in respect of the Mortgage Loans or deposited in or withdrawn from any
      Collection Account, the Master Servicer Account or the Certificate Account
      other
      than any funds held by or on behalf of the Securities Administrator in
      accordance with Sections 3.01 and 3.05.

     

    Section
      11.03 Securities
      Administrator May Own Certificates. 

     

    The
      Securities 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 Securities Administrator.

     

    Section
      11.04 Custodian’s
      and Securities Administrator's Fees, Expenses and
      Indemnification. 

     

    The
      Securities Administrator shall be entitled to reimbursement for all reasonable
      expenses and disbursements incurred or made by the Securities Administrator
      in
      accordance with any of the provisions of the Trust Agreement (including but
      not
      limited to the reasonable compensation and the expenses and disbursements of
      its
      counsel and of all persons not regularly in its employ) except any such expense,
      disbursement or advance as may arise from its negligence, bad faith, willful
      misconduct or breach of contract by the Securities Administrator or any expense
      that does not constitute an “unanticipated expense” with the meaning of Treasury
      Regulation Section 1.860G-1(b)(3)(ii). On each Distribution Date, the Securities
      Administrator may withdraw from the amount on deposit in the REMIC I
      Distribution Account, its expenses (in accordance with this agreement). The
      Securities Administrator, each Custodian and any director, officer, employee
      or
      agent of the Securities Administrator and each Custodian shall be indemnified
      and held harmless by the Trust against any loss, liability or expense thereof,
      including reasonable attorney's fees and expenses, incurred, arising out of
      or
      in connection with the Trust Agreement, any custody agreement, any Supplemental
      Trust Agreement or the Certificates, including, but not limited to, any such
      loss, liability, or expense incurred in connection with any legal action against
      the Trust, such Custodian or the Securities Administrator or any director,
      officer, employee or agent thereof, or the performance of any of the Securities
      Administrator's or Custodian’s duties under the Trust Agreement, any custody
      agreement or any Supplemental Trust Agreement other than any loss, liability
      or
      expense incurred by reason of willful misfeasance, bad faith, negligence,
      willful misconduct or breach of contract (except with respect to a Custodian)
      in
      the performance of its respective duties under the Trust Agreement, any custody
      agreement or any Supplemental Trust Agreement or by reason of reckless disregard
      of obligations and duties under the Trust Agreement, any custody agreement
      or
      any Supplemental Trust Agreement or any expense that does not constitute an
      “unanticipated expense” with the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii). The Securities Administrator hereby agrees to pay the fees
      and expenses of the Custodians pursuant to the terms of a separate agreement
      between each Custodian and the Securities Administrator and the payment of
      such
      fees and expenses (as set forth in such separate agreement) shall be the sole
      obligation of the Securities Administrator; provided, however, that the
      Depositor shall pay any indemnified amounts to the Custodians. The provisions
      of
      this Section 11.04 shall survive (a) the termination of the Trust Agreement,
      any
      custody agreement or any Supplemental Trust Agreement and (b) the resignation
      or
      removal of the Securities Administrator or a Custodian, as the case may be.
      

     

     

    
      
        
        

      

      
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    Section
      11.05 Resignation
      and Removal of the Securities Administrator. 

     

    The Securities
      Administrator may at any time resign and be discharged from the trusts created
      pursuant to the Trust Agreement and any Supplemental Trust Agreement by giving
      written notice thereof to the Depositor, the Master Servicer, the Trustee and
      to
      all Certificateholders. Upon receiving such notice of resignation, the Trustee
      shall promptly appoint a successor securities administrator (which may be the
      Trustee) by written instrument, in triplicate, which instrument shall be
      delivered to the resigning Securities Administrator and to the successor
      securities administrator. A copy of such instrument shall be delivered to the
      Depositor, the Certificateholders and each Servicer by the Trustee. If no
      successor securities administrator shall have been so appointed and have
      accepted appointment within sixty (60) days after the giving of such notice
      of
      resignation, the resigning Securities Administrator may petition any court
      of
      competent jurisdiction for the appointment of a successor securities
      administrator.

     

    The
      Trustee may at any time remove the Securities Administrator and appoint a
      successor securities administrator by written instrument, in duplicate, which
      instrument shall be delivered to the Securities Administrator so removed and
      to
      the successor securities administrator. If the Trustee executes such an
      instrument, then the Trustee shall deliver a copy of such instrument to the
      Certificateholders, the Depositor and each Servicer.

     

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

     

    
      
        
        

      

      
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    In
      the
      event that the Securities Administrator fails to comply with the provisions
      of
      Section 3.02, the Depositor may at any such time remove the Securities
      Administrator by written instrument, in duplicate, which instrument shall be
      delivered to the Securities Administrator so removed and to the Trustee. In
      any
      such event the Trustee shall appoint a successor securities administrator by
      written instrument, in duplicate, which instrument shall be delivered to the
      Securities Administrator so removed, to the Depositor and to the successor
      securities administrator. If the Trustee and Depositor execute such an
      instruments, then the Trustee shall deliver copies of such instruments to the
      Certificateholders and each Servicer.

     

    Any
      resignation or removal of the Securities Administrator and appointment of a
      successor securities administrator pursuant to any of the provisions of this
      Section shall not become effective until acceptance of appointment by the
      successor securities administrator as provided in Section 11.06 hereof.

     

    Section
      11.06 Successor
      Securities Administrator. 

     

    Any
      successor securities administrator appointed as provided in Section 11.05 shall
      execute, acknowledge and deliver to the Trustee and to the predecessor
      Securities Administrator an instrument accepting such appointment under the
      Trust Agreement and any Supplemental Trust Agreement and thereupon the
      resignation or removal of the predecessor Securities Administrator shall become
      effective and such successor securities administrator without any further act,
      deed or conveyance, shall become fully vested with all the rights, powers,
      duties and obligations of its predecessor thereunder, with the like effect
      as if
      originally named as securities administrator therein. The predecessor Securities
      Administrator shall deliver to the successor securities administrator, all
      Trustee Mortgage Loan Files and related documents and statements held by it
      under the Trust Agreement and the Trustee and the predecessor Securities
      Administrator shall execute and deliver such instruments and do such other
      things as may reasonably be required for more fully and certainly vesting and
      confirming in the successor securities administrator, all such rights, powers,
      duties and obligations.

     

    Upon
      acceptance of appointment by a successor securities administrator as provided
      in
      this Section, the Trustee shall mail notice of the succession of such securities
      administrator under the Trust Agreement to all Holders of Certificates at their
      addresses as shown in the Certificate Register.

     

    Notwithstanding
      anything to the contrary contained herein, the appointment of any successor
      securities administrator pursuant to any provisions of this Agreement will
      be
      subject to the prior written consent of the Trustee, which consent will not
      be
      unreasonably withheld.

     

    Section
      11.07 Representations
      and Warranties of the Securities Administrator. 

     

    The
      Securities Administrator hereby represents and warrants to the Depositor, the
      Master Servicer and the Trustee that as of the Closing Date or as of such other
      date specifically provided herein:

     

    
      
        
        

      

      
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    (a) It
      is a
      national banking association and has been duly organized, and is validly
      existing in good standing under the laws of the United States with full power
      and authority (corporate and other) to enter into and perform its obligations
      under the Trust Agreement;

     

    (b) The
      Trust
      Agreement has been duly executed and delivered by it, and, assuming due
      authorization, execution and delivery by the Depositor, constitutes a legal,
      valid and binding agreement of such entity, enforceable against it in accordance
      with its terms, subject to bankruptcy, insolvency, reorganization, moratorium
      or
      other similar laws affecting creditors' rights generally and to general
      principles of equity regardless of whether enforcement is sought in a proceeding
      in equity or at law;

     

    (c) The
      execution, delivery and performance by it of the Trust Agreement and the
      consummation of the transactions contemplated thereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except such as has been obtained, given, effected or taken
      prior to the date thereof,

     

    (d) The
      execution and delivery of this Trust Agreement by it have been duly authorized
      by all necessary corporate action on its part; none of the execution and
      delivery by it of the Trust Agreement, consummation of the transactions therein
      contemplated, or compliance by it with the provisions thereof, will conflict
      with or result in a breach of, or constitute a default under, any of the
      provisions of its articles of organization or by-laws or any law, governmental
      rule or regulation or any judgment, decree or order binding on it to its
      knowledge or any of its properties, or any of the provisions of any indenture,
      mortgage, deed of trust, contract or other instrument to which it is a party
      or
      by which it is bound; and

     

    (e) There
      are no actions, suits or proceedings pending or, to its knowledge, threatened
      or
      asserted against it, before or by any court, administrative agency, arbitrator
      or government body (A) with respect to any of the transactions contemplated
      by
      the Trust Agreement or (B) with respect to any other matter which in its
      judgment will be determined adversely to it and will if determined adversely
      to
      it materially adversely affect its ability to perform its obligations under
      the
      Trust Agreement.

     

    Section
      11.08 Eligibility
      Requirements for the Securities Administrator.

     

    The
      Securities Administrator shall at all times be a corporation or national banking
      association that is not an Affiliate of the Depositor organized and doing
      business under the laws of any state or the United States of America, authorized
      under such laws to exercise corporate trust powers, having a combined capital
      and surplus of at least $50,000,000 and subject to supervision or examination
      by
      federal or state authority. If such corporation or national banking association
      publishes reports of its conditions at least annually, pursuant to law or to
      the
      requirements of the aforesaid supervising or examining authority, then for
      the
      purposes of this Section the combined capital and surplus of such corporation
      shall be deemed to be its combined capital and surplus as set forth in its
      most
      recent report of conditions so published. In case at any time the Securities
      Administrator shall cease to be eligible in accordance with the provisions
      of
      this Section, the Securities Administrator shall resign immediately in the
      manner and with the effect specified in Section 11.05. In addition, the
      Securities Administrator (a) may not be an originator of Mortgage Loans, the
      Master Servicer, a Servicer, the Depositor or an affiliate of the Depositor
      unless the Securities Administrator is in an institutional trust department
      of
      the Securities Administrator and (b) must be rated at least “A/F1” by Fitch, if
      Fitch is a Rating Agency that has rated the Securities Administrator, or the
      equivalent rating by S&P or Moody’s. 

     

    
      
        
        

      

      
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    ARTICLE
      XII

     

    REMIC
      TAX PROVISIONS

     

    Section
      12.01 REMIC
      Administration.

     

    (a)
      i)Unless
      otherwise specified in the Trust Agreement, the Securities Administrator, on
      behalf of the Trustee, shall elect (on behalf of each REMIC to be created)
      to
      have the Trust (or designated assets thereof) treated as one or more REMICs
      on
      Form 1066 or other appropriate federal tax or information return for the taxable
      year ending on the last day of the calendar year in which the Certificates
      are
      issued as well as on any corresponding state tax or information return necessary
      to have the Trust (or such assets) treated as a REMIC under state
      law.

     

    (ii)
      In
      order to enable the Securities Administrator, on behalf of the Trustee, to
      perform its duties as set forth herein, the Depositor shall provide or cause
      to
      be provided to the Securities Administrator, within ten (10) days after the
      Closing Date, all information or data that the Securities Administrator
      reasonably determines to be relevant for tax purposes to the valuations and
      offering prices of the Certificates (security instruments), including, without
      limitation, the price, yield, prepayment assumption and projected cash flows
      of
      the Certificates and the Mortgage Loans. Thereafter, the Depositor shall provide
      to the Securities Administrator, promptly upon request therefor, any additional
      information or data that the Securities Administrator may from time to time
      reasonably request in order to enable the Securities Administrator to perform
      its duties as set forth herein.

     

    (b)
      The
      Securities Administrator, on behalf of the Trustee, shall pay any and all tax
      related expenses (not including taxes) of each REMIC, including but not limited
      to any professional fees or expenses related to audits or any administrative
      or
      judicial proceedings with respect to such REMIC that involve the Internal
      Revenue Service or state tax authorities, but only to the extent that
      (i) such expenses are ordinary or routine expenses, including expenses of a
      routine audit but not expenses of litigation (except as described in (ii));
      or
      (ii) such expenses or liabilities (including taxes and penalties) are
      attributable to the negligence or willful misconduct of the Securities
      Administrator in fulfilling its duties hereunder (including its duties as tax
      return preparer). The Securities Administrator shall be entitled to
      reimbursement of the expenses to the extent provided in clause (i) above
      from the Certificate Account, but only to the extent such expenses are
“unanticipated expenses” for purposes of Treasury Regulation
      Section 1.860G-1(b)(3)(ii).

