Document:

EXECUTION COPY

Exhibit 10.11

FIRST AMENDMENT TO CREDIT AGREEMENT

          FIRST AMENDMENT TO CREDIT AGREEMENT dated as of February 5, 2007 (this “Amendment”), among CALGON CARBON CORPORATION, a corporation organized under the laws of the State of Delaware (the “Company”), CALGON CARBON INVESTMENTS INC., a corporation organized under the laws of the State of Delaware (“Calgon Investments”), CHEMVIRON CARBON LIMITED, a private company limited by shares organized under the laws of England and Wales with company number 02208285 (“Chemviron”), WATERLINK (UK) HOLDINGS LIMITED, a private company limited by shares organized under the laws of England and Wales with company number 03181974 (“Waterlink”), SUTCLIFFE SPEAKMAN LIMITED, a private company limited by shares organized under the laws of England and Wales with company number 029081113 (“Sutcliffe”), LAKELAND PROCESSING LIMITED, a
private company limited by shares organized under the laws of England and Wales with company number 02926645 (“Lakeland”), CHARCOAL CLOTH (INTERNATIONAL) LIMITED, a private company limited by shares organized under the laws of England and Wales with company number 02743909 (“Charcoal International”), BSC COLUMBUS, LLC, a limited liability company organized under the laws of the State of Delaware (“BSC”), and CCC COLUMBUS LLC, a limited liability company organized under the laws of the State of Delaware (“Columbus”), the Lenders party hereto, J.P. MORGAN EUROPE LIMITED, as the European Administrative Agent, JPMORGAN CHASE BANK, N.A., as the US Administrative Agent, and J.P. MORGAN SECURITIES, INC., as Sole Bookrunner and Sole Lead Arranger.

          WHEREAS the Loan Parties are party to a Credit Agreement dated as of August 18, 2006, with the Lenders party thereto (the “Existing Lenders”) and the Administrative Agents party thereto (as heretofore modified, supplemented and restated and in effect on the date hereof, the “Existing Credit Agreement”, and as amended hereby, the “Credit Agreement”), providing, subject to the terms and conditions thereof, for extensions of credit (by the making of loans) to be made by the Existing Lenders to the Loan Parties in an aggregate principal amount not exceeding $50,000,000;

          WHEREAS the Loan Parties have requested that the Administrative Agents and the Lenders amend the Existing Credit Agreement to (i) increase the Total Revolving Commitment to an amount not exceeding $55,000,000 and (ii) amend the Existing Credit Agreement in certain other respects, and the Administrative Agents and the Lenders have agreed to do so, subject to the terms and conditions set forth herein.

          NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, the parties hereby agree as follows:

1.       Capitalized Terms.

Capitalized terms used herein which are defined in the Existing Credit Agreement have the same meanings herein as therein, except to the extent that such meanings are amended hereby.

2.       Amendments to Credit and Security Agreement.

          Subject to the satisfaction of the terms and conditions set forth in Section 4 hereof and in reliance on the representations set forth in Section 3 hereof, the Loan Parties, the Lenders and the Administrative Agents agree that the Credit Agreement is hereby amended, effective as of the date hereof, as follows:

          (a)          Amendments to Section 1.01 of the Existing Credit Agreement. Section 1.01 of the Existing Credit Agreement is hereby amended as follows:

                        (i)          The following new definitions are hereby inserted in appropriate alphabetical order:

	
  
 
  	
  
                 “Eligible UK Slow Moving Finished Goods Inventory” means Eligible UK   Inventory consisting of finished goods, which finished goods the UK Borrowers   have designated as slow moving on their books and records but which the   Administrative Agents have determined, in their Permitted Discretion, are   still eligible for inclusion in the UK Borrowing Base.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
                 “Eligible UK Specialized Raw Material Inventory” means Eligible UK   Inventory consisting of raw materials to be utilized by the UK Borrowers to   produce customized finished goods for specified customers, which raw   materials the UK Borrowers have designated as specialized raw materials on   their books and records.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
                 “Eligible UK Standard Finished Goods Inventory” means Eligible UK   Inventory consisting of finished goods, which finished goods have not been   designated as slow moving by the UK Borrowers or by the Administrative Agents   in their Permitted Discretion.
  
	
   
  	
  
 
  
	
  
 
  	
  
                 “Eligible UK Standard Raw Material Inventory” means Eligible UK   Inventory consisting of raw materials to be utilized by the UK Borrowers to   produce finished goods for their customers generally, which raw materials   have not been designated as specialized raw materials by the UK Borrowers or   by the Administrative Agents in their Permitted Discretion.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
                 “Eligible US Slow Moving Finished Goods Inventory” means Eligible US   Inventory consisting of finished goods, which finished goods the US Borrowers   have designated as slow moving on their books and records but which the US   Administrative Agent has determined, in its Permitted Discretion, are still   eligible for inclusion in the US Borrowing Base.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
                 “Eligible US Specialized Raw Material Inventory” means Eligible US   Inventory consisting of raw materials to be utilized by the US Borrowers to   produce customized finished goods for specified customers, which raw   materials the US Borrowers have designated as specialized raw materials on   their books and records.
  
	
   
  	
  
 
  
	
  
 
  	
  
                 “Eligible US Standard Finished Goods Inventory” means Eligible US   Inventory consisting of finished goods, which finished goods have not been   designated as slow moving by the US Borrowers or by the US Administrative   Agent in its Permitted Discretion.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
                 “Eligible US Standard Raw Material Inventory” means Eligible US   Inventory consisting of raw materials to be utilized by the US Borrowers to   produce finished goods for their customers generally, which raw materials   have not been designated as specialized raw materials by the US Borrowers or   by the US Administrative Agent in its Permitted Discretion.
  

                           (ii)          The definition of “Belgian Availability” is hereby amended by deleting the word “Commitment” in the second line and replacing it with “Commitments.”

                           (iii)          The definition of “Belgian Borrowing Base” is hereby amended by deleting such definition in its entirety and substituting the following therefor:

-2-

	
  
 
  	
  
“Belgian Borrowing Base”   means, at any time, the sum of:
  

	
  
 
  	
  
(a)
  	
  
80% of the Eligible   Belgian Accounts at such time, minus
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
if applicable, Belgian   Reserves minus
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(c)
  	
  
Reserves (in each case   expressed in Dollars) plus
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(d)
  	
  
to the extent Belgian   Availability would be less than zero, US Availability.
  

	
  
 
  	
  
The Administrative Agents   may, in their Permitted Discretion, reduce the advance rate set forth above,   adjust Belgian Reserves or Reserves or reduce one or more of the other   elements used in computing the Belgian Borrowing Base.
  

                     (iv)          The definition of “Eligible UK Inventory” is hereby amended by deleting the word “its” in the second line and replacing it with “their” and by deleting clause (c) of such definition in its entirety and substituting the following therefor:

	  
	
	  
          (c)          which   is, in the opinion of the Administrative Agents, obsolete, unmerchantable,   defective, used, unfit for sale, not salable at prices approximating at least   the cost of such Inventory in the ordinary course of business or unacceptable   due to age, type, category and/or quantity;
  

                     (v)          The definition of “Eligible US Inventory” is hereby amended by deleting clause (c) of such definition in its entirety and substituting the following therefor:

	
  
 
  	
  
          (c)          which   is, in the opinion of the US Administrative Agent, obsolete, unmerchantable,   defective, used, unfit for sale, not salable at prices approximating at least   the cost of such Inventory in the ordinary course of business or unacceptable   due to age, type, category and/or quantity;
  

                    (vi)          The definition of “Net Orderly Liquidation Value” is hereby amended by deleting such definition in its entirety and substituting the following therefor:

	
  
 
  	
  
          “Net   Orderly Liquidation Value” means, with respect to any category of   Inventory of any Person, the orderly liquidation value thereof as determined   in a manner acceptable to the Administrative Agents by an appraiser   acceptable to the Administrative Agents, net of all costs of liquidation   thereof.
  

                     (vii)          The definition of “Total Revolving Commitment” is hereby amended by deleting the last sentence of such definition in its entirety.

                     (viii)          The definition of “UK Availability” is hereby amended by deleting the word “Commitment” in the second line and replacing it with “Commitments.”

                     (ix)          The definition of “UK Borrowing Base” is hereby amended by deleting such definition in its entirety and substituting the following therefor:

          “UK Borrowing Base” means, at any time, the sum of:

	
   
  	
  
(a)
  	
  
85% of the Eligible UK   Accounts at such time, plus
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
the lesser of:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(i)
  	
  
$5,000,000, or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(ii)
  	
  
the sum of:
  

-3-

	
  
 
  	
  
          (A)   the lesser of (1) 65% of the Eligible UK Standard Finished Goods Inventory,   valued at the lower of cost or market value, determined on a   first-in-first-out basis, at such time, or (2) the product of (x) 85% multiplied by (y) the Net   Orderly Liquidation Value percentage for Eligible UK Standard Finished Goods   Inventory identified in the most recent inventory appraisal ordered by the   Administrative Agents multiplied   by (z) the Eligible UK Standard Finished Goods Inventory, valued   at the lower of cost or market value, determined on a first-in-first-out   basis, at such time, plus
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          (B)   the lesser of (1) 65% of the Eligible UK Slow Moving Finished Goods   Inventory, valued at the lower of cost or market value, determined on a   first-in-first-out basis, at such time, or (2) the product of (x) 85% multiplied by (y) the Net   Orderly Liquidation Value percentage for Eligible UK Slow Moving Finished   Goods Inventory identified in the most recent inventory appraisal ordered by   the Administrative Agents multiplied   by (z) the Eligible UK Slow Moving Finished Goods Inventory,   valued at the lower of cost or market value, determined on a   first-in-first-out basis, at such time, plus
  
	
   
  	
  
 
  
	
  
 
  	
  
          (C)   the lesser of (1) 65% of the Eligible UK Standard Raw Material Inventory,   valued at the lower of cost or market value, determined on a   first-in-first-out basis, at such time, or (2) the product of (x) 85% multiplied by (y) the Net   Orderly Liquidation Value percentage for Eligible UK Standard Raw Material   Inventory identified in the most recent inventory appraisal ordered by the   Administrative Agents multiplied   by (z) the Eligible UK Standard Raw Material Inventory, valued at   the lower of cost or market value, determined on a first-in-first-out basis,   at such time, plus
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          (D)   the lesser of (1) 65% of the Eligible UK Specialized Raw Material Inventory,   valued at the lower of cost or market value, determined on a   first-in-first-out basis, at such time, or (2) the product of (x) 85% multiplied by (y) the Net   Orderly Liquidation Value percentage for Eligible UK Specialized Raw Material   Inventory identified in the most recent inventory appraisal ordered by the   Administrative Agents multiplied   by (z) the Eligible UK Specialized Raw Material Inventory, valued   at the lower of cost or market value, determined on a first-in-first-out   basis, at such time, minus
  

	
   
  	
  
(c)
  	
  
if applicable, UK Reserves   minus
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(d)
  	
  
Reserves (in each case   expressed in Dollars).
  

	
  
 
  	
  
The Administrative Agents   may, in their Permitted Discretion, reduce the advance rates set forth above,   adjust UK Reserves or Reserves or reduce one or more of the other elements   used in computing the UK Borrowing Base.
  

	
  
                    (x)          The   definition of “US Availability” is hereby amended by deleting the word   “Commitment” in the second line and replacing it with “Commitments.”
  
	
   
  
	
  
                    (xi)          The   definition of “US Borrowing Base” is hereby amended by deleting such   definition in its entirety and substituting the following therefor:
  

          “US Borrowing Base” means, at any time, the sum of:

	
  
 
  	
  
(a)
  	
  
85% of the Eligible US   Accounts at such time, plus
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
the lesser of:
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(i)
  	
  
$32,000,000, or
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(ii)
  	
  
the sum of:
  

-4-

	
  
 
  	
  
          (A)   the lesser of (1) 65% of the Eligible US Standard Finished Goods Inventory,   valued at the lower of cost or market value, determined on a   first-in-first-out basis, at such time, or (2) the product of (x) 85% multiplied by (y) the Net   Orderly Liquidation Value percentage for Eligible US Standard Finished Goods   Inventory identified in the most recent inventory appraisal ordered by the US   Administrative Agent multiplied   by (z) the Eligible US Standard Finished Goods Inventory, valued   at the lower of cost or market value, determined on a first-in-first-out   basis, at such time, plus
  
	
  
 
  	
  
 
  
	
   
  	
  
          (B)   the lesser of (1) 65% of the Eligible US Slow Moving Finished Goods   Inventory, valued at the lower of cost or market value, determined on a   first-in-first-out basis, at such time, or (2) the product of (x) 85% multiplied by (y) the Net   Orderly Liquidation Value percentage for Eligible US Slow Moving Finished   Goods Inventory identified in the most recent inventory appraisal ordered by   the US Administrative Agent multiplied   by (z) the Eligible US Slow Moving Finished Goods Inventory,   valued at the lower of cost or market value, determined on a   first-in-first-out basis, at such time, plus
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          (C)   the lesser of (1) 65% of the Eligible US Standard Raw Material Inventory,   valued at the lower of cost or market value, determined on a   first-in-first-out basis, at such time, or (2) the product of (x) 85% multiplied by (y) the Net   Orderly Liquidation Value percentage for Eligible US Standard Raw Material   Inventory identified in the most recent inventory appraisal ordered by the US   Administrative Agent multiplied   by (z) the Eligible US Standard Raw Material Inventory, valued at   the lower of cost or market value, determined on a first-in-first-out basis,   at such time, plus
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          (D)   the lesser of (1) 65% of the Eligible US Specialized Raw Material Inventory,   valued at the lower of cost or market value, determined on a   first-in-first-out basis, at such time, or (2) the product of (x) 85% multiplied by (y) the Net   Orderly Liquidation Value percentage for Eligible US Specialized Raw Material   Inventory identified in the most recent inventory appraisal ordered by the US   Administrative Agent multiplied   by (z) the Eligible US Specialized Raw Material Inventory, valued   at the lower of cost or market value, determined on a first-in-first-out   basis, at such time, minus
  

	
  
 
  	
  
(c)
  	
  
Reserves plus
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(d)
  	
  
the   M&E Component.
  

	
  
 
  	
  
The Administrative Agent   may, in its Permitted Discretion, reduce the advance rates set forth above,   adjust Reserves or reduce one or more of the other elements used in computing   the US Borrowing Base.
  

          (b)       Amendment to Section 2.04 of the Existing Credit Agreement.  Section 2.04 of the Existing Credit Agreement is hereby amended by adding a new clause (h) as set forth below:

	
  
 
  	
  
          (h)          Notwithstanding   the foregoing provisions of this Section 2.04, no Protective Advance shall   remain outstanding for more than sixty (60) days.
  

          (c)          Amendment to Section 5.01(h)(iii) of the Existing Credit Agreement.  Subclause (iii) of Section 5.01(h) of the Existing Credit Agreement is hereby amended by deleting such subclause (iii) in its entirety and substituting the following therefor:

	
  
 
  	
  
          (iii)          a   worksheet of calculations prepared by the applicable Borrowing Representative   to determine Eligible US Accounts, Eligible US Slow Moving Finished Goods   Inventory, Eligible US Specialized Raw Material Inventory, Eligible US   Standard Finished Goods Inventory, Eligible US Standard Raw Material   Inventory, M&E Component, Eligible UK Accounts, Eligible UK Finished Goods   Inventory, Eligible UK Raw Material Inventory and Eligible Belgian Accounts,   such worksheets detailing the Accounts, Inventory and Equipment excluded from   Eligible US Accounts, Eligible US Slow Moving Finished Goods Inventory,   Eligible US Specialized Raw Material Inventory, Eligible US Standard Finished   Goods Inventory, Eligible US Standard Raw Material Inventory, M&E   Component, Eligible UK Accounts, Eligible UK Finished Goods Inventory,   Eligible
UK Raw Material Inventory and Eligible Belgian Accounts and the   reason for such exclusions;
  

-5-

          (d)          Amendment to Section 5.13 of the Existing Credit Agreement.  Section 5.13 of the Existing Credit Agreement is hereby amended by deleting Section 5.13 in its entirety and substituting the following new Section 5.13 as set forth below:

	
  
 
  	
  
          SECTION   5.13.  Depository Banks.  Schedule 5.13 sets forth all   deposit accounts maintained by the Loan Parties as of the Effective Date with   banking institutions other than the Administrative Agents.  On or before June 30, 2007, the US   Borrowers will establish and thereafter maintain the US Administrative Agent,   as its principal depository bank, the US Borrowers’ primary deposit and   operating accounts, including accounts for the maintenance of operating,   administrative, cash management, collection activity, and other deposit   accounts for the conduct of business.    No Loan Party shall open any deposit or operating account with any   banking institution other than the Administrative Agents without the consent   of the Administrative Agents.  Each   Loan Party shall promptly notify the Administrative Agents of the closing of   any deposit
account.  Upon the closing   of any deposit account, all amounts held in such deposit account shall be   wired, or otherwise transferred in immediately available funds in a manner   satisfactory to the Administrative Agents, to a Collateral Deposit Account.
  

          (e)          Amendment to Section 5.15 of the Existing Credit Agreement.  Paragraph (b) of Section 5.15 of the Existing Credit Agreement is hereby amended by deleting the introductory clause “Within 60 days after the Effective Date” in its entirety and substituting the following therefor, “On or before June 30, 2007 (or such later date as may be agreed to by the US Administrative Agent in its Permitted Discretion),”.

          (f)          Amendment to Section 9.01 of the Existing Credit Agreement.  Section 9.01 of the Existing Credit Agreement is hereby amended by deleting subsection 9.01(a) in its entirety and substituting the following therefor:  

	
  
 
  	
  
          (a)          Except   in the case of notices and other communications expressly permitted to be   given by telephone (and subject to paragraph (b) below), all notices and   other communications provided for herein shall be in writing and shall be   delivered by hand or overnight courier service, mailed by certified or   registered mail or sent by facsimile, as follows:
  

	
  
 
  	
  
(i)          if   to any Loan Party, to the Company at:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Calgon Carbon Corporation
  
	
   
  	
  
400 Calgon Carbon Drive
  
	
  
 
  	
  
Pittsburgh, Pennsylvania   15230-0717
  
	
  
 
  	
  
Attention:          Peter   Lee
  
	
  
 
  	
  
Telephone:          412-787-6890
  
	
  
 
  	
  
Facsimile:          412-787-6313
  

-6-

	
  
 
  	
  
With a copy to:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Calgon Carbon Corporation
  
	
   
  	
  
400 Calgon Carbon Drive
  
	
  
 
  	
  
Pittsburgh, Pennsylvania   15230-0717
  
	
  
 
  	
  
Attention:          Dennis   Sheedy, Vice President and General Counsel
  
	
  
 
  	
  
Telephone:          412-787-6786
  
	
  
 
  	
  
Facsimile:          412-787-4511
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(ii)          if   to the US Administrative Agent:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
JPMorgan Chase Bank
  
	
  
 
  	
  
530 Fifth Avenue, 8th   Floor
  
	
   
  	
  
New York, New York 10036
  
	
  
 
  	
  
Attention:          Calgon   Account Executive
  
	
  
 
  	
  
Telephone:          212-837-3212
  
	
  
 
  	
  
Facsimile:          212-837-3301
  
	
  
 
  	
  
 
  
	
  
 
  	
  
With a copy to:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
JPMorgan Chase Bank, N.A.
  
	
  
 
  	
  
120 S. LaSalle St., 8th   Floor
  
	
  
 
  	
  
Chicago, Illinois 60603
  
	
   
  	
  
Attention:          Calgon   Collateral Specialist
  
	
  
 
  	
  
Telephone:          312-661-9601
  
	
  
 
  	
  
Facsimile:          312-661-9604
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(iii)          if   to the European Administrative Agent, at:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
J.P. Morgan Europe Limited
  
	
  
 
  	
  
125 London Wall
  
	
  
 
  	
  
Floor 9
  
	
  
 
  	
  
EC2Y 5AJ
  
	
   
  	
  
London, United Kingdom
  
	
  
 
  	
  
Attention:          Stephen   Clarke
  
	
  
 
  	
  
Telephone: +44 (0) 20 7325   5424
  
	
  
 
  	
  
Fax: +44 (0) 20 7777 2360
  
	
  
 
  	
  
 
  
	
  
 
  	
  
With a copy to:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
JPMorgan Chase Bank
  
	
  
 
  	
  
530 Fifth Avenue, 8th   Floor
  
	
  
 
  	
  
New York, New York 10036
  
	
  
 
  	
  
Attention:          Calgon   Account Executive
  
	
   
  	
  
Telephone:          212-837-3212
  
	
  
 
  	
  
Facsimile:          212-837-3301
  

	
  
 
  	
  
(iv)          if   to the Issuing Bank, with respect to Letters of Credit issued for the UK   Borrowers or the Belgian Borrower, at:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
J.P. Morgan Europe Limited
  
	
  
 
  	
  
125 London Wall
  
	
  
 
  	
  
Floor 9
  
	
  
 
  	
  
EC2Y 5AJ
  
	
   
  	
  
London, United Kingdom
  
	
  
 
  	
  
Attention:          Stephen   Clarke
  
	
  
 
  	
  
Telephone:          +44   (0) 22 7325 5424
  
	
  
 
  	
  
Facsimile:          +44   (0) 20 7777 2360
  

-7-

	
  
 
  	
  
(v)          if   to any other Lender, to it at its address or facsimile number set forth in   its Administrative Questionnaire.
  

	
  
 
  	
  
All such notices and other   communications (i) sent by hand or overnight courier service, or mailed by   certified or registered mail, shall be deemed to have been given when   received or (ii) sent by facsimile shall be deemed to have been given   when sent, provided that if not given during normal business hours   for the recipient, shall be deemed to have been given at the opening of   business on the next Business Day for the recipient.
  

          (g)          Amendment to Section 9.02(c) of the Existing Credit Agreement.  The second sentence of Section 9.02(c) of the Existing Credit Agreement is hereby amended by deleting the reference to “$5,000,000” and substituting “$2,500,000” therefor.

          (h)          Amendments to Schedules 1(a), 5.13 and 5.18 to the Existing Credit Agreement.  Schedules 1(a), 5.13 and 5.18 to the Existing Credit Agreement shall be amended in their entirety as set forth on the Schedules 1(a), 5.13 and 5.18 attached hereto.

          (i)          Amendments to Exhibits B-1, B-2, B-3 and C to the Existing Credit Agreement.  Exhibits B-1, B-2, B-3 and C to the Existing Credit Agreement shall be amended in their entirety as set forth on the Exhibits B-1, B-2, B-3 and C attached hereto.  

3.        No Default; Representations and Warranties, etc.

          Each of the Loan Parties represents and warrants to the Lenders and the Administrative Agents that as of the date hereof (a) the representations of the Loan Parties contained in Article III of the Credit Agreement are true and correct in all material respects as of the date hereof as if made on such date (except to extent that such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such date); (b) the Loan Parties are in compliance in all material respects with all of the terms and provisions set forth in the Credit Agreement and the other Loan Documents to be observed or performed by them thereunder; (c) no Default shall have occurred and be continuing; and (d) the execution, delivery and performance by the Loan Parties of this Amendment (i) have been duly authorized by all necessary corporate and, if required,
shareholder action on the part of the Loan Parties, (ii) will not violate any applicable material law or regulation or the organizational documents of any Loan Party, (iii) will not violate or result in a default under any material indenture, agreement or other instrument binding on any Loan Party or any of its assets and (iv) do not require any consent, waiver or approval of or by any Person (other than the Administrative Agents and the Lenders) which has not been obtained.

4.          Conditions Precedent. The effectiveness of this Amendment shall be conditioned upon the satisfaction of the following conditions precedent: 

             (a)          Counterparts of Amendment.  The Administrative Agents shall have received from each party hereto either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agents (which may include telecopy transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment.

-8-

             (b)          Corporate Documents.  Such documents and certificates as the Administrative Agents or its counsel may reasonably request relating to borrowings under the Credit Agreement and any other legal matters relating to the Loan Parties (including board of director resolutions and evidence of the incumbency of officers) and the Existing Credit Agreement, as amended by this Amendment.

             (c)          Financial Officer Certificate.  The Agent shall have received a certificate of the chief financial officer of the US Borrowing Representative on behalf of the Loan Parties dated the date hereof, stating that the representations and warranties in Article III are true and correct in all material respects on such date as though made on and as of such date and that no event has occurred and is continuing which constitutes a Default.

             (d)          Solvency Assurances.  The US Administrative Agent shall have received a certificate of a duly authorized officer of the Loan Parties on behalf of the Loan Parties dated as of the date hereof in form and substance satisfactory to the US Administrative Agent.

             (e)          Other Documents.  Such other documents as the Agent or counsel to the Agent may reasonably request. 

5.          Confirmation of Guarantee and Collateral Documents.  Each Loan Guarantor hereby confirms that the obligations of the Borrowers under the Credit Agreement shall be entitled to the benefits of the guarantee set forth in Article X of the Credit Agreement, and each Loan Party hereby confirms that the Obligations under the Credit Agreement, and in respect of its guarantee under Article X of the Credit Agreement (in the case of the Loan Guarantors), shall be entitled to the benefits of the collateral security provided by the Collateral Documents.  Each Affiliate or Subsidiary of any Loan Party that is a party to any Other Collateral Documents hereby confirms that the Obligations under the Credit Agreement shall be entitled to the benefits of the collateral security provided by the Other Collateral Documents.

6.          Miscellaneous.

(a)         The Loan Parties, the Lenders and the Administrative Agents hereby ratify and confirm the terms and provisions of the Credit Agreement and the other Loan Documents and agree that, except to the extent specifically amended hereby, the Credit Agreement, the other Loan Documents and all related documents shall remain in full force and effect.  Nothing contained herein shall constitute a waiver of any provision of the Loan Documents, except such waivers or consents as are expressly set forth herein.

(b)         The Loan Parties jointly and severally agree to pay all reasonable out-of-pocket costs and expenses incurred by JPMorgan Chase Bank, N.A. and its respective Affiliates (including the reasonable fees, charges and disbursements of counsel for the Agent), in connection with the syndication of the increase in the Total Revolving Commitments provided for herein, the preparation and administration of this Amendment or any amendments, modifications or waivers of the provisions thereof (whether or not the transactions contemplated hereby or thereby shall be consummated).

(c)         This Amendment may be executed in any number of counterparts (including by way of facsimile transmission), each of which, when executed and delivered, shall be an original, but all counterparts shall together constitute one instrument.

(d)         This Amendment shall be governed by the laws of the State of New York and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

[Signature Pages Follow]

-9-

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

	
  
 
  	
  
BORROWERS:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
CALGON CARBON CORPORATION
  
	
  
 
  	
  
 
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Leroy M. Ball
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Leroy M. Ball
  
	
  
 
  	
  
Title:
  	
  
Senior Vice President
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
CALGON CARBON INVESTMENTS,   INC.
  
	
   
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Leroy M. Ball
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Leroy M. Ball
  
	
  
 
  	
  
Title:
  	
  
Vice President
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
BSC COLUMBUS, LLC
  
	
   
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Leroy M. Ball
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Leroy M. Ball
  
	
  
 
  	
  
Title:
  	
  
Manager
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
CCC COLUMBUS, LLC
  
	
   
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Leroy M. Ball
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Leroy M. Ball
  
	
  
 
  	
  
Title:
  	
  
Manager
  
	
  
 
  	
  
:
  	
  
 
  

	
   
  	
  
EXECUTED   AND DELIVERED as a Deed   by
  
	
  
 
  	
  
CHEMVIRON   CARBON LIMITED acting   by:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Director:
  	
  
/s/ C.H.S (Kees) Majoor
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Director/secretary:
  	
  
/s/ Leroy M. Ball
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
EXECUTED   AND DELIVERED as a Deed   by
  
	
  
 
  	
  
WATERLINK (UK) HOLDINGS   LIMITED acting by:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Director:
  	
  
/s/ C.H.S (Kees) Majoor
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Director/secretary:
  	
  
/s/ Leroy M. Ball
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
EXECUTED   AND DELIVERED as a Deed   by
  
	
  
 
  	
  
SUTCLIFFE SPEAKMAN LIMITED   acting by:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Director:
  	
  
/s/ C.H.S (Kees) Majoor
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Director/secretary:
  	
  
/s/ Leroy M. Ball
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
EXECUTED   AND DELIVERED as a Deed   by
  
	
  
 
  	
  
LAKELAND PROCESSING   LIMITED acting by:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Director:
  	
  
/s/ C.H.S (Kees) Majoor
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Director/secretary:
  	
  
/s/ Leroy M. Ball
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
EXECUTED   AND DELIVERED as a Deed   by
  
	
  
 
  	
  
CHARCOAL CLOTH   (INTERNATIONAL)
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
LIMITED acting by:
  
	
  
 
  	
  
 
  
	
   
  	
  
 
  
	
  
 
  	
  
Director:
  	
  
/s/ C.H.S (Kees) Majoor
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Director/secretary:
  	
  
/s/ Leroy M. Ball
  
	
  
 
  	
  
 
  	
  

  

	
  
 
  	
  
ADMINISTRATIVE AGENTS AND LENDERS:
  
	
  
 
  	
  

  
	
   
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
JPMORGAN CHASE BANK, N.A.,   as Initial Lender and as US Administrative Agent
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Donna DiForio
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Donna DiForio
  
	
   
  	
  
Title:
  	
  
Vice President
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
J.P. MORGAN EUROPE   LIMITED, as European Administrative Agent
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Tim Jacob
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Tim Jacob
  
	
   
  	
  
Title:
  	
  
Senior Vice President
  

Schedule 1(a)

COMMITMENT SCHEDULE

	
  
Lender
  	
   
 	
  
Total   Revolving
   Commitment
  	
   
 	
  
UK   Revolving
   Sublimit
  	
   
 	
  
Belgian   Revolving
   Sublimit
  	
   
 
	
  

  	
   
 	
  

  	
  

  	
   
 	
  

  	
  

  	
   
 	
  

  	
  

  	
   
 
	
  JPMorgan Chase Bank, N.A.
  	
  
 
  	
  
$
  	
  
55,000,000
  	
  
 
  	
  
$
  	
  
12,000,000
  	
  
 
  	
  
$
  	
  
6,000,000
  	
  
 
  
	
  Total
  	
  
 
  	
  
$
  	
  
55,000,000
  	
  
 
  	
  
$
  	
  
12,000,000
  	
  
 
  	
  
$
  	
  
6,000,000
  	
  
 
  

Schedule 5.13

Deposit Accounts

	
   
Company
   	
    
  	
   
Name of    depository bank
   	
    
  	
   
Type of    Account
   	
    
  	
   
Account    Number
   
	
   

   	
    
  	
   

   	
    
  	
   

   	
    
  	
   

   
	
  Calgon Carbon Corporation
  	
  
 
  	
  
National City
  	
  
 
  	
  
Cash Nat’l City CMA
  	
  
 
  	
  
967078174 
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
National City
  	
  
 
  	
  
Cash Nat’l City Lockbox
  	
  
 
  	
  
967078182 
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
National City
  	
  
 
  	
  
Cash Nat’l City Lockbox
  	
  
 
  	
  
657657162 
  
	
  Calgon Carbon Corporation
  	
  
 
  	
  
National City
  	
  
 
  	
  
Cash Nat’l City A/P Chk
  	
  
 
  	
  
0198280 
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
National City
  	
  
 
  	
  
Cash Nat’l City A/P EFT
  	
  
 
  	
  
967078190 
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
Bank Mendes Gans
  	
  
 
  	
  
BMG Short Term Investment
  	
  
 
  	
  
026.10.14.889
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
Bank of America
  	
  
 
  	
  
Cash BOA Travel/Proc. Card
  	
  
 
  	
  
003921319563
  
	
  Calgon Carbon Corporation
  	
  
 
  	
  
Bank of America
  	
  
 
  	
  
BOA Korea
  	
  
 
  	
  
0180 01 607041128039
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
Six Rivers Bank
  	
  
 
  	
  
Blue Lake Petty Cash
  	
  
 
  	
  
202563650
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
Hancock Bank
  	
  
 
  	
  
Pearl River Petty Cash
  	
  
 
  	
  
01-418-7261
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
Kentucky Farmers Bank
  	
  
 
  	
  
Big Sandy Petty Cash
  	
  
 
  	
  
6022401
  
	
  Calgon Carbon Corporation
  	
  
 
  	
  
Wachovia Bank
  	
  
 
  	
  
Vara Petty Cash
  	
  
 
  	
  
2158095439028
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
ING Seneffe
  	
  
 
  	
  
Euro Account
  	
  
 
  	
  
310-0750000-82
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
ING Seneffe
  	
  
 
  	
  
GBP Account
  	
  
 
  	
  
310-0750000-82
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
ING Seneffe
  	
  
 
  	
  
USD Account
  	
  
 
  	
  
310-0750000-82
  
	
  Calgon Carbon Corporation
  	
  
 
  	
  
ING Breda
  	
  
 
  	
  
Euro Account
  	
  
 
  	
  
0209962003
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
Banque de la Poste
  	
  
 
  	
  
Euro Account
  	
  
 
  	
  
000-3000-863
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
Bank Mendes Gans
  	
  
 
  	
  
Euro Account
  	
  
 
  	
  
026 101 49 27
  
	
  
Calgon Carbon Corporation
  	
  
 
  	
  
Bank Mendes Gans
  	
  
 
  	
  
USD Account
  	
  
 
  	
  
026 101 4919
  
	
  Calgon Carbon Investments
  	
  
 
  	
  
Bank of America
  	
  
 
  	
  
CCI Cash Management
  	
  
 
  	
  
01242-02460
  
	
  
BSC Columbus, LLC
  	
  
 
  	
  
National City
  	
  
 
  	
  
BSC Columbus Cash Nat City
  	
  
 
  	
  
964897473
  
	
  
CCC Columbus, LLC
  	
  
 
  	
  
National City
  	
  
 
  	
  
CCC Columbus Cash Nat City
  	
  
 
  	
  
964897481
  
	
  
Chemviron Carbon Limited
  	
  
 
  	
  
Barclays Bank
   9 High Street, Thurrock
   Grays, Essex, RM17 6NL, 
   United Kingdom
  	
  
 
  	
  
Current Account GBP
  	
  
 
  	
  
30248789
  

	
   
Company
   	
    
  	
   
Name of    depository bank
   	
    
  	
   
Type of    Account
   	
    
  	
   
Account    Number
   
	
   

   	
    
  	
   

   	
    
  	
   

   	
    
  	
   

   
	
  Chemviron Carbon Limited
  	
  
 
  	
  
Barclays Bank
   9 High Street, Thurrock
   Grays, Essex, RM17 6NL, 
   United Kingdom
  	
  
 
  	
  
Business Premium GBP
  	
  
 
  	
  
60920851
  
	
  
Chemviron Carbon Limited
  	
  
 
  	
  
Barclays Bank
   9 High Street, Thurrock
   Grays, Essex, RM17 6NL, 
   United Kingdom
  	
  
 
  	
  
Current Account EUR
  	
  
 
  	
  
77586033
  
	
  
Chemviron Carbon Limited
  	
  
 
  	
  
Barclays Bank
   9 High Street, Thurrock
   Grays, Essex, RM17 6NL, 
   United Kingdom
  	
  
 
  	
  
Current Account USD
  	
  
 
  	
  
86858822
  
	
  Waterlink (UK) Holdings   Limited
  	
  
 
  	
  
THE ROYAL BANK OF SCOTLAND   PLC
   1 DALE STREET
   LIVERPOOL L2 2PP
  	
  
 
  	
  
Current Account GBP
  	
  
 
  	
  
10301585
  
	
  
Sutcliffe Speakman Limited
  	
  
 
  	
  
THE ROYAL BANK OF SCOTLAND   PLC
   1 DALE STREET
   LIVERPOOL L2 2PP
   United Kingdom
  	
  
 
  	
  
Current Account GBP
  	
  
 
  	
  
10125663
  
	
  
Sutcliffe Speakman Limited
  	
  
 
  	
  
THE ROYAL BANK OF SCOTLAND   PLC
   1 DALE STREET
   LIVERPOOL L2 2PP

United Kingdom
  	
  
 
  	
  
Special Interest Bearing   Account GBP
  	
  
 
  	
  
10687734
  
	
  Lakeland Processing   Limited
  	
  
 
  	
  
THE ROYAL BANK OF SCOTLAND   PLC
  
1 DALE STREET
  
LIVERPOOL L2 2PP
   United Kingdom
  	
  
 
  	
  
Current Account GBP
  	
  
 
  	
  
10147632
  

Schedule 5.18

Post-Closing List

	
    
  	
   
 
   	
   
Document/Deliverable
   	
    
  	
   
Due Date
   
	
    
  	
   
 
   	
   

   	
    
  	
   

   
	
  1.          
  	
  
 
  	
  
The Loan Parties shall   provide evidence satisfactory to the Administrative Agents that the European   Administrative Agent has obtained a first ranking mortgage on the Belgian   Real Property securing the Obligations in an amount satisfactory to the   Administrative Agents.
  	
  
 
  	
  
3/31/07
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
2.          
  	
  
 
  	
  
The Loan Parties shall   provide evidence satisfactory to the US Administrative Agent that all actions   have been taken, and all documents, filings and recordings have been   executed, delivered, filed and recorded, that, in the reasonable opinion of   the US Administrative Agent, are necessary or desirable in order to create in   favor of the US Administrative Agent, valid and perfected First Priority   security interests in those United States and Canadian patents, patent   applications, trademarks and trademark applications that the US Administrative   Agent has determined are of material value or importance to the Loan   Parties.  
  	
  
 
  	
  
3/31/07
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
3.          
  	
  
 
  	
  
The Loan Parties shall   provide evidence satisfactory to the Administrative Agents that the European   Administrative Agent has obtained a valid and perfected German Law Share   Pledge over 65% of the shares in Chemviron Carbon GmbH.
  	
  
 
  	
  
3/31/07
  

ASSIGNMENT AND ACCEPTANCE

This ASSIGNMENT AND ACCEPTANCE (this “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is entered into by and between JPMorgan Chase Bank, N.A. (the “Assignor”) and Citizens Bank of Pennsylvania (the “Assignee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below  (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Acceptance as if set forth herein in full.

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agents as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit, and guarantees, included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against
any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).  Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Acceptance, without representation or warranty by the Assignor.

	
  
1.
  	
  
Assignor:
  	
  
JPMorgan Chase Bank, N.A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
2.
  	
  
Assignee:
  	
  
Citizens Bank of Pennsylvania
  
	
  
 
  	
  
 
  	
  
 
  
	
  
3.
  	
  
Borrowers:
  	
  
Calgon Carbon Corporation, and the other Borrowers   named therein.
  
	
  
 
  	
  
 
  	
  
 
  
	
  4.
  	
  
Administrative Agents:
  	
  
JPMorgan Chase Bank, N.A. as US Administrative Agent   and J.P. Morgan Europe Limited, as European Administrative Agent under the   Credit Agreement.
  

5.          Credit Agreement:  The $55,000,000 Credit Agreement dated as of August 18, 2006 among Calgon Carbon Corporation (the “Company”) and the other Borrowers named therein (collectively with the Company, the “Borrowers”), the other Loan Parties party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as US Administrative Agent, J.P. Morgan Europe Limited, as European Administrative Agent, and the other agents party thereto, as amended by the First Amendment to Credit Agreement dated as of February 5, 2007.

6.          Assigned Interest:

	
  Aggregate Amount of
   Total Revolving
   Commitment/Loans
   for all Lenders*
  	
   
 	
  
Amount of   Total
   Revolving
   Commitment/Loans
   Assigned
  	
   
 	
  
Amount of   UK
   Revolving
   Sublimit/UK
   Revolving Loans
   Assigned
  	
   
 	
  
Amount of
   Belgian
   Revolving
   Sublimit/Belgian 
   Revolving Loans
   Assigned
  	
   
 	
  
Percentage
   Assigned of 
   Commitment/ Loans1
  	
   
 
	
  

  	
   
 	
  

  	
  

  	
   
 	
  

  	
  

  	
   
 	
  

  	
  

  	
   
 	
  

  	
  

  	
   
 
	
  55,000,000
  	
  
 
  	
  
$
  	
  
20,000,000
  	
  
 
  	
  
$
  	
  
4,363,636
  	
  
 
  	
  
$
  	
  
2,181,818
  	
  
 
  	
  
 
  	
  
36.363636363
  	
  
%
  

	

    
	 1 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

	
  

  
	
  
*In accordance with Section 9.04(c), assignments of   Total Revolving Commitment and Total Revolving Exposure shall include a pro   rata assignment of UK Revolving Sublimit, UK Revolving Exposure, Belgian   Revolving Sublimit and Belgian Revolving Exposure, Effective Date:   February 5, 2007
  

          The Assignee agrees to deliver to the Administrative Agents a completed Administrative Questionnaire in which the Assignee designators on or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information about the Company, the Loan Parties and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws.

The terms set forth in this Assignment and Acceptance are hereby agreed to:

	
  
 
  	
  
ASSIGNOR
  
	
  
 
  	
  
 
  
	
  
 
  	
  
JPMORGAN CHASE BANK, N.A.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Donna DiForio
  
	  
	  
	

   
	
   
  	
  
Title:
  	
  
Vice President
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
ASSIGNEE
  
	
  
 
  	
  
 
  
	
  
 
  	
  
CITIZENS BANK OF PENNSYLVANIA
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Paul A. Rebholz
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Title:
  	
  
Vice President
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Consented to and Accepted:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
JPMORGAN CHASE BANK, N.A., as US Administrative   Agent and Issuing Bank
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By
  	
  
/s/ Donna DiForio
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
Vice President
  

	
  
 
  	
  
J.P. MORGAN EUROPE LIMITED, as European   Administrative Agent
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By
  	
  
/s/ Tim Jacob
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Title:
  	
  
Senior Vice President
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Consented to:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
CALGON CARBON CORPORATION
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By
  	
  
/s/ Leroy M. Ball
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
Senior Vice President
  

ANNEX 1

Credit Agreement dated as of August 18, 2006, as amended, among Calgon Carbon Corporation (the “Company”) and the other Borrowers named therein (collectively with the Company, the “Borrowers”), the other Loan Parties party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as US Administrative Agent, J.P. Morgan Europe Limited, as European Administrative Agent, and the other agents party thereto.

STANDARD TERMS AND CONDITIONS FOR
 ASSIGNMENT AND ACCEPTANCE

1.          Representations and Warranties.

                    1.1.          Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrowers, any of
their Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by any Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

                    1.2.          Assignee.  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most
recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agents or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Acceptance is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agents, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

2.          Payments.  From and after the Effective Date, the Administrative Agents shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.

3.          General Provisions. This Assignment and Acceptance shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument.

Delivery of an executed counterpart of a signature page of this Assignment and Acceptance by facsimile shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance.  This Assignment and Acceptance shall be governed by, and construed in accordance with, the law of the State of New York.Unassociated Document

    
      

      

    

     

    WAMU
      ASSET ACCEPTANCE CORP.,

    Depositor

     

    WASHINGTON
      MUTUAL BANK,

    Seller
      and Servicer

     

    CITIBANK,
      N.A.,

    Trustee

     

    and

     

    CHRISTIANA
      BANK & TRUST COMPANY,

    Delaware
      Trustee

     

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of April 1, 2007

     

    ______________________________

     

    WaMu
      Asset-Backed Certificates

    

    WaMu
      Series 2007-HE2 Trust

    

    
 

    
      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

     

    
      
        	
                ARTICLE
                  I DEFINITIONS

              
	 	 
	
                Section
                  1.01

              	
                Defined
                  Terms.

              
	
                Section
                  1.02

              	
                Accounting.

              
	
                Section
                  1.03

              	
                Allocation
                  of Certain Interest Shortfalls.

              
	
                Section
                  1.04

              	
                Rights
                  of the NIMS Insurer.

              
	 	 
	
                ARTICLE
                  II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                  CERTIFICATES

              
	 	 
	
                Section
                  2.01

              	
                Conveyance
                  of Mortgage Loans.

              
	
                Section
                  2.02

              	
                Acceptance
                  of REMIC 1 by the Trustee.

              
	
                Section
                  2.03

              	
                Cure,
                  Repurchase or Substitution of Mortgage Loans by the Seller; Remedies
                  for
                  Breaches by Depositor or Servicer; Remedies for Breaches Relating
                  to
                  Prepayment Charges.

              
	
                Section
                  2.04

              	
                Representations,
                  Warranties and Covenants of the Servicer.

              
	
                Section
                  2.05

              	
                Representations
                  and Warranties of the Depositor.

              
	
                Section
                  2.06

              	
                Issuance
                  of Certificates.

              
	
                Section
                  2.07

              	
                Reserved.

              
	
                Section
                  2.08

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

              
	
                Section
                  2.09

              	
                Creation
                  of the Trust.

              
	
                Section
                  2.10

              	
                Restrictions
                  on Activities of the Trust.

              
	
                Section
                  2.11

              	
                Separateness
                  Requirements.

              
	 	 
	
                ARTICLE
                  III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

              
	 	 
	
                Section
                  3.01

              	
                Servicer
                  to Act as Servicer.

              
	
                Section
                  3.02

              	
                Sub-Servicing
                  Agreements Between the Servicer and Sub-Servicers.

              
	
                Section
                  3.03

              	
                Successor
                  Sub-Servicers.

              
	
                Section
                  3.04

              	
                Liability
                  of the Servicer.

              
	
                Section
                  3.05

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

              
	
                Section
                  3.06

              	
                Assumption
                  or Termination of Sub-Servicing Agreements by Trustee.

              
	
                Section
                  3.07

              	
                Collection
                  of Certain Mortgage Loan Payments.

              
	
                Section
                  3.08

              	
                Sub-Servicing
                  Accounts.

              
	
                Section
                  3.09

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

              
	
                Section
                  3.10

              	
                Collection
                  Account and Distribution Account.

              
	
                Section
                  3.11

              	
                Withdrawals
                  from the Collection Account and Distribution Account.

              
	
                Section
                  3.12

              	
                Investment
                  of Funds in the Interest Coverage Account, the Collection Account
                  and the
                  Distribution Account.

              
	
                Section
                  3.13

              	
                Reserved.

              
	
                Section
                  3.14

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

              
	
                Section
                  3.15

              	
                Enforcement
                  of Due On Sale Clauses; Assumption Agreements.

              
	
                Section
                  3.16

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                Section
                  3.17

              	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              
	
                Section
                  3.18

              	
                Servicing
                  Compensation.

              
	
                Section
                  3.19

              	
                Reports
                  to the Trustee; Collection Account Statements.

              
	
                Section
                  3.20

              	
                Annual
                  Statement as to Compliance.

              
	
                Section
                  3.21

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                Section
                  3.22

              	
                Access
                  to Certain Documentation.

              
	
                Section
                  3.23

              	
                Title,
                  Management and Disposition of REO Property.

              
	
                Section
                  3.24

              	
                Obligations
                  of the Servicer in Respect of Prepayment Interest
                  Shortfalls.

              
	
                Section
                  3.25

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

              
	
                Section
                  3.26

              	
                Reserve
                  Fund.

              
	
                Section
                  3.27

              	
                Advance
                  Facility.

              
	
                Section
                  3.28

              	
                PMI
                  Policy; Claims Under the PMI Policy.

              
	
                Section
                  3.29

              	
                Swap
                  Agreement.

              
	
                Section
                  3.30

              	
                Replacement
                  Swap Agreement.

              
	
                Section
                  3.31

              	
                Swap
                  Counterparty Default

              
	 	 
	
                ARTICLE
                  IV FLOW OF FUNDS

              
	 	 
	
                Section
                  4.01

              	
                Distributions.

              
	
                Section
                  4.02

              	
                Preference
                  Claims.

              
	
                Section
                  4.03

              	
                Statements.

              
	
                Section
                  4.04

              	
                Remittance
                  Reports; Advances.

              
	
                Section
                  4.05

              	
                Distributions
                  on the REMIC Regular Interests.

              
	
                Section
                  4.06

              	
                Allocation
                  of Realized Losses.

              
	
                Section
                  4.07

              	
                Compliance
                  with Withholding Requirements.

              
	
                Section
                  4.08

              	
                Commission
                  Reporting.

              
	
                Section
                  4.09

              	
                Supplemental
                  Interest Trust.

              
	
                Section
                  4.10

              	
                Final
                  Maturity Reserve Trust.

              
	
                Section
                  4.11

              	
                Intention
                  of the Parties and Interpretation.

              
	
                Section
                  4.12

              	
                Interest
                  Coverage Account.

              
	 	 
	
                ARTICLE
                  V THE CERTIFICATES

              
	 	 
	
                Section
                  5.01

              	
                The
                  Certificates.

              
	
                Section
                  5.02

              	
                Registration
                  of Transfer and Exchange of Certificates.

              
	
                Section
                  5.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                Section
                  5.04

              	
                Persons
                  Deemed Owners.

              
	 	 
	
                ARTICLE
                  VI THE SERVICER AND THE DEPOSITOR

              
	 	 
	
                Section
                  6.01

              	
                Liability
                  of the Servicer and the Depositor.

              
	
                Section
                  6.02

              	
                Merger
                  or Consolidation of the Depositor or the Servicer.

              
	
                Section
                  6.03

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

              
	
                Section
                  6.04

              	
                Limitation
                  on Resignation of Servicer.

              
	
                Section
                  6.05

              	
                Rights
                  of the Depositor, the NIMS Insurer and the Trustee in Respect of
                  the
                  Servicer.

              
	 	 
	
                ARTICLE
                  VII DEFAULT

              
	 	 
	
                Section
                  7.01

              	
                Servicer
                  Events of Default.

              
	
                Section
                  7.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                Section
                  7.03

              	
                Notification
                  to Certificateholders.

              
	
                Section
                  7.04

              	
                Waiver
                  of Servicer Events of Default.

              
	 	 
	
                ARTICLE
                  VIII THE TRUSTEE

              
	 	 
	
                Section
                  8.01

              	
                Duties
                  of Trustees.

              
	
                Section
                  8.02

              	
                Certain
                  Matters Affecting the Trustees.

              
	
                Section
                  8.03

              	
                Trustees
                  Not Liable for Certificates or Mortgage Loans.

              
	
                Section
                  8.04

              	
                Trustees
                  May Own Certificates.

              
	
                Section
                  8.05

              	
                Trustees’
                  Fees and Expenses.

              
	
                Section
                  8.06

              	
                Eligibility
                  Requirements for Trustees.

              
	
                Section
                  8.07

              	
                Resignation
                  or Removal of Trustees.

              
	
                Section
                  8.08

              	
                Successor
                  Trustees.

              
	
                Section
                  8.09

              	
                Merger
                  or Consolidation of Trustees.

              
	
                Section
                  8.10

              	
                Appointment
                  of Co Trustee or Separate Trustee.

              
	
                Section
                  8.11

              	
                Appointment
                  of Custodians.

              
	
                Section
                  8.12

              	
                Appointment
                  of Office or Agency.

              
	
                Section
                  8.13

              	
                Representations
                  and Warranties of the Trustee.

              
	
                Section
                  8.14

              	
                Duties
                  of Delaware Trustee.

              
	
                Section
                  8.15

              	
                Amendment
                  to Certificate of Trust.

              
	
                Section
                  8.16

              	
                Trustees
                  Act on Behalf of Trust.

              
	 	 
	
                ARTICLE
                  IX TERMINATION

              
	 	 
	
                Section
                  9.01

              	
                Termination
                  Upon Purchase or Liquidation of All Mortgage Loans.

              
	
                Section
                  9.02

              	
                Additional
                  Termination Requirements.

              
	
                Section
                  9.03

              	
                Termination
                  of the Supplemental Interest Trust and the Final Maturity Reserve
                  Trust.

              
	 	 
	
                ARTICLE
                  X REMIC PROVISIONS

              
	 	 
	
                Section
                  10.01

              	
                REMIC
                  Administration.

              
	
                Section
                  10.02

              	
                Prohibited
                  Transactions and Activities.

              
	
                Section
                  10.03

              	
                Trustee,
                  Servicer and Depositor Indemnification.

              
	 	 
	
                ARTICLE
                  XI MISCELLANEOUS PROVISIONS

              
	 	 
	
                Section
                  11.01

              	
                Amendment.

              
	
                Section
                  11.02

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                Section
                  11.03

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                Section
                  11.04

              	
                Governing
                  Law; Jurisdiction.

              
	
                Section
                  11.05

              	
                Notices.

              
	
                Section
                  11.06

              	
                Severability
                  of Provisions.

              
	
                Section
                  11.07

              	
                Notice
                  to the Rating Agencies, the Swap Counterparty and the NIMS
                  Insurer.

              
	
                Section
                  11.08

              	
                Article
                  and Section References.

              
	
                Section
                  11.09

              	
                Third-Party
                  Beneficiaries.

              
	
                Section
                  11.10

              	
                Grant
                  of Security Interest.

              

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibits

    

      
        	
                Exhibit
                  A 1

              	
                Form
                  of Senior Certificates

              
	
                Exhibit
                  A 2

              	
                Form
                  of Subordinate Certificates

              
	
                Exhibit
                  A 3

              	
                Form
                  of Class C Certificates

              
	
                Exhibit
                  A 4

              	
                Form
                  of Class P Certificates

              
	
                Exhibit
                  A 5

              	
                Form
                  of Residual Certificates

              
	
                Exhibit
                  A 6

              	
                Form
                  of Reverse of Certificates

              
	
                Exhibit
                  B

              	
                Form
                  of Swap Agreement

              
	
                Exhibit
                  C

              	
                Form
                  of Mortgage Loan Purchase Agreement

              
	
                Exhibit
                  D

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  E 1

              	
                Request
                  for Release (for Trustee/Custodian)

              
	
                Exhibit
                  E 2

              	
                Request
                  for Release (Certificate - Mortgage Loan Paid in Full)

              
	
                Exhibit
                  E-3

              	
                Form
                  of Mortgage Loan Assignment Agreement

              
	
                Exhibit
                  F 1

              	
                Form
                  of Trustee’s Initial Certification

              
	
                Exhibit
                  F 2

              	
                Form
                  of Trustee’s Final Certification

              
	
                Exhibit
                  G

              	
                Form
                  of Residual NIM Holder Certificate

              
	
                Exhibit
                  H

              	
                Form
                  of Lost Note Affidavit

              
	
                Exhibit
                  I

              	
                Form
                  of ERISA Representation

              
	
                Exhibit
                  J-1A

              	
                [Reserved]

              
	
                Exhibit
                  J-1B

              	
                [Reserved]

              
	
                Exhibit
                  J-2

              	
                Form
                  of Investment Letter

              
	
                Exhibit
                  K

              	
                Form
                  of Class R Certificate, Class R CX Certificate and Class
                  R-PX Certificate Transfer Affidavit

              
	
                Exhibit
                  L

              	
                Form
                  of Transferor Certificate

              
	
                Exhibit
                  M

              	
                [Reserved]

              
	
                Exhibit
                  N

              	
                Criteria
                  to be Addressed in Assessment of Compliance

              
	
                Exhibit
                  O

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

              
	
                Exhibit
                  P

              	
                Form
                  of Trustee Certificate

              

      

    

     

     

    Schedules

    

      
        	
                Schedule
                  I

              	
                Prepayment
                  Charge Schedule

              
	
                Schedule
                  II

              	
                Swap
                  Notional Amount Schedule

              
	
                Schedule
                  III

              	
                40
                  Year Loans Final Maturity Schedule

              
	
                Schedule
                  IV

              	
                PMI
                  Mortgage Loan Schedule

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      POOLING AND SERVICING AGREEMENT is dated as of April 1, 2007 (the “Agreement”),
      among WAMU ASSET ACCEPTANCE CORP., as depositor (the “Depositor”), WASHINGTON
      MUTUAL BANK, as seller (the “Seller”) and servicer (the “Servicer”), CITIBANK,
      N.A., as trustee (the “Trustee”), supplemental interest trust trustee and final
      maturity reserve trust trustee and CHRISTIANA BANK NATIONAL TRUST COMPANY,
      as
      Delaware trustee (the “Delaware Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple classes, which in the
      aggregate will evidence the entire beneficial ownership interest in the Trust.
      The Certificates will consist of twenty-one classes of certificates, designated
      as (i) the Class I-A Certificates, (ii) the Class II-A1 Certificates, (iii)
      the Class II-A2 Certificates, (iv) the Class II-A3 Certificates, (v) the Class
      II-A4 Certificates, (vi) the Class M-1 Certificates, (vii) the Class M-2
      Certificates, (viii) the Class M-3 Certificates, (ix) the Class M-4
      Certificates, (x) the Class M-5 Certificates, (xi) the Class M-6 Certificates,
      (xii) the Class M-7 Certificates, (xiii) the Class M-8 Certificates, (xiv)
      the
      Class M-9 Certificates, (xv) the Class C Certificates, (xvi) the Class P
      Certificates, (xvii) the Class R Certificates, (xviii) the Class R-CX
      Certificates and (xix) the Class R-PX Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC 1

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Mortgage Loans and certain other related assets
      subject to this Agreement (exclusive of the Reserve Fund, the Supplemental
      Interest Trust, the Final Maturity Reserve Trust, the Interest Coverage Account
      and the Servicer Prepayment Charge Payment Amounts) as a REMIC for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC 1.” The Class R-1 Interest shall represent the sole class of “residual
      interests” in REMIC 1 for purposes of the REMIC Provisions (as defined herein)
      under federal income tax law. The following table irrevocably sets forth the
      designation, the Uncertificated REMIC 1 Pass-Through Rate, the initial
      Uncertificated Principal Balance, and solely for purposes of satisfying Treasury
      regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date”
for each of the REMIC 1 Regular Interests. None of the REMIC 1 Regular Interests
      will be certificated.

    

      
        	
                Designation

              	 	
                Initial
                  Uncertificated Principal Balance

              	 	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              	 	
                Assumed
                  Final

                Maturity
                  Date1

              
	
                IX

              	 	
                $129,509,320.86

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-1-A

              	 	
                $   
                  1,955,190.52

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-1-B

              	 	
                $   
                  1,955,190.52

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-2-A

              	 	
                $   
                  2,478,702.37

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-2-B

              	 	
                $   
                  2,478,702.37

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-3-A

              	 	
                $   
                  2,936,857.68

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-3-B

              	 	
                $   
                  2,936,857.68

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-4-A

              	 	
                $   
                  3,383,948.09

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-4-B

              	 	
                $   
                  3,383,948.09

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-5-A

              	 	
                $   
                  1,086,748.06

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-5-B

              	 	
                $   
                  1,086,748.06

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-6-A

              	 	
                $   
                  1,533,744.66

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-6-B

              	 	
                $   
                  1,533,744.66

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-7-A

              	 	
                $   
                  1,933,650.21

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-7-B

              	 	
                $   
                  1,933,650.21

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-8-A

              	 	
                $   
                  2,365,426.69

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-8-B

              	 	
                $   
                  2,365,426.69

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-9-A

              	 	
                $   
                  3,103,020.97

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-9-B

              	 	
                $   
                  3,103,020.97

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-10-A

              	 	
                $   
                  4,330,930.90

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-10-B

              	 	
                $   
                  4,330,930.90

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-11-A

              	 	
                $   
                  5,518,260.80

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-11-B

              	 	
                $   
                  5,518,260.80

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-12-A

              	 	
                $   
                  5,812,419.67

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-12-B

              	 	
                $   
                  5,812,419.67

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-13-A

              	 	
                $   
                  5,579,166.42

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-13-B

              	 	
                $   
                  5,579,166.42

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-14-A

              	 	
                $   
                  5,259,276.62

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-14-B

              	 	
                $   
                  5,259,276.62

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-15-A

              	 	
                $   
                  4,946,674.17

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-15-B

              	 	
                $   
                  4,946,674.17

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-16-A

              	 	
                $   
                  4,677,720.88

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-16-B

              	 	
                $   
                  4,677,720.88

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-17-A

              	 	
                $   
                  4,478,668.50

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-17-B

              	 	
                $   
                  4,478,668.50

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-18-A

              	 	
                $   
                  4,273,483.34

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-18-B

              	 	
                $   
                  4,273,483.34

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-19-A

              	 	
                $   
                  4,049,969.15

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-19-B

              	 	
                $   
                  4,049,969.15

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-20-A

              	 	
                $   
                  3,835,204.58

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-20-B

              	 	
                $   
                  3,835,204.58

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-21-A

              	 	
                $   
                  4,830,929.47

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-21-B

              	 	
                $   
                  4,830,929.47

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-22-A

              	 	
                $ 
                  59,187,491.39

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-22-B

              	 	
                $ 
                  59,187,491.39

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-23-A

              	 	
                $   
                  6,003,384.40

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-23-B

              	 	
                $   
                  6,003,384.40

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-24-A

              	 	
                $   
                  5,129,553.91

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-24-B

              	 	
                $   
                  5,129,553.91

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-25-A

              	 	
                $   
                  4,219,558.16

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-25-B

              	 	
                $   
                  4,219,558.16

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-26-A

              	 	
                $   
                  3,618,746.37

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-26-B

              	 	
                $   
                  3,618,746.37

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-27-A

              	 	
                $   
                  3,195,050.89

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-27-B

              	 	
                $   
                  3,195,050.89

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-28-A

              	 	
                $   
                  2,877,192.27

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-28-B

              	 	
                $   
                  2,877,192.27

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-29-A

              	 	
                $   
                  2,606,574.65

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-29-B

              	 	
                $   
                  2,606,574.65

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-30-A

              	 	
                $   
                  2,445,444.33

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-30-B

              	 	
                $   
                  2,445,444.33

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-31-A

              	 	
                $   
                  2,316,424.69

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-31-B

              	 	
                $   
                  2,316,424.69

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-32-A

              	 	
                $   
                  2,217,421.38

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-32-B

              	 	
                $   
                  2,217,421.38

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-33-A

              	 	
                $   
                  2,593,673.98

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-33-B

              	 	
                $   
                  2,593,673.98

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-34-A

              	 	
                $   
                  3,138,512.27

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-34-B

              	 	
                $   
                  3,138,512.27

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-35-A

              	 	
                 $      
                  424,034.75

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-35-B

              	 	
                $      
                  424,034.75

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-36-A

              	 	
                $   
                  4,372,967.67

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-36-B

              	 	
                $   
                  4,372,967.67

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-37-A

              	 	
                $   
                  2,121,274.28

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-37-B

              	 	
                $   
                  2,121,274.28

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-38-A

              	 	
                $   
                  1,961,580.35

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-38-B

              	 	
                $    1,961,580.35

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-39-A

              	 	
                $   
                  1,817,984.10

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-39-B

              	 	
                $   
                  1,817,984.10

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-40-A

              	 	
                $   
                  1,697,199.39

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-40-B

              	 	
                $   
                  1,697,199.39

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-41-A

              	 	
                $   
                  1,593,754.09

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-41-B

              	 	
                $   
                  1,593,754.09

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-42-A

              	 	
                $   
                  1,490,041.84

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-42-B

              	 	
                $   
                  1,490,041.84

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-43-A

              	 	
                $   
                  1,396,433.02

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-43-B

              	 	
                $   
                  1,396,433.02

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-44-A

              	 	
                $   
                  1,291,816.38

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-44-B

              	 	
                $   
                  1,291,816.38

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-45-A

              	 	
                $   
                  1,257,902.84

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-45-B

              	 	
                $   
                  1,257,902.84

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-46-A

              	 	
                $   
                  1,224,724.15

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-46-B

              	 	
                $   
                  1,224,724.15

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-47-A

              	 	
                $   
                  1,183,164.01

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-47-B

              	 	
                $   
                  1,183,164.01

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-48-A

              	 	
                $   
                  1,154,768.08

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-48-B

              	 	
                $   
                  1,154,768.08

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-49-A

              	 	
                $   
                  1,121,669.11

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-49-B

              	 	
                $   
                  1,121,669.11

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-50-A

              	 	
                $   
                  1,099,979.62

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-50-B

              	 	
                $   
                  1,099,979.62

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-51-A

              	 	
                $   
                  1,072,576.92

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-51-B

              	 	
                $   
                  1,072,576.92

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-52-A

              	 	
                $   
                  1,045,428.43

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-52-B

              	 	
                $   
                  1,045,428.43

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-53-A

              	 	
                $   
                  1,018,205.92

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-53-B

              	 	
                $   
                  1,018,205.92

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-54-A

              	 	
                $      
                  991,121.37

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-54-B

              	 	
                $      
                  991,121.37

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-55-A

              	 	
                $      
                  964,810.47

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-55-B

              	 	
                $      
                  964,810.47

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-56-A

              	 	
                $      
                  928,957.07

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-56-B

              	 	
                $      
                  928,957.07

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-57-A

              	 	
                $      
                  891,368.93

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-57-B

              	 	
                $      
                  891,368.93

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-58-A

              	 	
                $      
                  852,206.84

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-58-B

              	 	
                $      
                  852,206.84

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-59-A

              	 	
                $ 
                  27,587,521.32

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                I-59-B

              	 	
                $ 
                  27,587,521.32

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                IIX

              	 	
                $210,811,616.18

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-1-A

              	 	
                $   
                  3,182,601.48

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-1-B

              	 	
                $   
                  3,182,601.48

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-2-A

              	 	
                $   
                  4,034,758.63

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-2-B

              	 	
                $   
                  4,034,758.63

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-3-A

              	 	
                $   
                  4,780,530.32

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-3-B

              	 	
                $   
                  4,780,530.32

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-4-A

              	 	
                $   
                  5,508,290.91

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-4-B

              	 	
                $   
                  5,508,290.91

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-5-A

              	 	
                $   
                  1,768,976.44

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-5-B

              	 	
                $   
                  1,768,976.44

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-6-A

              	 	
                $   
                  2,496,584.34

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-6-B

              	 	
                $   
                  2,496,584.34

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-7-A

              	 	
                $   
                  3,147,538.79

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-7-B

              	 	
                $   
                  3,147,538.79

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-8-A

              	 	
                $   
                  3,850,371.81

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-8-B

              	 	
                $   
                  3,850,371.81

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-9-A

              	 	
                $   
                  5,051,006.03

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-9-B

              	 	
                $   
                  5,051,006.03

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-10-A

              	 	
                $   
                  7,049,761.60

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-10-B

              	 	
                $    7,049,761.60

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-11-A

              	 	
                $   
                  8,982,462.20

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-11-B

              	 	
                $   
                  8,982,462.20

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-12-A

              	 	
                $   
                  9,461,285.33

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-12-B

              	 	
                $   
                  9,461,285.33

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-13-A

              	 	
                $   
                  9,081,602.58

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-13-B

              	 	
                $   
                  9,081,602.58

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-14-A

              	 	
                $   
                  8,560,895.38

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-14-B

              	 	
                $   
                  8,560,895.38

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-15-A

              	 	
                $   
                  8,052,050.33

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-15-B

              	 	
                $   
                  8,052,050.33

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-16-A

              	 	
                $   
                  7,614,256.12

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-16-B

              	 	
                $   
                  7,614,256.12

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-17-A

              	 	
                $   
                  7,290,244.50

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-17-B

              	 	
                $   
                  7,290,244.50

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-18-A

              	 	
                $   
                  6,956,250.16

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-18-B

              	 	
                $   
                  6,956,250.16

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-19-A

              	 	
                $   
                  6,592,420.35

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-19-B

              	 	
                $   
                  6,592,420.35

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-20-A

              	 	
                $   
                  6,242,832.92

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-20-B

              	 	
                $   
                  6,242,832.92

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-21-A

              	 	
                $   
                  7,863,644.53

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-21-B

              	 	
                $   
                  7,863,644.53

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-22-A

              	 	
                $ 
                    6,343,653.11

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-22-B

              	 	
                $ 
                  96,343,653.11

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-23-A

              	 	
                $   
                  9,772,132.10

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-23-B

              	 	
                $   
                  9,772,132.10

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-24-A

              	 	
                $   
                  8,349,736.59

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-24-B

              	 	
                $   
                  8,349,736.59

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-25-A

              	 	
                $   
                  6,868,472.34

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-25-B

              	 	
                $   
                  6,868,472.34

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-26-A

              	 	
                $   
                  5,890,488.63

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-26-B

              	 	
                $   
                  5,890,488.63

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-27-A

              	 	
                $   
                  5,200,809.61

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-27-B

              	 	
                $   
                  5,200,809.61

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-28-A

              	 	
                $   
                  4,683,408.73

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-28-B

              	 	
                $   
                  4,683,408.73

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-29-A

              	 	
                $   
                  4,242,905.35

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-29-B

              	 	
                $   
                  4,242,905.35

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-30-A

              	 	
                $   
                  3,980,622.17

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-30-B

              	 	
                $   
                  3,980,622.17

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-31-A

              	 	
                $   
                  3,770,607.81

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-31-B

              	 	
                $   
                  3,770,607.81

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-32-A

              	 	
                $   
                  3,609,453.12

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-32-B

              	 	
                $   
                  3,609,453.12

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-33-A

              	 	
                $   
                  4,221,906.02

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-33-B

              	 	
                $   
                  4,221,906.02

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-34-A

              	 	
                $   
                  5,108,777.73

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-34-B

              	 	
                $   
                  5,108,777.73

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-35-A

              	 	
                 $      
                  690,231.25

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-35-B

              	 	
                $      
                  690,231.25

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-36-A

              	 	
                $    7,118,187.83

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-36-B

              	 	
                $    7,118,187.83

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-37-A

              	 	
                $   
                  3,452,947.72

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-37-B

              	 	
                $   
                  3,452,947.72

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-38-A

              	 	
                $   
                  3,193,002.65

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-38-B

              	 	
                $   
                  3,193,002.65

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-39-A

              	 	
                $   
                  2,959,260.90

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-39-B

              	 	
                $   
                  2,959,260.90

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-40-A

              	 	
                $   
                  2,762,651.11

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-40-B

              	 	
                $   
                  2,762,651.11

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-41-A

              	 	
                $   
                  2,594,265.91

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-41-B

              	 	
                $   
                  2,594,265.91

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-42-A

              	 	
                $   
                  2,425,446.16

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-42-B

              	 	
                $   
                  2,425,446.16

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-43-A

              	 	
                $   
                  2,273,072.48

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-43-B

              	 	
                $   
                  2,273,072.48

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-44-A

              	 	
                $   
                  2,102,780.62

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-44-B

              	 	
                $   
                  2,102,780.62

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-45-A

              	 	
                $   
                  2,047,577.16

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-45-B

              	 	
                $   
                  2,047,577.16

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-46-A

              	 	
                $   
                  1,993,569.85

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-46-B

              	 	
                $   
                  1,993,569.85

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-47-A

              	 	
                $   
                  1,925,919.49

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-47-B

              	 	
                $   
                  1,925,919.49

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-48-A

              	 	
                $    1,879,697.42

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-48-B

              	 	
                $    1,879,697.42

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-49-A

              	 	
                $   
                  1,825,819.89

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-49-B

              	 	
                $   
                  1,825,819.89

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-50-A

              	 	
                $    1,790,514.38

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-50-B

              	 	
                $   
                  1,790,514.38

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-51-A

              	 	
                $   
                  1,745,909.08

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-51-B

              	 	
                $   
                  1,745,909.08

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-52-A

              	 	
                $   
                  1,701,717.57

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-52-B

              	 	
                $   
                  1,701,717.57

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-53-A

              	 	
                $   
                  1,657,405.58

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-53-B

              	 	
                $    1,657,405.58

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-54-A

              	 	
                $   
                  1,613,318.13

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-54-B

              	 	
                $   
                  1,613,318.13

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-55-A

              	 	
                $   
                  1,570,490.03

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-55-B

              	 	
                $   
                  1,570,490.03

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-56-A

              	 	
                $   
                  1,512,128.93

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-56-B

              	 	
                $   
                  1,512,128.93

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-57-A

              	 	
                $   
                  1,450,944.07

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-57-B

              	 	
                $   
                  1,450,944.07

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-58-A

              	 	
                $   
                  1,387,197.16

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-58-B

              	 	
                $   
                  1,387,197.16

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-59-A

              	 	
                $  44,906,153.68

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-59-B

              	 	
                $  44,906,153.68

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                P

              	 	
                $ 
                             
                  100.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              

      

    

     

     

    _________________________

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

     

    2     
      Calculated
      in accordance with the definition of “Uncertificated REMIC 1 Pass-Through Rate”
herein.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the REMIC 1 Regular Interests and certain other related
      assets subject to this Agreement (exclusive of the Reserve Fund, the
      Supplemental Interest Trust, the Final Maturity Reserve Trust, the Interest
      Coverage Account and the Servicer Prepayment Charge Payment Amounts) as a REMIC
      for federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC 2.” The Class R-2 Interest shall represent the sole class
      of “residual interests” in REMIC 2 for purposes of the REMIC Provisions (as
      defined herein) under federal income tax law. The following table irrevocably
      sets forth the designation, the Uncertificated REMIC 2 Pass-Through Rate, the
      initial Uncertificated Principal Balance, and solely for purposes of satisfying
      Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for each of the REMIC 2 Regular Interests. None of the REMIC 2 Regular
      Interests will be certificated.

    

      
        	
                Designation

              	 	
                Initial
                  Uncertificated

                Principal
                  Balance

              	 	
                Uncertificated

                REMIC
                  2

                Pass-Through

                Rate

              	 	
                Assumed
                  Final

                Maturity
                  Date1

              
	
                AA

              	 	
                $780,895,878.44

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                A-IA

              	 	
                $   
                  2,457,750.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                A-IIA1

              	 	
                $   
                  1,787,125.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                A-IIA2

              	 	
                 $      
                  626,610.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                A-IIA3

              	 	
                $      
                  997,070.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                A-IIA4

              	 	
                $      
                  589,775.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M1

              	 	
                $      
                  254,985.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M2

              	 	
                $      
                  223,115.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M3

              	 	
                $     
                  135,460.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M4

              	 	
                $     
                  119,525.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M5

              	 	
                $     
                  115,540.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M6

              	 	
                $     
                  107,570.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M7

              	 	
                $     
                  103,590.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M8

              	 	
                 $       
                  63,745.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M9

              	 	
                $  
                       87,655.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                ZZ

              	 	
                $  
                  8,267,135.58

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                1GRP

              	 	
                $       
                  11,492.04

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                1SUB

              	 	
                $       
                  60,647.04

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                2GRP

              	 	
                $       
                  18,707.87

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                2SUB

              	 	
                $       
                  98,719.47

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                Swap
                  IO

              	 	
                N/A3

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                FMR
                  IO

              	 	
                N/A4

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                XX

              	 	
                $796,642,962.59

              	 	
                Variable2

              	 	
                May
                  25, 2047

              

      

    

     

     

    ________________________

    1    
       Solely
      for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date in the month following the month of the maturity date for
      the
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for each REMIC 2 Regular Interest.

     

    2     
       Calculated
      in accordance with the definition of “Uncertificated REMIC 2 Pass-Through Rate”
herein.

     

    3    
       REMIC
      2
      Regular Interest Swap IO will not have a principal amount but will accrue
      interest on its Uncertificated Notional Amount, as defined herein.

     

    4     
       REMIC
      2
      Regular Interest FMR IO will not have a principal amount but will at all times
      have a notional amount equal to the aggregate principal amounts of all of the
      REMIC 1 Regular Interests.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      3

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the REMIC 2 Regular Interests as a REMIC for federal
      income tax purposes, and such segregated pool of assets shall be designated
      as
“REMIC 3.” The Class R-3 Interest represents the sole class of “residual
      interests” in REMIC 3 for purposes of the REMIC Provisions.

     

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate and Original Class Certificate Principal Balance for each Class of
      Certificates that represents one or more of the “regular interests” in REMIC 3
      and each class of uncertificated “regular interests” in REMIC 3:

    

      
        	
                Class
                  Designation

              	 	
                Original
                  Class

                Certificate
                  Principal

                Balance

              	 	
                Pass-Through

                Rate

              	 	
                Assumed
                  Final

                Maturity
                  Date1

              
	
                I-A

              	 	
                $491,550,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-A1

              	 	
                $357,425,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-A2

              	 	
                $125,322,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-A3

              	 	
                $199,414,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                II-A4

              	 	
                $117,955,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M-1

              	 	
                $ 
                  50,997,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M-2

              	 	
                $ 
                  44,623,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M-3

              	 	
                $ 
                  27,092,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M-4

              	 	
                $ 
                  23,905,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M-5

              	 	
                $ 
                  23,108,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M-6

              	 	
                $ 
                  21,514,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M-7

              	 	
                $ 
                  20,718,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M-8

              	 	
                $ 
                  12,749,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                M-9

              	 	
                $ 
                  17,531,000.00

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                Swap
                  IO

              	 	
                N/A

              	 	
                Variable5

              	 	
                May
                  25, 2047

              
	
                FM
                  Reserve IO

              	 	
                N/A

              	 	
                Variable5

              	 	
                May
                  25, 2047

              
	
                Class
                  C Interest3

              	 	
                $ 
                  59,762,058.04

              	 	
                Variable2

              	 	
                May
                  25, 2047

              
	
                Class
                  P Interest

              	 	
                $             
                  100.00

              	 	
                N/A4

              	 	
                May
                  25, 2047

              

      

    

     

     

    ___________________

    1    
       Solely
      for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date in the month following the month of the maturity date for
      the
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for each Class of Certificates or uncertificated
      interests that represents one or more of the “regular interests” in REMIC
      3.

     

    2    
       Calculated
      in accordance with the definition of “Pass-Through Rate” herein.

     

    3    
       The
      Class
      C Interest will accrue interest at its variable Pass-Through Rate on its
      Notional Amount outstanding from time to time, which shall equal the aggregate
      of the Uncertificated Principal Balances of the REMIC 2 Regular Interests.
      The
      Class C Interest will not accrue interest on its Uncertificated Principal
      Balance.

     

    4    
       The
      Class
      P Interest will not accrue interest.

     

    5    
       The
      interests designated “Swap IO” and “FM Reserve IO” will not have principal
      amounts or interest rates but will be entitled to 100% of the interest paid
      on
      REMIC 2 Regular Interests Swap IO and FMR IO, respectively. These interests
      will
      not be certificated.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC CX

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class C Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as
“REMIC CX.” The Class R-CX Interest shall represent the sole class of
“residual interests” in REMIC CX for purposes of the REMIC Provisions (as
      defined herein) under federal income tax law. The following table irrevocably
      sets forth the designation, the Pass-Through Rate, initial Uncertificated
      Principal Balance, and solely for purposes of satisfying Treasury regulation
      Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each
      of the REMIC CX Regular Interests.

     

    
      	
               

              Designation

            	 	
              Uncertificated
                REMIC CX

              Pass-Through
                Rate

            	 	
              Initial
                Uncertificated

              Principal
                Balance

            	 	
              Assumed
                Final

              Maturity
                Date1

            
	
              Class
                C

            	 	
              Variable2

            	 	
              $59,762,058.04

            	 	
              May
                25, 2047

            

    

    _________________________

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

     

    2     
       The
      Class
      C Certificates will not accrue interest on their Certificate Principal Balance.
      Instead, the monthly interest due on the Class C Certificates will be 100%
      of
      the interest paid on the Class C Interest.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC PX

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class P Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as
“REMIC PX.” The Class R-PX Interest shall represent the sole class of
“residual interests” in REMIC PX for purposes of the REMIC Provisions (as
      defined herein) under federal income tax law. The following table irrevocably
      sets forth the designation, the Pass-Through Rate, initial Uncertificated
      Principal Balance, and solely for purposes of satisfying Treasury regulation
      Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each
      of the REMIC PX Regular Interests.

     

    
      	
              Designation

            	 	
              Uncertificated
                REMIC PX

              Pass-Through
                Rate

            	 	
              Initial
                Uncertificated

              Principal
                Balance

            	 	
              Assumed
                Final

              Maturity
                Date1

            
	
              Class
                P

            	 	
              N/A2

            	 	
              $100.00

            	 	
              May
                25, 2047

            

    

    _________________________

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

     

    2     
       The
      Class
      P Certificates will not accrue interest.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      SwapX

     

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

     

    
      	
              Designation

            	 	
              Uncertificated
                REMIC SwapX

              Pass-Through
                Rate

            	 	
              Initial
                Uncertificated

              Principal
                Balance

            	 	
              Assumed
                Final

              Maturity
                Date1

            
	
              Class
                Swap IO

            	 	
              N/A2

            	 	
              N/A2

            	 	
              May
                25, 2047

            

    

    _________________________

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

     

    2   
       The
      Class
      Swap IO Interest will not have an Uncertificated REMIC SwapX Pass-Through Rate
      or an Uncertificated Principal Balance, but will be entitled to 100% of the
      interest paid on REMIC 2 Regular Interest Swap IO Interest.

     

     

    ARTICLE
      I

    DEFINITIONS

     

    Section
      1.01  Defined
      Terms.

     

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article. Unless otherwise specified, all calculations in
      respect of interest on the Class A Certificates, the Mezzanine Certificates
      and
      the payments to the Final Maturity Reserve Trust shall be made on the basis
      of
      the actual number of days elapsed on the basis of a 360-day year and all other
      calculations of interest described herein shall be made on the basis of a
      360-day year consisting of twelve 30-day months. The Class P Certificates and
      the Residual Certificates are not entitled to distributions in respect of
      interest and, accordingly, will not accrue interest.

     

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

     

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

     

    “Account”:
      Either
      of the Collection Account and Distribution Account.

     

    “Accrual
      Period”:
      With
      respect to the Class C Certificates, the REMIC 1 Regular Interests and the
      Class C Interest, and each Distribution Date, the calendar month prior to the
      month of such Distribution Date. With respect to the Class A Certificates and
      the Mezzanine Certificates, and each Distribution Date, the period commencing
      on
      the immediately preceding Distribution Date (or in the case of the first such
      Accrual Period, commencing on the Closing Date) and ending on the day
      immediately preceding such Distribution Date.

     

    “Additional
      Termination Event”:
      As
      defined in the Swap Agreement.

     

    “Adjustable
      Rate Mortgage Loan”:
      A
      Mortgage Loan which provides for an adjustable Mortgage Rate payable with
      respect thereto.

     

    “Adjusted
      Net Maximum Mortgage Rate”:
      With
      respect to any Mortgage Loan (or the related REO Property), as of any
      Distribution Date, a per annum rate of interest equal to the Maximum Mortgage
      Rate for such Mortgage Loan (if such Mortgage Loan is an Adjustable Rate
      Mortgage Loan) or the Mortgage Rate for such Mortgage Loan (if such Mortgage
      Loan is a Fixed Rate Mortgage Loan), in either case as of the first day of
      the
      month preceding the month in which such Distribution Date occurs, minus the
      sum
      of (i) the Servicing Fee Rate, (ii) the PMI Insurer Fee Rate, if applicable,
      and
      (iii) the Trustee Fee Rate.

     

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

     

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

     

    “Advance”:
      As to
      any Mortgage Loan or REO Property, any advance made by the Servicer in respect
      of any Distribution Date pursuant to Section 4.04.

     

    “Advancing
      Person”:
      As
      defined in Section 3.27 hereof.

     

    “Adverse
      REMIC Event”:
      As
      defined in Section 10.01(f) hereof.

     

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

     

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

     

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

     

    “Allocated
      Realized Loss Amount”:
      With
      respect to any Distribution Date and any Class of the Mezzanine Certificates,
      an
      amount equal to (a) the sum of (i) any Realized Losses allocated to such
      Class of Certificates on such Distribution Date and (ii) any Allocated
      Realized Loss Amount for such Class of Certificates remaining unpaid from the
      previous Distribution Date less (b) any Allocated Realized Loss Amounts that
      have been reinstated with respect to such Class of Certificates on prior
      Distribution Dates due to Subsequent Recoveries.

     

    “Annual
      Statement of Compliance”:
      As
      defined in Section 3.20(a) hereof.

     

    “Appraised
      Value”:
      With
      respect to any Mortgaged Property, the value thereof as determined by an
      appraisal made for the originator of the related Mortgage Loan at the time
      of
      origination of such Mortgage Loan by an appraiser who met the minimum
      requirements of Fannie Mae.

     

    “Assessment
      of Compliance”:
      As
      defined in Section 3.21(a) hereof.

     

    “Assignment”:
      An
      assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form (excepting therefrom, if applicable, the mortgage recordation
      information which has not been required pursuant to Section 2.01 hereof or
      returned by the applicable recorder’s office), which is sufficient under the
      laws of the jurisdiction in which the related Mortgaged Property is located
      to
      reflect of record the sale of the Mortgage.

     

    “Attestation
      Report”:
      As
      defined in Section 3.21(b) hereof.

     

    “Available
      Funds”:
      With
      respect to any Distribution Date, an amount equal to the excess of (i) the
      sum of (a) the aggregate of the Monthly Payments on the Mortgage Loans due
      on the related Due Date and received on or prior to the related Determination
      Date, (b) Liquidation
      Proceeds, Insurance Proceeds, Principal Prepayments, Gross Subsequent Recoveries
      and other unscheduled recoveries of principal and interest in respect of the
      Mortgage Loans during the related Prepayment Period (other than any prepayment
      charges collected by the Servicer in connection with the full or partial
      prepayment of any of the Mortgage Loans, any Servicer Prepayment Charge Payment
      Amount in connection with the Mortgage Loans and any Prepayment Interest
      Excess), (c) the aggregate of any amounts received in respect of an REO Property
      acquired in respect of a Mortgage Loan withdrawn from any REO Account and
      deposited in the Collection Account for such Distribution Date, (d) the
      aggregate of any amounts deposited in the Collection Account by the Servicer
      in
      respect of related Prepayment Interest Shortfalls on the Mortgage Loans for
      such
      Distribution Date, (e) the aggregate of any Advances made by the Servicer
      or the Trustee for such Distribution Date with respect to the Mortgage Loans,
      (f) the aggregate of any related advances made by or on behalf of the Trustee
      for such Distribution Date with respect to the Mortgage Loans pursuant to
      Section 7.02(b) and (g) the aggregate of any amounts constituting
      proceeds of repurchases or substitutions of the Mortgage Loans occurring during
      the related Prepayment Period over (ii) the sum, without duplication, of
      (a) amounts reimbursable or payable to the Depositor, the Servicer, the
      Trustee, the Delaware Trustee, the Seller, the NIMS Insurer or any Sub-Servicer
      pursuant to Section 3.11 or Section 3.12 and any amounts otherwise
      payable to such parties in respect of Extraordinary Trust Fund Expenses,
      (b) amounts deposited in the Collection Account or the Distribution Account
      pursuant to clauses (i)(a) through (g) above, as the case may be, in error,
      (c) Stayed Funds, (d) any Trustee Fee pursuant to Section 8.05 and any
      indemnification payments or expense reimbursements made by the Trust pursuant
      to
      Section 8.05, (e) the PMI Insurer Fee payable from the Collection Account and
      (f) amounts reimbursable to the Trustee for an advance made pursuant to Section
      7.02(b) which advance the Trustee has determined to be nonrecoverable from
      the
      Stayed Funds in respect of which it was made.