     

    (c)
      The
      Securities Administrator, on behalf of the Trustee, shall prepare any necessary
      forms for election as well as all of the Trust’s and each REMIC’s federal and
      any appropriate state tax and information returns. The Trustee shall sign and
      the Securities Administrator, on behalf of the Trustee, shall file such returns
      on behalf of each REMIC. The expenses of preparing and filing such returns
      shall
      be borne by the Securities Administrator.

     

    
      
        
        

      

      
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    (d)
      The
      Securities Administrator, on behalf of the Trustee, shall perform all reporting
      and other tax compliance duties that are the responsibility of the Trust and
      each REMIC under the REMIC Provisions or New York tax law. Among its other
      duties, if required by the REMIC Provisions, the Securities Administrator,
      on
      behalf of the Trustee, acting as agent of each REMIC, shall provide (i) to
      the Treasury or other governmental authority such information as is necessary
      for the application of any tax relating to the transfer of a Residual
      Certificate to any Disqualified Organization and (ii) to the Securities
      Administrator such information as is necessary for the Securities Administrator,
      on behalf of the Trustee, to discharge its obligations under the REMIC
      Provisions to report tax information to the Certificateholders.

     

    (e)
      The
      Depositor, the Securities Administrator, the Trustee and the Holders of the
      Residual Certificates shall take any action or cause any REMIC to take any
      action necessary to create or maintain the status of such REMIC as a REMIC
      under
      the REMIC Provisions and shall assist each other as necessary to create or
      maintain such status.

     

    (f)
      The
      Depositor, the Securities Administrator, the Trustee and the Holders of the
      Residual Certificates shall not take any action, or fail to take any action,
      or
      cause any REMIC to take any action or fail to take any action that, if taken
      or
      not taken, as the case may be, could endanger the status of any such REMIC
      as a
      REMIC unless the Securities Administrator has received an Opinion of Counsel
      (at
      the expense of the party seeking to take or to fail to take such action) to
      the
      effect that the contemplated action or failure to act will not endanger such
      status.

     

    (g)
      Any
      taxes that are imposed upon the Trust or any REMIC by federal or state
      (including local) governmental authorities (other than taxes paid by a party
      pursuant to Section 10.02 hereof or as provided in the following sentence)
      shall be allocated in the same manner as Realized Losses are allocated. Any
      state (or local) taxes imposed upon the Trust or any REMIC that would not have
      been imposed on the Trust or such REMIC in the absence of any legal or business
      connection between the Trustee and the state (or locality) imposing such taxes
      shall be paid by the Trustee, and, notwithstanding anything to the contrary
      in
      these Standard Terms, such taxes shall be deemed to be part of the Trustee’s
      cost of doing business and shall not be reimbursable to the
      Trustee.

     

    (h)
      Wells
      Fargo Bank shall acquire a Residual Certificate in each REMIC and Wells Fargo
      Bank will act as the Tax Matters Person of each REMIC and perform various tax
      administration functions of each REMIC as its agent, as set forth in this
      Section, provided that Wells Fargo Bank shall not have to sign a Residual
      Transferee Agreement as required under Section 5.05(c) of these Standard Terms.
      If Wells Fargo Bank or an Affiliate is unable for any reason to fulfill its
      duties as Tax Matters Person for a REMIC, the holder of the largest Percentage
      Interest of the Residual Certificates in such REMIC shall become the successor
      Tax Matters Person of such REMIC.

     

    (i)
      The
      Tax Matters Person shall apply for an employer identification number with the
      Internal Revenue Service via a Form SS-4 or other comparable method for each
      REMIC, for the trust created for any Supplemental Interest Trust and for any
      other trust created pursuant to the Trust Agreement or any other document named
      therein. In connection with the foregoing, the Tax Matters Person shall provide
      the name and address of the person who can be contacted to obtain information
      required to be reported to the holders of Regular Interests in each REMIC as
      required by IRS Form 8811.

     

    
      
        
        

      

      
        93

        
          

        

      

      
        
        

      

    

    (j)
      For
      purposes of compliance with the REMIC Provisions, the amount of any expenses
      payable from the Trust Fund or the Termination Price, in each case pursuant
      to
      Section 4.03 of the Trust Agreement, that reduces amounts otherwise
      distributable to the Certificates (other than the Residual Certificates) and
      that do not constitute “unanticipated expenses” of a REMIC within the meaning of
      Treasury Regulation Section 1.860G-1(b)(3)(ii) shall be treated, first, as
      having been distributed on the Certificates that suffered such reduction to
      the
      extent of such reduction and, next, as having been paid by the beneficial
      holders of such Certificates to the parties to whom such expenses were
      payable.

     

    Section
      12.02 Prohibited
      Activities.

     

    Except
      as
      otherwise provided in the Trust Agreement, none of the Depositor, the Trustee,
      the Securities Administrator, each Servicer, the Master Servicer nor the Holders
      of the Residual Certificates shall engage in, nor shall the Master Servicer
      permit (to the extent within its control), any of the following transactions
      or
      activities unless it has received (a) a Special Tax Opinion and (b) a
      Special Tax Consent from each of the Holders of the Residual Certificates
      (unless the Special Tax Opinion specially provides that no REMIC-level tax
      will
      result from the transaction or activity in question):

     

    (i)
      the
      sale or other disposition of, or substitution for, any of the Mortgage Loans
      except pursuant to (A) a foreclosure or default with respect to such
      Mortgage Loans, (B) the bankruptcy or insolvency of any REMIC, (C) the
      termination of any REMIC pursuant to Section 10.02, or (D) a purchase
      (but not a substitution) in accordance with Section 2.03;

     

    (ii)
      the
      acquisition of any Mortgage Loans for the Trust after the Closing Date except
      during the three-month period beginning on the Closing Date pursuant to a fixed
      price contract in effect on the Closing Date that has been reviewed and approved
      by tax counsel acceptable to the Securities Administrator;

     

    (iii)
      the
      sale or other disposition of any investment in the Certificate Account or the
      Distribution Account at a gain;

     

    (iv)
      the
      sale or other disposition of any asset held in a Reserve Fund for a period
      of
      less than three months (a “Short-Term
      Reserve Fund Investment”)
      if
      such sale or disposition would cause 30% or more of a REMIC’s income from such
      Reserve Fund for the taxable year to consist of a gain from the sale or
      disposition of Short-Term Reserve Fund Investments;

     

    (v)
      the
      withdrawal of any amounts from any Reserve Fund except (A) for the
      distribution pro rata
      to the
      Holders of the Residual Certificates representing ownership of the residual
      interest in the related REMIC or (B) to provide for the payment of Trust
      expenses or amounts payable on the Certificates in the event of defaults or
      late
      payments on the Mortgage Loans or lower than expected returns on funds held
      in
      the Certificate Account or the Distribution Account, as provided under
      Section 860G(a)(7) of the Code;

     

    
      
        
        

      

      
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    (vi)
      the
      acceptance of any contribution to the Trust except the following cash
      contributions: (A) a contribution received during the three-month period
      beginning on the Closing Date, (B) a contribution to a Reserve Fund owned
      by a REMIC that is made pro rata
      by the
      Holders of the Residual Certificates representing ownership of the residual
      interest in the related REMIC, (C) a contribution to facilitate a
      Terminating Purchase that is made within the 90-day period beginning on the
      date
      on which a plan of complete liquidation is adopted pursuant to
      Section 10.04(a)(i), or (D) any other contribution approved by the
      Securities Administrator after consultation with tax counsel;

     

    (vii)
      except in the case of a Mortgage Loan that is a default, or as to which, in
      the
      reasonable judgment of any Servicer, default is reasonably foreseeable, the
      Master Servicer shall not permit any modification of any material term of a
      Mortgage Loan (including, but not limited to, the interest rate, the principal
      balance, the amortization schedule, the remaining term to maturity, or any
      other
      term affecting the amount or timing of payments on the Mortgage Loan) unless
      the
      Master Servicer has received an Opinion of Counsel (at the expense of the party
      seeking to modify the Mortgage Loan) to the effect that such modification would
      not be treated as giving rise to a new debt instrument for REMIC purposes;
      or

     

    (viii)
      any other transaction or activity that is not contemplated by the Trust
      Agreement.

     

    Any
      party
      causing the Trust to engage in any of the activities prohibited in this
      Section shall be liable for the payment of any tax and any associated cost
      imposed on the Trust pursuant to Code Section 860F(a)(1) or 860G(d) as a
      result of the Trust engaging in such activities and indemnify the Trust and
      the
      Master Servicer for such amounts.

     

    ARTICLE
      XIII

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      13.01 Amendment
      of Trust Agreement.

     

    The
      Trust
      Agreement may be amended or supplemented from time to time by the Master
      Servicer, the Depositor, the Securities Administrator and the Trustee without
      the consent of any of the Certificateholders to (a) cure any ambiguity,
      (b) correct or supplement any provisions herein which may be inconsistent
      with any other provisions herein, (c) modify, eliminate or add to any of
      its provisions to such extent as shall be necessary or appropriate to maintain
      the qualification of the Trust (or any assets thereof) as a REMIC under the
      Code
      at all times that any Certificates are outstanding, (d) to conform the
      terms of this Agreement to the terms described in the Prospectus dated February
      13, 2007, together with the Prospectus Supplement thereto dated April
      25, 2007,
      or
      (e) to add any other provisions with respect to matters or questions arising
      hereunder or (f) to modify, alter, amend, add to or rescind any of the
      terms or provisions contained in this Agreement; provided,
      that
      any action pursuant to clause (e) or (f) above shall not adversely affect
      in any material respect the interests of any Certificateholder. Any such
      amendment or supplement shall be deemed not to adversely affect in any material
      respect any Certificateholder if the Person requesting such amendment delivers
      to the Securities Administrator written notification from each Rating Agency
      that rated the applicable Certificates to the effect that such amendment or
      supplement will not result in the downgrade or withdrawal of the then current
      rating assigned to such Certificates, as well as an Opinion of Counsel
      (delivered at the expense of the Person requesting such amendment) that such
      amendment or supplement will not result in the loss by the Trust or the assets
      thereof of REMIC status or result in the imposition of any taxes on the Trust
      or
      any REMIC.

     

    
      
        
        

      

      
        95

        
          

        

      

      
        
        

      

    

    The
      Trust
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the Securities Administrator and the Trustee with the consent of
      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 the Trust Agreement or of modifying in any manner the
      rights of the Holders of Certificates; provided,
      however,
      that no
      such amendment shall (a) 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, (b) adversely affect in any material respect the interests of
      the Holders of any Class of Certificates, or (c) reduce the aforesaid
      percentage of Certificates the Holders of which are required to consent to
      any
      such amendment, unless each Holder of a Certificate affected by such amendment
      consents. For purposes of the giving or withholding of consents pursuant to
      this
      Section 13.01, Certificates registered in the name of the Depositor or an
      Affiliate shall be entitled to Voting Rights with respect to matters affecting
      such Certificates.

     

    Prior
      to
      consenting to any amendment, each of the Securities Administrator, the Trustee
      and the Master Servicer shall be entitled to receive an Opinion of Counsel
      from
      the Depositor stating that the proposed amendment is authorized and permitted
      pursuant to this Trust Agreement. No amendment affecting the rights, duties
      and
      indemnities of the Custodians shall be entered into without the Custodians’
consent.

     

    Promptly
      after the execution of any such amendment, the Securities Administrator shall
      notify Certificateholders of such amendment and, upon written request, furnish
      a
      copy of such amendment to any Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 13.01 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 Securities Administrator may prescribe.

     

    Section
      13.02 Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent required by applicable law, the Trust 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 applicable Custodian
      (except with respect to Deutsche Bank), on behalf of the Trustee, at the expense
      of the Trust, but only if such recordation is requested by the Depositor and
      accompanied by an Opinion of Counsel (which shall not be an expense of the
      Depositor or any Custodian) to the effect that such recordation materially
      and
      beneficially affects the interests of the Certificateholders. 

     

    
      
        
        

      

      
        96

        
          

        

      

      
        
        

      

    

    For
      the
      purpose of facilitating the recordation of the Trust Agreement as herein
      provided, and for any other purpose, the Trust 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
      13.03 Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate the Trust
      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, 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 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 the Trust Agreement
      pursuant to any provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of the Trust
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to the Trust Agreement or any Sale Agreement, Servicing
      Agreement, Custody Agreement or Assignment Agreement, unless such Holder
      previously shall have given to the Securities Administrator 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 Securities Administrator to institute
      such action, suit or proceeding in its own name as Securities Administrator
      under the Trust Agreement and shall have offered to the Securities Administrator
      such reasonable indemnity as it may require against the costs, expenses and
      liabilities to be incurred therein or thereby, and the Securities Administrator,
      for fifteen (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 Securities
      Administrator, that no one or more Holders of Certificates shall have any right
      in any manner whatever by virtue of any provision of the Trust 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 the Trust Agreement, except
      in
      the manner therein 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, the Master Servicer, the Securities
      Administrator and the Trustee shall be entitled to such relief as can be given
      either at law or in equity.

     

     

    
      
        
        

      

      
        97

        
          

        

      

      
        
        

      

    

    Section
      13.04 [Reserved].

     

    Section
      13.05 Notices.

     

    All
      demands and notices under the Trust Agreement 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 addresses,
      telecopy numbers or email addresses set forth in the Trust Agreement. Any notice
      required or permitted to be mailed to a Certificateholder shall be given by
      first-class mail, postage prepaid, or by express delivery service, at the
      address of such Holder as shown in the Certificate Register. Any notice so
      mailed within the time prescribed in the Trust Agreement shall be conclusively
      presumed to have been duly given, 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. A copy of
      any
      notice given hereunder to any other party shall be delivered to the Securities
      Administrator.

     

    Section
      13.06 Severability
      of Provision.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of the Trust
      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 the Trust Agreement and shall
      in
      no way affect the validity or enforceability of the other provisions of the
      Trust Agreement or of the Certificates or the rights of the Holders
      thereof.

     

    Section
      13.07 Sale
      of Mortgage Loans.

     

    It
      is the
      express intent of the Depositor and the Trustee that the conveyance of the
      Mortgage Loans by the Depositor to the Trustee pursuant to the Trust Agreement
      be construed as a sale of the Mortgage Loans by the Depositor to the Trustee.
      It
      is, further, not the intention of the Depositor and the Trustee that such
      conveyance be deemed a pledge of the Mortgage Loans by the Depositor to the
      Trustee to secure a debt or other obligation of the Depositor. However, in
      the
      event that, notwithstanding the intent of the parties, the Mortgage Loans are
      held to continue to be property of the Depositor then (a) the Trust
      Agreement also shall be deemed to be a security agreement within the meaning
      of
      Article 9 of the UCC; (b) the conveyance by the Depositor provided for
      in the Trust Agreement 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 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 any Collection
      Account or the Certificate Account, whether in the form of cash, instruments,
      securities or other property; (c) the possession by the Trustee or its
      agent of Notes and such other items of property as constitute instruments,
      money, negotiable documents or chattel paper shall be deemed to be “possession
      by the secured party” for purposes of perfecting the security interest pursuant
      to Section 9-313 of the UCC; and (d) notifications to persons holding
      such property, and acknowledgments, receipts or confirmations from persons
      holding such property, shall be deemed notifications to, or acknowledgments,
      receipts or confirmations from, financial intermediaries, bailees or agents
      (as
      applicable) of the Trustee for the purpose of perfecting such security interest
      under applicable law. The Depositor and the Trustee shall, to the extent
      consistent with the Trust Agreement, take such actions as may be necessary
      to
      ensure that, if the Trust Agreement were deemed to create a security interest
      in
      the Mortgage Loans, such security interest would be deemed to be a perfected
      security interest of first priority under applicable law and will be maintained
      as such throughout the term of the Trust Agreement.

     

     

    
      
        
        

      

      
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    Section
      13.08 Notice
      to Rating Agencies

     

    (a)
      The
      Securities Administrator, on behalf of the Trustee, shall use its best efforts
      promptly to provide notice to each Rating Agency with respect to each of the
      following of which an Officer of the Securities Administrator has actual
      knowledge:

     

    (i)
      any
      material change or amendment to the Trust Agreement or any agreement assigned
      to
      the Trust;

     

    (ii)
      the
      occurrence of any Event of Default under a Servicing Agreement;

     

    (iii)
      the
      resignation, termination or merger of the Depositor, the Securities
      Administrator, the Trustee or any Servicer or Custodian;

     

    (iv)
      the
      purchase of Mortgage Loans pursuant to Section 2.03;

     

    (v)
      the
      final payment to Certificateholders;

     

    (vi)
      any
      change in the location of any Collection Account, Reserve Fund or Certificate
      Account; and

     

    (vii)
      any
      event that would result in the inability of any Servicer to make Advances
      regarding delinquent Mortgage Loans.

     

    (b)
      The
      Securities Administrator shall promptly make available, through a website
      located at www.ctslink.com, if practicable, to each Rating Agency copies of
      the
      following:

     

    (i)
      each
      report to Certificateholders described in Section 4.01; and

     

    (ii)
      upon
      written request of any such Person, a hard copy of each Annual Compliance
      Statement and other reports provided by the Servicer under each Servicing
      Agreement.

     

    (c)
      Any
      notice pursuant to this Section 13.08 shall be in writing and shall be
      deemed to have been duly given if personally delivered or mailed by first class
      mail, postage prepaid or by express delivery service to each Rating Agency
      at
      the address specified in the Trust Agreement.

     

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

    Section
      13.09 Custodian’s
      Limitation of Liability.

     

    The
      Custodian shall be entitled to the same rights, protections, immunities and
      indemnities hereunder as afforded under the Custodial Agreement dated as of
      April 1, 2007.    

     

    

     

    

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    Exhibit A

     

    FORM
      OF TRUST RECEIPT

    

    [DATE]

    

    Goldman
      Sachs Mortgage Company

    85
      Broad
      Street, 26th
      Floor

    New
      York,
      New York 10004 

    Attn.:
      Christina House

    Telephone:
      (212) 357-8168

    Telecopy:
      (212) 493-0014

    

    U.S.
      Bank
      National Association

    One
      Penn
      Plaza Suite 2700

    New
      York,
      New York 10119

    Attention:
      Structured Finance Department

    GSR
      2007-3F

    

    
      	
              RE:

            	
              The
                Master Servicing and Trust Agreement dated April 1, 2007 (the
                “Trust
                Agreement”),
                among GS
                Mortgage Securities Corp., as Depositor, U.S. Bank National Association,
                as Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
                Administrator, Deutsche Bank National Trust Company, as Custodian,
                and the
                Standard Terms to Master Servicing and Trust Agreement (April 2007
                Edition) incorporated by reference thereto (the “Standard
                Terms”).
                

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with the provision of Section
      2.02
      of the
      above-referenced Standard Terms, the undersigned, as the Custodian, hereby
      certifies (subject to any exceptions listed on the exception report attached
      hereto) that as to each Mortgage Loan listed on the Mortgage Loan Schedule
      of
      the Trust Agreement, it has reviewed the Trustee Mortgage Loan File as of the
      date of such Trust Agreement and has determined that (a) all documents required
      to be delivered to it pursuant to clauses (a) through (e) and (g) of the
      definition of Trustee Mortgage Loan File are in its possession; provided,
      that
      the Custodian has no obligation to verify the receipt of any documents the
      existence of which was not made known to the Custodian by the Trustee Mortgage
      Loan File, and provided,
      further,
      that
      the Custodian has no obligation to determine whether recordation of any such
      modification is necessary; (b) such documents have been reviewed by it and
      appear regular on their face and to relate to such Mortgage Loans; provided,
      however,
      that
      the Custodian makes no representation and has no responsibilities as to the
      authenticity of such documents, their compliance with applicable law, or the
      collectability of any of the Mortgage Loans relating thereto; (c) based upon
      its
      examination, and only as to the foregoing documents, the information set forth
      on the Mortgage Loan Schedule accurately reflects, the Verified Information
      with
      respect to each Mortgage Loan; and (d) each Mortgage Note has been endorsed
      and
      each assignment has been assigned as required under Section
      2.02
      of the
      Standard Terms. Moreover, the attached Data Collection Schedule accurately
      and
      completely sets forth the information required to be set forth therein pursuant
      to Section
      2.02
      of the
      Standard Terms.

    

    
      
        
        

      

      
        Exhibit
          A-1

        
          

        

      

      
        
        

      

    

    [DEUTSCHE
      BANK NATIONAL TRUST COMPANY,
      as
      Custodian]

     

    By:
      _________________________________

    Name:
      

    Title:
      

    

    

    
      
        
        

      

      
        Exhibit
          A-2

        
          

        

      

      
        
        

      

    

    Exhibit B

     

    FORM
      OF FINAL CERTIFICATION

    

    [Date]

    

    Goldman
      Sachs Mortgage Company 

    85
      Broad Street

    New
      York, New York 10004 

    Attn.:
      Christina House

    

    U.S.
      Bank National Association

    One
      Penn Plaza Suite 2700

    New
      York, New York 10119

    Attention:
      Structured Finance Department

    GSR
      2007-3F

    

    
      	
              RE:

            	
              The
                Master Servicing and Trust Agreement dated April 1, 2007 (the
                “Trust
                Agreement”),
                among GS Mortgage Securities Corp., as Depositor, U.S. Bank National
                Association, as Trustee, Wells Fargo Bank, N.A., as Master Servicer
                and
                Securities Administrator, Deutsche Bank National Trust Company, as
                Custodian, and the Standard Terms to Master Servicing and Trust Agreement
                (April 2007 Edition) incorporated by reference thereto (the “Standard
                Terms”).
                

            

    

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with the provision of Section
      2.02
      of the
      above-referenced Standard
      Terms,
      the
      undersigned, as the Custodian, hereby certifies (subject to any exceptions
      listed on the exception report attached hereto) that as to each Mortgage Loan
      listed on the attached Mortgage Loan Schedule, it has reviewed the Trustee
      Mortgage Loan File
      and has
      determined that (a) (i) all documents required to be delivered to it pursuant
      to
clauses
      (a) through (e) and (g) of the definition of Trustee Mortgage Loan
      File
      are in
      its possession; provided
      that the
      Custodian has no obligation to verify the receipt of any such documents the
      existence of which was not made known to the Custodian by the Trustee
      Mortgage Loan File,
      and
provided,
      further,
      that the
      Custodian has no obligation to determine whether recordation of any such
      modification is necessary; (b) such documents have been reviewed by it and
      appear regular on their face and to relate to such Mortgage Loans; provided,
      however,
      that
      the Custodian makes no representation and has no responsibilities as to the
      authenticity of such documents, their compliance with applicable law, or the
      collectability of any of the Mortgage Loans relating thereto; and (c) each
      Mortgage Note has been endorsed and each assignment has been assigned as
      required under Section
      2.02
      of the
Standard
      Terms.

    

    
      
        
        

      

      
        Exhibit
          B-1

        
          

        

      

      
        
        

      

    

    [DEUTSCHE
      BANK NATIONAL TRUST COMPANY,
      as
      Custodian] 

     

    By:
      _____________________________

    Name:

    Title:

     

    
      
        
        

      

      
        Exhibit
          B-2

        
          

        

      

      
        
        

      

    

    Exhibit C-1

     

    FORM
      OF RULE 144A AGREEMENT — QIB CERTIFICATION

    

    ______________,
      20__

    

    U.S.
      Bank
      National Association

    One
      Penn
      Plaza Suite 2700

    New
      York,
      New York 10119

    Attention:
      Structured Finance Department

    GSR
      2007-3F

    

    GS
      Mortgage Securities Corp.

    85
      Broad
      Street

    New
      York,
      New York 10004

    

    
      	
              Re:

            	
              GS
                Mortgage Securities Corp.,
                Depositor

            

    

    GSR
      Mortgage Loan Trust 2007-3F,

    Pass-Through
      Certificates Series 2007-3F

    having
      an original principal amount of $  

    

    Ladies
      and Gentlemen:

    

    In
      connection with our proposed purchase of the Certificates referred to above
      (the
“Certificates”),
      we
      confirm that:

     

    (A) We
      have
      received a copy of the Offering Supplement dated _________ __, 20__ (the
“Offering
      Circular”),
      relating to the Certificates and such other information and documents as we
      deem
      necessary in order to make our investment decision. We acknowledge that we
      have
      read and agree to the restrictions on duplication and circulation of the
      Offering Circular and the matters stated in the section entitled “Notice to
      Investors.”