     

    “Balloon
      Mortgage Loan”:
      A
      Mortgage Loan that provides for a Balloon Payment.

     

    “Balloon
      Payment”:
      With
      respect to any Balloon Mortgage Loan, the payment of the unamortized principal
      balance of a Mortgage Loan in a single payment at the maturity of such Mortgage
      Loan.

     

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

     

    “Bankruptcy
      Loss”:
      With
      respect to any Mortgage Loan, a Realized Loss resulting from a Deficient
      Valuation or Debt Service Reduction.

     

    “Book-Entry
      Certificates”:
      Any of
      the Certificates that shall be registered in the name of the Depository or
      its
      nominee, the ownership of which is reflected on the books of the Depository
      or
      on the books of a Person maintaining an account with the Depository (directly,
      as a “Depository Participant,” or indirectly, as an indirect participant in
      accordance with the rules of the Depository and as described in
      Section 5.02 hereof). On the Closing Date, the Class A Certificates and the
      Mezzanine Certificates shall be Book-Entry Certificates.

     

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

     

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

     

    “Calculation
      Period”:
      As
      such term is defined in the Swap Agreement.

     

    “Certificate”:
      Any
      Regular Certificate or Residual Certificate.

     

    “Certificate
      Margin”:
      With
      respect to the Class I-A Certificates on each Distribution Date (A) on or
      prior to the Optional Termination Date, 0.260% per annum and (B) after the
      Optional Termination Date, 0.520% per annum. With respect to the Class II-A1
      Certificates on each Distribution Date (A) on or prior to the Optional
      Termination Date, 0.110% per annum and (B) after the Optional Termination
      Date, 0.220% per annum. With respect to the Class II-A2 Certificates on each
      Distribution Date (A) on or prior to the Optional Termination Date, 0.190%
      per annum and (B) after the Optional Termination Date, 0.380% per annum.
      With respect to the Class II-A3 Certificates on each Distribution Date
      (A) on or prior to the Optional Termination Date, 0.250% per annum and
      (B) after the Optional Termination Date, 0.500% per annum. With respect to
      the Class II-A4 Certificates on each Distribution Date (A) on or prior to
      the Optional Termination Date, 0.360% per annum and (B) after the Optional
      Termination Date, 0.720% per annum. With respect to the Class M-1
      Certificates on each Distribution Date (A) on or prior to the Optional
      Termination Date, 0.470% per annum and (B) after the Optional Termination
      Date, 0.705% per annum. With respect to the Class M-2 Certificates on each
      Distribution Date (A) on or prior to the Optional Termination Date, 0.550%
      per annum and (B) after the Optional Termination Date, 0.825% per annum.
      With respect to the Class M-3 Certificates on each Distribution Date (A) on
      or prior to the Optional Termination Date, 0.750% per annum and (B) after
      the Optional Termination Date, 1.125% per annum. With respect to the Class
      M-4
      Certificates on each Distribution Date (A) on or prior to the Optional
      Termination Date, 1.350% per annum and (B) after the Optional Termination
      Date, 2.025% per annum. With respect to the Class M-5 Certificates on each
      Distribution Date (A) on or prior to the Optional Termination Date, 1.700%
      per annum and (B) after the Optional Termination Date, 2.550% per annum.
      With respect to the Class M-6 Certificates on each Distribution Date (A) on
      or prior to the Optional Termination Date, 2.250% per annum and (B) after
      the Optional Termination Date, 3.375% per annum. With respect to the Class
      M-7
      Certificates on each Distribution Date (A) on or prior to the Optional
      Termination Date, 2.250% per annum and (B) after the Optional Termination
      Date, 3.375% per annum. With respect to the Class M-8 Certificates on each
      Distribution Date (A) on or prior to the Optional Termination Date, 2.250%
      per annum and (B) after the Optional Termination Date, 3.375% per annum.
      With respect to the Class M-9 Certificates on each Distribution Date (A) on
      or prior to the Optional Termination Date, 2.250% per annum and (B) after
      the Optional Termination Date, 3.375% per annum. 

     

    “Certificate
      of Trust”:
      The
      certificate of trust filed with respect to the Trust with the Secretary of
      State
      in accordance with Section 3810(a) of the Statutory Trust Statute.

     

    “Certificate
      Owner”:
      With
      respect to each Book-Entry Certificate, any beneficial owner
      thereof.

     

    “Certificate
      Principal Balance”:
      With
      respect to any Class A Certificates, Mezzanine Certificates or Class P
      Certificates immediately prior to any Distribution Date, an amount equal to
      the
      Initial Certificate Principal Balance thereof reduced by the sum of all amounts
      actually distributed in respect of principal of such Class and, in the case
      of a
      Mezzanine Certificate, Realized Losses allocated thereto on all prior
      Distribution Dates and, in the case of a Mezzanine Certificate, increased by
      the
      Allocated Realized Loss Amounts reinstated thereto on all prior Distribution
      Dates due to Subsequent Recoveries. With respect to any Class C Certificates
      as
      of any date of determination, an amount equal to the Uncertificated Principal
      Balance of the Class C Interest. The Residual Certificates will not have a
      Certificate Principal Balance.

     

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

     

    “Certificateholder”
or
      “Holder”:
      The
      Person in whose name a Certificate is registered in the Certificate Register,
      except that a Disqualified Organization or a Non-United States Person shall
      not
      be a Holder of a Residual Certificate for any purposes hereof and, solely for
      the purposes of giving any consent, direction or taking any other action
      pursuant to this Agreement, any Certificate registered in the name of the
      Depositor or the Servicer or any Affiliate thereof shall be deemed not to be
      outstanding and the Voting Rights to which it is entitled shall not be taken
      into account in determining whether the requisite percentage of Voting Rights
      necessary to effect any such consent, direction or other action has been
      obtained, except as otherwise provided in Section 11.01. The Trustee and
      the NIMS Insurer may conclusively rely upon a certificate of the Depositor
      or
      the Servicer in determining whether a Certificate is held by an Affiliate
      thereof. All references herein to “Holders” or “Certificateholders” shall
      reflect the rights of Certificate Owners as they may indirectly exercise such
      rights through the Depository and participating members thereof, except as
      otherwise specified herein; provided, however, that the Trustee and the NIMS
      Insurer shall be required to recognize as a “Holder” or “Certificateholder” only
      the Person in whose name a Certificate is registered in the Certificate
      Register.

     

    “Certification”:
      As
      defined in Section 4.08(b) hereof.

     

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

     

    “Class
      I-A Certificate”:
      Any
      one of the Class I-A Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing (i) a regular
      interest in REMIC 3, (ii) the right to receive the related Net WAC Rate
      Carryover Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      II-A1 Certificate”:
      Any
      one of the Class II-A1 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      II-A2 Certificate”:
      Any
      one of the Class II-A2 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      II-A3 Certificate”:
      Any
      one of the Class II-A3 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      II-A4 Certificate”:
      Any
      one of the Class II-A4 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      A Certificates”:
      The
      Group I Senior Certificates and the Group II Senior Certificates.

     

    “Class
      A Principal Distribution Amount”:
      With
      respect to any Distribution Date, the sum of the Group I Senior Principal
      Distribution Amount and the Group II Senior Principal Distribution
      Amount.

     

    “Class
      C Certificate”:
      Any
      one of the Class C Certificates as designated on the face thereof substantially
      in the form annexed hereto as Exhibit A, executed, authenticated and
      delivered by the Trustee, representing the right to distributions as set forth
      herein and therein and evidencing a (ii) regular interest in REMIC CX, (ii)
      the obligation to pay Net WAC Rate Carryover Amounts and (iii) the obligation
      to
      pay any Class IO Distribution Amount.

     

    “Class
      C Interest”
An
      uncertificated interest in the Trust Fund held by the Trustee on behalf of
      the
      Holders of the Class C Certificates and the Class R-CX Interest, evidencing
      a
      Regular Interest in REMIC 3 for purposes of the REMIC Provisions.

     

    “Class
      C NIM Payment Amount”:
      For
      any Distribution Date (I) on or before the date the NIM Notes are issued, zero,
      (II) from the first Distribution Date after the date on which the NIM Notes
      are
      issued until the principal balance of the NIM Notes has been reduced to zero,
      the amount necessary to pay in full the NIM Notes as provided in the Indenture
      and to pay in full any amounts owed to the NIMS Insurer as provided in the
      Indenture less the amounts payable to the Class C Certificates from the Reserve
      Fund on such Distribution Date and (III) thereafter, zero.

     

    “Class
      C Shortfall”:
      As
      defined in Section 10.01(l) hereof.

     

    “Class
      FMR IO Interest”
An
      uncertificated interest in the Trust Fund, evidencing a Regular Interest in
      REMIC 3 for purposes of the REMIC Provisions.

     

    “Class
      IO Distribution Amount”:
      As
      defined in Section 4.09 hereof. For
      purposes of clarity, the Class IO Distribution Amount for any Distribution
      Date
      shall equal the amount payable to the Supplemental Interest Trust on such
      Distribution Date in excess of the amount payable on the Class Swap-IO Interest
      on such Distribution Date, all as further provided in Section 4.09 hereof.
      The
      Class IO Distribution Amount will reduce amounts actually paid to the Class
      A,
      Class M and Class C Certificates.

     

    “Class M-1
      Certificate”:
      Any
      one of the Class M-1 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A, executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      M-1 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the amount equal to the lesser of (I) the
      aggregate Certificate Principal Balance of the Class M-1 Certificates
      immediately prior to such Distribution Date and (II) the excess of
      (x) the sum of (i) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date) and (ii) the
      aggregate Certificate Principal Balance of the Class M-1 Certificates
      immediately prior to such Distribution Date over (y) the lesser of
      (A) the product of (i) 68.50% and (ii) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) and (B) the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor.

     

    “Class M-2
      Certificate”:
      Any
      one of the Class  M-2 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A, executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      M-2 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the amount equal to the lesser of (I) the
      aggregate Certificate Principal Balance of the Class M-2 Certificates
      immediately prior to such Distribution Date and (II) the excess of
      (x) the sum of (i) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Class M-1 Certificates (after taking into
      account the payment of the Class M-1 Principal Distribution Amount on such
      Distribution Date) and (iii) the aggregate Certificate Principal Balance of
      the Class M-2 Certificates immediately prior to such Distribution Date over
      (y) the lesser of (A) the product of (i) 74.10% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor.

     

    “Class M-3
      Certificate”:
      Any
      one of the Class M-3 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A, executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      M-3 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the amount equal to the lesser of (I) the
      aggregate Certificate Principal Balance of the Class M-3 Certificates
      immediately prior to such Distribution Date and (II) the excess of
      (x) the sum of (i) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the
      aggregate Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the aggregate Certificate Principal
      Balance of the Class M-2 Certificates (after taking into account the payment
      of
      the Class M-2 Principal Distribution Amount on such Distribution Date) and
      (iv) the aggregate Certificate Principal Balance of the Class M-3
      Certificates immediately prior to such Distribution Date over (y) the
      lesser of (A) the product of (i) 77.50% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor. 

     

    “Class
      M-4 Certificate”:
      Any
      one of the Class M-4 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A, executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      M-4 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the amount equal to the lesser of (I) the
      aggregate Certificate Principal Balance of the Class M-4 Certificates
      immediately prior to such Distribution Date and (II) the excess of
      (x) the sum of (i) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the
      aggregate Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the aggregate Certificate Principal Balance
      of
      the Class M-2 Certificates (after taking into account the payment of the Class
      M-2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate
      Certificate Principal Balance of the Class M-3 Certificates (after taking into
      account the payment of the Class M-3 Principal Distribution Amount on such
      Distribution Date) and (v) the aggregate Certificate Principal Balance of
      the Class M-4 Certificates immediately prior to such Distribution Date over
      (y) the lesser of (A) the product of (i) 80.50% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor.

     

    “Class
      M-5 Certificate”:
      Any
      one of the Class M-5 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A, executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      M-5 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the amount equal to the lesser of (I) the
      aggregate Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date and (II) the excess of
      (x) the sum of (i) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the
      aggregate Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the aggregate Certificate Principal Balance
      of
      the Class M-2 Certificates (after taking into account the payment of the Class
      M-2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate
      Certificate Principal Balance of the Class M-3 Certificates (after taking into
      account the payment of the Class M-3 Principal Distribution Amount on such
      Distribution Date), (v) the aggregate Certificate Principal Balance of the
      Class M-4 Certificates (after taking into account the payment of the Class
      M-4
      Principal Distribution Amount on such Distribution Date) and (vi) the aggregate
      Certificate Principal Balance of the Class M-5 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i)
      83.40% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the aggregate Stated Principal Balance
      of the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) minus the Overcollateralization
      Floor.

     

    “Class
      M-6 Certificate”:
      Any
      one of the Class M-6 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A, executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      M-6 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the amount equal to the lesser of (I) the
      aggregate Certificate Principal Balance of the Class M-6 Certificates
      immediately prior to such Distribution Date and (II) the excess of
      (x) the sum of (i) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the
      aggregate Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the aggregate Certificate Principal Balance
      of
      the Class M-2 Certificates (after taking into account the payment of the Class
      M-2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate
      Certificate Principal Balance of the Class M-3 Certificates (after taking into
      account the payment of the Class M-3 Principal Distribution Amount on such
      Distribution Date), (v) the aggregate Certificate Principal Balance of the
      Class M-4 Certificates (after taking into account the payment of the Class
      M-4
      Principal Distribution Amount on such Distribution Date), (vi) the aggregate
      Certificate Principal Balance of the Class M-5 Certificates (after taking into
      account the payment of the Class M-5 Principal Distribution Amount on such
      Distribution Date) and (vii) the aggregate Certificate Principal Balance of
      the
      Class M-6 Certificates immediately prior to such Distribution Date over
      (y) the lesser of (A) the product of (i) 86.10% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor.

     

    “Class
      M-7 Certificate”:
      Any
      one of the Class M-7 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A, executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      M-7 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the amount equal to the lesser of (I) the
      aggregate Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date and (II) the excess of
      (x) the sum of (i) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the
      aggregate Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the aggregate Certificate Principal Balance
      of
      the Class M-2 Certificates (after taking into account the payment of the Class
      M-2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate
      Certificate Principal Balance of the Class M-3 Certificates (after taking into
      account the payment of the Class M-3 Principal Distribution Amount on such
      Distribution Date), (v) the aggregate Certificate Principal Balance of the
      Class M-4 Certificates (after taking into account the payment of the Class
      M-4
      Principal Distribution Amount on such Distribution Date), (vi) the aggregate
      Certificate Principal Balance of the Class M-5 Certificates (after taking into
      account the payment of the Class M-5 Principal Distribution Amount on such
      Distribution Date), (vii) the aggregate Certificate Principal Balance of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date) and (viii) the
      aggregate Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of
      (A) the product of (i) 88.70% and (ii) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) and (B) the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor.

     

    “Class M-8
      Certificate”:
      Any
      one of the Class  M-8 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A, executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class IO Distribution
      Amount.

     

    “Class
      M-8 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the amount equal to the lesser of (I) the
      aggregate Certificate Principal Balance of the Class M-8 Certificates
      immediately prior to such Distribution Date and (II) the excess of
      (x) the sum of (i) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the
      aggregate Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the aggregate Certificate Principal Balance
      of
      the Class M-2 Certificates (after taking into account the payment of the Class
      M-2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate
      Certificate Principal Balance of the Class M-3 Certificates (after taking into
      account the payment of the Class M-3 Principal Distribution Amount on such
      Distribution Date), (v) the aggregate Certificate Principal Balance of the
      Class M-4 Certificates (after taking into account the payment of the Class
      M-4
      Principal Distribution Amount on such Distribution Date), (vi) the aggregate
      Certificate Principal Balance of the Class M-5 Certificates (after taking into
      account the payment of the Class M-5 Principal Distribution Amount on such
      Distribution Date), (vii) the aggregate Certificate Principal Balance of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date), (viii) the
      aggregate Certificate Principal Balance of the Class M-7 Certificates (after
      taking into account the payment of the Class M-7 Principal Distribution Amount
      on such Distribution Date) and (ix) the aggregate Certificate Principal Balance
      of the Class M-8 Certificates immediately prior to such Distribution Date over
      (y) the lesser of (A) the product of (i) 90.30% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor.

     

    “Class M-9
      Certificate”:
      Any
      one of the Class  M-9 Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A, executed,
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing a regular interest
      in REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover
      Amount and (iii) the obligation to pay any Class
      IO
      Distribution Amount.

     

    “Class
      M-9 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the amount equal to the lesser of (I) the
      aggregate Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date and (II) the excess of
      (x) the sum of (i) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the
      aggregate Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the aggregate Certificate Principal Balance
      of
      the Class M-2 Certificates (after taking into account the payment of the Class
      M-2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate
      Certificate Principal Balance of the Class M-3 Certificates (after taking into
      account the payment of the Class M-3 Principal Distribution Amount on such
      Distribution Date), (v) the aggregate Certificate Principal Balance of the
      Class M-4 Certificates (after taking into account the payment of the Class
      M-4
      Principal Distribution Amount on such Distribution Date), (vi) the aggregate
      Certificate Principal Balance of the Class M-5 Certificates (after taking into
      account the payment of the Class M-5 Principal Distribution Amount on such
      Distribution Date), (vii) the aggregate Certificate Principal Balance of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date), (viii) the
      aggregate Certificate Principal Balance of the Class M-7 Certificates (after
      taking into account the payment of the Class M-7 Principal Distribution Amount
      on such Distribution Date), (ix) the aggregate Certificate Principal Balance
      of
      the Class M-8 Certificates (after taking into account the payment of the Class
      M-8 Principal Distribution Amount on such Distribution Date) and (x) the
      aggregate Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date over (y) the lesser of
      (A) the product of (i) 92.50% and (ii) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) and (B) the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor.

     

    “Class
      P Certificate”:
      Any
      one of the Class P Certificates as designated on the face thereof substantially
      in the form annexed hereto as Exhibit A, executed, authenticated and
      delivered by the Trustee, representing the right to distributions as set forth
      herein and therein and evidencing a regular interest in
      REMIC PX.

     

    “Class
      P Interest”:
      An
      uncertificated interest in the Trust Fund held by the Trustee on behalf of
      the
      Holders of the Class P Certificates, evidencing a Regular Interest in REMIC
      3
      for purposes of the REMIC Provisions.

     

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

     

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

     

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

     

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

     

    “Class
      R-CX Certificate”:
      Any
      one of the Class R-CX Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A, executed,
      authenticated and delivered by the Trustee, evidencing the ownership of the
      Class R-CX Interest and the Class R-SwapX Interest.

     

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

     

    “Class
      R-PX Certificate”:
      Any
      one of the Class R-PX Certificates as designated on the face thereof
      substantially in the form annexed hereto as Exhibit A, executed,
      authenticated and delivered by the Trustee, evidencing the ownership of the
      Class R-PX Interest.

     

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

     

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

     

    “Class
      Swap IO Interest”:
      An
      uncertificated interest in the Trust Fund, evidencing a Regular Interest in
      REMIC 3 for purposes of the REMIC Provisions.

     

    “Class
      Swap IO Upper-Tier Interest”:
      An
      uncertificated interest in the Trust Fund, evidencing a Regular Interest in
      REMIC SwapX for purposes of the REMIC Provisions.

     

    “Close
      of Business”:
      As
      used herein, with respect to any Business Day, 5:00 p.m. (New York
      time).

     

    “Closing
      Date”:
      April
      10, 2007.

     

    “Closing
      Date Mortgage Loans”:
      The
      Group I Closing Date Mortgage Loans and the Group II Closing Date
      Mortgage Loans.

     

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

     

    “Collection
      Account”:
      The
      account or accounts created and maintained by the Servicer pursuant to
      Section 3.10(a), which shall be entitled “Citibank, N.A., as Trustee, in
      trust for registered Holders of WaMu
      Asset-Backed Certificates WaMu Series 2007-HE2 Trust”
and
      which must be an Eligible Account.

     

    “Commission”:
      The
      Securities and Exchange Commission.

     

    “Compensating
      Interest”:
      As
      defined in Section 3.24.

     

    “Corporate
      Trust Office”:
      The
      principal corporate trust office of the Trustee at which at any particular
      time
      its corporate trust business in connection with this Agreement shall be
      administered, which office at the date of the execution of this instrument
      is
      located at 388 Greenwich Street, 14th
      Floor,
      New York, NY 10013, Attention: Agency and Trust (WaMu Series 2007-HE2), or
      at
      such other address as the Trustee may designate from time to time by notice
      to
      the Certificateholders, the Swap Counterparty, the Depositor and the
      Servicer.

    “Corresponding
      Certificates”:
      As
      shown on the following chart:

     

    
      	
              REMIC
                2 Regular Interest

            	 	
              Corresponding
                Certificate

            
	
              IA

            	 	
              Class
                I-A Certificates

            
	
              IIA1

            	 	
              Class
                II-A1 Certificates

            
	
              IIA2

            	 	
              Class
                II-A2 Certificates

            
	
              IIA3

            	 	
              Class
                II-A3 Certificates

            
	
              IIA4

            	 	
              Class
                II-A4 Certificates

            
	
              M1

            	 	
              Class
                M-1 Certificates

            
	
              M2

            	 	
              Class
                M-2 Certificates

            
	
              M3

            	 	
              Class
                M-3 Certificates

            
	
              M4

            	 	
              Class
                M-4 Certificates

            
	
              M5

            	 	
              Class
                M-5 Certificates

            
	
              M6

            	 	
              Class
                M-6 Certificates

            
	
              M7

            	 	
              Class
                M-7 Certificates

            
	
              M8

            	 	
              Class
                M-8 Certificates

            
	
              M9

            	 	
              Class
                M-9 Certificates

            
	
              Class
                C Interest

            	 	
              Class
                C Certificates

            
	
              P
                and the Class P Interest

            	 	
              Class
                P Certificates

            

    

    

    “Counterparty
      Payment”:
      With
      respect to any Distribution Date is an amount equal to the product of (i)
      USD-LIBOR-BBA for such Distribution Date, (ii) the Swap Notional Amount for
      such
      Distribution Date and (iii) a fraction, the numerator of which is 30 and the
      denominator of which is 360.

     

    “Credit
      Enhancement Percentage”:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction,
      the
      numerator of which is (x) the sum of the aggregate Certificate Principal
      Balance of the Mezzanine Certificates and the Uncertificated Principal Balance
      of the Class C Interest, calculated prior to distribution of the Group I
      Principal Distribution Amount and the Group II Principal Distribution Amount
      in
      respect of the Certificates then entitled to distributions of principal on
      such
      Distribution Date, and the denominator of which is (y) the aggregate Stated
      Principal Balance of the Mortgage Loans, calculated prior to taking into account
      payments of principal on the Mortgage Loans due on the related Due Date or
      received during the related Prepayment Period.

     

    “Credit
      Support Annex Account”:
      As
      defined in Section 4.09(d) hereof.

    “Cumulative
      Loss Trigger Event”:
      A
      Cumulative Loss Trigger Event has occurred with respect to any Distribution
      Date
      in or after May 2009, if the percentage obtained by dividing (x) the
      aggregate amount of Realized Losses incurred (less any Subsequent Recoveries)
      with respect to the Mortgage Loans from the Cut-off Date through the last day
      of
      the related Due Period by (y) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the Cut-off Date, exceeds the applicable percentage set
      forth below for such Distribution Date:

     

    
      	
              Distribution
                Date Occurring in

            	 	
              Cumulative
                Loss Percentage

            
	
              May
                2009 through April 2010

            	 	
              1.50%
                for the first month, plus an additional 1/12th
                of
                1.85% for each month thereafter.

            
	
              May
                2010 through April 2011

            	 	
              3.35%
                for the first month, plus an additional 1/12th
                of
                1.90% for each month thereafter.

            
	
              May
                2011 through April 2012

            	 	
              5.25%
                for the first month, plus an additional 1/12th
                of
                1.50% for each month thereafter.

            
	
              May
                2012 through April 2013

            	 	
              6.75%
                for the first month, plus an additional 1/12th
                of
                0.85% for each month thereafter.

            
	
              May
                2013 through April 2014

            	 	
              7.60%
                for the first month, plus an additional 1/12th
                of
                0.05% for each month thereafter.

            
	
              May
                2014 and thereafter

            	 	
              7.65%
                for each month.

            

    

    

    “Custodial
      Agreement”:
      With
      respect to the initial Custodian, the Custodial Agreement, dated as of April
      1,
      2007, by and between the Trustee and Deutsche Bank National Trust Company,
      as
      custodian, and with respect to any other custodian, any agreement that may
      be
      entered into by the Trustee and any Custodian or any agreement assigned to
      the
      Trustee providing for holding and safekeeping of Mortgage Files on behalf of
      the
      Trust.

     

    “Custodian”:
      Deutsche Bank National Trust Company, or any other custodian appointed as
      provided in Section 8.11 hereof pursuant to a Custodial Agreement.

     

    “Cut-off
      Date”:
      With
      respect to each Closing Date Mortgage Loan, April 1, 2007; and with respect
      to
      each Substitute Mortgage Loan, its date of substitution, as
      applicable.

     

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

     

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

     

    “DBRS”:
      DBRS,
      Inc., or its successors in interest.

     

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

     

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

     

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

     

    “Delaware
      Trustee”:
      Christiana Bank & Trust Company, or its successor-in-interest as provided in
      Section 8.08, or any successor trustee appointed as herein
      provided.

     

    “Delinquency
      Percentage”:
      With
      respect to any Distribution Date, the percentage obtained by dividing
      (x) the aggregate Stated Principal Balance of (i) Mortgage Loans Delinquent
      60 days or more, (ii) REO Properties related to the Mortgage Loans and
      (iii) Mortgage Loans in foreclosure and in bankruptcy (excluding any such
      Mortgage Loans which are less than 60 days Delinquent under the bankruptcy
      plan)
      by (y) the aggregate Stated Principal Balance of the Mortgage Loans, in
      each case, calculated prior to taking into account payments of principal on
      the
      Mortgage Loans due on the related Due Date or received during the related
      Prepayment Period.

     

    “Delinquency
      Trigger Event”:
      A
      Delinquency Trigger Event has occurred with respect to a Distribution Date
      if
      the Delinquency Percentage exceeds 42.00% of the Credit Enhancement
      Percentage.

     

    “Delinquent”:
      With
      respect to any Mortgage Loan and related Monthly Payment, the Monthly Payment
      due on a Due Date which is not made by the Close of Business on the next
      scheduled Due Date for such Mortgage Loan. For example, a Mortgage Loan is
      60 or
      more days Delinquent if the Monthly Payment due on a Due Date is not made by
      the
      Close of Business on the second scheduled Due Date after such Due
      Date.

     

    “Depositor”:
      WaMu
      Asset Acceptance Corp., a Delaware corporation, or any successor in
      interest.

     

    “Depository”:
      The
      initial Depository shall be The Depository Trust Company, whose nominee is
      Cede
& Co., or any other organization registered as a “clearing agency” pursuant
      to Section 17A of the Securities Exchange Act of 1934, as amended. The
      Depository shall initially be the registered Holder of the Book-Entry
      Certificates. The Depository shall at all times be a “clearing corporation” as
      defined in Section 8-102(3) of the Uniform Commercial Code of the State of
      New York.

     

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

     

    “Determination
      Date”:
      With
      respect to any Distribution Date, the 15th day of the calendar month in which
      such Distribution Date occurs or, if such 15th day is not a Business Day, the
      Business Day immediately preceding such 15th day.

     

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

     

    “Disqualified
      Organization”:
      Any:
      (A) “disqualified organization” under Section 860E of the Code, which as of
      the Closing Date is any of (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 cooperative described in Section 521 of the
      Code) which is exempt from the tax imposed by Chapter 1 of the Code unless
      such organization is subject to the tax imposed by Section 511 of the Code,
      or (iii) any organization described in Section 1381(a)(2)(C) of the
      Code; (B) “electing large partnership” within the meaning of Section 775 of
      the Code; or (C) other Person so designated by the Trustee based upon an
      Opinion of Counsel provided by nationally recognized counsel to the Trustee
      that
      the holding of an ownership interest in a Residual Certificate by such Person
      may cause the Trust or any Person having an ownership interest in any Class
      of
      Certificates (other than such Person) to incur liability for any federal tax
      imposed under the Code that would not otherwise be imposed but for the transfer
      of an ownership interest in a Residual Certificate to such Person. 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 income
      tax and a majority of its board of directors is not selected by a governmental
      unit. The terms “United States,” “state” and “international organization” shall
      have the meanings set forth in Section 7701 of the Code.

     

    “Distribution
      Account”:
      The
      trust account or accounts created and maintained by the Trustee pursuant to
      Section 3.10(b) which shall be entitled “Distribution Account, Citibank,
      N.A., as Trustee, in trust for the registered Certificateholders of WaMu
      Asset-Backed Certificates WaMu Series 2007-HE2 Trust” and which must be an
      Eligible Account.

     

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

     

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

     

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

     

    “Early
      Termination Date”:
      As
      defined in the Swap Agreement.

     

    “Eligible
      Account”:
      Any of
      (i) an account or accounts maintained with a federal or state chartered
      depository institution or trust company the short-term unsecured debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the short-term
      unsecured debt obligations of such holding company) are rated no lower than
      P-1
      by Moody’s, F-1 by Fitch and A-1 by S&P (or comparable ratings if Moody’s,
      Fitch and S&P are not the Rating Agencies) at the time any amounts are held
      on deposit therein; provided that so long as Washington Mutual Bank is the
      Servicer, any account maintained with Washington Mutual Bank shall be an
      Eligible Account if the long-term unsecured debt obligations of Washington
      Mutual Bank are rated no lower than “A2” by Moody’s, or “A” by Fitch and “A-“ by
      S&P and the short-term unsecured debt obligations of Washington Mutual Bank
      are rated no lower than A-2 by S&P, provided that if the long-term
      unsecured debt obligations of Washington Mutual Bank are downgraded by S&P
      to a rating lower than “A-“ or the
      short-term unsecured debt obligations of Washington Mutual Bank are downgraded
      by S&P to a rating lower than A-2, Washington Mutual Bank shall transfer the
      deposits in any account maintained by Washington Mutual Bank (unless any such
      account is otherwise qualified as an Eligible Account pursuant to (ii), (iii)
      or
      (iv) of the definition of Eligible Account) to an Eligible Account within ten
      (10) Business Days of notification of such downgrade, (ii) an account or
      accounts the deposits in which are fully insured by the FDIC (to the limits
      established by such corporation), the uninsured deposits in which account are
      otherwise secured such that, as evidenced by an Opinion of Counsel delivered
      to
      the Trustee and to each Rating Agency, the Certificateholders will have a claim
      with respect to the funds in such account or a perfected first priority security
      interest against such collateral (which shall be limited to Permitted
      Investments) securing such funds that is superior to claims of any other
      depositors or creditors of the depository institution with which such account
      is
      maintained, (iii) a trust account or accounts maintained with the trust
      department of a federal or state chartered depository institution, national
      banking association or trust company acting in its fiduciary capacity or
      (iv) an account otherwise acceptable to the NIMS Insurer and each Rating
      Agency without reduction or withdrawal of their then current ratings of the
      Certificates as evidenced by a letter from each Rating Agency to the Trustee.
      Eligible Accounts may bear interest.

     

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

     

    “Escrow
      Payments”:
      As
      defined in Section 3.09 hereof.

     

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

     

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

     

    “Extraordinary
      Trust Fund Expense”:
      Any
      amounts reimbursable to the Trustee or the Delaware Trustee, or any director,
      officer, employee or agent of the Trustee or the Delaware Trustee, as
      applicable, from the Trust pursuant to Section 8.05, any amounts payable
      from the Distribution Account in respect of taxes pursuant to
      Section 10.01(g)(iii), any amounts payable from the Distribution Account in
      respect of any REMIC pursuant to Section 10.01(c), any amounts payable from
      the Trust as a trustee fee for any successor trustee and any amounts payable
      by
      the Trustee for the recording of the assignments of mortgage pursuant to
      Section 2.01.

     

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

     

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

     

    “Final
      Maturity Reserve Account”:
      As
      defined in Section 4.10(a) hereof.

     

    “Final
      Maturity Reserve Funding Date”:
      The
      earlier of (a) the Distribution Date in April 2037 and (b) the Distribution
      Date
      on which the amount on deposit in the Final Maturity Reserve Account (after
      giving effect to all distributions on such Distribution Date other than
      distributions from the Final Maturity Reserve Account) is equal to the Stated
      Principal Balance of the Mortgage Loans having 40-year original terms to
      maturity (after giving effect to scheduled payments of principal due during
      the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and,
      if
      such Distribution Date is on or after the Distribution Date in May 2027, less
      the Overcollateralized Amount with respect to such Distribution
      Date.

     

    “Final
      Maturity Reserve Rate”:
      An
      annual rate of 0.80%.

     

    “Final
      Maturity Reserve Shortfall”:
      With
      respect to any Distribution Date, the excess of (a) the Stated Principal
      Balance of the Mortgage Loans having 40-year original terms to maturity (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) over (b) amounts
      on deposit in the Final Maturity Reserve Account (after giving effect to all
      distributions on such Distribution Date other than distributions from the Final
      Maturity Reserve Account).

     

    “Final
      Maturity Reserve Trust”:
      As
      defined in Section 4.10(a) hereof.

     

    “Final
      Maturity Reserve Trust Trustee”:
      Citibank, N.A., not in its individual capacity but solely in its capacity as
      a
      trustee of the Final Maturity Reserve Trust, and any successor
      thereto.

     

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

     

    “Fitch”:
      Fitch,
      Inc., or its successor in interest.

     

    “Fixed
      Rate Mortgage Loan”:
      A
      Mortgage Loan which provides for a fixed Mortgage Rate payable with respect
      thereto.

     

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

     

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

     

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

     

    “Gross
      Subsequent Recoveries”:
      Any
      unexpected recoveries related to a Liquidated Mortgage Loan received by the
      Servicer which were allocated as a Realized Loss in reducing a Certificate
      Principal Balance of a Class of the Mezzanine Certificates on a Distribution
      Date prior to the Prepayment Period in which such funds were received. Gross
      Subsequent Recoveries may include but are not limited to unanticipated insurance
      settlements, tax refunds or mortgage bankruptcy distributions.

     

    “Group I
      Closing Date Mortgage Loans”:
      Any of
      the Group I Mortgage Loans included in the Trust Fund on the Closing Date.
      The aggregate Cut-off Date Principal Balance of the Group I Closing Date
      Mortgage Loans is equal to $606,476,772.

     

    “Group
      I Final Maturity Reserve Amount”:
      With
      respect to any Distribution Date (a) on and after the Distribution Date in
      May
      2017 up to and including the earlier of (i) the Distribution Date in April
      2027
      and (ii) the Final Maturity Reserve Funding Date, if the Stated Principal
      Balance of the Mortgage Loans having 40-year original terms to maturity is
      greater than the Stated Principal Balance for such Distribution Date set forth
      in Schedule III attached hereto, the lesser of (A) the product of (i) the Final
      Maturity Reserve Rate, (ii) the aggregate Stated Principal Balance of the Group
      I Mortgage Loans having 40-year original terms to maturity on the first day
      of
      the related Due Period (not including for this purpose the Group I Mortgage
      Loans for which prepayments in full have been received and distributed in the
      month prior to that Distribution Date) and (iii) a fraction, the numerator
      of
      which is the actual number of days in the related Accrual Period and the
      denominator of which is 360 and (B) the Final Maturity Reserve Shortfall for
      such Distribution Date multiplied by a fraction, (1) the numerator of which
      is
      the aggregate Stated Principal Balance of the Group I Mortgage Loans on the
      first day of the related Due Period (not including for this purpose the Group
      I
      Mortgage Loans for which prepayments in full have been received and distributed
      in the month prior to that Distribution Date), and (2) the denominator of which
      is the aggregate Stated Principal Balance of the Mortgage Loans on the first
      day
      of the related Due Period (not including for this purpose the Mortgage Loans
      for
      which prepayments in full have been received and distributed in the month prior
      to that Distribution Date), and (b) on any other Distribution Date,
      zero.

     

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

     

    “Group I
      Mortgage Loans”:
      Those
      Mortgage Loans identified as Group I Mortgage Loans on the Mortgage Loan
      Schedule.

     

    “Group
      I Net Swap Payment”:
      With
      respect to any Distribution Date, the Net Swap Payment for such Distribution
      Date multiplied by the Group I Swap Percentage for such Distribution
      Date.

     

    “Group
      I Principal Allocation Percentage”:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction,
      the
      numerator of which is (x) the Group I Principal Remittance Amount for
      such Distribution Date, and the denominator of which is (y) the Principal
      Remittance Amount for such Distribution Date.

     

    “Group I
      Principal Distribution Amount”:
      With
      respect to any Distribution Date, the sum of (i) (x) the Group I Principal
      Remittance Amount minus (y) the amount of any Overcollateralization Release
      Amount for such Distribution Date multiplied by the Group I Principal Allocation
      Percentage, and (ii) the Extra Principal Distribution Amount multiplied by
      the
      Group I Principal Allocation Percentage for such Distribution Date.

     

    “Group I
      Principal Remittance Amount”:
      With
      respect to any Distribution Date, the sum of (i) all scheduled payments of
      principal collected or advanced on the Group I Mortgage Loans by the
      Servicer that were due during the related Due Period, (ii) all partial and
      full
      principal prepayments of the Group I Mortgage Loans applied by the Servicer
      during the related Prepayment Period, (iii) the principal portion of all Net
      Liquidation Proceeds, Insurance Proceeds and Gross Subsequent Recoveries
      received during the related Prepayment Period with respect to the Group I
      Mortgage Loans, (iv) that portion of the Purchase Price, representing principal
      of any repurchased Group I Mortgage Loan, deposited to the Collection
      Account during the related Prepayment Period, (v) the principal portion of
      any
      Substitution Price deposited in the Collection Account during the related
      Prepayment Period with respect to the Group I Mortgage Loans and (vi) on
      the Distribution Date on which the Trust is to be terminated in accordance
      with
      this Agreement, that portion of the Termination Price representing principal
      with respect to the Group I Mortgage Loans.

     

    “Group
      I Senior Certificates”:
      The
      Class I-A Certificates.

     

    “Group
      I Senior Principal Distribution Amount”:
      With
      respect to any Distribution Date, the amount equal to the lesser of (I) the
      aggregate Certificate Principal Balance of the Group I Senior Certificates
      immediately prior to such Distribution Date and (II) the excess of (x) the
      aggregate Certificate Principal Balance of the Group I Senior Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 62.10% and (ii) the aggregate Stated Principal Balance of the
      Group I Mortgage Loans as of the last day of the related Due Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) and (B) the aggregate
      Stated Principal Balance of the Group I Mortgage Loans as of the last day of
      the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus 0.50% of the aggregate Stated Principal Balance of the Group
      I
      Mortgage Loans as of the Cut-off Date.

     

    “Group
      I Swap Payment”:
      With
      respect to any Distribution Date, the Swap Payment for such Distribution Date
      multiplied by the Group I Swap Percentage for such Distribution
      Date.

     

    “Group
      I Swap Percentage”:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction,
      the
      numerator of which is the aggregate Stated Principal Balance of the Group I
      Mortgage Loans and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans, in each case, as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period). For
      the
      avoidance of doubt, the sum of the Group I Swap Percentage and the Group II
      Swap
      Percentage shall equal 100%.

     

    “Group
      I Swap Termination Payment”:
      The
      Swap Termination Payment payable by the Supplemental Interest Trust Trustee
      multiplied by the Group I Swap Percentage for such Distribution
      Date.

     

    “Group II
      Closing Date Mortgage Loans”:
      Any of
      the Group II Mortgage Loans included in the Trust Fund on the Closing Date.
      The aggregate Cut-off Date Principal Balance of the Group II Closing Date
      Mortgage Loans is equal to $987,188,515.

     

    “Group
      II Final Maturity Reserve Amount”:
      With
      respect to any Distribution Date (a) on and after the Distribution Date in
      May
      2017 up to and including the earlier of (i) the Distribution Date in April
      2027
      and (ii) the Final Maturity Reserve Funding Date, if the Stated Principal
      Balance of the Mortgage Loans having 40-year original terms to maturity is
      greater than the Stated Principal Balance for such Distribution Date set forth
      in Schedule III attached hereto, the lesser of (A) the product of (i) the Final
      Maturity Reserve Rate, (ii) the aggregate Stated Principal Balance of the Group
      II Mortgage Loans having 40-year original terms to maturity on the first day
      of
      the related Due Period (not including for this purpose the Group II Mortgage
      Loans for which prepayments in full have been received and distributed in the
      month prior to that Distribution Date) and (iii) a fraction, the numerator
      of
      which is the actual number of days in the related Accrual Period and the
      denominator of which is 360 and (B) the Final Maturity Reserve Shortfall for
      such Distribution Date multiplied by a fraction, (1) the numerator of which
      is
      the aggregate Stated Principal Balance of the Group II Mortgage Loans on the
      first day of the related Due Period (not including for this purpose the Group
      II
      Mortgage Loans for which prepayments in full have been received and distributed
      in the month prior to that Distribution Date), and (2) the denominator of which
      is the aggregate Stated Principal Balance of the Mortgage Loans on the first
      day
      of the related Due Period (not including for this purpose the Mortgage Loans
      for
      which prepayments in full have been received and distributed in the month prior
      to that Distribution Date), and (b) on any other Distribution Date,
      zero.

     

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

     

    “Group II
      Mortgage Loans”:
      Those
      Mortgage Loans identified as Group II Mortgage Loans on the Mortgage Loan
      Schedule.

     

    “Group
      II Net Swap Payment”:
      With
      respect to any Distribution Date, the Net Swap Payment for such Distribution
      Date multiplied by the Group II Swap Percentage for such Distribution
      Date.

     

    “Group
      II Principal Allocation Percentage”:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction,
      the
      numerator of which is (x) the Group II Principal Remittance Amount for
      such Distribution Date, and the denominator of which is (y) the Principal
      Remittance Amount for such Distribution Date.

     

    “Group II
      Principal Distribution Amount”:
      With
      respect to any Distribution Date, the sum of (i) (x) the Group II Principal
      Remittance Amount minus (y) the amount of any Overcollateralization Release
      Amount for such Distribution Date multiplied by the Group II Principal
      Allocation Percentage, and (ii) the Extra Principal Distribution Amount
      multiplied by the Group II Principal Allocation Percentage for such Distribution
      Date.

     

    “Group II
      Principal Remittance Amount”:
      With
      respect to any Distribution Date, the sum of (i) all scheduled payments of
      principal collected or advanced on the Group II Mortgage Loans by the
      Servicer that were due during the related Due Period, (ii) all partial and
      full
      principal prepayments of the Group II Mortgage Loans applied by the
      Servicer during the related Prepayment Period, (iii) the principal portion
      of
      all Net Liquidation Proceeds, Insurance Proceeds and Gross Subsequent Recoveries
      received during the related Prepayment Period with respect to the Group II
      Mortgage Loans, (iv) that portion of the Purchase Price, representing principal
      of any repurchased Group II Mortgage Loan, deposited to the Collection
      Account during the related Prepayment Period, (v) the principal portion of
      any
      Substitution Price deposited in the Collection Account during the related
      Prepayment Period with respect to the Group II Mortgage Loans and
      (vi) on the Distribution Date on which the Trust is to be terminated in
      accordance with this Agreement, that portion of the Termination Price
      representing principal with respect to the Group II Mortgage
      Loans.

     

    “Group II
      Senior Certificates”:
      The
      Class II-A1 Certificates, the Class II-A2 Certificates, the Class II-A3
      Certificates and the Class II-A4 Certificates.

     

    “Group
      II Senior Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the amount equal to the lesser of (I) the
      aggregate Certificate Principal Balance of the Group II Senior Certificates
      immediately prior to such Distribution Date and (II) the excess of (x) the
      aggregate Certificate Principal Balance of the Group II Senior Certificates
      immediately prior to such Distribution Date over (y) the lesser of
      (A) the product of (i) 62.10% and (ii) the aggregate Stated Principal
      Balance of the Group II Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B) the aggregate Stated Principal Balance of the Group II Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) minus 0.50% of the aggregate Stated Principal
      Balance of the Group II Mortgage Loans as of the Cut-off Date.

     

    “Group
      II Swap Payment”:
      With
      respect to any Distribution Date, the Swap Payment for such Distribution Date
      multiplied by the Group II Swap Percentage for such Distribution
      Date.

     

    “Group
      II Swap Percentage”:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction,
      the
      numerator of which is the aggregate Stated Principal Balance of the Group II
      Mortgage Loans and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans, in each case, as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period). For
      the
      avoidance of doubt, the sum of the Group I Swap Percentage and the Group II
      Swap
      Percentage shall equal 100%.

     

    “Group
      II Swap Termination Payment”:
      The
      Swap Termination Payment payable by the Supplemental Interest Trust Trustee
      multiplied by the Group II Swap Percentage for such Distribution
      Date.

     

    “Indenture”:
      The
      indenture or a document of similar import, if any, entered into following the
      Closing Date, by the NIMS Issuer relating to the NIM Notes to be issued
      thereunder.

     

    “Independent”:
      When
      used with respect to any specified Person, any such Person who (a) is in
      fact independent of the Depositor, the Servicer and their respective Affiliates,
      (b) does not have any direct financial interest in or any material indirect
      financial interest in the Depositor or the Servicer or any Affiliate thereof,
      and (c) is not connected with the Depositor or the Servicer or any
      Affiliate thereof as an officer, employee, promoter, underwriter, trustee,
      trust
      administrator, partner, director or Person performing similar functions;
provided, however,
      that a
      Person shall not fail to be Independent of the Depositor or the Servicer or
      any
      Affiliate thereof merely because such Person is the beneficial owner of 1%
      or
      less of any class of securities issued by the Depositor or the Servicer or
      any
      Affiliate thereof, as the case may be.

     

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

     

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

     

    “Initial
      Certificate Principal Balance”:
      With
      respect to any Regular Certificate, the amount designated “Initial Certificate
      Principal Balance” on the face thereof.

     

    “Initial
      Notional Amount”:
      With
      respect to any Class C Certificate, the amount designated “Initial Notional
      Amount” on the face thereof.

     

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

     

    “Insured
      NIM Notes”:
      Net
      interest margin securities, if any, issued by the NIMS Issuer, which are backed,
      in whole or in part, by the cashflow on certain or all of the Class C
      Certificates and the Class P Certificates and insured by the NIMS
      Insurer.

     

    “Interest
      Coverage Account”:
      The
      account established and maintained pursuant to Section 4.12, as described
      therein.

     

    “Interest
      Coverage Amount”:
      The
      amount to be paid by the Depositor to the Trustee for deposit in the Interest
      Coverage Account on the Closing Date pursuant to Section 4.12, which amount
      is
      $955,000.

     

    “Interest
      Determination Date”:
      With
      respect to the Class A Certificates and the Mezzanine Certificates and each
      Accrual Period, the second LIBOR Business Day preceding the commencement of
      such
      Accrual Period.

     

    “Interest
      Remittance Amount”:
      The
      Group I Interest Remittance Amount and the Group II Interest Remittance
      Amount.

     

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

     

    “LIBOR”:
      With
      respect to each Accrual Period, the rate determined by the Trustee on the
      related Interest Determination Date on the basis of the “Interest Settlement
      Rate” for United States dollar deposits of one-month maturity set forth by the
      British Bankers’ Association (the “BBA”), as such rate appears on the Reuters
      Monitor Money Rates Service page “LIBOR01, as of 11:00 a.m. (London time) on
      such Interest Determination Date. With respect to any Interest Determination
      Date, if the BBA’s Interest Settlement Rate does not appear on Reuters Monitor
      Money Rates Service page “LIBOR01 as of 11:00 a.m. (London time) on such date,
      or if such page is not available on such date the Trustee will obtain such
      rate
      from Bloomberg L.P. page “BBAM.” Alternatively, the Trustee may request the
      principal London office of each of the Reference Banks to provide a quotation
      of
      its rate. On such Interest Determination Date, LIBOR for the related Accrual
      Period will be established by the Trustee as follows:

     

    (i)  If
      on
      such Interest Determination Date two or more Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the arithmetic
      mean of such offered quotations (rounded upwards if necessary to the nearest
      whole multiples of 0.03125%); and

     

    (ii)  If
      on
      such Interest Determination Date fewer than two Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the higher
      of
      (i) LIBOR as determined on the previous Interest Determination Date and
      (ii) the Reserve Interest Rate.

     

    The
      Trustee will select a particular index as the alternative index only if it
      receives an Opinion of Counsel that the selection of such index will not cause
      any REMIC to lose its classification as a REMIC for federal income tax
      purposes.

     

    “LIBOR
      Business Day”:
      Any
      day on which banks in The City of London, England and New York City are open
      for
      conducting transactions in foreign currency and exchange.

     

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

     

    “Liquidation
      Event”:
      With
      respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made
      as to such Mortgage Loan or (iii) such Mortgage Loan is removed from the
      Trust Fund by reason of its being purchased, sold or replaced pursuant to or
      as
      contemplated by Section 2.03, Section 3.16(c) or Section 9.01. With
      respect to any REO Property, either of the following events: (i) a Final
      Recovery Determination is made as to such REO Property or (ii) such REO
      Property is removed from the Trust Fund by reason of its being sold or purchased
      pursuant to Section 3.16(c), Section 3.23 or Section 9.01.

     

    “Liquidation
      Proceeds”:
      The
      amount (other than amounts received in respect of the rental of any REO Property
      prior to REO Disposition) received by the Servicer in connection with
      (i) the taking of all or a part of a Mortgaged Property by exercise of the
      power of eminent domain or condemnation, (ii) the liquidation of a
      defaulted Mortgage Loan by means of a trustee’s sale, foreclosure sale or
      otherwise or (iii) the repurchase, substitution or sale of a Mortgage Loan
      or an REO Property pursuant to or as contemplated by Section 2.03, Section
      3.16(c), Section 3.23 or Section 9.01.

     

    “Loan
      Group”:
      Either
      Loan Group I or Loan Group II.

     

    “Loan
      Group I”:
      All of
      the Group I Mortgage Loans collectively.

     

    “Loan
      Group II”:
      All of
      the Group II Mortgage Loans collectively.

     

    “Loan-to-Value
      Ratio”:
      As of
      any date and as to any Mortgage Loan, the fraction, expressed as a percentage,
      the numerator of which is the (x) Principal Balance of the Mortgage Loan
      (if such Mortgage Loan is secured by a first lien on the related Mortgaged
      Property) or the sum of the Principal Balance of the Mortgage Loan and any
      other
      mortgage loan secured by a senior lien on the related Mortgaged Property (if
      such Mortgage Loan is secured by a junior lien on the related Mortgaged
      Property) and the denominator of which is (y) the Value of the related
      Mortgaged Property.

     

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

     

    “Marker
      Rate”:
       With
      respect to the Class C Interest and any Distribution Date, a per annum rate
      equal to two (2) multiplied by the weighted average of the Pass-Through Rates
      for REMIC 2 Regular Interests A-IA, A-IIA1, A-IIA2, A-IIA3, A-IIA4, M1, M2,
      M3,
      M4, M5, M6, M7, M8, M9 and ZZ, with (A) the rates on each such REMIC 2 Regular
      Interest (other than the REMIC 2 Regular Interest ZZ) subject to a floor and
      a
      cap equal to the lesser of (i) LIBOR plus the Certificate Margin for the
      Corresponding Certificate for such REMIC 2 Regular Interest, and (ii) the Net
      WAC Rate for the Corresponding Certificates as computed for federal income
      tax
      purposes, (B) the rate on REMIC 2 Regular Interest ZZ subject to a cap of zero
      for purposes of this calculation, and (C) the rates on all of the REMIC 2
      Regular Interests multiplied by a fraction the numerator of which is the actual
      number of days elapsed in the Accrual Period for each such REMIC 2 Regular
      Interest and the denominator of which is 30.

     

    “Maximum
      Cap Rate”:

     

    For
      any
      Distribution Date and the Group I Senior Certificates, a per annum rate equal
      to
      (a) the product of (i) the weighted average of the Adjusted Net Maximum Mortgage
      Rates of the Group I Mortgage Loans, weighted on the basis of the Stated
      Principal Balances thereof as of the Due Date in the month preceding the month
      of such Distribution Date (adjusted for principal payments distributed on a
      prior Distribution Date) and (ii) the sum of (I) a fraction (1) the numerator
      of
      which is the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      Due Date in the month preceding the month of such Distribution Date, and (2)
      the
      denominator of which is aggregate Certificate Principal Balance of the Class
      A
      Certificates and the Mezzanine Certificates immediately prior to such
      Distribution Date, and (II) a fraction (1) the numerator of which is (A) any
      Net
      Counterparty Payment for such Distribution Date less (B) the Aggregate Final
      Maturity Reserve Amount for such Distribution Date less (C) any unpaid Swap
      Termination Payment not caused by a Derivative Provider Trigger Event (as
      defined in the Swap Agreement) payable by the Supplemental Interest Trust
      Trustee, including any amount remaining unpaid from prior Distribution Dates,
      less (D) the Net Swap Payment, if any, for such Distribution Date, in each
      case
      multiplied by 12, and (2) the denominator of which is the aggregate Certificate
      Principal Balance of the Class A Certificates and the Mezzanine Certificates
      immediately prior to such Distribution Date multiplied by (b) a fraction, the
      numerator of which is 30 and the denominator of which is the actual number
      of
      days elapsed in the related Accrual Period.

     

    For
      any
      Distribution Date and the Group II Senior Certificates, a per annum rate equal
      to (a) the product of (i) the weighted average of the Adjusted Net Maximum
      Mortgage Rates of the Group II Mortgage Loans, weighted on the basis of the
      Stated Principal Balances thereof as of the Due Date in the month preceding
      the
      month of such Distribution Date (adjusted for principal payments distributed
      on
      a prior Distribution Date) and (ii) the sum of (I) a fraction (1) the numerator
      of which is the aggregate Stated Principal Balance of the Mortgage Loans as
      of
      the Due Date in the month preceding the month of such Distribution Date, and
      (2)
      the denominator of which is aggregate Certificate Principal Balance of the
      Class
      A Certificates and the Mezzanine Certificates immediately prior to such
      Distribution Date, and (II) a fraction (1) the numerator of which is (A) any
      Net
      Counterparty Payment for such Distribution Date less (B) the Aggregate Final
      Maturity Reserve Amount for such Distribution Date less (C) any unpaid Swap
      Termination Payment not caused by a Derivative Provider Trigger Event (as
      defined in the Swap Agreement) payable by the Supplemental Interest Trust
      Trustee, including any amount remaining unpaid from prior Distribution Dates,
      less (D) the Net Swap Payment, if any, for such Distribution Date, in each
      case
      multiplied by 12, and (2) the denominator of which is the aggregate Certificate
      Principal Balance of the Class A Certificates and the Mezzanine Certificates
      immediately prior to such Distribution Date multiplied by (b) a fraction, the
      numerator of which is 30 and the denominator of which is the actual number
      of
      days elapsed in the related Accrual Period.

     

    For
      any
      Distribution Date and the Mezzanine Certificates, a per annum rate equal to
      the
      weighted average (weighted on the basis of the results of subtracting from
      the
      aggregate principal balance of each Loan Group as of the Due Date in the month
      preceding the month of such Distribution Date (adjusted for principal payments
      distributed on a prior Distribution Date) the sum of the current Certificate
      Principal Balances of the related classes of the Class A Certificates) of (1)
      the Maximum Cap Rate with respect to the Group I Senior Certificates and (2)
      the
      Maximum Cap Rate with respect to the Group II Senior Certificates.

     

    “Maximum
      ZZ Uncertificated Accrued Interest Deferral Amount”:
      With
      respect to any Distribution Date, the excess of (i) Uncertificated Accrued
      Interest calculated with the Uncertificated Pass-Through Rate for REMIC 2
      Regular Interest ZZ and an Uncertificated Principal Balance equal to the excess
      of (x) the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ
      over
      (y) the REMIC 2 Overcollateralized Amount, in each case for such Distribution
      Date, over (ii) Uncertificated Accrued Interest on REMIC 2 Regular Interests
      A-IA, A-IIA1, A-IIA2, A-IIA3, A-IIA4, M1, M2, M3, M4, M5, M6, M7, M8 and M9,
      with the rate on each such REMIC 2 Regular Interest subject to a floor and
      a cap
      equal to the lesser of (i) LIBOR plus the Certificate Margin for the
      Corresponding Certificate for such REMIC 2 Regular Interest, and (ii) the Net
      WAC Rate for the Corresponding Certificates as computed for federal income
      tax
      purposes; provided, however, that for this purpose, calculations of the
      Uncertificated REMIC 2 Pass-Through Rate and the related caps with respect
      to
      all of the REMIC 2 Regular Interests shall be multiplied by a fraction, the
      numerator of which is the actual number of days in the Accrual Period and the
      denominator of which is 30.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Monthly
      Interest Distributable Amount”:
      With
      respect to any Distribution Date and the Class A Certificates and the Mezzanine
      Certificates, the amount of interest accrued during the related Accrual Period
      at the related Pass-Through Rate on the Certificate Principal Balance of such
      Class immediately prior to such Distribution Date. With respect to the Class
      C
      Interest and any Distribution Date, the amount of interest accrued during the
      related Accrual Period at the related Pass-Through Rate on the Notional Amount
      of such Class immediately prior to such Distribution Date. With respect to
      the
      Class C Certificates and any Distribution Date, the Monthly Interest
      Distributable Amount shall equal the Monthly Interest Distributable Amount
      for
      the Class C Interest.

     

    In
      all
      cases, the Monthly Interest Distributable Amount for any Class of Certificates
      and the Class C Interest shall be reduced by any Net Prepayment Interest
      Shortfalls and Relief Act Interest Shortfalls allocated to such Class under
      Section 1.03.

     

    “Monthly
      Payment”:
      With
      respect to any Mortgage Loan, the scheduled monthly payment of principal and
      interest on such Mortgage Loan which is payable by the related Mortgagor from
      time to time under the related Mortgage Note, determined: (a) after giving
      effect to (i) any Deficient Valuation and/or Debt Service Reduction with
      respect to such Mortgage Loan and (ii) any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act;
      (b) without giving effect to any extension granted or agreed to by the
      Servicer pursuant to Sections 3.01 and 3.07; and (c) on the assumption that
      all other amounts, if any, due under such Mortgage Loan are paid when
      due.

     

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

     

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

     

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

     

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

     

    “Mortgage
      Loan Purchase Agreement”:
      The
      agreement between the Servicer, in its capacity as Seller, and the Depositor,
      regarding the transfer of the Mortgage Loans by the Seller to or at the
      direction of the Depositor, substantially in the form attached hereto as
      Exhibit C.

     

    “Mortgage
      Loan Schedule”:
      As of
      any date, the list of Mortgage Loans included in REMIC 1 on such date, attached
      hereto as Exhibit D. The Mortgage Loan Schedule shall be prepared by
      the Seller and shall set forth the following information as of the Cut-off
      Date
      with respect to each Mortgage Loan, as applicable:

     

    (i)  the
      Mortgagor’s name and the originator’s Mortgage Loan identifying
      number;

     

    (ii)  the
      street address of the Mortgaged Property including the state and zip
      code;

     

    (iii)  a
      code
      indicating whether the Mortgaged Property is owner-occupied;

     

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

     

    (v)  the
      original months to maturity;

     

    (vi)  the
      Loan-to-Value Ratio and the combined Loan-to-Value Ratio at
      origination;

     

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

     

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

     

    (ix)  the
      stated maturity date;

     

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

     

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

     

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

     

    (xiii)  the
      Stated Principal Balance of the Mortgage Loan as of the Close of Business on
      the
      Cut-off Date;

     

    (xiv)  whether
      such Mortgage Loan is a Fixed Rate Mortgage Loan or an Adjustable Rate Mortgage
      Loan, and with respect to each Adjustable Rate Mortgage Loan: (a) the Gross
      Margin, (b) the Maximum Mortgage Rate, (c) the Minimum Mortgage Rate,
      (d) the Periodic Rate Cap for the first Adjustment Date and each subsequent
      Adjustment Date and (e) the next Adjustment Date immediately following the
      Cut-off Date;

     

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

     

    (xvi)  the
      Mortgage Rate at origination;

     

    (xvii)  a
      code
      indicating the documentation program;

     

    (xviii)  the
      Seller’s risk grade and the FICO score;

     

    (xix)  the
      Origination Value of the Mortgaged Property;

     

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

     

    (xxi)  whether
      such Mortgage Loan is secured by a first lien or a second lien on the related
      Mortgaged Property;

     

    (xxii)  the
      date
      of origination;

     

    (xxiii)  the
      stated remaining months to maturity as of the Cut-off Date;

     

    (xxiv)  the
      current principal and interest payment of the Mortgage Loan as of the Cut-off
      Date;

     

    (xxv)  the
      interest “paid to date” of the Mortgage Loan as of the Cut-off
      Date;

     

    (xxvi)  a
      code
      indicating whether the Mortgage Loan is a Group I Mortgage Loan or a
      Group II Mortgage Loan;

     

    (xxvii)  a
      code
      indicating the Index that is associated with such Mortgage Loan (if such
      Mortgage Loan is an Adjustable Rate Mortgage Loan);

     

    (xxviii)  the
      rate
      adjustment frequency (if such Mortgage Loan is an Adjustable Rate Mortgage
      Loan);

     

    (xxix)  the
      number of years the prepayment penalty is in effect;

     

    (xxx)  a
      code
      indicating that such Mortgage Loan is covered under the PMI Policy, if
      applicable; and

     

    (xxxi)  with
      respect to each MOM Loan, the related MIN.

     

    The
      Mortgage Loan Schedule shall set forth the following information, with
      respect to the Mortgage Loans in the aggregate as of the Cut-off Date:
      (1) the number of Mortgage Loans; (2) the Cut-off Date Principal
      Balance of the Mortgage Loans; (3) the weighted average Mortgage Rate of
      the Mortgage Loans and (4) the weighted average maturity of the Mortgage
      Loans. The Mortgage Loan Schedule shall be amended from time to time by the
      Servicer in accordance with the provisions of this Agreement. With respect
      to
      any Substitute Mortgage Loan, Cut-off Date shall refer to the related Cut-off
      Date for such Mortgage Loan, determined in accordance with the definition of
      Cut-off Date herein. The Mortgage Loan Schedule shall clearly identify the
      Mortgage Loans that are included in Group I Mortgage Loans and those that
      are included in Group II Mortgage Loans.

     

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

     

    “Mortgage
      Pool”:
      The
      pool of Mortgage Loans, identified on Exhibit D from time to time, and any
      REO Properties acquired in respect thereof.

     

    “Mortgage
      Rate”:
      With
      respect to each Fixed Rate Mortgage Loan, the annual rate set forth in the
      related Mortgage Note, as amended, modified or supplemented from time to time.
      With respect to each Adjustable Rate Mortgage Loan, the annual rate at which
      interest accrues on such Mortgage Loan from time to time in accordance with
      the
      provisions of the related Mortgage Note, which rate (A) as of any date of
      determination until the first Adjustment Date following the Cut-off Date shall
      be the rate set forth in the Mortgage Loan Schedule as the Mortgage Rate in
      effect immediately following the Cut-off Date and (B) as of any date of
      determination thereafter shall be the rate as adjusted on the most recent
      Adjustment Date, to equal the sum, rounded to the next highest or nearest 0.125%
      (as provided in the Mortgage Note), of the Index, determined as set forth in
      the
      related Mortgage Note, plus the related Gross Margin subject to the limitations
      set forth in the related Mortgage Note. With respect to each Mortgage Loan
      that
      becomes an REO Property, as of any date of determination, the annual rate
      determined in accordance with the immediately preceding sentence as of the
      date
      such Mortgage Loan became an REO Property.

     

    “Mortgaged
      Property”:
      The
      underlying property securing a Mortgage Loan, including any REO Property,
      consisting of a fee simple or leasehold estate in a parcel of real property
      improved by a Residential Dwelling.

     

    “Mortgagor”:
      The
      obligor on a Mortgage Note.

     

    “Net
      Counterparty Payment”:
      With
      respect to any Distribution Date, the amount, if any, by which the Counterparty
      Payment for such Distribution Date exceeds the Swap Payment for such
      Distribution Date.

     

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

     

    “Net
      Monthly Excess Cashflow”:
      With
      respect to each Distribution Date, the sum of (a) any Overcollateralization
      Release Amount for such Distribution Date, (b) any Remaining Principal
      Distribution Amount and (c) the positive excess of (x) Available Funds for
      such
      Distribution Date over (y) the sum for such Distribution Date of (A) the Monthly
      Interest Distributable Amounts for the Class A Certificates and the Mezzanine
      Certificates, (B) the Unpaid Interest Shortfall Amounts for the Class A
      Certificates, (C) the Net Swap Payment, (D) the Aggregate Final Maturity Reserve
      Amount, (E) any unpaid Swap Termination Payment not caused by a Derivative
      Provider Trigger Event (as defined in the Swap Agreement) payable by the
      Supplemental Interest Trust Trustee, including any amount remaining unpaid
      from
      prior Distribution Dates, and (F) the Principal Remittance Amount.

     

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

     

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

     

    “Net
      Swap Payment”:
      With
      respect to any Distribution Date, the amount, if any, by which the Swap Payment
      exceeds the Counterparty Payment on such Distribution Date. For avoidance of
      doubt, the Net Swap Payment with respect to any Distribution Date shall equal
      to
      the sum of the Group I Net Swap Payment and the Group II Net Swap Payment for
      such Distribution Date.

     

    “Net
      WAC Rate”:

     

    For
      any
      Distribution Date (other than the first Distribution Date) and the Group I
      Senior Certificates is a per annum rate equal to (a) the excess, if any, of
      (i)
      the weighted average of the Adjusted Net Mortgage Rates of the Group I Mortgage
      Loans, weighted on the basis of the Stated Principal Balances thereof as of
      the
      Due Date in the month preceding the month of such Distribution Date (adjusted
      for principal payments distributed on a prior Distribution Date) over (ii)
      the
      percentage equivalent of a fraction, (1) the numerator of which is the sum
      of
      (A) the Group I Final Maturity Reserve Amount for such Distribution Date, (B)
      any unpaid Group I Swap Termination Payment not caused by a Derivative Provider
      Trigger Event (as defined in the Swap Agreement), including any amount remaining
      unpaid from prior Distribution Dates, and (C) the Group I Net Swap Payment,
      if
      any, for such Distribution Date, in each case multiplied by 12, and (2) the
      denominator of which is the aggregate Stated Principal Balance of the Group
      I
      Mortgage Loans as of the Due Date in the month preceding the month of such
      Distribution Date multiplied by (b) a fraction, the numerator of which is 30
      and
      the denominator of which is the actual number of days elapsed in the related
      Accrual Period. For federal income tax purposes, the Net WAC Rate for the Group
      I Senior Certificates shall be expressed as a rate equal to the Uncertificated
      REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest 1GRP multiplied by a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days elapsed in the related Accrual Period.

     

    For
      any
      Distribution Date (other than the first Distribution Date) and the Group II
      Senior Certificates is a per annum rate equal to (a) the excess, if any, of
      (i)
      the weighted average of the Adjusted Net Mortgage Rates of the Group II Mortgage
      Loans, weighted on the basis of the Stated Principal Balances thereof as of
      the
      Due Date in the month preceding the month of such Distribution Date (adjusted
      for principal payments distributed on a prior Distribution Date) over (ii)
      the
      percentage equivalent of a fraction, (1) the numerator of which is the sum
      of
      (A) the Group II Final Maturity Reserve Amount for such Distribution Date,
      (B)
      any unpaid Group II Swap Termination Payment not caused by a Derivative Provider
      Trigger Event (as defined in the Swap Agreement), including any amount remaining
      unpaid from prior Distribution Dates, and (C) the Group II Net Swap Payment,
      if
      any, for such Distribution Date, in each case multiplied by 12, and (2) the
      denominator of which is the aggregate Stated Principal Balance of the Group
      II
      Mortgage Loans as of the Due Date in the month preceding the month of such
      Distribution Date multiplied by (b) a fraction, the numerator of which is 30
      and
      the denominator of which is the actual number of days elapsed in the related
      Accrual Period. For federal income tax purposes, the Net WAC Rate for the Group
      II Senior Certificates shall be expressed as a rate equal to the Uncertificated
      REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest 2GRP multiplied by a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days elapsed in the related Accrual Period.

     

    For
      any
      Distribution Date and the Mezzanine Certificates, the Subordinated Net WAC
      Rate.

     

    The
      Net
      WAC Rate determined for federal income tax purposes may differ from the Net
      WAC
      Rate. In particular, the Net WAC Rate for federal income tax purposes will
      not
      be reduced by the amount of any Swap Termination Payment. The treatment of
      differences between the Net WAC Rate and the Rate determined for federal income
      tax purposes is provided in Section 10.01(l).

     

    “Net
      WAC Rate Carryover Amount”:
      With
      respect to the Class A Certificates and the Mezzanine Certificates and any
      Distribution Date for which the Pass-Through Rate for such Class of Certificates
      for such Distribution Date is the related Net WAC Rate, the sum of (i) the
      positive excess of (A) the amount of interest that would have been
      distributable to such Class of Certificates on such Distribution Date if the
      Pass-Through Rate for such Class of Certificates for such Distribution Date
      were
      calculated at the related Formula Rate over (B) the amount of interest
      distributable on such Class of Certificates at the related Net WAC Rate for
      such
      Distribution Date and (ii) the related Net WAC Rate Carryover Amount for
      the previous Distribution Date not previously distributed together with interest
      thereon at a rate equal to the related Formula Rate for such Class of
      Certificates for the most recently ended Accrual Period.

     

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

     

    “NIM
      Notes”:
      The
      Insured NIM Notes and the Other NIM Notes.

     

    “NIMS
      Insurer”:
      A
      Person, or any of its successors that shall be the insurer under an insurance
      policy insuring certain payments on Insured NIM Notes, if any, provided,
      however, upon the occurrence of certain events (as set forth in the Indenture
      and/or any other agreement among such Person, the NIMS Issuer, the Servicer,
      the
      Trustee and/or other Persons), the NIMS Insurer shall be the Person designated
      in the Indenture or such other agreement. If none of the net interest margin
      securities have been issued by the NIMS Issuer, that are insured by an insurance
      policy, there shall be no NIMS Insurer under this Agreement, all references
      to
      the NIMS Insurer or Insured NIM Notes in this agreement are for administrative
      convenience only, shall be completely disregarded and no Person shall have
      any
      rights of the NIMS Insurer under this Agreement.

     

    “NIMS
      Insurer Default”:
      The
      existence and continuation of any default by the NIMS Insurer (including a
      failure by the NIMS Insurer to make a payment) under an insurance policy or
      policies issued in connection with the Indenture.

     

    “NIMS
      Issuer”:
      One or
      more Affiliates of the Depositor and/or one or more entities sponsored by an
      Affiliate of the Depositor.

     

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

     

    “Notional
      Amount”:
      With
      respect to the Class C Interest, immediately prior to any Distribution Date,
      an
      amount equal to the aggregate of the Uncertificated Principal Balances of the
      REMIC 2 Regular Interests. 

     

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

     

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

     

    “Optional
      Termination Date”:
      The
      first Distribution Date on which the aggregate Stated Principal Balance of
      the
      Mortgage Loans and each REO Property remaining in the Trust Fund is equal to
      or
      less than 10% of the Cut-off Date Principal Balance of the Closing Date Mortgage
      Loans.

     

    “Original
      Class Certificate Principal Balance”:
      With
      respect to the Class A Certificates, the Mezzanine Certificates and the Class
      P
      Certificates, the corresponding Certificate Principal Balance on the Closing
      Date.

     

    “Original
      Class Notional Amount”:
      With
      respect to the Class C Interest, $59,762,058.04.

     

    “Original
      Trust Agreement”:
      The
      Trust Agreement, dated as of April 1, 2007, between the Depositor and the
      Delaware Trustee, providing for the creation of the Trust.

     

    “Origination
      Value”:
      With
      respect to any Mortgaged Property, the lesser of (i) the Appraised Value thereof
      and (ii) the value thereof as determined and assigned at origination by a review
      appraisal conducted by the Seller.

     

    “Other
      NIM Notes”:
      Net
      Interest Margin Securities, if any, issued by the NIMS Issuer, which are backed,
      in whole or in part, by the cashflow on certain Class C Certificates and the
      Class P Certificates and not insured by any NIMS Insurer.

     

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

     

    “Overcollateralization
      Floor”:
      0.50%
      of the aggregate Stated Principal Balance of the Mortgage Loans as of the
      Cut-off Date.

     

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

     

    “Overcollateralization
      Target Amount”:
      With
      respect to any Distribution Date (i) prior to the Stepdown Date, 3.75% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date,
      (ii) on or after the Stepdown Date provided a Trigger Event is not in effect,
      the greater of (x) the lesser of (I) 3.75% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date and (II) 7.50% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (y) 0.50% of the aggregate Stated Principal Balance of the
      Mortgage Loans as of the Cut-off Date, and (iii) on or after the Stepdown Date
      if a Trigger Event is in effect, the Overcollateralization Target Amount for
      the
      immediately preceding Distribution Date. Notwithstanding the foregoing, on
      and
      after any Distribution Date following the reduction of the aggregate Certificate
      Principal Balance of the Class A Certificates and the Mezzanine Certificates
      to
      zero, the Overcollateralization Target Amount will be zero.

     

    “Overcollateralized
      Amount”:
      With
      respect to any Distribution Date, the amount, if any, by which (i) the
      aggregate Stated Principal Balance of the Mortgage Loans on the last day of
      the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) exceeds (ii) the sum of the aggregate Certificate Principal
      Balances of the Class A Certificates, the Mezzanine Certificates and the
      Uncertificated Principal Balance of the Class P Interest as of such Distribution
      Date (after giving effect to distributions to be made on such Distribution
      Date,
      other than distributions of the Extra Principal Distribution Amount, if
      any).

     

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

     

    “Pass-Through
      Rate”:

     

    With
      respect to the Class A Certificates and the Mezzanine Certificates for any
      Distribution Date (other than the first Distribution Date), the lesser of
      (x) the related Formula Rate for such Distribution Date and (y) the
      related Net WAC Rate for such Distribution Date.

     

    With
      respect to the Class A Certificates and the Mezzanine Certificates and the
      first
      Distribution Date, the related Formula Rate for such Distribution
      Date.

     

    For
      federal income tax purposes, the Pass-Through Rate for any Certificate (other
      than the Class C Certificates, Class P Certificates and Class R Certificates)
      will never exceed the Net WAC Rate for such Certificate, as such Net WAC Rate
      is
      determined for federal income tax purposes. Amounts (other than principal)
      paid
      on the Certificates (other than the Class C Certificates, Class P Certificates
      and Class R Certificates) in excess of the Net WAC Rate as determined for
      federal income tax purposes shall be treated as paid outside of any
      REMIC.

     

    With
      respect to the Class C Interest and any Distribution Date, a per annum rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      the
      sum of the amounts calculated pursuant to clauses (A) through (Q) below, and
      the
      denominator of which is the aggregate of the Uncertificated Principal Balances
      of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, A-IIA3, A-IIA4, M1,
      M2,
      M3, M4, M5, M6, M7, M8, M9 and ZZ. For purposes of calculating the Pass-Through
      Rate for the Class C Interest, the numerator is equal to the sum of the
      following components:

     

    (A) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest AA minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest AA;

     

    (B) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest A-IA
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest A-IA;

     

    (C) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest A-IIA1
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest A-IIA1;

     

    (D) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest A-IIA2
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest A-IIA2;

     

    (E) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest A-IIA3
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest A-IIA3;

     

    (F) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest A-IIA4
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest A-IIA4;

     

    (G) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest M1 minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M1;

     

    (H) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest M2 minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M2;

     

    (I) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest M3 minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M3;

     

    (J) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest M4 minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M4;

     

    (K) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest M5 minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M5;

     

    (L) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest M6 minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M6;

     

    (M) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest M7 minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M7;

     

    (N) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest M8 minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M8;

     

    (O) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest M9 minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M9;

     

    (P) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest ZZ minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest ZZ; and 

     

    (Q) 100%
      of
      the interest distributed to REMIC 2 Regular Interest P.

     

    The
      Class
      C Certificates will not have a Pass-Through Rate, but will be entitled to 100%
      of the distributions on the Class C Interest.

     

    With
      respect to the Class Swap IO Interest, the Class Swap IO Interest shall not
      have
      a Pass-Through Rate, but will be entitled to 100% of the interest paid by REMIC
      2 Regular Interest Swap IO. The Class Swap IO Upper-Tier Interest will not
      have
      a Pass-Through Rate but will be entitled to 100% of the interest paid on the
      Class Swap IO Interest.

     

    With
      respect to the Class FMR IO Interest and any Distribution Date, a per annum
      rate
      equal to the Final Maturity Rate. However, for federal income tax purposes
      and
      under the REMIC Provisions, the Class FMR IO Interest will not have a
      Pass-Through Rate, but will be entitled to 100% of the interest paid by REMIC
      2
      Regular Interest FMR IO.

     

    “Percentage
      Interest”:
      With
      respect to any Certificate (other than a Residual Certificate), a fraction,
      expressed as a percentage, the numerator of which is the Initial Certificate
      Principal Balance or Initial Notional Amount represented by such Certificate
      and
      the denominator of which is the Original Class Certificate Principal Balance
      or
      Original Class Notional Amount of the related Class. With respect to a Residual
      Certificate, the portion of the Class evidenced thereby, expressed as a
      percentage, as stated on the face of such Certificate; provided, however,
      with
      respect to each Class referred to in this paragraph, that the sum of all such
      percentages for each such Class totals 100%.

     

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

     

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

     

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

     

    (ii)  
      (A) demand and time deposits in, certificates of deposit of, bankers’
acceptances issued by or federal funds sold by any depository institution or
      trust company (including the Trustee or its agents acting in their commercial
      capacities) incorporated under the laws of the United States of America or
      any
      state thereof and subject to supervision and examination by federal and/or
      state
      authorities, so long as, at the time of such investment or contractual
      commitment providing for such investment, such depository institution or trust
      company (or, if the only Rating Agency is S&P, in the case of the principal
      depository institution in a depository institution holding company, debt
      obligations of the depository institution holding company) or its ultimate
      parent has a short-term uninsured debt rating in the highest available rating
      category of Fitch, Moody’s and S&P and provided that each such investment
      has an original maturity of no more than 365 days; and provided further that,
      if
      the only Rating Agency is S&P and if the depository or trust company is a
      principal subsidiary of a bank holding company and the debt obligations of
      such
      subsidiary are not separately rated, the applicable rating shall be that of
      the
      bank holding company; and, provided further that, if the original maturity
      of
      such short-term obligations of a domestic branch of a foreign depository
      institution or trust company shall exceed 30 days, the short-term rating of
      such
      institution shall be A-1+ in the case of S&P if S&P is the Rating
      Agency; and (B) any other demand or time deposit or deposit which is fully
      insured by the FDIC;

     

    (iii)  repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository
      institution or trust company (acting as principal) rated F-1+ or higher by
      Fitch, rated A-1+ by S&P and rated A2 or higher by Moody’s;

     

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

     

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

     

    (vi)  units
      of
      taxable money market funds (which may be 12b-1 funds, as contemplated under
      the
      rules promulgated by the Securities and Exchange Commission under the Investment
      Company Act of 1940), which funds have the highest rating available for such
      securities from the Rating Agencies or which have been designated in writing
      by
      the Rating Agencies as Permitted Investments; and

     

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

     

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

     

    Any
      of
      the foregoing investments that are issued by or acquired from or through the
      Trustee or any of its Affiliates or for which the Trustee or any of its
      Affiliates is an obligor or act as depository institution or counterparty or
      otherwise provides services, shall not be disqualified as a Permitted Investment
      (so long as it satisfies the applicable requirements of the preceding
      definition).

     

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

     

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

     

    “Plan”:
      Any
      employee benefit plan or certain other retirement plans and arrangements,
      including individual retirement accounts and annuities, Keogh plans and bank
      collective investment funds and insurance company general or separate accounts
      in which such plans, accounts or arrangements are invested, that are subject
      to
      ERISA or Section 4975 of the Code.

     

    “PMI
      Insurer”:
      Radian
      Guaranty Inc.

     

    “PMI
      Insurer Fee”:
      The
      amount payable to the PMI Insurer on each Distribution Date, which amount with
      respect to each PMI Mortgage Loan shall equal one twelfth of the product of
      (i) the PMI Insurer Fee Rate, multiplied by (ii) the Principal Balance
      of the related PMI Mortgage Loans or any related REO Property as of the first
      day of the month for which the PMI Insurer Fee is calculated plus any applicable
      premium taxes on the PMI Mortgage Loans located in the States of West Virginia
      and Kentucky and Florida’s Hurricane Assessment fee.

     

    “PMI
      Insurer Fee Rate”:
      With
      respect to each PMI Mortgage Loan, the per annum rate payable to the PMI Insurer
      under the related policy.

     

    “PMI
      Mortgage Loans”:
      The
      Mortgage Loans insured by the PMI Insurer set forth on the list of Mortgage
      Loans attached hereto as Schedule IV.

     

    “PMI
      Policy”:
      Policy
      number 07-993035 issued by the PMI Insurer in favor of the PMI Mortgage
      Loans.

     

    “Preference
      Claim”:
      As
      defined in Section 4.02 hereof.

     

    “Prepayment
      Assumption”:
      The
      pricing prepayment assumption as described in the Prospectus
      Supplement.

     

    “Prepayment
      Charge”:
      With
      respect to any Mortgage Loan, the charges or premiums, if any, due in connection
      with a full (but not partial) prepayment of such Mortgage Loan in accordance
      with the terms thereof (other than any Servicer Prepayment Charge Payment
      Amount).

     

    “Prepayment
      Charge Schedule”:
      As of
      the Cut-off Date, a list attached hereto as Schedule I (including the
      Prepayment Charge Summary attached thereto), setting forth the following
      information with respect to each Prepayment Charge:

     

    (i)  the
      Mortgage Loan identifying number;

     

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

     

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

     

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

     

    (v)  the
      term
      of the related Prepayment Charge; and

     

    (vi)  the
      principal balance of the related Mortgage Loan as of the Cut-off
      Date.

     

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

     

    “Prepayment
      Interest Excess”:
      With
      respect to any Distribution Date, for each Mortgage Loan for which a Principal
      Prepayment in full is applied on or after the first calendar day of the month
      of
      such Distribution Date and before the 15th calendar day of such month, the
      amount of interest collected on such Principal Prepayment in full at the
      applicable Net Mortgage Rate from the first day of the month in which such
      Distribution Date occurs through the day on which such Principal Prepayment
      is
      applied.

     

    “Prepayment
      Interest Shortfall”:
      With
      respect to any Distribution Date, for each Mortgage Loan that was during the
      related Prepayment Period the subject of a Principal Prepayment in full or
      in
      part that was applied by the Servicer to reduce the outstanding principal
      balance of such loan on a date preceding the Due Date in the month in which
      such
      Distribution Date occurs, an amount equal to interest at the applicable Net
      Mortgage Rate on the amount of such Principal Prepayment for the lesser of
      (i) the number of days commencing on the date on which the prepayment is
      applied and ending on the last day of the month in which such Principal
      Prepayment is applied and (ii) 30 days. The obligations of the Servicer in
      respect of any Prepayment Interest Shortfall are set forth in Section 3.24.
      For avoidance of doubt, no Prepayment Interest Shortfalls shall exist with
      respect to Principal Prepayments in full which are applied during the period
      from the first through the 14th day of the month of the related Distribution
      Date.

     

    “Prepayment
      Period”:
      With
      respect to any Distribution Date, (i) the period from the 15th day of the month
      immediately preceding the month in which such Distribution Date occurs (or
      in
      the case of the first Distribution Date, the Cut-off Date) through the 14th
      day
      of the month in which such Distribution Date occurs, inclusive, for purposes
      of
      Principal Prepayments in full; and (ii) the calendar month immediately preceding
      the calendar month in which such Distribution Date occurs, for any other
      purpose. Except for purposes of calculating Prepayment Interest Excess,
      Principal Prepayments made during the calendar month immediately preceding
      the
      Cut-off Date and received by the Servicer shall be deemed to be received after
      the Cut-off Date and during the Prepayment Period related to the first
      Distribution Date.

     

    “Prime
      Rate”:
      The
      prime rate of United States money center commercial banks as published in The
      Wall Street Journal.

     

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

     

    “Principal
      Distribution Amount”:
      With
      respect to any Distribution Date, the sum of the Group I Principal
      Distribution Amount and the Group II Principal Distribution
      Amount.

     

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

     

    “Principal
      Remittance Amount”:
      With
      respect to any Distribution Date, the sum of the Group I Principal
      Remittance Amount and the Group II Principal Remittance
      Amount.

     

    “Prospectus
      Supplement”:
      That
      certain Prospectus Supplement dated April
      5,
      2007,
      relating to the public offering of the Class A Certificates and the Mezzanine
      Certificates.

     

    “Purchase
      Price”:
      With
      respect to any Mortgage Loan or REO Property to be purchased pursuant to or
      as
      contemplated by Section 2.03, Section 3.16(c) or Section 9.01, and as
      confirmed by an Officer’s Certificate from the Servicer to the Trustee, an
      amount equal to the sum of (i) 100% of the Stated Principal Balance thereof
      as
      of the date of purchase (or such other price as provided in Section 9.01),
      (ii) in the case of (x) a Mortgage Loan, accrued interest on such
      Stated Principal Balance at the applicable Net Mortgage Rate in effect from
      time
      to time from the Due Date as to which interest was last paid by the Mortgagor
      or
      by an advance by the Servicer through the end of the calendar month in which
      the
      purchase is to be effected and (y) an REO Property, the sum of
      (1) accrued interest on such Stated Principal Balance at the applicable Net
      Mortgage Rate in effect from time to time from the Due Date as to which interest
      was last paid by the Mortgagor or by an advance by the Servicer through the
      end
      of the calendar month immediately preceding the calendar month in which such
      REO
      Property was acquired, plus (2) REO Imputed Interest for such REO Property
      for each calendar month commencing with the calendar month in which such REO
      Property was acquired and ending with the calendar month in which such purchase
      is to be effected, net of the total of all net rental income, Insurance
      Proceeds, Liquidation Proceeds and Advances that as of the date of purchase
      had
      been distributed in respect of REO Imputed Interest pursuant to
      Section 4.01, (iii) any unreimbursed Servicing Advances, Advances and
      Nonrecoverable Advances and any unpaid Servicing Fees allocable to such Mortgage
      Loan or REO Property, (iv) any amounts previously withdrawn from the
      Collection Account in respect of such Mortgage Loan or REO Property pursuant
      to
      Section 3.11 (a)(ix) and Section 3.16(b), (v) in the case of a
      Mortgage Loan required to be purchased pursuant to Section 2.03,
      enforcement expenses reasonably incurred or to be incurred by the NIMS Insurer,
      the Servicer or the Trustee in respect of the breach or defect giving rise
      to
      the purchase obligation and (vi) in the case of a Mortgage Loan required to
      be
      repurchased pursuant to Section 2.03 because such Mortgage Loan is in breach
      of
      the representation in Section 6(xlvi) or in Section 6(lxi) of the Mortgage
      Loan
      Purchase Agreement, any additional costs or damages in excess of the amounts
      to
      be paid pursuant to clauses (i) through (v) above (including attorney’s fees)
      incurred by the Trust as a result of the Trust’s status as an assignee or
      purchaser of such Mortgage Loans.

     

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

     

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

     

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

     

    “Record
      Date”:
      With
      respect to (i) the Class C Certificates, the Class P Certificates, the Residual
      Certificates and any Definitive Certificates, the Close of Business on the
      last
      Business Day of the calendar month preceding the month in which the related
      Distribution Date occurs and (ii) with respect to the Class A Certificates
      and the Mezzanine Certificates, the Close of Business on the Business Day
      immediately preceding the related Distribution Date; provided, however, that
      following the date on which Definitive Certificates for a Class A Certificate
      or
      a Mezzanine Certificate are available pursuant to Section 5.02, the Record
      Date for such Certificates shall be the last Business Day of the calendar month
      preceding the month in which the related Distribution Date occurs.

     

    “Recording
      Documents”:
      As
      defined in Section 2.01 hereof.

     

    “Reference
      Banks”:
      Those
      banks (i) with an established place of business in London, England,
      (ii) not controlling, under the control of or under common control with the
      Depositor, the Seller or the Servicer or any affiliate thereof and
      (iii) which have been designated as such by the Trustee with the consent of
      the NIMS Insurer; provided,
      however,
      that if
      fewer than two of such banks provide a LIBOR rate, then any leading bank
      selected by the Trustee with the consent of the NIMS Insurer which is engaged
      in
      transactions in United States dollar deposits in the international Eurocurrency
      market.

     

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

     

    “Regular
      Certificates”:
      The
      Class A Certificates, the Mezzanine Certificates, the Class C Certificates
      and
      the Class P Certificates.

     

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

     

    “Relief
      Act”:
      The
      Servicemembers’ Civil Relief Act of 2003 or similar state or local
      law.

     

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

     

    “Remaining
      Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the Principal Distribution
      Amount remaining after the distributions set forth in Section 4.01(c)(i) through
      (iii).

     

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

     

    “REMIC
      1”:
      The
      primary segregated pool of assets subject hereto and to be administered
      hereunder, with respect to which a REMIC election is to be made consisting
      of:
      (i) such Mortgage Loans as from time to time are subject to this Agreement,
      together with the Mortgage Files relating thereto, and together with all
      collections thereon and proceeds thereof, (ii) any REO Property, together
      with all collections thereon and proceeds thereof, (iii) the Trust’s rights
      with respect to the Mortgage Loans under all insurance policies, including
      the
      PMI Policy, required to be maintained pursuant to this Agreement and any
      proceeds thereof, (iv) the Depositor’s rights with respect to the Mortgage
      Loans under the Mortgage Loan Purchase Agreement (including any security
      interest created thereby), and (v) the Collection Account, the Distribution
      Account (subject to the last sentence of this definition) and any REO Account
      and such assets that are deposited therein from time to time and any investments
      thereof, together with any and all income, proceeds and payments with respect
      thereto. Notwithstanding the foregoing, however, a REMIC election will not
      be
      made with respect to the Reserve Fund, the Supplemental Interest Trust, the
      Final Maturity Reserve Trust, the Interest Coverage Account and the Servicer
      Prepayment Charge Payment Amounts.

     

    “REMIC
      1 Group I Regular Interests”:
      REMIC
      1 Regular Interest I and REMIC 1 Regular Interest I-1-A through REMIC 1 Regular
      Interest I-59-B as designated in the Preliminary Statement hereto.

     

    “REMIC
      1 Group II Regular Interests”:
      REMIC
      1 Regular Interest II-1-A through REMIC 1 Regular Interest II-59-B as designated
      in the Preliminary Statement hereto.

     

    “REMIC
      1 Regular Interest”:
      Any of
      the 238 separate non-certificated beneficial ownership interests in REMIC 1
      issued hereunder and designated as a “regular interest” in REMIC 1. Each REMIC 1
      Regular Interest shall accrue interest at the related Uncertificated REMIC
      1
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    “REMIC
      2”:
      The
      segregated pool of assets consisting of all of the REMIC 1 Regular Interests
      conveyed to the Trust for the benefit of REMIC 3, as holder of the REMIC 2
      Regular Interests and the Class R Certificateholders, as holders of the Class
      R-2 Interest, pursuant to Article II hereunder, and all amounts deposited
      therein, with respect to which a separate REMIC election is to be
      made.

     

    “REMIC
      2 Interest Loss Allocation Amount”:
      With
      respect to any Distribution Date, an amount equal to (a) the product of (i)
      50%
      of the aggregate Principal Balance of the Mortgage Loans and related REO
      Properties then outstanding and (ii) the Uncertificated REMIC 2 Pass-Through
      Rate for REMIC 2 Regular Interest AA minus the Marker Rate, divided by (b)
      12.

     

    “REMIC
      2 Overcollateralization Target Amount”:
      0.50%
      of the Overcollateralization Target Amount.

     

    “REMIC
      2 Overcollateralized Amount”:
      With
      respect to any date of determination, (i) 0.50% of the aggregate Uncertificated
      Principal Balances of the REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2,
      A-IIA3, A-IIA4, M1, M2, M3, M4, M5, M6, M7, M8, M9 and ZZ minus (ii) the
      aggregate of the Uncertificated Principal Balances of REMIC 2 Regular Interests
      A-IA, A-IIA1, A-IIA2, A-IIA3, A-IIA4, M1, M2, M3, M4, M5, M6, M7, M8 and M9,
      in
      each case as of such date of determination.

     

    “REMIC
      2 Principal Loss Allocation Amount”:
      With
      respect to any Distribution Date, an amount equal to the product of (i) 0.50%
      of
      the aggregate Principal Balance of the Mortgage Loans and REO Properties then
      outstanding and (ii) 1 minus a fraction, the numerator of which is 2 times
      the
      aggregate of the Uncertificated Principal Balances of REMIC 2 Regular Interest
      A-IA, A-IIA1, A-IIA2, A-IIA3, A-IIA4, M1, M2, M3, M4, M5, M6, M7, M8 and M9
      and
      the denominator of which is the aggregate of the Uncertificated Principal
      Balances of REMIC 2 Regular Interests A-IA, A-IIA1, A-IIA2, A-IIA3, A-IIA4,
      M1,
      M2, M3, M4, M5, M6, M7, M8, M9 and ZZ.

     

    “REMIC
      2 Regular Interest”:
      Any of
      the separate non-certificated beneficial ownership interests in REMIC 2 issued
      hereunder and designated as a “regular interest” in REMIC 2. Each REMIC 2
      Regular Interest shall accrue interest at the related Uncertificated REMIC
      2
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal (other than REMIC 2 Regular Interests Swap IO and
      FMR
      IO), subject to the terms and conditions hereof, in an aggregate amount equal
      to
      its initial Uncertificated Principal Balance as set forth in the Preliminary
      Statement hereto. The following is a list of each of the REMIC 2 Regular
      Interests: REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-IA, REMIC
      2
      Regular Interest A-IIA1, REMIC 2 Regular Interest A-IIA2, REMIC 2 Regular
      Interest A-IIA3, REMIC 2 Regular Interest A-IIA4, REMIC 2 Regular Interest
      M1,
      REMIC 2 Regular Interest M2, REMIC 2 Regular Interest M3, REMIC 2 Regular
      Interest M4, REMIC 2 Regular Interest M5, REMIC 2 Regular Interest M6, REMIC
      2
      Regular Interest M7, REMIC 2 Regular Interest M8, REMIC 2 Regular Interest
      M9,
      REMIC 2 Regular Interest ZZ, REMIC 2 Regular Interest XX, REMIC 2 Regular
      Interest 1SUB, REMIC 2 Regular Interest 1GRP and REMIC 2 Regular Interest 2SUB,
      REMIC 2 Regular Interest 2GRP, REMIC 2 Regular Interest Swap IO and REMIC 2
      Regular Interest FMR IO.

     

    “REMIC
      3”:
      The
      segregated pool of assets consisting of all of the REMIC 2 Regular Interests
      conveyed to the Trust, for the benefit of the Holders of the Regular
      Certificates (other than the Class P Certificates and the Class Swap IO
      Upper-Tier Interest), REMIC CX, as the holder of the Class C Interest, REMIC
      PX,
      as the holder of the Class P Interest, REMIC SwapX as holder of the Class Swap
      IO Interest, and the Class R Certificateholders, as holders of the Class R-3
      Interest, pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      3 Regular Interests”:
      The
      Class C Interest, the Class P Interest, the Class Swap IO Interest, and the
      Class FM Reserve IO Interest.

     

    “REMIC CX”:
      The
      segregated pool of assets consisting of the Class C Interest, conveyed to the
      Trust, for the benefit of the Holders of the Class C Certificates and the Class
      R-CX Certificates, pursuant to Article II hereunder, and all amounts
      deposited therein, with respect to which a separate REMIC election is to be
      made.

     

    “REMIC
      FM Rate”:
      For
      (i) the Distribution Date in May 2007 through the Distribution Date in April
      2017, the excess of (a) the Uncertificated REMIC 2 Pass-Through Rate on REMIC
      1
      Regular Interest IX over (b) the Uncertificated REMIC 2 Pass-Through Rate on
      REMIC 1 Regular Interest IX, (ii) the Distribution Date beginning with the
      Distribution Date in May 2017 through the Distribution Date in April 2037,
      a
      rate equal to the Final Maturity Reserve Rate and (iii) thereafter,
      0.00%.

     

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

     

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

     

    “REMIC
      Regular Interests”:
      The
      REMIC 1 Regular Interests, the REMIC 2 Regular Interests and the REMIC 3 Regular
      Interests.

     

    “REMIC
      SwapX”:
      The
      segregated pool of assets consisting of the Class Swap IO Interest, conveyed
      to
      the Trust, for the benefit of the Holders of the Class Swap IO Upper-Tier
      Interest and the Class R-SwapX Certificates, pursuant to Article II hereunder,
      and all amounts deposited therein, with respect to which a separate REMIC
      election is to be made.

     

    “Remittance”:
      As
      defined in Section 7.02(b) hereof.

     

    “Remittance
      Report”:
      A
      report prepared by the Servicer and delivered to the NIMS Insurer and the
      Trustee pursuant to Section 4.04.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Replacement
      Payment”:
      As
      defined in Section 3.30(b) hereof.

     

    “Request
      for Release”:
      A
      release signed by a Servicing Representative, in the form of Exhibit E-1 or
      E-2 attached hereto.

     

    “Reserve
      Fund”:
      The
      reserve fund established pursuant to Section 3.26.

     

    “Reserve
      Interest Rate”:
      With
      respect to any Interest Determination Date, the rate per annum that the Trustee
      determines to be either (i) the arithmetic mean (rounded upwards if
      necessary to the nearest whole multiple of 0.03125%) of the one-month United
      States dollar lending rates which banks in New York City selected by the Trustee
      with the consent of the NIMS Insurer are quoting on the relevant Interest
      Determination Date to the principal London offices of leading banks in the
      London interbank market or (ii) in the event that the Trustee can determine
      no such arithmetic mean, in the case of any Interest Determination Date after
      the initial Interest Determination Date, the lowest one-month United States
      dollar lending rate which such New York banks selected by the Trustee with
      the
      consent of the NIMS Insurer are quoting on such Interest Determination Date
      to
      leading European banks.

     

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

     

    “Residual
      Certificates”:
      The
      Class R Certificates, the Class R-CX Certificates and the Class R-PX
      Certificates.

     

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

     

    “Residual
      NIM Holder”:
      As
      defined in Section 3.16(c) hereof.

     

    “Responsible
      Officer”:
      When
      used with respect to the Trustee, the Delaware Trustee, the Final Maturity
      Reserve Trust Trustee or the Supplemental Interest Trust Trustee, any managing
      director, director, associate, principal, vice president, assistant vice
      president, assistant secretary, assistant treasurer, trust officer or any other
      officer of the Trustee, the Delaware Trustee, the Final Maturity Reserve Trust
      Trustee or the Supplemental Interest Trust Trustee, as applicable, customarily
      performing functions similar to those performed by any of the above designated
      officers and, with respect to a particular matter, to whom such matter is
      referred because of such officer’s knowledge of and familiarity with the
      particular subject.

     

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

     

    “Secretary
      of State”:
      The
      Secretary of State of the State of Delaware.

     

    “Seller”:
      Washington Mutual Bank, a federal savings association, or its successor in
      interest, in its capacity as seller under the Mortgage Loan Purchase
      Agreement.

     

    “Servicer”:
      Washington Mutual Bank, a federal savings association, or any successor servicer
      appointed as herein provided, in its capacity as Servicer
      hereunder.

     

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

     

    “Servicer
      Prepayment Charge Payment Amount”:
      The
      amounts (i) payable by the Servicer in respect of any Prepayment Charges
      waived other than in accordance with the standard set forth in
      Section 2.04(a)(viii) or (ii) collected from the Servicer in its
      capacity as Seller in respect of a remedy for the breach of the representation
      and warranty made by the Servicer in its capacity as Seller set forth in
      Section 2.04(a)(vii).

     

    “Servicer
      Remittance Date”:
      With
      respect to any Distribution Date, 3:00 p.m. New York time on the Business Day
      preceding the Distribution Date.

     

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

     

    “Servicing
      Advances”:
      All
      customary, reasonable and necessary “out of pocket” costs and expenses
      (including reasonable attorneys’ fees and expenses) incurred by the Servicer in
      the performance of its servicing obligations in connection with a default,
      delinquencies or other unanticipated event or where reimbursement is otherwise
      permitted in accordance with any of the terms of this Agreement, including,
      but
      not limited to, the cost of (i) the preservation, restoration, inspection
      and protection of the Mortgaged Property, (ii) any enforcement or judicial
      proceedings, including foreclosures, and including any expenses incurred in
      relation to any such proceedings that result from the Mortgage Loan being
      registered in the MERS® System, (iii) the management and liquidation of the
      REO Property and (iv) compliance with the obligations under Sections 3.01,
      3.09, 3.14, 3.16, and 3.23.

     

    “Servicing
      Fee”:
      With
      respect to each Mortgage Loan and for any calendar month, an amount equal to
      one
      month’s interest (or in the event of any payment of interest which accompanies a
      Principal Prepayment in full made by the Mortgagor during such calendar month,
      interest for the number of days covered by such payment of interest) at the
      Servicing Fee Rate on the same principal amount on which interest on such
      Mortgage Loan accrues for such calendar month. A portion of such Servicing
      Fee
      may be retained by any Sub-Servicer as its servicing compensation.

     

    “Servicing
      Fee Rate”:
      0.50%
      per annum.

     

    “Servicing
      Representative”:
      Any
      officer or employee of the Servicer involved in, or responsible for, the
      administration and servicing of Mortgage Loans, whose name and specimen
      signature appear on a list of servicing representatives furnished by the
      Servicer to the Trustee and the Depositor on the Closing Date, as such list
      may
      from time to time be amended.

     

    “Startup
      Day”:
      As
      defined in Section 10.01(b) hereof.

     

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

     

    “Statutory
      Trust Statute”:
      Chapter 38 of Title 12 of the Delaware Code, 12 Del.
      C.§3801
      et seq.,
      as the
      same may be amended from time to time.

     

    “Stayed
      Funds”:
      If the
      Servicer is the subject of a proceeding under the federal Bankruptcy Code and
      the making of a Remittance (as defined in Section 7.02(b)) is prohibited by
      Section 362 of the federal Bankruptcy Code, funds that are in the custody
      of the Servicer, a trustee in bankruptcy or a federal bankruptcy court and
      should have been the subject of such Remittance absent such
      prohibition.

     

    “Stepdown
      Date”:
      The
      earlier of (a) the later of (i) the Distribution Date in May, 2010 and (ii)
      the first Distribution Date on which the Credit Enhancement Percentage
      (calculated for this purpose only after taking into account payments of
      principal on the Mortgage Loans due on the related Due Date or received during
      the related Prepayment Period but prior to distribution of the Principal
      Distribution Amount in respect of the Certificates then entitled to
      distributions of principal on such Distribution Date) is greater than or equal
      to 37.90% and (b) the Distribution Date following the Distribution Date on
      which the aggregate Certificate Principal Balance of the Class A Certificates
      has been reduced to zero.

     

    “Subordinated
      Net WAC Rate”:
      For
      any Distribution Date with respect to the Mezzanine Certificates, a per annum
      rate (subject to adjustment based on the actual number of days elapsed in the
      related Interest Accrual Period) equal to the weighted average (weighted on
      the
      basis of the results of subtracting from the aggregate Stated Principal Balance
      of each Loan Group as of the Due Date in the month preceding the month of such
      Distribution Date (adjusted for principal payments distributed on a prior
      Distribution Date) the current aggregate Certificate Principal Balance of the
      related Class A Certificates) of the Net WAC Pass-Through Rate for the Group
      I
      Certificates and the Net WAC Pass-Through Rate for the Group II Certificates.
      For federal income tax purposes, for any Distribution Date with respect to
      the
      regular interests in REMIC 3 the ownership of which is represented by the
      Mezzanine Certificates, the Subordinated Net WAC Rate shall be expressed as
      the
      weighted average (adjusted for the actual number of days elapsed in the related
      Interest Accrual Period) of the Uncertificated REMIC 2 Pass-Through Rates on
      (a)
      REMIC 2 Regular Interest 1SUB, subject to a cap and a floor equal to the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest 1GRP
      and
      (b) REMIC 2 Regular Interest 2SUB, subject to a cap and a floor equal to the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest 2GRP,
      weighted on the basis of the Uncertificated Principal Balance of each such
      REMIC
      2 Regular Interest.

     

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

     

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

     

    “Sub-Servicing
      Agreement”:
      The
      written contract between the Servicer and a Sub-Servicer relating to servicing
      and administration of certain Mortgage Loans as provided in
      Section 3.02.

     

    “Subsequent
      Recoveries”:
      The
      Gross Subsequent Recoveries net of amounts payable or reimbursable to the
      Servicer for related (i) Advances, (ii) Servicing Advances and (iii) Servicing
      Fees.

     

    “Substitute
      Mortgage Loan”:
      A
      mortgage loan substituted for a Reacquired Mortgage Loan pursuant to the terms
      of this Agreement or the Mortgage Loan Purchase Agreement which must, on the
      date of such substitution, (i) have an outstanding principal balance (or in
      the case of a substitution of more than one mortgage loan for a Reacquired
      Mortgage Loan, an aggregate principal balance), after application of all
      scheduled payments of principal and interest due during or prior to the month
      of
      substitution, not in excess of, and not more than 5.00% less than, the
      outstanding principal balance of the Reacquired Mortgage Loan as of the Due
      Date
      in the calendar month during which the substitution occurs, (ii) have a
      Mortgage Rate not less than (and not more than one percentage point in excess
      of) the Mortgage Rate of the Reacquired Mortgage Loan, (iii) if the
      Substitute Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum
      Mortgage Rate not greater than the Maximum Mortgage Rate on the Reacquired
      Mortgage Loan and have a Minimum Mortgage Rate not less than the Minimum
      Mortgage Rate of the Reacquired Mortgage Loan, (iv) if the Substitute
      Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal
      to
      or greater than the Gross Margin of the Reacquired Mortgage Loan, (v) if the
      Substitute Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next
      Adjustment Date not more than two months later than the next Adjustment Date
      on
      the Reacquired Mortgage Loan, (vi) have a remaining term to maturity not greater
      than one year later and not more than two years less than the remaining term
      to
      maturity of the Reacquired Mortgage Loan, provided, that the cumulative effect
      of all substitutions shall not cause the weighted average life (at the pricing
      speed) of any class of Certificates to increase by more than the lesser of
      (x)
      five years or (y) 50% of its original weighted average life (at the pricing
      speed), (vii) have the same Due Date of the Reacquired Mortgage Loan, (viii)
      be
      current (with no contractual delinquencies outstanding) as of the date of
      substitution, (ix) have a Loan-to-Value Ratio as of the date of substitution
      equal to or lower than the Loan-to-Value Ratio of the Reacquired Mortgage Loan
      as of such date, provided that the weighted average current Loan-to-Value Ratio
      of the Substitute Mortgage Loans shall be equal to or less than the weighted
      average current Loan-to-Value Ratio of the Reacquired Mortgage Loans and
      provided further that, provided, that no Substitute Mortgage Loan shall have
      a
      current Loan-to-Value Ratio greater than 100%, (x) have a risk grading
      determined by the Seller at least equal to the risk grading assigned on the
      Reacquired Mortgage Loan, (xi) have been underwritten or reunderwritten by
      the
      Seller in accordance with the same or, as determined by the Seller, more
      favorable, underwriting guidelines as the Reacquired Mortgage Loan, (xii) with
      respect to Substitute Mortgage Loans substituted for Reacquired Mortgage Loans
      that are Group I Mortgage Loans, have had an original Principal Balance
      that conformed to Fannie Mae and Freddie Mac loan limits as of the date of
      its
      origination, (xiii) be secured by the same property type as the Reacquired
      Mortgage Loan, (xiv) have a lien priority equal to or superior to that of
      the Reacquired Mortgage Loan, (xv) be covered by the PMI Policy if the
      Reacquired Mortgage Loan was covered by the PMI Policy, and (xvi) conform
      to each representation and warranty set forth in Section 6 of the Mortgage
      Loan Purchase Agreement applicable to the Reacquired Mortgage Loan. In the
      event
      that one or more mortgage loans are substituted for one or more Reacquired
      Mortgage Loans, the amounts described in clause (i) hereof shall be
      determined on the basis of aggregate principal balances (applied separately
      for
      the Group I Mortgage Loans and Group II Mortgage Loans), the Mortgage
      Rates described in clauses (ii) through (v) hereof shall be satisfied for
      each such mortgage loan, the risk gradings described in clause (x) hereof
      shall be satisfied as to each such mortgage loan, the terms described in clause
      (vi) hereof shall be determined on the basis of weighted average remaining
      term
      to maturity (provided that no such mortgage loan may have a remaining term
      to
      maturity longer than the Reacquired Mortgage Loan), the Loan-to-Value Ratios
      described in clause (ix) hereof shall be satisfied as to each such mortgage
      loan
      and, except to the extent otherwise provided in this sentence, the
      representations and warranties described in clause (xvi) hereof must be
      satisfied as to each Substitute Mortgage Loan or in the aggregate, as the case
      may be.

     

    “Substitution
      Price”:
      As
      defined in Section 2.03(d) hereof.

     

    “Supplemental
      Final Maturity Reserve Amount”:
      With
      respect to any Distribution Date (a) prior to the Distribution Date in April
      2027, zero, (b) on and after the Distribution Date in April 2027 up to and
      including the Final Maturity Reserve Funding Date, the lesser of (i) the amount
      of the Net Monthly Excess Cashflow for such Distribution Date remaining after
      the distribution pursuant to Section 4.01(d)(i)(Z) and (ii) the excess of (A)
      the Stated Principal Balance of the Mortgage Loans having 40-year original
      terms
      to maturity (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) over
      (B)
      the sum of (1) amounts on deposit in the Final Maturity Reserve Account (after
      giving effect to all distributions on such Distribution Date other than
      distributions from the Final Maturity Reserve Account) and (2) the
      Overcollateralized Amount with respect to such Distribution Date and (c) after
      the Final Maturity Reserve Funding Date, zero.

     

    “Supplemental
      Interest Account”:
      As
      defined in Section 4.09(a) hereof.

     

    “Supplemental
      Interest Trust”:
      As
      defined in Section 4.09(a) hereof.

     

    “Supplemental
      Interest Trust Trustee”:
      Citibank, N.A., not in its individual capacity but solely in its capacity as
      a
      trustee of the Supplemental Interest Trust, and any successor
      thereto.

     

    “Swap
      Agreement”:
      The
      interest rate swap agreement, dated as of April 10, 2007, between the
      Supplemental Interest Trust Trustee and the Swap Counterparty, including any
      schedule, confirmations, credit support annex or other credit support document
      relating thereto, and attached hereto as Exhibit B.

     

    “Swap
      Counterparty”:
      ABN
      AMRO Bank N.V., or any successor in interest thereto in accordance with the
      Swap
      Agreement.

     

    “Swap
      Credit Support Annex”:
      The
      credit support annex related to the Swap Agreement. 

     

    “Swap
      Default”:
      The
      effective designation of an Early Termination Date in respect of the Swap
      Agreement following the occurrence of a Swap Event of Default, a Termination
      Event with respect to the Swap Agreement or an Additional Termination Event
      with
      respect to the Swap Agreement.

     

    “Swap
      Event of Default”:
      An
“Event of Default” as such term is defined in the Swap Agreement.

     

    “Swap
      LIBOR”:
      A per
      annum rate equal to the floating rate payable by the Swap Counterparty under
      the
      Swap Agreement.

     

    “Swap
      Notional Amount”:
      With
      respect to any Distribution Date is the amount set forth on Schedule II attached
      hereto with respect to such Distribution Date.

     

    “Swap
      Payment”:
      With
      respect to each Distribution Date, an amount equal to the product of (a) 4.760%,
      (b) the Swap Notional Amount and (c) a fraction, the numerator of which is
      30
      and the denominator of which 360.

     

    “Swap
      Rate”:
      With
      respect to any Distribution Date, the rate payable by the Trust as specified
      in
      the Swap Agreement.

     

    “Swap
      Termination Payment”:
      Upon
      the designation of an “Early Termination Date” as defined in the Swap Agreement,
      the payment to be made by the Supplemental Interest Trust Trustee to the Swap
      Counterparty, or by the Swap Counterparty to the Supplemental Interest Trust
      Trustee, as applicable, pursuant to the terms of the Swap
      Agreement.

     

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

     

    “Telerate
      Page 3750”:
      The
      display designated as page “3750” on the Dow Jones Telerate Capital Markets
      Report (or such other page as may replace page 3750 on that report for the
      purpose of displaying London interbank offered rates of major
      banks).

     

    “Termination
      Event”:
      As
      defined in the Swap Agreement.

     

    “Termination
      Price”:
      As
      defined in Section 9.01(a) hereof.

     

    “Terminator”:
      As
      defined in Section 9.01.

     

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

     

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

     

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

     

    “Trigger
      Event”:
      A
      Trigger Event has occurred with respect to a Distribution Date if either a
      Cumulative Loss Trigger Event or a Delinquency Trigger Event has occurred with
      respect to such Distribution Date.

     

    “Trust”:
      WaMu
      Asset Backed Certificates WaMu Series 2007-HE2 Trust, a Delaware statutory
      trust, created pursuant to the Original Trust Agreement.

     

    “Trust
      Fund”:
      All of
      the assets of the Trust, which is divided into separate pools of assets
      consisting of REMIC 1, REMIC 2, REMIC 3, REMIC CX, REMIC PX,
      REMIC SwapX, the Reserve Fund, the Supplemental Interest Trust, the Final
      Maturity Reserve Trust, the Interest Coverage Account and any Servicer
      Prepayment Charge Payment Amounts and the Trust’s rights under the Swap
      Agreement.

     

    “Trust
      REMIC”:
      Any of
      REMIC 1, REMIC 2, REMIC 3, REMIC CX, REMIC PX and/or REMIC
      SwapX.

     

    “Trustee”:
      Citibank, N.A., a national banking association, or its successor in interest,
      or
      any successor trustee appointed as herein provided.

     

    “Trustee
      Fee”:
      With
      respect to each Distribution Date, one-twelfth of the Trustee Fee Rate
      multiplied by the aggregate Stated Principal Balance of the Mortgage Loans
      as of
      the last day of the related Due Period (prior to giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period).

     

    “Trustee
      Fee Rate”:
      0.00%
      per annum.

     

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

     

    “Uncertificated
      Pass-Through Rate”:
      The
      Uncertificated REMIC 1 Pass-Through Rate, the Uncertificated REMIC 2
      Pass-Through Rate and the Uncertificated REMIC 3 Pass-Through Rate.

     

    “Uncertificated
      Notional Amount”:
      With
      respect to REMIC 2 Regular Interest Swap IO and each Distribution Date listed
      below, the aggregate Uncertificated Principal Balance of the REMIC 1 Regular
      Interests ending with the designation “A” listed below:

     

    
      	
              Distribution
                Date

            	 	
              REMIC
                I Regular Interests

            
	
              1
                and 2

            	 	
              I-1-A
                through I-59-A and II-1-A through II-59-A

            
	
              3

            	 	
              I-2-A
                through I-59-A and II-2-A through II-59-A

            
	
              4

            	 	
              I-3-A
                through I-59-A and II-3-A through II-59-A

            
	
              5

            	 	
              I-4-A
                through I-59-A and II-4-A through II-59-A

            
	
              6

            	 	
              I-5-A
                through I-59-A and II-5-A through II-59-A

            
	
              7

            	 	
              I-6-A
                through I-59-A and II-6-A through II-59-A

            
	
              8

            	 	
              I-7-A
                through I-59-A and II-7-A through II-59-A

            
	
              9

            	 	
              I-8-A
                through I-59-A and II-8-A through II-59-A

            
	
              10

            	 	
              I-9-A
                through I-59-A and II-9-A through II-59-A

            
	
              11

            	 	
              I-10-A
                through I-59-A and II-10-A through II-59-A

            
	
              12

            	 	
              I-11-A
                through I-59-A and II-11-A through II-59-A

            
	
              13

            	 	
              I-12-A
                through I-59-A and II-12-A through II-59-A

            
	
              14

            	 	
              I-13-A
                through I-59-A and II-13-A through II-59-A

            
	
              15

            	 	
              I-14-A
                through I-59-A and II-14-A through II-59-A

            
	
              16

            	 	
              I-15-A
                through I-59-A and II-15-A through II-59-A

            
	
              17

            	 	
              I-16-A
                through I-59-A and II-16-A through II-59-A

            
	
              18

            	 	
              I-17-A
                through I-59-A and II-17-A through II-59-A

            
	
              19

            	 	
              I-18-A
                through I-59-A and II-18-A through II-59-A

            
	
              20

            	 	
              I-19-A
                through I-59-A and II-19-A through II-59-A

            
	
              21

            	 	
              I-20-A
                through I-59-A and II-20-A through II-59-A

            
	
              22

            	 	
              I-21-A
                through I-59-A and II-21-A through II-59-A

            
	
              23

            	 	
              I-22-A
                through I-59-A and II-22-A through II-59-A

            
	
              24

            	 	
              I-23-A

                through I-59-A and II-23-A through II-59-A

            
	
              25

            	 	
              I-24-A
                through I-59-A and II-24-A through II-59-A

            
	
              26

            	 	
              I-25-A
                through I-59-A and II-25-A through II-59-A

            
	
              27

            	 	
              I-26-A
                through I-59-A and II-26-A through II-59-A

            
	
              28

            	 	
              I-27-A
                through I-59-A and II-27-A through II-59-A

            
	
              29

            	 	
              I-28-A
                through I-59-A and II-28-A through II-59-A

            
	
              30

            	 	
              I-29-A
                through I-59-A and II-29-A through II-59-A

            
	
              31

            	 	
              I-30-A
                through I-59-A and II-30-A through II-59-A

            
	
              32

            	 	
              I-31-A
                through I-59-A and II-31-A through II-59-A

            
	
              33

            	 	
              I-32-A
                through I-59-A and II-32-A through II-59-A

            
	
              34

            	 	
              I-33-A
                through I-59-A and II-33-A through II-59-A

            
	
              35

            	 	
              I-34-A
                through I-59-A and II-34-A through II-59-A

            
	
              36

            	 	
              I-35-A
                through I-59-A and II-35-A through II-59-A

            
	
              37

            	 	
              I-36-A
                through I-59-A and II-36-A through II-59-A

            
	
              38

            	 	
              I-37-A
                through I-59-A and II-37-A through II-59-A

            
	
              39

            	 	
              I-38-A
                through I-59-A and II-38-A through II-59-A

            
	
              40

            	 	
              I-39-A
                through I-59-A and II-39-A through II-59-A

            
	
              41

            	 	
              I-40-A
                through I-59-A and II-40-A through II-59-A

            
	
              42

            	 	
              I-41-A
                through I-59-A and II-41-A through II-59-A

            
	
              43

            	 	
              I-42-A
                through I-59-A and II-42-A through II-59-A

            
	
              44

            	 	
              I-43-A
                through I-59-A and II-43-A through II-59-A

            
	
              45

            	 	
              I-44-A
                through I-59-A and II-44-A through II-59-A

            
	
              46

            	 	
              I-45-A
                through I-59-A and II-45-A through II-59-A

            
	
              47

            	 	
              I-46-A
                through I-59-A and II-46-A through II-59-A

            
	
              48

            	 	
              I-47-A
                through I-59-A and II-47-A through II-59-A

            
	
              49

            	 	
              I-48-A
                through I-59-A and II-48-A through II-59-A

            
	
              50

            	 	
              I-49-A
                through I-59-A and II-49-A through II-59-A

            
	
              51

            	 	
              I-50-A
                through I-59-A and II-50-A through II-59-A

            
	
              52

            	 	
              I-51-A
                through I-59-A and II-51-A through II-59-A

            
	
              53

            	 	
              I-52-A
                through I-59-A and II-52-A through II-59-A

            
	
              54

            	 	
              I-53-A
                through I-59-A and II-53-A through II-59-A

            
	
              55

            	 	
              I-54-A
                through I-59-A and II-54-A through II-59-A

            
	
              56

            	 	
              I-55-A
                through I-59-A and II-59-A through II-59-A

            
	
              57

            	 	
              I-56-A
                through I-59-A and II-56-A through II-59-A

            
	
              58

            	 	
              I-57-A
                through I-59-A and II-57-A through II-59-A

            
	
              59

            	 	
              I-58-A
                through I-59-A and II-58-A through II-59-A

            
	
              60

            	 	
              I-59-A
                and II-59-A

            
	
              thereafter

            	 	
              $0.00

            

    

    

    “Uncertificated
      Principal Balance”:
      With
      respect to each REMIC Regular Interest, the principal amount of such REMIC
      Regular Interest outstanding as of any date of determination. As of the Closing
      Date, the Uncertificated Principal Balance of each REMIC Regular Interest shall
      equal the amount set forth in the Preliminary Statement hereto as its initial
      Uncertificated Principal Balance. On each Distribution Date, the Uncertificated
      Principal Balance of each REMIC Regular Interest shall be reduced by all
      distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 4.05 and, if and to the extent
      necessary and appropriate, shall be further reduced on such Distribution Date
      by
      Realized Losses and increased by Subsequent Recoveries as provided in
      Section 4.06, and the Uncertificated Principal Balance of REMIC 2 Regular
      Interest ZZ shall be increased by interest deferrals as provided in
      Section 4.05. The Uncertificated Principal Balance of each REMIC Regular
      Interest that has an Uncertificated Principal Balance shall never be less than
      zero. Notwithstanding the foregoing, the Uncertificated Principal Balance of
      (i)
      the Class C Interest shall always be equal to (i) the excess, if any, of
      (A) the then aggregate Uncertificated Principal Balances of the REMIC 2
      Regular Interests over (B) the sum of the Certificate Principal Balance of
      the Class A Certificates, the Mezzanine Certificates and the Class P Interest
      minus (ii) the amount, if any, paid to the Class A Certificates on the
      first Distribution Date as Extra Principal Distribution Amount.

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”:
      With
      respect to REMIC 1 Regular Interest IX and REMIC 1 Regular Interest P, a per
      annum rate equal to the weighted average of the Adjusted Net Mortgage Rates
      of
      the Group I Mortgage Loans. With respect to each REMIC 1 Group I Regular
      Interest ending with the designation “A”, a per annum rate equal to the weighted
      average of the Adjusted Net Mortgage Rates of the Group I Mortgage Loans
      multiplied by 2, subject to a maximum rate of two times the Swap Rate. With
      respect to each REMIC 1 Group I Regular Interest ending with the designation
      “B”, the greater of (x) a per annum rate equal to the excess, if any, of (i) 2
      multiplied by the weighted average of the Adjusted Net Mortgage Rates of the
      Group I Mortgage Loans over (ii) two times the Swap Rate and (y) 0.00%. With
      respect to REMIC 1 Regular Interest IIX, a per annum rate equal to the weighted
      average of the Adjusted Net Mortgage Rates of the Group II Mortgage Loans.
      With
      respect to each REMIC 1 Group II Regular Interest ending with the designation
      “A”, a per annum rate equal to the weighted average of the Adjusted Net Mortgage
      Rates of the Group II Mortgage Loans multiplied by 2, subject to a maximum
      rate
      of two times the Swap Rate. With respect to each REMIC 1 Group II Regular
      Interest ending with the designation “B”, the greater of (x) a per annum rate
      equal to the excess, if any, of (i) 2 multiplied by the weighted average of
      the
      Adjusted Net Mortgage Rates of the Group II Mortgage Loans over (ii) two times
      the Swap Rate and (y) 0.00%.

     

    “Uncertificated
      REMIC 2 Pass-Through Rate”:
      With
      respect to REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, A-IIA3, A-IIA4,
      M1, M2, M3, M4, M5, M6, M7, M8, M9, ZZ, 1SUB, 2SUB and XX, a per annum rate
      (but
      not less than zero) equal to the weighted average of: (w) with respect to REMIC
      1 Regular Interests IX and IIX, the Uncertificated REMIC 1 Pass-Through Rate
      for
      each such REMIC 1 Regular Interest for each such Distribution Date minus the
      REMIC FM Rate, (x) with respect to each REMIC 1 Regular Interest ending with
      the
      designation “B”, the weighted average of the Uncertificated REMIC 1 Pass-Through
      Rates for such REMIC 1 Regular Interests minus the REMIC FM Rate, (y) with
      respect to REMIC 1 Regular Interests ending with the designation “A”, for each
      Distribution Date listed below, the weighted average of the rates listed below
      for each such REMIC I Regular Interest listed below, weighted on the basis
      of
      the Uncertificated Principal Balance of each such REMIC I Regular Interest
      for
      each such Distribution Date:

     

    
      	
              Distribution
                Date

            	 	
              REMIC
                1 Regular Interest

            	 	
              Rate

            
	
              1

            	 	
              I-1-A
                through I-59-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-59-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              2

            	 	
              I-1-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	
              3

            	 	
              I-2-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-2-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              4

            	 	
              I-3-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-3-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                and I-2-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                and II-2-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              5

            	 	
              I-4-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-4-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-3-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-3-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              6

            	 	
              I-5-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-5-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-4-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-4-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              7

            	 	
              I-6-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-6-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-5-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-5-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              8

            	 	
              I-7-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-7-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-6-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-6-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              9

            	 	
              I-8-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-8-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-7-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-7-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              10

            	 	
              I-9-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-9-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-8-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-8-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              11

            	 	
              I-10-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-10-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-9-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-9-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	 	
              I-11-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-11-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-10-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-10-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	 	
              I-12-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-12-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-11-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-11-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	 	
              I-13-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-13-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-12-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-12-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	 	
              I-14-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-14-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-13-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-13-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	 	
              I-15-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-15-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-14-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-14-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	 	
              I-16-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-16-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-15-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-15-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	 	
              I-17-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-17-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-16-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-16-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	 	
              I-18-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-18-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-17-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-17-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	 	
              I-19-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-19-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-18-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-18-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	 	
              I-20-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-20-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-19-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-19-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	 	
              I-21-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-21-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-20-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-20-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	 	
              I-22-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-22-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-21-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-21-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	 	
              I-23-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-23-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-22-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-22-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	 	
              I-24-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-24-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-23-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-23-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	 	
              I-25-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-25-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-24-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-24-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	 	
              I-26-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-26-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-25-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-25-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	 	
              I-27-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-27-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-26-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-26-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	 	
              I-28-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-28-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-27-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-27-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	 	
              I-29-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-29-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-28-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-28-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	 	
              I-30-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-30-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-29-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-29-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	 	
              I-31-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-31-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-30-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-30-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33

            	 	
              I-32-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-32-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-31-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-31-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              34

            	 	
              I-33-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-33-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-32-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-32-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35

            	 	
              I-34-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-34-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-33-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-33-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              36

            	 	
              I-35-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-35-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-34-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-34-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              37

            	 	
              I-36-A
                and I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-36-A
                and II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-35-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-35-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              38

            	 	
              I-37-A
                and I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-37-A
                and II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-36-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-36-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	 	
              I-38-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-38-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-37-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-37-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	 	
              I-39-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-39-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-38-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-38-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	 	
              I-40-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-40-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-39-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-39-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	 	
              I-41-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-41-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-40-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-40-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	 	
              I-42-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-42-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-41-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-41-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	 	
              I-43-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-43-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-42-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-42-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	 	
              I-44-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-44-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-43-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-43-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              46

            	 	
              I-45-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-45-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-44-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-44-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              47

            	 	
              I-46-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-46-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-45-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-45-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              48

            	 	
              I-47-A
                and I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-47-A
                and II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-46-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-46-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              49

            	 	
              I-48-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-48-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-47-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-47-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              50

            	 	
              I-49-A
                and I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-49-A
                and II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-48-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-48-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              51

            	 	
              I-50-A
                and I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-50-A
                and II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-49-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-49-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              52

            	 	
              I-51-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-15-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-50-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-50-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              53

            	 	
              I-52-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-52-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              54

            	 	
              I-53-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-53-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-52-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-52-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              55

            	 	
              I-54-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-54-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-53-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-53-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              56

            	 	
              I-55-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-55-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-54-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-54-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              57

            	 	
              I-56-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-56-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-55-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-55-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              58

            	 	
              I-57-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-57-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-56-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-56-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              59

            	 	
              I-58-A
                and I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-58-A
                and II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-57-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-57-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              60

            	 	
              I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-58-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-58-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	 	
              I-1-A
                through I-59-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-59-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

     

    With
      respect to REMIC 2 Regular Interest 1GRP, a per annum rate (but not less than
      zero) equal to the weighted average of: (w) with respect to REMIC 1 Regular
      Interest IX, the Uncertificated REMIC 1 Pass-Through Rate for such REMIC 1
      Regular Interest for each Distribution Date minus the REMIC FM Rate, (x) with
      respect to REMIC 1 Group I Regular Interests ending with the designation “B”,
      the weighted average of the Uncertificated REMIC 1 Pass-Through Rates for such
      REMIC 1 Regular Interests minus the REMIC FM Rate and (y) with respect to REMIC
      1 Group I Regular Interests ending with the designation “A”, for each
      Distribution Date listed below, the weighted average of the rates listed below
      for such REMIC I Regular Interests listed below, weighted on the basis of the
      Uncertificated Principal Balance of each such REMIC I Regular Interest for
      each
      such Distribution Date:

     

    

     

    
      	
              Distribution
                Date

            	 	
              REMIC
                1 Regular Interest

            	 	
              Rate

            
	
              1

            	 	
              I-1-A
                through I-59-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              2

            	 	
              I-1-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	
              3

            	 	
              I-2-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              4

            	 	
              I-3-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                and I-2-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              5

            	 	
              I-4-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-3-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              6

            	 	
              I-5-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-4-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              7

            	 	
              I-6-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-5-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              8

            	 	
              I-7-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-6-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              9

            	 	
              I-8-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-7-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              10

            	 	
              I-9-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-8-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              11

            	 	
              I-10-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-9-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	 	
              I-11-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-10-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	 	
              I-12-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-11-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	 	
              I-13-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-12-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	 	
              I-14-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-13-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	 	
              I-15-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-14-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	 	
              I-16-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-15-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	 	
              I-17-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-16-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	 	
              I-18-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-17-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	 	
              I-19-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-18-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	 	
              I-20-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-19-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	 	
              I-21-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-20-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	 	
              I-22-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-21-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	 	
              I-23-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-22-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	 	
              I-24-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-23-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	 	
              I-25-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-24-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	 	
              I-26-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-25-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	 	
              I-27-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-26-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	 	
              I-28-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-27-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	 	
              I-29-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-28-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	 	
              I-30-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-29-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	 	
              I-31-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-30-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33

            	 	
              I-32-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-31-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              34

            	 	
              I-33-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-32-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35

            	 	
              I-34-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-33-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              36

            	 	
              I-35-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-34-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              37

            	 	
              I-36-A
                and I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-35-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              38

            	 	
              I-37-A
                and I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-36-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	 	
              I-38-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-37-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	 	
              I-39-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-38-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	 	
              I-40-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-39-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	 	
              I-41-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-40-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	 	
              I-42-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-41-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	 	
              I-43-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-42-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	 	
              I-44-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-43-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              46

            	 	
              I-45-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-44-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              47

            	 	
              I-46-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-45-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              48

            	 	
              I-47-A
                and I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-46-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              49

            	 	
              I-48-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-47-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              50

            	 	
              I-49-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-48-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              51

            	 	
              I-50-A
                and I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-49-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              52

            	 	
              I-51-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-50-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              53

            	 	
              I-52-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              54

            	 	
              I-53-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-52-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              55

            	 	
              I-54-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-53-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              56

            	 	
              I-55-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-54-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              57

            	 	
              I-56-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-55-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              58

            	 	
              I-57-A
                through I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-56-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              59

            	 	
              I-58-A
                and I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-57-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              60

            	 	
              I-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-58-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	 	
              I-1-A
                through I-59-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

     

    With
      respect to REMIC 2 Regular Interest 2GRP, a per annum rate (but not less than
      zero) equal to the weighted average of: (w) with respect to REMIC 1 Regular
      Interest IIX, the Uncertificated REMIC 1 Pass-Through Rate for such REMIC 1
      Regular Interest for each Distribution Date minus the REMIC FM Rate, (x) with
      respect to REMIC 1 Group II Regular Interests ending with the designation “B”,
      the weighted average of the Uncertificated REMIC 1 Pass-Through Rates for such
      REMIC 1 Regular Interests minus the REMIC FM Rate and (y) with respect to REMIC
      1 Group II Regular Interests ending with the designation “A”, for each
      Distribution Date listed below, the weighted average of the rates listed below
      for such REMIC I Regular Interests listed below, weighted on the basis of the
      Uncertificated Principal Balance of each such REMIC I Regular Interest for
      each
      such Distribution Date:

     

    

     

    
      	
              Distribution
                Date

            	 	
              REMIC
                1 Regular Interest

            	 	
              Rate

            
	
              1

            	 	
              II-1-A
                through II-59-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              2

            	 	
              II-1-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	
              3

            	 	
              II-2-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              4

            	 	
              II-3-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                and II-2-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              5

            	 	
              II-4-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-3-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              6

            	 	
              II-5-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-4-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              7

            	 	
              II-6-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-5-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              8

            	 	
              II-7-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-6-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              9

            	 	
              II-8-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-7-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              10

            	 	
              II-9-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-8-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              11

            	 	
              II-10-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-9-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	 	
              II-11-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-10-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	 	
              II-12-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-11-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	 	
              II-13-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-12-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	 	
              II-14-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-13-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	 	
              II-15-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-14-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	 	
              II-16-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-15-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	 	
              II-17-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-16-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	 	
              II-18-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-17-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	 	
              II-19-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-18-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	 	
              II-20-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-19-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	 	
              II-21-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-20-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	 	
              II-22-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-21-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	 	
              II-23-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-22-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	 	
              II-24-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-23-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	 	
              II-25-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-24-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	 	
              II-26-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-25-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	 	
              II-27-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-26-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	 	
              II-28-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-27-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	 	
              II-29-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-28-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	 	
              II-30-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-29-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	 	
              II-31-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-30-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33

            	 	
              II-32-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-31-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              34

            	 	
              II-33-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-32-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35

            	 	
              II-34-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-33-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              36

            	 	
              II-35-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-34-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              37

            	 	
              II-36-A
                and II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-35-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              38

            	 	
              II-37-A
                and II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-36-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	 	
              II-38-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-37-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	 	
              II-39-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-38-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	 	
              II-40-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-39-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	 	
              II-41-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-40-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	 	
              II-42-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-41-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	 	
              II-43-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-42-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	 	
              II-44-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-43-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              46

            	 	
              II-45-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-44-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              47

            	 	
              II-46-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-45-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              48

            	 	
              II-47-A
                and II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-46-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              49

            	 	
              II-48-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-47-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              50

            	 	
              II-49-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-48-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              51

            	 	
              II-50-A
                and II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-49-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              52

            	 	
              II-51-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-50-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              53

            	 	
              II-52-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              54

            	 	
              II-53-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-52-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              55

            	 	
              II-54-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-53-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              56

            	 	
              II-55-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-54-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              57

            	 	
              II-56-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-55-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              58

            	 	
              II-57-A
                through II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-56-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              59

            	 	
              II-58-A
                and II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-57-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              60

            	 	
              II-59-A

            	 	
              2
                multiplied by Swap LIBOR minus the REMIC FM Rate, subject to a maximum
                rate of Uncertificated REMIC 1 Pass-Through Rate

            
	 	 	
              II-1-A
                through II-58-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	 	
              II-1-A
                through II-59-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

     

    With
      respect to REMIC 2 Regular Interest Swap-IO, and (i) the second Distribution
      Date through the 60th Distribution Date, the excess of (x) the weighted average
      of the Uncertificated REMIC 1 Pass-Through Rates for REMIC 1 Regular Interests
      including the designation “A”, over (y) 2 multiplied by Swap LIBOR and (ii)
      thereafter, 0.00%.

     

    With
      respect to any Distribution Date and REMIC 2 Regular Interest FMR IO, the REMIC
      FM Rate. For federal income tax purposes, REMIC 2 Regular Interest FMR IO will
      be entitled to a percentage of the interest payable on each REMIC 1 Regular
      Interest, with the percentage equal to (i) on each Distribution Date starting
      with the Distribution Date in May 2007 through the Distribution Date in May
      2017, the excess of the REMIC 1 Uncertificated Pass-Through Rate of such
      Regular Interest over the REMIC 1 Uncertificated Pass-Through Rate of such
      Regular Interest, (ii) on each Distribution Date starting with the Distribution
      Date in May 2017 through the Distribution Date in April 2027, the excess of
      the
      REMIC 1 Uncertificated Pass-Through Rate of such Regular Interest over the
      difference between the REMIC 1 Uncertificated Pass-Through Rate of such
      Regular Interest and the Final Maturity Reserve Rate, and (iii) 0.00%
      thereafter.

     

    “Undercollateralized
      Amount”:
      With
      respect to any Distribution Date, the amount, if any, by which (i) the sum
      of the aggregate Certificate Principal Balances of the Class A Certificates
      and
      the Mezzanine Certificates and the Uncertificated Principal Balance of the
      Class
      P Interest as of such Distribution Date (after giving effect to distributions
      to
      be made on such Distribution Date) exceeds (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans on the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment
      Period).

     

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

     

    “United
      States Person”
or
      “U.S.
      Person”:
      (i) A
      citizen or resident of the United States; (ii) a corporation, partnership or
      other entity classified as a corporation or partnership for United States
      federal income tax purposes created or organized in, or under the laws of,
      the
      United States or any political subdivision thereof (except, in the case of
      a
      partnership or entity treated as a partnership, to the extent provided in
      regulations) provided that, solely for purposes of the restrictions on the
      transfer of the Residual Certificates, no partnership or other entity treated
      as
      a partnership shall be treated as a United States Person unless all persons
      that
      own an interest in such partnership or other entity, either directly or through
      any entity that is not a corporation for United States federal income tax
      purposes, are required by the applicable operative agreement to be United States
      Persons; (iii) an estate the income of which is subject to United States federal
      income taxation regardless of its source, or (iv) a trust if a court within
      the
      United States is able to exercise primary supervision over the administration
      of
      the trust and one or more United States Persons have the authority to control
      all substantial decisions of the trust or if the trust was in existence on
      August 20, 1996, was treated as a United States Person on August 19, 1996,
      and
      made a valid election to continue to be treated as a United States Person.
      The
      term “United States” shall have the meaning set forth in Section 7701 of the
      Code or successor provisions.

     

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

     

    “USD-LIBOR-BBA”:
      As
      defined in the Swap Agreement in the Annex to the 2000 ISDA
      Definitions.

     

    “Value”:
      With
      respect to any Mortgaged Property, the lesser of (i) the Origination Value
      thereof and (ii) the purchase price paid for the related Mortgaged Property
      by the Mortgagor with the proceeds of the Mortgage Loan, provided, however,
      in
      the case of a Refinanced Mortgage Loan, such value of the Mortgaged Property
      is
      the Origination Value thereof.

     

    “Voting
      Rights”:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. At all times the Class A Certificates, the Mezzanine
      Certificates and the Class C Certificates shall have 98% of the Voting Rights
      (allocated among the Holders of the Class A Certificates, the Mezzanine
      Certificates and the Class C Certificates in proportion to the then outstanding
      Certificate Principal Balances of their respective Certificates), the Class
      P
      Certificates shall have 1% of the Voting Rights and the Class R Certificates
      shall have 1% of the Voting Rights. The Voting Rights allocated to any Class
      of
      Certificates (other than the Class P Certificates and the Class R Certificates)
      shall be allocated among all Holders of each such Class in proportion to the
      outstanding Certificate Principal Balance of such Certificates and the Voting
      Rights allocated to the Class P Certificates and the Class R Certificates shall
      be allocated among all Holders of each such Class in proportion to such Holders’
respective Percentage Interest; provided, however,
      that
      when none of the Regular Certificates are outstanding, 100% of the Voting Rights
      shall be allocated among Holders of the Class R Certificates in accordance
      with
      such Holders’ respective Percentage Interests in the Certificates of such Class.
      The Class R-CX Certificates and the Class R-PX Certificates shall not have
      Voting Rights.

     

    “Washington
      Mutual Custodian”:
      None
      of the Mortgage Loans are held by the Washington Mutual Custodian as custodian.
      References to the Washington Mutual Custodian are left in this Agreement for
      administrative convenience and shall be completely disregarded. There is no
      Washington Mutual Custodian under this Agreement and no Person shall have any
      rights of the Washington Mutual Custodian under this Agreement.

     

    Section
      1.02  Accounting.
       

    

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

     

    Section
      1.03  Allocation
      of Certain Interest Shortfalls.

     

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

     

    For
      purposes of calculating the amount of the Monthly Interest Distributable Amount
      for the Class C Certificates for any Distribution Date, the aggregate amount
      of
      any Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      allocated to the Class C Interest pursuant to the paragraph above shall be
      allocated among the Class C Certificates on a pro rata basis based on one
      month’s interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 2 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and Relief Act Interest Shortfalls incurred
      in respect of the Mortgage Loans for any Distribution Date shall be
      allocated:

     

    (a)  50%
      of
      any Net Prepayment Interest and Relief Act Interest Shortfalls incurred in
      respect of the Mortgage Loans for any Distribution Date shall be allocated
      to AA
      and ZZ up to an aggregate amount equal to the REMIC 2 Interest Loss Allocation
      Amount, 98% and 2%, respectively, and thereafter among AA, A-IA, A-IIA1, A-IIA2,
      A-IIA3, A-IIA4, M1, M2, M3, M4, M5, M6, M7, M8, M9 and ZZ, pro rata based on,
      and to the extent of, one month’s interest at the then applicable respective
      Pass-Through Rate on the respective Uncertificated Principal Balance of each
      such REMIC 2 Regular Interest; and

     

    (b)  50%
      of
      any Net Prepayment Interest and Relief Act Interest Shortfalls incurred in
      respect of the Mortgage Loans for any Distribution Date shall be allocated
      to
      REMIC 2 Regular Interest 1GRP, 2GRP, 1SUB, 2SUB, and XX, pro rata based on,
      and
      to the extent of, one month’s interest at the then applicable respective
      Pass-Through Rate on the respective Uncertificated Principal Balance of each
      such REMIC 3 Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 1 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and Relief Act Interest Shortfalls incurred
      in respect of the Group I Mortgage Loans for any Distribution Date shall be
      allocated to REMIC 1 Regular Interests IX and the aggregate amount of any Net
      Prepayment Interest Shortfalls and Relief Act Interest Shortfalls incurred
      in
      respect of the Group II Mortgage Loans for any Distribution Date shall be
      allocated to REMIC 1 Regular Interest IIX.

     

    Section
      1.04  Rights
      of the NIMS Insurer.

     

    (a)  Each
      of
      the rights of the NIMS Insurer set forth in this Agreement shall exist so long
      as the Insured NIM Notes remain outstanding; provided, however, the NIMS Insurer
      shall not have any rights hereunder (except as provided in Section 9.01) so
      long
      as any NIMS Insurer Default is continuing.

     

    (b)  Notwithstanding
      anything to the contrary anywhere in this Agreement, all rights and benefits
      of
      the NIMS Insurer hereunder shall permanently terminate upon such time as the
      Insured NIM Notes shall no longer be outstanding.

     

     

    ARTICLE
      II

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    Section
      2.01  Conveyance
      of Mortgage Loans.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trust, without recourse,
      all the right, title and interest of the Depositor, including any security
      interest therein for the benefit of the Depositor, in and to the Mortgage Loans
      identified on the Mortgage Loan Schedule, the rights of the Depositor under
      the
      Mortgage Loan Purchase Agreement (other than the Depositor’s rights under
      Section 17 thereof) and all other assets included or to be included in
      REMIC 1. Such assignment includes all scheduled payments on the Mortgage
      Loans due after the Cut-off Date and all unscheduled collections in respect
      of
      the Mortgage Loans received after the Cut-off Date (other than the portion
      of
      such collections due on or prior to the Cut-off Date). The REMIC 1 Regular
      Interests, REMIC 1 Regular Interest IX and the Class R-1 Interest shall
      collectively be a separate series of beneficial interests in the assets of
      the
      Trust consisting of the Trust Fund assets included in the definition of
      REMIC 1 pursuant to Section 3806(b)(2) of the Statutory Trust Statute. The
      Depositor herewith delivers to the Trustee an executed copy of the Mortgage
      Loan
      Purchase Agreement and the PMI Policy. 

     

    The
      Trustee, not in its individual capacity but solely in its separate capacity
      as
      Supplemental Interest Trust Trustee, is hereby directed to exercise the rights,
      perform the obligations, and make any representations to be exercised,
      performed, or made by the Supplemental Interest Trust Trustee, as described
      herein. The Supplemental Interest Trust Trustee is hereby directed to execute
      and deliver the Swap Agreement on behalf of Party B (as defined therein) and
      to
      exercise the rights, perform the obligations, and make the representations
      of
      Party B thereunder, solely in its capacity as Supplemental Interest Trust
      Trustee on behalf of Party B (as defined therein) and not in its individual
      capacity. 

     

    The
      Seller, the Servicer, the Depositor and the Certificateholders (by acceptance
      of
      their Certificates) acknowledge and agree that:

     

    
      	 	
              (i)
                

            	
              the
                Supplemental Interest Trust Trustee shall execute and deliver the
                Swap
                Agreement on behalf of Party B (as defined therein),
                and

            

    

     

    
      	 	
              (ii)
                

            	
              the
                Supplemental Interest Trust Trustee shall exercise the rights, perform
                the
                obligations, and make the representations of Party B thereunder,
                solely in
                its capacity as Supplemental Interest Trust Trustee on behalf of
                Party B
                (as defined therein) and not in its individual
                capacity.

            

    

     

    Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Trustee shall apply to the Trustee’s execution
      (as Supplemental Interest Trust Trustee) of the Swap Agreement, and the
      performance of its duties and satisfaction of its obligations
      thereunder.

     

    If
      the
      assignment and transfer of the Mortgage Loans and the other property specified
      in Section 2.01 from the Depositor to the Trust pursuant to this Agreement
      is held or deemed not to be a sale or is held or deemed to be a pledge of
      security for a loan, the Depositor intends that the rights and obligations
      of
      the parties shall be established pursuant to the terms of this Agreement and
      that, in such event, (i) the Depositor shall be deemed to have granted and
      does hereby grant to the Trust as of the Closing Date a perfected, first
      priority security interest in the entire right, title and interest of the
      Depositor in and to the Mortgage Loans and all other property conveyed to the
      Trust pursuant to this Section 2.01 and all proceeds thereof and
      (ii) this Agreement shall constitute a security agreement under applicable
      law.

     

    In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with, the Custodian acting on behalf of the Trustee (in which
      capacity it will, unless otherwise specified, be acting under this
      Article II) the following documents or instruments with respect to each
      Mortgage Loan so transferred and assigned (with respect to each Mortgage Loan,
      a
“Mortgage File”):

     

    (a)  the
      original Mortgage Note, endorsed in blank or in the following form: “Pay to the
      order of Citibank, N.A., as Trustee under the applicable agreement, without
      recourse,” with all prior and intervening endorsements showing a complete chain
      of endorsement from the originator to the Person so endorsing to the Trustee
      or
      (in the case of not more than 1.00% of the Mortgage Loans, by aggregate
      principal balance as of the Cut-off Date) a copy of such original Mortgage
      Note
      with an accompanying Lost Note Affidavit executed by the Seller;

     

    (b)  the
      original Mortgage, noting the presence of the MIN of the Mortgage Loan and
      language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan
      is
      a MOM loan, with evidence of recording thereon, and a copy, certified by the
      appropriate recording office, of the recorded power of attorney, if the Mortgage
      was executed pursuant to a power of attorney, with evidence of recording
      thereon;

     

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

     

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

     

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

     

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

     

    Except
      with respect to any Mortgage Loan for which MERS is identified on the Mortgage
      or on a properly recorded assignment of the Mortgage as the mortgagee of record,
      the Servicer, in its capacity as Seller, shall promptly, following the later
      of
      the Closing Date and the date of receipt by the Servicer of the recording
      information for a Mortgage submit or cause to be submitted for recording, at
      no
      expense to the Trust, the Trustee, the Delaware Trustee or the Depositor, in
      the
      appropriate public office for real property records, each Assignment referred
      to
      in Sections 2.01(c) and (d) above and shall execute each original Assignment
      referred to in clause (c) above in the following form: “Citibank, N.A., as
      Trustee under applicable agreement, without recourse.” In the event that any
      such Assignment is lost or returned unrecorded because of a defect therein,
      the
      Servicer, in its capacity as Seller, shall promptly prepare or cause to be
      prepared a substitute Assignment or cure or cause to be cured such defect,
      as
      the case may be, and thereafter cause each such Assignment to be duly recorded.
      Notwithstanding the foregoing, the Assignments shall not be required to be
      completed and submitted for recording with respect to any Mortgage Loan if
      each
      Rating Agency does not require recordation in order for such Rating Agency
      to
      assign the initial ratings to the Class A Certificates, the Mezzanine
      Certificates and the Other NIM Notes and the initial shadow rating to the
      Insured NIM Notes, without giving effect to any insurance policy issued by
      the
      NIMS Insurer; provided, however, each such Assignment shall be submitted for
      recording by the Servicer, in its capacity as Seller, in the manner described
      above, at no expense to the Trust, the Trustee or the Delaware Trustee upon
      the
      earliest to occur of: (i) reasonable direction by Holders of Certificates
      entitled to at least 25% of the Voting Rights, (ii) the occurrence of a
      Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency
      or foreclosure relating to the Seller, (iv) the occurrence of a servicing
      transfer as described in Section 7.02 hereof and (v) if the Seller is
      not the Servicer and with respect to any one Assignment, the occurrence of
      a
      bankruptcy, insolvency or foreclosure relating to the Mortgagor under the
      related Mortgage. Notwithstanding the foregoing, if the Servicer is unable
      to
      pay the cost of recording the Assignments, such expense shall be paid by the
      Trustee and shall be reimbursable to the Trustee as an Extraordinary Trust
      Fund
      Expense.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Depositor further agrees that it shall cause, within 30 Business
      Days after the Closing Date, the MERS® System to indicate that such Mortgage
      Loans have been assigned by the Depositor to the Trust in accordance with this
      Agreement by including (or deleting, in the case of Mortgage Loans which are
      repurchased in accordance with this Agreement) in such computer files (a) the
      code in the field which identifies the specific Trust and (b) the code in the
      field “Pool Field” which identifies the series of the Certificates issued in
      connection with such Mortgage Loans. The Depositor further agrees that it shall
      not, and shall not permit the Servicer to, and the Servicer agrees that it
      shall
      not, alter the codes referenced in this paragraph with respect to any Mortgage
      Loan during the term of this Agreement unless and until such Mortgage Loan
      is
      repurchased in accordance with the terms of this Agreement.

     

    If
      any of
      the documents referred to in Sections 2.01(b), (c), (d) or (e) above
      (collectively, the “Recording Documents”) has as of the Closing Date been
      submitted for recording but either (x) has not been returned from the
      applicable public recording office or (y) has been lost or such public
      recording office has retained the original of such document, the obligations
      of
      the Servicer, in its capacity as the Seller, to deliver such Recording Documents
      shall be deemed to be satisfied upon (1) delivery to the Trustee (or the
      Custodian on behalf of the Trustee) of a copy of each such Recording Document
      certified by the Seller in the case of (x) above or the applicable public
      recording office in the case of (y) above to be a true and complete copy of
      the original that was submitted for recording and (2) if such copy is
      certified by the Seller, delivery to the Trustee (or the Custodian on behalf
      of
      the Trustee) promptly upon receipt thereof, and in any event no later than
      one
      year after the Closing Date, of either the original or a copy of such Recording
      Document certified by the applicable public recording office to be a true and
      complete copy of the original. In instances where, due to a delay on the part
      of
      the recording office where any such Recording Documents have been delivered
      for
      recordation, the Recording Documents cannot be delivered to the Trustee (or
      the
      Custodian on behalf of the Trustee) within one year after the Closing Date,
      the
      Servicer, in its capacity as the Seller, shall deliver to the Trustee (or the
      Custodian on behalf of the Trustee) within such time period an Officer’s
      Certificate stating the date by which the Servicer, in its capacity as the
      Seller, expects to receive such Recording Documents from the applicable
      recording office. In the event that Recording Documents have still not been
      received by the Servicer, in its capacity as the Seller, and delivered to the
      Trustee (or the Custodian on behalf of the Trustee) by the date specified in
      its
      previous Officer’s Certificate delivered to the Trustee (or the Custodian on
      behalf of the Trustee), as the case may be, the Servicer, in its capacity as
      the
      Seller, shall deliver to the Trustee (or the Custodian on behalf of the Trustee)
      by such date an additional Officer’s Certificate stating a revised date by which
      the Servicer, in its capacity as the Seller, expects to receive the applicable
      Recording Documents. This procedure shall be repeated until the Recording
      Documents have been received by the Servicer, in its capacity as the Seller,
      and
      delivered to the Trustee (or the Custodian on behalf of the Trustee). If the
      original lender’s title insurance policy was not delivered pursuant to
      Section 2.01(f) above, the Servicer, in its capacity as the Seller, shall
      deliver or cause to be delivered to the Trustee (or the Custodian on behalf
      of
      the Trustee) promptly after receipt thereof, and in any event within 120 days
      after the Closing Date, the original lender’s title insurance policy. The
      Servicer, in its capacity as the Seller, shall deliver or cause to be delivered
      to the Trustee (or the Custodian on behalf of the Trustee) promptly upon receipt
      thereof any other original documents constituting a part of a Mortgage File
      received with respect to any Mortgage Loan, including, but not limited to,
      any
      original documents evidencing an assumption or modification of any Mortgage
      Loan.

     

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

     

    Notwithstanding
      any term hereof to the contrary, it is hereby expressly acknowledged and agreed
      that so long as there is a Custodian action on behalf of the Trustee, all
      Mortgage Files (including all documents comprising Mortgage Files) and all
      Recording Documents shall be delivered exclusively to the Custodian (unless
      otherwise expressly directed by the Trustee).

     

    The
      Mortgage Loans permitted by the terms of this Agreement to be included in the
      Trust are limited to (i) the Mortgage Loans (which the Depositor acquired
      pursuant to the Mortgage Loan Purchase Agreement, which contains, among other
      representations and warranties, a representation and warranty of the Seller
      that
      no Mortgage Loan is a “high-cost” or “predatory” loan under any state or local
      law or regulation applicable to the originator), and (ii) Substitute Mortgage
      Loans (which, by definition as set forth herein and referred to in the Mortgage
      Loan Purchase Agreement, are required to conform to, among other representations
      and warranties, the representation and warranty of the Seller that no Substitute
      Mortgage Loan is a “high cost” or “predatory” loan under any state or local law
      or regulation applicable to the originator). It is agreed and understood by
      the
      parties hereto that it is not intended that any mortgage loan be included in
      the
      Trust that is a “High-Cost Home Loan” as defined in the New Jersey Home
      Ownership Act effective November 27, 2003, a “High Cost Home Loan” as defined in
      the New Mexico Home Loan Protection Act effective January 1, 2004, a “High
      Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June
      24, 2003 (Ky. Rev. Stat. Section 360.100), or a “High Cost Home Loan” as defined
      in the Indiana Home Loan Practices Act effective January 1, 2005 (Ind. Code
      Ann.
§§ 24-9-1 through 24-9-9) or a “High Cost Mortgage Loan” as defined in the
      Massachusetts Predatory Home Loan Practices Act effective November 7, 2004
      (Mass. Gen. Laws Ch. 183C. §§1 et seq.).

     

    The
      Depositor shall file such financing statements, and the Depositor, the Servicer
      and the Trustee acting on behalf of the Trust at the direction of the Depositor
      shall, to the extent consistent with this Agreement, take such other actions
      as
      may be necessary to ensure that, if this Agreement were found to create a
      security interest in the Mortgage Pool Assets, such security interest would
      be a
      perfected security interest of first priority under applicable law and will
      be
      maintained as such throughout the term of the Agreement. In connection herewith,
      the Trust shall have all of the rights and remedies of a secured party under
      the
      Uniform Commercial Code as in force in the relevant jurisdiction.

     

    Section
      2.02  Acceptance
      of REMIC 1 by the Trustee.

     

    Subject
      to the provisions of Section 2.01 and subject to any exceptions noted on
      the exception report described in the next paragraph below, the Trustee or
      a
      Custodian on behalf of the Trustee, as applicable, acknowledges receipt of
      the
      documents referred to in Section 2.01 above and all other assets included
      in the definition of “REMIC 1” under clauses (i), (iii), (iv) and (vi) (to the
      extent of amounts deposited into the Distribution Account) and declares that
      it
      holds and will hold such documents and the other documents delivered to it
      constituting the Mortgage File, and all such assets and such other assets
      included in the definition of “REMIC 1” in trust for the exclusive use and
      benefit of all present and future holders of REMIC 1 Regular Interests and
      the
      Class R-1 Interest.

     

    The
      Trustee or the Custodian, as applicable, agrees, for the benefit of the holders
      of REMIC 1 Regular Interests and the Class R-1 Interest, to review each Mortgage
      File on or before the Closing Date, with respect to each Mortgage Loan and
      to
      certify to the Trustee, the NIMS Insurer, the Depositor and the Servicer in
      substantially the form attached hereto as Exhibit F-1 that, as to each
      Closing Date Mortgage Loan listed in the Mortgage Loan Schedule (other than
      any Mortgage Loan paid in full or any Mortgage Loan specifically identified
      in
      the exception report annexed thereto as not being covered by such
      certification), (i) all documents constituting part of such Mortgage File
      (other than such documents described in Section 2.01(e)) required to be
      delivered to it pursuant to this Agreement are in its possession, (ii) such
      documents have been reviewed by the Trustee, the Custodian or the Washington
      Mutual Custodian, as applicable and are not mutilated, torn or defaced unless
      initialed by the related borrower and relate to such Mortgage Loan and
      (iii) based on the Trustee’s examination and only as to the foregoing, the
      information set forth in the Mortgage Loan Schedule that corresponds to
      items (i), (ii), (ix), (xii), (xiv) (to the extent of the Periodic Rate Cap
      for
      the first Adjustment Date and subsequent Adjustment Dates) and (xvi) of the
      definition of “Mortgage Loan Schedule” accurately reflects information set forth
      in the Mortgage File. It is herein acknowledged that, in conducting such review,
      neither the Trustee nor any Custodian is under any duty or obligation
      (i) to inspect, review or examine any such documents, instruments,
      certificates or other papers to determine whether they are genuine, complete,
      enforceable, or appropriate for the represented purpose (including with respect
      to Section 2.01(f), whether such title insurance policy (a) contains all
      necessary endorsements, (b) insures the priority of the Mortgage as a first
      or
      second lien or (c) whether the interest vested in the Mortgagor is a fee
      interest) or whether they have actually been recorded or that they are other
      than what they purport to be on their face or (ii) to determine whether any
      Mortgage File should include any of the documents specified in clause
      (e) of Section 2.01; and the Trustee or the Custodian, as applicable,
      shall be entitled to assume that all signatures and endorsements appearing
      on
      any such document are genuine and duly authorized.

     

    Prior
      to
      the first anniversary date of this Agreement, the Trustee shall deliver (or,
      with respect to the Mortgage Loans held by another Custodian, such Custodian
      shall deliver) to the Depositor, the Servicer and the NIMS Insurer a final
      certification in the form annexed hereto as Exhibit F-2 evidencing the
      completeness of the Mortgage Files, with any applicable exceptions noted
      thereon.

     

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

     

    Section
      2.03  Cure,
      Repurchase or Substitution of Mortgage Loans by the Seller; Remedies for
      Breaches by Depositor or Servicer; Remedies for Breaches Relating to Prepayment
      Charges.

     

    (a)  Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, the Mortgage File or of the breach by the Seller
      of
      any representation, warranty or covenant under the Mortgage Loan Purchase
      Agreement in respect of any Mortgage Loan which materially and adversely affects
      the value of such Mortgage Loan or the interest therein of the
      Certificateholders (it being understood that (i) in the case of any such
      representation or warranty made to the knowledge or the best of knowledge of
      the
      Seller, as to which the Seller has no knowledge, without regard to the Seller’s
      lack of knowledge with respect to the substance of such representation or
      warranty being inaccurate at the time it was made or (ii) with respect to the
      representation and warranty set forth in the last sentence of Section 6(xxxix),
      Section 6(xlvi), the first sentence of Section 6(xlvii), Section 6(lxi) and
      Section 6(lxiv) of the Mortgage Loan Purchase Agreement, a breach of any such
      representation or warranty shall in and of itself be deemed to materially and
      adversely affect the interest of the Certificateholders in the related Mortgage
      Loan), the Trustee or the Custodian (pursuant to the Custodial Agreement) shall
      promptly notify the Trustee (in the case of the Custodian), the Depositor,
      the
      Seller, the NIMS Insurer and the Servicer of such defect, missing document
      or
      breach and request that the Seller deliver such missing document or cure such
      defect or breach within 90 days from the date the Seller was notified of such
      missing document, defect or breach (except as described in Section 2.03(e)),
      and
      if the Seller does not deliver such missing document or cure such defect or
      breach in all material respects during such period, the Servicer (or, in
      accordance with Section 3.02(b), the Trustee) shall enforce the obligations
      of the Seller under the Mortgage Loan Purchase Agreement to repurchase such
      Mortgage Loan from REMIC 1 at the Purchase Price within 90 days after the
      date on which the Seller was notified (subject to Section 2.03(e)) of such
      missing document, defect or breach, if and to the extent that the Seller is
      obligated to do so under the Mortgage Loan Purchase Agreement. The Purchase
      Price for the repurchased Mortgage Loan shall be deposited in the Collection
      Account, and the Trustee or a Custodian, as applicable, upon receipt of written
      certification from the Servicer of such deposit, shall release to the Seller
      or
      the
      Depositor, as applicable,
      the
      related Mortgage File, and the Trustee shall execute and deliver such
      instruments of transfer or assignment, in each case without recourse, as the
      Seller or the Depositor, as applicable, shall furnish to it and as shall be
      necessary to vest in the Seller or the Depositor, as applicable, any Mortgage
      Loan released pursuant hereto. In furtherance of the foregoing, if the Seller
      or
      the Depositor, as applicable, is not a member of MERS and repurchases a Mortgage
      Loan which is registered on the MERS® System, the Servicer, in its capacity as
      Seller or the Depositor, as applicable, at its own expense and without any
      right
      of reimbursement, shall cause MERS to execute and deliver an assignment of
      the
      Mortgage in recordable form to transfer the Mortgage from MERS to the Seller
      or
      the Depositor, as applicable, and shall cause such Mortgage to be removed from
      registration on the MERS® System in accordance with MERS’ rules and regulations.
      Neither the Trustee nor any Custodian shall have any further responsibility
      with
      regard to such Mortgage File. In lieu of repurchasing any such Mortgage Loan
      as
      provided above, if so provided in the Mortgage Loan Purchase Agreement, the
      Seller or the Depositor, as applicable, may cause such Mortgage Loan to be
      removed from REMIC 1 (in which case it shall become a Reacquired Mortgage
      Loan) and substitute one or more Substitute Mortgage Loans in the manner and
      subject to the limitations set forth in Section 2.03(d). It
      is
      understood and agreed that the obligation of the Seller to cure or to repurchase
      (or to substitute for) any Mortgage Loan as to which a document is missing,
      a
      material defect in a constituent document exists or as to which such a breach
      has occurred and is continuing shall constitute the sole remedy respecting
      such
      omission, defect or breach available to the Certificateholders, the Trust,
      the
      Trustee on behalf of the Certificateholders, the Delaware Trustee and the NIMS
      Insurer.

     

    (b)  Within
      90
      days of the earlier of discovery by the Depositor or receipt of notice by the
      Depositor of the breach of any representation or warranty of the Depositor
      set
      forth in Section 2.05 (other than subsection (ii) thereof) with respect to
      any Mortgage Loan, which materially adversely affects the value of such Mortgage
      Loan or the interest therein of the Certificateholders, the Depositor shall
      cure
      such breach in all material respects. Within 90 days of the earlier of discovery
      by the Depositor or receipt of notice by the Depositor of the breach the
      representation made by the Depositor set forth in Section 2.05(ii), the
      Depositor shall repurchase, or cause the repurchase at the Purchase Price set
      forth in Section 2.03(a) above or substitute, or cause the substitution of
      such
      Mortgage Loan with a Substitute Mortgage Loan in the manner and subject to
      the
      limitations set forth in Section 2.03(d), unless it has cured such breach in
      all
      material respects. It is understood and agreed that the obligation of the
      Depositor to cure or to repurchase (or to substitute for) any Mortgage Loan
      as
      to which such a breach has occurred and is continuing shall constitute the
      sole
      remedy respecting such breach available to the Certificateholders, the Trust,
      the Trustee on behalf of the Certificateholders, the Delaware Trustee and the
      NIMS Insurer.

     

    (c)  As
      promptly as practicable (and no later than 90 days) after the earlier of
      discovery by the Servicer or receipt of notice by the Servicer of the breach
      of
      any representation, warranty or covenant of the Servicer set forth in
      Section 2.04 which materially and adversely affects the value of any
      Mortgage Loan or the interests of the Certificateholders in any Mortgage Loan,
      the Servicer shall cure such breach in all material respects.

     

    Promptly
      upon the earlier of discovery by the Servicer or receipt of notice by the
      Servicer of the breach of any representation, warranty or covenant of the
      Servicer set forth in Section 2.04(a)(vii) or (viii) which materially and
      adversely affects the interests of the Holders of the Class P Certificates
      to
      any Prepayment Charge, the Servicer shall cure such breach in all material
      respects. If the representation made by the Servicer in its capacity as Seller
      in Section 2.04(a)(vii) is breached, the Servicer in its capacity as Seller
      shall pay into the Collection Account the amount of the scheduled Prepayment
      Charge, less any amount previously collected and deposited by, or paid by,
      the
      Servicer into the Collection Account; and if the covenant made by the Servicer
      in Section 2.04(a)(viii) is breached, the Servicer shall pay into the
      Collection Account the amount of the waived Prepayment Charge. Payments by
      the
      Servicer into the Collection Account pursuant to this paragraph shall be made
      on
      the later of (i) the Servicer Remittance Date next following the earlier of
      discovery by the Servicer or receipt of notice by the Servicer of the breach
      of
      the related representation, warranty or covenant of the Servicer set forth
      in
      Section 2.04(a)(vii) or (viii) which materially and adversely affects the
      interests of the Holders of the Class P Certificates to any Prepayment Charge
      and (ii) the Servicer Remittance Date next following the Prepayment Period
      in
      which such breach occurred.

     

    (d)  Any
      substitution of Substitute Mortgage Loans for Reacquired Mortgage Loans made
      pursuant to Section 2.03(a) or Section 2.03(b) shall be effected prior to
      the date which is two years after the Startup Date for
      REMIC 1.

     

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

     

    For
      any
      month in which the Seller or the Depositor substitutes one or more Substitute
      Mortgage Loans for one or more Reacquired Mortgage Loans, the Servicer will
      determine the amount (the “Substitution Price”), if any, by which the aggregate
      Purchase Price of all such Reacquired Mortgage Loans in Loan Group I or
      Loan Group II, respectively, exceeds the aggregate of the Stated Principal
      Balance of the Substitute Mortgage Loans that will become part of Loan
      Group I or Loan Group II, respectively, as of the date of
      substitution, together with one month’s interest on such Stated Principal
      Balance at the applicable Net Mortgage Rate, plus all outstanding Advances
      and
      Servicing Advances with respect to such Reacquired Mortgage Loan. On the date
      of
      such substitution, the Seller or the Depositor, as applicable, will deliver
      or
      cause to be delivered to the Servicer for deposit in the Collection Account
      an
      amount equal to the Substitution Price, if any (which for federal income tax
      purposes will be treated as payment for the repurchase of that portion of the
      Reacquired Mortgage Loans), and the Trustee, upon receipt of the related
      Substitute Mortgage Loan or Loans (or acknowledgement of such receipt by another
      Custodian) and certification by the Servicer of such deposit, shall release
      or,
      if such Mortgage File is held by another Custodian, such Custodian shall release
      to the Seller or the Depositor, as applicable, the related Mortgage File or
      Files and the Trustee shall execute and deliver or, if such Mortgage File is
      held by another Custodian, such Custodian shall execute and deliver such
      instruments of transfer or assignment, without recourse, as the Seller or the
      Depositor shall deliver to it or such Custodian, as applicable, and as shall
      be
      necessary to vest therein any Reacquired Mortgage Loan released pursuant
      hereto.

     

    In
      addition, the Servicer in its capacity as Seller or the Depositor, as
      applicable, shall obtain at its own expense and deliver to the NIMS Insurer
      and
      the Trustee an Opinion of Counsel to the effect that such substitution will
      not
      cause (a) any federal tax to be imposed on REMIC 1, created hereunder,
      including without limitation, any federal tax imposed on “prohibited
      transactions” under Section 860F(a)(1) of the Code or on contributions
      after the startup day under Section 860G(d)(1) of the Code, or (b) any
      Trust REMIC hereunder to fail to qualify as a REMIC at any time that any
      Certificate is outstanding.

     

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

     

    Section
      2.04  Representations,
      Warranties and Covenants of the Servicer.

     

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

     

    (i)  The
      Servicer is a federal savings association, duly organized, validly existing
      and
      in good standing under the laws of the United States of America, and has all
      licenses necessary to carry on its business as now being conducted;

     

    (ii)  The
      Servicer has the full power and authority to service each Mortgage Loan, to
      execute, deliver and perform, and to enter into and consummate the transactions
      contemplated by this Agreement and has duly authorized by all necessary action
      on the part of the Servicer the execution, delivery and performance of this
      Agreement; and this Agreement, assuming the due authorization, execution and
      delivery thereof by the Depositor and the Trustee, constitutes a legal, valid
      and binding obligation of the Servicer, enforceable against the Servicer in
      accordance with its terms, except to the extent that (a) the enforceability
      thereof may be limited by bankruptcy, insolvency, moratorium, receivership
      and
      other similar laws relating to creditors’ rights generally and (b) the
      remedy of specific performance and injunctive and other forms of equitable
      relief may be subject to the equitable defenses and to the discretion of the
      court before which any proceeding therefor may be brought.