     

    (B) We
      are a
“qualified institutional buyer” (as that term is defined in Rule 144A under the
      Securities Act). We area aware that the sale of the Certificates to us is being
      made in reliance on Rule 144A under the Securities Act. We are acquiring the
      Certificates for our own account or for the account of a qualified institutional
      buyer.

     

    (C) We
      understand that the offer and sale of the Certificates has not been registered
      under the Securities Act and that the Certificates may not be offered, sold,
      or
      otherwise transferred in the absence of such registration or an applicable
      exemption therefrom. We agree, on our own behalf and on behalf of any accounts
      for which we are acting as hereinafter stated, that we will not offer, sell,
      pledge or otherwise transfer any Certificate, or any interest therein, except
      (1) (A) in accordance with Rule 144A under the Securities Act to a
“qualified institutional buyer” (as defined therein), or (B) pursuant to an
      effective registration statement under the Securities Act, and (2) in
      accordance with all applicable securities laws of the states of the United
      States or any other applicable jurisdiction.

     

    
      
        
        

      

      
        C-1-1

        
          

        

      

      
        
        

      

    

    (D) We
      understand that, on any proposed resale of any Certificates, we will be required
      to furnish to the Depositor and to the Trustee such certificates, legal opinions
      and other information as the Depositor, or the Trustee may reasonably require
      to
      confirm that the proposed sale complies with the foregoing restrictions. We
      further understand that the Certificates purchased by us will bear a legend
      to
      the foregoing effect.

     

    (E) We
      acknowledge that none of the Depositor, Goldman, Sachs & Co. (the
“Initial
      Purchaser”),
      the
      Trustee, or any person acting on behalf of the Depositor, the Initial Purchaser,
      or the Trustee has made any representations concerning the Trust or the offer
      and sale of the Certificates, except as set forth in the Offering
      Circular.

     

    (F) We
      acknowledge that the Depositor, the Initial Purchaser, the Trustee and others
      will rely on the truth and accuracy of the foregoing acknowledgments,
      representations and agreements, and agree that if any of the foregoing
      acknowledgments, representations and agreements are no longer accurate we shall
      promptly notify the Depositor, the Initial Purchaser, and the
      Trustee.

     

    The
      Transferee hereby agrees to indemnify and hold harmless the Depositor, the
      Trustee and the Initial Purchaser from and against any and all loss, damage
      or
      liability (including attorney’s fees) due to or arising out of a breach of any
      representation or warranty, confirmation or statement contained in this
      letter.

     

    The
      Depositor, the Trustee and the Initial Purchaser are entitled to rely upon
      this
      letter and are irrevocably authorized to produce this letter or a copy hereof
      to
      any interested party in any administrative or legal proceedings or official
      inquiry with respect to the matters covered hereby.

     

    Capitalized
      terms used but not otherwise defined herein shall have the meanings assigned
      to
      such terms in the Master Servicing and Trust Agreement, dated as of April 1,
      2007, among
      GS
      Mortgage Securities Corp., as Depositor, U.S. Bank National Association, as
      Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
      Administrator, Deutsche Bank National Trust Company, as a Custodian, and the
      Standard Terms to Master Servicing and Trust Agreement (April 2007 Edition)
      incorporated by reference thereto.

     

    

    Sincerely,

     

    [Name
      of
      Transferee]

     

     

    By:
      _______________________

          
      Name: __________________

          
      Title: ___________________

    

    
      
        
        

      

      
        C-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-2

    

    FORM
      OF
      TRANSFER CERTIFICATE

    FOR
      TRANSFER FROM RULE 144A CERTIFICATE

    TO
      REGULATION S GLOBAL SECURITY

    (Transfers
      pursuant to § 5.05(d)(B)

                          
      of the
      Agreement)                            

     

    U.S.
      Bank
      National Association

    One
      Penn
      Plaza Suite 2700

    New
      York,
      New York 10119

    Attention:
      Structured Finance Department

    GSR
      2007-3F

    

    GS
      Mortgage Securities Corp.

    85
      Broad
      Street

    New
      York,
      New York 10004

    

    
      	
              Re:

            	
              GS
                Mortgage Securities Corp.,
                Depositor

            

    

    GSR
      Mortgage Loan Trust 2007-3F,

    Pass-Through
      Certificates Series 2007-3F

    

     

    Reference
      is hereby made to the Master Servicing and Trust Agreement, dated as of April
      1,
      2007, among
      GS
      Mortgage Securities Corp., as Depositor, U.S. Bank National Association, as
      Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
      Administrator, Deutsche Bank National Trust Company, as a Custodian, and the
      Standard Terms to Master Servicing and Trust Agreement (April 2007
      Edition)
      incorporated by reference thereto (the “Standard Terms” and together with the
      Trust Agreement, the “Agreement”) Capitalized terms used but not defined herein
      shall have the meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
      aggregate
      principal amount of Securities which are held in the form of a Rule 144A
      Certificate with DTC in the name of [name of transferor]                                                       
      (the
“Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Regulation S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Agreement and the Securities and in accordance with Rule 904 of
      Regulation S, and that:

     

    a. the
      offer
      of the Securities was not made to a person in the United States; 

     

    b. at
      the
      time the buy order was originated, the transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the transferee was outside the United States;

     

    
      
        
        

      

      
        C-2-1

        
          

        

      

      
        
        

      

    

    c. no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

     

    d. the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended;
      and

     

    
      
        e.
          the
          transferee is not a U.S. person (as defined in Regulation
          S).

      

    

     

    
      
        
        

      

      
        C-2-2

        
          

        

      

      
        
        

      

    

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceedings or official inquiry with respect to the matters covered hereby.
      Terms used in this certificate have the meanings set forth in Regulation
      S.

     

    

    

    

                                                                
      

    [Name
      of
      Transferor]

     

     

    By:                                                         

           
Name:

            Title:

     

    Date:             
        ,
             

    

    

    

    

    

    
      
        
        

      

      
        C-2-3

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      C-3

    

    FORM
      OF
      TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      REGULATION S GLOBAL SECURITY

    TO
      RULE
      144A CERTIFICATE

    (Transfers
      pursuant to § 5.05(d)(C)

                              of
      the
      Agreement)                          

     

    U.S.
      Bank
      National Association

    One
      Penn
      Plaza Suite 2700

    New
      York,
      New York 10119

    Attention:
      Structured Finance Department

    GSR
      2007-3F

    

    GS
      Mortgage Securities Corp.

    85
      Broad
      Street

    New
      York,
      New York 10004

    

    
      	
              Re:

            	
              GS
                Mortgage Securities Corp.,
                Depositor

            

    

    GSR
      Mortgage Loan Trust 2007-3F,

    Pass-Through
      Certificates Series 2007-3F

    

     

    Reference
      is hereby made to the Master Servicing and Trust Agreement, dated as of April
      1,
      2007, among
      GS
      Mortgage Securities Corp., as Depositor, U.S. Bank National Association, as
      Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
      Administrator, Deutsche Bank National Trust Company, as a Custodian, and the
      Standard Terms to Master Servicing and Trust Agreement (April 2007 Edition),
      and
      the Standard Terms to Master Servicing and Trust Agreement (April 2007 Edition)
      incorporated by reference thereto (the
      “Standard Terms” and together with the Trust Agreement, the “Agreement”).
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Agreement.

     

    This
      letter relates to U.S. $                            
      aggregate
      principal amount of Securities which are held in the form of a Regulations
      S
      Global Security in the name of [name of transferor]                                                       
      (the
      “Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Rule 144A Certificate.

     

    In
      connection with such request, and in respect of such Securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Agreement and the Securities
      and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a transferee that the Transferor reasonably believes is purchasing the
      Securities for its own account or an account with respect to which the
      transferee exercises sole investment discretion, the transferee and any such
      account is a qualified institutional buyer within the meaning of Rule 144A,
      in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      jurisdiction.

     

     

    
      
        
        

      

      
        C-3-1

        
          

        

      

      
        
        

      

    

                                                                
      

    [Name
      of
      Transferor]

     

    By:                                                        

          
Name:

          
Title:

     

    Date:             
        ,
             

    

    

    

    
      
        
        

      

      
        C-3-2

        
          

        

      

      
        
        

      

    

    

    Exhibit D

    

    FORM
      OF TRANSFEREE AGREEMENT

     

    ______,
      20___

     

    U.S.
      Bank
      National Association

    One
      Penn
      Plaza Suite 2700

    New
      York,
      New York 10119

    Attention:
      Structured Finance Department

    GSR
      2007-3F

    

    GS
      Mortgage Securities Corp.

    85
      Broad
      Street

    New
      York,
      New York 10004

    

    
      	
              Re:

            	
              GS
                Mortgage Securities Corp.,
                Depositor

            

    

    GSR
      Mortgage Loan Trust 2007-3F,

    Pass-Through
      Certificates Series 2007-3F

    having
      an original principal amount of
      $          

    

    Ladies
      and Gentlemen:

    

    In
      connection with our proposed purchase of the Certificates referred to above
      (the
“Certificates”),
      we
      confirm that:

     

    (A) We
      have
      received a copy of the Offering Supplement, dated __________ ___, 20 
      (the
“Offering
      Circular”),
      relating to the Certificates and such other information and documents as we
      deem
      necessary in order to make our investment decision. We acknowledge that we
      have
      read and agree to the matters stated in the Section entitled “Notice to
      Investors,” and the restrictions on duplication and circulation of the Offering
      Circular.

     

    (B) We
      understand that any subsequent transfer of the Certificates is subject to
      certain restrictions and conditions set forth in the Master Servicing and Trust
      Agreement, dated as of April 1, 2007, among
      GS
      Mortgage Securities Corp., as Depositor, U.S. Bank National Association, as
      Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
      Administrator, Deutsche Bank National Trust Company, as a Custodian, and the
      Standard Terms to Master Servicing and Trust Agreement (April 2007 Edition)
      incorporated by reference thereto (the
      “Trust
      Agreement”),
      and
      we agree to be bound by, and not to resell, pledge or otherwise transfer the
      Certificates except in compliance with such restrictions and conditions and
      the
      Securities Act of 1933, as amended (the “Securities
      Act”)
      and
      our failure to comply with the foregoing agreement shall render any purported
      transfer to be null and void.

     

    (C) We
      understand that the offer and sale of the Certificates has not been registered
      under the Securities Act and that the Certificates may not be offered, sold,
      or
      otherwise transferred in the absence of such registration or an applicable
      exemption thereof. We agree, on our own behalf and on behalf of any accounts
      for
      which we are acting as hereinafter stated, that we will not offer, sell, pledge
      or otherwise transfer any Certificate or any interest therein, except
      (A) in accordance with Rule 144A under the Securities Act to a “qualified
      institutional buyer” (as defined therein), (B) to an institutional
“accredited investor” (as defined below) that, prior to such transfer, furnishes
      to the Trustee a signed letter contained certain representations and agreements
      relating to the restrictions on transfer of the Certificates (the form of which
      letter can be obtained from the Trustee), or (C) pursuant to an effective
      registration statement under the Securities Act, and we further agree to provide
      to any person purchasing any of the Certificates from us a notice advising
      such
      person that resale of the Certificates are restricted as stated
      herein.

     

    
      
        
        

      

      
        Exhibit
          D-1

        
          

        

      

      
        
        

      

    

    (D) We
      understand that, on any proposed resale of any Certificates, we will be required
      to furnish to the Depositor and to the Trustee of such certificates, legal
      opinions and other information as the Depositor or the Trustee may reasonably
      require to confirm that the proposed sale complies with the foregoing
      restrictions. We further understand that the Certificates purchased by us will
      bear a legend to the foregoing effect.

     

    (E) We
      are an
      institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
      (7) of Regulation D under the Securities Act) and have knowledge and experience
      in financial and business matters as to be capable of evaluating the merits
      and
      risks of our investment in the Certificates, and we and any accounts for which
      we are acting are each able to bear the economic risks of our or their
      investment.

     

    (F) We
      are
      acquiring the Certificates purchased by us for our own account or for one or
      more accounts (each of which is an institutional “accredited investor”) as to
      each of which we exercise sole investment discretion.

     

    (G) We
      are
      acquiring at least the required minimum principal amount of the Certificates
      for
      each account for which we are purchasing such Certificates and will not offer,
      sell, pledge or otherwise transfer any such Certificates or any interest therein
      at any time except in the Required Minimum denomination.