     

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

     

    (iv)  The
      Servicer is an approved seller/servicer for Fannie Mae or Freddie Mac in good
      standing and is a HUD approved mortgagee pursuant to Section 203 and
      Section 211 of the National Housing Act;

     

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

     

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

     

    (vii)  The
      information set forth in the Prepayment Charge Schedule is complete, true
      and correct in all material respects at the date or dates respecting which
      such
      information is furnished and each Prepayment Charge is permissible and
      enforceable in accordance with its terms under applicable law upon the
      Mortgagor’s voluntary principal prepayment (except to the extent that: (1) the
      enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
      receivership and other similar laws relating to creditors’ rights generally; or
      (2) the collectability thereof may be limited due to acceleration in
      connection with a foreclosure or other involuntary prepayment); provided that
      the representation, warranty and covenant contained in this clause (vii) is
      made
      by the Servicer only in its capacity as Seller;

     

    (viii)  The
      Servicer will not waive any Prepayment Charge or part of a Prepayment Charge
      unless such waiver is related to a default or a reasonably foreseeable default
      and would maximize recovery of total proceeds taking into account the value
      of
      such Prepayment Charge and related Mortgage Loan and doing so is standard and
      customary in servicing mortgage loans similar to the Mortgage Loans (including
      any waiver of a Prepayment Charge in connection with a refinancing of a Mortgage
      Loan that is related to a default or a reasonably foreseeable default).
      Notwithstanding the foregoing, the Servicer may waive any Prepayment Charge
      or
      part of a Prepayment Charge in any instance when the mortgage debt is
      accelerated as a result of the Mortgagor’s default in making the Mortgage Loan
      payments;

     

    (ix)  With
      respect to each Mortgage Loan, the Servicer will furnish, or cause to be
      furnished, information regarding the borrower credit file related to such
      Mortgage Loan to credit reporting agencies in compliance with the provisions
      of
      the Fair Credit Reporting Act and the applicable implementing regulations.
      The
      Servicer will transmit full-file credit reporting data for each Mortgage Loan
      pursuant to Fannie Mae Guide Announcement 95-19 and that for each Mortgage
      Loan,
      the Servicer agrees it shall report one of the following statuses each month
      as
      follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
      foreclosed, or charged-off; and

     

    (x)  The
      Servicer (or a Sub-Servicer servicing the Mortgage Loans on its behalf) is
      a
      member of MERS in good standing, and will comply in all material respects with
      the rules and procedures of MERS in connection with the servicing of the
      Mortgage Loans that are registered with MERS.

     

    (b)  It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.04 shall survive delivery of the Mortgage Files to
      the Trustee or a Custodian, as the case may be, and shall inure to the benefit
      of the Trust, the Trustee, the Depositor and the Certificateholders. Upon
      discovery by any of the Depositor, the Servicer or the Trustee of a breach
      of
      any of the foregoing representations, warranties and covenants which materially
      and adversely affects the value of any Mortgage Loan, Prepayment Charge or
      the
      interests therein of the Certificateholders, the party discovering such breach
      shall give prompt written notice (but in no event later than two Business Days
      following such discovery) to the other of such parties. The obligation of the
      Servicer set forth in Section 2.03(c) to cure breaches (or, in the case of
      (a)(vii) or (a)(viii) above, to pay a Servicer Prepayment Charge Payment Amount)
      shall constitute the sole remedy against the Servicer available to the
      Certificateholders, the Depositor, the NIMS Insurer, the Trust, the Delaware
      Trustee or the Trustee on behalf of the Certificateholders respecting a breach
      of the representations, warranties and covenants contained in this
      Section 2.04. The preceding sentence shall not, however, limit any remedies
      available to the Certificateholders, the Depositor, the NIMS Insurer, the Trust,
      the Delaware Trustee or the Trustee on behalf of the Certificateholders,
      (i) pursuant to the Mortgage Loan Purchase Agreement signed by the Servicer
      in its capacity as Seller, respecting a breach of the representations,
      warranties and covenants of the Servicer in its capacity as Seller contained
      in
      the Mortgage Loan Purchase Agreement or (ii) pursuant to Section 7.01
      hereof.

     

    Section
      2.05  Representations
      and Warranties of the Depositor.

     

    The
      Depositor hereby represents, warrants and covenants to the Trustee, for the
      benefit of the Trustee and the Certificateholders, and to the Servicer, that
      as
      of the Closing Date or as of such date specifically provided
      herein:

     

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

     

    (ii)  Immediately
      prior to the sale and assignment by the Depositor to the Trust of each Mortgage
      Loan, the Depositor had good and marketable title to each Mortgage Loan subject
      to no prior lien, claim, participation interest, mortgage, security interest,
      pledge, charge or other encumbrance or other interest of any
      nature;

     

    (iii)  As
      of the
      Closing Date, the Depositor has transferred all of its right, title and interest
      in the Mortgage Loans to the Trust;

     

    (iv)  The
      Depositor is solvent and will not be made insolvent by the transfer of the
      Mortgage Loans. The Depositor has not transferred the Mortgage Loans to the
      Trust with any intent to hinder, delay or defraud any of its
      creditors;

     

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

     

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

     

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

     

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

     

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

     

    (x)  The
      Depositor has the full power and authority to execute, deliver and perform,
      and
      to enter into and consummate the transactions contemplated by this Agreement
      and
      has duly authorized by all necessary action on the part of the Depositor the
      execution, delivery and performance of this Agreement and this Agreement,
      assuming the due authorization, execution and delivery thereof by the parties
      thereto other than the Depositor, constitutes a legal, valid and binding
      obligation of the Depositor, enforceable against the Depositor in accordance
      with its terms, except to the extent that (a) the enforceability thereof
      may be limited by bankruptcy, insolvency, moratorium, receivership and other
      similar laws relating to creditors’ rights generally and (b) the remedy of
      specific performance and injunctive and other forms of equitable relief may
      be
      subject to the equitable defenses and to the discretion of the court before
      which any proceeding therefor may be brought.

     

    Section
      2.06  Issuance
      of Certificates.

     

    Concurrently
      with the transfers described in Section 2.08, the Trustee, pursuant to the
      written request of the Depositor executed by an officer of the Depositor, has
      executed, authenticated and delivered to or upon the written order of the
      Depositor, the Certificates in authorized denominations.

     

    Section
      2.07  Reserved.

     

    Section
      2.08  Conveyance
      of REMIC Regular Interests and Acceptance of REMICs by the Trustee; Issuance
      of
      Certificates.

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trust without recourse
      all the right, title and interest of the Depositor in and to the REMIC 1
      Regular Interests for the benefit of REMIC 3, as the holder of the
      REMIC 2 Regular Interest, and the holder of the Class R-2 Interest. The
      Trustee acknowledges on behalf of the Trust receipt of the REMIC 1 Regular
      Interests (which are uncertificated) and declares that it holds and will hold
      the same in trust for the exclusive use and benefit of REMIC 3, as the
      holder of the REMIC 2 Regular Interests, and the holder of the Class R-2
      Interest. The interests evidenced by the Class R-2 Interest and the REMIC 2
      Regular Interests constitute the entire beneficial ownership interest in
      REMIC 2. Pursuant to Section 3818 of the Statutory Trust Statute, the
      REMIC 1 Regular Interests shall not be cancelled and shall be held as
      treasury interests owned by the Trust. The REMIC 2 Regular Interests and
      the Class R-2 Interest shall together be a separate series of beneficial
      interests in the assets of the Trust consisting of the REMIC 1 Regular
      Interests pursuant to Section 3806(b)(2) of the Statutory Trust
      Statute.

     

    (b)  In
      exchange for the REMIC 1 Regular Interests and, concurrently with the
      assignment to the Trust thereof, the Trustee on behalf of the Trust has
      delivered to or upon the order of the Depositor, the REMIC 2 Regular
      Interests (which are uncertificated) evidencing (together with the Class R-2
      Interest) the entire beneficial ownership interest in REMIC 2.

     

    (c)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trust without recourse
      all the right, title and interest of the Depositor in and to the REMIC 2
      Regular Interests for the benefit of the holders of the Certificates (other
      than
      the Class C Certificates, the Class P Certificates, the Class R
      Certificates, the Class R-CX Certificates and the Class R-PX Certificates),
      REMIC CX, as holder of the Class C Interest, REMIC PX, as holder
      of the Class P Interest, REMIC SwapX, as holder of the Class Swap IO
      Interest, and the Class R-3 Interest. The Trustee acknowledges on behalf of
      the
      Trust receipt of the REMIC 2 Regular Interests (which are uncertificated)
      and declares that it holds and will hold the same in trust for the exclusive
      use
      and benefit of the holders of the Certificates (other than the Class C
      Certificates, the Class P Certificates, the Class R Certificates, the Class
      R-CX Certificates and the Class R-PX Certificates), REMIC CX, as holder of
      the
      Class C Interest, REMIC PX, as holder of the Class P Interest, REMIC SwapX,
      as
      holder of the Class Swap IO Interest, and the Class R-3 Interest. The interests
      evidenced by the Class R-3 Interest, the Regular Certificates (other than the
      Class C Certificates and the Class P Certificates), and the REMIC 3 Regular
      Interests, constitute the entire beneficial ownership interest in REMIC 3.
      Pursuant to Section 3818 of the Statutory Trust Statute, the REMIC 2
      Regular Interests shall not be cancelled and shall be held as treasury interests
      owned by the Trust. The REMIC 3 Regular Interests, the Certificates (other
      than the Class C Certificates, the Class P Certificates, the
      Class R Certificates, the Class R-CX Certificates and the Class R-PX
      Certificates), and the Class R-3 Interest shall together be a separate series
      of
      beneficial interests in the assets of the Trust consisting of the REMIC 2
      Regular Interests pursuant to Section 3806(b)(2) of the Statutory Trust
      Statute.

     

    (d)  In
      exchange for the REMIC 2 Regular Interests and, concurrently with the
      assignment to the Trust thereof, pursuant to the written request of the
      Depositor executed by an officer of the Depositor, the Trustee on behalf of
      the
      Trust has executed, authenticated and delivered to or upon the order of the
      Depositor, the Regular Certificates (other than the Class C Certificates
      and the Class P Certificates) in authorized denominations evidencing
      (together with the Class R-3 Interest and the REMIC 3 Regular Interests)
      the entire beneficial ownership interest in REMIC 3. The Trustee
      acknowledges on behalf of the Trust that it holds the Class FMR IO Interest
      for
      the benefit of the holders of the Class C Certificates.

     

    (e)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trust without recourse
      all the right, title and interest of the Depositor in and to the Class C
      Interest for the benefit of the holders of the Class C Certificates and the
      Class R-CX Certificates. The Trustee acknowledges on behalf of the Trust receipt
      of the Class C Interest and declares that it holds and will hold the same in
      trust for the exclusive use and benefit of the holders of the Class C
      Certificates and the Class R-CX Certificates. The interests evidenced by the
      Class C Certificates, in respect of the regular interest in REMIC CX, and the
      Class R-CX Certificates constitute the entire beneficial ownership interest
      in
      REMIC CX. Pursuant to Section 3818 of the Statutory Trust Statute, the
      Class C Interest shall not be cancelled and shall be held as treasury
      interests owned by the Trust. The Class C Certificates, in respect of the
      regular interest in REMIC CX, and the Class R-CX Certificates shall together
      be
      a separate series of beneficial interests in the assets of the Trust consisting
      of the Class C Interest pursuant to Section 3806(b)(2) of the Statutory
      Trust Statute.

     

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

     

    (g)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trust without recourse
      all the right, title and interest of the Depositor in and to the Class P
      Interest for the benefit of the holders of the Class P Certificates and the
      Class R-PX Certificates. The Trustee acknowledges on behalf of the Trust receipt
      of the Class P Interest and declares that it holds and will hold the same in
      trust for the exclusive use and benefit of the holders of the Class P
      Certificates and the Class R-PX Certificates. The interests evidenced by the
      Class P Certificates and the Class R-PX Certificates constitute the entire
      beneficial ownership interest in REMIC PX. Pursuant to Section 3818 of the
      Statutory Trust Statute, the Class P Interest shall not be cancelled and
      shall be held as treasury interests owned by the Trust. The Class P
      Certificates and the Class R-PX Certificates shall together be a separate series
      of beneficial interests in the assets of the Trust consisting of the
      Class P Interest pursuant to Section 3806(b)(2) of the Statutory Trust
      Statute.

     

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

     

    (i)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trust without recourse
      all the right, title and interest of the Depositor in and to the Class Swap
      IO
      Interest for the benefit of the holders of the Class C Certificates and the
      Class R-SwapX Interest. The Trustee acknowledges on behalf of the Trust receipt
      of the Class Swap IO Interest and declares that it holds and will hold the
      same
      in trust for the exclusive use and benefit of the holders of the Class C
      Certificates and the Class R-CX Certificates. The interests evidenced by the
      Class C Certificates, in respect of the regular interest in REMIC SwapX, and
      the
      Class R-CX Certificates constitute the entire beneficial ownership interest
      in
      REMIC SwapX. Pursuant to Section 3818 of the Statutory Trust Statute, the Class
      Swap IO Interest shall not be cancelled and shall be held as treasury interests
      owned by the Trust. The Class C Certificates, in respect of the regular interest
      in REMIC SwapX, and the Class R-SwapX Interest shall together be a separate
      series of beneficial interests in the assets of the Trust consisting of the
      Class Swap IO Interest pursuant to Section 3806(b)(2) of the Statutory Trust
      Statute.

     

    (j)  In
      exchange for the Class Swap IO Interest and, concurrently with the assignment
      to
      the Trust thereof, pursuant to the written request of the Depositor executed
      by
      an officer of the Depositor, the Trustee on behalf of the Trust has executed,
      authenticated and delivered to or upon the order of the Depositor, the Class
      C
      Certificates in authorized denominations evidencing (together with the Class
      R-SwapX Interest) the entire beneficial ownership interest in REMIC
      SwapX.

     

    (k)  Concurrently
      with the assignments and deliveries to the Trust and the acceptances by the
      Trustee on behalf of the Trust, pursuant to Section 2.01, Section 2.02 and
      this
      Section 2.08, the Trustee on behalf of the Trust, pursuant to the written
      request of the Depositor executed by an officer of the Depositor, has executed,
      authenticated and delivered to or upon the order of the Depositor (i) the Class
      R Certificates in authorized denominations evidencing the Class R-1 Interest,
      the Class R-2 Interest and the Class R-3 Interest, (ii) the Class R-CX
      Certificates evidencing the Class R-CX Interest and the R-SwapX Interest and
      (iii) the Class R-PX Certificates evidencing the Class R-PX
      Interest.

     

    Section
      2.09  Creation
      of the Trust

     

    The
      Trust
      was created pursuant to the Original Trust Agreement and is hereby continued.
      As
      set forth in the Original Trust Agreement, the Trust shall be known as
“WaMu
      Asset Backed Certificates
      WaMu
      Series 2007-HE2 Trust.” The purpose of the Trust is, and the Trust shall have
      the power and authority, to engage in the following activities, all as provided
      by and subject to the terms of this Agreement:

     

    (i)  to
      acquire, hold, lease, manage, administer, control, invest, reinvest, operate
      and/or transfer all or part of the Trust Fund;

     

    (ii)  to
      issue
      regular and residual interests in the Trust REMICs and the
      Certificates;

     

    (iii)  to
      make
      distributions on regular and residual interests in the Trust REMICs and the
      Certificates; and

     

    (iv)  to
      engage
      in such other activities, including entering into agreements, as are described
      in or required by the terms of this Agreement or as are necessary, suitable
      or
      convenient to accomplish the foregoing or incidental thereto.

     

    Citibank,
      N.A. is hereby appointed as the trustee of the Trust, to have all the rights,
      duties and obligations of the Trustee with respect to the Trust expressly set
      forth hereunder, and Citibank, N.A. hereby accepts such appointment and the
      trust created hereby. Christiana Bank & Trust Company is hereby appointed as
      the Delaware Trustee of the Trust, to have all the rights, duties and
      obligations of the Delaware Trustee with respect to the Trust hereunder and
      Christiana Bank & Trust Company hereby accepts such appointment and the
      trust created hereby. It is the intention of the Depositor, the Servicer, the
      Trustee and the Delaware Trustee that the Trust constitute a statutory trust
      under the Statutory Trust Statute, that this Agreement constitute the governing
      instrument of the Trust, and that this Agreement amend and restate the Original
      Trust Agreement. The parties hereto acknowledge and agree that, prior to the
      execution and delivery hereof, the Delaware Trustee has filed the Certificate
      of
      Trust.

     

    The
      assets of the Trust shall remain in the custody of the Trustee or the Custodian,
      on behalf of the Trust, and shall be owned by the Trust. Moneys to the credit
      of
      the Trust shall be held by the Trustee and invested as provided herein. All
      assets received and held by the Trust will not be subject to any right, charge,
      security interest, lien or claim of any kind in favor of either of the
      institution acting as Trustee or the institution acting as Delaware Trustee
      in
      its own right, or any Person claiming through either. Neither the Trustee nor
      the Delaware Trustee shall have the power or authority to transfer, assign,
      hypothecate, pledge or otherwise dispose of any of the assets of the Trust
      to
      any Person, except as permitted herein. No creditor of a beneficiary of the
      Trust, of the Trustee, of the Delaware Trustee, of the Servicer or of the
      Depositor shall have any right to obtain possession of, or otherwise exercise
      legal or equitable remedies with respect to, the property of the Trust, except
      in accordance with the terms of this Agreement.

     

    Section
      2.10  Restrictions
      on Activities of the Trust.

     

    Notwithstanding
      any other provision of this Agreement and any provision of law that otherwise
      so
      empowers the Trust, so long as any Certificates are outstanding, the Trust
      shall
      not, and none of the Trustee, the Delaware Trustee, the Depositor or the
      Servicer shall knowingly cause the Trust to, do any of the
      following:

     

    (i)  engage
      in
      any business or activity other than those set forth in Section
      2.09;

     

    (ii)  incur
      or
      assume any indebtedness except for such indebtedness that may be incurred by
      the
      Trust in connection with the execution or performance of this Agreement or
      any
      other agreement contemplated hereby;

     

    (iii)  guarantee
      or otherwise assume liability for the debts of any other party;

     

    (iv)  do
      any
      act in contravention of this Agreement or any other agreement contemplated
      hereby to which the Trust is a party;

     

    (v)  do
      any
      act which would make it impossible to carry on the ordinary business of the
      Trust;

     

    (vi)  confess
      a
      judgment against the Trust;

     

    (vii)  possess
      or assign the assets of the Trust for other than a Trust purpose;

     

    (viii)  cause
      the
      Trust to lend any funds to any entity, except as contemplated by this Agreement;
      or

     

    (ix)  change
      the purposes and powers of the Trust from those set forth in this
      Agreement.

     

    Section
      2.11  Separateness
      Requirements.

     

    Notwithstanding
      any other provision of this Agreement and any provision of law that otherwise
      so
      empowers the Trust, so long as any Certificates are outstanding, the Trust
      shall
      perform the following:

     

    (i)  except
      as
      expressly permitted by this Agreement or the Custodial Agreement, maintain
      its
      books, records, bank accounts and files separate from those of any other
      Person;

     

    (ii)  except
      as
      expressly permitted by this Agreement, maintain its assets in its own separate
      name and in such a manner that it is not costly or difficult to segregate,
      identify, or ascertain such assets;

     

    (iii)  consider
      the interests of the Trust’s creditors in connection with its
      actions;

     

    (iv)  hold
      itself out to creditors and the public as a legal entity separate and distinct
      from any other Person and correct any known misunderstanding regarding its
      separate identity and refrain from engaging in any activity that compromises
      the
      separate legal identity of the Trust;

     

    (v)  prepare
      and maintain separate records, accounts and financial statements in accordance
      with generally accepted accounting principles, consistently applied, and
      susceptible to audit. To the extent it is included in consolidated financial
      statements or consolidated tax returns, such financial statements and tax
      returns will reflect the separateness of the respective entities and indicate
      that the assets of the Trust will not be available to satisfy the debts of
      any
      other Person;

     

    (vi)  allocate
      and charge fairly and reasonably any overhead shared with any other
      Person;

     

    (vii)  transact
      all business with affiliates on an arm’s-length basis and pursuant to written,
      enforceable agreements;

     

    (viii)  conduct
      business solely in the name of the Trust. In that regard all written and oral
      communications of the Trust, including, without limitation, letters, invoices,
      purchase orders and contracts, shall be made solely in the name of the
      Trust;

     

    (ix)  maintain
      a separate office through which its business shall be conducted, provided that
      such office may be an office of the Trustee, which office shall not be shared
      with the Depositor or any affiliates of the Depositor;

     

    (x)  in
      the
      event that services have been or are in the future performed or paid by any
      Person on behalf of the Trust (other than the Trustee, the Delaware Trustee,
      the
      Servicer or the tax matters person as permitted herein), reimburse such Person,
      as applicable, for the commercially reasonable value of such services or
      expenses provided or incurred by such Person. Accordingly, (i) the Trust shall
      reimburse such Person, as applicable, for the commercially reasonable value
      of
      such services or expenses provided or incurred by such Person; (ii) to the
      extent invoices for such services are not allocated and separately billed to
      the
      Trust, the amount thereof that was or is to be allocated and separately billed
      to the Trust was or will be reasonably related to the services provided to
      the
      Trust; and (iii) any other allocation of direct, indirect or overhead expenses
      for items shared between the Trust and any other Person, was or will be, to
      the
      extent practicable, allocated on the basis of actual use or value of services
      rendered or otherwise on a basis reasonably related to actual use or the value
      of services rendered;

     

    (xi)  except
      as
      expressly permitted by this Agreement, not commingle its assets or funds with
      those of any other Person;

     

    (xii)  except
      as
      expressly permitted by this Agreement, not assume, guarantee, or pay the debts
      or obligations of any other Person;

     

    (xiii)  except
      as
      expressly permitted by this Agreement, not pledge its assets for the benefit
      of
      any other Person;

     

    (xiv)  not
      hold
      out its credit or assets as being available to satisfy the obligations of
      others;

     

    (xv)  pay
      its
      liabilities only out of its funds;

     

    (xvi)  pay
      the
      salaries of its own employees, if any; and

     

    (xvii)  cause
      the
      agents and other representatives of the Trust, if any, to act at all times
      with
      respect to the Trust consistently and in furtherance of the
      foregoing.

     

    None
      of
      the Trustee, the Delaware Trustee, the Depositor or the Servicer shall take
      any
      action that is inconsistent with the purposes of the Trust or Section 2.10
      or
      Section 2.11. Neither the Depositor nor the Servicer shall direct the Trustee
      or
      the Delaware Trustee to take any action that is inconsistent with the purposes
      of the Trust or Section 2.10 or Section 2.11.

     

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    Section
      3.01  Servicer
      to Act as Servicer.

     

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

     

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

     

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

     

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

     

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

     

    To
      the
      extent consistent with the foregoing, the Servicer shall seek to maximize the
      timely and complete recovery of principal and interest on the Mortgage Notes.
      Subject only to the above-described servicing standards and the terms of this
      Agreement and of the respective Mortgage Loans, the Servicer shall have full
      power and authority, acting alone or through Sub-Servicers as provided in
      Section 3.02, to do or cause to be done any and all things in connection
      with such servicing and administration in accordance with policies and
      procedures generally accepted in the mortgage banking industry. Without limiting
      the generality of the foregoing, the Servicer in its own name or in the name
      of
      a Sub-Servicer is hereby authorized and empowered by the Trust when the Servicer
      believes it appropriate in its best judgment in accordance with the servicing
      standards set forth above, to execute and deliver, on behalf of the
      Certificateholders, the Trust and the Trustee, and upon notice to the Trustee,
      any and all instruments of satisfaction or cancellation, or of partial or full
      release or discharge, and all other comparable instruments, with respect to
      the
      Mortgage Loans and the Mortgaged Properties and to institute foreclosure
      proceedings or obtain a deed-in-lieu of foreclosure so as to convert the
      ownership of such properties, and to hold or cause to be held title to such
      properties, on behalf of the Trust and the Certificateholders. The Servicer
      shall service and administer the Mortgage Loans in accordance with applicable
      state and federal law and shall provide to the Mortgagors any reports required
      to be provided to them thereby. The Servicer shall also comply in the
      performance of this Agreement with all reasonable rules and requirements of
      each
      insurer under any standard hazard insurance policy. Subject to
      Section 3.17, the Trustee on behalf of the Trust shall execute, at the
      written direction of the Servicer, and furnish to the Servicer and any
      Sub-Servicer such documents as are necessary or appropriate to enable the
      Servicer or any Sub-Servicer to carry out their servicing and administrative
      duties hereunder, and the Trustee on behalf of the Trust hereby grants to the
      Servicer and each Sub-Servicer a power of attorney to carry out such duties
      including a power of attorney to take title to Mortgaged Properties after
      foreclosure on behalf of the Trust and the Certificateholders. The Trustee
      on
      behalf of the Trust, at the direction of the Servicer, shall execute a separate
      power of attorney in favor of (and furnish such power of attorney to) the
      Servicer and/or each Sub-Servicer for the purposes described herein to the
      extent necessary or desirable to enable the Servicer to perform its duties
      hereunder. The Trustee shall not be liable for the actions of the Servicer
      or
      any Sub-Servicers under such powers of attorney.

     

    The
      Servicer further is authorized and empowered by the Trustee, on behalf of the
      Trust, in its own name or in the name of a Sub-Servicer, when the Servicer
      believes it is appropriate in its best judgment to register any Mortgage Loan
      on
      the MERS® System, or cause the removal from the registration of any Mortgage
      Loan on the MERS® System, to execute and deliver, on behalf of the Trust, any
      and all instruments of assignment and other comparable instruments with respect
      to such assignment or re-recording of a Mortgage in the name of MERS, solely
      as
      nominee for the Trust and its successors and assigns. Any reasonable expenses
      incurred in connection with the actions described in the preceding sentence
      or
      as a result of MERS discontinuing or becoming unable to continue operations
      in
      connection with the MERS® System, shall be reimbursable to the Servicer by
      withdrawal from the Collection Account pursuant to Section 3.11.

     

    Subject
      to Section 3.09 hereof, in accordance with the standards of the preceding
      paragraph, the Servicer shall advance or cause to be advanced funds as necessary
      for the purpose of effecting the timely payment of taxes and assessments on
      the
      Mortgaged Properties, which advances shall be Servicing Advances reimbursable
      in
      the first instance from collections on the related Mortgage Loans from the
      Mortgagors pursuant to Section 3.09, and further as provided in
      Section 3.11. Any cost incurred by the Servicer or by Sub-Servicers in
      effecting the timely payment of taxes and assessments on a Mortgaged Property
      shall not, for the purpose of calculating distributions to Certificateholders,
      be added to the unpaid principal balance of the related Mortgage Loan,
      notwithstanding that the terms of such Mortgage Loan so permit.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances with respect to a Mortgage Loan (except as provided in
      Section 4.04) and the Servicer shall not (i) permit any modification
      with respect to any Mortgage Loan that would change the Mortgage Rate, reduce
      or
      increase the principal balance (except for reductions resulting from actual
      payments of principal) or change the final maturity date on such Mortgage Loan
      (unless, as provided in Section 3.07, the Mortgagor is in default with
      respect to the Mortgage Loan or such default is, in the judgment of the
      Servicer, reasonably foreseeable) or (ii) permit any modification, waiver
      or amendment of any term of any Mortgage Loan that would both (A) effect an
      exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
      (or final, temporary or proposed Treasury regulations promulgated thereunder)
      and (B) cause any Trust REMIC to fail to qualify as a REMIC under the Code
      or the imposition of any tax on “prohibited transactions” or contributions after
      the startup day under the REMIC Provisions.

     

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

     

    With
      respect to each Mortgage Loan, the Servicer will furnish, or cause to be
      furnished, information regarding the borrower credit file related to such
      Mortgage Loan to credit reporting agencies in compliance with the provisions
      of
      the Fair Credit Reporting Act and the applicable implementing
      regulations.

     

    Section
      3.02  Sub-Servicing
      Agreements Between the Servicer and Sub-Servicers.

     

    (a)  The
      Servicer may enter into Sub-Servicing Agreements provided (i) that such
      agreements would not result in a withdrawal or a downgrading by any Rating
      Agency of the ratings on any Class of Certificates, any of the Other NIM Notes
      or any of the Insured NIM Notes (without giving effect to any insurance policy
      issued by the NIMS Insurer), as evidenced by a letter to that effect delivered
      by each Rating Agency to the Depositor and the NIMS Insurer and (ii) that,
      except in the case of any Sub-Servicing Agreements the Servicer may enter into
      with Washington Mutual, Inc. or any Affiliate thereof, the NIMS Insurer shall
      have consented to such Sub-Servicing Agreements (which consent shall not be
      unreasonably withheld) with Sub-Servicers, for the servicing and administration
      of the Mortgage Loans. The Trustee on behalf of the Trust is hereby authorized
      to acknowledge, at the request of the Servicer, any Sub-Servicing Agreement
      that
      meets the requirements applicable to Sub-Servicing Agreements set forth in
      this
      Agreement and that is otherwise permitted under this Agreement.

     

    Each
      Sub-Servicer shall be (i) authorized to transact business in the state or
      states in which the related Mortgaged Properties it is to service are situated,
      if and to the extent required by applicable law to enable such Sub-Servicer
      to
      perform its obligations hereunder and under the related Sub-Servicing Agreement,
      (ii) an institution approved as a mortgagee by the Department of Housing
      and Urban Development pursuant to Section 203 of the National Housing Act of
      1934, as amended, or an institution the deposit accounts in which are insured
      by
      the FDIC and (iii) a Fannie Mae approved mortgage servicer. Each
      Sub-Servicing Agreement must impose on the related Sub-Servicer requirements
      conforming to the provisions set forth in Section 3.08. The Servicer will
      examine each Sub-Servicing Agreement and will be familiar with the terms
      thereof. The terms of any Sub-Servicing Agreement will not be inconsistent
      with
      any of the provisions of this Agreement. The Servicer and the Sub-Servicers
      may
      enter into and make amendments to the Sub-Servicing Agreements or enter into
      different forms of Sub-Servicing Agreements; provided, however, that any such
      amendments or different forms shall be consistent with and not violate the
      provisions of this Agreement, and that no such amendment or different form
      shall
      be made or entered into which could be reasonably expected to be materially
      adverse to the interests of the Certificateholders, without the consent of
      the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      variation without the consent of the Holders of Certificates entitled to at
      least 66% of the Voting Rights from the provisions set forth in
      Section 3.08 relating to credits and charges to the Sub-Servicing Accounts
      or the timing and amount of remittances by the Sub-Servicers to the Servicer
      are
      conclusively deemed to be inconsistent with this Agreement and therefore
      prohibited. The Servicer shall deliver to the NIMS Insurer and the Trustee
      copies of all Sub-Servicing Agreements, and any amendments or modifications
      thereof, promptly upon the Servicer’s execution and delivery of such
      instruments.

     

    (b)  As
      part
      of its servicing activities hereunder, the Servicer (except as otherwise
      provided in the last sentence of this paragraph), for the benefit of the Trust
      and the Certificateholders, shall enforce the obligations of each Sub-Servicer
      under the related Sub-Servicing Agreement and, subject to the last sentence
      of
      this paragraph, of the Seller under the Mortgage Loan Purchase Agreement
      including, without limitation, any obligation to make advances in respect of
      delinquent payments as required by a Sub-Servicing Agreement, or to purchase
      or
      otherwise remedy as contemplated herein a Mortgage Loan on account of missing
      or
      defective documentation or on account of a breach of a representation, warranty
      or covenant, as described in Section 2.03(a). Such enforcement, including,
      without limitation, the legal prosecution of claims, termination of
      Sub-Servicing Agreements, and the pursuit of other appropriate remedies, shall
      be in such form and carried out to such an extent and at such time as the
      Servicer, in its good faith business judgment, would require were it the owner
      of the related Mortgage Loans. The Servicer shall pay the costs of such
      enforcement at its own expense, and shall be reimbursed therefor only
      (i) from a general recovery resulting from such enforcement, to the extent,
      if any, that such recovery exceeds all amounts due in respect of the related
      Mortgage Loans or (ii) from a specific recovery of costs, expenses or
      attorneys’ fees against the party against whom such enforcement is directed.
      Enforcement of the Mortgage Loan Purchase Agreement against the Seller shall
      be
      effected by the Servicer to the extent it is not the Seller, and otherwise
      by
      the Trustee, in accordance with the foregoing provisions of this
      paragraph.

     

    Section
      3.03  Successor
      Sub-Servicers.

     

    The
      Servicer, with the written consent of the NIMS Insurer, shall be entitled to
      terminate any Sub-Servicing Agreement and the rights and obligations of any
      Sub-Servicer pursuant to any Sub-Servicing Agreement in accordance with the
      terms and conditions of such Sub-Servicing Agreement. In the event of
      termination of any Sub-Servicer, all servicing obligations of such Sub-Servicer
      shall be assumed simultaneously by the Servicer without any act or deed on
      the
      part of such Sub-Servicer or the Servicer, and the Servicer either shall service
      directly the related Mortgage Loans or shall enter into a Sub-Servicing
      Agreement with a successor Sub-Servicer which qualifies under
      Section 3.02.

     

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

     

    Section
      3.04  Liability
      of the Servicer.

     

    Notwithstanding
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between the Servicer and a Sub-Servicer or reference
      to actions taken through a Sub-Servicer or otherwise, the Servicer shall remain
      obligated and primarily liable to the Trust and the Certificateholders for
      the
      servicing and administering of the Mortgage Loans in accordance with the
      provisions of Section 3.01 without diminution of such obligation or
      liability by virtue of such Sub-Servicing Agreements or arrangements or by
      virtue of indemnification from a Sub-Servicer and to the same extent and under
      the same terms and conditions as if the Servicer alone were servicing and
      administering the Mortgage Loans. The Servicer shall be entitled to enter into
      any agreement with a Sub-Servicer for indemnification of the Servicer by such
      Sub-Servicer and nothing contained in this Agreement shall be deemed to limit
      or
      modify such indemnification and no such indemnification shall be an expense
      of
      the Trust.

     

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

     

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

     

    Section
      3.06  Assumption
      or Termination of Sub-Servicing Agreements by Trustee.

     

    In
      the
      event the Servicer shall for any reason no longer be the servicer (including
      by
      reason of the occurrence of a Servicer Event of Default), the Trustee or its
      designee shall thereupon assume all of the rights and obligations of the
      Servicer under each Sub-Servicing Agreement that the Servicer may have entered
      into, unless the Trustee, its designee or the successor servicer for the Trustee
      appointed pursuant to Section 7.02, elects to terminate any Sub-Servicing
      Agreement in accordance with its terms as provided in Section 3.03. Upon
      such assumption, the Trustee, its designee or the successor servicer for the
      Trustee appointed pursuant to Section 7.02 shall be deemed, subject to
      Section 3.03, to have assumed all of the Servicer’s interest therein and to
      have replaced the Servicer as a party to each Sub-Servicing Agreement to the
      same extent as if each Sub-Servicing Agreement had been assigned to the assuming
      party, except that (i) the Servicer shall not thereby be relieved of any
      liability or obligations under any Sub-Servicing Agreement that arose before
      it
      ceased to be the Servicer and (ii) none of the Trustee, its designee or any
      successor Servicer shall be deemed to have assumed any liability or obligation
      of the Servicer that arose before it ceased to be the Servicer.

     

    The
      Servicer at its own expense and without reimbursement shall, upon request of
      the
      Trustee, deliver to the assuming party all documents and records relating to
      each Sub-Servicing Agreement and the Mortgage Loans then being serviced and
      an
      accounting of amounts collected and held by or on behalf of it, and otherwise
      use its best efforts to effect the orderly and efficient transfer of the
      Sub-Servicing Agreements to the assuming party.

     

    Section
      3.07  Collection
      of Certain Mortgage Loan Payments.

     

    The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the Mortgage Loans, and shall, to the extent such
      procedures shall be consistent with this Agreement and the terms and provisions
      of any applicable insurance policies, follow such collection procedures as
      it
      would follow with respect to mortgage loans comparable to the Mortgage Loans
      and
      held for its own account. Consistent with the foregoing, the Servicer may in
      its
      discretion (i) waive any late payment charge or, if applicable, any penalty
      interest, or (ii) extend the due dates for the Monthly Payments due on a
      Mortgage Note for a period of not greater than 180 days; provided that any
      extension pursuant to this clause (ii) shall not affect the amortization
      schedule of any Mortgage Loan for purposes of any computation hereunder, except
      as provided below. In the event of any such arrangement pursuant to clause
      (ii)
      above, the Servicer shall make timely advances on such Mortgage Loan during
      such
      extension pursuant to Section 4.04 and in accordance with the amortization
      schedule of such Mortgage Loan without modification thereof by reason of such
      arrangements, subject to Section 4.04(d) pursuant to which the Servicer
      shall not be required to make any such advances that are Nonrecoverable
      Advances. Notwithstanding the foregoing, in the event that any Mortgage Loan
      is
      in default or, in the judgment of the Servicer, such default is reasonably
      foreseeable, the Servicer, consistent with the standards set forth in
      Section 3.01, may also waive, modify or vary any term of such Mortgage Loan
      (including modifications that would change the Mortgage Rate, forgive the
      payment of principal or interest or extend the final maturity date of such
      Mortgage Loan, accept payment from the related Mortgagor of an amount less
      than
      the Stated Principal Balance in final satisfaction of such Mortgage Loan (such
      payment, a “Short Pay-off”) or consent to the postponement of strict compliance
      with any such term or otherwise grant indulgence to any Mortgagor; provided,
      that in the judgment of the Servicer, any such modification, waiver or amendment
      could reasonably be expected to result in collections and other recoveries
      in
      respect of such Mortgage Loans in excess of Net Liquidation Proceeds that would
      be recovered upon the foreclosure of, or other realization upon, such Mortgage
      Loan and provided further, that the NIMS Insurer’s prior written consent shall
      be required for any modification, waiver or amendment if the aggregate number
      of
      outstanding Mortgage Loans which have been modified, waived or amended exceeds
      5% of the number of Closing Date Mortgage Loans as of the Cut-off
      Date.

     

    Section
      3.08  Sub-Servicing
      Accounts.

     

    In
      those
      cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, such Sub-Servicer shall be required to establish and
      maintain one or more segregated accounts (collectively, the “Sub-Servicing
      Account”). The Sub-Servicing Account shall be an Eligible Account and shall be
      entitled “Citibank, N.A., as Trustee, in trust for registered Holders of WaMu
      Asset-Backed Certificates WaMu Series 2007-HE2 Trust. Such Sub-Servicer shall
      be
      required to deposit in the clearing account (which account must be an Eligible
      Account) in which it customarily deposits payments and collections on mortgage
      loans in connection with its mortgage loan servicing activities on a daily
      basis, and in no event more than one Business Day after such Sub-Servicer’s
      receipt thereof, all proceeds of Mortgage Loans received by such Sub-Servicer
      less its servicing compensation to the extent permitted by the related
      Sub-Servicing Agreement, and shall thereafter deposit such amounts in the
      Sub-Servicing Account, in no event more than two Business Days after the deposit
      of such funds into the clearing account. Such Sub-Servicer shall thereafter
      be
      required to deposit all such proceeds in the Collection Account or remit such
      proceeds to the Servicer for deposit in the Collection Account not later than
      the Determination Date following the deposit of such amounts in the
      Sub-Servicing Account. For purposes of this Agreement, the Servicer shall be
      deemed to have received payments on the Mortgage Loans when such Sub-Servicer
      receives such payments.

     

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

     

    The
      Servicer shall establish and maintain, or cause to be established and
      maintained, one or more segregated accounts (the “Servicing Accounts”).
      Servicing Accounts shall be Eligible Accounts. The Servicer shall deposit in
      the
      clearing account (which account must be an Eligible Account) in which it
      customarily deposits payments and collections on mortgage loans in connection
      with its mortgage loan servicing activities on a daily basis, and in no event
      more than one Business Day after the Servicer’s receipt thereof, all collections
      from the Mortgagors (or related advances from Sub-Servicers) for the payment
      of
      taxes, assessments, hazard insurance premiums and comparable items for the
      account of the Mortgagors (“Escrow Payments”) collected on account of the
      Mortgage Loans and shall thereafter deposit such Escrow Payments in the
      Servicing Accounts, in no event more than two Business Days after the deposit
      of
      such funds in the clearing account, for the purpose of effecting the payment
      of
      any such items as required under the terms of this Agreement. Withdrawals of
      amounts from a Servicing Account may be made only to (i) effect payment of
      taxes, assessments, hazard insurance premiums, and comparable items;
      (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided in
      the related Sub-Servicing Agreement) out of related collections for any advances
      made pursuant to Section 3.01 (with respect to taxes and assessments) and
      Section 3.14 (with respect to hazard insurance); (iii) refund to
      Mortgagors any sums as may be determined to be overages; (iv) pay interest,
      if required and as described below, to Mortgagors on balances in the Servicing
      Account; (v) clear and terminate the Servicing Account upon the termination
      of the Servicer’s obligations and responsibilities in respect of the Mortgage
      Loans under this Agreement in accordance with Article IX or
      (vi) recover amounts deposited in error. As part of its servicing duties,
      the Servicer or Sub-Servicers shall pay to the Mortgagors interest on funds
      in
      Servicing Accounts, to the extent required by law and, to the extent that
      interest earned on funds in the Servicing Accounts is insufficient, to pay
      such
      interest from its or their own funds, without any reimbursement therefor. To
      the
      extent that a Mortgage does not provide for Escrow Payments, the Servicer shall
      determine whether any such payments are made by the Mortgagor in a manner and
      at
      a time that avoids the loss of the Mortgaged Property due to a tax sale or
      the
      foreclosure of a tax lien. The Servicer assumes full responsibility for the
      payment of all such bills within such time and shall effect payments of all
      such
      bills irrespective of the Mortgagor’s faithful performance in the payment of
      same or the making of the Escrow Payments and shall make advances from its
      own
      funds to effect such payments; provided, however, that such advances shall
      constitute Servicing Advances.

     

    Section
      3.10  Collection
      Account and Distribution Account.

     

    (a)  On
      behalf
      of the Trust, the Servicer shall establish and maintain, or cause to be
      established and maintained, one or more segregated accounts (such account or
      accounts, the “Collection Account”), held in trust for the benefit of the Trust
      and the Certificateholders. On behalf of the Trust, the Servicer shall deposit
      or cause to be deposited in the clearing account (which account must be an
      Eligible Account) in which it customarily deposits payments and collections
      on
      mortgage loans in connection with its mortgage loan servicing activities on
      a
      daily basis, and in no event more than one Business Day after the Servicer’s
      receipt thereof, and shall thereafter deposit in the Collection Account, in
      no
      event more than two Business Days after the deposit of such funds into the
      clearing account, as and when received or as otherwise required hereunder,
      the
      following payments and collections received or made by it subsequent to the
      Cut-off Date (other than in respect of principal or interest on the related
      Mortgage Loans due on or before the Cut-off Date or payments (other than
      Principal Prepayments) received by it on or prior to the Cut-off Date but
      allocable to a Due Period subsequent thereto):

     

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

     

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

     

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

     

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

     

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

     

    (vi)  all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
      Section 2.03, Section 3.16(c) or Section 9.01 and all Servicer Prepayment Charge
      Payment Amounts required to be deposited in the Collection Account pursuant
      to
      Section 2.03;

     

    (vii)  all
      amounts representing the Substitution Price; 

     

    (viii)  without
      duplication, all payments of claims received by the Servicer under the PMI
      Policy, if any; and

     

    (ix)  all
      Prepayment Charges collected by the Servicer.

     

    For
      purposes of the immediately preceding sentence, the Cut-off Date with respect
      to
      any Substitute Mortgage Loan shall be deemed to be the date of
      substitution.

     

    The
      aggregate amount deposited in the Collection Account on any date pursuant to
      this Section 3.10(a) may be net of any amounts permitted to be withdrawn by
      the
      Servicer from the Collection Account on such date pursuant to Section
      3.11(a).

     

    The
      foregoing requirements for deposit in the Collection Accounts shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, any Prepayment Interest Excess and payments in the nature
      of
      late payment charges, NSF fees, reconveyance fees, prepayment charges paid
      by
      Mortgagors upon voluntary partial prepayment of certain mortgage loans,
      assumption fees and other similar fees and charges (other than Prepayment
      Charges) need not be deposited by the Servicer in the Collection Account and
      shall, upon collection, belong to the Servicer as additional compensation for
      its servicing activities. In the event the Servicer shall deposit in the
      Collection Account any amount not required to be deposited therein, it may
      at
      any time withdraw such amount from the Collection Account, any provision herein
      to the contrary notwithstanding.

     

    (b)  On
      behalf
      of the Trust, the Trustee shall establish and maintain one or more segregated
      accounts (such account or accounts, the “Distribution Account”), held in trust
      for the benefit of the Trust and the Certificateholders. On behalf of the Trust,
      the Servicer shall deliver to the Trustee in immediately available funds for
      deposit on the same day in the Distribution Account on or before 3:00 p.m.
      New
      York time (i) on the Servicer Remittance Date, that portion of the Available
      Funds (calculated without regard to the references in the definition thereof
      to
      amounts that may be withdrawn from the Distribution Account) for the related
      Distribution Date then on deposit in the Collection Account, the amount of
      all
      Prepayment Charges on the Prepayment Charge Schedule collected by the Servicer
      in connection with any of the Mortgage Loans and any Servicer Prepayment Charge
      Payment Amounts then on deposit in the Collection Account and the amount of
      any
      funds reimbursable to an Advancing Person pursuant to Section 3.27 and
      (ii) on each Business Day as of the commencement of which the balance on
      deposit in the Collection Account exceeds $75,000 following any withdrawals
      pursuant to the next succeeding sentence, the amount of such excess, but only
      if
      the Collection Account constitutes an Eligible Account solely pursuant to clause
      (ii) of the definition of “Eligible Account.” If the balance on deposit in
      the Collection Account exceeds $75,000 as of the commencement of business on
      any
      Business Day and the Collection Account constitutes an Eligible Account solely
      pursuant to clause (ii) of the definition of “Eligible Account,” the
      Servicer shall, on or before 3:00 p.m. New York time on such Business Day,
      withdraw from the Collection Account any and all amounts payable or reimbursable
      to the Depositor, the Servicer, the Trustee, the Seller or any Sub-Servicer
      pursuant to Section 3.11 and shall pay such amounts to the Persons entitled
      thereto. In order to comply with its duties under the U.S.A. Patriot Act, the
      Trustee shall obtain and verify certain information and documentation from
      the
      parties hereto, including, but not limited to, each party’s name, address, and
      other identifying information.

     

    (c)  Funds
      in
      the Collection Account and the Distribution Account may be invested in Permitted
      Investments in accordance with the provisions set forth in Section 3.12. The
      Servicer shall give notice to the Trustee, the NIMS Insurer, the Depositor
      and
      the Rating Agencies of the location of the Collection Account maintained by
      it
      when established and prior to any change thereof. The Trustee shall give notice
      to the Servicer, the NIMS Insurer, the Depositor and the Rating Agencies of
      the
      location of the Distribution Account when established and prior to any change
      thereof.

     

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

     

    (i)  any
      Advances, as required pursuant to Section 4.04, unless delivered directly to
      the
      Trustee by an Advancing Person;

     

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

     

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

     

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

     

    (v)  any
      Stayed Funds, as soon as permitted by the federal bankruptcy court having
      jurisdiction in such matters.

     

    (e)  Promptly
      upon receipt of any Stayed Funds, whether from the Servicer, a trustee in
      bankruptcy, federal bankruptcy court or other source, the Trustee shall deposit
      such funds in the Distribution Account, subject to withdrawal thereof pursuant
      to Section 7.02(b) or as otherwise permitted hereunder.

     

    Section
      3.11  Withdrawals
      from the Collection Account and Distribution Account.

     

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

     

    (i)  to
      remit
      to the Trustee for deposit in the Distribution Account the amounts required
      to
      be so remitted pursuant to Section 3.10(b) or permitted to be so remitted
      pursuant to the first sentence of Section 3.10(d);

     

    (ii)  subject
      to Section 3.16(d), to reimburse the Servicer for Advances, but only to the
      extent of amounts received which represent Late Collections (net of the related
      Servicing Fees) of Monthly Payments on the related Mortgage Loans in accordance
      with the provisions of Section 4.04;

     

    (iii)  subject
      to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any
      unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with
      respect to each Mortgage Loan, but only to the extent of any Late Collections,
      Liquidation Proceeds, Insurance Proceeds, Gross Subsequent Recoveries or other
      amounts as may be collected by the Servicer from a Mortgagor, or otherwise
      received with respect to such Mortgage Loan;

     

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

     

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

     

    (vi)  to
      reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance in accordance
      with the provisions of Section 4.04;

     

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

     

    (viii)  to
      reimburse the NIMS Insurer, the Servicer or the Trustee, as the case may be,
      for
      enforcement expenses reasonably incurred in respect of the breach or defect
      giving rise to the purchase obligation under Section 2.03 of this Agreement
      that were included in the Purchase Price of the Mortgage Loan, including any
      expenses arising out of the enforcement of the purchase obligation; provided,
      however, that the reimbursement to the NIMS Insurer pursuant to this clause
      shall be limited to an annual amount of $25,000;

     

    (ix)  to
      pay,
      or to reimburse the Servicer for advances in respect of, expenses incurred
      in
      connection with any Mortgage Loan pursuant to Section 3.16(b);

     

    (x)  to
      pay
      the PMI Insurer the PMI Insurer Fee; and

     

    (xi)  to
      clear
      and terminate the Collection Account pursuant to Section 9.01.

     

    The
      Servicer shall keep and maintain separate accounting, on an individual Mortgage
      Loan basis, for the purpose of justifying any withdrawal from the Collection
      Account, to the extent held by or on behalf of it, pursuant to subclauses (ii),
      (iii), (v), (vi), (viii) and (ix) above. The Servicer shall provide written
      notification to the Trustee and the NIMS Insurer, on or prior to the next
      succeeding Servicer Remittance Date, upon making any withdrawals from the
      Collection Account pursuant to subclause (vii) above.

     

    (b)  The
      Trustee shall, from time to time, make withdrawals from the Distribution
      Account, for any of the following purposes, without required
      priority:

     

    (i)  to
      make
      distributions to Certificateholders and for deposit into the Reserve Fund,
      the
      Supplemental Interest Trust and the Final Maturity Reserve Trust in accordance
      with Section 4.01;

     

    (ii)  to
      pay to
      itself amounts to which it is entitled pursuant to Section 8.05 or to pay
      any other Extraordinary Trust Fund Expenses;

     

    (iii)  to
      pay to
      itself any interest income earned on funds deposited in the Distribution Account
      pursuant to Section 3.12(c);

     

    (iv)  to
      reimburse itself pursuant to Section 7.02 or pursuant to Section 7.01
      to the extent such amounts in Section 7.01 were not reimbursed by the
      Servicer;

     

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

     

    (vi)  to
      remit
      to the Servicer any amount deposited in the Distribution Account by the Servicer
      but not required to be deposited therein in accordance with
      Section 3.10(d);

     

    (vii)  to
      pay to
      an Advancing Person reimbursements for Advances and/or Servicing Advances
      pursuant to Section 3.27;

     

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

     

    (ix)  to
      pay
      itself the Trustee Fees.

     

    Section
      3.12  Investment
      of Funds in the Interest Coverage Account, the Collection Account and the
      Distribution Account.

     

    (a)  The
      Servicer may direct any depository institution maintaining the Collection
      Account and any REO Account (for purposes of this Section 3.12, an
“Investment Account”), and the Trustee, in its individual capacity, may direct
      any depository institution maintaining the Distribution Account (for purposes
      of
      this Section 3.12, the Distribution Account is also an “Investment
      Account”), to invest the funds in such Investment Account in one or more
      Permitted Investments bearing interest or sold at a discount, and maturing,
      unless payable on demand, (i) no later than the Business Day immediately
      preceding the date on which such funds are required to be withdrawn from such
      account pursuant to this Agreement, if a Person other than the Trustee is the
      obligor thereon and (ii) no later than the date on which such funds are
      required to be withdrawn from such account pursuant to this Agreement, if the
      Trustee is the obligor thereon. All such Permitted Investments shall be held
      to
      maturity, unless payable on demand. Any investment of funds in an Investment
      Account shall be made in the name of the Trustee (in its capacity as such),
      or
      in the name of a nominee of the Trustee. The Trustee shall be entitled to sole
      possession (except with respect to investment direction of funds held in the
      Interest Coverage Account, the Collection Account and any REO Account and any
      income and gain realized thereon) over each such investment, and any certificate
      or other instrument evidencing any such investment shall be delivered directly
      to the Trustee or its agent, together with any document of transfer necessary
      to
      transfer title to such investment to the Trustee or its nominee. In the event
      amounts on deposit in a Distribution Account are at any time invested in a
      Permitted Investment payable on demand, the Trustee shall:

     

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

     

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

     

    (b)  All
      income and gain realized from the investment of funds deposited in the Interest
      Coverage Account, the Collection Account and any REO Account held by or on
      behalf of the Servicer shall be for the benefit of the Servicer in its
      individual capacity and shall be subject to its withdrawal in accordance with
      Section 3.11 or Section 3.23, as applicable. The Servicer shall
      deposit in the Interest Coverage Account, the Collection Account or any REO
      Account, as applicable, from its own funds, the amount of any loss of principal
      incurred in respect of any such Permitted Investment made with funds in such
      accounts immediately upon realization of such loss.

     

    (c)  All
      income and gain realized from the investment of funds deposited in the
      Distribution Account held by or on behalf of the Trustee shall be for the
      benefit of the Trustee and shall be subject to its withdrawal at any time.
      The
      Trustee shall deposit in the Distribution Account, from its own funds, the
      amount of any loss of principal incurred in respect of any such Permitted
      Investment made with funds in such account immediately upon realization of
      such
      loss.

     

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

     

    Section
      3.13  Reserved.
       

    

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

     

    (a)  The
      Servicer shall cause to be maintained for each Mortgage Loan fire insurance
      with
      extended coverage on the related Mortgaged Property in an amount which is at
      least equal to the least of (i) the then current principal balance of such
      Mortgage Loan, (ii) the amount necessary to fully compensate for any damage
      or loss to the improvements that are a part of such property on a replacement
      cost basis and (iii) the maximum insurable value of the improvements which
      are a part of such Mortgaged Property, in each case in an amount not less than
      such amount as is necessary to avoid the application of any coinsurance clause
      contained in the related hazard insurance policy. The Servicer shall also cause
      to be maintained fire insurance with extended coverage on each REO Property
      in
      an amount which is at least equal to the lesser of (i) the maximum
      insurable value of the improvements which are a part of such property and
      (ii) the outstanding principal balance of the related Mortgage Loan at the
      time it became an REO Property, plus accrued interest at the Mortgage Rate
      and
      related Servicing Advances. The Servicer will comply in the performance of
      this
      Agreement with all reasonable rules and requirements of each insurer under
      any
      such hazard policies. Any amounts to be collected by the Servicer under any
      such
      policies (other than amounts to be applied to the restoration or repair of
      the
      property subject to the related Mortgage or amounts to be released to the
      Mortgagor in accordance with the procedures that the Servicer would follow
      in
      servicing loans held for its own account, subject to the terms and conditions
      of
      the related Mortgage and Mortgage Note) shall be deposited in the Collection
      Account, subject to withdrawal pursuant to Section 3.11, if received in
      respect of a Mortgage Loan, or in the REO Account, subject to withdrawal
      pursuant to Section 3.23, if received in respect of an REO Property. Any
      cost incurred by the Servicer in maintaining any such insurance shall not,
      for
      the purpose of calculating distributions to Certificateholders, be added to
      the
      unpaid principal balance of the related Mortgage Loan, notwithstanding that
      the
      terms of such Mortgage Loan so permit. It is understood and agreed that no
      earthquake or other additional insurance is to be required of any Mortgagor
      other than pursuant to such applicable laws and regulations as shall at any
      time
      be in force and as shall require such additional insurance. If the Mortgaged
      Property or REO Property is at any time in an area identified in the Federal
      Register by the Federal Emergency Management Agency as having special flood
      hazards and flood insurance has been made available, the Servicer will cause
      to
      be maintained a flood insurance policy in respect thereof. Such flood insurance
      shall be in an amount equal to the lesser of (i) the unpaid principal
      balance of the related Mortgage Loan and (ii) the maximum amount of such
      insurance available for the related Mortgaged Property under the national flood
      insurance program (assuming that the area in which such Mortgaged Property
      is
      located is participating in such program).

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy with an
      insurer having a General Policy Rating of A:X or better in Best’s Key Rating
      Guide (or such other rating that is comparable to such rating) insuring against
      hazard losses on all of the Mortgage Loans, it shall conclusively be deemed
      to
      have satisfied its obligations as set forth in the first two sentences of this
      Section 3.14, it being understood and agreed that such policy may contain a
      deductible clause, in which case the Servicer shall, in the event that there
      shall not have been maintained on the related Mortgaged Property or REO Property
      a policy complying with the first two sentences of this Section 3.14, and
      there shall have been one or more losses which would have been covered by such
      policy, deposit to the Collection Account from its own funds the amount not
      otherwise payable under the blanket policy because of such deductible clause.
      In
      connection with its activities as administrator and servicer of the Mortgage
      Loans, the Servicer agrees to prepare and present, on behalf of itself and
      the
      Trust, claims under any such blanket policy in a timely fashion in accordance
      with the terms of such policy.

     

    (b)  The
      Servicer shall obtain (to the extent commercially available) and maintain
      fidelity bond and errors and omissions coverage acceptable to Fannie Mae or
      Freddie Mac with respect to its obligations under this Agreement, unless the
      Servicer or any of its Affiliates has obtained a waiver of such Fannie Mae
      or
      Freddie Mac requirements from either Fannie Mae or Freddie Mac. The Servicer
      shall provide the Trustee and the NIMS Insurer (upon such party’s reasonable
      request) with copies of any such insurance policies and fidelity bond. The
      Servicer shall be deemed to have complied with this provision if an Affiliate
      of
      the Servicer has such errors and omissions and fidelity bond coverage and,
      by
      the terms of such insurance policy or fidelity bond, the coverage afforded
      thereunder extends to the Servicer.

     

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

     

    The
      Servicer shall, to the extent it has knowledge of any conveyance or prospective
      conveyance of any Mortgaged Property by any Mortgagor (whether by absolute
      conveyance or by contract of sale, and whether or not the Mortgagor remains
      or
      is to remain liable under the Mortgage Note and/or the Mortgage), exercise
      its
      rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale”
clause, if any, applicable thereto; provided, however, that the Servicer shall
      not be required to take such action if in its sole business judgment the
      Servicer believes that the collections and other recoveries in respect of such
      Mortgage Loans could reasonably be expected to be maximized if the Mortgage
      Loan
      were not accelerated, and the Servicer shall not exercise any such rights if
      prohibited by law from doing so. If the Servicer reasonably believes it is
      unable under applicable law to enforce such “due-on-sale” clause, or if any of
      the other conditions set forth in the proviso to the preceding sentence apply,
      the Servicer will enter into an assumption and modification agreement from
      or
      with the person to whom such property has been conveyed or is proposed to be
      conveyed, pursuant to which such person becomes liable under the Mortgage Note
      and, to the extent permitted by applicable state law, the Mortgagor remains
      liable thereon. The Servicer may also enter into a substitution of liability
      agreement with such person, pursuant to which the original Mortgagor is released
      from liability and such person is substituted as the Mortgagor and becomes
      liable under the Mortgage Note, provided that no such substitution shall be
      effective unless such person satisfies the underwriting criteria of the Servicer
      and has a credit risk rating at least equal to that of the
      original Mortgagor. In connection with any assumption, modification or
      substitution, the Servicer shall apply such underwriting standards and follow
      such practices and procedures as shall be normal and usual in its general
      mortgage servicing activities and as it applies to other mortgage loans owned
      solely by it. The Servicer shall not take or enter into any assumption and
      modification agreement, however, unless (to the extent practicable under the
      circumstances) it shall have received confirmation, in writing, of the continued
      effectiveness of any applicable hazard insurance policy, or a new policy meeting
      the requirements of this Section is obtained. Any fee collected by the
      Servicer in respect of any assumption, modification or substitution of liability
      agreement will be retained by the Servicer as additional servicing compensation.
      In connection with any such assumption, no material term of the Mortgage Note
      (including but not limited to the related Mortgage Rate and the amount of the
      Monthly Payment) may be amended or modified, except as otherwise required
      pursuant to the terms thereof. The Servicer shall notify the Trustee and the
      NIMS Insurer that any such substitution, modification or assumption agreement
      has been completed by forwarding to the Trustee (with a copy to the NIMS
      Insurer) the executed original of such substitution, modification or assumption
      agreement, which document shall be added to the related Mortgage File and shall,
      for all purposes, be considered a part of such Mortgage File to the same extent
      as all other documents and instruments constituting a part thereof.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason whatever.
      For purposes of this Section 3.15, the term “assumption” is deemed to also
      include a sale of the Mortgaged Property subject to the Mortgage that is not
      accompanied by an assumption or substitution of liability
      agreement.

     

    Section
      3.16  Realization
      Upon Defaulted Mortgage Loans.

     

    (a)  The
      Servicer shall use reasonable efforts consistent with the servicing standard
      set
      forth in Section 3.01 to foreclose upon or otherwise comparably convert the
      ownership of properties securing such of the Mortgage Loans as come into and
      continue in default and as to which no satisfactory arrangements can be made
      for
      collection of delinquent payments pursuant to Section 3.07. The Servicer
      shall be responsible for all costs and expenses incurred by it in any such
      proceedings; provided, however, that such costs and expenses will constitute
      and
      be recoverable as Servicing Advances by the Servicer as contemplated in
      Section 3.11 and Section 3.23. The foregoing is subject to the
      provision that, in any case in which Mortgaged Property shall have suffered
      damage from an Uninsured Cause, the Servicer shall not be required to expend
      its
      own funds toward the restoration of such property unless it shall determine
      in
      its sole and absolute discretion that such restoration will increase the
      proceeds of liquidation of the related Mortgage Loan after reimbursement to
      itself for such expenses.

     

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

     

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

     

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

     

    Notwithstanding
      the foregoing, with respect to the Mortgage Loans, if such environmental audit
      reveals, or if the Servicer has knowledge or notice, that the Mortgaged Property
      securing the Mortgage Loan contains such wastes or substances or is within
      one
      mile of the site of such wastes or substances, the Servicer shall not foreclose
      or accept a deed in lieu of foreclosure without the prior written consent of
      the
      NIMS Insurer.

     

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

     

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

     

    (c)  The
      Holder of the Class C Certificates (except if such Holder is the Seller or
      any
      of its Affiliates) may at its option purchase from REMIC 1 any Mortgage Loan
      or
      related REO Property that is 90 days or more delinquent or that has been
      otherwise in default for 90 days or more, which such Holder determines in good
      faith will otherwise become subject to foreclosure proceedings (evidence of
      such
      determination to be delivered in writing to the Trustee prior to purchase),
      at a
      price equal to the Purchase Price; provided, however, that the Holder of the
      Class C Certificates shall purchase any such Mortgage Loans or related REO
      Properties on the basis of delinquency or default, purchasing first the Mortgage
      Loans or related REO Properties that became delinquent or otherwise in default
      on an earlier date. For the avoidance of doubt, the Holder of the Class C
      Certificates in exercising its right to purchase Mortgage Loans pursuant to
      this
      Section 3.16(c) shall not be subject to any requirement of this Article III
      (other than the requirements of this Section 3.16(c)). In the event the Holder
      of the Class C Certificates does not exercise its option to purchase from REMIC
      1 any such Mortgage Loan or related REO Property, the NIMS Insurer shall be
      entitled to purchase such Mortgage Loan or related REO Property; provided,
      however, that the NIM Insurer shall purchase any such Mortgage Loans or related
      REO Properties on the basis of delinquency or default, purchasing first the
      Mortgage Loans or related REO Properties that became delinquent or otherwise
      in
      default on an earlier date. The Purchase Price for any Mortgage Loan or related
      REO Property purchased hereunder shall be deposited in the Collection Account,
      and the Trustee, upon receipt of written certification from the Servicer of
      such
      deposit, shall release or cause to be released to the Holder of the Class C
      Certificates or the NIMS Insurer, as applicable, the related Mortgage File
      and
      the Trustee, on behalf of the Trust, shall execute and deliver such instruments
      of transfer or assignment, in each case without recourse, as the Holder of
      the
      Class C Certificates or the NIMS Insurer, as applicable, shall furnish and
      as
      shall be necessary to vest in the Holder of the Class C Certificates or the
      NIMS
      Insurer, as applicable, title to any Mortgage Loan or related REO Property
      released pursuant hereto. For so long as the indenture trustee under the
      Indenture is the Holder of the Class C Certificate, the holder (the “Residual
      NIM Holder”) of the subordinate note, the owner trust certificate or another
      instrument representing the right to receive the proceeds of the trust estate
      securing payments on the NIM Notes after all of the NIM Notes have been paid
      off
      shall be deemed to be the “Holder of the Class C Certificates” for purposes of
      this Section 3.16(c). The Trustee shall request from the Residual NIM Holder
      a
      certificate substantially in the form of Exhibit G attached hereto. The Trustee
      may conclusively rely upon and shall be fully protected in acting or refraining
      from acting based on such certificate.

     

    (d)  Proceeds
      received (other than any prepayment charges or premiums received) in connection
      with any Final Recovery Determination, as well as any recovery resulting from
      a
      partial collection of Insurance Proceeds, Liquidation Proceeds or Gross
      Subsequent Recoveries, in respect of any Mortgage Loan, will be applied in
      the
      following order of priority: first,
      to
      reimburse the Servicer or any Sub-Servicer for any related unreimbursed
      Servicing Advances and Advances, pursuant to Section 3.11(a)(ii) or
      (a)(iii); second,
      to
      accrued and unpaid interest on the Mortgage Loan, to the date of the Final
      Recovery Determination, or to the Due Date prior to the Distribution Date on
      which such amounts are to be distributed if not in connection with a Final
      Recovery Determination; and third,
      as a
      recovery of principal of the Mortgage Loan. If the amount of the recovery so
      allocated to interest is less than the full amount of accrued and unpaid
      interest due on such Mortgage Loan, the amount of such recovery will be
      allocated by the Servicer as follows: first,
      to
      unpaid Servicing Fees; and second,
      to the
      balance of the interest then due and owing. The portion of the recovery so
      allocated to unpaid Servicing Fees shall be reimbursed to the Servicer or any
      Sub-Servicer pursuant to Section 3.11(a)(iii).

     

    (e)  The
      Servicer may (but is not obligated to) enter into a special servicing agreement
      with an unaffiliated holder of a 100% Percentage Interest of the most junior
      Class of the Mezzanine Certificates, subject to each Rating Agency’s
      acknowledgment that the ratings of the Class A Certificates, the Mezzanine
      Certificates and the Other NIM Notes and the initial shadow rating to the
      Insured NIM Notes, without giving effect to any insurance policy issued by
      the
      NIMS Insurer, in each case, in effect immediately prior to the entering into
      such agreement would not be qualified, downgraded or withdrawn and none of
      the
      Class A Certificates, the Mezzanine Certificates or the NIM Notes would be
      placed on credit review status (except for possible upgrading) as a result
      of
      such agreement. Any such agreement may contain provisions whereby such Holder
      may (i) instruct the Servicer to commence or delay foreclosure proceedings
      with
      respect to delinquent Mortgage Loans and will contain provisions for the deposit
      of cash with the Servicer by the Holder that would be available for distribution
      to Certificateholders if Liquidation Proceeds are less than they otherwise
      may
      have been had the Servicer acted in accordance with its normal procedures,
      (ii)
      purchase delinquent Mortgage Loans from the Trust immediately prior to the
      commencement of foreclosure proceedings at a price equal to the Purchase Price,
      and/or (iii) assume all of the servicing rights and obligations with respect
      to
      delinquent Mortgage Loans so long as such Holder (A) meets the requirements
      for
      a Sub-Servicer set forth in Section 3.02(a), (B) will service such Mortgage
      Loans in accordance with this Agreement and (C) the Servicer has the right
      to
      transfer such servicing rights without the payment of any compensation to a
      Sub-Servicer.

     

    Section
      3.17  Trustee
      to Cooperate; Release of Mortgage Files.

     

    (a)  Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer will promptly notify the Trustee and the applicable
      Custodian holding the related Mortgage File by a certification in the form
      of
      Exhibit E-2 (which certification shall include a statement to the effect
      that all amounts received or to be received in connection with such payment
      which are required to be deposited in the Collection Account pursuant to
      Section 3.10 have been or will be so deposited) of a Servicing
      Representative and shall request delivery to it of the related Mortgage File.
      Upon receipt of such certification and request, the Trustee or such Custodian,
      as applicable, shall promptly release the related Mortgage File to the Servicer
      and the Servicer is authorized to cause the removal from the registration on
      the
      MERS® System of any such Mortgage Loan, if applicable. No expenses incurred in
      connection with any instrument of satisfaction or deed of reconveyance shall
      be
      chargeable to the Collection Account or the Distribution Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Trustee or the applicable Custodian shall,
      upon request of the Servicer and delivery to the Trustee or the applicable
      Custodian of a Request for Release in the form of Exhibit E-l, release the
      related Mortgage File to the Servicer, and the Trustee or the applicable
      Custodian, on behalf of the Trustee, shall, at the direction of the Servicer,
      execute such documents (each as prepared and provided to the Trustee by the
      Servicer) as shall be necessary to the prosecution of any such proceedings
      and
      the Servicer shall retain such Mortgage File in trust for the benefit of the
      Certificateholders. Such Request for Release shall obligate the Servicer to
      return each and every document previously requested from the Mortgage File
      to
      the Trustee or the applicable Custodian when the need therefor by the Servicer
      no longer exists, unless the Mortgage Loan has been liquidated and the
      Liquidation Proceeds relating to the Mortgage Loan have been deposited in the
      Collection Account or the Mortgage File or such document has been delivered
      to
      an attorney, or to a public trustee or other public official as required by
      law,
      for purposes of initiating or pursuing legal action or other proceedings for
      the
      foreclosure of the Mortgaged Property either judicially or non-judicially,
      and
      the Servicer has delivered to the Trustee or the applicable Custodian a
      certificate of a Servicing Representative certifying as to the name and address
      of the Person to which such Mortgage File or such document was delivered and
      the
      purpose or purposes of such delivery. Upon receipt of a certificate of a
      Servicing Representative stating that such Mortgage Loan was liquidated and
      that
      all amounts received or to be received in connection with such liquidation
      that
      are required to be deposited into the Collection Account have been so deposited,
      or that such Mortgage Loan has become an REO Property, a copy of the Request
      for
      Release shall be released by the Trustee or the applicable Custodian to the
      Servicer or its designee.

     

    (c)  At
      the
      direction of the Servicer and upon written certification of a Servicing
      Representative, each of the Trustee or the applicable Custodian, on behalf
      of
      the Trust, shall execute and deliver to the Servicer any court pleadings,
      requests for trustee’s sale or other documents (each as prepared and provided to
      the Trustee by the Servicer) reasonably necessary to the foreclosure or
      trustee’s sale in respect of a Mortgaged Property or to any legal action brought
      to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or
      to
      obtain a deficiency judgment, or to enforce any other remedies or rights
      provided by the Mortgage Note or Mortgage or otherwise available at law or
      in
      equity, or shall execute and deliver to the Servicer a power of attorney
      sufficient to authorize the Servicer or a Sub-Servicer to execute such documents
      on its behalf, provided that each of the Trustee or the applicable Custodian,
      on
      behalf of the Trust, shall be obligated to execute the documents identified
      above if necessary to enable the Servicer or a Sub-Servicer to perform their
      respective duties hereunder or under the Sub-Servicing Agreement. The Trustee
      shall have no liability for the Servicer’s use or misuse of any such power of
      attorney. Each such certification shall include a request that such pleadings
      or
      documents be executed by the Trustee or the applicable Custodian and a statement
      as to the reason such documents or pleadings are required.

     

    (d)  If
      any
      Mortgage Loan is repurchased, substituted or purchased in accordance with
      Section 2.03, Section 3.16(c) or Section 9.01, the Trustee, on behalf of the
      Trust, shall execute and deliver the Mortgage Loan Assignment Agreement in
      the
      form of Exhibit E-3 with respect to such Mortgage Loan, transferring such
      Mortgage Loan to the Person entitled thereto pursuant to such Section 2.03,
      Section 3.16(c) or Section 9.01, as applicable.

     

    Section
      3.18  Servicing
      Compensation.

     

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

     

    Additional
      servicing compensation in the form of Prepayment Interest Excess, prepayment
      premiums or charges in connection with voluntary Principal Prepayments in part,
      assumption or modification fees, late payment charges, NSF fees, reconveyance
      fees and other similar fees and charges (other than Prepayment Charges) shall
      be
      retained by the Servicer only to the extent such fees or charges are received
      by
      the Servicer. The Servicer shall also be entitled pursuant to
      Section 3.11(a)(iv) to withdraw from the Collection Account, and pursuant
      to Section 3.23(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.12. The Servicer shall be required to pay all expenses
      incurred by it in connection with its servicing activities hereunder (including
      premiums for the insurance required by Section 3.14, to the extent such
      premiums are not paid by the related Mortgagors or by a Sub-Servicer, it being
      understood however, that payment of such premiums by the Servicer shall
      constitute Servicing Advances and servicing compensation of each Sub-Servicer,
      and to the extent provided herein and in Section 8.05, the fees, expenses
      and indemnities of the Trustee) and shall not be entitled to reimbursement
      therefor except as specifically provided herein.

     

    Section
      3.19  Reports
      to the Trustee; Collection Account Statements.

     

    Not
      later
      than fifteen days after each Distribution Date, the Servicer shall forward
      to
      the Trustee, the NIMS Insurer and the Depositor a statement prepared by the
      Servicer setting forth the status of the Collection Account as of the close
      of
      business on such Distribution Date and showing, for the period covered by such
      statement, the aggregate amount of deposits into and withdrawals from the
      Collection Account of each category of deposit specified in Section 3.10(a)
      and each category of withdrawal specified in Section 3.11. Such statement
      may be in the form of the then current Fannie Mae Monthly Accounting Report
      for
      its Guaranteed Mortgage Pass-Through Program with appropriate additions and
      changes, and shall also include information as to the aggregate of the
      outstanding principal balances of all of the Mortgage Loans as of the last
      day
      of the calendar month immediately preceding such Distribution Date. Copies
      of
      such statement shall be provided by the Trustee to any Certificateholder and
      to
      any Person identified to the Trustee as a prospective transferee of a
      Certificate, upon request at the expense of the requesting party, provided
      such
      statement is delivered by the Servicer to the Trustee.

     

    Section
      3.20  Annual
      Statement as to Compliance.

     

    The
      Servicer shall deliver to the Trustee, the Depositor, the NIMS Insurer and
      each
      Rating Agency, not later than March 15 of each calendar year beginning in the
      year following the year of execution of this Agreement through and including
      the
      calendar year in which a Form 15 Suspension Notice is filed with respect to
      the
      Trust and April 30 of each calendar year thereafter, an Officer’s Certificate
      (an “Annual Statement of Compliance”) stating that (i) a review of the
      activities of the Servicer during the preceding calendar year and of performance
      under this Agreement or other applicable servicing agreement, if any, has been
      made under such officers’ supervision and (ii) to the best of such officers’
knowledge, based on such review, the Servicer has fulfilled all of its
      obligations under this Agreement or other applicable servicing agreement, if
      any, in all material respects throughout such year, or, if there has been a
      failure to fulfill any such obligation in any material respect, specifying
      each
      such failure known to such officer and the nature and status thereof. The
      Servicer shall deliver a similar Annual Statement of Compliance by any
      Sub-Servicer to which the Servicer has delegated any servicing responsibilities
      with respect to the Mortgage Loans, to the Trustee and the Depositor as
      described above as and when required with respect to the Servicer. Copies of
      any
      such statement shall be provided by the Trustee to any Certificateholder and
      to
      any Person identified to the Trustee as a prospective transferee of a
      Certificate, upon the request and at the expense of the requesting party,
      provided that such statement is delivered by the Servicer to the
      Trustee.

     

    Section
      3.21  Assessments
      of Compliance and Attestation Reports.

     

    (a)  Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      the Servicer shall deliver to the Depositor on or before March 15 of each
      calendar year beginning in the year following the year of execution of this
      Agreement prior to and including the calendar year in which Form 15 Suspension
      Notice is filed with respect to the Trust and April 30 of each calendar year
      thereafter, a report regarding the Servicer’s assessment of compliance (an
“Assessment of Compliance”) with the servicing criteria during the preceding
      calendar year. The Assessment of Compliance must be reasonably satisfactory
      to
      the Depositor, and as set forth in Regulation AB, the Assessment of Compliance
      must contain the following:

     

    (i)  A
      statement by the Servicer of its responsibility for assessing compliance with
      the servicing criteria applicable to the Servicer;

     

    (ii)  A
      statement by the Servicer that it used the servicing criteria applicable to
      it,
      including at the minimum those that are specified on Exhibit N hereto, and
      which
      will also be attached to the Assessment of Compliance, to assess compliance
      with
      the servicing criteria applicable to the Servicer;

     

    (iii)  An
      assessment by the Servicer of the Servicer’s compliance with the applicable
      servicing criteria for the period consisting of the preceding calendar year,
      including disclosure of any material instance of noncompliance with respect
      thereto during such period, which assessment shall be based on the activities
      it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Servicer, that are backed by the same asset type as the Mortgage
      Loans;

     

    (iv)  A
      statement that a registered public accounting firm has issued an attestation
      report on the Servicer’s Assessment of Compliance for the period consisting of
      the preceding calendar year; and

     

    (v)  A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the Servicer, which statement shall be based on the activities it performs
      with
      respect to asset-backed securities transactions taken as a whole involving
      the
      Servicer, that are backed by the same asset type as the Mortgage
      Loans.

     

    (b)  On
      or
      before March 15 of each calendar year beginning in the year following the
      year of execution of this Agreement prior to and including the calendar year
      in
      which Form 15 Suspension Notice is filed with respect to the Trust and April
      30
      of each calendar year thereafter, the Servicer shall furnish to the Depositor
      a
      report (an “Attestation Report”) by a registered public accounting firm that
      attests to, and reports on, the Assessment of Compliance made by the Servicer,
      as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
      of
      Regulation AB, which Attestation Report must be made in accordance with
      standards for attestation reports issued or adopted by the Public Company
      Accounting Oversight Board.

     

    (c)  The
      Servicer shall cause any Sub-Servicer to which the Servicer delegated any of
      its
      responsibilities with respect to the Mortgage Loans, and each subcontractor
      determined by the Servicer to be “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB to which the Servicer delegated
      any of its responsibilities with respect to the Mortgage Loans, to deliver
      to
      the Trustee and the Depositor an Assessment of Compliance and Attestation Report
      as and when provided above.

     

    (d)  Such
      Assessment of Compliance, as to any Sub-Servicer, shall at a minimum address
      each of the servicing criteria applicable to it, including at the minimum those
      that are specified on Exhibit N hereto which are indicated as applicable to
      any
“primary servicer.” Notwithstanding the foregoing, as to any subcontractor, an
      Assessment of Compliance is not required to be delivered unless it is required
      as part of a Form 10-K with respect to the Trust.

     

    (e)  The
      Trustee and the Custodian shall also provide to the Depositor an Assessment
      of
      Compliance and Attestation Report, as and when provided above, which shall
      at a
      minimum address each of the servicing criteria applicable to it, including
      at
      the minimum (i) in the case of the Trustee those that are specified on Exhibit
      N
      hereto which are indicated as applicable to the “trustee” or (ii) in the case of
      the Custodian, as provided in the Custodial Agreement.

     

    Section
      3.22  Access
      to Certain Documentation.

     

    The
      Servicer shall provide to the Office of Thrift Supervision, the FDIC and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificateholder access to the documentation
      regarding the Mortgage Loans serviced by the Servicer under this Agreement,
      as
      may be required by applicable laws and regulations. Such access shall be
      afforded without charge, but only upon reasonable request and during normal
      business hours at the offices of the Servicer designated by it. In addition,
      access to the documentation regarding the Mortgage Loans serviced by the
      Servicer under this Agreement sufficient to permit the Certificateholder to
      comply with applicable regulations of the Office of Thrift Supervision, the
      FDIC
      or any other federal or state banking or insurance regulatory authority with
      respect to investment in the Certificates will be provided to any
      Certificateholder that is a savings and loan association, bank or insurance
      company, upon reasonable request during normal business hours at the offices
      of
      the Servicer designated by it at the expense of the Person requesting such
      access.

     

    Section
      3.23  Title,
      Management and Disposition of REO Property.

     

    (a)  The
      deed
      or certificate of sale of any REO Property shall be taken in the name of the
      Trustee, or its nominee, on behalf of the Trust. The Servicer, on behalf of
      REMIC 1 (and on behalf of the Trust), shall sell any REO Property as soon
      as practicable and, in any event, shall either sell any REO Property before
      the
      close of the third taxable year after the year REMIC 1 acquires ownership
      of such REO Property for purposes of Section 860G(a)(8) of the Code or request
      from the Internal Revenue Service, no later than 60 days before the day on
      which
      the three-year grace period would otherwise expire, an extension of the
      three-year grace period, unless the Servicer shall have delivered to the
      Trustee, the NIMS Insurer and the Depositor an Opinion of Counsel, addressed
      to
      the Trustee, the NIMS Insurer and the Depositor, to the effect that the holding
      by REMIC 1 of such REO Property subsequent to three years after its
      acquisition will not result in the imposition on any Trust REMIC of taxes on
      “prohibited transactions” thereof, as defined in Section 860F of the Code,
      or cause any Trust REMIC to fail to qualify as a REMIC under Federal law at
      any
      time that any Certificates are outstanding. If an extension of the three-year
      period is granted, the Servicer shall sell the related REO Property no later
      than 60 days prior to the expiration of such extension period. The Servicer
      shall manage, conserve, protect and operate each REO Property for the
      Certificateholders solely for the purpose of its prompt disposition and sale
      in
      a manner which does not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code
      or result in the receipt by any Trust REMIC of any “income from non-permitted
      assets” within the meaning of Section 860F(a)(2)(B) of the Code, or any
“net income from foreclosure property” which is subject to taxation under the
      REMIC Provisions.

     

    (b)  The
      Servicer shall segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall establish and maintain, or cause to be established
      and
      maintained, with respect to REO Properties an account held in trust for the
      Trust (the “REO Account”), which shall be an Eligible Account. The Servicer may
      allow the Collection Account to serve as the REO Account, subject to separate
      ledgers for each REO Property. The Servicer may retain or withdraw any interest
      income paid on funds deposited in the REO Account.

     

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

     

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

     

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

     

    (iii)  all
      costs
      and expenses necessary to maintain such REO Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (i) through
      (iii) above with respect to such REO Property, the Servicer shall advance
      from its own funds as Servicing Advances such amount as is necessary for such
      purposes if, but only if, the Servicer would make such advances if the Servicer
      owned the REO Property and if such Servicing Advance would not constitute a
      Nonrecoverable Advance.

     

    Notwithstanding
      the foregoing, neither the Servicer nor the Trustee shall:

     

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

     

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

     

    (iii)  authorize
      any construction on any REO Property, other than construction permitted under
      Section 856(e)(4)(B) of the Code; or

     

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

     

    unless,
      in any such case, the Servicer has obtained an Opinion of Counsel (the cost
      of
      which shall constitute a Servicing Advance), a copy of which shall be provided
      to the NIMS Insurer and the Trustee, to the effect that such action will not
      cause such REO Property to fail to qualify as “foreclosure property” within the
      meaning of Section 860G(a)(8) of the Code at any time that it is held by
      REMIC 1, in which case the Servicer may take such actions as are specified
      in such Opinion of Counsel.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (e)  Subject
      to the time constraints set forth in Section 3.23(a), each REO Disposition
      shall be carried out by the Servicer at such price and upon such terms and
      conditions as the Servicer shall deem necessary or advisable, as shall be normal
      and usual in its general servicing activities for similar
      properties.

     

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

     

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

     

    Section
      3.24  Obligations
      of the Servicer in Respect of Prepayment Interest Shortfalls.

     

    The
      Servicer shall deliver to the Trustee for deposit into the Distribution Account
      on or before 3:00 p.m. New York time on the Servicer Remittance Date from its
      own funds an amount (“Compensating Interest”) equal to the lesser of
      (i) the aggregate of the Prepayment Interest Shortfalls for the related
      Distribution Date resulting solely from Principal Prepayments during the related
      Prepayment Period and (ii) the amount of its aggregate Servicing Fee for
      the most recently ended calendar month.

     

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

     

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

     

    Section
      3.26  Reserve
      Fund.

     

    No
      later
      than the Closing Date, the Trustee, on behalf of the Certificateholders, shall
      establish and maintain with itself a separate, segregated non-interest bearing
      trust account titled, “Reserve Fund, Citibank, N.A., as Trustee, in trust for
      registered Holders of WaMu Asset-Backed Certificates WaMu Series 2007-HE2
      Trust.” The Trustee shall account for the right to receive payments from the
      Reserve Fund as property that the Trustee holds separate and apart from the
      REMIC Regular Interests. On the first Distribution Date, amounts in the Reserve
      Fund will include any amounts withdrawn from the Interest Coverage Account
      and
      deposited in the Reserve Fund pursuant to Section 4.12(c). 

     

    (a)  The
      following amounts shall be deposited into the Reserve Fund:

     

    (i)  On
      the
      Closing Date, the Depositor shall deposit, or cause to be deposited, into the
      Reserve Fund $1,000;

     

    (ii)  On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to any of the Class A Certificates or the Mezzanine Certificates, the Trustee
      has been directed by the Holders of the Class C Certificates to, and therefore
      shall, deposit into the Reserve Fund the amounts described in Section
      4.01(d)(i)(U); and

     

    (iii)  On
      each
      Distribution Date as to which there are no Net WAC Rate Carryover Amounts,
      the
      Trustee shall deposit into the Reserve Fund on behalf of the Holders of the
      Class C Certificates, from amounts otherwise distributable to such Class C
      Certificates, an amount such that when added to other amounts already on deposit
      in the Reserve Fund, the aggregate amount on deposit therein is equal to
      $1,000.

     

    (b)  The
      Reserve Fund shall be treated as an “outside reserve fund” under applicable
      Treasury regulations and shall not be part of any REMIC created hereunder.
      For
      federal and state income tax purposes, the Holders of the Class C Certificates
      shall be deemed to be the owners of the Reserve Fund and all amounts deposited
      into the Reserve Fund (other than the initial deposit therein of $1,000) shall
      be treated as amounts distributed by REMIC 3 to REMIC CX in respect of the
      Class C Interest, and then distributed by REMIC CX to the Holders of the
      Class C Certificates. For federal and state income tax purposes, payments in
      respect of the Class A Certificates and the Mezzanine Certificates of Net WAC
      Rate Carryover Amounts will not be payments with respect to a “regular interest”
in a REMIC within the meaning of Code Section 860G(a)(1).

     

    (c)  By
      accepting a Class C Certificate, each Holder of a Class C Certificate shall
      be
      deemed to have directed the Trustee to, and the Trustee shall pursuant to such
      direction, deposit into the Reserve Fund the amounts described in Section
      3.26(a)(ii) and (a)(iii) above on each Distribution Date. By accepting a Class
      C
      Certificate, each Holder of a Class C Certificate further agrees that such
      direction is given for good and valuable consideration, the receipt and
      sufficiency of which is acknowledged by such acceptance.

     

    (d)  At
      the
      direction of the Holders of a majority in Percentage Interest in the Class
      C
      Certificates, the Trustee shall direct any depository institution maintaining
      the Reserve Fund to invest the funds in such account in one or more Permitted
      Investments bearing interest or sold at a discount, and maturing, unless payable
      on demand, (i) no later than the Business Day immediately preceding the
      date on which such funds are required to be withdrawn from such account pursuant
      to this Agreement, if a Person other than the Trustee or an Affiliate manages
      or
      advises such investment, and (ii) no later than the date on which such
      funds are required to be withdrawn from such account pursuant to this Agreement,
      if the Trustee or an Affiliate manages or advises such investment. If no
      investment direction of the Holders of a majority in Percentage Interest in
      the
      Class C Certificates with respect to the Reserve Fund is received by the
      Trustee, the Trustee shall invest the funds in the Reserve Fund in Permitted
      Investments managed by the Trustee or an Affiliate of the kind described in
      clause (vi) of the definition of Permitted Investments. Notwithstanding the
      foregoing, any funds in the Reserve Fund shall be invested in Permitted
      Investments upon and pursuant to written investment directions from the
      Servicer. All income and gain earned upon such investment shall be deposited
      into the Reserve Fund. The Trustee shall have no liability for any loss on
      any
      investment made pursuant to the terms of this Section 3.26(d).

     

    (e)  For
      federal tax return and information reporting, the right of the
      Certificateholders to receive payment on account of the Class A Certificates
      and
      the Mezzanine Certificates from the Reserve Fund in respect of any Net WAC
      Rate
      Carryover Amount shall be assigned a value of zero.

     

    Section
      3.27  Advance
      Facility.

     

    (a)  The
      Trustee, on behalf of the Trust, at the direction of the Servicer and with
      the
      consent of the NIMS Insurer, is hereby authorized to enter into a facility
      with
      any Person which provides that such Person (an “Advancing Person”) may make all
      or a portion of the Advances and/or Servicing Advances to the Trust under this
      Agreement, although no such facility shall reduce or otherwise affect the
      Servicer’s obligation to fund such Advances and/or Servicing Advances. To the
      extent that an Advancing Person makes all or a portion of any Advance or any
      Servicing Advance and provides the Trustee with notice acknowledged by the
      Servicer that such Advancing Person is entitled to reimbursement, such Advancing
      Person shall be entitled to receive reimbursement pursuant to this Agreement
      for
      such amount to the extent provided in Section 3.27(b). Such notice from the
      Advancing Person shall specify the amount of the reimbursement and shall specify
      which Section of this Agreement permits the applicable Advance or Servicing
      Advance to be reimbursed. The Trustee shall be entitled to rely without
      independent investigation on the Advancing Person’s statement with respect to
      the amount of any reimbursement pursuant to this Section 3.27 and with
      respect to the Advancing Person’s statement with respect to the Section of this
      Agreement that permits the applicable Advance or Servicing Advance to be
      reimbursed. An Advancing Person whose obligations are limited to the making
      of
      Advances and/or Servicing Advances shall not be required to meet the
      qualifications of a Servicer or a Sub-Servicer pursuant to Article VI
      hereof and will not be deemed to be a Sub-Servicer under this Agreement. If
      the
      terms of a facility proposed to be entered into with an Advancing Person by
      the
      Trust would not materially and adversely affect the interests of any
      Certificateholder, then the NIMS Insurer shall not withhold its consent to
      the
      Trust’s entering into such facility.

     

    (b)  If
      an
      advancing facility is entered into, then the Servicer shall not be permitted
      to
      reimburse itself under any Section specified or for any amount specified by
      the
      Advancing Person in the notice described under Section 3.27(a) above and
      acknowledged by the Servicer prior to the remittance to the Trust, but instead
      the Servicer shall include such amounts in the applicable remittance to the
      Trustee made pursuant to Section 3.10(a). The Trustee is hereby authorized
      to pay to the Advancing Person reimbursements for Advances and Servicing
      Advances from the Distribution Account to the same extent the Servicer would
      have been permitted to reimburse itself for such Advances and/or Servicing
      Advances in accordance with the specified Sections had the Servicer itself
      made
      such Advance or Servicing Advance. The Trustee is hereby authorized to pay
      directly to the Advancing Person such portion of the Servicing Fee as the
      parties to any advancing facility may agree.

     

    (c)  All
      Advances and Servicing Advances made pursuant to the terms of this Agreement
      shall be deemed made and shall be reimbursed on a “first in-first out” (FIFO)
      basis.

     

    Section
      3.28  PMI
      Policy; Claims Under the PMI Policy.

     

    Notwithstanding
      anything to the contrary elsewhere in this Article III, the Servicer shall
      not agree to any modification or assumption of a PMI Mortgage Loan or take
      any
      other action with respect to a PMI Mortgage Loan that could result in denial
      of
      coverage under the PMI Policy. The Servicer shall notify the PMI Insurer that
      the Trustee, as trustee on behalf of the Trust, is the insured, as that term
      is
      defined in the PMI Policy, of each PMI Mortgage Loan. The Servicer shall, on
      behalf of the Trust, prepare and file on a timely basis with the PMI Insurer,
      with a copy to the Trustee, all claims which may be made under the PMI Policy
      with respect to the PMI Mortgage Loans. The Servicer shall take all actions
      required under the PMI Policy as a condition to the payment of any such claim.
      Any amount received from the PMI Insurer with respect to any such PMI Mortgage
      Loan shall be deposited by the Servicer, no later than two Business Days
      following receipt thereof, into the Collection Account. On each Servicer
      Remittance Date, the Servicer shall pay to the PMI Insurer the PMI Insurer
      Fee
      for such Distribution Date from the amounts on deposit in the Collection Account
      prior to transferring any amounts in the Collection Account to the Trustee
      for
      deposit into the Distribution Account.

     

    Section
      3.29  Swap
      Agreement.

     

    The
      Depositor hereby directs the Supplemental Interest Trust Trustee to execute
      and
      deliver on behalf of the Supplemental Interest Trust the Swap Agreement and
      authorizes and directs the Supplemental Interest Trust Trustee to perform its
      obligations thereunder on behalf of the Supplemental Interest Trust in
      accordance with the terms of the Swap Agreement. The Depositor hereby authorizes
      and directs the Supplemental Interest Trust Trustee to ratify on behalf of
      the
      Supplemental Interest Trust, as the Supplemental Interest Trust’s own actions,
      the terms agreed to by the Depositor (or any of its Affiliates) in relation
      to
      the Swap Agreement, as reflected in the Swap Agreement, and the Supplemental
      Interest Trust Trustee hereby so ratifies the Swap Agreement. The Supplemental
      Interest Trust Trustee shall amend of the Swap Agreement in accordance with
      its
      terms and as requested by a party to the Swap Agreement to cure any ambiguity
      in
      or correct or supplement any provision of the Swap Agreement, provided, however,
      that where compliance with the Rating Agency Condition (as defined in the Swap
      Agreement) is required under the Swap Agreement, the Supplemental Interest
      Trust
      Trustee shall have received a prior written confirmation from each applicable
      Rating Agency that such amendment would not cause such Rating Agency to
      downgrade or withdraw the then current ratings of any outstanding Class A
      Certificates or Mezzanine Certificates. On the Closing Date, the Supplemental
      Interest Trust Trustee shall enter into the Swap Agreement, solely on behalf
      of
      the Supplemental Interest Trust, with the Swap Counterparty. The Swap Agreement
      shall be part of the Trust Fund but not part of any REMIC. The Swap Counterparty
      is the calculation agent under the Swap Agreement and shall calculate all
      amounts pursuant to the Swap Agreement and notify the Supplemental Interest
      Trust Trustee of all such amounts. The Supplemental Interest Trust Trustee
      shall
      not be obligated to enter into any amendment to the Swap Agreement that would
      in
      its reasonable judgment adversely affect or alter its duties, obligations,
      liabilities or protections thereunder.

     

    Section
      3.30  Replacement
      Swap Agreement.

     

    (a)  The
      Supplemental Interest Trust Trustee shall, solely on behalf of the Supplemental
      Interest Trust, at the direction of the NIMS Insurer or, with the consent of
      the
      NIMS Insurer, at the direction of the Depositor, in the event the Swap Agreement
      is terminated as a result of the designation by either party thereto of an
      Early
      Termination Date, enter into a replacement swap agreement with a replacement
      counterparty designated by the Depositor or the NIMS Insurer, as applicable.
      Such replacement swap agreement shall be upon such terms and conditions as
      shall
      be determined by the NIMS Insurer or, with the consent of the NIMS Insurer,
      at
      the direction of the Depositor, provided, however, that such terms shall not
      impose on the Supplemental Interest Trust Trustee any duties, burdens
      obligations or liabilities in its individual capacity not otherwise acceptable
      to it, provided that such consent shall not be unreasonably
      withheld.

     

    (b)  Notwithstanding
      anything to the contrary herein, any Swap Termination Payment received by the
      Supplemental Interest Trust Trustee shall be deposited in the Supplemental
      Interest Account and shall be used to make any upfront payment required under
      a
      replacement swap agreement and any upfront payment (the “Replacement Payment”)
      received by the Supplemental Interest Trust Trustee from the counterparty to
      a
      replacement swap agreement shall be used to pay any Swap Termination Payment
      owed to the Swap Counterparty that is being replaced. The Swap Counterparty
      that
      is being replaced shall have first priority as to such Replacement Payments
      versus all other creditors of the Supplemental Interest Trust Trustee, and
      the
      Supplemental Interest Trust Trustee shall pay from the Replacement Payments
      received the lesser of (x) the Replacement Payments so received and (y) any
      Swap
      Termination Payment owed to the Swap Counterparty (to the extent not already
      paid by the Supplemental Interest Trust Trustee) that is being replaced
      immediately upon receipt.

     

    (c)  Notwithstanding
      anything contained herein, in the event that a replacement swap agreement cannot
      be obtained within 30 days after receipt by the Supplemental Interest Trust
      Trustee of the Swap Termination Payment paid by the terminated Swap
      Counterparty, the Supplemental Interest Trust Trustee will deposit the Swap
      Termination Payment into a separate, non-interest bearing reserve account and
      shall, on each Distribution Date, withdraw from the amount then remaining on
      deposit in such reserve account (the “Swap Termination Reserve Account”), an
      amount equal to the Net Counterparty Payment, if any, that would have been
      paid
      to the Supplemental Interest Trust Trustee by the original Swap Counterparty
      (computed in accordance with the terms of the original Swap Agreement) and
      distribute such amount in accordance with Section 4.01(d)(iv)(B) of this
      Agreement. The Supplemental Interest Trust Trustee shall not be required to
      establish the Swap
      Termination Reserve Account
      until
      one day prior to such deposit of the Swap Termination Payment.

     

    (d)  If
      a
      downgrade event (described in Part 5(b) of Schedule to the Swap Agreement)
      occurs, the Supplemental Interest Trust Trustee shall, promptly after a
      Responsible Officer of the Supplemental Interest Trust Trustee has received
      actual knowledge or written notice of the reduction or withdrawal of the rating
      (it being understood that the Supplemental Interest Trust Trustee has no duty
      to
      monitor the ratings of the Swap Counterparty), request the Swap Counterparty
      to
      take actions required to be taken by the Swap Counterparty by Part 5(b) of
      Schedule to the Swap Agreement.

     

    Section
      3.31  Swap
      Counterparty Default

     

    In
      the
      event that the Swap Counterparty fails to perform any of its obligations under
      the Swap Agreement (including, without limitation, its obligation to make any
      payment or transfer collateral), or breaches any of its representations and
      warranties thereunder, or in the event that any Event of Default, Termination
      Event, or Additional Termination Event (each as defined in the Swap Agreement)
      occurs with respect to the Swap Agreement, the Supplemental Interest Trust
      Trustee shall, promptly following actual notice of such failure, breach or
      event, notify the Depositor and send any notices and make any demands, on behalf
      of the Supplemental Interest Trust, required to enforce the rights of the
      Supplemental Interest Trust under the Swap Agreement (subject to Section
      8.02(a)(viii)).. 

     

    In
      the
      event that the Swap Counterparty’s obligations are guaranteed by a third party
      under a guaranty relating to the Swap Agreement (such guaranty the “Guaranty”
and such third party the “Guarantor”), then to the extent that the Swap
      Counterparty fails to make any payment by the close of business on the day
      it is
      required to make payment under the terms of the Swap Agreement, the Supplemental
      Interest Trust Trustee shall, promptly following actual notice of the Swap
      Counterparty’s failure to pay, demand that the Guarantor make any and all
      payments then required to be made by the Guarantor pursuant to such Guaranty;
      provided, that the Supplemental Interest Trust Trustee shall in no event be
      liable for any failure or delay in the performance by the Swap Counterparty
      or
      any Guarantor of its obligations hereunder or pursuant to the Swap Agreement
      and
      the Guaranty, nor for any special, indirect or consequential loss or damage
      of
      any kind whatsoever (including but not limited to lost profits) in connection
      therewith.

     

     

    ARTICLE
      IV

     

    FLOW
      OF
      FUNDS

     

    Section
      4.01  Distributions.

     

    (a)  On
      each
      Distribution Date, the Trustee shall withdraw from the Distribution Account
      that
      portion of the Available Funds for such Distribution Date consisting of the
      Group I Interest Remittance Amount and the Group II Interest
      Remittance Amount for such Distribution Date, and make the following
      disbursements and transfers in the order of priority described below, in each
      case to the extent of the Group I Interest Remittance Amount or the
      Group II Interest Remittance Amount remaining for such Distribution
      Date:

     

    (i)  The
      Group I Interest Remittance Amount shall be distributed as
      follows:

     

    (A)  first,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group I Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group I
      Swap
      Termination Payment not caused by a Derivative Provider Trigger Event (as
      defined in the Swap Agreement), including any amount remaining unpaid from
      prior
      Distribution Dates, as applicable for the related Distribution
      Date;

     

    (B)  second,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group II Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group II
      Swap Termination Payment not caused by a Derivative Provider Trigger Event
      (as
      defined in the Swap Agreement), including any amount remaining unpaid from
      prior
      Distribution Dates, as applicable for the related Distribution Date to the
      extent not paid pursuant to Section 4.01(a)(ii)(A);

     

    (C)  third,
      to the
      Final Maturity Reserve Trust, the Group I Final Maturity Reserve Amount, if
      any,
      for such Distribution Date;

     

    (D)  fourth,
      to the
      Final Maturity Reserve Trust, the Group II Final Maturity Reserve Amount, if
      any, for such Distribution Date, to the extent not paid pursuant to Section
      4.01(a)(ii)(C);

     

    (E)  fifth,
      to the
      Class I-A Certificates, the Monthly Interest Distributable Amount and any Unpaid
      Interest Shortfall Amount for such Class; and

     

    (F)  sixth, concurrently,
      to the Class II-A1 Certificates, the Class II-A2 Certificates, the Class II-A3
      Certificates and the Class II-A4 Certificates, the Monthly Interest
      Distributable Amount and any Unpaid Interest Shortfall Amount for such Classes,
      in each case, to the extent not paid pursuant to Section 4.01(a)(ii)(E),
      allocated among the Class II-A1 Certificates, the Class II-A2 Certificates,
      the
      Class II-A3 Certificates and the Class II-A4 Certificates, pro
      rata,
      based
      on their respective entitlements.

     

    (ii)  The
      Group II Interest Remittance Amount shall be distributed as
      follows:

     

    (A)  first,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group II Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group II
      Swap Termination Payment not caused by a Derivative Provider Trigger Event
      (as
      defined in the Swap Agreement), including any amount remaining unpaid from
      prior
      Distribution Dates, as applicable for the related Distribution
      Date;

     

    (B)  second,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group I Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group I
      Swap
      Termination Payment not caused by a Derivative Provider Trigger Event (as
      defined in the Swap Agreement), including any amount remaining unpaid from
      prior
      Distribution Dates, as applicable for the related Distribution Date to the
      extent not paid pursuant to Section 4.01(a)(i)(A);

     

    (C)  third,
      to the
      Final Maturity Reserve Trust, the Group II Final Maturity Reserve Amount, if
      any, for such Distribution Date;

     

    (D)  fourth,
      to the
      Final Maturity Reserve Trust, the Group I Final Maturity Reserve Amount, if
      any,
      to the extent not paid pursuant to Section 4.01(a)(i)(C);

     

    (E)  fifth, concurrently,
      to the Class II-A1 Certificates, the Class II-A2 Certificates, the Class II-A3
      Certificates and the Class II-A4 Certificates, the Monthly Interest
      Distributable Amount and any Unpaid Interest Shortfall Amount for such Classes,
      in each case allocated among the Class II-A1 Certificates, the Class II-A2
      Certificates, the Class II-A3 Certificates and the Class II-A4 Certificates,
      pro
      rata,
      based
      on their respective entitlements; and

     

    (F)  sixth,
      to the
      Class I-A Certificates, the Monthly Interest Distributable Amount and any Unpaid
      Interest Shortfall Amount for such Class, to the extent not paid pursuant to
      Section 4.01(a)(i)(E).

     

    (iii)  The
      sum
      of any Group I Interest Remittance Amount and Group II Interest
      Remittance Amount remaining undistributed following the distributions pursuant
      to Sections 4.01(a)(i) and (ii) shall be distributed as follows:

     

    first,
      to the
      Class M-1 Certificates, the related Monthly Interest Distributable
      Amount;

     

    second,
      to the
      Class M-2 Certificates, the related Monthly Interest Distributable
      Amount;

     

    third,
      to the
      Class M-3 Certificates, the related Monthly Interest Distributable
      Amount;

     

    fourth,
      to the
      Class M-4 Certificates, the related Monthly Interest Distributable
      Amount;

     

    fifth,
      to the
      Class M-5 Certificates, the related Monthly Interest Distributable
      Amount;

     

    sixth,
      to the
      Class M-6 Certificates, the related Monthly Interest Distributable
      Amount;

     

    seventh,
      to the
      Class M-7 Certificates, the related Monthly Interest Distributable
      Amount;

     

    eighth,
      to the
      Class M-8 Certificates, the related Monthly Interest Distributable Amount;
      and

     

    ninth,
      to the
      Class M-9 Certificates, the related Monthly Interest Distributable
      Amount.

     

    (iv)  Any
      Group I Interest Remittance Amount or any Group II Interest Remittance
      Amount remaining undistributed following distributions pursuant to Section
      4.01(a)(iii) shall be used in determining the amount of Net Monthly Excess
      Cashflow, if any, for such Distribution Date.

     

    (b)  On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a
      Trigger Event is in effect, the Class A Certificates and the Mezzanine
      Certificates shall be entitled to receive distributions in respect of principal
      to the extent of the Group I Principal Distribution Amount and the
      Group II Principal Distribution Amount in the following amounts and order
      of priority:

     

    (i)  the
      Group
      I Principal Distribution Amount will be distributed as follows:

     

    (A)  first,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group I Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group I
      Swap
      Termination Payment not caused by a Derivative Provider Trigger Event (as
      defined in the Swap Agreement), including any amount remaining unpaid from
      prior
      Distribution Dates, as applicable, remaining unpaid after giving effect to
      the
      distribution of the Group I Interest Remittance Amount and the Group II Interest
      Remittance Amount for such Distribution Date;

     

    (B)  second,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group II Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group II
      Swap Termination Payment not caused by a Derivative Provider Trigger Event
      (as
      defined in the Swap Agreement), including any amount remaining unpaid from
      prior
      Distribution Dates, as applicable, remaining unpaid after giving effect to
      the
      distribution of the Group I Interest Remittance Amount, the Group II Interest
      Remittance Amount and the Group II Principal Distribution Amount for such
      Distribution Date;

     

    (C)  third,
      to the
      Final Maturity Reserve Trust, the Group I Final Maturity Reserve Amount, if
      any,
      remaining unpaid after giving effect to the distribution of the Group I Interest
      Remittance Amount and the Group II Interest Remittance Amount for such
      Distribution Date;

     

    (D)  fourth,
      to the
      Final Maturity Reserve Trust, the Group II Final Maturity Reserve Amount, if
      any, remaining unpaid after giving effect to the distribution of the Group
      I
      Interest Remittance Amount, the Group II Interest Remittance Amount and the
      Group II Principal Distribution Amount for such Distribution Date;

     

    (E)  fifth,
      to the
      Class I-A Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; and

     

    (F)  sixth,
      to the
      Group II Senior Certificates (allocated among the Group II Senior Certificates
      in the priority described in Section 4.01(b)(v)), until the Certificate
      Principal Balances thereof have been reduced to zero.

     

    (ii)  the
      Group
      II Principal Distribution Amount will be distributed as follows:

     

    (A)  first,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group II Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group II
      Swap Termination Payment not caused by a Derivative Provider Trigger Event
      (as
      defined in the Swap Agreement), including any amount remaining unpaid from
      prior
      Distribution Dates, as applicable, remaining unpaid after giving effect to
      the
      distribution of the Group I Interest Remittance Amount and the Group II Interest
      Remittance Amount for such Distribution Date;

     

    (B)  second,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group I Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group I
      Swap
      Termination Payment not caused by a Derivative Provider Trigger Event (as
      defined in the Swap Agreement), including any amount remaining unpaid from
      prior
      Distribution Dates, as applicable, remaining unpaid after giving effect to
      the
      distribution of the Group I Interest Remittance Amount, the Group II Interest
      Remittance Amount and the Group I Principal Distribution Amount for such
      Distribution Date;

     

    (C)  third,
      to the
      Final Maturity Reserve Trust, the Group II Final Maturity Reserve Amount, if
      any, remaining unpaid after giving effect to the distribution of the Group
      I
      Interest Remittance Amount and the Group II Interest Remittance Amount for
      such
      Distribution Date;

     

    (D)  fourth,
      to the
      Final Maturity Reserve Trust, the Group I Final Maturity Reserve Amount, if
      any,
      remaining unpaid after giving effect to the distribution of the Group I Interest
      Remittance Amount, the Group II Interest Remittance Amount and the Group I
      Principal Distribution Amount for such Distribution Date;

     

    (E)  fifth,
      to the
      Group II Senior Certificates (allocated among the Group II Senior Certificates
      in the priority described in Section 4.01(b)(v)) until the Certificate Principal
      Balances thereof have been reduced to zero; and

     

    (F)  sixth,
      to the
      Class I-A Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero.

     

    (iii)  the
      sum
      of any Group I Principal Distribution Amount and Group II Principal
      Distribution Amount remaining undistributed following the distributions pursuant
      to Sections 4.01(b)(i) and (ii) shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Class M-1 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero;

     

    second,
      to the
      Class M-2 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero;

     

    third,
      to the
      Class M-3 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero;

     

    fourth,
      to the
      Class M-4 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero;

     

    fifth,
      to the
      Class M-5 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero;

     

    sixth,
      to the
      Class M-6 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero;

     

    seventh,
      to the
      Class M-7 Certificates, until the Certificate Principal Balance thereof has been
      reduced to zero;

     

    eighth,
      to the
      Class M-8 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; and

     

    ninth,
      to the
      Class M-9 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero.

     

    (iv)  Any
      principal remaining undistributed pursuant to Sections 4.01(b)(i), (ii) and
      (iii) above shall be used in determining the amount of Net Monthly Excess
      Cashflow, if any, for such Distribution Date.

     

    (v)  With
      respect to the Group II Senior Certificates, all principal distributions will
      be
      allocated sequentially, to the Class II-A1 Certificates, the Class II-A2
      Certificates, the Class II-A3 Certificates and the Class II-A4 Certificates,
      in
      each case, until their Certificate Principal Balances have been reduced to
      zero,
      with the exception that beginning on the first Distribution Date on or after
      which the Certificate Principal Balances of the Mezzanine Certificates have
      been
      reduced to zero and the Net Monthly Excess Cashflow and Overcollateralized
      Amount for such Distribution Date are insufficient to cover Realized Losses
      on
      the Group II Mortgage Loans, principal distributions among the Group II Senior
      Certificates will be allocated, pro rata, based on their Certificate Principal
      Balances, in each case, until their Certificate Principal Balances have been
      reduced to zero.

     

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

     

    (i)  the
      Group
      I Principal Distribution Amount will be distributed as follows:

     

    (A)  first,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group I Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group I
      Swap
      Termination Payment (including any amount not paid on prior Distribution Dates)
      (unless the Swap Counterparty is the Defaulting Party or the sole Affected
      Party
      (each, as defined in the Swap Agreement)), as applicable, remaining unpaid
      after
      giving effect to the distribution of the Group I Interest Remittance Amount
      and
      the Group II Interest Remittance Amount for such Distribution Date;

     

    (B)  second,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group II Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group II
      Swap Termination Payment (including any amount not paid on prior Distribution
      Dates) (unless the Swap Counterparty is the Defaulting Party or the sole
      Affected Party (each, as defined in the Swap Agreement)), as applicable,
      remaining unpaid after giving effect to the distribution of the Group I Interest
      Remittance Amount, the Group II Interest Remittance Amount and the Group II
      Principal Distribution Amount for such Distribution Date;

     

    (C)  third,
      to the
      Final Maturity Reserve Trust, the Group I Final Maturity Reserve Amount, if
      any,
      remaining unpaid after giving effect to the distribution of the Group I Interest
      Remittance Amount and the Group II Interest Remittance Amount for such
      Distribution Date;

     

    (D)  fourth,
      to the
      Final Maturity Reserve Trust, the Group II Final Maturity Reserve Amount, if
      any, remaining unpaid after giving effect to the distribution of the Group
      I
      Interest Remittance Amount, the Group II Interest Remittance Amount and the
      Group II Principal Distribution Amount for such Distribution Date;

     

    (E)  fifth,
      to the
      Class I-A Certificates, the Group I Senior Principal Distribution Amount, until
      the Certificate Principal Balance thereof has been reduced to zero;
      and

     

    (F)  sixth,
      to the
      Group II Senior Certificates, the Group II Senior Principal Distribution Amount,
      to the extent not paid pursuant to Section 4.01(c)(ii)(E) (allocated among
      the
      Group II Senior Certificates in the priority described in Section 4.01(c)(v)),
      until the Certificate Principal Balances thereof have been reduced to
      zero.

     

    (ii)  the
      Group
      II Principal Distribution Amount will be distributed as follows:

     

    (A)  first,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group II Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group II
      Swap Termination Payment (including any amount not paid on prior Distribution
      Dates) (unless the Swap Counterparty is the Defaulting Party or the sole
      Affected Party (each, as defined in the Swap Agreement)), as applicable,
      remaining unpaid after giving effect to the distribution of the Group I Interest
      Remittance Amount and the Group II Interest Remittance Amount for such
      Distribution Date;

     

    (B)  second,
      to the
      Supplemental Interest Trust Trustee for payment to the Swap Counterparty, the
      Group I Net Swap Payment, provided a Swap Default with respect to the Swap
      Counterparty has not occurred and is not continuing, and any unpaid Group I
      Swap
      Termination Payment (including any amount not paid on prior Distribution Dates)
      (unless the Swap Counterparty is the Defaulting Party or the sole Affected
      Party
      (each, as defined in the Swap Agreement)), as applicable, remaining unpaid
      after
      giving effect to the distribution of the Group I Interest Remittance Amount,
      the
      Group II Interest Remittance Amount and the Group I Principal Distribution
      Amount for such Distribution Date;

     

    (C)  third,
      to the
      Final Maturity Reserve Trust, the Group II Final Maturity Reserve Amount, if
      any, remaining unpaid after giving effect to the distribution of the Group
      I
      Interest Remittance Amount and the Group II Interest Remittance Amount for
      such
      Distribution Date;

     

    (D)  fourth,
      to the
      Final Maturity Reserve Trust, the Group I Final Maturity Reserve Amount, if
      any,
      remaining unpaid after giving effect to the distribution of the Group I Interest
      Remittance Amount, the Group II Interest Remittance Amount and the Group I
      Principal Distribution Amount for such Distribution Date;

     

    (E)  fifth,
      to the
      Group II Senior Certificates, the Group II Senior Principal Distribution Amount
      (allocated among the Group II Senior Certificates in the priority described
      in
      Section 4.01(c)(v)), until the Certificate Principal Balances thereof have
      been
      reduced to zero; and

     

    (F)  sixth,
      to the
      Class I-A Certificates, the Group I Senior Principal Distribution Amount, to
      the
      extent not paid pursuant to Section 4.01(c)(i)(E), until the Certificate
      Principal Balance thereof has been reduced to zero.

     

    (iii)  the
      sum
      of any Group I Principal Distribution Amount and Group II Principal
      Distribution Amount remaining undistributed following the distribution pursuant
      to Sections 4.01(c)(i) and (ii) shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Class M-1 Certificates, the Class M-1 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof has been reduced to zero;

     

    second,
      to
      the
      Class M-2 Certificates, the Class M-2 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof has been reduced to zero;

     

    third,
      to
      the
      Class M-3 Certificates, the Class M-3 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof has been reduced to zero;

     

    fourth,
      to the
      Class M-4 Certificates, the Class M-4 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof has been reduced to zero;

     

    fifth,
      to the
      Class M-5 Certificates, the Class M-5 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof has been reduced to zero;

     

    sixth,
      to the
      Class M-6 Certificates, the Class M-6 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof has been reduced to zero;

     

    seventh,
      to the
      Class M-7 Certificates, the Class M-7 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof has been reduced to zero;

     

    eighth,
      to the
      Class M-8 Certificates, the Class M-8 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof has been reduced to zero; and

     

    ninth,
      to the
      Class M-9 Certificates, the Class M-9 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof has been reduced to zero.

     

    (iv)  Any
      principal remaining undistributed following distributions pursuant to Sections
      4.01(c)(i), (ii) and (iii) shall be used in determining the amount of Net
      Monthly Excess Cashflow, if any, for such Distribution Date.

     

    (v)  With
      respect to the Group II Senior Certificates, all principal distributions will
      be
      allocated sequentially, to the Class II-A1 Certificates, the Class II-A2
      Certificates, the Class II-A3 Certificates and the Class II-A4 Certificates,
      in
      each case, until their Certificate Principal Balances have been reduced to
      zero,
      with the exception that beginning on the first Distribution Date on or after
      which the Certificate Principal Balances of the Mezzanine Certificates have
      been
      reduced to zero and the Net Monthly Excess Cashflow and Overcollateralized
      Amount for such Distribution Date are insufficient to cover realized losses
      on
      the Group II Mortgage Loans, principal distributions among the Group II Senior
      Certificates will be allocated, pro rata, based on their Certificate Principal
      Balances, in each case, until their Certificate Principal Balances have been
      reduced to zero.

     

    (d)  (i)
      On
      each Distribution Date, the Trustee shall distribute any Net Monthly Excess
      Cashflow in the following order of priority, in each case to the extent of
      the
      Net Monthly Excess Cashflow remaining undistributed:

     

    (A)  to
      the
      Class or Classes of Certificates then entitled to receive distributions in
      respect of principal, in an amount equal to the sum of any Extra Principal
      Distribution Amount and the Remaining Principal Distribution Amount for such
      Distribution Date, payable to such Class or Classes of Certificates as part
      of
      the Group I Principal Distribution Amount or the Group II Principal Distribution
      Amount, as applicable, pursuant to Section 4.01(b) or Section 4.01(c)
      above, as applicable;

     

    (B)  concurrently,
      to the Class A Certificates, in an amount equal to the Unpaid Interest Shortfall
      Amount, if any, for such Classes for such Distribution Date to the extent
      remaining unpaid after distribution of the Group I Interest Remittance
      Amount and the Group II Interest Remittance Amount on such Distribution
      Date, allocated among such classes, pro rata, based on their respective
      entitlements;

     

    (C)  to
      the
      Class M-1 Certificates, in an amount equal to the Unpaid Interest Shortfall
      Amount, if any, for such Class for such Distribution Date;

     

    (D)  to
      the
      Class M-1 Certificates, in an amount equal to the Allocated Realized Loss
      Amount, if any, for such Class for such Distribution Date;

     

    (E)  to
      the
      Class M-2 Certificates, in an amount equal to the Unpaid Interest Shortfall
      Amount, if any, for such Class for such Distribution Date;

     

    (F)  to
      the
      Class M-2 Certificates, in an amount equal to the Allocated Realized Loss
      Amount, if any, for such Class for such Distribution Date;

     

    (G)  to
      the
      Class M-3 Certificates, in an amount equal to the Unpaid Interest Shortfall
      Amount, if any, for such Class for such Distribution Date;

     

    (H)  to
      the
      Class M-3 Certificates, in an amount equal to the Allocated Realized Loss
      Amount, if any, for such Class for such Distribution Date;

     

    (I)  to
      the
      Class M-4 Certificates, in an amount equal to the Unpaid Interest Shortfall
      Amount, if any, for such Class for such Distribution Date;

     

    (J)  to
      the
      Class M-4 Certificates, in an amount equal to the Allocated Realized Loss
      Amount, if any, for such Class for such Distribution Date;

     

    (K)  to
      the
      Class M-5 Certificates, in an amount equal to the Unpaid Interest Shortfall
      Amount, if any, for such Class for such Distribution Date;

     

    (L)  to
      the
      Class M-5 Certificates, in an amount equal to the Allocated Realized Loss
      Amount, if any, for such Class for such Distribution Date;

     

    (M)  to
      the
      Class M-6 Certificates, in an amount equal to the Unpaid Interest Shortfall
      Amount, if any, for such Class for such Distribution Date;

     

    (N)  to
      the
      Class M-6 Certificates, in an amount equal to the Allocated Realized Loss
      Amount, if any, for such Class for such Distribution Date;

     

    (O)  to
      the
      Class M-7 Certificates, in an amount equal to the Unpaid Interest Shortfall
      Amount, if any, for such Class for such Distribution Date;

     

    (P)  to
      the
      Class M-7 Certificates, in an amount equal to the Allocated Realized Loss
      Amount, if any, for such Class for such Distribution Date;

     

    (Q)  to
      the
      Class M-8 Certificates, in an amount equal to the Unpaid Interest Shortfall
      Amount, if any, for such Class for such Distribution Date;

     

    (R)  to
      the
      Class M-8 Certificates, in an amount equal to the Allocated Realized Loss
      Amount, if any, for such Class for such Distribution Date;

     

    (S)  to
      the
      Class M-9 Certificates, in an amount equal to the Unpaid Interest Shortfall
      Amount, if any, for such Class for such Distribution Date;

     

    (T)  to
      the
      Class M-9 Certificates, in an amount equal to the Allocated Realized Loss
      Amount, if any, for such Class for such Distribution Date;

     

    (U)  to
      the
      Reserve Fund, the amount equal to the difference between any Net WAC Rate
      Carryover Amounts with respect to the Class A Certificates and the Mezzanine
      Certificates for such Distribution Date and any amounts deposited in the Reserve
      Fund pursuant to this Section 4.01(d)(i)(U) that were not distributed on prior
      Distribution Dates (or, if no Net WAC Rate Carryover Amounts are payable to
      such
      Classes of Certificates on such Distribution Date, to the Reserve Fund, an
      amount such that when added to other amounts already on deposit in the Reserve
      Fund, the aggregate amount on deposit therein is equal to $1,000);

     

    (V)  to
      the
      Supplemental Interest Trust Trustee, for payment to the Swap Counterparty,
      any
      unpaid Swap Termination Payment caused by a Derivative Provider Trigger Event
      (as defined in the Swap Agreement payable by the Supplemental Interest Trust
      Trustee including any amount remaining unpaid from prior Distribution
      Dates;

     

    (W)  to
      the
      Final Maturity Reserve Trust, the Supplemental Final Maturity Reserve Amount
      for
      such Distribution Date;

     

    (X)  if
      such
      Distribution Date follows the Prepayment Period during which occurs the latest
      date on which a Prepayment Charge may be required to be paid in respect of
      any
      Mortgage Loans, to REMIC PX, as holder of the Class P Interest, in
      reduction of the Uncertificated Principal Balance thereof, until the
      Uncertificated Principal Balance thereof is reduced to zero;

     

    (Y)  to
      REMIC CX, as holder of the Class C Interest, the sum of (A) the Monthly
      Interest Distributable Amount for the Class C Interest, plus (B) until the
      Uncertificated Principal Balance of the Class C Interest is reduced to zero,
      any
      Overcollateralization Release Amount for such Distribution Date, plus (C) until
      the Uncertificated Principal Balance of the Class C Interest is reduced to
      zero,
      on any Distribution Date on which the Certificate Principal Balances of the
      Class A Certificates and the Mezzanine Certificates has been reduced to zero,
      any remaining amounts for such Distribution Date (in both cases, net of such
      portion of amounts payable pursuant to this Section 4.01(d)(i)(Y) that were
      paid
      pursuant to Section 4.01(d)(i)(U) above); and

     

    (Z)  any
      remaining amounts to the Class R Certificates (in respect of the appropriate
      Class R-3 Interest).

     

    (ii)  On
      each
      Distribution Date, after making the distributions of the Available Funds as
      provided in this Section 4.01 (except pursuant to Section 4.01(d)(iii)), the
      Trustee shall withdraw from the Reserve Fund the amounts on deposit therein
      and
      shall distribute such amounts in the following order of priority: first,
      concurrently, to the Class A Certificates, up to the amount of the related
      Net
      WAC Rate Carryover Amount, allocated among the Class A Certificates, pro rata,
      based on their respective Net WAC Rate Carryover Amounts; then, to the Mezzanine
      Certificates, up to the amount of the related Net WAC Rate Carryover Amount,
      in
      the following order of priority: first to the Class M-1 Certificates, second
      to
      the Class M-2 Certificates, third to the Class M-3 Certificates, fourth to
      the
      Class M-4 Certificates, fifth to the Class M-5 Certificates, sixth to the Class
      M-6 Certificates, seventh to the Class M-7 Certificates, eighth to the Class
      M-8
      Certificates and ninth to the Class M-9 Certificates, in each case to the extent
      of such amounts remaining in the Reserve Fund.

     

    On
      the
      Distribution Date on which the Certificate Principal Balance of the Class A
      Certificates and the Mezzanine Certificates has been reduced to zero, after
      making all other distributions on such Distribution Date (including to the
      Class
      A Certificates and the Mezzanine Certificates out of the Reserve Fund), the
      Trustee shall distribute all remaining amounts in the Reserve Fund to the Class
      C Certificates.

     

    (iii)  On
      the
      earlier of the Distribution Date in April 2037 and the termination of the Trust
      after giving effect to all other distributions pursuant to this Section 4.01,
      the Trustee shall withdraw from the Final Maturity Reserve Account funds on
      deposit therein and shall distribute such amounts in the following order of
      priority:

     

    (A)  concurrently,
      to the Class A Certificates, in reduction of their respective Certificate
      Principal Balances, pro rata, based on their Certificate Principal Balances,
      until the Certificate Principal Balances thereof have been reduced to
      zero;

     

    (B)  to
      the
      Mezzanine Certificates, in reduction of their respective Certificate Principal
      Balances, in the following order of priority: first to the Class M-1
      Certificates, second to the Class M-2 Certificates, third to the Class M-3
      Certificates, fourth to the Class M-4 Certificates, fifth to the Class M-5
      Certificates, sixth to the Class M-6 Certificates, seventh to the Class M-7
      Certificates, eighth to the Class M-8 Certificates and ninth to the Class M-9
      Certificates, in each case until the Certificate Principal Balances thereof
      have
      been reduced to zero;

     

    (C)  concurrently,
      to the Class A Certificates, up to the amount of the related Monthly Interest
      Distributable Amount and any Unpaid Interest Shortfall Amount for such Classes
      remaining unpaid after giving effect to all other distributions pursuant to
      this
      Section 4.01, in each case allocated among the Class A Certificates, pro rata,
      based on their Monthly Interest Distributable Amounts and any Unpaid Interest
      Shortfall Amounts;

     

    (D)  to
      the
      Mezzanine Certificates, up to the amount of the related Monthly Interest
      Distributable Amount for such Classes remaining unpaid after giving effect
      to
      all other distributions pursuant to this Section 4.01, allocated among the
      Mezzanine Certificates in the following order of priority: first to the Class
      M-1 Certificates, second to the Class M-2 Certificates, third to the Class
      M-3
      Certificates, fourth to the Class M-4 Certificates, fifth to the Class M-5
      Certificates, sixth to the Class M-6 Certificates, seventh to the Class M-7
      Certificates, eighth to the Class M-8 Certificates and ninth to the Class M-9
      Certificates;

     

    (E)  to
      the
      Mezzanine Certificates, up to the amount of any related Unpaid Interest
      Shortfall Amount for such Classes remaining unpaid after giving effect to all
      other distributions pursuant to this Section 4.01, allocated among the Mezzanine
      Certificates in the following order of priority: first to the Class M-1
      Certificates, second to the Class M-2 Certificates, third to the Class M-3
      Certificates, fourth to the Class M-4 Certificates, fifth to the Class M-5
      Certificates, sixth to the Class M-6 Certificates, seventh to the Class M-7
      Certificates, eighth to the Class M-8 Certificates and ninth to the Class M-9
      Certificates;

     

    (F)  concurrently,
      to the Class A Certificates, up to the amount of the related Net WAC Rate
      Carryover Amount remaining unpaid after giving effect to all other distributions
      pursuant to this Section 4.01, allocated among the Class A Certificates, pro
      rata, based on their unpaid Net WAC Rate Carryover Amounts;

     

    (G)  to
      the
      Mezzanine Certificates, up to the amount of the related Net WAC Rate Carryover
      Amount remaining unpaid after giving effect to all other distributions pursuant
      to this Section 4.01, in the following order of priority: first to the Class
      M-1
      Certificates, second to the Class M-2 Certificates, third to the Class M-3
      Certificates, fourth to the Class M-4 Certificates, fifth to the Class M-5
      Certificates, sixth to the Class M-6 Certificates, seventh to the Class M-7
      Certificates, eighth to the Class M-8 Certificates and ninth to the Class M-9
      Certificates;

     

    (H)  to
      the
      Mezzanine Certificates, up to the amount of the related Allocated Realized
      Loss
      Amount remaining unpaid after giving effect to all other distributions pursuant
      to this Section 4.01, in the following order of priority: first to the Class
      M-1
      Certificates, second to the Class M-2 Certificates, third to the Class M-3
      Certificates, fourth to the Class M-4 Certificates, fifth to the Class M-5
      Certificates, sixth to the Class M-6 Certificates, seventh to the Class M-7
      Certificates, eighth to the Class M-8 Certificates and ninth to the Class M-9
      Certificates;

     

    (I)  to
      the
      Supplemental Interest Trust Trustee, for payment to the Swap Counterparty,
      any
      unpaid Swap Termination Payment caused by a Derivative Provider Trigger Event
      (as defined in the Swap Agreement) payable by the Supplemental Interest Trust
      Trustee, including any amount remaining unpaid from prior Distribution Dates
      to
      the extent not paid with Net Monthly Excess Cashflow on such Distribution Date;
      and

     

    (J)  to
      the
      Class C Certificates, any remaining amount.

     

    Amounts
      held by the Final Maturity Reserve Trust shall be deemed to be distributed
      first
      from amounts received from the Supplemental Interest Trust, if any, and then
      from all other amounts. Except as provided in the preceding sentence, all
      amounts distributable to the Class I-A Certificates on account of the Mortgage
      Loans, shall be distributable first on account of the Group I Mortgage Loans.
      On
      the Distribution Date on which the funds are distributed from the Final Maturity
      Reserve Trust pursuant to this Section 4.01(d)(iii), after making all
      distributions pursuant to this Section 4.01(d)(iii) (other than pursuant to
      Section 4.01(d)(iii)(J)), the Trustee shall distribute to itself all amounts
      remaining in the Final Maturity Reserve Trust that were deposited in the Final
      Maturity Reserve Account from the Supplemental Interest Trust and shall
      distribute all other amounts remaining in the Final Maturity Reserve Trust
      pursuant to Section 4.01(d)(iii)(J).

     

    (iv)  On
      each
      Distribution Date, the Supplemental Interest Trust Trustee shall withdraw from
      the Supplemental Interest Account the amounts equal to the Net Swap Payment
      and
      the Swap Termination Payment payable by the Supplemental Interest Trust Trustee,
      on behalf of the Supplemental Interest Trust, that are required to be deposited
      in the Supplemental Interest Account pursuant to this Section 4.01 with respect
      to such Distribution Date and shall distribute such amounts to the Swap
      Counterparty on such Distribution Date. On each Distribution Date, the
      Supplemental Interest Trust Trustee shall withdraw from the Supplemental
      Interest Account the Net Counterparty Payment and the Swap Termination Payment
      payable by the Swap Counterparty and received by the Supplemental Interest
      Trust
      Trustee from the Swap Counterparty and deposited in the Supplemental Interest
      Account and the initial deposit of $1,000 and shall distribute such amounts
      as
      follows (provided the Swap Termination Payment shall be distributed as provided
      in Section 3.30(c)):

     

    (A)  first,
      for
      payment to the Swap Counterparty, any unpaid Swap Termination Payment not caused
      by a Derivative Provider Trigger Event (as defined in the Swap Agreement)
      payable by the Supplemental Interest Trust Trustee, on behalf of the
      Supplemental Interest Trust, including any amount remaining unpaid from prior
      Distribution Dates; and

     

    (B)  second,

     

    
      	(1)  	
              if
                the NIM Notes are outstanding, for payment in the amounts and in
                accordance with priorities (A) through (Y) of Section 4.01(d)(i)
                to the
                extent not paid with Net Monthly Excess Cashflow on such Distribution
                Date; provided the amount distributable to the Class C Certificates
                pursuant to Section 4.01(d)(i)(Y) shall be equal to the lesser of
                (I) the
                amount remaining after distribution of the amount in the Supplemental
                Interest Account pursuant to Sections 4.01(d)(i)(A) through (X) on
                such
                Distribution Date and (II) the Class C NIM Payment Amount for such
                Distribution Date; or

            

    

     

    
      	(2)  	
              if
                the NIM Notes are not outstanding, for payment in the amounts and
                in
                accordance with priorities (A) through (W) of Section 4.01(d)(i)
                to the
                extent not paid with Net Monthly Excess Cashflow on such Distribution
                Date.

            

    

     

    provided,
      however, that the amount that shall be distributed pursuant to Section
      4.01(d)(iv)(B) priority (1) cannot exceed the aggregate Realized Losses reduced
      by the aggregate of amounts previously distributed pursuant to this Section
      4.01(d)(iv)(B) priority (1).

     

    Any
      amounts in the Supplemental Interest Account received from the Swap Counterparty
      and not distributed on a Distribution Date after payments pursuant to Section
      4.01(d)(iv)(B)(2) will remain in the Supplemental Interest Account and be
      distributed pursuant to Section 4.01(d)(iv)(B)(2) on the next Distribution
      Date.
      On the Distribution Date on which the Certificate Principal Balance of the
      Class
      A Certificates and the Mezzanine Certificates has been reduced to zero, after
      making all other distributions on such Distribution Date (including to the
      Class
      A Certificates and the Mezzanine Certificates out of the Supplemental Interest
      Account), the Supplemental Interest Trust Trustee shall distribute all remaining
      amounts in the Supplemental Interest Account to itself.

     

    (v)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period shall be withdrawn
      from the Distribution Account and distributed by the Trustee to the Class P
      Interest, and shall not be available for distribution to any other Class of
      Certificates. On each Distribution Date, all amounts representing any Servicer
      Prepayment Charge Payment Amounts paid by or collected by the Servicer during
      the related Prepayment Period shall be withdrawn from the Distribution Account
      and distributed by the Trustee to the Class P Interest, and shall not be
      available for distribution to any other Class of Certificates. The payment
      of
      the foregoing amounts in respect of such Regular Interests shall not reduce
      the
      Uncertificated Principal Balance thereof.

     

    (e)  [Reserved].

     

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

     

    Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Delaware Trustee, the Depositor, the
      Servicer or the Seller shall have any responsibility therefor except as
      otherwise provided by applicable law.

     

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

     

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

     

    (i)  the
      Trustee expects that the final distribution with respect to such Class of
      Certificates will be made on such Distribution Date but only upon presentation
      and surrender of such Certificates at the office of the Trustee therein
      specified, and

     

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

     

    Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Trustee and credited to the account of the appropriate non-tendering Holder
      or
      Holders. If any Certificates as to which notice has been given pursuant to
      this
      Section 4.01(h) shall not have been surrendered for cancellation within six
      months after the time specified in such notice, the Trustee shall mail a second
      notice to the remaining non-tendering Certificateholders to surrender their
      Certificates for cancellation in order to receive the final distribution with
      respect thereto. If within one year after the second notice all such
      Certificates shall not have been surrendered for cancellation, the Trustee
      shall, directly or through an agent, mail a final notice to the remaining
      non-tendering Certificateholders concerning surrender of their Certificates
      but
      shall continue to hold any remaining funds for the benefit of non-tendering
      Certificateholders. The costs and expenses of maintaining the funds in trust
      and
      of contacting such Certificateholders shall be paid out of the assets remaining
      in such trust fund. If within one year after the final notice any such
      Certificates shall not have been surrendered for cancellation, the Trustee
      shall
      pay to WaMu Capital Corp., Lehman Brothers Inc. and Banc of America Securites
      LLC, equally, all such amounts, and all rights of non-tendering
      Certificateholders in or to such amounts shall thereupon cease. No interest
      shall accrue or be payable to any Certificateholder on any amount held in trust
      by the Trustee as a result of such Certificateholder’s failure to surrender its
      Certificate(s) for final payment thereof in accordance with this
      Section 4.01(h).

     

    (i)  Notwithstanding
      anything to the contrary herein, (i) in no event shall the Certificate
      Principal Balance of a Mezzanine Certificate be reduced more than once in
      respect of any particular amount both (a) allocated to such Certificate in
      respect of Realized Losses pursuant to Section 4.06 and
      (b) distributed to such Certificate in reduction of the Certificate
      Principal Balance thereof pursuant to this Section 4.01, and (ii) in
      no event shall the Uncertificated Principal Balance of a REMIC Regular Interest
      be reduced more than once in respect of any particular amount both
      (a) allocated to such REMIC Regular Interest in respect of Realized Losses
      pursuant to Section 4.06 and (b) distributed on such REMIC Regular
      Interest in reduction of the Uncertificated Principal Balance thereof pursuant
      to Section 4.05.

     

    (j)  Any
      amounts distributed to REMIC CX on any Distribution Date in respect of the
      Class C Interest under Section 4.01(d)(i) shall, on such Distribution Date,
      be
      distributed by REMIC CX to the Holders of the Class C Certificates. Any
      amounts remaining in REMIC CX shall be distributed to the Holders of the Class
      R-CX Certificates in respect of the Class R-CX Interest. Any amounts distributed
      to REMIC PX on any Distribution Date in respect of the Class P Interest shall,
      on such Distribution Date, be distributed by REMIC PX to the Holders of the
      Class P Certificates. Any amounts remaining in REMIC PX shall be distributed
      to
      the Holders of the Class R-PX Certificates in respect of the Class R-PX
      Interest. Any amounts distributed to REMIC SwapX on any Distribution Date
      in respect of the Class Swap IO Interest under Section 4.01(d)(i) shall, on
      such
      Distribution Date, be distributed by REMIC CX to the Holders of the Class C
      Certificates. Any amounts remaining in REMIC CX shall be distributed to the
      Holders of the Class R-CX Certificates in respect of the Class R-CX Interest.
      For the avoidance of doubt, the provisions of Sections 4.01(f), 4.01(g) and
      4.01(h) shall apply to the Class C Certificates and the Class P
      Certificates.

     

    (k)  For
      purposes of distributions pursuant to Section 4.01(d)(iv)(B) and for purposes
      of
      determining the Class C NIM Payment Amount, the Trustee shall use, and shall
      be
      entitled to rely on, the information provided to the Trustee by or on behalf
      of
      (i) the Holders of all of the Class C Certificates as to whether and when the
      NIM Notes have been issued and outstanding and (ii) the indenture trustee under
      the Indenture with respect to the amount necessary to pay in full the NIM Notes
      as provided in the Indenture and to pay in full any amounts owed to the NIMS
      Insurer as provided in the Indenture. Based upon and subject to its receipt
      of
      the necessary information it receives from the indenture trustee under the
      Indenture, the Trustee shall determine the Class C NIM Payment Amount for any
      Distribution Date using the most current information with respect to such
      amounts available to the Trustee on such Distribution Date.

     

    Section
      4.02  Preference
      Claims.

     

    The
      Trustee shall promptly notify the NIMS Insurer of any proceeding or the
      institution of any action, of which a Responsible Officer of the Trustee has
      actual knowledge, seeking the avoidance as a preferential transfer under
      applicable bankruptcy, insolvency, receivership or similar law (a “Preference
      Claim”) of any distribution made with respect to the Class C Certificates or the
      Class P Certificates. Each Holder of the Class C Certificates or the Class
      P
      Certificates, by its purchase of such Certificates, the Servicer, the Trustee
      and the Delaware Trustee hereby agree that the NIMS Insurer may at any time
      during the continuation of any proceeding relating to a Preference Claim direct
      all matters relating to such Preference Claim, including, without limitation,
      (i) the direction of any appeal of any order relating to such Preference
      Claim and (ii) the posting of any surety, supersedeas or performance bond
      pending any such appeal. In addition and without limitation of the foregoing,
      the NIMS Insurer shall be subrogated to the rights of the Servicer, the Trustee,
      the Delaware Trustee and each Holder of the Class C Certificates and the Class
      P
      Certificates in the conduct of any such Preference Claim, including, without
      limitation, all rights of any party to an adversary proceeding action with
      respect to any court order issued in connection with any such Preference Claim;
      provided, however, that the NIMS Insurer will not have any rights with respect
      to any Preference Claim set forth in this paragraph unless the Trustee, as
      indenture trustee or indenture administrator with respect to the Insured NIM
      Notes or the holder of any Insured NIM Notes has been required to relinquish
      a
      distribution made on the Class C Certificates, the Class P Certificates or
      the
      Insured NIM Notes, as applicable, and the NIMS Insurer made a payment in respect
      of such relinquished amount.

     

    Section
      4.03  Statements.

     

    (a)  On
      each
      Distribution Date, the Trustee shall prepare and make available to each Holder
      of the Regular Certificates, the Servicer, the NIMS Insurer, the Swap
      Counterparty, the indenture trustee under the Indenture and the Rating Agencies
      a statement by electronic medium (as set forth in the penultimate paragraph
      of
      this Section 4.03(a)), based on information provided to the Trustee by the
      Servicer or the Swap Counterparty, as to the distributions made on such
      Distribution Date:

     

    (i)  the
      record dates, the accrual period, the determination date and the distribution
      date;

     

    (ii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates, separately identified, allocable to principal
      and
      the amount of the distribution made to the Holders of the Class P Certificates
      allocable to Prepayment Charges;

     

    (iii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates (other than the Class P Certificates), allocable
      to interest and the Pass-Through Rates, separately identified;

     

    (iv)  the
      Overcollateralized Amount, the Overcollateralization Release Amount, the
      Overcollateralization Deficiency Amount and the Overcollateralization Target
      Amount as of such Distribution Date and the Excess Overcollateralized Amount
      for
      the Mortgage Pool for such Distribution Date;

     

    (v)  by
      Loan
      Group and in the aggregate amount of servicing compensation received by the
      Servicer with respect to the related Due Period and such other customary
      information as the Trustee deems necessary or desirable, or which a
      Certificateholder reasonably requests, to enable Certificateholders to prepare
      their tax returns;

     

    (vi)  the
      Group
      I Interest Remittance Amount and the Group II Interest Remittance Amount and
      the
      Group I Principal Remittance Amount and the Group II Principal Remittance Amount
      for such Distribution Date;

     

    (vii)  the
      aggregate amount of Advances and Servicing Advances for the related Due Period,
      the amount of unrecovered Advances and Servicing Advances (after giving effect
      to Advances and Servicing Advances made on the Distribution Date) outstanding
      and the amount of Nonrecoverable Advances and Servicing Advances for such
      Distribution Date;

     

    (viii)  the
      number and aggregate Stated Principal Balance of the Group I Mortgage Loans,
      the
      Group II Mortgage Loans and all Mortgage Loans at the Close of Business at
      the
      end of the related Due Period and at the beginning of the related Due
      Period;

     

    (ix)  the
      number, aggregate principal balance, weighted average remaining term to maturity
      and weighted average Mortgage Rate of the Mortgage Loans as of the related
      Determination Date;

     

    (x)  by
      Loan
      Group and in the aggregate, the number and aggregate unpaid principal balance
      of
      Mortgage Loans (a) delinquent 30-59 days, (b) delinquent 60-89 days,
      (c) delinquent 90-119 days and (d) 120 or more days in each case, as
      of the last day of the preceding calendar month provided, however that any
      aggregate unpaid principal balance of Mortgage Loans shall be reported as of
      the
      last day of the related Due Period, (d) as to which foreclosure proceedings
      have been commenced and (e) with respect to which the related Mortgagor has
      filed for protection under applicable bankruptcy laws, with respect to whom
      bankruptcy proceedings are pending or with respect to whom bankruptcy protection
      is in force;

     

    (xi)  with
      respect to any Mortgage Loan that became an REO Property during the preceding
      Prepayment Period, the unpaid principal balance and the Principal Balance of
      such Mortgage Loan as of the date it became an REO Property;

     

    (xii)  the
      total
      number and cumulative principal balance of all REO Properties as of the Close
      of
      Business of the last day of the preceding Prepayment Period;

     

    (xiii)  by
      Loan
      Group and in the aggregate, the aggregate amount of Principal Prepayments made
      during the related Prepayment Period;

     

    (xiv)  by
      Loan
      Group and in the aggregate, the aggregate amount of principal and interest
      Realized Losses incurred during the related Prepayment Period and the cumulative
      amount of principal and interest Realized Losses;

     

    (xv)  the
      aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
      Collection Account or the Distribution Account for such Distribution
      Date;

     

    (xvi)  the
      Certificate Principal Balance of the Class A Certificates, the Mezzanine
      Certificates and the Class C Certificates, before and after giving effect to
      the
      distributions made on such Distribution Date, and the Notional Amount of the
      Class C Certificates, after giving effect to the distributions made on such
      Distribution Date;

     

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

     

    (xviii)  by
      Loan
      Group and in the aggregate, the aggregate amount of any Net Prepayment Interest
      Shortfalls for such Distribution Date, to the extent not covered by payments
      by
      the Servicer pursuant to Section 3.24, and the aggregate amount of any
      Relief Act Interest Shortfalls for such Distribution Date;

     

    (xix)  the
      Credit Enhancement Percentage for such Distribution Date;

     

    (xx)  the
      related Net WAC Rate Carryover Amount for the Class A Certificates and the
      Mezzanine Certificates, if any, for such Distribution Date and the amount
      remaining unpaid after reimbursements therefor on such Distribution
      Date;

     

    (xxi)  the
      Trustee Fee, the Servicer Fee and the PMI Insurer Fee for such Distribution
      Date;

     

    (xxii)  whether
      a
      Stepdown Date or a Trigger Event has occurred;

     

    (xxiii)  the
      Available Funds;

     

    (xxiv)  the
      respective Pass-Through Rates applicable to the Class A Certificates, the
      Mezzanine Certificates and the Class C Certificates for such Distribution Date
      and the Pass-Through Rate applicable to the Class A Certificates and the
      Mezzanine Certificates for the immediately succeeding Distribution
      Date;

     

    (xxv)  by
      Loan
      Group and in the aggregate, the Principal Balance of Mortgage Loans repurchased
      by the Seller or the Depositor, as applicable;

     

    (xxvi)  any
      other
      information that is required by the Code and regulations thereunder to be made
      available to Certificateholders;

     

    (xxvii)  the
      amount on deposit in the Reserve Fund;

     

    (xxviii)      [reserved];

     

    (xxviii)  
      (A) the
      dollar amount of claims made under the PMI Policy that were denied during the
      related Prepayment Period (and the number of Mortgage Loans to which such
      denials related) and (B) the aggregate dollar amount of claims made under the
      PMI Policy that were denied since the Cut-off Date (and the number of Mortgage
      Loans to which such denials related);

     

    (xxix)  the
      amount of Subsequent Recoveries and Gross Subsequent Recoveries for the related
      Prepayment Period and the cumulative amount of Subsequent Recoveries and Gross
      Subsequent Recoveries in the aggregate and for each of Loan Group I and Loan
      Group II;

     

    (xxx)  the
      Group
      I Swap Payment, the Group II Swap Payment, the Swap Payment, the Counterparty
      Payment, the Group I Net Swap Payment, the Group II Net Swap Payment, the Net
      Swap Payment and the Net Counterparty Payment for such Distribution Date; the
      Group I Swap Termination Payment paid on such Distribution Date, the Group
      II
      Swap Termination Payment paid on such Distribution Date, the Swap Termination
      Payment and the Swap Termination Payment remaining unpaid from prior
      Distribution Dates, and in each case whether payable by the Supplemental
      Interest Trust Trustee or by the Swap Counterparty; and any Counterparty
      Payments unpaid from prior Distribution Dates; 

     

    (xxxi)  the
      Group
      I Final Maturity Reserve Amount, the Group II Final Maturity Reserve Amount,
      the
      Supplemental Final Maturity Reserve Amount, the Aggregate Final Maturity Reserve
      Amount and the aggregate amount on deposit in the Final Maturity Reserve Account
      for such Distribution Date; and

     

    (xxxii)  the
      amount on deposit in the Interest Coverage Account.

     

    The
      Trustee shall make such statement (and, at its option, any additional files
      containing the same information in an alternative format) available each month
      to Certificateholders, the Servicer, the NIMS Insurer, the Swap Counterparty
      and
      the Rating Agencies via the Trustee’s internet website. The Trustee’s internet
      website shall initially be located at http://www.sf.citidirect.com. Questions
      concerning payments can be addressed to the Trustee’s customer service desk at
      1-800-422-2066. Parties that are unable to use the above distribution options
      are entitled to have a paper copy mailed to them via first class mail by calling
      the customer service desk and indicating such. The Trustee shall have the right
      to change the way such statements are distributed in order to make such
      distribution more convenient and/or more accessible to the above parties and
      the
      Trustee shall provide timely and adequate notification to all above parties
      regarding any such changes.

     

    In
      the
      case of information furnished pursuant to subclauses (i) through
      (iii) above, the amounts shall be expressed in a separate section of
      the report as a dollar amount for each Class for each $1,000 original dollar
      amount as of the Closing Date.

     

    (b)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      make available on the Trustee’s website to each Person who at any time during
      such calendar year was a Certificateholder of a Regular Certificate such
      information concerning distributions made on the Certificates made during such
      calendar year as is reasonably necessary to provide to enable such Person to
      prepare their tax returns. Such obligation of the Trustee shall be deemed to
      have been satisfied to the extent that substantially comparable information
      shall be prepared and furnished by the Trustee to Certificateholders pursuant
      to
      any requirements of the Code as are in force from time to time.

     

    (c)  On
      each
      Distribution Date, the Trustee shall make available on the Trustee’s website to
      the Holders of the Residual Certificates and the NIMS Insurer a copy of the
      reports made available to the Regular Certificateholders in respect of such
      Distribution Date with such other information as the Trustee deems necessary
      or
      appropriate.

     

    (d)  The
      Trustee shall furnish to the Holders of the Residual Certificates the applicable
      Form 1066 and each applicable Form 1066Q as required by the Code. Additionally,
      the Trustee shall make available on its website to each Person who at any time
      during the calendar year was a Holder of a Residual Certificate certain
      statements setting forth information set forth in clauses (i) through (xxxii)
      of
      Section 4.03(a) above. Such obligation of the Trustee shall be deemed to have
      been satisfied to the extent that substantially comparable information shall
      be
      provided by the Trustee to such Holders pursuant to the rules and regulations
      of
      the Code as are in force from time to time.

     

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

     

    Section
      4.04  Remittance
      Reports; Advances.

     

    (a)  On
      or
      before the 18th day of each calendar month commencing in May 2007, or if such
      18th day is not a Business Day, the Business Day immediately following such
      18th
      day, but in no event later than such date which would allow the Trustee to
      submit a claim to the NIMS Insurer under the Indenture, the Servicer shall
      deliver to the NIMS Insurer and the Trustee by telecopy or electronic mail
      (or
      by such other means as the Servicer, the NIMS Insurer and the Trustee, as the
      case may be, may agree from time to time) a Remittance Report with respect
      to
      the related Distribution Date. Not later than each Servicer Remittance Date
      (or,
      in the case of certain information, as agreed between the Trustee and the
      Servicer, not later than four Business Days after the end of each Due Period),
      the Servicer shall deliver or cause to be delivered to the Trustee in addition
      to the information provided on the Remittance Report, such other information
      reasonably available to it with respect to the Mortgage Loans as the Trustee
      may
      reasonably require to perform the calculations necessary to make the
      distributions contemplated by Section 4.01 and to prepare the statements to
      Certificateholders contemplated by Section 4.03. The Trustee shall not be
      responsible to recompute, recalculate or verify any information provided to
      it
      by the Servicer.

     

    (b)  The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section 4.04(d), the sum of (i) the aggregate amount
      of Monthly Payments (with each interest portion thereof net of the related
      Servicing Fee), due on the related Due Date in respect of the Mortgage Loans
      (other than with respect to any Balloon Loan with a delinquent Balloon Payment
      as described in clause (iii) below), which Monthly Payments were delinquent
      as
      of the close of business on the related Determination Date, plus (ii) with
      respect to each REO Property (other than with respect to any REO Property
      relating to a Balloon Loan with a delinquent Balloon Payment as described in
      clause (iv) below), which REO Property was acquired during or prior to the
      related Prepayment Period and as to which such REO Property an REO Disposition
      did not occur during the related Prepayment Period, an amount equal to the
      excess, if any, of the Monthly Payments (with each interest portion thereof
      net
      of the related Servicing Fee) that would have been due on the related Due Date
      in respect of the related Mortgage Loans, over the net income from such REO
      Property transferred to the Distribution Account pursuant to Section 3.23
      for distribution on such Distribution Date, plus (iii) with respect to each
      Balloon Loan with a delinquent Balloon Payment, an amount equal to the assumed
      monthly principal and interest payment (with each interest portion thereof
      net
      of the related Servicing Fee) that would have been due on the related Due Date
      based on the original principal amortization schedule for such Balloon Loan
      assuming such Mortgage Loan was not a Balloon Loan, plus (iv) with respect
      to
      each REO Property relating to a Balloon Loan with a delinquent Balloon Payment,
      which REO Property was acquired during or prior to the related Prepayment Period
      and as to which REO Property an REO Disposition did not occur during the related
      Prepayment Period, an amount equal to the excess, if any, of the assumed monthly
      principal and interest payment (with each interest portion thereof net of the
      related Servicing Fee) that would have been due on the related Due Date based
      on
      the original principal amortization schedule for the related Balloon Loan
      assuming such Mortgage Loan was not a Balloon Loan, over the net income from
      such REO Property transferred to the Distribution Account pursuant to Section
      3.23 for distribution on such Distribution Date.

     

    On
      or
      before 3:00 p.m. New York time on the Servicer Remittance Date, the Servicer
      shall remit in immediately available funds to the Trustee for deposit in the
      Distribution Account an amount equal to the aggregate amount of Advances, if
      any, to be made in respect of the Mortgage Loans and REO Properties for the
      related Distribution Date either (i) from its own funds or (ii) from
      the Collection Account, to the extent of funds held therein for future
      distribution (in which case, it will cause to be made an appropriate entry
      in
      the records of Collection Account that amounts held for future distribution
      have
      been, as permitted by this Section 4.04, used by the Servicer in discharge
      of any such Advance) or (iii) in the form of any combination of
      (i) and (ii) aggregating the total amount of Advances to be made by
      the Servicer with respect to the Mortgage Loans and REO Properties. Any amounts
      held for future distribution and so used shall be appropriately reflected in
      the
      Servicer’s records and replaced by the Servicer by deposit in the Collection
      Account on or before any future Servicer Remittance Date to the extent that
      the
      Available Funds for the related Distribution Date (determined without regard
      to
      Advances to be made on the Servicer Remittance Date) shall be less than the
      total amount that would be distributed to the Classes of Certificateholders
      pursuant to Section 4.01 on such Distribution Date if such amounts held for
      future distributions had not been so used to make Advances. The Trustee will
      provide notice to the NIMS Insurer and the Servicer by telecopy by the close
      of
      business on any Servicer Remittance Date in the event that the amount remitted
      by the Servicer to the Trustee on such date is less than the Advances required
      to be made by the Servicer for the related Distribution Date.

     

    (c)  The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to Section 4.04(d) below,
      and, with respect to any Mortgage Loan, shall continue until the payment of
      the
      Mortgage Loan in full or the recovery of all Liquidation Proceeds
      thereon.

     

    (d)  Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance. The determination
      by the Servicer that it has made a Nonrecoverable Advance or that any proposed
      Advance or Servicing Advance, if made, would constitute a Nonrecoverable
      Advance, shall be evidenced by an Officer’s Certificate of the Servicer
      delivered to the NIMS Insurer, the Depositor and the Trustee.

     

    Section
      4.05  Distributions
      on the REMIC Regular Interests.

     

    (a)  On
      each
      Distribution Date, the Trustee shall cause the sum of the Group I Interest
      Remittance Amount and the Group I Principal Remittance Amount, in the following
      order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the
      REMIC 1 Group I Regular Interests and distributed to the Holders of the Class
      R
      Certificates (in respect of the Class R-1 Interest), as the case may
      be:

     

    (1) to
      Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest
      I-1-A through I-59-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates.

     

    (2) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (1)
      above, payments of principal shall be allocated to REMIC I Regular Interest
      IX,
      then to REMIC I Regular Interests I-1-A through I-59-B starting with the lowest
      numerical denomination until the Uncertificated Principal Balance of each such
      REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular
      Interests with the same numerical denomination, such payments of principal
      shall
      be allocated pro rata between such REMIC I Regular Interests; and

     

    (3) to
      the
      Holders of REMIC 1 Regular Interest P, (A) all amounts representing Prepayment
      Charges in respect of the Group I Mortgage Loans received during the related
      Prepayment Period and (B) on the Distribution Date immediately following the
      expiration of the latest Prepayment Charge as identified on the Prepayment
      Charge Schedule or any Distribution Date thereafter until $100 has been
      distributed pursuant to this clause.

     

    (b)  On
      each
      Distribution Date, the Trustee shall cause the sum of the Group II Interest
      Remittance Amount and the Group II Principal Remittance Amount, in the following
      order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the
      REMIC 1 Group II Regular Interests and distributed to the holders of the
      Class R Certificates (in respect of the Class R-1 Interest), as the case may
      be:

     

    (1) to
      Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest
      II-1-A through II-59-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates.

     

    (2) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (1)
      above, payments of principal shall be allocated to REMIC I Regular Interest
      IIX,
      then to REMIC I Regular Interests II-1-A through II-59-B starting with the
      lowest numerical denomination until the Uncertificated Principal Balance of
      each
      such REMIC I Regular Interest is reduced to zero, provided that, for REMIC
      I
      Regular Interests with the same numerical denomination, such payments of
      principal shall be allocated pro rata between such REMIC I Regular
      Interests.

     

    (3) to
      the
      Holders of REMIC 1 Regular Interest P, (A) all amounts representing Prepayment
      Charges in respect of the Group II Mortgage Loans received during the related
      Prepayment Period and (B) on the Distribution Date immediately following the
      expiration of the latest Prepayment Charge as identified on the Prepayment
      Charge Schedule or any Distribution Date thereafter until $100 has been
      distributed pursuant to this clause.

     

    (c)  On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular
      Interests and distributed to the Holders of the Class R Certificates (in respect
      of the Class R-2 Interest), as the case may be:

     

    (i)  first,
      to
      the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates; second, to the Holders of REMIC 2 Regular Interest
      FMR-IO, in an amount equal to (A) Uncertificated Accrued Interest for such
      REMIC
      2 Regular Interest for such Distribution Date, plus (B) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates; and third to the
      Holders of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, A-IIA3, A-IIA4,
      M1, M2, M3, M4, M5, M6, M7, M8, M9 and ZZ, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus
      (B) any amounts in respect thereof remaining unpaid from previous Distribution
      Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC
      2
      Regular Interest ZZ shall be reduced and deferred when the REMIC 2
      Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target
      Amount, by the lesser of (x) the amount of such difference and (y) the Maximum
      ZZ Uncertificated Interest Deferral Amount and such amount shall be payable
      to
      the Holders of REMIC 2 Regular Interests A-IA, A-IIA1, A-IIA2, A-IIA3, A-IIA4,
      M1, M2, M3, M4, M5, M6, M7, M8 and M9 in the same proportion as the Extra
      Principal Distribution Amount is allocated to the Corresponding Certificates
      and
      the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall
      be
      increased by such amount;

     

    (ii)  to
      the
      Holders of REMIC 2 Regular Interests 1SUB, 1GRP, 2SUB, 2GRP and XX, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Accrued Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates;

     

    (iii)  to
      the
      Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder
      of the Available Funds such Distribution Date after the distributions made
      pursuant to clauses (i) and (ii) above, allocated as follows:

     

    
      	(1)  	
              98.00%
                of such remainder to the Holders of REMIC 2 Regular Interest AA until
                the
                Uncertificated Balance of such REMIC 2 Regular Interest is reduced
                to
                zero, provided, however, that REMIC 2 Regular Interest AA shall not
                be
                reduced until the Distribution Date immediately following the expiration
                of the latest Prepayment Charge as identified on the Prepayment Charge
                Schedule or any Distribution Date thereafter, at which point such
                amount
                shall be distributed to REMIC 2 Regular Interest AA, until $100 has
                been
                distributed pursuant to this
                clause;

            

    

     

    
      	(2)  	
              2.00%
                of such remainder, first, to the Holders of REMIC 2 Regular Interest
                A-IA,
                A-IIA1, A-IIA2, A-IIA3, A-IIA4, M1, M2, M3, M4, M5, M6, M7, M8 and
                M9,
                1.00% and in the same proportion as principal payments are allocated
                to
                the Corresponding Certificates, until the Uncertificated Balances
                of such
                REMIC 2 Regular Interests are reduced to zero and second, to the
                Holders
                of REMIC 2 Regular Interest ZZ, until the Uncertificated Balance
                of such
                REMIC 2 Regular Interest is reduced to zero;
                and

            

    

     

    
      	(3)  	
              any
                remaining amount to the Holders of the Class R Certificates (in respect
                of
                the Class R-2 Interest);

            

    

     

    (iv)  to
      the
      Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder
      of the Available Funds such Distribution Date after the distributions made
      pursuant to clauses (i) and (ii) above, allocated as follows:

     

    
      	(1)  	
              to
                the Holders of REMIC 2 Regular Interests 1SUB, 1GRP, 2SUB, 2GRP in
                such a
                manner as to keep the Uncertificated Principal Balance of each REMIC
                2
                Regular Interest with the designation “GRP” equal to 0.01% of the
                aggregate Stated Principal Balance of the Mortgage Loans in the related
                Loan Group (determined as of the current Distribution Date), and
                the
                Uncertificated Principal Balance of each REMIC 2 Regular Interest
                with the
                designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated
                Principal Balance of the Mortgage Loans in the related Loan Group
                over (y)
                the current Certificate Principal Balance of the Class A Certificates
                in
                the related Loan Group (except that if any such excess is a larger
                number
                than in the preceding distribution period, the least amount of principal
                shall be distributed to such REMIC 2 Regular Interests such that
                the REMIC
                2 Subordinated Ratio is maintained); and then to the Holder of REMIC
                2
                Regular Interest XX, in each case until the Uncertificated Principal
                Balance of the REMIC 2 Regular Interest has been reduced to zero;
                and

            

    

     

    
      	(2)  	
              any
                remaining amount to the Holder of the Class R Certificates (in respect
                of
                the Class R-2 Interest); and

            

    

     

    (v)  to
      the
      Holder of the REMIC 2 Regular Interest AA, all amounts representing Prepayment
      Charges in respect of the Mortgage Loans received during the related Prepayment
      Period, provided that the payment of such amounts shall not reduce the
      Uncertificated Principal Balance of such REMIC 2 Regular Interest.

     

    Section
      4.06  Allocation
      of Realized Losses.

     

    (a)  Prior
      to
      each Determination Date, the Servicer shall determine as to each Mortgage Loan
      and REO Property: (i) the total amount of Realized Losses, if any, incurred
      in connection with any Final Recovery Determinations made during the related
      Prepayment Period; (ii) whether and the extent to which such Realized
      Losses constituted Bankruptcy Losses; and (iii) the respective portions of
      such Realized Losses allocable to interest and allocable to principal. Prior
      to
      each Determination Date, the Servicer shall also determine as to each Mortgage
      Loan: (i) the total amount of Realized Losses, if any, incurred in
      connection with any Deficient Valuations made during the related Prepayment
      Period; and (ii) the total amount of Realized Losses, if any, incurred in
      connection with Debt Service Reductions in respect of Monthly Payments due
      during the related Due Period. The information described in the two preceding
      sentences that is to be supplied by the Servicer shall be evidenced by an
      Officer’s Certificate delivered to the NIMS Insurer and the Trustee by the
      Servicer prior to the Determination Date immediately following the end of
      (i) in the case of Bankruptcy Losses allocable to interest, the Due Period
      during which any such Realized Loss was incurred, and (ii) in the case of
      all other Realized Losses, the Prepayment Period during which any such Realized
      Loss was incurred.

     

    (b)  If
      on any
      Distribution Date after giving effect to all Realized Losses incurred with
      respect to the Mortgage Loans during or prior to the related Due Period and
      distributions of principal with respect to the Class A Certificates and the
      Mezzanine Certificates on such Distribution Date, the Uncertificated Principal
      Balance of the Class C Interest is equal to zero, Realized Losses equal to
      the
      Undercollateralized Amount shall be allocated by the Trustee on such
      Distribution Date as follows: 

     

    (i)  to
      the
      Class M-9 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (ii)  to
      the
      Class M-8 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero, 

     

    (iii)  to
      the
      Class M-7 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (iv)  to
      the
      Class M-6 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (v)  to
      the
      Class M-5 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (vi)  to
      the
      Class M-4 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (vii)  to
      the
      Class M-3 Certificates until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (viii)  to
      the
      Class M-2 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; and 

     

    (ix)  to
      the
      Class M-1 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero. 

     

    All
      Realized Losses to be allocated to the Certificate Principal Balances of the
      Mezzanine Certificates on any Distribution Date shall be so allocated after
      the
      actual distributions to be made on such date as provided in Section 4.01.
      All references above to the Certificate Principal Balance of the Mezzanine
      Certificates shall be to the Certificate Principal Balance of the Mezzanine
      Certificates immediately prior to the relevant Distribution Date, before
      reduction thereof by any Realized Losses or increase thereof by any Subsequent
      Recoveries, in each case to be allocated to such Mezzanine Certificates on
      such
      Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated. No allocations of any Realized Losses shall be made to
      the
      Class A Certificates or the Class P Certificates. Any Realized Losses that
      reduce the distributions in respect of and/or the Uncertificated Principal
      Balance of the Class C Interest, shall be allocated by the Trustee to reduce
      the
      distributions in respect of and/or the Certificate Principal Balance of the
      Class C Certificates.

     

    (c)  (i)
      Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee
      on each Distribution Date to REMIC 1 Regular Interest IX. If the Uncertificated
      Principal Balance of REMIC 1 Regular Interest IX has been reduced to zero,
      Realized Losses on the Group I Mortgage Loans shall be allocated to the
      remaining REMIC 1 Group I Regular Interests in ascending numerical order, in
      each case until the Uncertificated Principal Balance of such REMIC 1 Regular
      Interest has been reduced to zero. Realized Losses on the Group II Mortgage
      Loans shall be allocated by the Trustee on each Distribution Date to REMIC
      1
      Regular Interest IIX. If the Uncertificated Principal Balance of REMIC 1 Regular
      Interest IIX has been reduced to zero, Realized Losses on the Group II Mortgage
      Loans shall be allocated to the remaining REMIC 1 Group II Regular Interests
      in
      ascending numerical order, in each case until the Uncertificated Principal
      Balance of such REMIC 1 Regular Interest has been reduced to zero.

     

    (ii)  50%
      of
      all Realized Losses on the Mortgage Loans shall be allocated by the Trustee
      on
      each Distribution Date to the following REMIC 2 Regular Interests in the
      specified percentages, as follows:

     

    first,
      to
      Uncertificated Accrued Interest payable to the REMIC 2 Regular Interest AA
      and
      ZZ up to an aggregate amount equal to the REMIC 2 Interest Loss Allocation
      Amount, 98% and 2%, respectively;

     

    second,
      to the Uncertificated Principal Balances of the REMIC 2 Regular Interest AA
      and
      ZZ up to an aggregate amount equal to the REMIC 2 Principal Loss Allocation
      Amount, 98% and 2%, respectively;

     

    third,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest AA, M9 and
      ZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC 2 Regular Interest M9 has been reduced to zero;

     

    fourth,
      to the Uncertificated Principal Balances of REMIC 2 Regular Interest AA, M8
      and
      ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest M8 has been reduced to zero;

     

    fifth,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest AA, M7 and
      ZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC 2 Regular Interest M7 has been reduced to zero;

     

    sixth,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest AA, M6 and
      ZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC 2 Regular Interest M6 has been reduced to zero;

     

    seventh,
      to the Uncertificated Principal Balances of REMIC 2 Regular Interest AA, M5
      and
      ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest M5 has been reduced to zero;

     

    eighth,
      to the Uncertificated Principal Balances of REMIC 2 Regular Interest AA, M4
      and
      ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest M4 has been reduced to zero;

     

    ninth,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest AA, M3 and
      ZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC 2 Regular Interest M3 has been reduced to zero;

     

    tenth,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest AA, M2 and
      ZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC 2 Regular Interest M2 has been reduced to zero; and

     

    eleventh,
      to the Uncertificated Principal Balances of REMIC 2 Regular Interest AA, M1
      and
      ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest M1 has been reduced to zero.

     

    (iii)  50%
      of
      all Realized Losses on the Mortgage Loans shall be allocated by the Trustee
      on
      each Distribution Date to REMIC 2 Regular Interest 1GRP, 1SUB, 2GRP, REMIC
      2
      Regular Interest 2SUB, and REMIC 2 Regular Interest XX, as follows:

     

    after
      all
      distributions have been made on such Distribution Date, Realized Losses shall
      be
      applied in such a manner as to keep the Uncertificated Principal Balance of
      each
      REMIC 2 Regular Interest ending with the designation “GRP” equal to 0.01% of the
      aggregate Stated Principal Balance of the Mortgage Loans in the related Loan
      Group (determined as of the current Distribution Date), and the Uncertificated
      Principal Balance of each REMIC 2 Regular Interest ending with the designation
      “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance
      of the Mortgage Loans in the related Loan Group as of the current Distribution
      Date over (y) the Certificate Principal Balance of the Senior Certificates
      related to such Loan Group immediately prior to such Distribution Date (except
      that if such excess is larger than it was for the preceding Distribution Date,
      the least amount of Realized Loss shall be allocated such that the REMIC 2
      Subordinated Ratio is maintained); and then to REMIC 2 Regular Interest
      XX.

     

    (d)  If
      on any
      Distribution Date Allocated Realized Loss Amounts are to be reinstated due
      to
      Subsequent Recoveries, the Allocated Realized Loss Amounts shall be reinstated
      by the Trustee on such Distribution Date to increase the Certificate Principal
      Balances of the Mezzanine Certificates in the following order of priority,
      in
      each case until the related Allocated Realized Loss Amount has been reduced
      to
      zero: 

     

    (i)  to
      the
      Class M-1 Certificates; 

     

    (ii)  to
      the
      Class M-2 Certificates; 

     

    (iii)  to
      the
      Class M-3 Certificates; 

     

    (iv)  to
      the
      Class M-4 Certificates; 

     

    (v)  to
      the
      Class M-5 Certificates; 

     

    (vi)  to
      the
      Class M-6 Certificates; 

     

    (vii)  to
      the
      Class M-7 Certificates; 

     

    (viii)  to
      the
      Class M-8 Certificates; and

     

    (ix)  to
      the
      Class M-9 Certificates.

     

    All
      Subsequent Recoveries to be allocated to the Certificate Principal Balances
      of
      the Mezzanine Certificates on any Distribution Date shall be so allocated after
      the actual distributions to be made on such date as provided in
      Section 4.01. All references above to the Certificate Principal Balance of
      the Mezzanine Certificates shall be to the Certificate Principal Balance of
      the
      Mezzanine Certificates immediately prior to the relevant Distribution Date,
      before reduction thereof by any Realized Losses or increase thereof by any
      Subsequent Recoveries, in each case to be allocated to the Mezzanine
      Certificates on such Distribution Date.

     

    Any
      Allocated Realized Loss Amounts to be reinstated to a Certificate on any
      Distribution Date due to Subsequent Recoveries shall be made by increasing
      the
      Certificate Principal Balance thereof by the amount so reinstated. No
      allocations of any Subsequent Recoveries shall be made to the Class A
      Certificates or the Class P Certificates.