     

    (H) We
      have
      been furnished all information regarding the Certificates that we have requested
      from the Depositor and the Trustee.

     

    (I) We
      acknowledge that neither the Trust, the Depositor, Goldman, Sachs & Co. (the
“Initial
      Purchaser”)
      nor
      the Trustee nor any person acting on behalf of the Trust, the Depositor, the
      Initial Purchaser or the Trustee has made any representations concerning the
      Trust or the offer and sale of the Certificates, except as set forth in the
      Offering Circular.

     

    (J) We
      have
      such knowledge and experience in financial and business matters that we are
      capable of evaluating the merits and risks of purchasing the
      Certificates.

     

    (K) If
      we are
      acquiring any of the Certificates as fiduciary or agent for one or more
      accounts, we represent that we have sole investment discretion with respect
      to
      each such amount and that we have full power to make the forgoing
      acknowledgments, representations and agreements with respect to each such
      account as set forth.

     

    
      
        
        

      

      
        Exhibit
          D-2

        
          

        

      

      
        
        

      

    

    (L) We
      acknowledge that the Depositor, the Initial Purchaser, the Trustee, and others
      will rely on the truth and accuracy of the foregoing acknowledgments,
      representations and agreements, and agree that if any of the foregoing
      acknowledgments, representations and agreements are no longer accurate we shall
      promptly notify the Depositor, the Initial Purchaser and the
      Trustee.

     

    The
      Transferee hereby agrees to indemnify and hold harmless the Trust, the
      Depositor, the Trustee, and the Initial Purchaser from and against any and
      all
      loss, damage or liability (including attorney’s fees) due to or arising out of a
      breach of any representation or warranty, confirmation or statement contained
      in
      this letter.

     

    The
      Depositor, the Trustee, and the Initial Purchaser are entitled to rely upon
      this
      letter and are irrevocably authorized to produce this letter or a copy hereof
      to
      any interested party in any administrative or legal proceedings or official
      inquiry with respect to the matters covered hereby.

     

    Capitalized
      terms used but not otherwise defined herein shall have the meanings assigned
      to
      such terms in the Trust Agreement.

     

    Sincerely,

     

    [Name
      of
      Transferee]

     

    By:
      __________________________

          
      Name: _____________________

          
      Title: ______________________

    

    

    
      
        
        

      

      
        Exhibit
          D-3

        
          

        

      

      
        
        

      

    

    Exhibit E

    

    FORM
      OF BENEFIT PLAN AFFIDAVIT

    

    
      	
              Re:

            	
              GS
                Mortgage Securities Corp.,

            

    

    
      	 	
              as
                Depositor

            

    

    
      	 	
              GSR
                Mortgage Loan Trust

            

    

    
      	 	
              2007-3F
                (the “Trust”)

            

    

     

    

    
      	
              STATE
                OF ____________

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF ____________

            	
              )

            

    

     

    Under
      penalties of perjury, I, the undersigned, declare that, to the best of my
      knowledge and belief, the following representations are true, correct, and
      complete.

     

    1. I
      am a
      duly authorized signatory of _______________, a ____________ (the “Transferee”),
      whose
      taxpayer identification number is _______________, and on behalf of which I
      have
      the authority to make this affidavit.

    2. The
      Transferee is acquiring the _________ and __________ Certificates (the
“Certificates”),
      each
      representing an interest in the Trust, for certain assets of which one or more
      real estate mortgage investment conduit (“REMIC”)
      elections are to be made under Section 860D of the Internal Revenue Code of
      1986, as amended (the “Code”).

    3. The
      Transferee understands that the Certificates will bear the following
      legend:

    

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
      TRANSFEREE PROVIDES THE TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT THAT
      SUCH
      TRANSFEREE (1) IS NEITHER AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE
      OF 1986, AS AMENDED (THE “CODE”), (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING
      ON BEHALF OF, OR USING THE ASSETS OF, ANY SUCH PLAN OR (2) IF THE CERTIFICATE
      (OTHER THAN A RESIDUAL CERTIFICATE OR A CLASS X CERTIFICATE) HAS BEEN SUBJECT
      TO
      AN ERISA-QUALIFYING UNDERWRITING, IS AN INSURANCE COMPANY PURCHASING SUCH
      CERTIFICATES WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS
      SUCH TERM IS DEFINED IN SECTION V(E) OF THE PROHIBITED TRANSACTION CLASS
      EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE
      ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60; OR (B) AN OPINION OF COUNSEL
      SATISFACTORY TO THE TRUSTEE AND THE SECURITIES ADMINISTRATOR, UPON WHICH THE
      TRUSTEE, THE SECURITIES ADMINISTRATOR, THE MASTER SERVICER AND THE DEPOSITOR
      SHALL BE ENTITLED TO RELY TO THE EFFECT THAT THE PURCHASE OR HOLDING OF SUCH
      CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL NOT RESULT IN ANY NON-EXEMPT
      PROHIBITED TRANSACTIONS UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
      AND WILL NOT SUBJECT THE TRUSTEE, THE SECURITIES ADMINISTRATOR, THE MASTER
      SERVICER OR THE DEPOSITOR TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN
      BY
      SUCH PARTIES IN THE TRUST AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE
      AN
      EXPENSE OF THE TRUST FUND OR ANY OF THE ABOVE PARTIES. A TRANSFEREE OF A
      BOOK-ENTRY CERTIFICATE SHALL BE DEEMED TO HAVE MADE A REPRESENTATION AS REQUIRED
      IN THE TRUST AGREEMENT.

     

    
      
        
        

      

      
        Exhibit
          E-1

        
          

        

      

      
        
        

      

    

    4. The
      Transferee either:

    

    (a) is
      neither an employee benefit plan or other retirement arrangement subject to
      section 406 of the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”),
      or
      Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
      nor a
      person acting on behalf of, or using the assets of, any such plan or
      arrangement; or

    

    (b) if
      the
      Certificates (other than a Residual Certificate or a Class X Certificate) have
      been subject to an ERISA-Qualifying Underwriting, is an insurance company
      purchasing such Certificates with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of the Prohibited
      Transaction Class Exemption 95-60 (“PTCE
      95-60”))
      and
      the purchase and holding of such Certificate are covered under Sections I and
      III of PTCE 95-60; or

    

    (c) a
      Benefit
      Plan Opinion satisfactory to the Trustee, upon which the Trustee, the Securities
      Administrator, the Master Servicer and the Depositor shall be entitled to rely
      to the effect that the purchase or holding of such Certificate by the
      prospective transferee will not result in any non-exempt prohibited transactions
      under Section 406 of ERISA or Section 4975 of the Code and will not subject
      the
      Trustee, the Securities Administrator, the Master Servicer or the Depositor
      to
      any obligation in addition to those undertaken by such parties in the Trust
      Agreement, which Benefit Plan Opinion shall not be an expense of the Trust
      or
      any of the above parties. 

    
      
        
        

      

      
        Exhibit
          E-2

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be duly executed
      on its behalf, by its duly authorized officer on this ____day of ________,
      20 .

     

    [Name
      of
      Transferee]

     

     

    By:
      __________________________

          
      Name:

          
      Title:

    

    

    

    

    Personally
      appeared before me ________________, known or proved to me to be the same person
      who executed the foregoing instrument and to be a _________________________
      of
      the Transferee, and acknowledged to me that he executed the same as his or
      her
      free act and deed and as the free act and deed of the Transferee.

    

    

    Subscribed
      and sworn to before me this

    ______
      day of ________________, 20 .

    

    

    ___________________________________

    Notary
      Public

    

    

    My
      commission expires: __________________________

    

    

    

    

    
      
        
        

      

      
        Exhibit
          E-3

        
          

        

      

      
        
        

      

    

    Exhibit F

    

    FORM
      OF RESIDUAL TRANSFEREE AGREEMENT

    

    

    _________________

    (DATE)

    

    

    GS
      Mortgage Securities Corp.

    85
      Broad
      Street

    New
      York,
      New York 10004

    

    U.S.
      Bank
      National Association

    One
      Penn
      Plaza Suite 2700

    New
      York,
      New York 10119

    Attention:
      Structured Finance Department

    GSR
      2007-3F

    

    
      	 	
              Re:

            	
              Master
                Servicing and Trust Agreement, dated as of April 1, 2007, among GS
                Mortgage Securities Corp., as Depositor, Wells Fargo Bank, N.A.,
                as Master
                Servicer and Securities Administrator, Deutsche Bank National Trust
                Company, as a Custodian, and U.S. Bank National Association, as Trustee
                of
                GSR Mortgage Loan
                Trust 2007-3F

            

    

    

    Ladies
      and Gentlemen:

    

    In
      connection with the purchase on the date hereof of the captioned securities
      (the
“Residual
      Certificate”),
      to be issued pursuant to the Master
      Servicing and Trust Agreement, dated as of April 1, 2007, among
      GS
      Mortgage Securities Corp., as Depositor, U.S. Bank National Association, as
      Trustee (the “Trustee”),
      Wells
      Fargo Bank, N.A., as Master Servicer and Securities Administrator, Deutsche
      Bank
      National Trust Company, as a Custodian, and the Standard Terms to Master
      Servicing and Trust Agreement (April 2007 Edition)
      (the “Standard
      Terms to Trust Agreement”)
      (collectively, the “Trust
      Agreement”),
      the undersigned hereby certifies and covenants to the transferor, the Depositor,
      the Trustee and the Trust as follows:

     

    1. We
      certify that on the date hereof we have simultaneously herewith delivered to
      you
      an affidavit certifying, among other things, that (A) we are not a
      Disqualified Organization and (B) we are not purchasing such Residual
      Certificate on behalf of a Disqualified Organization. We understand that any
      breach by us of this certification may cause us to be liable for a tax imposed
      upon transfers to Disqualified Organizations.

     

    2. We
      acknowledge that we will be the beneficial owner of the Residual Certificate
      and
      that the Residual Certificate will be registered in our name and not in the
      name
      of a nominee.

     

    3. We
      certify that no purpose of our purchase of the Residual Certificate is to avoid
      or impede the assessment or collection of tax.

     

    
      
        
        

      

      
        Exhibit
          F-1

        
          

        

      

      
        
        

      

    

    4. (A) We
      understand that the Residual Certificate represents for federal income tax
      purposes a “residual interest” in a real estate mortgage investment conduit and
      (B) we understand that as the holder of the Residual Certificate we will be
      required to take into account, in determining our taxable income, our pro rata
      percentage interest of the taxable income of each REMIC formed pursuant to
      the
      Trust Agreement in accordance with all applicable provisions of the Internal
      Revenue Code of 1986, as amended (the “Code”).

     

    5. We
      understand that if, notwithstanding the transfer restrictions, any of the
      Residual Certificates is in fact transferred to a Disqualified Organization,
      a
      tax may be imposed on the transferor of such Residual Certificate. We agree
      that
      any breach by us of these representations shall render such transfer of such
      Residual Certificate by us absolutely null and void and shall cause no rights
      in
      the Residual Certificate to vest in the transferee.

     

    6. The
      sale to us and our purchase of the Residual Certificates constitutes a sale
      for
      tax and all other purposes and each party thereto has received due and adequate
      consideration. In our view, the transaction represents fair value, representing
      the results of arms length negotiations and taking into account our analysis
      of
      the tax and other consequences of investment in the Residual
      Certificates.

     

    7. Unless
      this provision is explicitly waived by the transferor to us of the Residual
      Certificates, we expect that the purchase of the Residual Certificates, together
      with the receipt of the price, if any, therefor will be economically neutral
      or
      profitable to us overall, after all related expenses (including taxes) have
      been
      paid and based on conservative assumptions with respect to discount rates,
      prepayments and other factors necessary to evaluate profitability.

     

    8. We
      are a
“U.S. Person” within the meaning of Section 7701(a)(30) of the Code. We are
      duly organized and validly existing under the laws of the jurisdiction of our
      organization. We are neither bankrupt nor insolvent nor do we have reason to
      believe that we will become bankrupt or insolvent. We have conducted and are
      conducting our business so as to comply in all material respects with all
      applicable statutes and regulations. The person executing and delivering this
      letter on our behalf is duly authorized to do so, the execution and delivery
      by
      us of this letter and the consummation of the transaction on the terms set
      forth
      herein are within our corporate power, and upon such execution and delivery,
      this letter will constitute our legal, valid and binding obligation, enforceable
      against us in accordance with its terms, subject, as to the enforcement of
      remedies, to applicable bankruptcy, reorganization, insolvency, moratorium
      and
      other laws affecting the right of creditors generally and to general principles
      of equity and the discretion of the court (regardless of whether enforcement
      of
      such remedies is considered in a proceeding in equity or at law).