     

    (e)                   
        (i)     
       If on any Distribution Date Subsequent Recoveries occurred in the related
      Prepayment Period relating to the Group I Mortgage Loans, the amount of such
      Subsequent Recoveries shall be allocated first to the REMIC 1 Group I Regular
      Interests with the designations “A” and “B” in the reverse order in which
      Realized Losses were allocated under Section 4.06(c)(i), and then to REMIC
      1
      Regular Interest IX. If on any Distribution Date Subsequent Recoveries occurred
      in the related Prepayment Period relating to the Group II Mortgage Loans, the
      amount of such Subsequent Recoveries shall be allocated first to the REMIC
      1
      Group II Regular Interests with the designations “A” and “B” in the reverse
      order in which Realized Losses were allocated under Section 4.06(c)(i), and
      then
      to REMIC 1 Regular Interest IIX.

     

    (ii)  If
      on any
      Distribution Date Subsequent Recoveries occurred in the related Prepayment
      Period, the amount of such Subsequent Recoveries shall be allocated among the
      REMIC 2 Regular Interests as follows:

     

    (A)  50%
      of
      the Subsequent Recoveries from all Loan Groups shall be allocated among the
      REMIC 3 Regular Interests in the same proportions and amounts, but in the
      reverse order, as Realized Losses were allocated under Section
      4.06(c)(ii).

     

    (B)  50%
      of
      the Subsequent Recoveries from all Loan Groups shall be allocated in the same
      proportions, but in reverse order, as the Realized Losses were allocated under
      Section 4.06(c)(iii).

     

    Section
      4.07  Compliance
      with Withholding Requirements.

     

    Notwithstanding
      any other provision of this Agreement, the Trustee shall comply with all federal
      withholding requirements respecting payments to Certificateholders of interest
      or original issue discount that the Trustee reasonably believes are applicable
      under the Code. The consent of Certificateholders shall not be required for
      such
      withholding. In the event the Trustee does withhold any amount from interest
      or
      original issue discount payments or advances thereof to any Certificateholder
      pursuant to federal withholding requirements, the Trustee shall indicate the
      amount withheld to such Certificateholders.

     

    Section
      4.08  Commission
      Reporting.

     

    (a)  The
      Trustee and the Servicer shall reasonably cooperate with the Depositor in
      connection with the Trust’s satisfying the reporting requirements under the 1934
      Act.

     

    (i)  Within
      15
      days after each Distribution Date, the Depositor shall, in accordance with
      industry standards and applicable regulations, file with the Commission via
      the
      Electronic Data Gathering Analysis and Retrieval System (“EDGAR”), a
      Distribution Report on Form 10-D, signed by the Depositor, with a copy of the
      monthly statement to be furnished by the Trustee to the Certificateholders
      for
      such Distribution Date and detailing all data elements specified in Item 1121(a)
      of Regulation AB as part of the monthly statement or otherwise as part of the
      Form 10-D; provided that the Depositor shall have received no later than 12:00
      p.m. P.S.T. 2 Business Days prior to the date such Distribution Report on Form
      10-D is required to be filed, all information required to be provided to the
      Depositor as described in clause (a)(iv) below.

     

    (ii)  The
      Depositor will prepare and file Current Reports on Form 8-K in respect of the
      Trust, as and when required.

     

    (iii)  Prior
      to
      January 30 of the first year in which the Depositor is able to do so under
      applicable law, the Depositor shall, in accordance with industry standards
      and
      applicable regulations, file a Form 15 Suspension Notice with respect to the
      Trust, if applicable. Prior to (x) March 15 of the year following the year
      of
      the execution of this Agreement and (y) unless and until a Form 15 Suspension
      Notice shall have been filed, prior to March 15 of each year thereafter,
      the Servicer shall provide the Depositor with an Annual Statement of Compliance,
      together with a copy of the Assessment of Compliance and Attestation Report
      to
      be delivered by the Servicer pursuant to Sections 3.20 and 3.21 (including
      with
      respect to any Sub-Servicer or subcontractor, if required to be filed). Prior
      to
      (x) March 31, of the year following the year of the execution of this
      Agreement and (y) unless and until a Form 15 Suspension Notice shall have been
      filed, March 31 of each year thereafter, the Depositor shall, subject to
      subsection (d) below, file a Form 10-K, in substance as required by applicable
      law or applicable Securities and Exchange Commission staff’s interpretations and
      conforming to industry standards, with respect to the Trust. Such Form 10-K
      shall include the Assessment of Compliance, Attestation Report, Annual
      Statements of Compliance and other documentation provided by the Servicer
      pursuant to Sections 3.20 and 3.21 (including with respect to any Sub-Servicer
      or subcontractor, if required to be filed) and with respect to the Trustee,
      and
      the Form 10-K (the “Certification”) signed by the senior officer of the
      Depositor in charge of securitization; provided that the Depositor shall have
      received no later than March 15 of each calendar year prior to the filing
      deadline for the Form 10-K all information, data and exhibits required to be
      provided or filed with such Form 10-K and required to be provided to the
      Depositor as described in clause (a)(iv) below. If they are not so timely
      delivered, the Depositor shall file an amended Form 10-K including such
      documents as exhibits reasonably promptly after they are delivered to the
      Depositor.

     

    (iv)  As
      to
      each item of information required to be included in any Form 10-D, Form 8-K
      or
      Form 10-K, the Depositor’s obligation to include the information in the
      applicable report is subject to receipt from the entity that is indicated in
      Exhibit O as the responsible party for providing that information, if other
      than
      the Trustee or the Depositor, as applicable, as and when required as described
      above. Each of the Trustee, the Servicer and the Depositor, as applicable,
      hereby agree to notify and provide to the Trustee and the Depositor all
      information that is required to be included in any Form 10-D, Form 8-K or Form
      10-K, with respect to which that entity is indicated in Exhibit O as the
      responsible party for providing that information. The Servicer shall be
      responsible for determining the pool concentration applicable to any
      Sub-Servicer or originator at any time, for purposes of disclosure as required
      by Items 1117 and 1119 of Regulation AB.

     

    (b)  The
      Depositor shall prepare and the appropriate person shall execute, in accordance
      with the Exchange Act or any other applicable law, any certification required
      under the Exchange Act or any other applicable law to accompany the Form 10-K
      or
      any other periodic report. The Trustee shall sign a back-up certification (in
      the form attached hereto as Exhibit P) for the benefit of the Depositor and
      its
      officers, directors and Affiliates. The Trustee shall indemnify and hold
      harmless the Depositor, the Servicer and each Person, if any, who “controls” the
      Depositor or the Servicer within the meaning of the Securities Act of 1933,
      as
      amended, and their respective officers and directors from and against any
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon (i) a breach of the Trustee’s obligations under Section 3.21(e) to
      provide the Assessment of Compliance until a Form 15 is filed, Section 4.03(a)
      to make available statements as specified in Section 4.03(a) to the extent
      the
      required information has been provided to the Trustee by the Servicer or the
      Swap Counterparty, Section 4.08(a)(iv) to provide information to be included
      in
      any Form 10-D, Form 8-K or Form 10-K or this Section 4.08(b) to provide
      backup certification or (ii) any material misstatement or omission in (A) the
      Certification made in reliance on any material misstatement or omission
      contained in the certification provided by the Trustee in the form of Exhibit
      P
      or in the Assessment of Compliance provided pursuant to Section 3.21 until
      a
      Form 15 is filed or (B) the information provided by the Trustee pursuant to
      Section 4.08(a)(iv) for inclusion in any Form 10-D, Form 8-K or Form 10-K or
      in
      the statement provided by the Trustee pursuant to Section 4.03(a) unless such
      misstatement or omission is based on the information provided to the Trustee
      by
      the Servicer or the Swap Counterparty. The Servicer shall indemnify and hold
      harmless the Depositor, the Trustee and each Person, if any, who “controls” the
      Depositor or the Trustee within the meaning of the Securities Act of 1933,
      as
      amended, and their respective officers and directors from and against any
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon (i) a breach of the Servicer’s obligations under Section 3.20,
      Section 3.21 or Section 4.08 or (ii) any material misstatement or omission
      in the Certification made in reliance on any material misstatement or omission
      contained in any certification provided by the Servicer under this Section
      4.08
      or in the Officer’s Certificate provided pursuant to Section 3.20 or the
      Assessment of Compliance provided pursuant to Section 3.21. If the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the indemnified party, then (i) the Trustee agrees that in
      connection with (a) a breach of the Trustee’s obligations under Section 3.21(e)
      to provide the Assessment of Compliance until a Form 15 is filed, Section
      4.03(a) to make available statements as specified in Section 4.03(a) to the
      extent the required information has been provided to the Trustee by the Servicer
      or the Swap Counterparty, Section 4.08(a)(iv) to provide information to be
      included in any Form 10-D, Form 8-K or Form 10-K or this Section 4.08(b) to
      provide backup certification or (b) any material misstatement or omission in
      (A)
      the Certification made in reliance on any material misstatement or omission
      contained in the certification provided by the Trustee in the form of Exhibit
      P
      or in the Assessment of Compliance provided pursuant to Section 3.21 until
      a
      Form 15 is filed, or (B) the information provided by the Trustee pursuant to
      Section 4.08(a)(iv) for inclusion in any Form 10-D, Form 8-K or Form 10-K or
      in
      the statement provided by the Trustee pursuant to Section 4.03(a) unless such
      misstatement or omission is based on the information provided to the Trustee
      by
      the Servicer or the Swap Counterparty that it shall contribute to the amount
      paid or payable by the Depositor and/or the Servicer as a result of the losses,
      claims, damages or liabilities of the Depositor and/or the Servicer in such
      proportion as is appropriate to reflect the relative fault of the Depositor
      or
      the Servicer, as the case may be, on the one hand and the Trustee on the other
      and (ii) the Servicer agrees that it shall contribute to the amount paid or
      payable by the Depositor and/or the Trustee as a result of the losses, claims,
      damages or liabilities of the Depositor and/or the Trustee in such proportion
      as
      is appropriate to reflect the relative fault of the Depositor or the Trustee,
      as
      the case may be, on the one hand and the Servicer on the other in connection
      with (a) a breach of the Servicer’s obligations under this Section 4.08(b)
      or (b) any material misstatement or omission in the Certification made in
      reliance on any material misstatement or omission contained in the certification
      provided by the Servicer under this Section 4.08 or in the Officer’s Certificate
      provided pursuant to Section 3.20 or the Assessment of Compliance provided
      pursuant to Section 3.21.

     

    Section
      4.09  Supplemental
      Interest Trust.

     

    (a)  On
      the
      Closing Date, there is hereby established a separate common law trust under
      the
      laws of the State of Delaware for the benefit of the Holders of the Class A
      Certificates, the Mezzanine Certificates and the Class C Certificates (the
      “Supplemental Interest Trust”), into which the Depositor shall deposit: (i) the
      Swap Agreement and (ii) $1,000. The Supplemental Interest Trust shall be
      maintained by the Supplemental Interest Trust Trustee, who initially, shall
      be
      the Trustee. On the Closing Date, the Supplemental Interest Trust Trustee shall
      establish and maintain in its name, a separate non-interest bearing account
      (the
“Supplemental Interest Account”), to be held in the Supplemental Interest Trust
      into which the Depositor shall initially deposit $1,000. The Supplemental
      Interest Account shall be an Eligible Account, and funds on deposit therein
      shall be held separate and apart from, and shall not be commingled with, any
      other moneys, including, without limitation, other moneys of the Trustee or
      of
      the Supplemental Interest Trust Trustee held pursuant to this
      Agreement.

     

    (b)  The
      Supplemental Interest Trust Trustee shall deposit, to the extent of available
      funds, into the Supplemental Interest Account any amounts required to be paid
      to
      the Supplemental Interest Trust Trustee pursuant to Section 4.01 and shall
      distribute from the Supplemental Interest Account any such amounts to the Swap
      Counterparty as required by Section 4.01(d)(iv). For federal income tax
      purposes, such amounts paid to the Supplemental Interest Trust on each
      Distribution Date shall first be deemed paid to the Supplemental Interest Trust
      in respect of Class Swap IO Upper-Tier Interest to the extent of the amount
      distributable on such Class Swap IO Upper-Tier Interest on such Distribution
      Date, and any remaining amount shall be deemed paid to the Supplemental Interest
      Trust in respect of a Class IO Distribution Amount. The Supplemental Interest
      Trust Trustee shall deposit into the Supplemental Interest Account any amounts
      received from the Swap Counterparty and shall distribute from the Supplemental
      Interest Account any such amounts to the Swap Counterparty and to the Holders
      of
      the Class A Certificates, the Mezzanine Certificates and the Class C
      Certificates as required pursuant to Section 4.01(d)(iv).

     

    (c)  Funds
      in
      the Supplemental Interest Account shall be invested in Permitted Investments.
      The Holders of the majority of the Percentage Interest of the Class C
      Certificates shall direct the Supplemental Interest Trust Trustee, in writing,
      as to investment of amounts on deposit therein. All income and gain earned
      upon
      such investment shall be deposited into the Supplemental Interest
      Account.

     

    (d)  In
      addition, on or after the Closing Date, the Supplemental Interest Trust Trustee
      shall establish and maintain in its name, a separate non-interest bearing
      account (the “Credit Support Annex Account”), to be held in the Supplemental
      Interest Trust. The Credit Support Annex Account shall be an Eligible Account
      and funds on deposit therein shall be held separate and apart from, and shall
      not be commingled with, any other moneys, including, without limitation, other
      moneys of the Trustee or of the Supplemental Interest Trust Trustee held
      pursuant to this Agreement.

     

    The
      Supplemental Interest Trust Trustee shall deposit into the Credit Support Annex
      Account any amounts received from the Swap Counterparty under the Swap Credit
      Support Annex. Except for investment earnings, the Swap Counterparty shall
      not
      have any legal, equitable or beneficial interest in the Credit Support Annex
      Account other than in accordance with this Agreement, the Swap Agreement and
      applicable law. The Supplemental Interest Trust Trustee shall maintain and
      apply
      all collateral and earnings thereon on deposit in the Credit Support Annex
      Account in accordance with Swap Credit Support Annex.

     

    Cash
      collateral posted by the Swap Counterparty in accordance with the Swap Credit
      Support Annex shall be invested at the direction of the Swap Counterparty in
      Permitted Investments in accordance with the requirements of the Swap Credit
      Support Annex. All amounts earned on amounts on deposit in the Credit Support
      Annex Account (whether cash collateral or securities) shall be for the account
      of and taxable to the Swap Counterparty. Neither the Supplemental Interest
      Trust
      Trustee or the Trustee shall be liable for the selection of investments or
      for
      the losses incurred thereon. The Supplemental Interest Trustee shall be entitled
      to rely upon notices and information that it receives from the calculation
      agent
      and Swap Counterparty pursuant to the terms of the Swap Agreement, acting in
      good faith.

     

    Upon
      the
      occurrence of an Event of Default, a Termination Event, or an Additional
      Termination Event (each as defined in the Swap Agreement) or upon the occurrence
      or designation of an Early Termination Date (as defined in the Swap Agreement)
      as a result of any such Event of Default, Termination Event, or Additional
      Termination Event, and, in either such case, unless the Swap Counterparty has
      paid in full all of its Obligations (as defined in the Swap Credit Support
      Annex) that are then due, then any collateral posted by the Swap Counterparty
      in
      accordance with the Swap Credit Support Annex shall be applied to the payment
      of
      any Obligations due to Party B (as defined in the Swap Agreement) in accordance
      with the Swap Credit Support Annex. To the extent the Supplemental Interest
      Trust Trustee is required to return any of the Posted Collateral to the Swap
      Counterparty under the terms of the Swap Credit Support Annex, the Supplemental
      Interest Trust Trustee shall return such collateral in accordance with the
      terms
      of the Swap Credit Support Annex.

     

    It
      is the
      intention of the parties that, for federal and state income and state and local
      franchise tax purposes, the Holders of the Class C Certificates be considered
      the owners of the Supplemental Interest Trust (exclusive of the Credit Support
      Annex Account) and that the Supplemental Interest Trust (exclusive of the Credit
      Support Annex Account) be disregarded as an entity separate from the Holder
      of
      the Class C Certificates unless and until the date when either (a) there is
      more
      than one Holder of the Class C Certificates or (b) any Class of Certificates
      in
      addition to the Class C Certificates is recharacterized as an equity interest
      in
      the Supplemental Interest Trust (exclusive of the Credit Support Annex Account)
      for federal income tax purposes, in which case it is the intention of the
      parties that, for federal and state income and state and local franchise tax
      purposes, the Supplemental Interest Trust (exclusive of the Credit Support
      Annex
      Account) be treated as a partnership. Neither the Supplemental Interest Trust
      Trustee nor the Trustee shall be responsible for any entity-level tax reporting,
      of tax return preparation or filing, for the Supplemental Interest Trust. If
      the
      Supplemental Interest Trust becomes characterized as a partnership for federal
      income tax purposes, the Servicer or its Affiliate shall (i) obtain, or cause
      to
      be obtained, a taxpayer identification number for the Supplemental Interest
      Trust, (ii) prepare and file, or cause to be prepared and filed, any necessary
      federal, state or local tax returns for the Supplemental Interest Trust, and
      (iii) prepare and deliver, or cause to be prepared and delivered, to the Swap
      Counterparty an IRS Form W-9 and to update such form upon expiration, as
      required under then applicable U.S. Treasury regulations, and promptly upon
      learning that such IRS Form W-9 (or any successor form thereto) has become
      obsolete or incorrect. Each Holder of a Class C Certificate and each transferee
      thereof, by accepting the Class C Certificate, hereby to (x) designates and
      authorizes the Servicer or its Affiliate to act as its agent and as agent for
      the Supplemental Interest Trust in obtaining a taxpayer identification number
      for the Supplemental Interest Trust, preparing and filing tax returns, and
      issuing the IRS Form W-9, and (y) agrees to cooperate with the Servicer and
      to
      provide any information the Servicer reasonably requires to perform the
      foregoing functions.

    

    (e)  Any
      obligation of the Supplemental Interest Trust Trustee under the Swap Agreement
      shall be deemed to be an obligation of the Supplemental Interest
      Trust.

     

    Section
      4.10  Final
      Maturity Reserve Trust.

     

    (a)  On
      the
      Closing Date, there is hereby established a separate common law trust under
      the
      laws of the State Delaware for the benefit of the Holders of the Class A
      Certificates, the Mezzanine Certificates and the Class C Certificates (the
      “Final Maturity Reserve Trust”) into which the Depositor shall deposit $1,000.
      The Final Maturity Reserve Trust shall be maintained by the Final Maturity
      Reserve Trust Trustee, who, initially, shall be the Trustee. On the Closing
      Date, the Final Maturity Reserve Trust Trustee shall establish and maintain
      in
      its name, a separate non-interest bearing account (the “Final Maturity Reserve
      Account”), into which the Depositor shall initially deposit $1,000. The Final
      Maturity Reserve Account shall be an Eligible Account, and funds on deposit
      therein shall be held separate and apart from, and shall not be commingled
      with,
      any other moneys, including, without limitation, other moneys of the Trustee
      or
      of the Final Maturity Reserve Trust Trustee held pursuant to this
      Agreement.

     

    (b)  The
      Final
      Maturity Reserve Trust Trustee shall deposit into the Final Maturity Reserve
      Account any Group I Final Maturity Reserve Amount, Group II Final Maturity
      Reserve Amount and Supplemental Final Maturity Reserve Amount pursuant to
      Section 4.01. The Final Maturity Reserve Trust Trustee shall distribute the
      funds in the Final Maturity Reserve Account pursuant to Section
      4.01(d)(iii).

     

    (c)  Funds
      in
      the Final Maturity Reserve Trust shall be held by the Trustee in the Final
      Maturity Reserve Account uninvested. The Class C Certificates shall evidence
      ownership of the Final Maturity Reserve Trust for federal income tax
      purposes.

     

    (d)  For
      federal income tax purposes, any Certificateholder that receives a principal
      payment from the Final Maturity Reserve Trust shall be treated as selling a
      portion of its Certificate to the Holder of the Class C Certificates and as
      having received the amount of the principal payment from the Holder of the
      Class
      C Certificates as the proceeds of the sale. The portion of the Certificate
      that
      is treated as having been sold shall equal the amount of the corresponding
      reduction in the Certificate Principal Balance of such Certificate. Principal
      payments received from the Final Maturity Reserve Trust shall not be treated
      as
      distributions from any REMIC created hereby. All principal distributions from
      the Final Maturity Reserve Trust shall be accounted for hereunder in accordance
      with this Section 4.10(d).

     

    Section
      4.11  Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and
      4.08 of this Agreement is to facilitate compliance by the Depositor with the
      provisions of Regulation AB, as such may be amended from time to time and
      subject to clarification and interpretive advice as may be issued by the staff
      of the Commission from time to time. Therefore, each of the parties agrees
      that
      (a) the obligations of the parties hereunder shall be interpreted in such a
      manner as to accomplish that purpose, (b) the parties’ obligations hereunder
      will be supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with requests made by the Depositor for delivery of additional
      or
      different information as the Depositor may determine in good faith is necessary
      to comply with the provisions of Regulation AB, and (d) no amendment of this
      Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
      provisions of Regulation AB.

     

    Section
      4.12  Interest
      Coverage Account. 

     

    (a)  No
      later
      than the Closing Date, the Trustee shall establish and maintain a segregated
      non-interest bearing trust account that is an Eligible Account, which shall
      be
      titled “Interest Coverage Account, Citibank, N.A., as trustee for the registered
      Holders of WaMu Asset-Backed Certificates WaMu Series 2007-HE2 Trust” (the
“Interest Coverage Account”). The Trustee shall, promptly upon receipt, deposit
      in the Interest Coverage Account and retain therein the Interest Coverage Amount
      remitted on the Closing Date to the Trustee by the Depositor. Funds deposited
      in
      the Interest Coverage Account shall be held in trust by the Trustee for the
      Certificateholders for the uses and purposes set forth herein.

     

    (b)  For
      federal income tax purposes, the Servicer shall be the owner of the Interest
      Coverage Account and shall report all items of income, deduction, gain or loss
      arising therefrom. At no time will the Interest Coverage Account be an asset
      of
      any REMIC created hereunder. Amounts held in the Interest Coverage Account
      shall
      be
      invested in Permitted Investments upon and pursuant to written investment
      directions from the Servicer. The Trustee shall have no liability for losses
      on
      any such investment and in the absence of such written directions from the
      Servicer, the Trustee shall be under no duty to invest (or otherwise pay
      interest on) such funds.
      All
      income and gain realized from investment of funds deposited in the Interest
      Coverage Account shall be for the sole and exclusive benefit of the Servicer
      and
      shall be remitted by the Trustee to the Servicer no later than the first
      Business Day following receipt of such income and gain by the Trustee. The
      Servicer shall deposit in the Interest Coverage Account the amount of any net
      loss incurred in respect of any such Permitted Investment immediately upon
      realization of such loss.

     

    (c)  On
      the
      first Distribution Date, the Trustee shall withdraw from the Interest Coverage
      Account and deposit in the Reserve Fund an amount equal to the difference
      between (x) the aggregate amount of interest accrued during the related Accrual
      Period at the related Formula Rate on the Certificate Principal Balance of
      each
      Class of the Class A Certificates and the Mezzanine Certificates immediately
      prior to such Distribution Date, minus the aggregate amount of any Relief Act
      Interest Shortfalls or Net Prepayment Interest Shortfalls for such Distribution
      Date over (y) the sum of the Group I Interest Remittance Amount and the Group
      II
      Interest Remittance Amount for such Distribution Date. On the second
      Distribution Date, the Trustee shall withdraw any remaining amounts from the
      Interest Coverage Account and distribute them to the Servicer.

     

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    Section
      5.01  The
      Certificates.

     

    (a)  The
      Certificates in the aggregate will represent the entire beneficial ownership
      interest in the Mortgage Loans and all other assets included in the Trust
      Fund.

     

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1 through
      A-6. The Certificates of each Class will be issuable in registered form only,
      in
      denominations of authorized Percentage Interests as described in the definition
      thereof. Each Certificate will share ratably in all rights of the related
      Class.

     

    Upon
      original issue, the Certificates shall be executed by the Trustee and
      authenticated and delivered by the Trustee, to or upon the order of the
      Depositor. The Certificates shall be executed and attested by manual or
      facsimile signature on behalf of the Trustee by an authorized signatory.
      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 herein executed by the Trustee by manual signature, and
      such certificate of authentication shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their
      authentication.

     

    (b)  The
      Book
      Entry Certificates shall initially be issued as one or more Certificates held
      by
      the Book-Entry Custodian or, if appointed to hold such Certificates as provided
      below, the Depository and registered in the name of the Depository or its
      nominee and, except as provided below, registration of the Book-Entry
      Certificates may not be transferred by the Trustee except to another Depository
      that agrees to hold the Book-Entry Certificates for the respective Certificate
      Owners with Ownership Interests therein. The Certificate Owners shall hold
      their
      respective Ownership Interests in and to the Book-Entry Certificates through
      the
      book-entry facilities of the Depository and, except as provided below, shall
      not
      be entitled to definitive, fully registered Certificates (“Definitive
      Certificates”) in respect of such Ownership Interests. All transfers by
      Certificate Owners of their respective Ownership Interests in the Book-Entry
      Certificates shall be made in accordance with the procedures established by
      the
      Depository Participant or brokerage firm representing such Certificate Owner.
      Each Depository Participant shall only transfer the Ownership Interests in
      the
      Book-Entry Certificates of Certificate Owners it represents or of brokerage
      firms for which it acts as agent in accordance with the Depository’s normal
      procedures. The Trustee is hereby initially appointed as the Book-Entry
      Custodian and hereby agrees to act as such in accordance herewith and in
      accordance with the agreement that it has with the Depository authorizing it
      to
      act as such. The Book-Entry Custodian may, and if it is no longer qualified
      to
      act as such, the Book-Entry Custodian shall, appoint, by a written instrument
      delivered to the Depositor, the Servicer and if the Trustee is not the
      Book-Entry Custodian, the Trustee and any other transfer agent (including the
      Depository or any successor Depository) to act as Book-Entry Custodian under
      such conditions as the predecessor Book-Entry Custodian and the Depository
      or
      any successor Depository may prescribe, provided that the predecessor Book-Entry
      Custodian shall not be relieved of any of its duties or responsibilities by
      reason of any such appointment of other than the Depository. If the Trustee
      resigns or is removed in accordance with the terms hereof, successor Trustee
      or,
      if it so elects, the Depository shall immediately succeed to its predecessor’s
      duties as Book-Entry Custodian. The Depositor shall have the right to inspect,
      and to obtain copies of, any Certificates held as Book-Entry Certificates by
      the
      Book-Entry Custodian.

     

    The
      Trustee, the Delaware Trustee, the Servicer, the NIMS Insurer and the Depositor
      may for all purposes (including the making of payments due on the Book-Entry
      Certificates) deal with the Depository as the authorized representative of
      the
      Certificate Owners with respect to the Book-Entry Certificates for the purposes
      of the exercise by Certificateholders of the rights of Certificateholders
      hereunder. The rights of Certificate Owners with respect to the Book-Entry
      Certificates shall be limited to those established by law and agreements between
      such Certificate Owners and the Depository Participants and brokerage firms
      representing such Certificate Owners. The Depositor is hereby authorized to
      execute and deliver on behalf of the Trust the Letter of Representations to
      be
      submitted on behalf of the Trust to the Depository and to perform the
      obligations of the Issuer (as defined in the Letter of Representations)
      thereunder. The Trustee is hereby authorized to execute and deliver as agent
      of
      the Trust the Letter of Representations to be submitted on behalf of the Trust
      to the Depository and to perform the obligations of the Agent (as defined in
      the
      Letter of Representations) thereunder. Multiple requests and directions from,
      and votes of, the Depository as Holder of the Book-Entry Certificates with
      respect to any particular matter shall not be deemed inconsistent if they are
      made with respect to different Certificate Owners. The Trustee may establish
      a
      reasonable record date in connection with solicitations of consents from or
      voting by Certificateholders and shall give notice to the Depository of such
      record date.

     

    If
      (i)(A)
      the Depositor advises the Trustee in writing that the Depository is no longer
      willing or able to properly discharge its responsibilities as Depository, and
      (B) the Depositor is unable to locate a qualified successor, (ii) the
      Depositor notifies the Trustee and the Depository of its intent to terminate
      the
      book-entry system through the Depository and, upon receipt of notice of such
      intent from the Depository, the Depository Participants with a position in
      the
      Book Entry Certificates agree to initiate such termination, or (iii) after
      the occurrence of a Servicer Event of Default, Certificate Owners representing
      in the aggregate not less than 51% of the Ownership Interests of the Book-Entry
      Certificates advise the Trustee through the Depository, in writing, that the
      continuation of a book-entry system through the Depository is no longer in
      the
      best interests of the Certificate Owners, the Trustee shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to Certificate Owners
      requesting the same. Upon surrender to the Trustee of the Book-Entry
      Certificates by the Book-Entry Custodian or the Depository, as applicable,
      accompanied by registration instructions from the Depository for registration
      of
      transfer, the Trustee shall issue the Definitive Certificates. Such Definitive
      Certificates will be issued in minimum denominations of $25,000, except that
      any
      beneficial ownership that was represented by a Book-Entry Certificate in an
      amount less than $25,000 immediately prior to the issuance of a Definitive
      Certificate shall be issued in a minimum denomination equal to the amount
      represented by such Book-Entry Certificate. None of the Depositor, the Servicer,
      the Trustee or the Delaware Trustee shall be liable for any delay in the
      delivery of such instructions and may conclusively rely on, and shall be
      protected in relying on, such instructions. Upon the issuance of Definitive
      Certificates all references herein to obligations imposed upon or to be
      performed by the Depository shall be deemed to be imposed upon and performed
      by
      the Trustee, to the extent applicable with respect to such Definitive
      Certificates, and the Trustee shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

     

    Section
      5.02  Registration
      of Transfer and Exchange of Certificates.

     

    (a)  The
      Trustee shall cause to be kept at one of the offices or agencies to be appointed
      by the Trustee in accordance with the provisions of Section 8.12 a
      Certificate Register for the Certificates in which, subject to such reasonable
      regulations as it may prescribe, the Trustee shall provide for the registration
      of Certificates and of transfers and exchanges of Certificates as herein
      provided.

     

    (b)  No
      transfer, sale, pledge or other disposition of any Class C Certificate, Class
      P
      Certificate or Residual Certificate shall be made unless such disposition is
      exempt from the registration requirements of the Securities Act of 1933, as
      amended (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and laws. In the event of any such transfer of
      any
      Class C Certificate, Class P Certificate or Residual Certificate (other than
      in
      connection with (i) the initial transfer of any Class C Certificate, Class
      P
      Certificate or Residual Certificates by the Depositor to the Seller, (ii) the
      transfer of any Class C Certificate, Class P Certificate or Residual
      Certificates by the Seller to an Affiliate of the Seller or to a trust, the
      depositor of which is an Affiliate of the Seller, (iii) the transfer of any
      Class C Certificate, Class P Certificate or Residual Certificates by an
      Affiliate of the Seller to one or more entities sponsored by such Affiliate
      or
      to a trust, the depositor of which is one or more entities sponsored by such
      Affiliate or (iv) a subsequent transfer of any Class C Certificates, Class
      P
      Certificates or Residual Certificates to the Seller or its designee by such
      entity or trust described in clauses (ii) or (iii) above to which the
      Certificates were previously transferred in reliance on clauses (ii) or (iii)
      above) (i) unless such transfer is made in reliance upon Rule 144A (as
      evidenced by the investment letter delivered to the Trustee, in substantially
      the form attached hereto as Exhibit J) under the 1933 Act, the Trustee and
      the
      Depositor shall require a written Opinion of Counsel (which may be in-house
      counsel) acceptable to and in form and substance reasonably satisfactory to
      the
      Trustee and the Depositor that such transfer may be made pursuant to an
      exemption, describing the applicable exemption and the basis therefor, from
      the
      1933 Act or is being made pursuant to the 1933 Act, which Opinion of Counsel
      shall not be an expense of the Trustee, the Delaware Trustee, the Trust Fund
      or
      the Depositor or (ii) the Trustee shall require the transferor to execute a
      transferor certificate (in substantially the form attached hereto as
      Exhibit L) and the transferee to execute an investment letter (in
      substantially the form attached hereto as Exhibit J) acceptable to and in form
      and substance reasonably satisfactory to the Depositor and the Trustee
      certifying to the Depositor and the Trustee the facts surrounding such transfer,
      which investment letter shall not be an expense of the Trustee or the Depositor.
      The Holder of a Class C Certificate, Class P Certificate or Residual Certificate
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee, the Delaware Trustee, the Depositor and the Trust Fund against any
      liability that may result if the transfer is not so exempt or is not made in
      accordance with such federal and state laws.

     

    (c)  For
      so
      long as the Supplemental Interest Trust or the Final Maturity Reserve Trust
      is
      in existence, no transfer of a Class A Certificate or Mezzanine Certificate
      shall be made unless the Trustee shall have received a representation letter
      from the transferee of such Certificate, substantially in the form set forth
      in
      Exhibit I, to the effect that either (i) it is neither a Plan nor a Person
      acting on behalf of any such Plan or using the assets of any such Plan to effect
      such transfer or (ii) it is an accredited investor within the meaning of
      Prohibited Transaction Exemption 2007-05, as amended from time to time (the
      “Exemption”) and the acquisition and holding of such Certificate and the
      separate right to receive payments from the Supplemental Interest Trust Trustee
      and the Final Maturity Reserve Trust Trustee are eligible for the exemptive
      relief available under Prohibited Transaction Class Exemption (“PTCE”) 84-14
      (for transactions by independent “qualified professional asset managers”), 91-38
      (for transactions by bank collective investment funds), 90-1 (for transactions
      by insurance company pooled separate accounts), 95-60 (for transactions by
      insurance company general accounts) or 96-23 (for transactions effected by
      “in-house asset managers”). If the Class A Certificate, or the Mezzanine
      Certificate is a Book-Entry Certificate, the transferee will be deemed to have
      made a representation as provided in clause (i) or (ii) of this paragraph,
      as
      applicable.

     

    Subsequent
      to the termination of the Supplemental Interest Trust and the Final Maturity
      Reserve Trust, no transfer of a Mezzanine Certificate shall be made unless
      the
      Trustee shall have received a representation letter from the transferee of
      such
      Certificate, substantially in the form set forth in Exhibit I, to the effect
      that either (i) it is neither a Plan nor a Person acting on behalf of any such
      Plan or using the assets of any such Plan to effect such transfer or (ii) it
      has
      acquired and is holding such Certificate in reliance on the Exemption, and
      that
      it understands that there are certain conditions to the availability of the
      Exemption, including that the certificate must be rated, at the time of
      purchase, not lower than “BBB-”(or its equivalent) by S&P, Fitch, DBRS
      Moody’s, and the Certificate is so rated or (iii) (1) it is an insurance
      company, (2) the source of funds used to acquire or hold the certificate or
      interest therein is an “insurance company general account,” as such term is
      defined in PTCE 95-60, and (3) the conditions in Sections I and III of PTCE
      95-60 have been satisfied. If the Mezzanine Certificate is a Book-Entry
      Certificate, the transferee will be deemed to have made a representation as
      provided in clause (i), (ii) or (iii) of this paragraph, as
      applicable.

     

    No
      transfer of a Class C Certificate, Class P Certificate or Residual Certificate
      or any interest therein shall be made to any Plan subject to ERISA or
      Section 4975 of the Code, any Person acting, directly or indirectly, on
      behalf of any such Plan or any Person acquiring such Certificates with “Plan
      Assets” of a Plan within the meaning of the Department of Labor regulation
      promulgated at 29 C.F.R. § 2510.3-101 (“Plan Assets”) unless, in the case
      of the Class C Certificates or the Class P Certificates, the Depositor, the
      Trustee and the Servicer are provided with an Opinion of Counsel which
      establishes to the satisfaction of the Depositor, the Trustee and the Servicer
      that the purchase of such Certificates is permissible under applicable law,
      will
      not constitute or result in any prohibited transaction under ERISA or
      Section 4975 of the Code and will not subject the Depositor, the Servicer,
      the Trustee, the Delaware Trustee or the Trust Fund to any obligation or
      liability (including obligations or liabilities under ERISA or Section 4975
      of the Code) in addition to those undertaken in this Agreement, which Opinion
      of
      Counsel shall not be an expense of the Depositor, the Servicer, the Trustee.
      the
      Delaware Trustee or the Trust Fund. Neither an Opinion of Counsel nor any
      certification will be required in connection with the (i) initial transfer
      of
      any Class C Certificate, Class P Certificate or Residual Certificates by the
      Depositor to the Seller, (ii) the transfer of any Class C Certificate, Class
      P
      Certificate or Residual Certificates by the Seller to an Affiliate of the Seller
      or to a trust, the depositor of which is an Affiliate of the Seller, (iii)
      the
      transfer of any Class C Certificates, Class P Certificates or Residual
      Certificates by an Affiliate of the Seller to one or more entities sponsored
      by
      such Affiliate or to a trust the depositor of which is one or more entities
      sponsored by such Affiliate or (iv) a subsequent transfer of any Class C
      Certificates, Class P Certificates or Residual Certificates to the Seller or
      its
      designee by such entity or trust described in clauses (ii) or (iii) above to
      which the Certificates were previously transferred in reliance on clauses (ii)
      or (iii) above (in which case, the Depositor, the Seller, any such Affiliate
      and
      such entities sponsored by such Affiliate shall have deemed to have represented
      that the applicable transferee is not a Plan or a Person investing Plan Assets)
      and the Trustee shall be entitled to conclusively rely upon a representation
      (which, upon the request of the Trustee, shall be a written representation)
      from
      the Depositor of the status of each transferee, the Seller or such an Affiliate.
      Each transferee of a Class C Certificate, Class P Certificate or Residual
      Certificate shall sign a letter substantially in the form of Exhibit I to
      demonstrate its compliance with this Section 5.02(c) (other than in
      connection with the (i) initial transfer of any Class C Certificate, Class
      P
      Certificate or Residual Certificates by the Depositor to the Seller, (ii) the
      transfer of any Class C Certificate, Class P Certificate or Residual
      Certificates by the Seller to an Affiliate of the Seller or to a trust, the
      depositor of which is an Affiliate of the Seller, (iii) the transfer of any
      Class C Certificates, Class P Certificates or Residual Certificates by an
      Affiliate of the Seller to one or more entities sponsored by such Affiliate
      or
      to a trust the depositor of which is one or more entities sponsored by such
      Affiliate or (iv) a subsequent transfer of any Class C Certificates, Class
      P
      Certificates or Residual Certificates to the Seller or its designee by such
      entity or trust described in clauses (ii) or (iii) above to which the
      Certificates were previously transferred in reliance on clauses (ii) or (iii)
      above).

     

    For
      so
      long as the Swap Agreement is in effect, except as provided in the next
      sentence, no transfer of any Class C Certificate shall be effective unless
      and
      until the proposed transferee of such Class C Certificate provides to each
      of
      (a) the Trustee, (b) the Supplemental Interest Trust Trustee and (c) the Swap
      Counterparty, the appropriate tax certification form (i.e., IRS Form W-9 or
      IRS
      Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable or any successor form
      thereto), and such proposed transferee agrees to update such forms (i) upon
      expiration of any such form, (ii) as required under then applicable U.S.
      Treasury regulations, and (iii) promptly upon learning that any IRS Form W-9
      or
      IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable or any successor form
      thereto, has become obsolete or incorrect. The foregoing sentence shall not
      apply to any transfer of a Class C Certificate if, immediately after such
      transfer, there would be more than one Holder of the Class C Certificates.
      If
      the Holder of any Class C Certificates or any proposed transferee of a Class
      C
      Certificate requests, the Supplemental Interest Trust Trustee shall provide
      such
      Holder with the then current contact information for the Swap Counterparty.
      Except for transfers described in the second sentence of this paragraph, any
      purported sales or transfers of any Class C Certificate to a transferee that
      does not comply with the requirements of this paragraph shall be deemed null
      and
      void under this Agreement, and the Trustee shall continue to treat the purported
      transferor as the owner of the relevant Class C Certificates for all purposes
      of
      this Agreement. Upon receipt of any tax certification form pursuant to this
      paragraph, the Supplemental Interest Trust Trustee shall forward a copy of
      such
      form to the Swap Counterparty.

     

    The
      Supplemental Interest Trust Trustee and the Trustee, respectively, shall not
      be
      liable for the completeness, accuracy, content or truthfulness of any such
      tax
      certification provided to it. The Supplemental Interest Trust Trustee and the
      Trustee shall only be required to forward any tax certification received by
      it
      to the Swap Counterparty at the last known address provided to it, and shall
      not
      be liable for the receipt of such tax certification by the Swap Counterparty,
      nor any failure of the Swap Counterparty to process such certification or to
      take any action as required under the respective Swap Agreement, or under
      applicable law. The Supplemental Interest Trustee and the Trustee shall have
      no
      duty to take action to correct any misstatement or omission in any tax
      certification provided to it and forwarded to the Swap
      Counterparty.

     

    If
      any
      Certificate or any interest therein is acquired or held in violation of the
      provisions of the preceding paragraphs, the next preceding permitted beneficial
      owner will be treated as the beneficial owner of that Certificate retroactive
      to
      the date of transfer to the purported beneficial owner. Any purported beneficial
      owner whose acquisition or holding of any such Certificate or interest therein
      was effected in violation of the provisions of the preceding paragraph shall
      indemnify and hold harmless the Depositor, the Servicer, the Trustee, the
      Delaware Trustee and the Trust Fund from and against any and all liabilities,
      claims, costs or expenses incurred by those parties as a result of that
      acquisition or holding.

     

    (d)  Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

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

     

    (ii)  No
      Person
      shall acquire an Ownership Interest in a Residual Certificate unless such
      Ownership Interest is a pro rata undivided interest.

     

    (iii)  Except
      in
      connection with any transfer to an Affiliate of the Depositor, in connection
      with any proposed transfer of any Ownership Interest in a Residual Certificate,
      the Trustee shall as a condition to registration of the transfer, require
      delivery to it, in form and substance satisfactory to it, of each of the
      following:

     

    (A)  an
      affidavit in the form of Exhibit K hereto from the proposed transferee to
      the effect that such transferee is a Permitted Transferee and that it is not
      acquiring its Ownership Interest in the Residual Certificate that is the subject
      of the proposed transfer as a nominee, trustee or agent for any Person who
      is
      not a Permitted Transferee; and

     

    (B)  a
      covenant of the proposed transferee to the effect that the proposed transferee
      agrees to be bound by and to abide by the transfer restrictions applicable
      to
      the Residual Certificates.

     

    (iv)  Any
      attempted or purported transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be
      absolutely null and void and shall vest no rights in the purported transferee.
      If any purported transferee shall, in violation of the provisions of this
      Section, become a Holder of a Residual Certificate, then the prior Holder of
      such Residual Certificate that is a Permitted Transferee shall, upon discovery
      that the registration of transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. The Trustee shall not be under any liability to any Person for
      any
      registration of transfer of a Residual Certificate that is in fact not permitted
      by this Section or for making any distributions due on such Residual
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement so long as the Trustee
      received the documents specified in clause (iii). The Trustee shall be entitled
      to recover from any Holder of a Residual Certificate that was in fact not a
      Permitted Transferee at the time such distributions were made all distributions
      made on such Residual Certificate. Any such distributions so recovered by the
      Trustee shall be distributed and delivered by the Trustee to the prior Holder
      of
      such Residual Certificate that is a Permitted Transferee.

     

    (v)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee shall have the right but not the obligation, without notice to the
      Holder of such Residual Certificate or any other Person having an Ownership
      Interest therein, to notify the Depositor to arrange for the sale of such
      Residual Certificate. The proceeds of such sale, net of commissions (which
      may
      include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the Trustee
      to the previous Holder of such Residual Certificate that is a Permitted
      Transferee, except that in the event that the Trustee determines that the Holder
      of such Residual Certificate may be liable for any amount due under this
      Section or any other provisions of this Agreement, the Trustee may withhold
      a corresponding amount from such remittance as security for such claim. The
      terms and conditions of any sale under this clause (v) shall be determined
      in the sole discretion of the Trustee and it shall not be liable to any Person
      having an Ownership Interest in a Residual Certificate as a result of its
      exercise of such discretion.

     

    (vi)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee will provide to the Internal Revenue Service, and to the persons
      designated in Section 860E(e)(3) of the Code, information needed to compute
      the
      tax imposed under Section 860E(e)(1) of the Code on such
      transfer.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Trustee,
      in
      form and substance satisfactory to the Trustee, (i) written notification
      from each Rating Agency that the removal of the restrictions on Transfer set
      forth in this Section will not cause such Rating Agency to downgrade its
      rating of any of the Other NIM Notes, the Insured NIM Notes (without giving
      effect to any insurance policy issued by the NIMS Insurer) or the Certificates
      and (ii) an Opinion of Counsel to the effect that such removal will not
      cause any REMIC created hereunder to fail to qualify as a REMIC.

     

    (e)  Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Trustee designated from time to
      time
      for such purpose pursuant to Section 8.12, the Trustee shall execute and
      authenticate and deliver, in the name of the designated Transferee or
      Transferees, one or more new Certificates of the same Class of a like aggregate
      Percentage Interest.

     

    (f)  At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Trustee maintained for such purpose
      pursuant to Section 8.12. Whenever any Certificates are so surrendered for
      exchange the Trustee shall execute, authenticate and deliver the Certificates
      which the Certificateholder making the exchange is entitled to receive. Every
      Certificate presented or surrendered for transfer or exchange shall (if so
      required by the Trustee) be duly endorsed by, or be accompanied by a written
      instrument of transfer in the form satisfactory to the Trustee duly executed
      by,
      the Holder thereof or his attorney duly authorized in writing.

     

    (g)  No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, but the Trustee may require payment of a sum
      sufficient to cover any tax or governmental charge that may be imposed in
      connection with any transfer or exchange of Certificates.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      canceled by the Trustee and disposed of pursuant to its standard procedures.
      

     

    Notwithstanding
      any term herein contained to the contrary, the Trustee shall not be under any
      obligation to determine or monitor whether any transfer or exchange of any
      Certificate complies with the Securities Act, or any other state securities
      laws
      that may be applicable, or ERISA, the Investment Company Act or the Code;
      provided, however, that if a certificate, opinion or other requirement is
      specifically set forth in this Section 5.02, the Trustee shall be under a duty
      to receive and examine such certificate or opinion to determine whether conforms
      on its face with the requirement specifically set forth in this Section
      5.02.

     

    Section
      5.03  Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i) any mutilated Certificate is surrendered to the Trustee or the Trustee
      receives evidence to its satisfaction of the destruction, loss or theft of
      any
      Certificate and (ii) there is delivered to the Trustee, the Depositor and
      (in the case of a Class C Certificate or Class P Certificate) the NIMS Insurer
      such security or indemnity as may be required by them to save each of them,
      and
      the Trust Fund, harmless, then, in the absence of notice to the Trustee that
      such Certificate has been acquired by a protected purchaser, the Trustee shall
      execute, authenticate and deliver, in exchange for or in lieu of any such
      mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
      tenor and Percentage Interest. Upon the issuance of any new Certificate under
      this Section, the Trustee may require the payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in relation thereto
      and
      any other expenses (including the fees and expenses of the Trustee) in
      connection therewith. Any duplicate 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 lost, stolen or destroyed
      Certificate shall be found at any time.

     

    Section
      5.04  Persons
      Deemed Owners.

     

    The
      Servicer, the Depositor, the Trustee, the Delaware Trustee, the NIMS Insurer
      and
      any agent of the Servicer, the Depositor, the Trustee, the Delaware Trustee,
      or
      the NIMS Insurer may treat the Person, including a Depository, in whose name
      any
      Certificate is registered as the owner of such Certificate for the purpose
      of
      receiving distributions pursuant to Section 4.01 and for all other purposes
      whatsoever, and none of the Servicer, the Depositor, the Trustee, the Delaware
      Trustee, the NIMS Insurer nor any agent of any of them shall be affected by
      notice to the contrary.

     

     

    ARTICLE
      VI

     

    THE
      SERVICER AND THE DEPOSITOR

     

    Section
      6.01  Liability
      of the Servicer and the Depositor.

     

    The
      Depositor and the Servicer each shall be liable in accordance herewith only
      to
      the extent of the obligations specifically imposed by this Agreement and
      undertaken hereunder by the Depositor and the Servicer herein.

     

    Section
      6.02  Merger
      or Consolidation of the Depositor or the Servicer.

     

    Subject
      to the following paragraph, the Depositor will keep in full effect its
      existence, rights and franchises as a corporation under the laws of the
      jurisdiction of its incorporation. Subject to the following paragraph, the
      Servicer will keep in full effect its existence, rights and franchises as a
      corporation under the laws of the jurisdiction of its incorporation and its
      qualification as an approved conventional seller/servicer for Fannie Mae or
      Freddie Mac in good standing. The Depositor and the Servicer each will obtain
      and preserve its qualification to do business as a foreign corporation in each
      jurisdiction in which such qualification is or shall be necessary to protect
      the
      validity and enforceability of this Agreement, the Certificates or any of the
      Mortgage Loans and to perform its respective duties under this
      Agreement.

     

    The
      Depositor or the Servicer may be merged or consolidated with or into any Person,
      or transfer all or substantially all of its assets to any Person, in which
      case
      any Person resulting from any merger or consolidation to which the Depositor
      or
      the Servicer shall be a party, or any Person succeeding to the business of
      the
      Depositor or the Servicer, shall be the successor of the Depositor or the
      Servicer, as the case may be, hereunder, without the execution or filing of
      any
      paper or any further act on the part of any of the parties hereto, anything
      herein to the contrary notwithstanding; provided, however, that the successor
      or
      surviving Person to the Servicer shall be qualified to service mortgage loans
      on
      behalf of Fannie Mae or Freddie Mac; and provided further that the Rating
      Agencies’ ratings of the Other NIM Notes, the Class A Certificates and the
      Mezzanine Certificates and the shadow rating of the Insured NIM Notes (without
      giving effect to any insurance policy issued by the NIMS Insurer) in effect
      immediately prior to such merger or consolidation will not be qualified, reduced
      or withdrawn as a result thereof (as evidenced by a letter to such effect from
      the Rating Agencies to the Trustee).

     

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

     

    None
      of
      the Depositor, the Servicer or any of the directors, officers, employees or
      agents of the Depositor or the Servicer shall be under any liability to the
      Trust Fund or the Certificateholders for any action taken or for refraining
      from
      the taking of any action in good faith pursuant to this Agreement, or for errors
      in judgment; provided, however, that this provision shall not protect the
      Depositor, the Servicer or any such person against any breach of warranties,
      representations or covenants made herein, or against any specific liability
      imposed on the Servicer or the Depositor, as applicable, pursuant hereto, or
      against any liability which would otherwise be imposed by reason of willful
      misfeasance, bad faith or negligence in the performance of duties or by reason
      of reckless disregard of obligations and duties hereunder. The Depositor, the
      Servicer and any director, officer, employee or agent of the Depositor or the
      Servicer may rely in good faith on any document of any kind which, prima facie,
      is properly executed and submitted by any Person respecting any matters arising
      hereunder. The Depositor, the Servicer and any director, officer, employee
      or
      agent of the Depositor or the Servicer shall be indemnified and held harmless
      by
      the Trust against any loss, liability or expense incurred in connection with
      any
      legal action relating to this Agreement or the Certificates, other than any
      loss, liability or expense incurred by reason of willful misfeasance, bad faith
      or negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder. Neither the Depositor nor the
      Servicer shall be under any obligation to appear in, prosecute or defend any
      legal action unless such action is related to its respective duties under this
      Agreement and, in its opinion, does not involve it in any expense or liability;
      provided, however, that each of the Depositor and the Servicer may in its
      discretion undertake any such action which it may deem necessary or desirable
      with respect to this Agreement and the rights and duties of the parties hereto
      and the interests of the Certificateholders hereunder. In such event, unless
      the
      Depositor or the Servicer acts without the consent of Holders of Certificates
      entitled to at least 51% of the Voting Rights (which consent shall not be
      necessary in the case of litigation or other legal action by either to enforce
      their respective rights or defend themselves hereunder), the legal expenses
      and
      costs of such action and any liability resulting therefrom (except any loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder) shall be expenses, costs and
      liabilities of the Trust, and the Depositor and the Servicer shall be entitled
      to be reimbursed therefor from the Collection Account as and to the extent
      provided in Section 3.11, any such right of reimbursement being prior to
      the rights of the Certificateholders to receive any amount in the Collection
      Account.

     

    The
      Servicer (except the Trustee to the extent it has succeeded the Servicer as
      required hereunder) indemnifies and holds the Trustee, the Delaware Trustee,
      the
      Depositor and the Trust Fund harmless against any and all claims, losses,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments, and any other costs, fees and expenses that the Trustee, the Delaware
      Trustee, the Depositor or the Trust Fund may sustain in any way related to
      the
      failure of the Servicer to perform its duties and service the Mortgage Loans
      in
      compliance with the terms of this Agreement. The Servicer shall immediately
      notify the Trustee, the Delaware Trustee, the NIMS Insurer and the Depositor
      if
      a claim is made that may result in such claims, losses, penalties, fines,
      forfeitures, legal fees or related costs, judgments, or any other costs, fees
      and expenses, and the Servicer shall assume (with the consent of the Trustee)
      the defense of any such claim and pay all expenses in connection therewith,
      including reasonable counsel fees, and promptly pay, discharge and satisfy
      any
      judgment or decree which may be entered against the Servicer, the Trustee,
      the
      Delaware Trustee, the Depositor and/or the Trust Fund in respect of such claim.
      The provisions of this paragraph shall survive the termination of this Agreement
      and the payment of the outstanding Certificates.

     

    Section
      6.04  Limitation
      on Resignation of Servicer.

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except (i) upon determination that its duties hereunder are no longer
      permissible under applicable law or (ii) with the written consent of the
      Trustee and the NIMS Insurer and written confirmation from each Rating Agency
      (which confirmation shall be furnished to the Depositor and the Trustee) that
      such resignation will not cause such Rating Agency to reduce the then current
      rating of any of the Other NIM Notes, the Class A Certificates or the Mezzanine
      Certificates or the shadow rating of the Insured NIM Notes (without giving
      effect to any insurance policy issued by the NIMS Insurer). Any such
      determination pursuant to clause (i) of the preceding sentence permitting
      the resignation of the Servicer shall be evidenced by an Opinion of Counsel
      to
      such effect obtained at the expense of the Servicer and delivered to the
      Trustee. No resignation of the Servicer shall become effective until the Trustee
      or a successor servicer reasonably acceptable to the NIMS Insurer shall have
      assumed the Servicer’s responsibilities, duties, liabilities (other than those
      liabilities arising prior to the appointment of such successor) and obligations
      under this Agreement.

     

    Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, nor delegate
      to or
      subcontract with, nor authorize or appoint any other Person to perform any
      of
      the duties, covenants or obligations to be performed by the Servicer hereunder.
      The foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, that as provided in Section 3.06
      hereof, no Sub-Servicer shall be a third-party beneficiary hereunder and the
      parties hereto shall not be required to recognize any Sub-Servicer as an
      indemnitee under this Agreement. If, pursuant to any provision hereof, the
      duties of the Servicer are transferred to a successor servicer, the entire
      amount of the Servicing Fee and other compensation payable to the Servicer
      pursuant hereto shall thereafter be payable to such successor
      servicer.

     

    Section
      6.05  Rights
      of the Depositor, the NIMS Insurer and the Trustee in Respect of the
      Servicer.

     

    The
      Servicer shall afford (and any Sub-Servicing Agreement shall provide that each
      Sub-Servicer shall afford) the Depositor, the NIMS Insurer and the Trustee,
      upon
      reasonable notice, during normal business hours, access to all records
      maintained by the Servicer (and any such Sub-Servicer) in respect of the
      Servicer’s rights and obligations hereunder and access to officers of the
      Servicer (and those of any such Sub-Servicer) responsible for such obligations.
      Upon request, the Servicer shall furnish to the Depositor, the NIMS Insurer
      and
      the Trustee its (and any such Sub-Servicer’s) most recent financial statements
      and such other information relating to the Servicer’s capacity to perform its
      obligations under this Agreement that it possesses. To the extent such
      information is not otherwise available to the public, the Depositor, the NIMS
      Insurer and the Trustee shall not disseminate any information obtained pursuant
      to the preceding two sentences without the Servicer’s (or any such
      Sub-Servicer’s) written consent, except as required pursuant to this Agreement
      or to the extent that it is necessary to do so (i) in working with legal
      counsel, auditors, taxing authorities or other governmental agencies, rating
      agencies or reinsurers or (ii) pursuant to any law, rule, regulation,
      order, judgment, writ, injunction or decree of any court or governmental
      authority having jurisdiction over the Depositor, the NIMS Insurer, the Trustee
      or the Trust Fund, and in either case, the Depositor or the Trustee, as the
      case
      may be, shall use, and the NIMS Insurer shall be deemed to have agreed with
      the
      parties hereto to use, its best efforts to assure the confidentiality of any
      such disseminated non-public information. The Depositor may, but is not
      obligated to, enforce the obligations of the Servicer under this Agreement
      and
      may, but is not obligated to, perform, or cause a designee to perform, any
      defaulted obligation of the Servicer under this Agreement or exercise the rights
      of the Servicer under this Agreement; provided that the Servicer shall not
      be
      relieved of any of its obligations under this Agreement by virtue of such
      performance by the Depositor or its designee. The Depositor shall not have
      any
      responsibility or liability for any action or failure to act by the Servicer
      and
      is not obligated to supervise the performance of the Servicer under this
      Agreement or otherwise.

     

     

    ARTICLE
      VII

     

    DEFAULT

     

    Section
      7.01  Servicer
      Events of Default.

     

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

     

    (i)  any
      failure by the Servicer to remit to the Trustee for distribution to the
      Certificateholders any payment (other than an Advance required to be made from
      its own funds on any Servicer Remittance Date pursuant to Section 4.04)
      required to be made under the terms of the Certificates and this Agreement
      which
      continues unremedied for a period of one Business Day after the date upon which
      written notice of such failure, requiring the same to be remedied, shall have
      been given to the Servicer by the Depositor, the Trustee (in which case notice
      shall be provided by telecopy), or to the Servicer, the Depositor and the
      Trustee by the NIMS Insurer or the Holders of Certificates entitled to at least
      25% of the Voting Rights; or

     

    (ii)  any
      failure on the part of the Servicer duly to observe or perform in any material
      respect any of the covenants or agreements on the part of the Servicer contained
      in this Agreement which continues unremedied for a period of 45 days (30 days
      in
      the case of any failure to maintain a Sub-Servicing Agreement with an eligible
      Sub-Servicer to the extent required in accordance with Section 3.02(c))
      after the earlier of (i) the date on which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Servicer by
      the
      Depositor or the Trustee, or to the Servicer, the Depositor and the Trustee
      by
      the NIMS Insurer or the Holders of Certificates entitled to at least 25% of
      the
      Voting Rights and (ii) actual knowledge of such failure by a Servicing
      Representative of the Servicer; or

     

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

     

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

     

    (v)  the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors;
      or

     

    (vi)  
      [reserved]; or

     

    (vii)  any
      failure of the Servicer to make, or cause an Advancing Person to make, any
      Advance on any Servicer Remittance Date required to be made from its own funds
      pursuant to Section 4.04 which continues unremedied until 3:00 p.m. New
      York time on the Business Day immediately following the Servicer Remittance
      Date.

     

    If
      a
      Servicer Event of Default described in clauses (i) through (vi) of this
      Section shall occur, then, and in each and every such case, so long as such
      Servicer Event of Default shall not have been remedied, the Depositor or the
      Trustee may, and at the written direction of the NIMS Insurer or the Holders
      of
      Certificates entitled to at least 51% of Voting Rights, the Trustee shall,
      by
      notice in writing to the NIMS Insurer and the Servicer (and to the Depositor
      if
      given by the Trustee or to the Trustee if given by the Depositor), terminate
      all
      of the rights and obligations of the Servicer in its capacity as Servicer under
      this Agreement, to the extent permitted by law, and in and to the Mortgage
      Loans
      and the proceeds thereof. If a Servicer Event of Default described in clause
      (vii) hereof shall occur, the Trustee shall, by notice in writing to the
      Servicer (delivered immediately by facsimile and effective on the date of
      acknowledgement of receipt in the case of a Servicer Event of Default described
      in clause (vii)), the NIMS Insurer and the Depositor, terminate all of the
      rights and obligations of the Servicer in its capacity as Servicer under this
      Agreement and in and to the Mortgage Loans and the proceeds thereof. On or
      after
      the receipt by the Servicer of such written notice, all authority and power
      of
      the Servicer under this Agreement, whether with respect to the Certificates
      (other than as a Holder of any Certificate) or the Mortgage Loans or otherwise,
      shall pass to and be vested in the Trustee pursuant to and under this
      Section and, without limitation, the Trustee is hereby authorized and
      empowered, as attorney-in-fact or otherwise, to execute and deliver on behalf
      of
      and at the expense of the Servicer, any and all documents and other instruments
      and to do or accomplish all other acts or things necessary or appropriate to
      effect the purposes of such notice of termination, whether to complete the
      transfer and endorsement or assignment of the Mortgage Loans and related
      documents, or otherwise. The Servicer agrees, at its sole cost and expense,
      promptly (and in any event no later than ten Business Days subsequent to such
      notice) to provide the Trustee with all documents and records requested by
      it to
      enable it to assume the Servicer’s functions under this Agreement, and to
      cooperate with the Trustee in effecting the termination of the Servicer’s
      responsibilities and rights under this Agreement, including, without limitation,
      the transfer within one Business Day to the Trustee for administration by it
      of
      all cash amounts which at the time shall be or should have been credited by
      the
      Servicer to the Collection Account held by or on behalf of the Servicer, or
      any
      REO Account or Servicing Account held by or on behalf of the Servicer or
      thereafter be received with respect to the Mortgage Loans or any REO Property
      (provided, however, that the Servicer shall continue to be entitled to receive
      all amounts accrued or owing to it under this Agreement on or prior to the
      date
      of such termination, whether in respect of Advances or otherwise, and shall
      continue to be entitled to the benefits of Section 6.03, notwithstanding
      any such termination, with respect to events occurring prior to such
      termination). For purposes of this Section 7.01, the Trustee shall not be
      deemed to have knowledge of a Servicer Event of Default unless a Responsible
      Officer of Trustee assigned to and working in the Trustee’s Corporate Trust
      Office has actual knowledge thereof or unless written notice of any event which
      is in fact such a Servicer Event of Default is received by the Trustee and
      such
      notice references the Certificates, any of the Trust REMICs or this
      Agreement.

     

    The
      Trustee shall be entitled to be reimbursed by the Servicer (or by the Trust
      if
      the Servicer is unable to fulfill its obligations hereunder) for all costs
      associated with the transfer of servicing from the predecessor servicer,
      including without limitation, any costs or expenses associated with the complete
      transfer of all servicing data and the completion, correction or manipulation
      of
      such servicing data as may be required by the Trustee to correct any errors
      or
      insufficiencies in the servicing data or otherwise to enable the Trustee to
      service the Mortgage Loans properly and effectively.

     

    Section
      7.02  Trustee
      to Act; Appointment of Successor.

     

    (a)  On
      and
      after the time the Servicer receives a notice of termination, the Trustee shall
      be the successor in all respects to the Servicer in its capacity as Servicer
      under this Agreement and the transactions set forth or provided for herein
      and
      shall be subject to all the responsibilities, duties and liabilities relating
      thereto and arising thereafter, which shall be assumed by the Trustee (except
      for any representations or warranties of the Servicer under this Agreement,
      the
      responsibilities, duties and liabilities contained in Section 2.03(c) and
      its obligation to deposit amounts in respect of losses pursuant to
      Section 3.12) by the terms and provisions hereof including, without
      limitation, the Servicer’s obligations to make Advances pursuant to
      Section 4.04; provided, however, that if the Trustee is prohibited by law
      or regulation from obligating itself to make advances regarding delinquent
      Mortgage Loans, then the Trustee shall not be obligated to make Advances
      pursuant to Section 4.04; and provided further, that any failure to perform
      such duties or responsibilities caused by the Servicer’s failure to provide
      information required by Section 7.01 shall not be considered a default by
      the Trustee as successor to the Servicer hereunder; provided, however, it is
      understood and acknowledged by the parties that there will be a period of
      transition (not to exceed 90 days) before the servicing transfer is fully
      effected. As compensation therefor, the Trustee shall be entitled to the
      Servicing Fee, and all other compensation to which the Servicer is entitled
      under the terms thereof, and all funds relating to the Mortgage Loans to which
      the Servicer would have been entitled if it had continued to act hereunder
      (other than amounts which were due or would become due to the Servicer prior
      to
      its termination or resignation). Notwithstanding anything herein to the
      contrary, in no event shall the Trustee be liable for any Servicing Fee or
      for
      any differential in the amount of the Servicing Fee paid hereunder and the
      amount necessary to induce any successor Servicer to act as successor Servicer
      under this Agreement and the transactions set forth or provided for herein.
      After the Servicer receives a notice of termination, notwithstanding the above
      and subject to the next paragraph, the Trustee may, if it shall be unwilling
      to
      so act, or shall, if it is unable to so act or if it is prohibited by law from
      making advances regarding delinquent Mortgage Loans, or if the NIMS Insurer
      or
      the Holders of Certificates entitled to at least 51% of the Voting Rights so
      request in writing to the Trustee, promptly appoint, or petition a court of
      competent jurisdiction to appoint, an established mortgage loan servicing
      institution acceptable to each Rating Agency, having a net worth of not less
      than $15,000,000 and reasonably acceptable to the NIMS Insurer, as the successor
      to the Servicer under this Agreement in the assumption of all or any part of
      the
      responsibilities, duties or liabilities of the Servicer under this
      Agreement.

     

    No
      appointment of a successor to the Servicer under this Agreement shall be
      effective until the assumption by the successor of all of the Servicer’s
      responsibilities, duties and liabilities hereunder. In connection with such
      appointment and assumption described herein, the Trustee may make such
      arrangements for the compensation of such successor out of payments on Mortgage
      Loans as it and such successor shall agree; provided, however, that no such
      compensation shall be in excess of that permitted the Servicer as such
      hereunder. The Depositor, the Trustee and such successor shall take such action,
      consistent with this Agreement, as shall be necessary to effectuate any such
      succession. Pending appointment of a successor to the Servicer under this
      Agreement, the Trustee shall act in such capacity as hereinabove
      provided.

     

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

     

    Upon
      removal or resignation of the Servicer, the Trustee, with the cooperation of
      the
      Depositor, (x) shall solicit bids for a successor Servicer as described
      below and (y) pending the appointment of a successor Servicer as a result
      of soliciting such bids, shall serve as Servicer of the Mortgage Loans serviced
      by such predecessor Servicer. The Trustee shall solicit, by public announcement,
      bids from housing and home finance institutions, banks and mortgage servicing
      institutions meeting the qualifications set forth in the first paragraph of
      this
      Section 7.02 (including the Trustee or any affiliate thereof). Such public
      announcement shall specify that the successor Servicer shall be entitled to
      the
      servicing compensation agreed upon between the Trustee, the successor Servicer
      and the Depositor; provided, however, that no such fee shall exceed the
      Servicing Fee. Within thirty days after any such public announcement, the
      Trustee with the cooperation of the Depositor, shall negotiate in good faith
      and
      effect the sale, transfer and assignment of the servicing rights and
      responsibilities hereunder to the qualified party submitting the highest
      satisfactory bid as to the price they will pay to obtain such servicing. The
      Trustee, upon receipt of the purchase price shall pay such purchase price to
      the
      Servicer being so removed, after deducting from any sum received by the Trustee
      from the successor to the Servicer in respect of such sale, transfer and
      assignment all costs and expenses of any public announcement and of any sale,
      transfer and assignment of the servicing rights and responsibilities reasonably
      incurred hereunder. After such deductions, the remainder of such sum shall
      be
      paid by the Trustee to the Servicer at the time of such sale.

     

    (b)  If
      the
      Servicer fails to remit to the Trustee for distribution to the
      Certificateholders any payment required to be made under the terms of this
      Agreement (for purposes of this Section 7.02(b), a “Remittance”) because
      the Servicer is the subject of a proceeding under the Bankruptcy Code and the
      making of such Remittance is prohibited by Section 362 of the Bankruptcy
      Code, the Trustee shall upon written notice of such prohibition, regardless
      of
      whether it has received a notice of termination under Section 7.01, shall
      be treated as though it had succeeded to the Servicer and shall advance the
      amount of such Remittance by depositing such amount in the Distribution Account
      on the related Distribution Date. The Trustee shall be obligated to make such
      advance only if (i) such advance, in the good faith judgment of the Trustee
      can reasonably be expected to be ultimately recoverable from Stayed Funds and
      (ii) the Trustee is not prohibited by law from making such advance or
      obligating itself to do so. Upon remittance of the Stayed Funds to the Trustee
      or the deposit thereof in the Distribution Account by the Servicer, a trustee
      in
      bankruptcy or a federal bankruptcy court, the Trustee may recover the amount
      so
      advanced, without interest, by withdrawing such amount from the Distribution
      Account; however, nothing in this Agreement shall be deemed to affect the
      Trustee’s rights to recover from the Servicer’s own funds interest on the amount
      of any such advance. If the Trustee at any time makes an advance under this
      subsection which it later determines in its good faith judgment will not be
      ultimately recoverable from the Stayed Funds with respect to which such advance
      was made, the Trustee shall be entitled to reimburse itself for such advance,
      without interest, by withdrawing from the Distribution Account, out of amounts
      on deposit therein, an amount equal to the portion of such advance attributable
      to the Stayed Funds.

     

    Section
      7.03  Notification
      to Certificateholders.

     

    (a)  Upon
      any
      termination of the Servicer pursuant to Section 7.01 above or any
      appointment of a successor to the Servicer pursuant to Section 7.02 above,
      the Trustee shall give prompt written notice thereof to Certificateholders
      at
      their respective addresses appearing in the Certificate Register and to the
      NIMS
      Insurer.

     

    (b)  Not
      later
      than the later of 60 days after the occurrence of any event, which constitutes
      or which, with notice or lapse of time or both, would constitute a Servicer
      Event of Default or five days after a Responsible Officer of the Trustee becomes
      aware of the occurrence of such an event, the Trustee shall transmit by mail
      to
      all Holders of Certificates and to the NIMS Insurer and the Swap Counterparty
      notice of each such occurrence, unless such default or Servicer Event of Default
      shall have been cured or waived.

     

    Section
      7.04  Waiver
      of Servicer Events of Default.

     

    The
      Holders representing at least 66% of the Voting Rights evidenced by all Classes
      of Certificates affected by any default or Servicer Event of Default hereunder
      may, with the consent of the NIMS Insurer, waive such default or Servicer Event
      of Default; provided,
      however,
      that a
      default or Servicer Event of Default under clause (i) or (vii) of
      Section 7.01 may be waived only by all of the Holders of the Regular
      Certificates and the NIMS Insurer (as evidenced by the written consent of the
      NIMS Insurer). Upon any such waiver of a default or Servicer Event of Default,
      such default or Servicer Event of Default shall cease to exist and shall be
      deemed to have been remedied for every purpose hereunder. No such waiver shall
      extend to any subsequent or other default or Servicer Event of Default or impair
      any right consequent thereon except to the extent expressly so
      waived.

     

     

    ARTICLE
      VIII

     

    THE
      TRUSTEE

     

    Section
      8.01  Duties
      of Trustees.

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Default known to the
      Trustee and after the curing of all Servicer Events of Default which may have
      occurred, undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement. During a Servicer Event of Default
      known to the Trustee, the Trustee shall exercise such of the rights and powers
      vested in it by this Agreement, and use the same degree of care and skill in
      their exercise as a prudent person would exercise or use under the circumstances
      in the conduct of such person’s own affairs. Any permissive right of the Trustee
      enumerated in this Agreement shall not be construed as a duty.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement. If any such instrument is found not to conform
      to the requirements of this Agreement in a material manner, the Trustee shall
      take such action as it deems appropriate to have the instrument corrected,
      and
      if the instrument is not corrected to the Trustee’s satisfaction, the Trustee
      will provide notice thereof to the Certificateholders.

     

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

     

    (i)  Prior
      to
      the occurrence of a Servicer Event of Default known to the Trustee, and after
      the curing of all such Servicer Events of Default which may have occurred,
      the
      duties and obligations of the Trustee shall be determined solely by the express
      provisions of this Agreement, neither the Trustee nor the Delaware Trustee
      shall
      be liable except for the performance of such duties and obligations as are
      specifically set forth in this Agreement, no implied covenants or obligations
      shall be read into this Agreement against the Trustee or the Delaware Trustee
      and, in the absence of bad faith on the part of the Trustee or the Delaware
      Trustee, such 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 such trustee that conform to the requirements of this
      Agreement;

     

    (ii)  Neither
      the Trustee nor the Delaware Trustee shall be personally liable for an error
      of
      judgment made in good faith by a Responsible Officer or Responsible Officers
      of
      such trustee unless it shall be proved that such trustee was negligent in
      ascertaining the pertinent facts; and

     

    (iii)  Neither
      the Trustee nor the Delaware Trustee shall be personally liable with respect
      to
      any action taken, suffered or omitted to be taken by it in good faith in
      accordance with the direction of the NIMS Insurer or the Holders of Certificates
      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 such trustee,
      or
      exercising any trust or power conferred upon such trustee, under this
      Agreement.

     

    Section
      8.02  Certain
      Matters Affecting the Trustees.

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  The
      Trustee may request and rely conclusively upon and shall be fully protected
      in
      acting or refraining from acting upon any resolution, Officer’s Certificate,
      certificate of auditors or any other certificate, statement, instrument,
      opinion, report, notice, request, consent, order, appraisal, bond or other
      paper
      or document reasonably believed by it to be genuine and to have been signed
      or
      presented by the proper party or parties and the manner of obtaining consents
      and evidencing the authorization of the execution thereof shall be subject
      to
      such reasonable regulations as such trustee may prescribe;

     

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

     

    (iii)  Neither
      the Trustee nor the Delaware Trustee shall be under any obligation to exercise
      any of the trusts or powers vested in it by this Agreement or to institute,
      conduct or defend any litigation hereunder or in relation hereto at the request,
      order or direction of any of the NIMS Insurer or the Certificateholders,
      pursuant to the provisions of this Agreement, unless the NIMS Insurer or such
      Certificateholders shall have offered to such trustee security or indemnity
      satisfactory to it against the costs, expenses and liabilities which may be
      incurred therein or thereby; nothing contained herein shall, however, relieve
      the Trustee of the obligation, upon the occurrence of a Servicer Event of
      Default (which has not been cured or waived), to exercise such of the rights
      and
      powers vested in it by this Agreement, and to use the same degree of care and
      skill in their exercise as a prudent person would exercise or use under the
      circumstances in the conduct of such person’s own affairs;

     

    (iv)  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 this Agreement;

     

    (v)  Prior
      to
      the occurrence of a Servicer Event of Default hereunder and after the curing
      of
      all Servicer Events of Default which may have occurred, neither the Trustee
      nor
      the Delaware Trustee shall be bound to make any investigation into the facts
      or
      matters stated in any resolution, certificate, statement, instrument, opinion,
      report, notice, request, consent, order, approval, bond or other paper or
      document, unless requested in writing to do so by the NIMS Insurer or the
      Holders of Certificates entitled to at least 25% of the Voting Rights; provided,
      however, that if the payment within a reasonable time to the Trustee or the
      Delaware Trustee of the costs, expenses or liabilities likely to be incurred
      by
      it in the making of such investigation is, in the opinion of such trustee not
      reasonably assured to such trustee by the NIMS Insurer or such
      Certificateholders, such trustee may require reasonable indemnity against such
      expense, or liability from the NIMS Insurer or such Certificateholders as a
      condition to taking any such action;

     

    (vi)  The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, custodians, nominees or
      attorneys, and neither shall be responsible for any willful misconduct or
      negligence of such agents, custodians, nominees or attorneys (as long as such
      agents, custodians, nominees or attorneys are appointed with due and proper
      care);

     

    (vii)  The
      Trustee shall not be personally liable for any loss resulting from the
      investment of funds held in the Collection Account or the Supplemental Interest
      Account at the direction of the Servicer pursuant to Section 3.12 or the
      Holders of the majority of the Percentage Interest in the Class C Certificates,
      pursuant to Section 4.09, as applicable;

     

    (viii)  Except
      as
      otherwise expressly provided herein, none of the provisions of this Agreement
      shall require the Trustee to expend or risk its own funds or otherwise to incur
      any liability, financial or otherwise, in the performance of any of its duties
      hereunder, or in the exercise of any of its rights or powers (not including
      expenses, disbursements and advances incurred or made by such trustee including
      the compensation and the expenses and disbursements of its agents and counsel,
      in the ordinary course of such trustee’s performance in accordance with the
      provisions of this Agreement) if it shall have reasonable grounds for believing
      that repayment of such funds or indemnity satisfactory to it against such risk
      or liability is not assured to it;

     

    (ix)  The
      Supplemental Interest Trust Trustee and the Final Maturity Reserve Trustee
      shall
      have only such duties as are expressly set forth herein (and in the case of
      the
      Supplemental Interest Trust Trustee acting solely on behalf of the Supplemental
      Interest Trust, the Swap Agreement) and no implied duties or obligations shall
      be read into this Agreement on the part of the Supplemental Interest Trust
      Trustee or the Final Maturity Reserve Trustee. The Supplemental Interest Trust
      Trustee shall only be obligated to make payments to the Trust to the extent
      that
      the Supplemental Interest Trust Trustee receives the related funds from the
      Swap
      Counterparty, and shall only be obligated to make payments to the Swap
      Counterparty under the Swap Agreement to the extent that the Supplemental
      Interest Trust Trustee receives the related funds from the Trust; 

     

    (x)  Except
      as
      expressly provided in this Agreement, in no event shall the Trustee be under
      any
      duty or obligation to monitor, determine, investigate or compel compliance
      by
      the Trust with the requirements of the Statutory Trust Statute;

     

    (xi)  The
      Trustee shall not be charged with knowledge or notice of any matter unless
      it is
      actually known to a Responsible Officer of the Trustee or written notice is
      received by the Trustee at the Corporate Trust Office; and

     

    (xii)  In
      no
      event shall the Trustee be liable for the actions or omissions of the Servicer
      (excepting the Trustee’s own actions as successor servicer).

     

    (b)  All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee may be enforced by it without the possession of
      any
      of the Certificates, or the production thereof at the trial or other proceeding
      relating thereto, and any such suit, action or proceeding instituted by the
      Trustee shall be brought in its name for the benefit of all the Holders of
      such
      Certificates, subject to the provisions of this Agreement.

     

    (c)  Each
      of
      the Supplemental Interest Trust Trustee and the Final Maturity Reserve Trust
      Trustee shall be entitled to the same rights, protections, immunities and
      indemnities afforded to the Trustee hereunder.

     

    Section
      8.03  Trustees
      Not Liable for Certificates or Mortgage Loans.

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Trustee and the Delaware Trustee, the execution and authentication of the
      Trustee on the Certificates, the acknowledgments of the Trustee contained in
      Article II and the representations and warranties of the Trustee in
      Section 8.13) shall be taken as the statements of the Depositor, and
      neither the Trustee nor the Delaware Trustee shall assume any responsibility
      for
      their correctness. Neither the Trustee nor the Delaware Trustee makes any
      representations or warranties as to the validity or sufficiency of this
      Agreement (other than as specifically set forth in Section 8.13) or of the
      Certificates (other than execution and authentication of the Trustee on the
      Certificates) or of any Mortgage Loan or related document. Neither the Trustee
      nor the Delaware Trustee shall be accountable for the use or application by
      the
      Depositor of any of the Certificates or of the proceeds of the Certificates,
      or
      for the use or application of any funds paid to the Depositor or the Servicer
      in
      respect of the Mortgage Loans or deposited in or withdrawn from the Collection
      Account by the Servicer, other than any funds held by or on behalf of the
      Trustee in accordance with Section 3.10.

     

    Section
      8.04  Trustees
      May Own Certificates.

     

    Each
      of
      the Trustee and the Delaware 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 and may transact banking and/or trust business
      with the Seller, the Depositor, the Servicer or their Affiliates.

     

    Section
      8.05  Trustees’
      Fees and Expenses.

     

    (a)  On
      the
      Closing Date, the Depositor shall pay to the Trustee as specified in a separate
      agreement between the Depositor and the Trustee. The Trustee shall withdraw
      from
      the Distribution Account on each Distribution Date and pay to itself the Trustee
      Fee for such Distribution Date and any interest earnings (net of losses) on
      amounts on deposit in the Distribution Account. The right to receive the Trustee
      Fee may not be transferred in whole or in part except in connection with the
      transfer of all of the Trustee’s responsibilities and obligations under this
      Agreement. Subject to separate written agreements with the Delaware Trustee,
      the
      Servicer covenants and agrees to, and the Servicer shall, pay the Delaware
      Trustee from time to time, and the Delaware Trustee shall be entitled to payment
      for all services rendered by it in the exercise and performance of any of the
      powers and duties hereunder of the Delaware Trustee.

     

    Each
      of
      the Trustee and any director, officer, employee or agent of the Trustee shall
      be
      indemnified by the Trust and held harmless against any loss, liability or
      expense (not including expenses, disbursements and advances incurred or made
      by
      such trustee, including the compensation and the expenses and disbursements
      of
      its agents and counsel, in the ordinary course of such trustee’s performance in
      accordance with the provisions of this Agreement) incurred by such trustee
      arising out of or in connection with the acceptance or administration of its
      obligations (including, without limitation, its obligation to enter into the
      Swap Agreement in its capacity as the Supplemental Interest Trust Trustee)
      and
      duties under this Agreement, other than any loss, liability or expense
      (i) in any way relating to the failure of the Servicer to perform its
      duties and service the Mortgage Loans in compliance with the terms of this
      Agreement, (ii) that constitutes a specific liability of the Trustee
      pursuant to Sections 4.08 or 10.01(c) or (iii) any loss, liability or
      expense incurred by reason of willful misfeasance, bad faith or negligence
      in
      the performance of duties hereunder or by reason of reckless disregard of
      obligations and duties hereunder, including as a result of a breach of the
      Trustee’s obligations under Article X hereof. Any amounts payable to the
      Trustee or any director, officer, employee or agent of the Trustee in respect
      of
      the indemnification provided by this paragraph (a), or pursuant to any other
      right of reimbursement from the Trust that the Trustee or any director, officer,
      employee or agent of the Trustee may have hereunder in its capacity as such,
      may
      be withdrawn by the Trustee from the Distribution Account at any time. Such
      indemnity shall survive the termination of this Agreement and the resignation
      of
      the Trustee.

     

    As
      a
      limitation on the foregoing with respect to certain expenses of the Trustee
      and
      the Delaware Trustee, the Trustee and the Delaware Trustee shall receive from
      the Trust Fund amounts with respect to indemnification for reasonable counsel
      fees and expenses (collectively, “Legal Fees”) in connection with any
      third-party litigation or other claims alleging violations of laws or
      regulations relating to consumer lending and/or servicing of the Trust Fund
      (collectively, “Third Party Claims”) in an amount not greater than $50,000 per
      month (with amounts in excess of $50,000 for any month carried-forward to
      subsequent months, in each case the Trustee shall have first priority to
      indemnification over the Delaware Trustee from such monthly and annual amounts).
      Neither the Trustee nor the Delaware Trustee shall have any obligation to incur
      additional expenses for which reimbursement is limited pursuant to this
      paragraph in excess of the aggregate limit set forth above unless it has
      received reasonable security or indemnity for such additional expenses. The
      Certificateholders shall hold each of the Trustee and the Delaware Trustee
      harmless for any consequences to such Certificateholders resulting from any
      failure of such trustee to incur any such additional expenses in excess of
      the
      aforementioned aggregate limit.

     

    (b)  Without
      limiting the Servicer’s indemnification obligations under Section 6.03, the
      Servicer agrees to indemnify each of the Trustee and the Delaware Trustee from,
      and hold it harmless against, any loss, liability or expense (including
      reasonable attorney’s fees and expenses) resulting from a breach of the
      Servicer’s obligations and duties under this Agreement. Such indemnity shall
      survive the termination or discharge of this Agreement and the resignation
      or
      removal of the Trustee or the Delaware Trustee. Any payment under this
      Section 8.05(b) made by the Servicer to the Trustee or the Delaware Trustee
      shall be from the Servicer’s own funds, without reimbursement from the Trust
      Fund therefor.

     

    Section
      8.06  Eligibility
      Requirements for Trustees.

     

    The
      Trustee hereunder shall at all times be a corporation or an association (other
      than the Depositor, the Seller, the Servicer or any Affiliate of the foregoing)
      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 association
      publishes reports of 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 or association shall be deemed to be its combined capital and
      surplus as set forth in its most recent report of conditions so published.
      The
      Delaware Trustee hereunder shall at all times have its principal place of
      business in the State of Delaware and shall satisfy the applicable requirements
      under the laws of the State of Delaware authorizing it to act as the Delaware
      Trustee of the Trust. In case at any time the Trustee or the Delaware Trustee
      shall cease to be eligible in accordance with the provisions of this Section,
      such trustee shall resign immediately in the manner and with the effect
      specified in Section 8.07.

     

    Section
      8.07  Resignation
      or Removal of Trustees.

     

    Each
      of
      the Trustee and the Delaware Trustee may at any time resign and be discharged
      from the trust hereby created by giving written notice thereof to the NIMS
      Insurer, the Depositor, the Servicer, the Swap Counterparty and the
      Certificateholders. Upon receiving such notice of resignation, the Servicer
      shall promptly appoint a successor trustee by written instrument, in duplicate,
      which instrument shall be delivered to the resigning trustee and to the
      successor trustee acceptable to the NIMS Insurer and to the Holders of
      Certificates entitled to more than 50% of the Voting Rights. A copy of such
      instrument shall be delivered to the Certificateholders and the Servicer by
      the
      Depositor. If no successor trustee shall have been so appointed and have
      accepted appointment within 30 days after the giving of such notice of
      resignation, the resigning trustee may petition any court of competent
      jurisdiction for the appointment of a successor trustee.

     

    If
      at any
      time the Trustee or the Delaware Trustee shall cease to be eligible in
      accordance with the provisions of Section 8.06 and shall fail to resign
      after written request therefor by the Servicer (with
      the
      consent of the NIMS Insurer)
      or the
      NIMS Insurer, or if at any time the Trustee or the Delaware Trustee shall become
      incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
      of such trustee or of its property shall be appointed, or any public officer
      shall take charge or control of such trustee or of its property or affairs
      for
      the purpose of rehabilitation, conservation or liquidation, then the Servicer
      (with the consent of the NIMS Insurer) or the NIMS Insurer, may remove such
      trustee and the Servicer (with the consent of the NIMS Insurer) may appoint
      a
      successor trustee, by written instrument, in triplicate, which instrument shall
      be delivered to the trustee so removed, the trustee continuing and to the
      successor trustee. A copy of such instrument shall be delivered to the
      Certificateholders and the Servicer by the Depositor.

     

    The
      Holders of Certificates entitled to more than 50% of the Voting Rights, with
      the
      consent of the NIMS Insurer, may at any time remove the Trustee or the Delaware
      Trustee and appoint a successor trustee by written instrument or instruments,
      in
      triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their
      attorneys-in-fact duly authorized, one complete set of which instruments shall
      be delivered to the Depositor and the Servicer, one complete set to the trustee
      so removed and one complete set to the successor so appointed. A copy of such
      instrument shall be delivered to the NIMS Insurer, the Certificateholders,
      the
      trustee continuing and the Servicer by the Depositor.

     

    Any
      resignation or removal of the Trustee or the Delaware 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 8.08.

     

    Section
      8.08  Successor
      Trustees.

     

    Any
      successor trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Depositor, and to its predecessor trustee an
      instrument accepting such appointment hereunder, and thereupon the resignation
      or removal of the predecessor trustee shall become effective and such successor
      trustee, without any further act, deed or conveyance, shall become fully vested
      with all the rights, powers, duties and obligations of its predecessor
      hereunder, with the like effect as if originally named as Trustee or Delaware
      Trustee herein. The predecessor trustee shall deliver to the successor trustee
      all Mortgage Files and related documents and statements, as well as all moneys,
      held by it hereunder (other than any Mortgage Files at the time held by a
      Custodian, which Custodian shall become the agent of any successor trustee
      (but
      not a successor of the Delaware Trustee) hereunder), 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 8.06 and the appointment of
      such successor trustee shall not result in a downgrading of the ratings of
      any
      of the Other NIM Notes or of any Class of Certificates or of the shadow ratings
      of the Insured NIM Notes (without giving effect to any insurance policy issued
      by the NIMS Insurer) by any Rating Agency, as evidenced by a letter from each
      Rating Agency.

     

    Upon
      acceptance of appointment by a successor trustee as provided in this Section,
      the Depositor shall mail notice of the succession of such trustee hereunder
      to
      all Holders of Certificates at their addresses as shown in the Certificate
      Register and the Swap Counterparty. If the Depositor fails to mail such notice
      within 10 days after acceptance of appointment by the successor trustee, the
      successor trustee shall cause such notice to be mailed at the expense of the
      Depositor.

     

    It
      is
      acknowledged and agreed that the Person serving as Trustee hereunder shall
      also
      serve as Supplemental Interest Trust Trustee and as Final Maturity Reserve
      Trust
      Trustee. If the Trustee resigns or is removed as Trustee hereunder, the Trustee
      shall also cease to be the Supplemental Interest Trust Trustee and as Final
      Maturity Reserve Trust Trustee hereunder. Any person appointed as successor
      trustee hereunder shall also be required to serve as successor supplemental
      interest trust trustee and final maturity reserve trust trustee.

     

    Section
      8.09  Merger
      or Consolidation of Trustees.

     

    Any
      corporation or association into which the Trustee or the Delaware Trustee may
      be
      merged or converted or with which it may be consolidated or any corporation
      or
      association resulting from any merger, conversion or consolidation to which
      the
      Trustee or the Delaware Trustee shall be a party, or any corporation or
      association succeeding to the business of such Trustee or Delaware Trustee,
      as
      the case may be, shall be the successor of such trustee hereunder, provided
      such
      corporation or association shall be eligible under the provisions of
      Section 8.06, without the execution or filing of any paper or any further
      act on the part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    Section
      8.10  Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of REMIC 1, or property
      securing the same may at the time be located, the Servicer and the Trustee
      or
      the Delaware Trustee, acting jointly shall have the power and shall execute
      and
      deliver all instruments to appoint one or more Persons approved by such trustee
      and the NIMS Insurer, to act as co-trustee or co-trustees, jointly with such
      trustee, or separate trustee or separate trustees, of all or any part of
      REMIC 1, and to vest in such Person or Persons, in such capacity, such
      title to REMIC 1, or any part thereof and, subject to the other provisions
      of this Section 8.10, such powers, duties, obligations, rights and trusts
      as the Servicer and the Trustee or the Delaware Trustee, as applicable, may
      consider necessary or desirable. If the Servicer shall not have joined in such
      appointment or the NIMS Insurer shall not have approved such appointment within
      15 days after the receipt by it of a request so to do, or in case a Servicer
      Event of Default shall have occurred and be continuing, the Trustee or the
      Delaware Trustee, as applicable, alone shall have the power to make such
      appointment. No co-trustee or separate trustee hereunder shall be required
      to
      meet the terms of eligibility as a successor trustee under Section 8.06
      hereunder and no notice to Holders of Certificates of the appointment of
      co-trustee(s) or separate trustee(s) shall be required under Section 8.08
      hereof. If such appointment is at the request of the Servicer, then any expense
      of the Trustee or the Delaware Trustee, as applicable, shall be deemed a
      Servicing Advance for all purpose of this Agreement, otherwise it will be an
      expense of the Trustee or the Delaware Trustee, as applicable, and will be
      payable out of such trustee’s funds.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 8.10 all rights, powers, duties and obligations conferred or
      imposed upon the Trustee or the Delaware Trustee, as applicable, shall be
      conferred or imposed upon and exercised or performed by the Trustee or the
      Delaware Trustee, as applicable, and such separate trustee or co-trustee
      jointly, except to the extent that under any law of any jurisdiction in which
      any particular act or acts are to be performed by the Trustee or the Delaware
      Trustee, as applicable, (whether as trustee hereunder or as successor to the
      Servicer hereunder), such trustee shall be incompetent or unqualified to perform
      such act or acts, in which event such rights, powers, duties and obligations
      (including the holding of title to REMIC 1, 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 or the Delaware Trustee, as
      applicable.

     

    Any
      notice, request or other writing given to the Trustee or the Delaware Trustee,
      as applicable, shall be deemed to have been given to each of the then separate
      trustees and co-trustees, as effectively as if given to each of them. Every
      instrument appointing any separate trustee or co-trustee shall refer to this
      Agreement and the conditions of this Article VIII. Each separate trustee
      and co-trustee, upon its acceptance of the trust conferred, shall be vested
      with
      the estates or property specified in its instrument of appointment, either
      jointly with the Trustee or the Delaware Trustee, as applicable, or separately,
      as may be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee or
      the
      Delaware Trustee, as applicable. Every such instrument shall be filed with
      the
      Trustee or the Delaware Trustee, as applicable.

     

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

     

    Section
      8.11  Appointment
      of Custodians.

     

    Deutsche
      Bank National Trust Company is hereby appointed as initial Custodian hereunder
      pursuant to the terms of the Custodial Agreement. The Trustee shall be
      authorized and is hereby directed to execute and deliver the Custodial Agreement
      with such initial Custodian. It is hereby expressly acknowledged and agreed
      that
      the Trustee is not responsible for the selection or appointment of such initial
      Custodian, and the Trustee shall have no liability for the actions or omissions
      of the initial Custodian. The Trustee may, with the consent of the Depositor
      and
      the Servicer, appoint one or more additional or alternative Custodians to hold
      all or a portion of the Mortgage Files as agent for the Trustee, by entering
      into a Custodial Agreement. The appointment of any Custodian may at any time
      be
      terminated and a substitute Custodian appointed therefor upon the reasonable
      request of the Servicer to the Trustee and the consent of the NIMS Insurer,
      the
      consent to which shall not be unreasonably withheld. The Trustee shall pay
      any
      and all fees and expenses of any Custodian (other than the Washington Mutual
      Custodian) in accordance with each Custodial Agreement. Subject to
      Article VIII hereof, the Trustee agrees to comply with the terms of each
      Custodial Agreement and to enforce the terms and provisions thereof against
      the
      Custodian for the benefit of the Certificateholders having an interest in any
      Mortgage File held by such Custodian. Each Custodian shall be a depository
      institution or trust company subject to supervision by federal or state
      authority, shall have combined capital and surplus of at least $10,000,000
      and
      shall be qualified to do business in the jurisdiction in which it holds any
      Mortgage File. Each Custodial Agreement may be amended only as provided in
      Section 11.01. In no event shall the appointment of any Custodian pursuant
      to a Custodial Agreement diminish the obligations of the Trustee hereunder.
      Except in the case of the initial Custodian, the Trustee shall at all times
      remain responsible under the terms of this Agreement notwithstanding the fact
      that certain duties have been assigned to the Custodian (other than the
      Washington Mutual Custodian), but only to the extent the Trustee is responsible
      for its own acts hereunder. Any documents delivered by the Depositor or the
      Servicer to a Custodian other than the Trustee, if any, shall be deemed to
      have
      been delivered to the Trustee for all purposes hereunder; and any documents
      held
      by such a Custodian, if any, shall be deemed to be held by the Trustee for
      all
      purposes hereunder. In order to comply with its duties under the U.S. Patriot
      Act, the Custodian shall obtain and verify certain information and documentation
      from the other parties to this Agreement, including, but not limited to, such
      parties’ name, address, and other identifying information.

     

    Section
      8.12  Appointment
      of Office or Agency.

     

    The
      Trustee will appoint an office or agency where the Certificates may be
      surrendered for registration of transfer or exchange, and presented for final
      distribution, and where notices and demands to or upon the Trustee in respect
      of
      the Certificates and this Agreement may be served. As of the Closing Date,
      the
      Trustee designates its offices located at the office of Trustee’s agent, located
      at Citibank, N.A. Corporate Agency and Trust, 111 Wall Street, 15th
      Floor,
      New York, NY 10005, Attn: Transfer Desk (WaMu 2007-HE2).

     

    Section
      8.13  Representations
      and Warranties of the Trustee.

     

    The
      Trustee hereby represents and warrants to the Servicer and the Depositor, as
      of
      the Closing Date, that:

     

    (i)  it
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States.

     

    (ii)  the
      execution and delivery of this Agreement, and the performance and compliance
      with the terms of this Agreement, will not violate its charter or bylaws or
      constitute a default (or an event which, with notice or lapse of time, or both,
      would constitute a default) under, or result in the breach of, any material
      agreement or other instrument to which it is a party or which is applicable
      to
      it or any of its assets.

     

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

     

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

     

    Section
      8.14  Duties
      of Delaware Trustee.

     

    (a)  The
      Delaware Trustee is appointed to serve as the trustee of the Trust in the State
      of Delaware for the sole purpose of satisfying the requirement of Section
      3807(a) of the Statutory Trust Statute that the Trust have at least one trustee
      with a principal place of business in Delaware. It is understood and agreed
      by
      the parties hereto that the Delaware Trustee shall have none of the duties
      or
      liabilities of the Trustee.

     

    (b)  The
      duties of the Delaware Trustee shall be limited to (i) accepting legal process
      served on the Trust in the State of Delaware, (ii) the execution of any
      certificates with respect to the Trust required to be filed with the Secretary
      of State which the Delaware Trustee is required to execute under Section 3811
      of
      the Statutory Trust Statute and (iii) such other duties as are set forth in
      this
      Article VIII. To the extent that, at law or in equity, the Delaware Trustee
      has
      duties (including fiduciary duties) and liabilities relating thereto to the
      Trust or the Holders of the REMIC 1 Regular Interests, REMIC 2 Regular
      Interests, REMIC 3 Regular Interests or the Certificates, it is hereby
      understood and agreed by the parties hereto that such duties and liabilities
      are
      replaced by the duties and liabilities of the Delaware Trustee expressly set
      forth in this Agreement.

     

    Section
      8.15  Amendment
      to Certificate of Trust.

     

    If
      at any
      time required by Section 3810 of the Statutory Trust Statute, the Delaware
      Trustee, and upon written instructions from the Delaware Trustee, the Trustee
      and any other trustee of the Trust shall cause an amendment to the Certificate
      of Trust to be filed with the Secretary of State in accordance with the
      provisions of such Section 3810.

     

    Section
      8.16  Trustees
      Act on Behalf of Trust.

     

    Except
      to
      the extent otherwise expressly provided herein, in the performance of its
      obligations under this Agreement, each of the Trustee and the Delaware Trustee
      shall at all times be acting on behalf of the Trust or the Certificateholders,
      as applicable.

     

     

    ARTICLE
      IX

     

    TERMINATION

     

    Section
      9.01  Termination
      Upon Purchase or Liquidation of All Mortgage Loans.

     

    (a)  Subject
      to Section 9.02, the Trust and the respective obligations and
      responsibilities under this Agreement of the Depositor, the Servicer, the
      Trustee and the Delaware Trustee (other than the obligations of the Servicer
      to
      the Trustee pursuant to Section 8.05 and of the Servicer to provide for and
      the Trustee to make payments in respect of the REMIC 1 Regular Interests,
      REMIC 2 Regular Interests, REMIC 3 Regular Interests and the Classes of
      Certificates as hereinafter set forth) shall terminate in accordance with
      Section 3808 of the Delaware Trust Statute upon the payment to the
      Certificateholders and the deposit of all amounts held by or on behalf of the
      Trustee or the Trust and required hereunder to be so paid or deposited on the
      Distribution Date coinciding with or following the earlier to occur of
      (i) the purchase by the Terminator (as defined below) of all Mortgage Loans
      and each REO Property remaining in REMIC 1 and (ii) the final payment
      or other liquidation (or any advance with respect thereto) of the last Mortgage
      Loan or REO Property remaining in REMIC 1; provided, however, that in no
      event shall the trust created hereby continue beyond the expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late ambassador of the United States to the Court of St. James,
      living
      on the date hereof. The purchase by the Terminator of all Mortgage Loans and
      each REO Property remaining in REMIC 1 shall be at a price (the
“Termination Price”) equal to (a) if the Terminator is the Servicer
      purchasing the Mortgage Loans and the REO Properties on its own behalf, 100%
      of
      the aggregate Stated Principal Balance of all the Mortgage Loans included in
      REMIC 1 and accrued interest on the Stated Principal Balance of each such
      Mortgage Loan at the applicable Net Mortgage Rate in effect from time to time
      from the Due Date as to which interest was last paid by the related Mortgagor
      or
      by an advance by the Servicer to but not including the first day of the month
      in
      which such purchase is to be effected, plus the appraised value of each REO
      Property, if any, included in REMIC 1, such appraisal to be conducted by an
      appraiser selected by the Terminator in its reasonable discretion and
      (b) if the Terminator is the Servicer purchasing the Mortgage Loans and the
      REO Properties at the request of and on behalf of an unaffiliated third party
      or
      is the NIMS Insurer, the greater of (A) the aggregate Purchase Price of all
      the Mortgage Loans included in REMIC 1, plus the appraised value of each
      REO Property, if any, included in REMIC 1, such appraisal to be conducted
      by an appraiser selected by the Terminator in its reasonable discretion, and
      (B) the aggregate fair market value of all of the assets of REMIC 1
      (as determined by the Terminator, as of the close of business on the third
      Business Day next preceding the date upon which notice of any such termination
      is furnished to Certificateholders pursuant to the third paragraph of this
      Section 9.01), and any additional amounts necessary to pay all interest
      accrued on, as well as amounts necessary to pay in full the principal balance
      of, the NIM Notes and any amounts necessary to reimburse the NIMS Insurer for
      all amounts paid under the NIMs insurance policy and any other amounts
      reimbursable or otherwise payable to the NIMS Insurer, in each case, with
      interest thereon at the applicable rate set forth in the Indenture and to the
      extent not previously reimbursed or paid and any amounts payable by the
      Supplemental Interest Trust Trustee to the Swap Counterparty pursuant to the
      Swap Agreement, including any Swap Termination Payment payable by the
      Supplemental Interest Trust Trustee including any interest on such Swap
      Termination Payment at the applicable rate set forth in the Swap Agreement
      from
      the Early Termination Date until such Swap Termination Payment is
      paid.

     

    (b)  The
      Servicer shall have the right and, if the Servicer does not exercise such right,
      the NIMS Insurer, shall have the right (the party exercising such right, the
      “Terminator”) to purchase all of the Mortgage Loans and each REO Property
      remaining in REMIC 1 pursuant to clause (i) of the preceding paragraph
      no later than the Determination Date in the month immediately preceding the
      Distribution Date on which the Certificates will be retired; provided, however,
      that the Terminator may elect to purchase all of the Mortgage Loans and each
      REO
      Property remaining in REMIC 1 pursuant to clause (i) of the preceding
      paragraph only if the aggregate Stated Principal Balance of the Mortgage Loans
      and each REO Property remaining in the Trust Fund at the time of such election
      is equal to or less than 10% of the Cut-off Date Principal Balance of the
      Closing Date Mortgage Loans. Additionally, if the Terminator is the Servicer
      purchasing the Mortgage Loans and the REO Properties on its own behalf, the
      Terminator may elect to purchase all of the Mortgage Loans and each REO Property
      in REMIC 1 pursuant to clause (i) of the preceding paragraph only if the
      Termination Price (A) is equal to or less than the aggregate fair market value
      of all of the assets of REMIC 1 (as determined by the Terminator, as of the
      close of business on the third Business Day next preceding the date upon which
      notice of any such termination is furnished to Certificateholders pursuant
      to
      Section 9.01(c)), less unreimbursed Advances and Servicing Advances (other
      than Advances and Servicing Advances made with respect to Mortgage Loans as
      to
      which the Servicer expects that that foreclosure is not imminent), (B) will
      result in distributions on the Certificates sufficient (together with all
      amounts received under the Indenture other than on account of the Certificates)
      to pay all interest accrued on, as well as amounts necessary to pay in full
      the
      principal balance of, the NIM Notes and any amounts necessary to reimburse
      the
      NIMS Insurer for all amounts paid under the NIMs insurance policy and any other
      amounts reimbursable or otherwise payable to the NIMS Insurer, in each case,
      with interest thereon at the applicable rate set forth in the Indenture and
      to
      the extent not previously reimbursed or paid (unless the NIMS Insurer consents
      to a lesser Termination Price) and (C) will result in distributions to the
      Swap
      Counterparty sufficient to pay in full all amounts payable by the Supplemental
      Interest Trust Trustee to the Swap Counterparty pursuant to the Swap Agreement,
      including any Swap Termination Payment payable by the Supplemental Interest
      Trust Trustee including any interest on such Swap Termination Payment at the
      applicable rate set forth in the Swap Agreement from the Early Termination
      Date
      until such Swap Termination Payment is paid. The Terminator shall give notice
      to
      the Supplemental Interest Trust Trustee and the Swap Counterparty of its
      election to purchase all Mortgage Loans and REO Properties remaining to REMIC
      1
      no later than four Business Days prior to the related Determination Date in
      the
      month immediately preceding the Distribution Date on which the Certificates
      will
      be retired; provided that the Terminator, or the Supplemental Interest Trust
      Trustee on its behalf, may request a non-binding estimate of the Swap
      Termination Payment due upon the exercise of the right of repurchase pursuant
      to
      this Section 9.01 prior to such Determination Date.

     

    (c)  Notice
      of
      the liquidation of the REMIC 1 Regular Interests shall be given promptly by
      the Trustee by letter to Certificateholders mailed during the month of such
      final distribution on or before the Determination Date in such month, in each
      case specifying (i) the Distribution Date upon which the Trust Fund will
      terminate and final payment in respect of the REMIC 1 Regular Interests and
      the related Certificates will be made upon presentation and surrender of the
      related Certificates at the office of the Trustee therein designated,
      (ii) that no interest shall accrue in respect of the REMIC 1 Regular
      Interests or the related Certificates from and after the Accrual Period relating
      to the final Distribution Date therefor and (iii) that the Record Date
      otherwise applicable to such Distribution Date is not applicable, payments
      being
      made only upon presentation and surrender of the Certificates at the office
      of
      the Trustee designated in such notice for purposes of such surrender. The
      Trustee shall remit to the Servicer from such funds deposited in the
      Distribution Account (i) any amounts which the Servicer would be permitted
      to withdraw and retain from the Collection Account pursuant to Section 3.11
      and (ii) any other amounts otherwise payable by the Trustee to the Servicer
      from amounts on deposit in the Distribution Account pursuant to the terms of
      this Agreement, in each case prior to making any final distributions pursuant
      to
      Section 9.01(d) below. Upon certification to the Trustee by a Servicing
      Representative of the making of such final deposit, the Trustee shall promptly
      release or cause to be released to the Terminator the Mortgage Files for the
      remaining Mortgage Loans, and the Trustee shall execute all assignments,
      endorsements and other instruments necessary to effectuate such
      transfer.

     

    (d)  Upon
      presentation of the Certificates by the Certificateholders on the final
      Distribution Date, the Trustee shall distribute, in addition with all other
      amounts distributable in accordance with Section 4.01 on such Distribution
      Date, to each Certificateholder so presenting and surrendering its Certificates
      the amount otherwise distributable on such Distribution Date in accordance
      with
      Section 4.01 in respect of the Certificates so presented and surrendered.
      Any funds not distributed to any Holder or Holders of Certificates being retired
      on such Distribution Date because of the failure of such Holder or Holders
      to
      tender their Certificates shall, on such date, be set aside and held in trust
      by
      the Trustee and credited to the account of the appropriate non-tendering Holder
      or Holders. If any Certificates as to which notice has been given pursuant
      to
      this Section 9.01 shall not have been surrendered for cancellation within
      six months after the time specified in such notice, the Trustee shall mail
      a
      second notice to the remaining non-tendering Certificateholders to surrender
      their Certificates for cancellation in order to receive the final distribution
      with respect thereto. Subject to the applicable law, if within one year after
      the second notice all such Certificates shall not have been surrendered for
      cancellation, the Trustee shall, directly or through an agent, mail a final
      notice to remaining related non-tendering Certificateholders concerning
      surrender of their Certificates. The costs and expenses of maintaining the
      funds
      in trust and of contacting such Certificateholders shall be paid out of the
      assets remaining in the trust funds. If within one year after the final notice
      any such Certificates shall not have been surrendered for cancellation, the
      Trustee shall pay to WaMu Capital Corp., Lehman Brothers Inc. and Banc of
      America Securities LLC, equally, all such amounts, and all rights of
      non-tendering Certificateholders in or to such amounts shall thereupon cease.
      No
      interest shall accrue or be payable to any Certificateholder on any amount
      held
      in trust by the Trustee as a result of such Certificateholder’s failure to
      surrender its Certificate(s) for final payment thereof in accordance with this
      Section 9.01.

     

    Upon
      the
      completion of winding up of the Trust, including the payment or the making
      reasonable provision for payment of all obligations of the Trust in accordance
      with Section 3808(e) of the Statutory Trust Statute, the Delaware Trustee shall
      prepare, the Trustee, the Delaware Trustee and any other trustee hereunder
      shall
      sign, and the Delaware Trustee (upon the Trustee’s consent acting at direction
      of the Servicer) shall file, a certificate of cancellation with the Secretary
      of
      State in accordance with Section 3810 of the Statutory Trust Statute, at which
      time the Trust and this Agreement shall terminate. The Servicer shall act as
      the
      liquidator of the Trust and shall be responsible for taking all actions in
      connection with winding up the Trust, in accordance with the requirements of
      this Agreement (including this Section 9.01 and Section 9.02) and applicable
      law.

     

    Section
      9.02  Additional
      Termination Requirements.

     

    (a)  In
      the
      event that the Terminator purchases all the Mortgage Loans and each REO Property
      or the final payment on or other liquidation of the last Mortgage Loan or REO
      Property remaining in REMIC 1 pursuant to Section 9.01, the Trust Fund
      shall be terminated in accordance with the following additional
      requirements:

     

    (i)  The
      Trustee shall specify the first day in the 90-day liquidation period in a
      statement attached to each Trust REMIC’s final Tax Return pursuant to Treasury
      regulation Section 1.860F-1 and shall satisfy all requirements of a
      qualified liquidation under Section 860F of the Code and any regulations
      thereunder with respect to each Trust REMIC, as evidenced by an Opinion of
      Counsel delivered to the Trustee and the Depositor obtained at the expense
      of
      the Terminator;

     

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

     

    (iii)  At
      the
      time of the making of the final payment on the Certificates, the Trustee shall
      distribute or credit, or cause to be distributed or credited, to the Holders
      of
      the Residual Certificates all cash on hand in the Trust Fund (other than cash
      retained to meet claims), and the Trust Fund shall terminate at that
      time.

     

    (b)  At
      the
      expense of the Terminator, the Trustee shall prepare or cause to be prepared
      the
      documentation required in connection with the adoption of a plan of liquidation
      of each Trust REMIC pursuant to the Section 9.02(a).

     

    (c)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to authorize the
      Trustee to specify the 90-day liquidation period for each Trust REMIC, which
      authorization shall be binding upon all successor
      Certificateholders.

     

    Section
      9.03  Termination
      of the Supplemental Interest Trust and the Final Maturity Reserve
      Trust.

     

    (a)  The
      obligations of the Depositor, the Trustee and the Supplemental Interest Trust
      Trustee created hereby with respect to the Supplemental Interest Trust shall
      terminate upon the earlier of:

     

    (i)  the
      termination of the Swap Agreement pursuant to the terms of the Swap Agreement;
      and

     

    (ii)  the
      termination of this Agreement pursuant to Section 9.01.

     

    (b)  The
      obligations of the Depositor, the Trustee and the Final Maturity Reserve Trust
      Trustee created hereby with respect to the Final Maturity Reserve Trust shall
      terminate upon the earlier of:

     

    (i)  the
      Distribution Date in April 2037; and

     

    (ii)  the
      termination of this Agreement pursuant to Section 9.01.

     

     

    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    Section
      10.01  REMIC
      Administration.

     

    (a)  The
      Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and,
      if
      necessary, under applicable state law. Each such election will be made on Form
      1066 or other appropriate federal tax or information return (including Form
      8811) or any appropriate state return for the taxable year ending on the last
      day of the calendar year in which the Certificates are issued, copies of which
      forms and returns shall promptly be furnished by the Trustee to the NIMS
      Insurer. For the purposes of the REMIC election in respect of REMIC 1, the
      REMIC
      1 Regular Interests shall be designated as the Regular Interests in REMIC 1
      and
      the Class R-1 Interest shall be designated as the Residual Interest in REMIC
      1.
      For the purposes of the REMIC election in respect of REMIC 2, the REMIC 2
      Regular Interests shall be designated as the Regular Interests in REMIC 2 and
      the Class R-2 Interest shall be designated as the Residual Interest in REMIC
      2.
      The REMIC 3 Regular Interests shall be designated as the Regular Interests
      in
      REMIC 3 and the Class R-3 Interest shall be designated as the Residual Interest
      in REMIC 3. For the purposes of the REMIC election in respect of REMIC CX,
      the
      Class C Certificates shall be designated as the Regular Interests in REMIC
      CX
      and the Class R-CX Interest shall be designated as the Residual Interest in
      REMIC CX. For the purposes of the REMIC election in respect of REMIC PX, the
      Class P Certificates shall be designated as the Regular Interests in REMIC
      PX
      and the Class R-PX Interest shall be designated as the Residual Interest in
      REMIC PX. For the purposes of the REMIC election in respect of REMIC SwapX,
      the
      Class Swap IO Upper-Tier Interest shall be designated as the Regular Interests
      in REMIC SwapX and the Class R-SwapX Interest shall be designated as the
      Residual Interest in REMIC SwapX. The Trustee shall not permit the creation
      of
      any “interests” in REMIC 1, REMIC 2, REMIC 3, REMIC CX, REMIC SwapX or REMIC PX
      (within the meaning of Section 860G of the Code) other than the REMIC 1 Regular
      Interests, the REMIC 2 Regular Interests, the REMIC 3 Regular Interests and
      the
      interests represented by the Certificates.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
      within the meaning of Section 860G(a)(9) of the Code.

     

    (c)  The
      Trustee shall pay, out of funds on deposit in the Distribution Account, any
      and
      all expenses relating to any tax audit of the Trust Fund (including, but not
      limited to, any professional fees or any administrative or judicial proceedings
      with respect to any Trust REMIC that involve the Internal Revenue Service or
      state tax authorities) unless such expenses, professional fees or any
      administrative or judicial proceedings are incurred by reason of the Trustee’s
      willful misfeasance, bad faith or negligence. The Trustee, as agent for each
      Trust REMIC’s tax matters person, shall (i) act on behalf of the Trust Fund
      in relation to any tax matter or controversy involving any Trust REMIC and
      (ii) represent the Trust Fund in any administrative or judicial proceeding
      relating to an examination or audit by any governmental taxing authority with
      respect thereto and will be entitled to reimbursement from the Trust Fund for
      any expenses incurred by the Trustee in connection therewith unless such
      administrative or judicial proceeding relating to an examination or audit by
      any
      governmental taxing authority is incurred by reason of the Trustee’s willful
      misfeasance, bad faith or negligence. The holder of the largest Percentage
      Interest of the Class R Certificates shall be designated, in the manner provided
      under Treasury regulations Section 1.860F-4(d) and Treasury regulations
      Section 301.6231(a)(7)-1, as the tax matters person of each Trust REMIC
      created hereunder other than REMIC CX, REMIC SwapX and REMIC PX. The holder
      of
      the largest Percentage Interest of the Class R-CX Certificates shall be
      designated, in the manner provided under Treasury regulations Section
      1.860F-4(d) and Treasury regulations Section 301.6231(a)(7)-1, as the tax
      matters person of REMIC CX and REMIC SwapX. The holder of the largest Percentage
      Interest of the Class R-PX Certificates shall be designated, in the manner
      provided under Treasury regulations Section 1.860F-4(d) and Treasury regulations
      Section 301.6231(a)(7)-1, as the tax matters person of REMIC PX. By its
      acceptance thereof, each such holder hereby agrees to irrevocably appoint the
      Trustee or an Affiliate as its agent to perform all of the duties of the tax
      matters person of each respective REMIC.

     

    (d)  The
      Trustee shall prepare, sign and file in a timely manner, all of the Tax Returns
      in respect of each REMIC created hereunder, copies of which Tax Returns shall
      be
      promptly furnished to the NIMS Insurer. The expenses of preparing and filing
      such returns shall be borne by the Trustee without any right of reimbursement
      therefor. The Servicer shall provide on a timely basis to the Trustee or its
      designee such information with respect to the assets of the Trust Fund as is
      in
      its possession and reasonably required by the Trustee to enable it to perform
      its respective obligations under this Article.

     

    (e)  The
      Trustee shall perform on behalf of each Trust REMIC all reporting and other
      tax
      compliance duties that are the responsibility of such REMIC under the Code,
      the
      REMIC Provisions or other compliance guidance issued by the Internal Revenue
      Service or any state or local taxing authority. Among its other duties, as
      required by the Code, the REMIC Provisions or such other compliance guidance,
      the Trustee shall provide (i) to any Transferor of a Residual Certificate
      (or other person designated in Section 860E(e)(3) of the Code) and to the
      Internal Revenue Service such information as is necessary for the computation
      of
      any tax relating to the transfer of a Residual Certificate to any Person who
      is
      not a Permitted Transferee, (ii) to the Certificateholders such information
      or reports as are required by the Code or the REMIC Provisions including reports
      relating to interest, original issue discount and market discount or premium
      (using the Prepayment Assumption as required) and (iii) to the Internal
      Revenue Service the name, title, address and telephone number of the person
      who
      will serve as the representative of each Trust REMIC. The Servicer shall provide
      on a timely basis to the Trustee such information with respect to the assets
      of
      the Trust Fund, including, without limitation, the Mortgage Loans, as is in
      its
      possession and reasonably required by the Trustee to enable it to perform its
      obligations under this subsection. In addition, the Depositor shall provide
      or
      cause to be provided to the Trustee, within ten (10) days after the Closing
      Date, all information or data that the Trustee reasonably determines to be
      relevant for tax purposes as to the valuations and issue prices of the
      Certificates, including, without limitation, the price, yield, prepayment
      assumption and projected cash flow of the Certificates. The Depositor shall
      also
      provide such information or data to the NIMS Insurer.

     

    (f)  The
      Trustee shall take such action and shall cause each Trust REMIC created
      hereunder to take such action as shall be necessary to create or maintain the
      status thereof as a REMIC under the REMIC Provisions (and the Servicer shall
      assist the Trustee, to the extent reasonably requested by the Trustee to do
      specific actions in order to assist in the maintenance of such status). The
      Trustee shall not take any action, cause the Trust Fund to take any action
      or
      fail to take (or fail to cause to be taken) any action that, under the REMIC
      Provisions, if taken or not taken, as the case may be, could (i) endanger
      the status of any Trust REMIC as a REMIC or (ii) result in the imposition
      of a tax upon the Trust Fund (including but not limited to the tax on prohibited
      transactions set forth in Section 860F(a) of the Code and the tax on
      contributions to a REMIC set forth in Section 860G(d) of the Code) (either
      such event, an “Adverse REMIC Event”) unless the Trustee and the NIMS Insurer
      have received an Opinion of Counsel, addressed to the Trustee and the NIMS
      Insurer (at the expense of the party seeking to take such action but in no
      event
      at the expense of the Trustee) to the effect that the contemplated action will
      not, with respect to any Trust REMIC, endanger such status or result in the
      imposition of such a tax, nor shall the Servicer take or fail to take any action
      (whether or not authorized hereunder) as to which the Trustee has advised it
      in
      writing that it has received an Opinion of Counsel to the effect that an Adverse
      REMIC Event could occur with respect to such action; provided that the Servicer
      may conclusively rely on such Opinion of Counsel and shall incur no liability
      for its action or failure to act in accordance with such Opinion of Counsel.
      The
      Trustee shall deliver to the NIMS Insurer a copy of any such advice or opinion.
      In addition, prior to taking any action with respect to any Trust REMIC or
      the
      assets thereof, or causing any Trust REMIC to take any action, which is not
      contemplated under the terms of this Agreement, the Servicer will consult with
      the Trustee or its designee, in writing, with respect to whether such action
      could cause an Adverse REMIC Event to occur with respect to a Trust REMIC,
      and
      the Servicer shall not take any such action or cause any Trust REMIC to take
      any
      such action as to which the Trustee has advised it in writing that an Adverse
      REMIC Event could occur; provided that the Servicer may conclusively rely on
      such writing and shall incur no liability for its action or failure to act
      in
      accordance with such writing. The Trustee may consult with counsel to make
      such
      written advice, and the cost of same shall be borne by the party seeking to
      take
      the action not permitted by this Agreement, but in no event shall such cost
      be
      an expense of the Trustee. At all times as may be required by the Code, the
      Trustee will ensure that substantially all of the assets of REMIC 1 will
      consist of “qualified mortgages” as defined in Section 860G(a)(3) of the
      Code and “permitted investments” as defined in Section 860G(a)(5) of the
      Code.

     

    (g)  If
      any
      tax is imposed on prohibited transactions of any Trust REMIC created hereunder
      pursuant to Section 860F(a) of the Code, on the net income from foreclosure
      property of any such REMIC pursuant to Section 860G(c) of the Code, or on
      any contributions to any such REMIC after the Startup Day therefor pursuant
      to
      Section 860G(d) of the Code, or if any other tax is imposed by the Code or
      any applicable provisions of state or local tax laws, such tax shall be charged
      (i) to the Trustee pursuant to Section 10.03 hereof, if such tax
      arises out of or results from a breach by the Trustee of any of its obligations
      under this Article X, (ii) to the Servicer pursuant to
      Section 10.03 hereof, if such tax arises out of or results from a breach by
      the Servicer of any of its obligations under Article III or this
      Article X, or (iii) otherwise against amounts on deposit in the
      Distribution Account and shall be paid by withdrawal therefrom.

     

    (h)  On
      or
      before April 15 of each calendar year (or the applicable deadline thereafter
      if
      extensions for filing are properly filed) commencing after the date of this
      Agreement, the Trustee shall deliver to the Servicer, the NIMS Insurer and
      each
      Rating Agency a Certificate from a Responsible Officer of the Trustee stating
      the Trustee’s compliance with this Article X.

     

    (i)  The
      Trustee shall, for federal income tax purposes, maintain books and records
      with
      respect to each Trust REMIC on a calendar year and on an accrual
      basis.

     

    (j)  Following
      the Startup Day, the Trustee shall not accept any contributions of assets to
      any
      Trust REMIC other than in connection with any Substitute Mortgage Loan delivered
      in accordance with Section 2.03 unless it shall have received an Opinion of
      Counsel to the effect that the inclusion of such assets in the Trust Fund will
      not cause any Trust REMIC to fail to qualify as a REMIC at any time that any
      Certificates are outstanding or subject any Trust REMIC to any tax under the
      REMIC Provisions or other applicable provisions of federal, state and local
      law
      or ordinances.

     

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

     

    (l)  The
      Trustee shall treat each of the Reserve Fund, the Supplemental Interest Trust
      (other than the Credit Support Annex Account) and the Final Maturity Reserve
      Trust as an outside reserve fund within the meaning of Treasury
      Regulation 1.860G-2(h) that is owned by the
      Holders
      of the Class C Certificates and that is not an asset of any REMIC. The Trustee
      shall treat the Credit Support Annex Account as an outside reserve fund within
      the meaning of Treasury Regulation 1.860G-2(h) that is owned by the Swap
      Counterparty andthat is not an asset of any REMIC. The Trustee shall treat
      the
      beneficial owners of the Certificates (other than the Class P Certificates,
      the
      Class C Certificates and the Residual Certificates) as having entered into
      a
      notional principal contract with respect to the beneficial owners of the Class
      C
      Certificates. Pursuant to each such notional principal contract, all beneficial
      owners of the Certificates (other than the Class P Certificates, the Class
      C
      Certificates and the Residual Certificates) shall be treated as having agreed
      to
      pay, on each Distribution Date, to the beneficial owners of the Class C
      Certificates an aggregate amount equal to the excess, if any, of (i) the amount
      payable on such Distribution Date on the interest in REMIC 3 corresponding
      to
      such Class of Certificates over (ii) the amount payable on such Class of
      Certificates on such Distribution Date (such excess, a “Class C Shortfall”). A
      Class C Shortfall payable from interest collections shall be allocated pro
      rata
      among such Certificates based on the amount of interest otherwise payable to
      such Certificates, and a Class C Shortfall payable from principal collections
      shall be allocated to the most subordinate Class of Certificates with an
      outstanding Certificate Principal Balance to the extent of such balance. In
      addition, pursuant to such notional principal contract, the beneficial owner
      of
      the Class C Certificates shall be treated as having agreed to pay (i) Net WAC
      Rate Carryover Amounts and (ii) on any Distribution Date on or after May 2017
      through the Distribution Date in April 2027 if amounts are not paid in to the
      Final Maturity Reserve Trust because the Final Maturity Reserve Funding Date
      has
      occurred or the amount on Schedule III exceeds the Stated Principal Balance
      of
      the 40-year Mortgage Loans, any amounts that would have been paid to the Final
      Maturity Reserve Trust if the Final Maturity Reserve Funding Date had not
      occurred or the Stated Principal Balance of the 40-year Mortgage Loans exceeded
      the amount on Schedule III, to the extent such amounts are used to make payments
      on such Certificates to the Holders of the Certificates (other than the Class
      P
      Certificates, the Class C Certificates and the Residual Certificates) pursuant
      to the terms of this Agreement. Any payments on the Certificates in light of
      the
      foregoing shall not be payments with respect to a “regular interest” in a REMIC
      within the meaning of Code Section 860G(a)(1). However, any payment from the
      Certificates of a Class C Shortfall shall be treated for tax purposes as having
      been received by the beneficial owners of such Certificates in respect of their
      interests in the REMIC 3 and as having been paid by such beneficial owners
      to
      the Supplemental Interest Trust Trustee pursuant to the notional principal
      contract. Thus, each Certificate (other than the Class P Certificates, the
      Class
      C Certificates and the Residual Certificates) shall be treated as representing
      ownership of not only regular interests in REMIC 3, but also ownership of an
      interest in (and obligations with respect to) a notional principal contract.
      For
      purposes of determining the issue price of the regular interests in REMIC 3,
      the
      Trustee shall assume that the notional principal contract has a value of $10,000
      as of the Closing Date in favor of the Certificates (other than the Class C
      Certificates, the Class P Certificates and the Residual Certificates) and shall
      allocate such value proportionately to each such Class of Certificates based
      on
      such Class’s initial Certificate Principal Balance.

     

    Section
      10.02  Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Servicer, the Trustee or the Delaware Trustee shall sell,
      dispose of or substitute for any of the Mortgage Loans (except in connection
      with (i) the foreclosure of a Mortgage Loan, including but not limited to,
      the acquisition or sale of a Mortgaged Property acquired by deed in lieu of
      foreclosure, (ii) the bankruptcy of REMIC 1, (iii) the
      termination of REMIC 1 pursuant to Article IX of this Agreement,
      (iv) a substitution pursuant to Article II of this Agreement or
      (v) a purchase of Mortgage Loans pursuant to Article II or III of this
      Agreement), nor acquire any assets for any Trust REMIC (other than REO Property
      acquired in respect of a defaulted Mortgage Loan), nor sell or dispose of any
      investments in the Collection Account or the Distribution Account for gain,
      nor
      accept any contributions to any Trust REMIC after the Closing Date (other than
      a
      Substitute Mortgage Loan delivered in accordance with Section 2.03), unless
      it and the NIMS Insurer have received an Opinion of Counsel, addressed to the
      Trustee and the NIMS Insurer (at the expense of the party seeking to cause
      such
      sale, disposition, substitution, acquisition or contribution but in no event
      at
      the expense of the Trustee or the Delaware Trustee) that such sale, disposition,
      substitution, acquisition or contribution will not (a) affect adversely the
      status of any Trust REMIC as a REMIC or (b) cause any Trust REMIC to be
      subject to a tax on “prohibited transactions” or “contributions” pursuant to the
      REMIC Provisions.

     

    Section
      10.03  Trustee,
      Servicer and Depositor Indemnification.

     

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

     

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

     

    (c)  The
      Depositor agrees to indemnify the Trust Fund, the Delaware Trustee, the Servicer
      and the Trustee for any taxes and costs including, without limitation, any
      reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the
      Delaware Trustee, the Servicer or the Trustee as a result of a breach of the
      Depositor’s covenants set forth in this Article X.

     

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01  Amendment.

     

    This
      Agreement or any Custodial Agreement may be amended from time to time by the
      Depositor, the Servicer, the Trustee, the Delaware Trustee and, if applicable,
      the Custodian, with the consent of the NIMS Insurer, and if necessary, with
      the
      prior written consent of the Swap Counterparty (as described below), and without
      the consent of any of the Certificateholders, (i) to cure any ambiguity or
      defect, (ii) to correct, modify or supplement any provisions herein
      (including to give effect to the expectations of Certificateholders), or in
      any
      Custodial Agreement, (iii) to modify, eliminate or add to any of its
      provisions to such extent as shall be necessary or desirable to maintain the
      qualification of the Trust Fund as a REMIC at all times that any Certificate
      is
      outstanding or to avoid or minimize the risk of the imposition of any tax on
      the
      Trust Fund pursuant to the Code that would be a claim against the Trust Fund,
      provided that the Trustee, the NIMS Insurer, the Depositor and the Servicer
      have
      received an Opinion of Counsel to the effect that (A) such action is
      necessary or desirable to maintain such qualification or to avoid or minimize
      the risk of the imposition of any such tax and (B) such action will not
      adversely affect the status of the Trust Fund as a REMIC or adversely affect
      in
      any material respect the interest of any Certificateholder or (iv) to make
      any other provisions with respect to matters or questions arising under this
      Agreement or in any Custodial Agreement which shall not be inconsistent with
      the
      provisions of this Agreement or such Custodial Agreement, provided that, in
      each
      case, such action shall not, as evidenced by an Opinion of Counsel delivered
      to
      the parties hereto and the NIMS Insurer, adversely affect in any material
      respect the interests of any Certificateholder, provided, further, that
      (A) such action will not affect in any material respect the permitted
      activities of the Trust and (B) such action will not increase in any
      material respect the degree of discretion which the Servicer is allowed to
      exercise in servicing the Mortgage Loans and, provided, further, that any such
      amendment which modifies the rights or obligations of the Delaware Trustee
      hereunder shall require the consent of the Delaware Trustee. No amendment shall
      be deemed to adversely affect in any material respect the interests of any
      Certificateholder who shall have consented thereto, and no Opinion of Counsel
      shall be required to address the effect of any such amendment on any such
      consenting Certificateholder.

     

    This
      Agreement or any Custodial Agreement may also be amended from time to time
      by
      the Depositor, the Servicer, the Trustee, the Delaware Trustee and, if
      applicable, the Custodian, with the consent of the NIMS Insurer, and if
      necessary, with the prior written consent of the Swap Counterparty (as described
      below), and 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 this Agreement
      or
      any Custodial Agreement or of modifying in any manner the rights of the Holders
      of Certificates; provided, however, that no such amendment shall (i) reduce
      in any manner the amount of, or delay the timing of, payments received on
      Mortgage Loans which are required to be distributed on any Certificate without
      the consent of the Holder of such Certificate, (ii) adversely affect in any
      material respect the interests of the Holders of any Class of Certificates
      in a
      manner, other than as described in (i), without the consent of the Holders
      of
      Certificates of such Class evidencing at least 66% of the Voting Rights
      allocated to such Class, or (iii) modify the consents required by the
      immediately preceding clauses (i) and (ii) without the consent of the
      Holders of all Certificates then outstanding and, provided, further, that any
      such amendment which modifies the rights or obligations of the Delaware Trustee
      hereunder shall require the consent of the Delaware Trustee. Notwithstanding
      any
      other provision of this Agreement, for purposes of the giving or withholding
      of
      consents pursuant to this Section 11.01, Certificates registered in the
      name of the Depositor or the Servicer or any Affiliate thereof shall be entitled
      to Voting Rights with respect to matters affecting such
      Certificates.

     

    In
      addition to the provisions of this Section 11.01 and as long as the Swap
      Counterparty remains the Swap Counterparty under the Swap Agreement or is owed
      any amounts under this Agreement, the prior written consent of the Swap
      Counterparty shall be necessary for the adoption of any proposed amendment
      of
      this Agreement that, in the Swap Counterparty’s reasonable determination,
      materially affects the Swap Counterparty’s rights or interests under this
      Agreement, including, but not limited to, the right to receive any Net Swap
      Payment or Swap Termination Payment due and owing to it under this Agreement;
      provided that any such consent of the Swap Counterparty shall not be
      unreasonably withheld.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee and the NIMS Insurer
      shall
      be entitled to receive an Opinion of Counsel to the effect that such amendment
      will not result in the imposition of any tax on any Trust REMIC pursuant to
      the
      REMIC Provisions or cause any Trust REMIC to fail to qualify as a REMIC at
      any
      time that any Certificates are outstanding and that such amendment is authorized
      by the terms of this Section 11.01.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish a copy
      of
      such amendment to each Certificateholder and the NIMS Insurer.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 11.01 to approve the particular form of any proposed amendment, but
      it shall be sufficient if such consent shall approve the substance thereof.
      The
      manner of obtaining such consents and of evidencing the authorization of the
      execution thereof by Certificateholders shall be subject to such reasonable
      regulations as the Trustee may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 11.01
      shall be borne by the Person seeking the related amendment, but in no event
      shall such Opinion of Counsel be an expense of the Trustee, the Delaware Trustee
      or the Trust Fund.

     

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

     

    Section
      11.02  Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Servicer at the expense
      of
      the Trust, but only upon direction of Certificateholders accompanied by an
      Opinion of Counsel to the effect that such recordation materially and
      beneficially affects the interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

     

    Section
      11.03  Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate
      this Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust, or
      (iii) otherwise affect the rights, obligations and liabilities of the
      parties hereto or any of them.

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third person
      by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 11.03 each and every Certificateholder and the Trustee shall be
      entitled to such relief as can be given either at law or in equity.

     

    Section
      11.04  Governing
      Law; Jurisdiction.

     

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

     

    Section
      11.05  Notices.

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, by facsimile or by express delivery service, to
      (a) in the case of the Servicer, Washington Mutual Bank, 1301 Second
      Avenue, Seattle, Washington 98101, Attention: General Counsel (telecopy number:
      (206) 554-2717), with a copy to Washington Mutual Bank, 11200 W. Parkland Ave.,
      Milwaukee, WI 53224, Attention: Investor Reporting, or such other address or
      telecopy number as may hereafter be furnished to the other parties hereto in
      writing by the Servicer, (b) in the case of the Trustee, Citibank, N.A.,
      388 Greenwich Street, 14th
      Floor,
      New York, NY 10013, Attention: Agency and Trust (WaMu Series 2007-HE2) or such
      other address or telecopy number as may hereafter be furnished to the other
      parties hereto in writing by the Trustee, (c) in the case of the Delaware
      Trustee, Christiana Bank & Trust Company, 300 Delaware Avenue, Suite 714,
      Wilmington, DE 19801, or such other address as may be furnished to the other
      parties hereto in writing by the Delaware Trustee, (d) in the case of the
      Depositor, WaMu Asset Acceptance Corp., 1400 South Douglass Road, Suite 100,
      Anaheim, California 92806, Attention: General Counsel (telecopy number: (206)
      554-2717), or such other address or telecopy number as may be furnished to
      the
      other parties hereto in writing by the Depositor, (e) in the case of the Swap
      Counterparty, as provided in the Swap Agreement, and (f) in the case of the
      NIMS
      Insurer, the NIMS Insurer’s address or telecopy number as set forth in the
      Indenture, or such other addresses or telecopy number as may be furnished to
      the
      other parties hereto in writing by the NIMS Insurer. Any notice required or
      permitted to be mailed to a Certificateholder shall be given by first class
      mail, postage prepaid, at the address of such Holder as shown in the Certificate
      Register. Notice of any Servicer default shall be given by telecopy and by
      certified mail. Any notice so mailed within the time prescribed in this
      Agreement shall be conclusively presumed to have duly been given when mailed,
      whether or not the Certificateholder receives such notice. A copy of any notice
      required to be telecopied hereunder shall also be mailed to the appropriate
      party in the manner set forth above.

     

    Section
      11.06  Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall for any reason whatsoever be held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    Section
      11.07  Notice
      to the Rating Agencies, the Swap Counterparty and the NIMS
      Insurer.

     

    The
      Trustee shall use its best efforts promptly to provide notice to the Rating
      Agencies, the Swap Counterparty and the NIMS Insurer with respect to each of
      the
      following of which it has actual knowledge:

     

    1. Any
      amendment to this Agreement;

     

    2. The
      occurrence of any Servicer Event of Default that has not been cured or
      waived;

     

    3. The
      resignation or termination of the Servicer, the Trustee or the Delaware
      Trustee;

     

    4. The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
      Section 2.03;

     

    5. The
      final
      payment to the Holders of any Class of Certificates;

     

    6. Any
      change in the location of the Collection Account or the Distribution
      Account;

     

    7. The
      Trustee were it to succeed as Servicer, is unable to make advances regarding
      delinquent Mortgage Loans; and

     

    8. The
      filing of any claim under the Servicer’s blanket bond and errors and omissions
      insurance policy required by Section 3.14 or the cancellation or material
      modification of coverage under any such instrument.

     

    In
      addition, the Trustee shall promptly make available to each Rating Agency and
      the Swap Counterparty copies of each Statement to Certificateholders described
      in Section 4.03 hereof and the Servicer shall promptly furnish to each
      Rating Agency copies of the following:

     

    1. each
      annual statement as to compliance described in Section 3.20
      hereof;

     

    2. each
      annual independent public accountants’ servicing report described in
      Section 3.21 hereof.

     

    Any
      such
      notice pursuant to this Section 11.07 shall be in writing and shall be
      deemed to have been duly given if personally delivered or mailed by first class
      mail, postage prepaid, or by express delivery service to (i) Moody’s Investors
      Service, Inc., 99 Church Street, New York, New York 10048, Attention: MBS
      Monitoring/WaMu Series 2007-HE2 Trust, (ii) Standard & Poor’s Rating
      Services, Inc., 55 Water Street, New York, New York 10041, (iii) Fitch, Inc.,
      One State Street Plaza, New York, NY 10004, Attention: RMBS Performance
      Analytics (iv) ABN AMRO Bank N.V., 55 East 52nd Street, New York, NY 10055,
      Attention: Associate General Counsel and (v) the NIMS Insurer at the address
      provided in Section 11.05.

     

    In
      addition, each party hereto agrees that it will furnish or make available to
      the
      NIMS Insurer a copy of any opinions, notices, reports, schedules, certificates,
      statements, rating confirmation letters or other information that are furnished
      hereunder to the Trustee or the Certificateholders.

     

    Section
      11.08  Article and
      Section References.

     

    All
      Article and Section references used in this Agreement, unless
      otherwise provided, are to articles and sections in this Agreement.

     

    Section
      11.09  Third-Party
      Beneficiaries.

     

    (a)  The
      NIMS
      Insurer shall be deemed a third-party beneficiary of this Agreement, and shall
      be entitled to enforce such rights, in each case, as if it were a party hereto.
      Notwithstanding anything to the contrary anywhere in this Agreement, all rights
      of the NIMS Insurer hereunder (i) shall be suspended whenever rights of the
      NIMS Insurer under the Indenture (other than the right to consent to amendments
      to the Indenture) are suspended and (ii) except in the case of any right to
      indemnification hereunder shall permanently terminate upon the later to occur
      of
      (A) the payment in full of the Insured NIM Notes as provided in the
      Indenture and (B) the payment in full to the NIMS Insurer of any amounts
      owed to the NIMS Insurer as provided in the Indenture.

     

    (b)  The
      Swap
      Counterparty shall be deemed a third-party beneficiary of this Agreement, and
      shall be entitled to enforce such rights, in each case, as if it were a party
      hereto. Notwithstanding anything to the contrary anywhere in this Agreement,
      all
      rights of the Swap Counterparty hereunder shall permanently terminate upon
      the
      later to occur of (i) the expiration of the Swap Agreement, and (ii) the payment
      in full to the Swap Counterparty, of any amounts owed to it under the Swap
      Agreement.

     

    Section
      11.10  Grant
      of Security Interest.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      and the other property specified in Section 2.01 by the Depositor to the Trust
      be, and be construed as, a sale and not a pledge to secure a debt or other
      obligation of the Depositor. However, in the event that, notwithstanding the
      aforementioned intent of the parties, the Mortgage Loans or other property
      conveyed to the Trust pursuant to Section 2.01 are held to be property of the
      Depositor, then, (a) it is the express intent of the parties that such
      conveyance be deemed a pledge of the Mortgage Loans and all other property
      conveyed to the Trust pursuant to Section 2.01 by the Depositor to the Trust
      to
      secure a debt or other obligation of the Depositor and (b)(1) this
      Agreement shall also be deemed to be a security agreement within the meaning
      of
      Articles 8 and 9 of the Uniform Commercial Code as in effect from time to time
      in the State of Delaware; (2) the conveyance provided for in
      Section 2.01 hereof shall be deemed to be a grant by the Depositor to the
      Trust of a security interest in all of the Depositor’s right, title and interest
      in and to the Mortgage Loans and all amounts payable to the holders of the
      Mortgage Loans and all other property conveyed to the Trust pursuant to Section
      2.01 in accordance with the terms thereof and all proceeds of the conversion,
      voluntary or involuntary, of the foregoing into cash, instruments, securities
      or
      other property, including without limitation all amounts, other than investment
      earnings, from time to time held or invested in the Collection Account and
      the
      Distribution Account, whether in the form of cash, instruments, securities
      or
      other property; (3) the obligations secured by such security agreement
      shall be deemed to be all of the Depositor’s obligations under this Agreement,
      including the obligation to provide to the Certificateholders and the Swap
      Counterparty the benefits of this Agreement relating to the Mortgage Loans
      and
      the Trust Fund; and (4) notifications to persons holding such property, and
      acknowledgments, receipts or confirmations from persons holding such property,
      shall be deemed notifications to, or acknowledgments, receipts or confirmations
      from, financial intermediaries, bailees or agents (as applicable) of the Trust
      for the purpose of perfecting such security interest under applicable law.
      Accordingly, the Depositor hereby grants to the Trust a security interest in
      the
      Mortgage Loans and all other property described in clause (2) of the preceding
      sentence, for the purpose of securing to the Trust the performance by the
      Depositor of the obligations described in clause (3) of the preceding sentence.
      Notwithstanding the foregoing, the parties hereto intend the conveyance pursuant
      to Section 2.01 to be a true, absolute and unconditional sale of the
      Mortgage Loans and assets constituting the Trust Fund by the Depositor to the
      Trust.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Servicer, the Trustee and the Delaware
      Trustee have caused their names to be signed hereto by their respective officers
      thereunto duly authorized, all as of the day and year first above
      written.

     

    
      	 	 	 
	 	
              WAMU
                ASSET ACCEPTANCE CORP.,

              as Depositor

            
	 
 	 
 	 
 
	 	By:	 
	 	
              Name: 
                

            	
              Trisha
                Lowe

            
	 	
              Title:

            	
              Vice
                President

            

    

     

    
       

      
        	 	 	 
	 	
                
                  WASHINGTON
                    MUTUAL BANK,

                  as
                    Servicer

                

              
	 
 	 
 	 
 
	 	By:	 
	 	
                Name: 
                  

              	
                
                  Barbara
                    Loper

                

              
	 	
                Title:

              	
                
                  Vice
                    President

                

              

      

       

       
        
         

        
          	 	 	 
	 	
                  
                    
                      CITIBANK,
                        N.A.,

                      as
                        Trustee

                    

                  

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  Name: 
                    

                	
                  
                     

                  

                
	 	
                  Title:

                	
                  
                     

                  

                

        

      

    

     

    
       

      
        	 	 	 
	 	
                
                  
                    
                      CHRISTIANA
                        BANK & TRUST COMPANY,

                      as
                        Delaware Trustee

                    

                  

                

              
	 
 	 
 	 
 
	 	By:	 
	 	
                Name: 
                  

              	
                
                   

                

              
	 	
                Title:

              	
                
                   

                

              

      

       

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        	STATE OF WASHINGTON 	)
	 	) ss.:
	COUNTY OF KING	)

      

    

     

     

    On
      April
      ___, 2007 before me, _____________________________, personally appeared TRISHA
      LOWE, personally known to me (or proved to me on the basis of satisfactory
      evidence) to be the person whose name is subscribed to the within instrument
      and
      acknowledged to me that he executed the same in his authorized capacity, and
      that by his signature on the instrument the person, or the entity upon behalf
      of
      which the person acted, executed the instrument.

     

    WITNESS
      my hand and official seal.

     

    Signature
      _________________________________

     

    (Seal)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        
          	STATE OF WASHINGTON 	)
	 	) ss.:
	COUNTY OF KING	)

        

      

    

     

    On
      April
      ___, 2007 before me, _____________________________, personally appeared BARBARA
      LOPER, personally known to me (or proved to me on the basis of satisfactory
      evidence) to be the person whose name is subscribed to the within instrument
      and
      acknowledged to me that he executed the same in his authorized capacity, and
      that by his signature on the instrument the person, or the entity upon behalf
      of
      which the person acted, executed the instrument.

     

    WITNESS
      my hand and official seal.

     

    Signature
      _________________________________

     

    (Seal)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      
        
          	STATE OF NEW YORK	)
	 	) ss.:
	COUNTY OF NEW YORK	)

        

      

    

     

    On
      April
      ___, 2007 before me, _____________________________, personally appeared
      ___________________,
      personally known to me (or proved to me on the basis of satisfactory evidence)
      to be the person whose name is subscribed to the within instrument and
      acknowledged to me that he executed the same in his authorized capacity, and
      that by his signature on the instrument the person, or the entity upon behalf
      of
      which the person acted, executed the instrument.

     

    WITNESS
      my hand and official seal.

     

    Signature
      _________________________________

     

    (Seal)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        
          	STATE OF DELAWARE	)
	 	) ss.:
	COUNTY OF NEW CASTLE	)

        

      

    

     

     

    On
      this
      ___ day of April 2007 before me, a Notary Public in and for said State,
      personally appeared _______________________, personally known to me (or proved
      to me on the basis of satisfactory evidence) to be the person(s) whose name(s)
      is/are subscribed to the within instrument and acknowledged to me that
      he/she/they executed the same in his/her/their authorized capacit(ies), and
      that
      by his/her/their signature(s) on the instrument the person(s), or the entity
      upon behalf of which the person(s) acted, executed the instrument.

     

    WITNESS
      my hand and official seal.

     

    Signature_________________________________

     

    (Seal)

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      EXHIBIT
        A-1

       

      [FORM
        OF
        SENIOR CERTIFICATE]

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES A “REGULAR
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986, AS AMENDED (THE “CODE”).

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                With
                  respect to any Mortgage Loan, April 1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $[____________]

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $[_____________.__]

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                [_____________]

              
	 	 	 
	
                Class

              	
                :

              	
                [___]

              
	 	 	 
	
                Final
                  Scheduled Distribution Date

              	
                :

              	
                April
                  2037

              
	 	 	 
	
                Assumed
                  Final Maturity Date

              	
                :

              	
                March
                  2047

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      WaMu
        Asset-Backed Certificates

      WaMu
        Series 2007-HE2 Trust,

      Class
        [___]

      

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed rate and adjustable rate mortgage loans (the “Mortgage
        Loans”)

       

      WAMU
        ASSET ACCEPTANCE CORP., as
        Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Certificate at any
        time
        may be less than the Initial Certificate Principal Balance set forth on the
        face
        hereof, as described herein. This Certificate does not evidence an obligation
        of, or an interest in, and is not guaranteed by the Depositor, the Servicer,
        the
        Trustee or the Delaware Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Denomination of this
        Certificate by the Original Class Certificate Principal Balance) in certain
        monthly distributions with respect to a Trust consisting primarily of the
        Mortgage Loans deposited by WaMu Asset Acceptance Corp. (the “Depositor”). The
        Trust was created pursuant to a Pooling and Servicing Agreement dated as
        of
        April 1, 2007 (the “Agreement”) among the Depositor, Washington Mutual Bank, as
        servicer (the “Servicer”), Citibank, N.A., as trustee (the “Trustee”) and
        Christiana Bank & Trust Company, as Delaware trustee (the “Delaware
        Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Certificate is issued under
        and is subject to the terms, provisions and conditions of the Agreement,
        to
        which Agreement the Holder of this Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(c) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized signatory
        of the
        Trustee.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee, on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        ___________________, 2007

       

      
        	 	 	 
	 	WAMU
                SERIES
                2007-HE2 TRUST
	 	 	 
	 	By:	
                CITIBANK, N.A.

                not
                  in its individual capacity, but solely as Trustee

              
	 	 	 
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

              
	 	
              

      

       

      This
        is
        one of the Class [___] Certificates referenced in the within-mentioned
        Agreement

      

      
        	  	 	 
	 	 
 	 
	By:  	
              	 
	 	
                

                Authorized
                  Signatory of

                Citibank,
                  N.A., 

                as
                  Trustee

              	 
	 	 	 

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-2

       

      FORM
        OF
        SUBORDINATE CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A CERTIFICATES, THE CLASS II-A1
        CERTIFICATES, THE CLASS II-A2 CERTIFICATES, THE CLASS II-A3 CERTIFICATES
        [,/AND]
        THE CLASS II-A4 CERTIFICATES [AND ANY ADDITIONAL CERTIFICATES, IF APPLICABLE]
        TO
        THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES A “REGULAR
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986, AS AMENDED (THE “CODE”).

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                With
                  respect to any Mortgage Loan, April 1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $[____________]

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $[_____________.__]

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                [_____________]

              
	 	 	 
	
                Class

              	
                :

              	
                [___]

              
	 	 	 
	
                Final
                  Scheduled Distribution Date

              	
                :

              	
                April
                  2037

              
	 	 	 
	
                Assumed
                  Final Maturity Date

              	
                :

              	
                March
                  2047

              

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      WaMu
        Asset-Backed Certificates

      WaMu
        Series 2007-HE2 Trust,

      Class
        [___]

      

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed rate and adjustable rate mortgage loans (the “Mortgage
        Loans”)

       

      WAMU
        ASSET ACCEPTANCE CORP., as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Certificate at any
        time
        may be less than the Initial Certificate Principal Balance set forth on the
        face
        hereof, as described herein. This Certificate does not evidence an obligation
        of, or an interest in, and is not guaranteed by the Depositor, the Servicer,
        the
        Trustee or the Delaware Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Denomination of this
        Certificate by the Original Class Certificate Principal Balance) in certain
        monthly distributions with respect to a Trust consisting primarily of the
        Mortgage Loans deposited by WaMu Asset Acceptance Corp. (the “Depositor”). The
        Trust was created pursuant to a Pooling and Servicing Agreement dated as
        of
        April 1, 2007 (the “Agreement”) among the Depositor, Washington Mutual Bank, as
        servicer (the “Servicer”), Citibank, N.A., as trustee (the “Trustee”) and
        Christiana Bank & Trust Company, as Delaware trustee (the “Delaware
        Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Certificate is issued under
        and is subject to the terms, provisions and conditions of the Agreement,
        to
        which Agreement the Holder of this Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(c) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized signatory
        of the
        Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee, on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        _________, 2007

      
         

        
          	 	 	 
	 	WAMU
                  SERIES
                  2007-HE2 TRUST
	 	 	 
	 	By:	
                  CITIBANK, N.A.

                  not
                    in its individual capacity, but solely as Trustee

                
	 	 	 
	 
 	 
 	 
 
	
                	By:  	
                
	 	
                  

                
	 	
                

        

        
        

      

      This
        is
        one of the Class [___] Certificates referenced in the within-mentioned
        Agreement

      

      
        	  	 	 
	 	 
 	 
	By:  	
              	 
	 	
                

                Authorized
                  Signatory of

                Citibank,
                  N.A., 

                as
                  Trustee

              	 
	 	 	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        A-3

       

      FORM
        OF
        CLASS C CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES OWNERSHIP
        OF
        TWO SEPARATE “REGULAR INTERESTS” IN “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE
        INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A CERTIFICATES, THE CLASS II-A1
        CERTIFICATES, THE CLASS II-A2 CERTIFICATES, THE CLASS II-A3 CERTIFICATES,
        THE
        CLASS II-A4 CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2
        CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE
        CLASS
        M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES,
        THE
        CLASS M-8 CERTIFICATES AND THE CLASS M-9 CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      
        	
                Certificate
                  No.

              	
                :

              	
                [__]

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                With
                  respect to any Mortgage Loan, April 1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Notional Amount of this Certificate (“Denomination”)

              	
                :

              	
                $[____________]

              
	 	 	 
	
                Original
                  Notional Amount of this Class

              	
                :

              	
                $[____________]

              
	 	 	 
	
                Percentage

              	
                :

              	
                100%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                Class

              	
                :

              	
                C

              

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      WaMu
        Asset-Backed Certificates

      WaMu
        Series 2007-HE2 Trust,

      Class
        C

      

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed rate and adjustable rate mortgage loans (the “Mortgage
        Loans”)

       

      WAMU
        ASSET ACCEPTANCE CORP., as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Certificate at any
        time
        may be less than the Initial Certificate Principal Balance set forth on the
        face
        hereof, as described herein. This Certificate does not evidence an obligation
        of, or an interest in, and is not guaranteed by the Depositor, the Servicer,
        the
        Trustee or the Delaware Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that WM Asset Holdings Corp. is the registered owner of the Percentage
        Interest evidenced by this Certificate (obtained by dividing the Denomination
        of
        this Certificate by the Original Notional Amount) in certain distributions
        with
        respect to a Trust consisting primarily of the Mortgage Loans deposited by
        WaMu
        Asset Acceptance Corp. (the “Depositor”). The Trust was created pursuant to a
        Pooling and Servicing Agreement dated as of April 1, 2007 (the “Agreement”)
        among the Depositor, Washington Mutual Bank, as servicer (the “Servicer”),
        Citibank, N.A., as trustee (the “Trustee”) and Christiana Bank & Trust
        Company, as Delaware trustee (the “Delaware Trustee”). To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      No
        transfer, sale, pledge or other disposition of a Certificate of this Class
        shall
        be made unless such disposition is exempt from the registration requirements
        of
        the 1933 Act, and any applicable state securities laws or is made in accordance
        with the 1933 Act and laws. In the event that a transfer is to be made in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Delaware Trustee, the Servicer or the Depositor; or there shall
        be
        delivered to the Trustee and the Depositor a transferor certificate by the
        transferor and an investment letter shall be executed by the transferee.
        The
        Holder hereof desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trustee, the Delaware Trustee and the Depositor against any
        liability that may result if the transfer is not so exempt or is not made
        in
        accordance with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(c) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized signatory
        of the
        Trustee.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee, on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        _________, 2007

      
        	 	 	 
	 	WAMU
                SERIES
                2007-HE2 TRUST
	 	 	 
	 	By:	
                CITIBANK, N.A.

                not
                  in its individual capacity, but solely as Trustee

              
	 	 	 
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

              
	 	
              

      

       

      This
        is
        one of the Class C Certificates referenced in the within-mentioned
        Agreement

      

      
        	  	 	 
	 	 
 	 
	By:  	
              	 
	 	
                

                Authorized
                  Signatory of

                Citibank,
                  N.A., 

                as
                  Trustee

              	 
	 	 	 

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

      

       

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS P CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      
        	
                Certificate
                  No.

              	
                :

              	
                [__]

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                With
                  respect to any Mortgage Loan, April 1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $100.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $100.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	 	 	 
	
                Class

              	
                :

              	
                P

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      WaMu
        Asset-Backed Certificates

      WaMu
        Series 2007-HE2 Trust,

      Class
        P

      

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed rate and adjustable rate mortgage loans (the “Mortgage
        Loans”)

       

      WAMU
        ASSET ACCEPTANCE CORP., as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Certificate at any
        time
        may be less than the Initial Certificate Principal Balance set forth on the
        face
        hereof, as described herein. This Certificate does not evidence an obligation
        of, or an interest in, and is not guaranteed by the Depositor, the Servicer,
        the
        Trustee or the Delaware Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that WM Asset Holdings Corp. is the registered owner of the Percentage
        Interest evidenced by this Certificate (obtained by dividing the Denomination
        of
        this Certificate by the Original Class Certificate Principal Balance) in
        certain
        distributions with respect to a Trust consisting primarily of the Mortgage
        Loans
        deposited by WaMu Asset Acceptance Corp. (the “Depositor”). The Trust was
        created pursuant to a Pooling and Servicing Agreement dated as of April 1,
        2007
        (the “Agreement”) among the Depositor, Washington Mutual Bank, as servicer (the
“Servicer”), Citibank, N.A., as trustee (the “Trustee”) and Christiana Bank
& Trust Company, as Delaware trustee (the “Delaware Trustee”). To the extent
        not defined herein, the capitalized terms used herein have the meanings assigned
        in the Agreement. This Certificate is issued under and is subject to the
        terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      This
        Certificate does not have a pass-through rate and will be entitled to
        distributions only to the extent set forth in the Agreement.

       

      No
        transfer, sale, pledge or other disposition of a Certificate of this Class
        shall
        be made unless such disposition is exempt from the registration requirements
        of
        the 1933 Act, and any applicable state securities laws or is made in accordance
        with the 1933 Act and laws. In the event that a transfer is to be made in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Delaware Trustee, the Servicer or the Depositor; or there shall
        be
        delivered to the Trustee and the Depositor a transferor certificate by the
        transferor and an investment letter shall be executed by the transferee.
        The
        Holder hereof desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trustee, the Delaware Trustee and the Depositor against any
        liability that may result if the transfer is not so exempt or is not made
        in
        accordance with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(c) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized signatory
        of the
        Trustee.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee, on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        _________, 2007

      
        	 	 	 
	 	WAMU
                SERIES
                2007-HE2 TRUST
	 	 	 
	 	By:	
                CITIBANK, N.A.

                not
                  in its individual capacity, but solely as Trustee

              
	 	 	 
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

              
	 	
              

      

      
      

      This
        is
        one of the Class P Certificates referenced in the within-mentioned
        Agreement

      

      
        	  	 	 
	 	 
 	 
	By:  	
              	 
	 	
                

                Authorized
                  Signatory of

                Citibank,
                  N.A., 

                as
                  Trustee

              	 
	 	 	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        A-5

       

      FORM
        OF
        RESIDUAL CERTIFICATES

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS “RESIDUAL
        INTEREST(S)” IN ONE OR MORE SEPARATE “REAL ESTATE MORTGAGE INVESTMENT
        CONDUIT(S),” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D
        OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS [R/R-CX/R-PX] CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST
        AND WILL NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO A “DISQUALIFIED ORGANIZATION,” AS SUCH TERM IS
        DEFINED IN SECTION 860E OF THE CODE, SHALL BE MADE.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
        THE
        PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE.

       

      
        	
                Certificate
                  No.

              	
                :

              	
                [__]

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                With
                  respect to any Mortgage Loan, April 1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	 	 	 
	
                Class

              	
                :

              	
                [R/R-CX/R-PX]

              

      

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      WaMu
        Asset-Backed Certificates

      WaMu
        Series 2007-HE2 Trust,

      Class
        [R/R-CX/R-PX]

      

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting primarily
        of a
        pool of first and second lien, fixed rate and adjustable rate mortgage loans
        (the “Mortgage Loans”)

       

      WAMU
        ASSET ACCEPTANCE CORP., as Depositor

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer, the Trustee or the Delaware Trustee
        referred to below or any of their respective affiliates.

       

      This
        certifies that WM Asset Holdings Corp. is the registered owner of the Percentage
        Interest evidenced by this Certificate specified above in the interest
        represented by all Certificates of the Class to which this Certificate belongs
        in a Trust consisting primarily of the Mortgage Loans deposited by WaMu Asset
        Acceptance Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of April 1, 2007 (the “Agreement”) among the
        Depositor, Washington Mutual Bank, as servicer (the “Servicer”), Citibank, N.A.,
        as trustee (the “Trustee”) and Christiana Bank & Trust Company, as Delaware
        trustee (the “Delaware Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        office or agency designated by the Trustee.

       

      No
        transfer, sale, pledge or other disposition of a Certificate of this Class
        shall
        be made unless such disposition is exempt from the registration requirements
        of
        the 1933 Act, and any applicable state securities laws or is made in accordance
        with the 1933 Act and laws. In the event that a transfer is to be made in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Delaware Trustee, the Servicer or the Depositor; or there shall
        be
        delivered to the Trustee and the Depositor a transferor certificate by the
        transferor and an investment letter shall be executed by the transferee.
        The
        Holder hereof desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trustee, the Delaware Trustee and the Depositor against any
        liability that may result if the transfer is not so exempt or is not made
        in
        accordance with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be
        made.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Trustee of (a) a transfer
        affidavit of the proposed transferee and (b) a transfer certificate of the
        transferor, each of such documents to be in the form described in the Agreement,
        (iii) each person holding or acquiring any Ownership Interest in this
        Certificate must agree to require a transfer affidavit and to deliver a transfer
        certificate to the Trustee as required pursuant to the Agreement, (iv) each
        person holding or acquiring an Ownership Interest in this Certificate must
        agree
        not to transfer an Ownership Interest in this Certificate if it has actual
        knowledge that the proposed transferee is not a Permitted Transferee and
        (v) any
        attempted or purported transfer of any Ownership Interest in this Certificate
        in
        violation of such restrictions will be absolutely null and void and will
        vest no
        rights in the purported transferee. Pursuant to the Agreement, the Trustee
        will
        provide the Internal Revenue Service and any pertinent persons with the
        information needed to compute the tax imposed under the applicable tax laws
        on
        transfers of residual interests to Disqualified Organizations, if any
        Disqualified Organization acquires an Ownership Interest on a Class R
        Certificate in violation of the restrictions mentioned above.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized officer of
        the
        Trustee.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee, on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        _________, 2007

      
        	 	 	 
	 	WAMU
                SERIES
                2007-HE2 TRUST
	 	 	 
	 	By:	
                CITIBANK, N.A.

                not
                  in its individual capacity, but solely as Trustee

              
	 	 	 
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

              
	 	
              

      

      
      

      This
        is
        one of the Class [R/R-CX/R-PX] Certificates referenced in the within-mentioned
        Agreement

      

      
        	  	 	 
	 	 
 	 
	By:  	
              	 
	 	
                

                Authorized
                  Signatory of

                Citibank,
                  N.A., 

                as
                  Trustee

              	 
	 	 	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        A-6

       

      [FORM
        OF
        REVERSE OF CERTIFICATE]

       

      Reverse
        of Class [__] Certificates

       

      WaMu
        Asset-Backed Certificates

      WaMu
        Series 2007-HE2 Trust

      

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as WaMu
        Asset-Backed Certificates, WaMu Series 2007-HE2 Trust (herein collectively
        called the “Certificates”), and representing a beneficial ownership interest in
        the Trust.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that neither the Trustee nor the Delaware Trustee is liable
        to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee and the Delaware Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day then the first Business
        Day following such Distribution Date (the “Distribution Date”), commencing on
        the first Distribution Date specified on the face hereof, to the Person in
        whose
        name this Certificate is registered at the close of business on the applicable
        Record Date in an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount required to be distributed to
        Holders of Certificates of the Class to which this Certificate belongs on
        such
        Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the Delaware Trustee and the rights of the Certificateholders under the
        Agreement at any time by the Depositor, the Servicer, the Trustee, the Delaware
        Trustee and of Holders of the requisite percentage of the Percentage Interests
        of each Class of Certificates affected by such amendment, as specified in
        the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee duly executed
        by the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Trustee, the Delaware Trustee, the NIMS Insurer,
        if
        any, and any agent of the Depositor, the Servicer, the Trustee, the Delaware
        Trustee or the NIMS Insurer, if any, may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Servicer, the Trustee, the Delaware Trustee, the NIMS Insurer,
        if
        any, or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining Stated Principal
        Balance of the Mortgage Loans and REO Properties is equal to or less than
        10% of
        the Stated Principal Balance of the Mortgage Loans as of the Cut-off Date,
        the
        Servicer or the NIMS Insurer, if any, may purchase, in whole, from the Trust
        the
        Mortgage Loans in the manner and at a purchase price determined as provided
        in
        the Agreement. In the event that no such optional termination occurs, the
        obligations and responsibilities created by the Agreement will terminate
        upon
        notice to the Trustee upon the earliest of (i) the Distribution Date on which
        the Certificate Principal Balances of the Regular Certificates have been
        reduced
        to zero and (ii) the final payment or other liquidation of the last Mortgage
        Loan in the Trust.

       

      [to
        be
        used only in the case of the Class R Certificates:] [By acceptance of this
        Certificate, the Holders of this Certificate direct the Trustee to pay any
        amounts due to the Holders of this Certificate on the first Distribution
        Date to
        the Holders of the Class C Certificates.]

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

      
        	 
	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

       

      
        	Dated:	 	 	 
	 	 	 	 
	 	 	 	Signature by or on behalf of
                assignor

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ___________________________________________________________________________
        ______________________________________________________________________________for
        the account of ______________________________________________________________,
        account number ________________________________________________________________,
        or, if mailed by check, to
        ______________________________________________________________________________________________________________________________________.

       

      Applicable
        statements should be mailed to
        ________________________________________________________________________________________________________________________.

       

      This
        information is provided by _____________________________________________,
        the
        assignee named above, or
        _____________________________________________________,as
        its
        agent.

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        B

       

      FORM
        OF
        SWAP AGREEMENT

       

      See
        closing book or exhibit to Form 8-K filed with the SEC under

      WaMu
        Series 2007-HE2 Trust

       

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

      

       

      EXHIBIT
        C

       

      FORM
        OF
        MORTGAGE LOAN PURCHASE AGREEMENT

       

      See
        closing book or exhibit to Form 8-K filed with the SEC under

      WaMu
        Series 2007-HE2 Trust

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        D

       

      MORTGAGE
        LOAN SCHEDULE

       

      Copies
        of
        the Mortgage Loan Schedule (which has been intentionally omitted from this
        filing) may be obtained from WaMu Asset Acceptance Corp. by
        contacting:

       

      James
        Mark

      WaMu
        Asset Acceptance Corp.

      1301
        Second Avenue WMC 1505

      Seattle,
        Washington 98101

      Telephone: (206)
        302-4186

      Facsimile: (206)
        302-4498

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        E-1

       

      REQUEST
        FOR RELEASE

      (for
        Trustee /Custodian)

      

        
          	
                  Loan
                    Information

                	 	 
	 	 	 	 
	 	
                  Name
                    of Mortgagor:

                	
                   

                	 
	 	 	 	 
	 	
                  Servicer

                	 	 
	 	
                  Loan
                    No.:

                	
                   

                	 
	 	 	 	 
	
                  Trustee
                    /Custodian

                	 	 
	 	 	 	 
	 	
                  Name:

                	
                   

                	 
	 	 	 	 
	 	
                  Address:

                	
                   

                	 
	 	 	 	 
	 	
                  Trustee/

                	 	 
	 	
                  Custodian

                	 	 
	 	
                  Mortgage
                    File No.:

                	
                	 
	 	 	 	 
	
                  Depositor

                	 	 
	 	 	 	 
	 	
                  Name:

                	
                  WAMU
                    ASSET ACCEPTANCE CORP.

                	 
	 	 	 	 
	 	
                  Address:

                	
                   

                	 
	 	 	 	 
	 	
                  Certificates:

                	
                  WaMu
                    Asset-Backed Certificates, WaMu Series 2007-HE2 Trust.

                	 

        

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
        undersigned Servicer hereby acknowledges that it has received from
        _______________________, as Trustee for WaMu Series 2007-HE2 Trust, the
        documents referred to below (the “Documents”). All capitalized terms not
        otherwise defined in this Request for Release shall have the meanings given
        them
        in the Pooling and Servicing Agreement, dated as of April 1, 2007, among
        the
        Trustee, the Delaware Trustee, the Depositor and the Servicer (the “Pooling and
        Servicing Agreement”).

       

      (a) Promissory
        Note dated [__________, 20__], in the original principal sum of $[____________],
        made by ___________________, payable to, or endorsed to the order of, the
        Trustee.

       

      (b) Mortgage
        recorded on _____________________ as instrument no. ________________ in the
        County Recorder’s Office of the County of _________________, State of
        ____________ in book/reel/docket _________________ of official records at
        page/image _____________.

       

      (c) Deed
        of
        Trust recorded on ___________________ as instrument no. ________________
        in the
        County Recorder’s Office of the County of _________________, State of
        ____________________ in book/reel/docket _________________ of official records
        at page/image ______________.

       

      (d) Assignment
        of Mortgage or Deed of Trust to the Trustee, recorded on ___________________
        as
        instrument no. _________ in the County Recorder’s Office of the County of
        _______________, State of _______________________ in book/reel/docket
        ____________ of official records at page/image ____________.

       

      (e) Other
        documents, including any amendments, assignments or other assumptions of
        the
        Mortgage Note or Mortgage.

       

      (f) _____________________________________________

       

      (g) _____________________________________________

       

      (h) _____________________________________________

       

      (i) _____________________________________________

       

      The
        undersigned Servicer hereby acknowledges and agrees as follows:

       

      (1) The
        Servicer shall hold and retain possession of the Documents in trust for the
        benefit of the Trust, solely for the purposes provided in the
        Agreement.

       

      (2) The
        Servicer shall not cause or permit the Documents to become subject to, or
        encumbered by, any claim, liens, security interest, charges, writs of attachment
        or other impositions nor shall the Servicer assert or seek to assert any
        claims
        or rights of setoff to or against the Documents or any proceeds
        thereof.

       

      (3) The
        Servicer shall return each and every Document previously requested from the
        Mortgage File to the Trustee when the need therefor no longer exists, unless
        the
        Mortgage Loan relating to the Documents has been liquidated and the proceeds
        thereof have been remitted to the Collection Account and except as expressly
        provided in the Agreement.

       

      (4) The
        Documents and any proceeds thereof, including any proceeds of proceeds, coming
        into the possession or control of the Servicer shall at all times be ear-marked
        for the account of the Trust, and the Servicer shall keep the Documents and
        any
        proceeds separate and distinct from all other property in the Servicer’s
        possession, custody or control.

       

      Dated:
        ___________________________

       

      
        	 	 	 
	 	WASHINGTON
                MUTUAL
                BANK
	 
 	 
 	 
 
	
              	By:  	
              
	 	Name:  	
                

              
	 	Title:	
              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        E-2

       

      REQUEST
        FOR RELEASE

      (Certificate
        - Mortgage Loan Paid in Full)

       

      OFFICERS’
        CERTIFICATE AND TRUST RECEIPT

      WAMU
        ASSET-BACKED CERTIFICATES

      WAMU
        SERIES 2007-HE2 TRUST

       

      ____________________________________________________
        HEREBY CERTIFIES THAT HE/SHE IS AN OFFICER OF THE SERVICER, HOLDING THE OFFICE
        SET FORTH BENEATH HIS/HER SIGNATURE, AND HEREBY FURTHER CERTIFIES AS
        FOLLOWS:

       

      WITH
        RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED IN THE POOLING AND
        SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

       

      ALL
        PAYMENTS OF PRINCIPAL, PREMIUM (IF ANY), AND INTEREST HAVE BEEN
        MADE.

       

      LOAN
        NUMBER: ___________________ BORROWER’S
        NAME: ____________________

       

      COUNTY:
        _________________________

       

      WE
        HEREBY
        CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION WITH SUCH PAYMENTS, WHICH
        ARE
        REQUIRED TO BE DEPOSITED IN THE COLLECTION ACCOUNT PURSUANT TO SECTION 3.10
        OF
        THE POOLING AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE CREDITED.