     

    9. Neither
      the execution and delivery by us of this letter, nor the compliance by us with
      the provisions hereof, nor the consummation by us of the transactions as set
      forth herein, will (A) conflict with or result in a breach of, or
      constitute a default or result in the acceleration of any obligation under,
      our
      certificate of incorporation or by-laws or, after giving effect to the consents
      or the taking of the actions contemplated by clause (B) of this
      subparagraph, any of the provisions of any law, governmental rule, regulation,
      judgment, decree or order binding on us or our properties, or any of the
      provisions of any indenture or mortgage or any other contract or instrument
      to
      which we are a party or by which we or any of our properties is bound, or
      (B) require the consent of or notice to or any filing with, any person,
      entity or governmental body, which has not been obtained or made by
      us.

     

    
      
        
        

      

      
        Exhibit
          F-2

        
          

        

      

      
        
        

      

    

    10. We
      anticipate being a profit-making entity on an ongoing basis.

     

    11. We
      have filed all required federal and state income tax returns and have paid
      all
      federal and state income taxes due; we intend to file and pay all such returns
      and taxes in the future. We acknowledge that as the holder of the Residual
      Certificates, to the extent the Residual Certificates would be treated as a
      noneconomic residual interest within the meaning of U.S. Treasury Regulation
      Section 1.860E-1(c)(2), we may incur tax liabilities in excess of cash
      flows generated by the Residual Certificates and that we intend to pay taxes
      associated with holding the Residual Certificates as they become
      due.

     

    12. We
      agree that in the event that at some future time we wish to transfer any
      interest in the Residual Certificates, we will transfer such interest in the
      Residual Certificates only to a transferee that:

     

    (a) is
      not a Disqualified Organization and is not purchasing such interest in the
      Residual Certificates on behalf of a Disqualified Organization, and

     

    (b) has
      delivered to the Trustee a transferee agreement in the form of Exhibit D to
      the Standard Terms to Trust Agreement and an affidavit in the form of
      Exhibit G-1 or Exhibit G-2, as applicable, to the Standard Terms to
      Trust Agreement and, if requested by the Trustee, an opinion of counsel, in
      form
      acceptable to the Trustee, that the proposed transfer will not cause the
      Residual Certificates to be held by a Disqualified Organization.

     

    13. We
      are
      knowledgeable and experienced in financial, business and tax matters generally
      and in particular, the investment risks and tax consequences of REMIC residuals
      that provide little or no cash flow, and are capable of evaluating the merits
      and risks of an investment in the Residual Certificates; we are able to bear
      the
      economic risks of an investment in the Residual Certificates.

     

    14. In
      addition, we acknowledge that the Trustee will not register the transfer of
      a
      Residual Certificate to a transferee that is not a “U.S. Person” within the
      meaning of Section 7701(a)(30) of the Code. 

     

    15. Capitalized
      terms used herein but not defined herein shall have the meanings ascribed to
      such terms in the Standard Terms to Trust Agreement.

     

    16. We
      hereby
      designate the Trustee as our fiduciary to perform the duties of the tax matters
      person for each REMIC formed pursuant to the Trust Agreement.

     

    (signature
      page follows)

     

    
      
        
        

      

      
        Exhibit
          F-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned has caused this Agreement be validly executed
      by its duly authorized representative as of the day and year first above
      written.

     

    

    _________________________________

    [Name
      of
      Transferee]

     

     

    By:
      ______________________________

    Its:
      ______________________________

    Taxpayer
      ID #______________________ 

    

    

    

    Personally
      appeared before me ________________, known or proved to me to be the same person
      who executed the foregoing instrument and to be a _________________________
      of
      the Transferee, and acknowledged to me that he executed the same as his or
      her
      free act and deed and as the free act and deed of the Transferee.

    

    

    Subscribed
      and sworn to before me this

    ______
      day of ________________, 20 .

    

    

    ___________________________________

    Notary
      Public

    

    

    My
      commission expires: ________________________________

    

    

    

    

    
      
        
        

      

      
        Exhibit
          F-4

        
          

        

      

      
        
        

      

    

    

    

    Exhibit G-1

    

    FORM
      OF NON-U.S. PERSON AFFIDAVIT

    AND
      AFFIDAVIT PURSUANT TO SECTIONS

    860D(a)(6)(A)
      and 860E(e)(4)

    OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

    

    

    
      	
              Re:

            	
              GS
                Mortgage Securities Corp.,
                Depositor

            

    

    GSR
      Mortgage Loan Trust

    2007-3F
      (the “Trust”)

    

    

    
      	
              STATE
                OF ____________________

            	
              )

            
	 	
              )
                ss.:

            
	
              CITY
                OF ______________________

            	
              )

            

    

    

    

    

    Under
      penalties of perjury, I, the undersigned, declare that to the best of my
      knowledge and belief, the following representations are true, correct and
      complete:

     

    1. I
      am a
      duly authorized officer of ___________________ (the “Transferee”),
      and
      on behalf of which I have the authority to make this affidavit.

     

    2. The
      Transferee is acquiring all or a portion of the securities (the “Residual
      Certificates”),
      which
      represent a residual interest in one or more real estate mortgage investment
      conduits (each, a “REMIC”)
      for
      which elections are to be made under Section 860D of the Internal Revenue
      Code of 1986, as amended (the “Code”).

     

    3. The
      Transferee is a foreign person within the meaning of Treasury Regulation
      Section 1.860G-13(a)(1) (i.e.,
      a
      person other than (i) a citizen or resident of the United States,
      (ii) a corporation or partnership that is organized under the laws of the
      United States or any jurisdiction thereof or therein, (iii) an estate that
      is subject to United States federal income tax regardless of the source of
      its
      income or (iv) a trust if a court within the United States is able to
      exercise primary supervision over the administration of such trust and one
      or
      more United States Persons have the authority to control all substantial
      decisions of the trust) who would be subject to United States income tax
      withholding pursuant to Section 1441 or 1442 of the Code on income derived
      from the Residual Certificates (a “Non-U.S.
      Person”).

     

    4. The
      Transferee agrees that it will not hold the Residual Certificates in connection
      with a trade or business in the United States, and the Transferee understands
      that it will be subject to United States federal income tax under
      Sections 871 and 881 of the Code in accordance with Section 860G of
      the Code and any Treasury regulations issued thereunder on “excess inclusions”
that accrue with respect to the Residual Certificates during the period the
      Transferee holds the Residual Certificates.

     

    
      
        
        

      

      
        Exhibit
          G-1-1

        
          

        

      

      
        
        

      

    

    5. The
      Transferee understands that the federal income tax on excess inclusions with
      respect to the Residual Certificates may be withheld in accordance with
      Section 860G(b) of the Code from distributions that otherwise would be made
      to the Transferee on the Residual Certificates and, to the extent that such
      tax
      has not been imposed previously, that such tax may be imposed at the time of
      disposition of any such Residual Certificate pursuant to Section 860G(b) of
      the Code.

     

    6. The
      Transferee agrees (i) to file a timely United States federal income tax
      return for the year in which disposition of a Residual Certificate it holds
      occurs (or earlier if required by law) and will pay any United States federal
      income tax due at that time and (ii) if any tax is due at that time, to
      provide satisfactory written evidence of payment of such tax to the Trustee
      or
      its designated paying agent or other person who is liable to withhold federal
      income tax from a distribution on the Residual Certificates under
      Sections 1441 and 1442 of the Code and the regulations thereunder (the
“Withholding
      Agent”).

     

    7. The
      Transferee understands that until it provides written evidence of the payment
      of
      tax due upon the disposition of a Residual Certificate to the Withholding Agent
      pursuant to paragraph 6 above, the Withholding Agent may (i) withhold
      an amount equal to such tax from future distributions made with respect to
      the
      Residual Certificate to subsequent transferees (after giving effect to the
      withholding of taxes imposed on such subsequent transferees), and (ii) pay
      the withheld amount to the Internal Revenue Service.

     

    8. The
      Transferee understands that (i) the Withholding Agent may withhold other
      amounts required to be withheld pursuant to United States federal income tax
      law, if any, from distributions that otherwise would be made to such transferee
      on each Residual Certificate it holds and (ii) the Withholding Agent may
      pay to the Internal Revenue Service amounts withheld on behalf of any and all
      former holders of each Residual Certificate held by the Transferee.

     

    9. The
      Transferee understands that if it transfers a Residual Certificate (or any
      interest therein) to a United States Person (including a foreign person who
      is
      subject to net United States federal income taxation with respect to such
      Residual Certificate), the Withholding Agent may disregard the transfer for
      federal income tax purposes if the transfer would have the effect of allowing
      the Transferee to avoid tax on accrued excess inclusions and may continue to
      withhold tax from future distributions as though the Residual Certificate were
      still held by the Transferee.

     

    10. The
      Transferee understands that a transfer of a Residual Certificate (or any
      interest therein) to a Non-U.S. Person (i.e.,
      a
      foreign person who is not subject to net United States federal income tax with
      respect to such Residual Certificate) will not be recognized unless the
      Withholding Agent has received from the transferee an affidavit in substantially
      the same form as this affidavit containing these same agreements and
      representations.

     

    11. The
      Transferee understands that distributions on a Residual Certificate may be
      delayed, without interest, pending determination of amounts to be
      withheld.

     

    
      
        
        

      

      
        Exhibit
          G-1-2

        
          

        

      

      
        
        

      

    

    12. The
      Transferee is not a “Disqualified Organization” (as defined below), and the
      Transferee is not acquiring a Residual Certificate for the account of, or as
      agent or nominee of, or with a view to the transfer of direct or indirect record
      or beneficial ownership to, a Disqualified Organization. For the purposes
      hereof, a Disqualified Organization is any of the following: (i) the United
      States, any State or political subdivision thereof, any foreign government,
      any
      international organization, or any agency or instrumentality of any of the
      foregoing; (ii) any organization (other than a farmer’s cooperative as
      defined in Section 521 of the Code) that is exempt from federal income
      taxation (including taxation under the unrelated business taxable income
      provisions of the Code); (iii) any rural telephone or electrical service
      cooperative described in Section 1381(a)(2)(C) of the Code; or
      (iv) any other entity treated as a “disqualified organization” within the
      meaning of Section 860E(e)(5) of the Code. In addition, a corporation will
      not be treated as an instrumentality of the United States or of any state or
      political subdivision thereof if all of its activities are subject to tax and,
      with the exception of the Federal Home Loan Mortgage Corporation, a majority
      of
      its board of directors is not selected by such governmental unit.

     

    13. The
      Transferee agrees to consent to any amendment of the Trust Agreement that shall
      be deemed necessary by the Depositor (upon the advice of counsel to the
      Depositor) to constitute a reasonable arrangement to ensure that no interest
      in
      a Residual Certificate will be owned directly or indirectly by a Disqualified
      Organization.

     

    14. The
      Transferee acknowledges that Section 860E(e) of the Code would impose a
      substantial tax on the transferor or, in certain circumstances, on an agent
      for
      the Transferee, with respect to any transfer of any interest in any Residual
      Certificate to a Disqualified Organization.

     

    Capitalized
      terms used and not otherwise defined herein shall have the meanings assigned
      to
      them in the Master Servicing and Trust Agreement, dated as of April 1, 2007,
      among
      GS
      Mortgage Securities Corp., as Depositor, U.S. Bank National Association, as
      Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
      Administrator, Deutsche Bank National Trust Company, as a Custodian, and the
      Standard Terms to Master Servicing and Trust Agreement (April 2007 Edition)
      incorporated by reference thereto.

     

    
      
        
        

      

      
        Exhibit
          G-1-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be duly executed
      on its behalf, by its duly authorized officer as of the _______ day of
      _____________, 20__.

     

    

    __________________________

    [Name
      of
      Transferee]

     

    By:
      ___________________________ 

    Its:
      ___________________________

    

    

    Personally
      appeared before me ___________________________, known or proved to me to be
      the
      same person who executed the foregoing instrument and to be a
      ______________________ of the Transferee, and acknowledged to me that he or
      she
      executed the same as his or her free act and deed and as the free act and deed
      of the Transferee.

     

    Subscribed
      and sworn before me this ______ day of __________, 20__.

     

    
      

      __________________________

      Notary
        Public

    

    

    

    My
      commission expires the _____ day of ________________, 20__.

     

    

    
      
        
        

      

      
        Exhibit
          G-1-4

        
          

        

      

      
        
        

      

    

    Exhibit G-2-2

    

    FORM
      OF U.S. PERSON AFFIDAVIT

    AND
      AFFIDAVIT PURSUANT TO SECTIONS

    860D(a)(6)(A)
      and 860E(e)(4)

    OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

    

    

    
      	
              Re:

            	
              GS
                Mortgage Securities Corp.,
                Depositor

            

    

    GSR
      Mortgage Loan Trust

    2007-3F
      (the “Trust”)

     

    
 

    
      	
              STATE
                OF __________________

            	
              )

            
	 	
              )
                ss.:

            
	
              CITY
                OF ___________________

            	
              )

            

    

    
 

    Under
      penalties of perjury, I, the undersigned declare that, to the best of my
      knowledge and belief, the following representations are true, correct and
      complete:

     

    1. I
      am a
      duly authorized officer of ______________________ (the “Transferee”),
      on
      behalf of which I have the authority to make this affidavit.

     

    2. The
      Transferee is acquiring all or a portion of the securities (the “Residual
      Certificates”), which represent a residual interest in one or more real estate
      mortgage investment conduits (each, a “REMIC”)
      for
      which elections are to be made under Section 860D of the Internal Revenue
      Code of 1986, as amended (the “Code”).

     

    3. The
      Transferee either is (i) a citizen or resident of the United States,
      (ii) a domestic partnership or corporation, (iii) an estate that is
      subject to United States federal income tax regardless of the source of its
      income, (iv) a trust if a court within the United States is able to
      exercise primary supervision over the administration of such trust and one
      or
      more United States Persons have the authority to control all substantial
      decisions of the trust, or (v) a foreign person who would be subject to
      United States income taxation on a net basis on income derived from the Residual
      Certificates (a “U.S.
      Person”).

     

    4. The
      Transferee is a not a “Disqualified Organization” (as defined below), and the
      Transferee is not acquiring a Residual Certificate for the account of, or as
      agent or nominee of, or with a view to the transfer of direct or indirect record
      or beneficial ownership to, a Disqualified Organization. For the purposes
      hereof, a Disqualified Organization is any of the following: (i) the United
      States, any state or political subdivision thereof, any foreign government,
      any
      international organization, or any agency or instrumentality of any of the
      foregoing; (ii) any organization (other than a farmer’s cooperative as
      defined in Section 521 of the Code) that is exempt from federal income
      taxation (including taxation under the unrelated business taxable income
      provisions of the Code); (iii) any rural telephone or electrical service
      cooperative described in § 1381(a)(2)(C) of the Code; or (iv) any
      other entity treated as a “disqualified organization” within the meaning of
      Section 860E(e)(5) of the Code. In addition, a corporation will not be
      treated as an instrumentality of the United States or of any state or political
      subdivision thereof if all of its activities are subject to tax and, with the
      exception of the Federal Home Loan Mortgage Corporation, a majority of its
      board
      of directors is not selected by such governmental unit.

     

    
      
        
        

      

      
        Exhibit
          G-2-1

        
          

        

      

      
        
        

      

    

    5. The
      Transferee agrees to consent to any amendment of the Trust Agreement that shall
      be deemed necessary by the Depositor (upon the advice of counsel to the
      Depositor) to constitute a reasonable arrangement to ensure that no interest
      in
      a Residual Certificate will be owned directly or indirectly by a Disqualified
      Organization.

     

    6. The
      Transferee acknowledges that Section 860E(e) of the Code would impose a
      substantial tax on the transferor or, in certain circumstances, on an agent
      for
      the Transferee, with respect to any transfer of any interest in any Residual
      Certificate to a Disqualified Organization.

     

    Capitalized
      terms used and not otherwise defined herein shall have the meanings assigned
      to
      them in the Master Servicing and Trust Agreement, dated as of April 1, 2007,
      among
      GS
      Mortgage Securities Corp., as Depositor, U.S. Bank National Association, as
      Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
      Administrator, Deutsche Bank National Trust Company, as a Custodian, and the
      Standard Terms to Master Servicing and Trust Agreement (April 2007 Edition)
      incorporated by reference thereto.

     

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be duly executed
      on its behalf, by its duly authorized officer this ____ day of ______,
      20__.

     

    

    
       

      __________________________________

    

    [Name
      of
      Transferee]

     

    By:
      _______________________________

     

    Its:________________________________

    

    Personally
      appeared before me ___________________, known or proved to me to be the same
      person who executed the foregoing instrument and to be a _______________ of
      the
      Transferee, and acknowledged to me that he or she executed the same as his
      or
      her free act and deed and as the free act and deed of the
      Transferee.

     

    Subscribed
      and sworn before me this ____ day of ________, 20__.

     

    
      

      
         

        __________________________________

        Notary
          Public

      

    

    

    

    My
      commission expires the ____ day of ____________________, 20__.

     

    

    
      
        
        

      

      
        Exhibit
          G-2-2

        
          

        

      

      
        
        

      

    

    

    Exhibit H

    

    FORM
      OF CERTIFICATION TO BE PROVIDED TO THE DEPOSITOR BY THE SECURITIES
      ADMINISTRATOR

    

    GS
      Mortgage Securities Corp.

    85
      Broad
      Street

    New
      York,
      New York 10004

    

    
      	
              Re:

            	
              GS
                Mortgage Securities Corp.,
                Depositor

            

    

    GSR
      Mortgage Loan Trust 2007-3F (the “Trust”)

    

    Reference
      is made to the Master Servicing and Trust Agreement, dated as of April 1, 2007
      (the “Trust
      Agreement”),
      by
      and among U.S. Bank National Association, as Trustee (the “Trustee”),
      Wells
      Fargo Bank, N.A., as Master Servicer (the “Master
      Servicer”)
      and as
      Securities Administrator (the “Securities
      Administrator”),
      Deutsche Bank National Trust Company, as a Custodian, and GS Mortgage Securities
      Corp., as Depositor (the “Depositor”)
      and the
      Standard Terms to Master Servicing and Trust Agreement (April 2007 Edition)
      incorporated by reference thereto.
      The
      Securities Administrator hereby certifies to the Depositor, and its officers,
      directors and affiliates, and with the knowledge and intent that they will
      rely
      upon this certification, that:

     

    
      	 	
              (i)

            	
              The
                Securities Administrator has reviewed the annual report on Form 10-K
                for
                the fiscal year [ ], and all reports on Form 10D containing
                distribution reports filed in respect of periods included in the
                year
                covered by that annual report, relating to the above-referenced
                trust;

            

    

     

    
      	 	
              (ii)

            	
              Subject
                to paragraph (iv), the distribution information in the distribution
                reports contained in all Monthly Form 10-D’s included in the year covered
                by the annual report on Form 10-K for the calendar year [___], taken
                as a
                whole, does not contain any untrue statement of a material fact or
                omit to
                state a material fact required by the Trust Agreement to be included
                therein and necessary to make the statements made, in light of the
                circumstances under which such statements were made, not misleading
                as of
                the last day of the period covered by that annual
                report;

            

    

     

    
      	 	
              (iii)

            	
              The
                distribution information required to be provided by the Securities
                Administrator under the Trust Agreement is included in these
                reports.

            

    

     

    
      	 	
              (iv)

            	
              In
                compiling the distribution information and making the foregoing
                certifications, the Securities Administrator has relied upon information
                furnished to it by the Master Servicer under the Trust Agreement.
                The
                Securities Administrator shall have no responsibility or liability
                for any
                inaccuracy in such reports resulting from information so provided
                by the
                Master Servicer.

            

    

     

    (signature
      page follows)

     

    
      
        
        

      

      
        Exhibit
          H-1

        
          

        

      

      
        
        

      

    

    

    

    Date:

    Wells
      Fargo Bank, N.A.,

    as
      Securities Administrator

    

    

    By: ____________________________

    Name: ____________________________

    Title: ____________________________

    

    

    
      
        
        

      

      
        Exhibit
          H-2

        
          

        

      

      
        
        

      

    

    

    Exhibit I

    

    FORM
      OF CERTIFICATION TO BE PROVIDED TO THE DEPOSITOR BY THE 

    MASTER
      SERVICER

    

    

    GS
      Mortgage Securities Corp.

    85
      Broad
      Street

    New
      York,
      New York 10004

    

    
      	
              Re:

            	
              GS
                Mortgage Securities Corp.,
                Depositor

            

    

    GSR
      Mortgage Loan Trust 2007-3F (the “Trust”)

    

    Reference
      is made to the Master Servicing and Trust Agreement, dated as of April 1, 2007
      (the “Trust
      Agreement”),
      by
      and among U.S. Bank National Association, as Trustee (the “Trustee”),
      Wells
      Fargo Bank, N.A., as Master Servicer (the “Master
      Servicer”)
      and as
      Securities Administrator (the “Securities
      Administrator”),
      Deutsche Bank National Trust Company, as a Custodian, and GS Mortgage Securities
      Corp., as Depositor (the “Depositor”)
      and the
      Standard Terms to Master Servicing and Trust Agreement (April 2007 Edition)
      incorporated by reference thereto.
      The
      Master Servicer hereby certifies to the Depositor, the Securities Administrator
      and the Trustee, and their respective officers, directors and affiliates, and
      with the knowledge and intent that they will rely upon this certification,
      that:

     

    
      	 	
              (i)

            	
              Based
                on our knowledge, the information prepared by the Master Servicer
                and
                relating to the mortgage loans master serviced by the Master Servicer
                and
                provided by the Master Servicer to the Securities Administrator and
                the
                Trustee and in its reports to the Securities Administrator and the
                Trustee
                is accurate and complete in all material respects as of the last
                day of
                the period covered by such report;

            

    

     

    
      	 	
              (ii)

            	
              Based
                on our knowledge, the servicing information required to be provided
                to the
                Securities Administrator and the Trustee by the Master Servicer pursuant
                to the Trust Agreement has been provided to the Securities Administrator
                and the Trustee;

            

    

     

    
      	 	
              (iii)

            	
              Based
                upon the review required under the Trust Agreement, and except as
                disclosed in its reports, the Master Servicer as of the last day
                of the
                period covered by such reports has fulfilled its obligations under
                the
                Trust Agreement; and

            

    

     

    
      	 	
              (iv)

            	
              In
                compiling the distribution information and making the foregoing
                certifications, the Master Servicer has relied upon information furnished
                to it by the servicers under the respective servicing agreements.
                The
                Master Servicer shall have no responsibility or liability for any
                inaccuracy in such reports resulting from information so provided
                by such
                servicers.

            

    

     

    
      
        
        

      

      
        Exhibit
          I-1

        
          

        

      

      
        
        

      

    

    

    

    Date:

    Wells
      Fargo Bank, N.A.,

    as
      Master
      Servicer

    

    

    By: ____________________________

    Name: ____________________________

    Title: ____________________________

    

    

    
      
        
        

      

      
        Exhibit
          I-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    SERVICING
      CRITERIA TO BE ADDRESSED IN REPORT ON ASSESSMENT OF COMPLIANCE BY WELLS
      FARGO

     

    

    

    
      	 	 
	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            
	
              Reference

            	
              Criteria

            	 
	 	
               

              General
                Servicing Considerations

            	 
	 	 	 
	
              1122(d)(1)(i)

            	
               

              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            
	
              1122(d)(1)(ii)

            	
               

              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            
	
              1122(d)(1)(iii)

            	
               

              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
               

              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	
              X

            
	 	
               

              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
               

              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of 

              days
                specified in the transaction agreements.