       

      DATED:
        ___________________________

       

      _____________________________________

      /
        / VICE
        PRESIDENT

      

      /
        /
        ASSISTANT VICE PRESIDENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        E-3

       

      FORM
        OF
        MORTGAGE LOAN ASSIGNMENT AGREEMENT

       

      This
        MORTGAGE LOAN ASSIGNMENT AGREEMENT (this “Agreement”),
        dated
        as of ________________, 200___, is by and between
        _________________________________, a ________________, as purchaser (the
        “Company”),
        and
        WAMU SERIES 2007-HE2 TRUST, by Citibank, N.A., not in its individual capacity,
        but solely as trustee, except with respect to Article 3, as seller (the
“Trust”).

       

      In
        consideration of the mutual covenants made herein and for other good and
        valuable consideration the sufficiency of which is hereby acknowledged, the
        parties hereto agree as follows:

       

      ARTICLE
        1. DEFINITIONS

       

      Capitalized
        terms used but not defined herein shall have the meanings assigned to them
        in
        the Pooling and Servicing Agreement dated as of April 1, 2007 (the “Pooling and
        Servicing Agreement”) by and among Washington Mutual Bank, as servicer (the
“Servicer”) and as seller, WaMu Asset Acceptance Corp., as depositor, Citibank,
        N.A. (the “Trustee”), as Trustee and Christiana Bank & Trust Company (the
“Delaware Trustee”), as Delaware Trustee.

       

      ARTICLE
        2. SALE
        AND CONVEYANCE OF MORTGAGE LOAN;

      POSSESSION
        OF FILES; PAYMENT OF PURCHASE

      PRICE;
        DELIVERY OF MORTGAGE LOAN DOCUMENTS;

      RECORDATION
        OF ASSIGNMENTS OF MORTGAGE

       

      Section
        2.1 Sale
        and Conveyance of Mortgage Loans; Possession of Files

       

      (a) Pursuant
        to Section 2.03 of the Pooling and Servicing Agreement and Section
        6.____________ of the Mortgage Loan Purchase Agreement, subject to the
        provisions of the Pooling and Servicing Agreement and after the deposit of
        the
        Purchase Price in the Collection Account and the Trustee’s receipt of a written
        certification from the Servicer of such deposit (the “Certification”), the Trust
        hereby sells, transfers, assigns, sets over, and conveys to the Company,
        without
        recourse, or, except as set forth in Article 3, representations or warranties,
        all the right, title, and interest of the Trust in and to the mortgage loan
        identified on Schedule I attached hereto (the “Mortgage Loan”).

       

      (b) In
        accordance with Section 3.17 of the Pooling and Servicing Agreement, the
        Trustee, on behalf of the Trust, will deliver to the Company, or to such
        third
        party as the Company may direct, the documents comprising the Mortgage File
        with
        respect to the Mortgage Loan upon the Trustee’s receipt of the Certification.
        Upon payment for the Mortgage Loan pursuant to Section 2.1(c) below, the
        beneficial ownership of the Mortgage Note, the Mortgage, and each of the
        other
        documents comprising the Mortgage File with respect to the Mortgage Loan
        is and
        shall be vested in the Company, and the ownership of all records and documents
        with respect to the Mortgage Loan prepared by or which come into the possession
        of the Trustee or the Trust or any agent or designee thereof shall immediately
        vest in the Company and shall be delivered to the Company or as the Company
        may
        otherwise direct.

       

      (c) In
        full
        consideration for the sale of the Mortgage Loan pursuant to
        Section 2.1(a) hereof, and upon the terms and conditions of this
        Agreement, the Company hereby purchases the Mortgage Loan.

       

      (d) Subject
        to the fulfillment of any other conditions to such [purchase/repurchase]
        under
        the Pooling and Servicing Agreement and following the deposit of the Purchase
        Price in the Collection Account and the Trustee’s receipt of the Certification,
        the Company shall own and be entitled to receive with respect to the Mortgage
        Loan all Monthly Payments and all other recoveries of principal and interest.
        All such amounts that are collected after the date of the deposit of the
        Purchase Price and the Trustee’s receipt of the Certification shall be held and
        remitted by the Servicer to the Company in accordance with the terms of this
        Agreement.

       

      ARTICLE
        3. REPRESENTATIONS
        AND WARRANTIES OF

      THE
        TRUST CONCERNING THE MORTGAGE LOAN

       

      The
        Trustee hereby represents and warrants to, and agrees with the Company that,
        as
        to the Mortgage Loan and as of the date first written above:

       

      The
        Trustee, to the actual knowledge of a Responsible Officer of the Trustee,
        has
        not taken any action with respect to the Mortgage Loans, other than at the
        direction of the Company, its attorneys and subservicers or WaMu Asset
        Acceptance Corp., which would result in the imposition of any lien on, security
        interest in, or other encumbrance of, the real property securing the Mortgage
        Loan, other than permitted pursuant to the Pooling and Servicing Agreement,
        and
        other than such action as might be required to preserve and maintain the
        Mortgage.

       

      ARTICLE
        4. MISCELLANEOUS
        PROVISIONS

       

      Section
        4.1 Governing
        Law

       

      This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York (including Section 5-1401 of the New York General
        Obligations Law) and the obligations, rights and remedies of the parties
        hereunder shall be determined in accordance with such laws without giving
        effect
        to conflict of laws principles other than Section 5-1401 of the New York
        General Obligations Law.

       

      Section
        4.2 Severability
        of Provisions

       

      If
        any
        one or more of the covenants, agreements, provisions, or terms of this Agreement
        shall be held invalid for any reason whatsoever, then such covenants,
        agreements, provisions, or terms shall be deemed severable from the remaining
        covenants, agreements, provisions, or terms of this Agreement and shall in
        no
        way affect the validity or enforceability of the other covenants, agreements,
        provisions, or terms of this Agreement or the rights of the parties
        hereunder.

       

      Section
        4.3 Schedules

       

      The
        schedules to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

       

      Section
        4.4 Counterparts;
        Successors and Assigns

       

      This
        Agreement may be executed in one or more counterparts, and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. This Agreement shall inure to the benefit of and
        be
        binding upon the Company and the Trust.

       

      Section
        4.5 Effect
        of Headings

       

      The
        headings in this Agreement are for purposes of reference only and shall not
        limit or otherwise affect the meaning hereof.

       

      Section
        4.6 Survival

       

      The
        representations, warranties, covenants and agreements of the parties provided
        in
        this Agreement and the parties’ obligations hereunder shall survive the
        execution, delivery and termination of this Agreement.

       

      Section
        4.7 Costs

       

      The
        Company shall pay all costs, fees and expenses incurred in connection with
        the
        transfer and delivery of the Mortgage Loan purchased by the Company under
        this
        Agreement.

       

      Section
        4.8 Limitation
        on Liability of the Trustee

       

      It
        is
        expressly understood and agreed by the parties hereto that, except with respect
        to Article 3, (i) this Agreement is executed and delivered by the Trustee
        not
        individually or personally but solely as trustee of the Trust, in the exercise
        of the powers and authority conferred and vested in it under the Pooling
        and
        Servicing Agreement, (ii) each of the representations, undertakings and
        agreements herein made on the part of the Trust is made and intended not
        as
        personal representations, undertakings and agreements by the Trustee but
        is made
        and intended for the purpose of binding only the Trust, (iii) nothing herein
        contained shall be construed as creating any liability on the part of the
        Trustee, individually or personally, to perform any covenant either expressed
        or
        implied contained herein, all such liability, if any, being expressly waived
        by
        the parties hereto and by any Person claiming by, through or under the parties
        hereto and (iv) under no circumstances shall the Trustee be personally liable
        for the payment of any indebtedness or expenses of the Trust or be liable
        for
        the breach or failure of any obligation, representation, warranty or covenant
        made or undertaken by the Trust under this Agreement or any other related
        documents as to all of which recourse shall be had solely to the assets of
        the
        Trust in accordance with the terms of the Pooling and Servicing
        Agreement.

       

      [Signature
        page follows]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      TO
        WITNESS THIS, the Company and the Trust have caused their names to be signed
        to
        this Mortgage Loan Assignment Agreement by their duly authorized respective
        officers as of the day and year first above written.

       

      
        	 	
                WAMU
                  SERIES 2007-HE2 TRUST, 

                by
                  Citibank, N.A., except with respect to Article 3, not in its
                  individual capacity, but solely as Trustee

                 

                By:
                  ______________________________________

                Name:
                  ________________________________

                Title:
                  _________________________________

              
	 	 
	 	
                [_________________________________]

                 

                By:
                  ______________________________________

                Name:
                  ________________________________

                Title:
                  _________________________________

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	STATE OF _______________	)
	 	) ss.
	COUNTY OF ____________	)

      

       

      This
        instrument was acknowledged before me on ______________________, 200___,
        by
        _____________________ as _________________________ of Washington Mutual
        Bank.

       

      __________________________________________

      Print
        Name: _______________________________

      

      NOTARY
        PUBLIC in and for the State of ___________________, residing at
        _____________

      My
        commission expires ______________________

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	STATE OF _______________	)
	 	) ss.
	COUNTY OF ____________	)

      

      

      This
        instrument was acknowledged before me on ______________________, 200___,
        by
        _____________________ as _________________________ of Citibank, N.A., as
        Trustee
        for WaMu Series 2007-HE2 Trust and not in its individual capacity.

       

      __________________________________________

      Print
        Name: _______________________________

      

      NOTARY
        PUBLIC in and for the State of ___________________, residing at
        _____________

      My
        commission expires ______________________

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I

       

      MORTGAGE
        LOAN SCHEDULE

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        F-1

       

      FORM
        OF
        [TRUSTEE’S] [CUSTODIAN’S] INITIAL CERTIFICATION

       

      [Date]

       

       

      
        	
                WaMu
                  Asset Acceptance Corp.

                1301
                  Second Avenue, WMC 1501

                Seattle,
                  WA 98101

              	
                Washington
                  Mutual Bank

                1301
                  Second Avenue, WMC 1401

                Seattle,
                  WA 98101

              
	 	 
	
                Citibank,
                  N.A.

                388
                  Greenwich Street, 14th Floor

                New
                  York, New York 10013

              	 

      

      

      Re:          [Pooling
        and Servicing Agreement (the “Pooling and Servicing

      Agreement”),
        dated as of April 1, 2007 among WaMu Asset Acceptance

      Corp.,
        Washington Mutual Bank, Citibank, N.A. and Christiana Bank &

      Trust
        Company, WaMu Asset-Backed Certificates, WaMu Series 2007-

      HE2
        Trust][Custodial Agreement, dated as of April 10, 2007, between

      Citibank,
        N.A., as Trustee and Deutsche Bank National Trust Company,

      as
        Custodian]                                                                                                      
         

       

      Ladies
        and Gentlemen:

       

      Pursuant
        to [Section 2.02
        of the Pooling and Servicing Agreement][Section
        2 of the Custodial Agreement], the undersigned, as [Trustee][Custodian],
        hereby
        acknowledges receipt of each Mortgage File and certifies that, as to each
        Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
        Loan
        paid in full or any Mortgage Loan specifically identified in the exception
        report annexed hereto as not being covered by this certification), (i) all
        documents constituting part of such Mortgage File (other than such documents
        described in Section 2.01(e) of the Pooling and Servicing Agreement) required
        to
        be delivered to it pursuant to the Pooling and Servicing Agreement are in
        its
        possession, (ii) such documents have been reviewed by it and are not mutilated,
        torn or defaced unless initialed by the related borrower and relate to such
        Mortgage Loan and (iii) based on its examination and only as to the foregoing,
        the information set forth in the Mortgage Loan Schedule that corresponds
        to
        items (i), (ii), (ix), (xii), (xiv) (to the extent of the Periodic Rate Cap
        for
        the first Adjustment Date and subsequent Adjustment Dates) and (xvi) of the
        definition of “Mortgage Loan Schedule” of the Pooling and Servicing Agreement
        accurately reflects information set forth in the Mortgage File.

       

      The
        [Trustee][Custodian] has made no independent examination of any documents
        contained in each Mortgage File beyond the review specifically required in
        the
        above-referenced Pooling and Servicing Agreement. The [Trustee][Custodian]
        makes
        no representations as to: (i) the validity, legality, sufficiency,
        enforceability due authorization, recordability or genuineness of any of
        the
        documents contained in the Mortgage File of any of the Mortgage Loans identified
        on the Mortgage Loan Schedule, or (ii) the collectability, insurability,
        effectiveness or suitability of any such Mortgage Loan.

       

      Capitalized
        terms used herein without definition shall have the meaning given to them
        in the
        Pooling and Servicing
        Agreement.

       

      [CITIBANK,
        N.A., as
        Trustee]

       

      [DEUTSCHE
        BANK NATIONAL TRUST COMPANY,
        as
        Custodian]

       

      By:
        ______________________________________

      Name:
        ________________________________

      Title:
        _________________________________

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        F-2

       

      FORM
        OF
        [TRUSTEE’S] [CUSTODIAN’S] FINAL CERTIFICATION

       

      [Date]

       

      

       

      
        	
                WaMu
                  Asset Acceptance Corp.

                1301
                  Second Avenue, WMC 1501

                Seattle,
                  WA 98101

              	
                Washington
                  Mutual Bank

                1301
                  Second Avenue, WMC 1401

                Seattle,
                  WA 98101

              
	 	 
	
                Citibank,
                  N.A.

                388
                  Greenwich Street, 14th Floor

                New
                  York, New York 10013

              	 

      

      

      Re:         
        [Pooling
        and Servicing Agreement (the “Pooling and Servicing

      Agreement”),
        dated as of April 1, 2007 among WaMu Asset Acceptance

      Corp.,
        Washington Mutual Bank, Citibank, N.A. and Christiana Bank &

      Trust
        Company, WaMu Asset-Backed Certificates, WaMu Series 2007-

      HE2
        Trust][Custodial Agreement, dated as of April 10, 2007, between 

      Citibank,
        N.A., as Trustee and Deutsche Bank National Trust Company,

      as
        Custodian]           

       

      Ladies
        and Gentlemen:

       

      In
        accordance with [Section 2.02
        of the Pooling and Servicing Agreement][Section
        2 of the Custodial Agreement], the undersigned, as [Trustee][Custodian],
        hereby
        certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule
        (other than any Mortgage Loan paid in full or listed on the attachment hereto),
        it has received:

       

      (a) the
        original Mortgage Note, endorsed in blank or in the following form: “Pay to the
        order of Citibank, N.A., as Trustee under the applicable agreement, without
        recourse,” with all prior and intervening endorsements showing a complete chain
        of endorsement from the originator to the Person so endorsing to the Trustee
        or
        (in the case of not more than 1.00% of the Mortgage Loans, by aggregate
        principal balance as of the Cut off Date) a copy of such original Mortgage
        Note
        with an accompanying Lost Note Affidavit executed by the Seller;

       

      (b) the
        original Mortgage, noting the presence of the MIN of the Mortgage Loan and
        language indicating that the Mortgage Loan is a MOM Loan if the Mortgage
        Loan is
        a MOM loan, with evidence of recording thereon, and a copy, certified by
        the
        appropriate recording office, of the recorded power of attorney, if the Mortgage
        was executed pursuant to a power of attorney, with evidence of recording
        thereon;

       

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

       

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

       

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

       

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

       

      The
        [Trustee][Custodian] has made no independent examination of any documents
        contained in each Mortgage File beyond the review specifically required in
        the
        above-referenced Pooling and Servicing Agreement. The [Trustee][Custodian]
        makes
        no representations as to: (i) the validity, legality, sufficiency,
        enforceability due authorization, recordability or genuineness of any of
        the
        documents contained in the Mortgage File of any of the Mortgage Loans identified
        on the Mortgage Loan Schedule, or (ii) the collectability, insurability,
        effectiveness or suitability of any such Mortgage Loan.

       

      Capitalized
        terms used herein without definition shall have the meaning given to them
        in the
        Pooling and Servicing
        Agreement.

       

      [CITIBANK,
        N.A.,
        as
        Trustee]

       

      [DEUTSCHE
        BANK NATIONAL TRUST COMPANY,
        as
        Custodian]

       

       

      By:
        ______________________________________

      Name:
        _______________________________

      Title:
        ________________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        G

       

      FORM
        OF
        RESIDUAL NIM HOLDER CERTIFICATE

      

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      

      Re:          
        Pooling
        and Servicing Agreement (the “Agreement”), dated as of April 1,
        2007

      among
        WaMu Asset Acceptance Corp., Washington Mutual Bank, Citibank, N.A.

      and
        Christiana Bank & Trust Company, WaMu Asset-Backed Certificates,
        WaMu

      Series
        2007-HE2 Trust

       

      Ladies
        and Gentlemen:

       

      The
        undersigned hereby certifies that the undersigned is the Residual NIM Holder
        and
        further certifies that the undersigned is not an Affiliate of Washington
        Mutual
        Bank, a federal savings association. Capitalized terms used in this certificate
        without definition have the meaning given to them in the Agreement.

       

      IN
        WITNESS WHEREOF, the undersigned has executed this Certificate as of
        ______________, 200__.

       

      [_________________________]

       

      

      By:
        ______________________________________

      Name:
        _______________________________

      Title:
        ________________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        H

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Personally
        appeared before me the undersigned authority to administer oaths,
        ____________________, who first being duly sworn deposes and says: Deponent
        is
        ______________ of _________________________________________, successor by
        merger
        to _____________________________________ (“Seller”) and who has personal
        knowledge of the facts set out in this affidavit.

       

      On
        _______________, ____________________did execute and deliver a promissory
        note
        in the principal amount of $[____________].

       

      That
        said
        note has been misplaced or lost through causes unknown and is presently lost
        and
        unavailable after diligent search has been made. Seller’s records show that an
        amount of principal and interest on said note is still presently outstanding,
        due, and unpaid, and Seller is still owner and holder in due course of said
        lost
        note.

       

      Seller
        executes this Affidavit for the purpose of inducing Citibank, N.A., as Trustee
        on behalf of WaMu Series 2007-HE2 Trust, to accept the transfer of the above
        described loan from Seller.

       

      Seller
        agrees to indemnify Citibank, N.A., Christiana Bank & Trust Company, WaMu
        Asset Acceptance Corp. and Washington Mutual Bank harmless for any losses
        incurred by such parties resulting from the above described promissory note
        has
        been lost or misplaced.

       

      By: _____________________________________

      _____________________________________

       

       

      
        	STATE OF 	)
	 	) ss.
	COUNTY OF 	)

      

      
      

      On
        this
        ______ day of ______________, 20_, before me, a Notary Public, in and for
        said
        County and State, appeared ____________________, who acknowledged the extension
        of the foregoing and who, having been duly sworn, states that any
        representations therein contained are true.

       

      Witness
        my hand and Notarial Seal this _________ day of _____________,
        20__.

       

      __________________________________________________

      
        __________________________________________________

      

      My
        commission expires________________________________

      
        __________________________________________________.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        I

       

      FORM
        OF
        ERISA REPRESENTATION

       

      [DATE]

       

      

       

      WaMu
        Asset Acceptance Corp.

      1301
        Second Avenue, WMC 3501A

      Seattle,
        WA 98101

      

      Washington
        Mutual Bank

      1301
        Second Avenue, WMC 1401

      Seattle,
        WA 98101

      

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      

      
        	 	
                Re:

              	
                WaMu
                  Asset-Backed Certificates,

                
                  WaMu
                    Series 2007-HE2 Trust        
                    

                

              

      

       

      Ladies
        and Gentlemen:

       

      ___________________
        (the “Transferee”) intends to acquire from __________________ (the “Transferor”)
        $[____________] Initial Certificate Principal Balance of the Class [____]
        Certificate of WaMu Asset-Backed Certificates, WaMu Series 2007-HE2 Trust
        (the
“Certificates”), issued pursuant to a Pooling and Servicing Agreement dated as
        of April 1, 2007 (the “Agreement”) among WaMu Asset Acceptance Corp., as
        depositor (the “Depositor”), Washington Mutual Bank, as servicer (the
“Servicer”), Citibank, N.A., as Trustee (the “Trustee”) and Christiana Bank
& Trust Company, as Delaware Trustee (the “Delaware Trustee”). Capitalized
        terms used herein and not otherwise defined shall have the meanings assigned
        thereto in the Pooling and Servicing Agreement. The Transferee hereby certifies,
        represents and warrants to, and covenants with the Depositor, the Trustee
        and
        the Servicer that the following statements in either (1) or (2) are
        accurate:

       

      _____
        (1) The
        Certificates (A) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of Section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (B) are not being
        acquired with “plan assets” of a Plan within the meaning of the Department of
        Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101, and (C) will not be
        transferred to any entity that is deemed to be investing in plan assets within
        the meaning of the DOL regulation at 29 C.F.R. § 2510.3-101; or

       

      _____
        (2)              (A)
        In
        the case of the Class C Certificates and the Class P Certificates, the
        Transferee will provide an Opinion of Counsel to the Depositor, the Trustee
        and
        the Servicer which establishes to the satisfaction of the Depositor, the
        Trustee
        and the Servicer that the purchase of such Certificates is permissible under
        applicable law, will not constitute or result in any prohibited transaction
        under ERISA or Section 4975 of the Code and will not subject the Depositor,
        the
        Trustee, the Servicer, or the Trust Fund to any obligation or liability
        (including obligations or liabilities under ERISA or Section 4975 of the
        Code)
        in addition to those undertaken in this Agreement; and

       

      (B) In
        the
        case of the Class A Certificates and the Mezzanine Certificates, for so long
        as
        the Supplemental Interest Trust and the Final Reserve Maturity Trust are
        in
        existence, such Transferee is an accredited investor within the meaning of
        Prohibited Transaction Exemption 2002-41, as amended from time to time (the
        “Exemption”) and the acquisition and holding of such Certificate are eligible
        for the exemptive relief available under Prohibited Transaction Class Exemption
        (“PTCE”) 84-14, PTCE, PTCE 91-38, PTCE 90-1, PTCE 95-60 or PTCE 96-23;
        and

       

      (C) In
        the
        case of the Mezzanine Certificates subsequent to the termination of the
        Supplemental Interest Trust and the Final Maturity Reserve Trust, the Transferee
        has acquired and is holding such Certificate in reliance on the Exemption,
        and
        the Transferee understands that there are certain conditions to the availability
        of the Exemption, including that the Certificate must be rated, at the time
        of
        purchase, not lower than “BBB-” (or its equivalent) by S&P, Fitch or
        Moody’s, and the Certificate is so rated or (i) the Transferee is an insurance
        company, (ii) the source of funds used to acquire or hold the Certificate
        or
        interest therein is an “insurance company general account,” as such term is
        defined in PTCE 95-60, and (iii) the conditions in Sections I and III of
        PTCE
        95-60 have been satisfied.

       

      IN
        WITNESS WHEREOF, the Transferee executed this certificate.

       

      _____________________________________________

      [Transferee]

      

      By:
        __________________________________________

      

      Name:________________________________________

      

      Title:
        _________________________________________

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        J

       

      FORM
        OF
        INVESTMENT LETTER [NON-RULE 144A]

       

      [DATE]

       

      WaMu
        Asset Acceptance Corp.

      1301
        Second Avenue, WMC 1501

      Seattle,
        WA 98101

      

      Citibank,
        N.A.

      Corporate
        Agency & Trust

      111
        Wall
        Street, 15th Floor

      New
        York,
        NY 10005

      Attn:
        Transfer Desk (WaMu 2007-HE2)

       

      
        	 	
                Re:

              	
                WaMu
                  Asset-Backed Certificates,

                
                  WaMu
                    Series 2007-HE2
                    Trust    

                

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of $[____________] Initial Certificate Principal
        Balance of the Class [__] Certificate of WaMu Asset-Backed Certificates,
        WaMu
        Series 2007-HE2 Trust (the “Certificates”), issued pursuant to a Pooling and
        Servicing Agreement dated as of April 1, 2007 (the “Agreement”) among WaMu Asset
        Acceptance Corp., as depositor (the “Depositor”), Washington Mutual Bank, as
        servicer (the “Servicer”) and as seller, Citibank, N.A., as trustee (the
“Trustee”) and Christiana Bank & Trust Company, as Delaware Trustee (the
“Delaware Trustee”), we certify that (a) we understand that the Certificates are
        not being registered under the Securities Act of 1933, as amended (the “Act”),
        or any state securities laws and are being transferred to us in a transaction
        that is exempt from the registration requirements of the Act and any such
        laws,
        (b) we are an “accredited investor,” as defined in Regulation D under the Act,
        and have such knowledge and experience in financial and business matters
        that we
        are capable of evaluating the merits and risks of investments in the
        Certificates, (c) we have had the opportunity to ask questions of and receive
        answers from the Depositor concerning the purchase of the Certificates and
        all
        matters relating thereto or any additional information deemed necessary to
        our
        decision to purchase the Certificates, (d) we are not an employee benefit
        plan
        that is subject to the Employee Retirement Income Security Act of 1974, as
        amended, or a plan that is subject to Section 4975 of the Internal Revenue
        Code
        of 1986, as amended, nor are we acting on behalf of any such plan, (e) we
        are
        acquiring the Certificates for investment for our own account and not with
        a
        view to any distribution of such Certificates (but without prejudice to our
        right at all times to sell or otherwise dispose of the Certificates in
        accordance with clause (g) below), (f) we have not offered or sold any
        Certificates to, or solicited offers to buy any Certificates from, any person,
        or otherwise approached or negotiated with any person with respect thereto,
        or
        taken any other action which would result in a violation of Section 5 of
        the
        Act, and (g) we will not sell, transfer or otherwise dispose of any Certificates
        unless (1) such sale, transfer or other disposition is made pursuant to an
        effective registration statement under the Act or is exempt from such
        registration requirements, and if requested, we will at our expense provide
        an
        opinion of counsel satisfactory to the addressees of this certificate that
        such
        sale, transfer or other disposition may be made pursuant to an exemption
        from
        the Act, (2) the purchaser or transferee of such Certificate has executed
        and
        delivered to you a certificate to substantially the same effect as this
        certificate, and (3) the purchaser or transferee has otherwise complied with
        any
        conditions for transfer set forth in the Agreement.

       

      Very
        truly yours,

       

      [NAME
        OF
        TRANSFEREE]

       

       

      By:
        ___________________________________

      Authorized
        Officer

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FORM
        OF
        RULE 144A INVESTMENT LETTER

       

      [DATE]

       

      WaMu
        Asset Acceptance Corp.

      1301
        Second Avenue, WMC 1501

      Seattle,
        WA 98101

      

      Citibank,
        N.A.

      Corporate
        Agency & Trust

      111
        Wall
        Street, 15th Floor

      New
        York,
        NY 10005

      Attn:
        Transfer Desk (WaMu 2007-HE2)

       

      
        	 	
                Re:

              	
                WaMu
                  Asset-Backed Certificates,

                
                  WaMu
                    Series 2007-HE2 Trust

                

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of $[____________] Initial Certificate Principal
        Balance of the Class [__] Certificate of WaMu Asset-Backed Certificates,
        WaMu
        Series 2007-HE2 Trust (the “Certificates”), issued pursuant to a Pooling and
        Servicing Agreement dated as of April 1, 2007 (the “Agreement”) among WaMu Asset
        Acceptance Corp., as depositor (the “Depositor”), Washington Mutual Bank, as
        servicer (the “Servicer”) and as seller, Citibank, N.A., as trustee (the
“Trustee”) and Christiana Bank & Trust Company, as Delaware Trustee (the
“Delaware Trustee”), we certify that (a) we understand that the Certificates are
        not being registered under the Securities Act of 1933, as amended (the “Act”),
        or any state securities laws and are being transferred to us in a transaction
        that is exempt from the registration requirements of the Act and any such
        laws,
        (b) we have had the opportunity to ask questions of and receive answers from
        the
        Depositor concerning the purchase of the Certificates and all matters relating
        thereto or any additional information deemed necessary to our decision to
        purchase the Certificates, (c) we are not an employee benefit plan that is
        subject to the Employee Retirement Income Security Act of 1974, as amended,
        or a
        plan that is subject to Section 4975 of the Internal Revenue Code of 1986,
        as
        amended, nor are we acting on behalf of any such plan, (d) we have not, nor
        has
        anyone acting on our behalf offered, transferred, pledged, sold or otherwise
        disposed of the Certificates, any interest in the Certificates or any other
        similar security to, or solicited any offer to buy or accept a transfer,
        pledge
        or other disposition of the Certificates, any interest in the Certificates
        or
        any other similar security from, or otherwise approached or negotiated with
        respect to the Certificates, any interest in the Certificates or any other
        similar security with, any person in any manner, or made any general
        solicitation by means of general advertising or in any other manner, or taken
        any other action, that would constitute a distribution of the Certificates
        under
        the Securities Act or that would render the disposition of the Certificates
        a
        violation of Section 5 of the Securities Act or require registration pursuant
        thereto, nor will act, nor has authorized or will authorize any person to
        act,
        in such manner with respect to the Certificates, (e) we are a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act and have completed either of the forms of certification to that effect
        attached hereto as Annex 1 or Annex 2. We are aware that the sale to us is
        being
        made in reliance on Rule 144A. We are acquiring the Certificates for our
        own
        account or for resale pursuant to Rule 144A and further, understand that
        such
        Certificates may be resold, pledged or transferred only (i) to a person
        reasonably believed to be a qualified institutional buyer that purchases
        for its
        own account or for the account of a qualified institutional buyer to whom
        notice
        is given that the resale, pledge or transfer is being made in reliance on
        Rule
        144A, or (ii) pursuant to another exemption from registration under the
        Securities Act.

       

      Very
        truly yours,

       

      [NAME
        OF
        TRANSFEREE]

       

      By:
        ___________________________________

      Authorized
        Officer

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        1 TO EXHIBIT J-2

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

      

      [For
        Transferees Other Than Registered Investment Companies]

       

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1. As
        indicated below, the undersigned is the chief financial officer, a person
        fulfilling an equivalent function, or other executive officer of the
        Buyer.

       

      2. In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
        amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
        discretionary basis at least $100,000,000 in securities (except for the excluded
        securities referred to below) as of the end of the Buyer’s most recent fiscal
        year (such amount being calculated in accordance with Rule 144A) and (ii)
        the
        Buyer satisfies the criteria in the category marked below.

       

      _____ Corporation,
        etc.
        The
        Buyer is a corporation (other than a bank, savings and loan association or
        similar institution), Massachusetts or similar business trust, partnership,
        or
        any organization described in Section 501(c)(3) of the Internal Revenue Code
        of
        1986, as amended.

       

      _____ Bank.
        The
        Buyer (a) is a national bank or a banking institution organized under the
        laws
        of any State, U.S. territory or the District of Columbia, the business of
        which
        is substantially confined to banking and is supervised by the State or
        territorial banking commission or similar official or is a foreign bank or
        equivalent institution, and (b) has an audited net worth of at least $25,000,000
        as demonstrated in its latest annual financial statements, a
        copy
        of which is attached hereto,
        as of a
        date not more than 16 months preceding the date of sale of the Certificates
        in
        the case of a U.S. bank or a banking institution organized under the laws
        of any
        State, U.S. territory or the District of Columbia, and not more than 18 months
        preceding such date of sale for a foreign bank or equivalent
        institution.

       

      _____ Savings
        and Loan.
        The
        Buyer (a) is a savings and loan association, building and loan association,
        cooperative bank, homestead association or similar institution, which is
        supervised and examined by a State or Federal authority having supervision
        over
        any such institutions or is a foreign savings and loan association or equivalent
        institution and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a
        copy
        of which is attached hereto,
        as of a
        date not more than 16 months preceding the date of sale of the Certificates
        in
        the case of a U.S. savings and loan association, building and loan association,
        cooperative bank, homestead association or similar institution, and not more
        than 18 months preceding such date of sale for a foreign savings and loan
        association, or equivalent institution.

       

      _____ Broker-dealer.
        The
        Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
        Act of 1934, as amended.

       

      _____ Insurance
        Company.
        The
        Buyer is an insurance company whose primary and predominant business activity
        is
        the writing of insurance or the reinsuring of risks underwritten by insurance
        companies and which is subject to supervision by the insurance commissioner
        or a
        similar official or agency of a State, U.S. territory or the District of
        Columbia.

       

      _____ State
        or Local Plan.
        The
        Buyer is a plan established and maintained by a State, its political
        subdivisions, or any agency or instrumentality of the State or its political
        subdivisions, for the benefit of its employees.

       

      _____ ERISA
        Plan.
        The
        Buyer is an employee benefit plan within the meaning of Title I of the Employee
        Retirement Income Security Act of 1974.

       

      _____ Investment
        Advisor.
        The
        Buyer is an investment advisor registered under the Investment Advisers Act
        of
        1940.

       

      _____ Other.
        (Please
        supply a brief description of the entity and a cross-reference to the paragraph
        and subparagraph under subsection (a)(1) of Rule 144A pursuant to which it
        qualifies. Note that registered investment companies should complete Annex
        2
        rather than this Annex 1.)

       

      3. The
        term
“securities”
as
        used
        herein does
        not include
        (i)
        securities of issuers that are affiliated with the Buyer, (ii) if the Buyer
        is a
        dealer, securities that are part of an unsold allotment to or subscription
        by
        the Buyer as a participant in a public offering, (iii) bank deposit notes
        and
        certificates of deposit, (iv) loan participations, (v) repurchase agreements,
        (vi) securities owned but subject to a repurchase agreement and (vii) currency,
        interest rate and commodity swaps. For purposes of determining the aggregate
        amount of securities owned and/or invested on a discretionary basis by the
        Buyer, the Buyer did not include any of the securities referred to in this
        paragraph.

       

      4. For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer, except the Buyer reports its securities holdings
        in its
        financial statements on the basis of their market value, and no current
        information with respect to the cost of those securities has been published,
        in
        which case, the securities were valued at market. Further, in determining
        such
        aggregate amount, the Buyer may have included securities owned by subsidiaries
        of the Buyer, but only if such subsidiaries are consolidated with the Buyer
        in
        its financial statements prepared in accordance with generally accepted
        accounting principles and if the investments of such subsidiaries are managed
        under the Buyer’s direction. However, such securities were not included if the
        Buyer is a majority-owned, consolidated subsidiary of another enterprise
        and the
        Buyer is not itself a reporting company under the Securities Exchange Act
        of
        1934, as amended.

       

      5. The
        Buyer
        acknowledges that it is familiar with Rule 144A and understands that the
        seller
        to it and other parties related to the Certificates are relying and will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      
        	
                ____

              	
                ____

              	
                Will
                  the Buyer be purchasing the Certificates only for the Buyer’s own
                  account?

              
	
                Yes

              	
                No

              

      

      

      6. If
        the
        answer to the foregoing question is “no”, then in each case where the Buyer is
        purchasing for an account other than its own, such account belongs to a third
        party that is itself a “qualified institutional buyer” within the meaning of
        Rule 144A, and the “qualified institutional buyer” status of such third party
        has been established by the Buyer through one or more of the appropriate
        methods
        contemplated by Rule 144A.

       

      7. Until
        the
        date of purchase of the Rule 144A Securities, the Buyer will notify each
        of the
        parties to which this certification is made of any changes in the information
        and conclusions herein. Until such notice is given, the Buyer’s purchase of the
        Certificates will constitute a reaffirmation of this certification as of
        the
        date of such purchase. In addition, if the Buyer is a bank or savings and
        loan
        as provided above, the Buyer agrees that it will furnish to such parties
        updated
        annual financial statements promptly after they become available.

       

      _______________________________________

      Print
        Name of Buyer

      

      By:
        ____________________________________

      Name:
        __________________________________

      Title:
        ___________________________________

       

      Date:
        ___________________________________

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        2 TO EXHIBIT J-2

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

      

      [For
        Transferees That are Registered Investment Companies]

       

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1. As
        indicated below, the undersigned is the chief financial officer, a person
        fulfilling an equivalent function, or other executive officer of the entity
        purchasing the Certificates or, if the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
        amended (“Rule 144A”) because Buyer is part of a Family of Investment Companies
        (as defined below), is an executive officer of the investment adviser (the
        “Adviser”).

       

      2. In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, as amended and
        (ii)
        as marked below, the Buyer alone owned and/or invested on a discretionary
        basis,
        or the Buyer’s Family of Investment Companies, owned at least $100,000,000 in
        securities (other than the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year. For purposes of determining the amount
        of securities owned by the Buyer or the Buyer’s Family of Investment Companies,
        the cost of such securities was used, except where the Buyer or any member
        of
        the Buyer’s Family of Investment Companies, as the case may be, reports its
        securities holdings in its financial statements on the basis of their market
        value, and no current information with respect to the cost of those securities
        has been published, in which case, the securities of such entity were valued
        at
        market.

       

      _____ The
        Buyer
        owned and/or invested on a discretionary basis, $[____________] in securities
        (other than the excluded securities referred to below) as of the end of the
        Buyer’s most recent fiscal year (such amount being calculated in accordance with
        Rule 144A).

       

      _____ The
        Buyer
        is part of a Family of Investment Companies which owned in the aggregate
        $[____________] in securities (other than the excluded securities referred
        to
        below) as of the end of the Buyer’s most recent fiscal year (such amount being
        calculated in accordance with Rule 144A).

       

      3. The
        term
“Family
        of Investment Companies”
as
        used
        herein means two or more registered investment companies (or series thereof)
        that have the same investment adviser or investment advisers that are affiliated
        (by virtue of being majority owned subsidiaries of the same parent or because
        one investment adviser is a majority owned subsidiary of the
        other).

       

      4. The
        term
“securities”
as
        used
        herein does not include (i) securities of issuers that are affiliated with
        the
        Buyer or are part of the Buyer’s Family of Investment Companies, (ii) bank
        deposit notes and certificates of deposit, (iii) loan participations, (iv)
        repurchase agreements, (v) securities owned but subject to a repurchase
        agreement and (vi) currency, interest rate and commodity swaps. For purposes
        of
        determining the aggregate amount of securities owned and/or invested on a
        discretionary basis by the Buyer, or owned by the Buyer’s Family of Investment
        Companies, the securities referred to in this paragraph were
        excluded.

       

      5. The
        Buyer
        is familiar with Rule 144A and understands that the parties listed in the
        Rule
        144A Transferee Certificate to which this certification relates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Buyer will be in reliance on Rule 144A.

       

      
        	
                ____

              	
                ____

              	
                Will
                  the Buyer be purchasing the Certificates only for the Transferee’s own
                  account?

              
	
                Yes

              	
                No

              

      

      

      6. If
        the
        answer to the foregoing question is “no”, then in each case where the Buyer is
        purchasing for an account other than its own, such account belongs to a third
        party that is itself a “qualified institutional buyer” within the meaning of
        Rule 144A, and the “qualified institutional buyer” status of such third party
        has been established by the Buyer through one or more of the appropriate
        methods
        contemplated by Rule 144A.

       

      7. Until
        the
        date of purchase of the Certificates, the undersigned will notify the parties
        listed in the Rule 144A Transferee Certificate to which this certification
        relates of any changes in the information and conclusions herein. Until such
        notice is given, the Buyer’s purchase of the Certificates will constitute a
        reaffirmation of this certification by the undersigned as of the date of
        such
        purchase.

       

      
        _______________________________________

        Print
          Name of Buyer or Adviser

        

        By:
          ____________________________________

        Name:
          __________________________________

        Title:
          ___________________________________

         

        IF
          AN ADVISER:

         

        
          _______________________________________

          Print
            Name of Buyer 

        

         

         

        Date:
          ___________________________________

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        K

       

      FORM
        OF
        CLASS R CERTIFICATE, CLASS R-CX CERTIFICATE

      AND
        CLASS
        R-PX CERTIFICATE TRANSFER AFFIDAVIT

       

      TRANSFER
        AFFIDAVIT AND AGREEMENT

       

      WAMU
        ASSET-BACKED CERTIFICATES,

      WAMU
        SERIES 2007-HE2 TRUST

       

      
        	STATE OF ____________	)
	 	) ss.
	COUNTY OF __________	)

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1. The
        undersigned is an officer of ________________________, the proposed Transferee
        of an Ownership Interest in the Class [___] Certificate (the “Certificate”)
        issued pursuant to the Pooling and Servicing Agreement, dated as of April
        1,
        2007 (the “Agreement”), relating to the above-referenced Certificates, among
        WaMu Asset Acceptance Corp., as depositor (the “Depositor”), Washington Mutual
        Bank, as servicer (the “Servicer”) and as seller, Citibank, N.A., as Trustee
        (the “Trustee”) and Christiana Bank & Trust Company, as Delaware Trustee
        (the “Delaware Trustee”). Capitalized terms used, but not defined herein shall
        have the meanings ascribed to such terms in the Agreement. The Transferee
        has
        authorized the undersigned to make this affidavit on behalf of the
        Transferee.

       

      2. The
        Transferee is, as of the date hereof and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificate either (i) for its own account or (ii) as
        nominee, trustee or agent for another Person and has attached hereto an
        affidavit from such Person in substantially the same form as this affidavit.
        The
        Transferee has no knowledge that any such affidavit is false.

       

      3. The
        Transferee has been advised and understands that (i) a tax will be imposed
        on Transfers of the Certificate to Persons that are not Permitted Transferees;
        (ii) such tax will be imposed on the transferor, or, if such Transfer is
        through an agent (which includes a broker, nominee or middleman) of a Person
        that is not a Permitted Transferee, on the agent; and (iii) the Person
        otherwise liable for the tax shall be relieved of liability for the tax if
        the
        subsequent Transferee furnished to such Person an affidavit that such subsequent
        Transferee is a Permitted Transferee and, at the time of Transfer, such Person
        does not have actual knowledge that the affidavit is false.

       

      4. The
        Transferee has been advised and understands that a tax will be imposed on
        a
“pass-through entity” holding the Certificate if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      5. The
        Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
        and understands the legal consequences of the acquisition of an Ownership
        Interest in the Certificate including, without limitation, the restrictions
        on
        subsequent Transfers and the provisions regarding voiding the Transfer and
        mandatory sales. The Transferee expressly agrees to be bound by and to abide
        by
        the provisions of Section 5.02(d) of the Agreement and the restrictions
        noted on the face of the Certificate. The Transferee understands and agrees
        that
        any breach of any of the representations included herein shall render the
        Transfer to the Transferee contemplated hereby null and void.

       

      6. The
        Transferee agrees to require a Transfer Affidavit from any Person to whom
        the
        Transferee attempts to Transfer its Ownership Interest in the Certificate,
        and
        in connection with any Transfer by a Person for whom the Transferee is acting
        as
        nominee, trustee or agent, and the Transferee will not Transfer its Ownership
        Interest or cause any Ownership Interest to be Transferred to any Person
        that
        the Transferee knows is not a Permitted Transferee. In connection with any
        such
        Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
        a
        certificate substantially in the form set forth as Exhibit L to the
        Agreement (a “Transferor Certificate”) to the effect that such Transferee has no
        actual knowledge that the Person to which the Transfer is to be made is not
        a
        Permitted Transferee.

       

      7. The
        Transferee does not have the intention to impede the assessment or collection
        of
        any tax legally required to be paid with respect to the
        Certificate.

       

      8. The
        Transferee’s taxpayer identification number is _____________.

       

      9. The
        Transferee is a U.S. Person as defined in Code
        Section 7701(a)(30).

       

      10. The
        Transferee is aware that the Certificate may be “noneconomic residual interests”
within the meaning of Treasury regulations promulgated pursuant to the Code
        and
        that the transferor of a noneconomic residual interest will remain liable
        for
        any taxes due with respect to the income on such residual interest, if a
        significant purpose of the transfer was to impede the assessment or collection
        of tax. The Transferee understands that, as the holder of a noneconomic residual
        interest, the Transferee may incur tax liabilities in excess of any cash
        flows
        generated by the Certificates. The Transferee intends to pay taxes associated
        with holding the Certificate as they become due.

       

      11. The
        Transferee is not an employee benefit plan that is subject to ERISA or a
        plan
        that is subject to Section 4975 of the Code, nor is it acting on behalf of
        such a plan.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its Vice President,
        attested by its Secretary, this ___ day of [__________].

       

      [TRANSFEREE
        NAME]

       

      By:______________________________________
        

      Name:
        ___________________________________

      Title:
        ____________________________________

       

       

      [Corporate
        Seal]

       

      ATTEST:

       

      _________________________________

      Secretary

       

      On
        [__________, 200_] before me, _____________________________, personally appeared
        _______________________________,
        personally known to me (or proved to me on the basis of satisfactory evidence)
        to be the person whose name is subscribed to the within instrument and
        acknowledged to me that he executed the same in his authorized capacity,
        and
        that by his signature on the instrument the person, or the entity upon behalf
        of
        which the person acted, executed the instrument.

       

      WITNESS
        my hand and official seal.

       

      

       

      Signature
        _________________________________

       

      (Seal)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        L

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      [DATE]

       

      WaMu
        Asset Acceptance Corp.

      1301
        Second Avenue, WMC 1501

      Seattle,
        WA 98101

      

      Citibank,
        N.A.

      388
        Greenwich Street, 14th Floor

      New
        York,
        New York 10013

      

      
        	 	
                Re:

              	
                WaMu
                  Asset-Backed Certificates,

                
                  WaMu
                    Series 2007-HE2 Trust

                

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our disposition of the Class [__] Certificates (the
“Certificates”), issued pursuant to the Pooling and Servicing Agreement dated as
        of April 1, 2007 (the “Agreement”) among WaMu Asset Acceptance Corp., as
        depositor (the “Depositor”), Washington Mutual Bank, as servicer (the
“Servicer”) and as seller, Citibank, N.A., as Trustee (the “Trustee”) and
        Christiana Bank & Trust Company, as Delaware Trustee (the “Delaware
        Trustee”) we certify that (a) we understand that the Certificates have not been
        registered under the Securities Act of 1933, as amended (the “Act”), and are
        being disposed by us in a transaction that is exempt from the registration
        requirements of the Act, (b) we have not offered or sold any Certificates
        to, or
        solicited offers to buy any Certificates from, any person, or otherwise
        approached or negotiated with any person with respect thereto, in a manner
        that
        would be deemed, or taken any other action which would result in, a violation
        of
        Section 5 of the Act, (c) to the extent we are disposing of the Class [__]
        Certificate, we have no knowledge that the Transferee is not a Permitted
        Transferee and (d) no purpose of the proposed disposition of the Class [__]
        Certificate is to impede the assessment or collection of tax.

       

      Very
        truly yours,

      

      TRANSFEROR

       

      

      By:________________________________________
        

      Name:
        _____________________________________

      Title:
        ______________________________________

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        M

       

      [RESERVED]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        N

       

      CRITERIA
        TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

       

      Key:

      X
        -
        obligation

       

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Servicer

                	
                  Trustee

                	
                  Custodian

                
	
                   

                	
                  General
                    Servicing Considerations

                	
                   

                	
                   

                	
                   

                
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	
                  X

                	
                  X

                	
                   

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the Pool Assets are maintained.

                	
                   

                	
                   

                	
                   

                
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	
                  X

                	
                   

                	
                   

                
	
                   

                	
                  Cash
                    Collection and Administration

                	
                   

                	
                   

                	
                   

                
	
                  1122(d)(2)(i)

                	
                  Payments
                    on pool assets are deposited into the appropriate custodial bank
                    accounts
                    and related bank clearing accounts no more than two business
                    days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	
                  X

                	
                  X

                	
                   

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	
                  X

                	
                  X

                	
                   

                
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of over collateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	
                   

                	
                  X

                	
                   

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act.

                	
                  X

                	
                  X

                	
                   

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized
                    access.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements.

                	
                  X

                	
                  X

                	
                   

                
	
                   

                	
                  Investor
                    Remittances and Reporting

                	
                   

                	
                   

                	
                   

                
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the Trustee’s records as to the total unpaid principal
                    balance and number of Pool Assets serviced by the
                    Servicer.

                	
                   

                	
                  X

                	
                   

                
	
                  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 pool assets is maintained as required by the transaction
                    agreements or related pool asset documents.

                	
                  X

                	
                   

                	
                   

                   

                   

                  X

                
	
                  1122(d)(4)(ii)

                	
                  Pool
                    assets and related documents are safeguarded as required by the
                    transaction agreements

                	
                  X

                	
                   

                	
                   

                   

                  X

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements.

                	
                  X

                	
                  X

                	
                   

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on pool assets, including any payoffs, made in accordance with
                    the related
                    pool asset documents are posted to the Servicer’s obligor records
                    maintained no more than two business days after receipt, or such
                    other
                    number of days specified in the transaction agreements, and allocated
                    to
                    principal, interest or other items (e.g., escrow) in accordance
                    with the
                    related pool asset documents.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the pool assets agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor’s pool assets (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a pool
                    asset is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent pool assets including, for
                    example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for pool assets with variable
                    rates
                    are computed based on the related pool asset documents.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s pool asset documents,
                    on at least an annual basis, or such other period specified in
                    the
                    transaction agreements; (B) interest on such funds is paid, or
                    credited,
                    to obligors in accordance with applicable pool asset documents
                    and state
                    laws; and (C) such funds are returned to the obligor within 30
                    calendar
                    days of full repayment of the related pool assets, or such other
                    number of
                    days specified in the transaction agreements.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the Servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	
                  X

                	
                   

                	
                   

                
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	
                  X

                	
                   

                	
                   

                

        

      

      
 

      
        EXHIBIT
          O

         

        FORM
          10-D, FORM 8-K AND FORM 10-K

        REPORTING
          RESPONSIBILITY

         

        As
          to
          each item described below, the entity indicated as the Responsible Party
          shall
          be responsible for reporting the information to the Depositor pursuant
          to
          Section 4.08(a)(iv). If the Depositor is indicated below as to any item,
          then
          the Depositor is primarily responsible for obtaining that
          information.

         

        Under
          Item 1 of Form 10-D: a) items marked “4.03 statement” are required to be
          included in the periodic Distribution Date statement under Section 4.03,
          provided by the Trustee based on information received from the Servicer;
          the
          Swap Provider or PMI Insurer and b) items marked “Form 10-D report” are required
          to be in the Form 10-D report but not the 4.03 statement, provided by the
          party
          indicated. Information under all other Items of Form 10-D is to be included
          in
          the Form 10-D report. Items indicated as “N/A” are not applicable to the
          transaction.

         

        
          	
                  Form

                	
                  Item

                	
                  Description

                	
                  Responsible
                    Party

                
	
                  10-D

                	
                  1

                	
                  Distribution
                    and Pool Performance Information

                	
                   

                
	
                   

                	
                   

                	
                  Item
                    1121 - Distribution and Pool Performance Information

                	
                   

                
	
                   

                	
                   

                	
                  (1)
                    Any applicable record dates, accrual dates, determination dates
                    for
                    calculating distributions and actual distribution dates for the
                    distribution period.

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (2)
                    Cash flows received and the sources thereof for distributions,
                    fees and
                    expenses.

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (3)
                    Calculated amounts and distribution of the flow of funds for
                    the period
                    itemized by type and priority of payment, including:

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (i)
                    Fees or expenses accrued and paid, with an identification of
                    the general
                    purpose of such fees and the party receiving such fees or
                    expenses.

                	
                  4.03
                    statement and the Depositor, as applicable

                
	
                   

                	
                   

                	
                  (ii)
                    Payments accrued or paid with respect to enhancement or other
                    support
                    identified in Item 1114 of Regulation AB (such as insurance premiums
                    or
                    other enhancement maintenance fees), with an identification of
                    the general
                    purpose of such payments and the party receiving such
                    payments.

                	
                  4.03
                    statement and the Depositor, as applicable

                
	
                   

                	
                   

                	
                  (iii)
                    Principal, interest and other distributions accrued and paid
                    on the
                    asset-backed securities by type and by class or series and any
                    principal
                    or interest shortfalls or carryovers.

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (iv)
                    The amount of excess cash flow or excess spread and the disposition
                    of
                    excess cash flow.

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (4)
                    Beginning and ending principal balances of the asset-backed
                    securities.

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (5)
                    Interest rates applicable to the pool assets and the asset-backed
                    securities, as applicable. Consider providing interest rate information
                    for pool assets in appropriate distributional groups or incremental
                    ranges.

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (6)
                    Beginning and ending balances of transaction accounts, such as
                    reserve
                    accounts, and material account activity during the period.

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (7)
                    Any amounts drawn on any credit enhancement or other support
                    identified in
                    Item 1114 of Regulation AB, as applicable, and the amount of
                    coverage
                    remaining under any such enhancement, if known and
                    applicable.

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (8)
                    Number and amount of pool assets at the beginning and ending
                    of each
                    period, and updated pool composition information, such as weighted
                    average
                    coupon, weighted average life, weighted average remaining term,
                    pool
                    factors and prepayment amounts.

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (9)
                    Delinquency and loss information for the period.

                  In
                    addition, describe any material changes to the information specified
                    in
                    Item 1100(b)(5) of Regulation AB regarding the pool
                    assets.

                	
                  4.03
                    statement

                  Form
                    10-D report: Depositor

                
	
                   

                	
                   

                	
                  (10)
                    Information on the amount, terms and general purpose of any advances
                    made
                    or reimbursed during the period, including the general use of
                    funds
                    advanced and the general source of funds for
                    reimbursements.

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (11)
                    Any material modifications, extensions or waivers to pool asset
                    terms,
                    fees, penalties or payments during the distribution period or
                    that have
                    cumulatively become material over time.

                	
                  4.03
                    statement (as to fees, penalties or payments received) and the
                    Servicer,
                    as applicable

                
	
                   

                	
                   

                	
                  (12)
                    Material breaches of pool asset representations or warranties
                    or
                    transaction covenants.

                	
                  Depositor

                
	
                   

                	
                   

                	
                  (13)
                    Information on ratio, coverage or other tests used for determining
                    any
                    early amortization, liquidation or other performance trigger
                    and whether
                    the trigger was met.

                	
                  4.03
                    statement

                
	
                   

                	
                   

                	
                  (14)
                    Information regarding any new issuance of asset-backed securities
                    backed
                    by the same asset pool,

                	
                  Form
                    10-D report: Depositor

                
	
                   

                	
                   

                	
                  information
                    regarding any pool asset changes (other than in connection with
                    a pool
                    asset converting into cash in accordance with its terms), such
                    as
                    additions or removals in connection with a prefunding or revolving
                    period
                    and pool asset substitutions and repurchases (and purchase rates,
                    if
                    applicable), and cash flows available for future purchases, such
                    as the
                    balances of any prefunding or revolving accounts, if
                    applicable.

                	
                  Form
                    10-D report: Depositor

                
	
                   

                	
                   

                	
                  Disclose
                    any material changes in the solicitation, credit-granting, underwriting,
                    origination, acquisition or pool selection criteria or procedures,
                    as
                    applicable, used to originate, acquire or select the new pool
                    assets.

                	
                  Form
                    10-D report: Servicer

                
	
                   

                	
                   

                	
                  Item
                    1121(b) - Pre-Funding or Revolving Period Information

                  Updated
                    pool information as required under Item 1121(b).

                	
                  N/A

                
	
                   

                	
                  2

                	
                  Legal
                    Proceedings

                	
                   

                
	
                   

                	
                   

                	
                  Item
                    1117 - Legal Proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	
                   

                
	
                   

                	
                   

                	
                  Sponsor
                    (Seller)

                	
                  Seller

                
	
                   

                	
                   

                	
                  Depositor

                	
                  Depositor

                
	
                   

                	
                   

                	
                  Trustee

                	
                  Trustee

                
	
                   

                	
                   

                	
                  Issuing
                    entity

                	
                  Depositor

                
	
                   

                	
                   

                	
                  Servicer,
                    affiliated servicer, other servicer servicing 20% or more of
                    pool assets
                    at time of report, other material servicers

                	
                  Servicer

                
	
                   

                	
                   

                	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	
                  Seller

                
	
                   

                	
                   

                	
                  Custodian

                	
                  Custodian

                
	
                   

                	
                  3

                	
                  Sales
                    of Securities and Use of Proceeds

                	
                   

                
	
                   

                	
                   

                	
                  Information
                    from Item 2(a) of Part II of Form 10-Q

                	
                  Depositor

                
	
                   

                	
                   

                	
                  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.

                	
                   

                
	
                   

                	
                  4

                	
                  Defaults
                    Upon Senior Securities

                	
                   

                
	
                   

                	
                   

                	
                  Information
                    from Item 3 of Part II of Form 10-Q

                	
                  N/A

                
	
                   

                	
                   

                	
                  Report
                    the occurrence of any Event of

                  Default
                    (after expiration of any grace

                  period
                    and provision of any required

                  notice)

                	
                   

                
	
                   

                	
                  5

                	
                  Submission
                    of Matters to a Vote of Security Holders

                	
                   

                
	
                   

                	
                   

                	
                  Information
                    from Item 4 of Part II of Form 10-Q

                	
                  Servicer,
                    if the Servicer is the party submitting the matter to a vote
                    or has
                    knowledge of the submission, Depositor, if the Depositor is the
                    party
                    submitting the matter to a vote or has knowledge of the submission,
                    and
                    the Trustee in all other cases

                
	
                   

                	
                  6

                	
                  Significant
                    Obligors of Pool Assets

                	
                   

                
	
                   

                	
                   

                	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	
                  N/A

                
	
                   

                	
                   

                	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	
                   

                
	
                   

                	
                  7

                	
                  Significant
                    Enhancement Provider Information

                	
                   

                
	
                   

                	
                   

                	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information*

                	
                  Depositor

                
	
                   

                	
                   

                	
                  Determining
                    applicable disclosure threshold

                	
                   

                
	
                   

                	
                   

                	
                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                
	
                   

                	
                   

                	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information*

                	
                  Depositor

                
	
                   

                	
                   

                	
                  Determining
                    current maximum probable exposure

                	
                   

                
	
                   

                	
                   

                	
                  Determining
                    current significance percentage

                	
                   

                
	
                   

                	
                   

                	
                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                
	
                   

                	
                   

                	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	
                   

                
	
                   

                	
                  8

                	
                  Other
                    Information

                	
                   

                
	
                   

                	
                   

                	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    period
                    covered by the Form 10-D but not reported

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    below

                
	
                   

                	
                  9

                	
                  Exhibits

                	
                   

                
	
                   

                	
                   

                	
                  Distribution
                    report

                	
                  Trustee

                
	
                   

                	
                   

                	
                  Exhibits
                    required by Item 601 of Regulation S-K, such as material
                    agreements

                	
                  Depositor

                
	
                  8-K

                	
                  1.01

                	
                  Entry
                    into a Material Definitive Agreement

                	
                   

                
	
                   

                	
                   

                	
                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a
                    party.

                  Examples:
                    servicing agreement, custodial agreement.

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  Depositor;
                    or any of the following that is a party to the agreement if Servicer
                    is
                    not: Trustee, Purchaser, Depositor

                
	
                   

                	
                  1.02

                	
                  Termination
                    of a Material Definitive Agreement

                	
                   

                
	
                   

                	
                   

                	
                  Disclosure
                    is required regarding termination of any definitive agreement
                    that is
                    material to the securitization (other than expiration in accordance
                    with
                    its terms), even if depositor is not a party.

                  Examples:
                    servicing agreement, custodial agreement.

                	
                  Depositor;
                    or any of the following that is a party to the agreement if Servicer
                    is
                    not: Trustee, Purchaser, Depositor

                
	
                   

                	
                  1.03

                	
                  Bankruptcy
                    or Receivership

                	
                   

                
	
                   

                	
                   

                	
                  Disclosure
                    is required regarding the bankruptcy or receivership, if known
                    to the
                    Servicer, with respect to any of the following:

                  Sponsor
                    (Seller), Depositor, Servicer, affiliated servicer, other servicer
                    servicing 20% or more of pool assets at time of report, other
                    material
                    servicers, Certificate Administrator, Trustee, significant obligor,
                    credit
                    enhancer (10% or more), derivatives counterparty,
                    Custodian

                	
                  Depositor

                
	
                   

                	
                  2.04

                	
                  Triggering
                    Events that Accelerate or Increase a Direct Financial Obligation
                    or an
                    Obligation under an Off-Balance Sheet Arrangement

                	
                   

                
	
                   

                	
                   

                	
                  Includes
                    an early amortization, performance trigger or other event, including
                    event
                    of default, that would materially alter the payment priority/distribution
                    of cash flows/amortization schedule.

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the 4.03 statement

                	
                  N/A

                
	
                   

                	
                  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

                	
                  Depositor

                
	
                   

                	
                  5.03

                	
                  Amendments
                    to Articles of Incorporation or Bylaws; Change in Fiscal
                    Year

                	
                   

                
	
                   

                	
                   

                	
                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”

                	
                  Depositor

                
	
                   

                	
                  5.06

                	
                  Change
                    in Shell Company Status

                	
                   

                
	
                   

                	
                   

                	
                  [Not
                    applicable to ABS issuers]

                	
                  Depositor

                
	
                   

                	
                  6.01

                	
                  ABS
                    Informational and Computational Material

                	
                   

                
	
                   

                	
                   

                	
                  [Not
                    included in reports to be filed under Section 8.12]

                	
                   

                
	
                   

                	
                  6.02

                	
                  Change
                    of Servicer or Trustee

                	
                   

                
	
                   

                	
                   

                	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    servicer, affiliated servicer, other servicer servicing 10% or
                    more of
                    pool assets at time of report, other material servicers, certificate
                    administrator or Trustee. Reg AB disclosure about any new servicer
                    or
                    Trustee is also required.

                	
                  Trustee
                    or Servicer, as applicable

                
	
                   

                	
                  6.03

                	
                  Change
                    in Credit Enhancement or Other External Support

                	
                   

                
	
                   

                	
                   

                	
                  Covers
                    termination of an 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.
                    Reg AB disclosure about any new enhancement provider is also
                    required.

                	
                  Depositor

                
	
                   

                	
                  6.04

                	
                  Failure
                    to Make a Required Distribution

                	
                  Trustee

                
	
                   

                	
                  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 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

                
	
                   

                	
                  7.01

                	
                  Regulation
                    FD Disclosure

                	
                  Depositor

                
	
                   

                	
                  8.01

                	
                  Other
                    Events

                	
                   

                
	
                   

                	
                   

                	
                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the registrant deems of importance to security
                    holders.

                	
                  Depositor

                
	
                   

                	
                  9.01

                	
                  Financial
                    Statements and Exhibits

                	
                  The
                    Responsible Party applicable to reportable event

                
	
                  10-K

                	
                  9B

                	
                  Other
                    Information

                	
                   

                
	
                   

                	
                   

                	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    fourth
                    quarter covered by the Form 10-K but not reported

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    above

                
	
                   

                	
                  15

                	
                  Exhibits
                    and Financial Statement Schedules

                	
                   

                
	
                   

                	
                   

                	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information

                	
                  Depositor

                
	
                   

                	
                   

                	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information

                  Determining
                    applicable disclosure threshold

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                   

                	
                   

                	
                  Item
                    1115(b) - Derivative Counterparty Financial Information

                  Determining
                    current maximum probable exposure

                  Determining
                    current significance percentage

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                   

                	
                   

                	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	
                   

                
	
                   

                	
                   

                	
                  Sponsor
                    (Seller)

                	
                  Seller

                
	
                   

                	
                   

                	
                  Depositor

                	
                  Depositor

                
	
                   

                	
                   

                	
                  Trustee

                	
                  Trustee

                
	
                   

                	
                   

                	
                  Issuing
                    entity

                	
                  Depositor

                
	
                   

                	
                   

                	
                  Servicer,
                    affiliated servicer, other servicer servicing 20% or more of
                    pool assets
                    at time of report, other material servicers

                	
                  Servicer

                
	
                   

                	
                   

                	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	
                  Servicer

                
	
                   

                	
                   

                	
                  Custodian

                	
                   

                
	
                   

                	
                   

                	
                  Item
                    1119 - Affiliations and relationships between the following entities,
                    or
                    their respective affiliates, that are material to
                    Certificateholders::

                	
                   

                
	
                   

                	
                   

                	
                  Sponsor
                    (Seller)

                	
                  Seller

                
	
                   

                	
                   

                	
                  Depositor

                	
                  Depositor

                
	
                   

                	
                   

                	
                  Trustee

                	
                  Trustee

                
	
                   

                	
                   

                	
                  Servicer,
                    affiliated servicer, other servicer servicing 20% or more of
                    pool assets
                    at time of report, other material servicers

                	
                  Servicer

                
	
                   

                	
                   

                	
                  Originator

                	
                  Seller

                
	
                   

                	
                   

                	
                  Item
                    1122 - Assessment of Compliance with Servicing
                    Criteria

                	
                  Each
                    Party participating in the servicing function

                
	
                   

                	
                   

                	
                  Item
                    1123 - Servicer Compliance Statement

                	
                  Servicer
                    

                

        

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

        EXHIBIT
          P

         

        FORM
          OF
          TRUSTEE CERTIFICATION

         

        

         

        
          	 	
                  Re:

                	
                  WaMu
                    Asset-Backed Certificates, WaMu Series 2007-HE2 Trust (the

                  “Trust”)
                    issued pursuant to the Pooling and Servicing Agreement, dated
                    as

                  of
                    April 1, 2007 (the “Pooling and Servicing Agreement”), among
                    WaMu

                  Asset
                    Acceptance Corp., as depositor (the “Depositor”), Washington

                  Mutual
                    Bank, as seller and servicer (the “Seller” and the
                    “Servicer”),

                  Citibank,
                    N.A., as Trustee (the “Trustee”) and Christiana Bank &
                    Trust

                  Company,
                    as Delaware Trustee (the “Delaware
                    Trustee”)

                

        

         

        I,
          [identify the certifying individual], a [title] of Citibank, N.A. certify
          to the
          Depositor and its officers, directors and affiliates, and with the knowledge
          and
          intent that they will rely upon this certification, that:

         

        1. I
          have
          reviewed the annual report on Form 10-K (the “Annual Report”) for the fiscal
          year [___], and all reports on Form 10-D containing distribution reports
          filed
          in respect of periods included in the year covered by the Annual Report
          (collectively with the Annual Report, the “Reports”), of the Trust;

         

        2. Based
          on
          my knowledge, the information in the Reports prepared by the Trustee, taken
          as a
          whole, does not contain any untrue statement of a material fact or omit
          to state
          a material fact necessary to make the statements made, in light of the
          circumstances under which such statements were made, not misleading as
          of the
          last day of the period covered by the Annual Report; and

         

        3. Based
          on
          my knowledge, the distribution or servicing information required to be
          provided
          to the Trustee by the Servicer under the Pooling and Servicing Agreement
          for
          inclusion in the Reports is included in the Reports.

         

        In
          giving
          the certifications above, I have reasonably relied on information provided
          to me
          by the Servicer and the Swap Provider.

         

        Date: _________________

         

        CITIBANK,
          N.A., as Trustee

         

        By:
          ______________________________________________

        Name:
          ____________________________________________

        Title:
          _____________________________________________

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        SCHEDULE
          I

         

        PREPAYMENT
          CHARGE SCHEDULE

         

        AVAILABLE
          UPON REQUEST

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        SCHEDULE
          II

         

        SWAP
          NOTIONAL AMOUNT SCHEDULE

        

        
          	
                  Period

                	 	
                  Distribution
                    Date

                	 	
                  Swap
                    Notional

                  Amount
                    ($)

                	 	
                  Strike
                    Rate (%)

                
	
                  1

                	 	
                  May
                    25, 2007

                	 	
                  0

                	 	
                  4.760

                
	
                  2

                	 	
                  June
                    25, 2007

                	 	
                  1,253,344,121

                	 	
                  4.760

                
	
                  3

                	 	
                  July
                    25, 2007

                	 	
                  1,243,068,537

                	 	
                  4.760

                
	
                  4

                	 	
                  August
                    25, 2007

                	 	
                  1,230,041,615

                	 	
                  4.760

                
	
                  5

                	 	
                  September
                    25, 2007

                	 	
                  1,214,606,839

                	 	
                  4.760

                
	
                  6

                	 	
                  October
                    25, 2007

                	 	
                  1,196,822,361

                	 	
                  4.760

                
	
                  7

                	 	
                  November
                    25, 2007

                	 	
                  1,191,110,912

                	 	
                  4.760

                
	
                  8

                	 	
                  December
                    25, 2007

                	 	
                  1,183,050,254

                	 	
                  4.760

                
	
                  9

                	 	
                  January
                    25, 2008

                	 	
                  1,172,887,876

                	 	
                  4.760

                
	
                  10

                	 	
                  February
                    25, 2008

                	 	
                  1,160,456,279

                	 	
                  4.760

                
	
                  11

                	 	
                  March
                    25, 2008

                	 	
                  1,144,148,225

                	 	
                  4.760

                
	
                  12

                	 	
                  April
                    25, 2008

                	 	
                  1,121,386,840

                	 	
                  4.760

                
	
                  13

                	 	
                  May
                    25, 2008

                	 	
                  1,092,385,394

                	 	
                  4.760

                
	
                  14

                	 	
                  June
                    25, 2008

                	 	
                  1,061,837,984

                	 	
                  4.760

                
	
                  15

                	 	
                  July
                    25, 2008

                	 	
                  1,032,516,446

                	 	
                  4.760

                
	
                  16

                	 	
                  August
                    25, 2008

                	 	
                  1,004,876,102

                	 	
                  4.760

                
	
                  17

                	 	
                  September
                    25, 2008

                	 	
                  978,878,653

                	 	
                  4.760

                
	
                  18

                	 	
                  October
                    25, 2008

                	 	
                  954,294,699

                	 	
                  4.760

                
	
                  19

                	 	
                  November
                    25, 2008

                	 	
                  930,756,873

                	 	
                  4.760

                
	
                  20

                	 	
                  December
                    25, 2008

                	 	
                  908,297,406

                	 	
                  4.760

                
	
                  21

                	 	
                  January
                    25, 2009

                	 	
                  887,012,627

                	 	
                  4.760

                
	
                  22

                	 	
                  February
                    25, 2009

                	 	
                  866,856,552

                	 	
                  4.760

                
	
                  23

                	 	
                  March
                    25, 2009

                	 	
                  841,467,404

                	 	
                  4.760

                
	
                  24

                	 	
                  April
                    25, 2009

                	 	
                  530,405,115

                	 	
                  4.760

                
	
                  25

                	 	
                  May
                    25, 2009

                	 	
                  498,854,082

                	 	
                  4.760

                
	
                  26

                	 	
                  June
                    25, 2009

                	 	
                  471,895,501

                	 	
                  4.760

                
	
                  27

                	 	
                  July
                    25, 2009

                	 	
                  449,719,440

                	 	
                  4.760

                
	
                  28

                	 	
                  August
                    25, 2009

                	 	
                  430,700,970

                	 	
                  4.760

                
	
                  29

                	 	
                  September
                    25, 2009

                	 	
                  413,909,249

                	 	
                  4.760

                
	
                  30

                	 	
                  October
                    25, 2009

                	 	
                  398,788,047

                	 	
                  4.760

                
	
                  31

                	 	
                  November
                    25, 2009

                	 	
                  385,089,087

                	 	
                  4.760

                
	
                  32

                	 	
                  December
                    25, 2009

                	 	
                  372,236,954

                	 	
                  4.760

                
	
                  33

                	 	
                  January
                    25, 2010

                	 	
                  360,062,889

                	 	
                  4.760

                
	
                  34

                	 	
                  February
                    25, 2010

                	 	
                  348,409,140

                	 	
                  4.760

                
	
                  35

                	 	
                  March
                    25, 2010

                	 	
                  334,777,980

                	 	
                  4.760

                
	
                  36

                	 	
                  April
                    25, 2010

                	 	
                  318,283,400

                	 	
                  4.760

                
	
                  37

                	 	
                  May
                    25, 2010

                	 	
                  316,054,868

                	 	
                  4.760

                
	
                  38

                	 	
                  June
                    25, 2010

                	 	
                  293,072,557

                	 	
                  4.760

                
	
                  39

                	 	
                  July
                    25, 2010

                	 	
                  281,924,113

                	 	
                  4.760

                
	
                  40

                	 	
                  August
                    25, 2010

                	 	
                  271,614,947

                	 	
                  4.760

                
	
                  41

                	 	
                  September
                    25, 2010

                	 	
                  262,060,457

                	 	
                  4.760

                
	
                  42

                	 	
                  October
                    25, 2010

                	 	
                  253,140,756

                	 	
                  4.760

                
	
                  43

                	 	
                  November
                    25, 2010

                	 	
                  244,764,716

                	 	
                  4.760

                
	
                  44

                	 	
                  December
                    25, 2010

                	 	
                  236,933,740

                	 	
                  4.760

                
	
                  45

                	 	
                  January
                    25, 2011

                	 	
                  229,594,729

                	 	
                  4.760

                
	
                  46

                	 	
                  February
                    25, 2011

                	 	
                  222,805,535

                	 	
                  4.760

                
	
                  47

                	 	
                  March
                    25, 2011

                	 	
                  216,194,575

                	 	
                  4.760

                
	
                  48

                	 	
                  April
                    25, 2011

                	 	
                  209,757,987

                	 	
                  4.760

                
	
                  49

                	 	
                  May
                    25, 2011

                	 	
                  203,539,820

                	 	
                  4.760

                
	
                  50

                	 	
                  June
                    25, 2011

                	 	
                  197,470,889

                	 	
                  4.760

                
	
                  51

                	 	
                  July
                    25, 2011

                	 	
                  191,575,911

                	 	
                  4.760

                
	
                  52

                	 	
                  August
                    25, 2011

                	 	
                  185,794,923

                	 	
                  4.760

                
	
                  53

                	 	
                  September
                    25, 2011

                	 	
                  180,157,951

                	 	
                  4.760

                
	
                  54

                	 	
                  October
                    25, 2011

                	 	
                  174,663,659

                	 	
                  4.760

                
	
                  55

                	 	
                  November
                    25, 2011

                	 	
                  169,312,436

                	 	
                  4.760

                
	
                  56

                	 	
                  December
                    25, 2011

                	 	
                  164,103,557

                	 	
                  4.760

                
	
                  57

                	 	
                  January
                    25, 2012

                	 	
                  159,032,956

                	 	
                  4.760

                
	
                  58

                	 	
                  February
                    25, 2012

                	 	
                  154,150,784

                	 	
                  4.760

                
	
                  59

                	 	
                  March
                    25, 2012

                	 	
                  149,466,158

                	 	
                  4.760

                
	
                  60

                	 	
                  April
                    25, 2012

                	 	
                  144,987,350

                	 	
                  4.760

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          III

         

        40
          YEAR
          LOAN FINAL MATURITY SCHEDULE

        

        
          	
                  Period

                	 	
                  Distribution
                    Date

                	 	
                  Principal
                    Balance of the Mortgage Loans

                  Having
                    40-Year Original Terms To

                  Maturity
                    ($)

                
	
                  121

                	 	
                  May
                    25, 2017

                	 	
                  12,714,430.44

                
	
                  122

                	 	
                  June
                    25, 2017

                	 	
                  12,537,142.97

                
	
                  123

                	 	
                  July
                    25, 2017

                	 	
                  12,362,276.87

                
	
                  124

                	 	
                  August
                    25, 2017

                	 	
                  12,189,799.35

                
	
                  125

                	 	
                  September
                    25, 2017

                	 	
                  12,019,678.04

                
	
                  126

                	 	
                  October
                    25, 2017

                	 	
                  11,851,881.06

                
	
                  127

                	 	
                  November
                    25, 2017

                	 	
                  11,686,376.88

                
	
                  128

                	 	
                  December
                    25, 2017

                	 	
                  11,523,134.46

                
	
                  129

                	 	
                  January
                    25, 2018

                	 	
                  11,362,123.17

                
	
                  130

                	 	
                  February
                    25, 2018

                	 	
                  11,203,312.76

                
	
                  131

                	 	
                  March
                    25, 2018

                	 	
                  11,046,673.42

                
	
                  132

                	 	
                  April
                    25, 2018

                	 	
                  10,892,175.73

                
	
                  133

                	 	
                  May
                    25, 2018

                	 	
                  10,739,790.66

                
	
                  134

                	 	
                  June
                    25, 2018

                	 	
                  10,589,489.60

                
	
                  135

                	 	
                  July
                    25, 2018

                	 	
                  10,441,244.27

                
	
                  136

                	 	
                  August
                    25, 2018

                	 	
                  10,295,026.85

                
	
                  137

                	 	
                  September
                    25, 2018

                	 	
                  10,150,809.84

                
	
                  138

                	 	
                  October
                    25, 2018

                	 	
                  10,008,566.12

                
	
                  139

                	 	
                  November
                    25, 2018

                	 	
                  9,868,268.93

                
	
                  140

                	 	
                  December
                    25, 2018

                	 	
                  9,729,891.92

                
	
                  141

                	 	
                  January
                    25, 2019

                	 	
                  9,593,409.03

                
	
                  142

                	 	
                  February
                    25, 2019

                	 	
                  9,458,794.58

                
	
                  143

                	 	
                  March
                    25, 2019

                	 	
                  9,326,023.25

                
	
                  144

                	 	
                  April
                    25, 2019

                	 	
                  9,195,070.04

                
	
                  145

                	 	
                  May
                    25, 2019

                	 	
                  9,065,910.30

                
	
                  146

                	 	
                  June
                    25, 2019

                	 	
                  8,938,519.70

                
	
                  147

                	 	
                  July
                    25, 2019

                	 	
                  8,812,874.27

                
	
                  148

                	 	
                  August
                    25, 2019

                	 	
                  8,688,950.33

                
	
                  149

                	 	
                  September
                    25, 2019

                	 	
                  8,566,724.52

                
	
                  150

                	 	
                  October
                    25, 2019

                	 	
                  8,446,173.82

                
	
                  151

                	 	
                  November
                    25, 2019

                	 	
                  8,327,275.51

                
	
                  152

                	 	
                  December
                    25, 2019

                	 	
                  8,210,007.18

                
	
                  153

                	 	
                  January
                    25, 2020

                	 	
                  8,094,346.70

                
	
                  154

                	 	
                  February
                    25, 2020

                	 	
                  7,980,272.26

                
	
                  155

                	 	
                  March
                    25, 2020

                	 	
                  7,867,762.36

                
	
                  156

                	 	
                  April
                    25, 2020

                	 	
                  7,756,795.73

                
	
                  157

                	 	
                  May
                    25, 2020

                	 	
                  7,647,351.48

                
	
                  158

                	 	
                  June
                    25, 2020

                	 	
                  7,539,408.92

                
	
                  159

                	 	
                  July
                    25, 2020

                	 	
                  7,432,947.67

                
	
                  160

                	 	
                  August
                    25, 2020

                	 	
                  7,327,947.63

                
	
                  161

                	 	
                  September
                    25, 2020

                	 	
                  7,224,388.98

                
	
                  162

                	 	
                  October
                    25, 2020

                	 	
                  7,122,252.14

                
	
                  163

                	 	
                  November
                    25, 2020

                	 	
                  7,021,517.80

                
	
                  164

                	 	
                  December
                    25, 2020

                	 	
                  6,922,166.95

                
	
                  165

                	 	
                  January
                    25, 2021

                	 	
                  6,824,180.78

                
	
                  166

                	 	
                  February
                    25, 2021

                	 	
                  6,727,540.77

                
	
                  167

                	 	
                  March
                    25, 2021

                	 	
                  6,632,228.65

                
	
                  168

                	 	
                  April
                    25, 2021

                	 	
                  6,538,226.38

                
	
                  169

                	 	
                  May
                    25, 2021

                	 	
                  6,445,516.17

                
	
                  170

                	 	
                  June
                    25, 2021

                	 	
                  6,354,080.47

                
	
                  171

                	 	
                  July
                    25, 2021

                	 	
                  6,263,901.99

                
	
                  172

                	 	
                  August
                    25, 2021

                	 	
                  6,174,963.63

                
	
                  173

                	 	
                  September
                    25, 2021

                	 	
                  6,087,248.55

                
	
                  174

                	 	
                  October
                    25, 2021

                	 	
                  6,000,740.13

                
	
                  175

                	 	
                  November
                    25, 2021

                	 	
                  5,915,421.99

                
	
                  176

                	 	
                  December
                    25, 2021

                	 	
                  5,831,277.94

                
	
                  177

                	 	
                  January
                    25, 2022

                	 	
                  5,748,292.04

                
	
                  178

                	 	
                  February
                    25, 2022

                	 	
                  5,666,448.56

                
	
                  179

                	 	
                  March
                    25, 2022

                	 	
                  5,585,731.94

                
	
                  180

                	 	
                  April
                    25, 2022

                	 	
                  5,506,126.91

                
	
                  181

                	 	
                  May
                    25, 2022

                	 	
                  5,427,618.31

                
	
                  182

                	 	
                  June
                    25, 2022

                	 	
                  5,350,191.28

                
	
                  183

                	 	
                  July
                    25, 2022

                	 	
                  5,273,831.10

                
	
                  184

                	 	
                  August
                    25, 2022

                	 	
                  5,198,523.28

                
	
                  185

                	 	
                  September
                    25, 2022

                	 	
                  5,124,253.49

                
	
                  186

                	 	
                  October
                    25, 2022

                	 	
                  5,051,007.62

                
	
                  187

                	 	
                  November
                    25, 2022

                	 	
                  4,978,771.76

                
	
                  188

                	 	
                  December
                    25, 2022

                	 	
                  4,907,532.17

                
	
                  189

                	 	
                  January
                    25, 2023

                	 	
                  4,837,275.28

                
	
                  190

                	 	
                  February
                    25, 2023

                	 	
                  4,767,987.76

                
	
                  191

                	 	
                  March
                    25, 2023

                	 	
                  4,699,656.40

                
	
                  192

                	 	
                  April
                    25, 2023

                	 	
                  4,632,268.19

                
	
                  193

                	 	
                  May
                    25, 2023

                	 	
                  4,565,810.32

                
	
                  194

                	 	
                  June
                    25, 2023

                	 	
                  4,500,270.12

                
	
                  195

                	 	
                  July
                    25, 2023

                	 	
                  4,435,635.10

                
	
                  196

                	 	
                  August
                    25, 2023

                	 	
                  4,371,892.93

                
	
                  197

                	 	
                  September
                    25, 2023

                	 	
                  4,309,031.49

                
	
                  198

                	 	
                  October
                    25, 2023

                	 	
                  4,247,038.77

                
	
                  199

                	 	
                  November
                    25, 2023

                	 	
                  4,185,902.95

                
	
                  200

                	 	
                  December
                    25, 2023

                	 	
                  4,125,612.37

                
	
                  201

                	 	
                  January
                    25, 2024

                	 	
                  4,066,155.52

                
	
                  202

                	 	
                  February
                    25, 2024

                	 	
                  4,007,521.05

                
	
                  203

                	 	
                  March
                    25, 2024

                	 	
                  3,949,697.76

                
	
                  204

                	 	
                  April
                    25, 2024

                	 	
                  3,892,674.59

                
	
                  205

                	 	
                  May
                    25, 2024

                	 	
                  3,836,440.68

                
	
                  206

                	 	
                  June
                    25, 2024

                	 	
                  3,780,985.25

                
	
                  207

                	 	
                  July
                    25, 2024

                	 	
                  3,726,297.70

                
	
                  208

                	 	
                  August
                    25, 2024

                	 	
                  3,672,367.58

                
	
                  209

                	 	
                  September
                    25, 2024

                	 	
                  3,619,184.56

                
	
                  210

                	 	
                  October
                    25, 2024

                	 	
                  3,566,738.46

                
	
                  211

                	 	
                  November
                    25, 2024

                	 	
                  3,515,019.27

                
	
                  212

                	 	
                  December
                    25, 2024

                	 	
                  3,464,017.02

                
	
                  213

                	 	
                  January
                    25, 2025

                	 	
                  3,413,721.99

                
	
                  214

                	 	
                  February
                    25, 2025

                	 	
                  3,364,124.53

                
	
                  215

                	 	
                  March
                    25, 2025

                	 	
                  3,315,215.13

                
	
                  216

                	 	
                  April
                    25, 2025

                	 	
                  3,266,984.41

                
	
                  217

                	 	
                  May
                    25, 2025

                	 	
                  3,219,423.11

                
	
                  218

                	 	
                  June
                    25, 2025

                	 	
                  3,172,522.10

                
	
                  219

                	 	
                  July
                    25, 2025

                	 	
                  3,126,272.38

                
	
                  220

                	 	
                  August
                    25, 2025

                	 	
                  3,080,665.09

                
	
                  221

                	 	
                  September
                    25, 2025

                	 	
                  3,035,691.43

                
	
                  222

                	 	
                  October
                    25, 2025

                	 	
                  2,991,342.77

                
	
                  223

                	 	
                  November
                    25, 2025

                	 	
                  2,947,610.60

                
	
                  224

                	 	
                  December
                    25, 2025

                	 	
                  2,904,486.48

                
	
                  225

                	 	
                  January
                    25, 2026

                	 	
                  2,861,962.14

                
	
                  226

                	 	
                  February
                    25, 2026

                	 	
                  2,820,029.36

                
	
                  227

                	 	
                  March
                    25, 2026

                	 	
                  2,778,680.11

                
	
                  228

                	 	
                  April
                    25, 2026

                	 	
                  2,737,906.41

                
	
                  229

                	 	
                  May
                    25, 2026

                	 	
                  2,697,700.39

                
	
                  230

                	 	
                  June
                    25, 2026

                	 	
                  2,658,054.30

                
	
                  231

                	 	
                  July
                    25, 2026

                	 	
                  2,618,960.50

                
	
                  232

                	 	
                  August
                    25, 2026

                	 	
                  2,580,411.45

                
	
                  233

                	 	
                  September
                    25, 2026

                	 	
                  2,542,399.71

                
	
                  234

                	 	
                  October
                    25, 2026

                	 	
                  2,504,917.94

                
	
                  235

                	 	
                  November
                    25, 2026

                	 	
                  2,467,958.90

                
	
                  236

                	 	
                  December
                    25, 2026

                	 	
                  2,431,515.45

                
	
                  237

                	 	
                  January
                    25, 2027

                	 	
                  2,395,580.55

                
	
                  238

                	 	
                  February
                    25, 2027

                	 	
                  2,360,147.24

                
	
                  239

                	 	
                  March
                    25, 2027

                	 	
                  2,325,208.66

                
	
                  240

                	 	
                  April
                    25, 2027

                	 	
                  2,290,758.07

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          IV

         

        PMI
          MORTGAGE LOAN SCHEDULE

         

        (NOT
          APPLICABLE)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]