            	
              X

            
	
              1122(d)(2)(ii)

            	
               

              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	
              X

            
	
              1122(d)(2)(iii)

            	
               

              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	
              X

            
	
              1122(d)(2)(iv)

            	
               

              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	
              X

            
	
              1122(d)(2)(v)

            	
               

              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	
              X

            
	
              1122(d)(2)(vi)

            	
               

              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	
              X

            
	
              1122(d)(2)(vii)

            	
               

              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	
              X

            

    

    
      
        
        

      

      
        Exhibit
          J-1

        
          

        

      

      
        
        

      

    

    

    
      	 	 
	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            
	
              Reference

            	
              Criteria

            	 
	 	
               

              Investor
                Remittances and Reporting

            	 
	
              1122(d)(3)(i)

            	
               

              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	
              X

            
	
              1122(d)(3)(ii)

            	
               

              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	
              X

            
	
              1122(d)(3)(iii)

            	
               

              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	
              X

            
	
              1122(d)(3)(iv)

            	
               

              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	
              X

            
	 	
               

              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
               

              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	 
	
              1122(d)(4)(ii)

            	
               

              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements.

            	 
	
              1122(d)(4)(iii)

            	
               

              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in 

              accordance
                with any conditions or requirements in the transaction
                agreements.

            	 
	
              1122(d)(4)(iv)

            	
               

              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 
	
              1122(d)(4)(v)

            	
               

              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
               

              Changes
                with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 

    

    
      
        
        

      

      
        Exhibit
          J-2

        
          

        

      

      
        
        

      

    

    

    
      	 	 
	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            
	
              Reference

            	
              Criteria

            	 
	
              1122(d)(4)(vii)

            	
               

              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 
	
              1122(d)(4)(viii)

            	
               

              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
               

              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 
	
              1122(d)(4)(x)

            	
               

              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xi)

            	
               

              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
               

              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
               

              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
               

              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	
              X

            
	 	 	 

    

    

    

    
      
        
        

      

      
        Exhibit
          J-3

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      K

     

    Form
      8-K
      Disclosure Information

    

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

               

              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

               

              Examples:
                servicing agreement, custodial agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              All
                parties (other than the Custodians)

            
	
              Item
                1.02- Termination of a Material Definitive Agreement

               

              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

              Examples:
                servicing agreement, custodial agreement.

            	
              All
                parties (other than the Custodians)

            
	
              Item
                1.03- Bankruptcy or Receivership

               

              Disclosure
                is required regarding the bankruptcy or receivership, with respect
                to any
                of the following: 

            	
              Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Depositor/Sponsor
                (Seller)

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Affiliated Servicer

            	
              Servicer

            
	
              ▪
                Other Servicer servicing 20% or more of the pool assets at the time
                of the
                report

            	
              Servicer

            
	
              ▪
                Other material servicers

            	
              Servicer

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Significant Obligor

            	
              Depositor

            
	
              ▪
                Credit Enhancer (10% or more)

            	
              Depositor

            

    

    
      
        
        

      

      
        Exhibit
          K-1

        
          

        

      

      
        
        

      

    

    

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              ▪
                Derivative Counterparty

            	
              Depositor

            
	
              ▪
                Custodian

            	
              Custodian

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

               

              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

               

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the monthly statements to the certificateholders.

            	
              Depositor

              Master
                Servicer

              Securities
                Administrator

            
	
              Item
                3.03- Material Modification to Rights of Security
                Holders

               

              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Pooling and Servicing
                Agreement.

            	
              Securities
                Administrator

              Trustee

              Depositor

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

              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”.

            	
              Depositor

            
	
              Item
                6.01- ABS Informational and Computational
                Material

            	
              Depositor

            
	
              Item
                6.02- Change of Servicer or Securities Administrator

               

              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers or
                trustee.

            	
              Master
                Servicer/Securities Administrator/Depositor/

              Servicer/Trustee

            
	
              Reg
                AB disclosure about any new servicer or master servicer is also
                required.

            	
              Servicer/Master
                Servicer/Depositor

            
	
              Reg
                AB disclosure about any new Trustee is also required.

            	
              Trustee

            
	
              Item
                6.03- Change in Credit Enhancement or External
                Support

              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                

            	
              Depositor/Securities
                Administrator/Trustee

            
	
              Reg
                AB disclosure about any new enhancement provider is also
                required.

            	
              Depositor

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Securities
                Administrator

              Trustee

            
	
              Item
                6.05- Securities Act Updating Disclosure

               

              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	
              Depositor

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	
              Depositor

            
	
              Item
                7.01- Reg FD Disclosure

            	
              All
                parties (other than the Custodians)

            
	
              Item
                8.01- Other Events

               

              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to
                certificateholders.

            	
              Depositor

            
	
              Item
                9.01- Financial Statements and Exhibits

            	
              Responsible
                party for reporting/disclosing the financial statement or
                exhibit

            

    

    

     

    

     

    

     

    
      
        
        

      

      
        Exhibit
          K-2

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      L

     

    Additional
      Form 10-D Disclosure

    

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            
	
              Item
                1: Distribution and Pool Performance Information

               

            	 
	
              Information
                included in the [Monthly Statement]

            	
              Servicer

              Master
                Servicer

              Securities
                Administrator

            
	
              Any
                information required by 1121 which is NOT included on the [Monthly
                Statement]

            	
              Depositor

            
	
              Item
                2: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceedings known to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Item
                3: Sale of Securities and Use of Proceeds

              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	
              Depositor

            

    

    
      
        
        

      

      
        Exhibit
          L-1

        
          

        

      

      
        
        

      

    

    

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            
	
              Item
                4: Defaults Upon Senior Securities

               

              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	
              Securities
                Administrator

              Trustee

            
	
              Item
                5: Submission of Matters to a Vote of Security
                Holders

               

              Information
                from Item 4 of Part II of Form 10-Q

            	
              Securities
                Administrator

              Trustee

            
	
              Item
                6: Significant Obligors of Pool Assets

               

              Item
                1112(b) - Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Item
                7: Significant Enhancement Provider Information

               

              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 

    

    
      
        
        

      

      
        Exhibit
          L-2

        
          

        

      

      
        
        

      

    

    

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            
	
              Item
                8: Other Information

               

              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              Any
                party responsible for the applicable Form 8-K Disclosure
                item

            
	
              Item
                9: Exhibits

            	 
	
              Monthly
                Statement to Certificateholders

            	
              Securities
                Administrator

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            

    

    

     

    

     

    
      
        
        

      

      
        Exhibit
          L-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

    

    Additional
      Form 10-K Disclosure

    

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              Item
                1B: Unresolved Staff Comments

               

            	
              Depositor

            
	
              Item
                9B: Other Information

              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Securities
                Administrator

              Depositor

            
	
              Reg
                AB Item 1112(b): Significant Obligors of Pool
                Assets

            	 
	
              Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Reg
                AB Item 1114(b)(2): Credit Enhancement Provider Financial
                Information

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Reg
                AB Item 1115(b): Derivative Counterparty Financial
                Information

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 

    

    
      
        
        

      

      
        Exhibit
          M-1

        
          

        

      

      
        
        

      

    

    

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              Reg
                AB Item 1117: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceedings known to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Reg
                AB Item 1119: Affiliations and Relationships

            	 
	
              Whether
                (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                of
                the following parties, and (b) to the extent known and material,
                any of
                the following parties are affiliated with one another:

            	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            
	
              Whether
                there are any “outside the ordinary course business arrangements” other
                than would be obtained in an arm’s length transaction between (a) the
                Sponsor (Seller), Depositor or Issuing Entity on the one hand, and
                (b) any
                of the following parties (or their affiliates) on the other hand,
                that
                exist currently or within the past two years and that are material
                to a
                Certificateholder’s understanding of the Certificates:

            	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            

    

    
      
        
        

      

      
        Exhibit
          M-2

        
          

        

      

      
        
        

      

    

    

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            
	
              Whether
                there are any specific relationships involving the transaction or
                the pool
                assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                on
                the one hand, and (b) any of the following parties (or their affiliates)
                on the other hand, that exist currently or within the past two years
                and
                that are material:

            	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            

    

    

    

    
      
        
        

      

      
        Exhibit
          M-3

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      I

    

    BOND
      LEVEL REPORT

    

    

    

    

    

    

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      II

    

    LOAN
      LEVEL REPORT

    

    

    

    

    

    

    
      
        
        

      

      
        II-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      III

    

    REMITTANCE
      REPORT

    

    
      	
              Data
                Field

            	
              Investor_ID

            	
              Category_ID

            	
              Servicer
                loan number

            	
              Investor
                Loan #

            	
              PIF
                Principal Amount

            	
              PIF
                Net Interest Paid

            	
              PIF
                date

            	
              Beginning
                scheduled note rate

            	
              Ending
                note rate

            	
              Beginning
                schedule service fee

            	
              Ending
                service fee

            
	
              Format

            	
              Number
                (no decimals)

            	
              Number
                (no decimals)

            	
              Number
                (no decimals)

            	
              Number
                (no decimals)

            	
              Number
                (two decimals)

            	
              Number
                (two decimals)

            	
              Date
                (mm/dd/yy) format

            	
              Number
                (seven Decimals)

            	
              Number
                (seven decimals)

            	
              Number
                (seven decimals)

            	
              Number
                (seven decimals)

            
	
              Description

            	
              ID
                number used by your company for the investor

            	
              ID
                number used by your company for the specific deal.

            	
              Servicer
                Loan Number - loan number used at your company.

            	
              Loan
                number used by Investor

            	
              Paid-in-full
                principal balance amount

            	
              Net
                interest paid the loan was paid-in-full

            	
              Enter
                the date the loan was paid-in-full. Leave blank if no PIF
                transaction.

            	
              Beginning
                scheduled note rate before the servicer's monthly activity. Can be
                blank
                for act/act pools.

            	
              Ending
                scheduled loan note rate after servicer's monthly activity (sch/sch)
                or
                the ending actual loan note rate after servicer's activity
                (act/act).

            	
              Beginning
                scheduled servicer service fee rate before the servicer's monthly
                activity. Can be blank for act/act pools.

            	
              Ending
                scheduled servicer service fee rate after the servicer's monthly
                activity.

            
	
              Example:

            	
              1000

            	
              2

            	
              1234

            	
              56789

            	
              0.00

            	
              0.00

            	
               

            	
              0.0887500

            	
              0.0887500

            	
              0.0025000

            	
              0.0025000

            

    

    

    
      III-1

    

    
      	
              Ending
                due date

            	
              Beginning
                schedule 100% P&I

            	
              Ending
                100% P&I

            	
              Beginning
                security balance

            	
              Ending
                security balance

            	
              Ending
                part UPB

            	
              Ending
                100% UPB

            	
              Principal

              remitted

            	
              Interest
                remitted

            	
              Principal

            	
              Curtailment

            
	
              Date
                (mm/dd/yy) format

            	
              Number
                (two decimals)

            	
              Number
                (two decimals)

            	
              Number
                (two decimals)

            	
              Number
                (two decimals)

            	
              Number
                (two decimals)

            	
              Number
                (two decimals)

            	
              Number
                (two decimals)

            	
              Number
                (two decimals)

            	
              Number
                (two decimals)

            	
              Number
                (two decimals)

            
	
              Ending
                actual loan due date

            	
              Beginning
                scheduled 100% monthly payment amount before the servicer's monthly
                activity. Can be blank for act/act pools.

            	
              Ending
                100% scheduled monthly loan payment amount after servicer's monthly
                activity (sch/sch) or the ending 100% actual monthly loan payment
                amount
                after servicer's activity (act/act).

            	
              (Sch/Sch)
                beginning scheduled balance.

              (Act/Act)
                beginning 100% Actual balance or the beginning participation Actual
                balance for participation loans.

            	
              (Sch/Sch)
                Ending scheduled balance.

              (Act/Act)
                Ending 100% Actual balance or the ending participation Actual balance
                for
                participation loans.

            	
              Ending
                actual participation loan principal balance after servicer's monthly
                activity.

            	
              Ending
                100% actual principal balance after servicer's monthly
                activity.

            	
              (Sch/Sch)
                --- Add scheduled principal + Curtailments + payoff/liquidation amount
                (Act/Act) --- Add actual principal + curtailments + payoff/liquidation
                amounts.

            	
              For
                Sch/Sch loans, enter the scheduled net interest amount
                remitted. For Act/Act loans, enter the net interest amount remitted.
                Net
                Interest should equal the Gross Interest Amount minus Service Fee
                Amount.

            	
              (Sch/Sch)
                --- scheduled principal (Act/Act) --- actual principal
                paid

            	
              Curtailment
                amount

            
	
              07/01/02

            	
              4475.51

            	
              4475.51

            	
              557866.38

            	
              557516.76

            	
              557866.38

            	
              557866.38

            	
              349.62

            	
              4009.67

            	
              349.62

            	
              0.00

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]