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    GSR
      TRUST
      2007-HEL1

    

     

    Issuing
      Entity

    

     

    and
      

    

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY

    

     

    Indenture
      Trustee

     

    
      	 	 	 

    

     

     

    INDENTURE

     

    Dated
      as
      of April 17, 2007

    

     

    
      	 	 	 

    

     

     

    MORTGAGE-BACKED
      NOTES

    

     

    
      	 	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF
      CONTENTS

     

    ARTICLE
      I

    DEFINITIONS

     

    
      	
              Section
                1.01

            	
              Definitions

            	 

    

    
      	
              Section
                1.02

            	
              Incorporation
                by Reference of Trust Indenture Act

            	 

    

    
      	
              Section
                1.03

            	
              Rules
                of Construction

            	 

    

     

    ARTICLE
      II

    ORIGINAL
      ISSUANCE OF NOTES

     

    
      	
              Section
                2.01

            	
              Form

            	 

    

    
      	
              Section
                2.02

            	
              Execution,
                Authentication and Delivery

            	 

    

     

    ARTICLE
      III

    COVENANTS

     

    
      	
              Section
                3.01

            	
              Existence

            	 

    

    
      	
              Section
                3.02

            	
              Payment
                of Principal and Interest.

            	 

    

    
      	
              Section
                3.03

            	
              Protection
                of Trust Estate

            	 

    

    
      	
              Section
                3.04

            	
              Opinions
                as to Trust Estate

            	 

    

    
      	
              Section
                3.05

            	
              Performance
                of Obligations

            	 

    

    
      	
              Section
                3.06

            	
              Negative
                Covenants

            	 

    

    
      	
              Section
                3.07

            	
              Annual
                Statement as to Compliance

            	 

    

    
      	
              Section
                3.08

            	
              Representations
                and Warranties Concerning the HELOCs

            	 

    

    
      	
              Section
                3.09

            	
              Investment
                Company Act

            	 

    

    
      	
              Section
                3.10

            	
              No
                Other Business

            	 

    

    
      	
              Section
                3.11

            	
              No
                Borrowing

            	 

    

    
      	
              Section
                3.12

            	
              Guarantees,
                Loans, Advances and Other Liabilities

            	 

    

    
      	
              Section
                3.13

            	
              Capital
                Expenditures

            	 

    

    
      	
              Section
                3.14

            	
              Determination
                of Note Interest Rate and Certificate Interest Rate.

            	 

    

    
      	
              Section
                3.15

            	
              Restricted
                Payments

            	 

    

    
      	
              Section
                3.16

            	
              Notice
                of Events of Default

            	 

    

    
      	
              Section
                3.17

            	
              Further
                Instruments and Acts

            	 

    

    
      	
              Section
                3.18

            	
              Certain
                Representations and Warranties Regarding the Trust Estate.

            	 

    

    
      	
              Section
                3.19

            	
              Claims
                on the Policy; Policy Payments Account.

            	 

    

    
      	
              Section
                3.20

            	
              Excess
                Reserve Fund Account

            	 

    

    
      	
              Section
                3.21

            	
              Allocation
                of Realized Loss Amounts

            	 

    

    
      	
              Section
                3.22

            	
              Issuing
                Entity May Not Consolidate, etc

            	 

    

    
      	
              Section
                3.23

            	
              Successor
                or Transferee

            	 

    

    
      	
              Section
                3.24

            	
              Restricted
                Payments

            	 

    

     

    ARTICLE
      IV

    THE
      NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

     

    
      	
              Section
                4.01

            	
              The
                Notes

            	 

    

    
      	
              Section
                4.02

            	
              Registration
                of and Limitations on Transfer and Exchange of Notes; Appointment
                of Note
                Registrar and Certificate Registrar

            	 

    

    
      	
              Section
                4.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Notes

            	 

    

    
      	
              Section
                4.04

            	
              Persons
                Deemed Owners

            	 

    

    
      	
              Section
                4.05

            	
              Cancellation

            	 

    

    
      	
              Section
                4.06

            	
              Book-Entry
                Notes

            	 

    

    
      	
              Section
                4.07

            	
              Notices
                to Depository

            	 

    

    
      	
              Section
                4.08

            	
              Definitive
                Notes

            	 

    

    
      	
              Section
                4.09

            	
              Application
                of Trust Money

            	 

    

    
      	
              Section
                4.10

            	
              Repayment
                of Monies Held by Paying Agent

            	 

    

    
      	
              Section
                4.11

            	
              Temporary
                Notes

            	 

    

    
      	
              Section
                4.12

            	
              Representation
                Regarding ERISA

            	 

    

    
      	
              Section
                4.13

            	
              Subrogation
                and Cooperation

            	 

    

     

    ARTICLE
      V

    DEFAULT
      AND REMEDIES

     

    
      	
              Section
                5.01

            	
              Events
                of Default

            	 

    

    
      	
              Section
                5.02

            	
              Acceleration
                of Maturity; Rescission and Annulment

            	 

    

    
      	
              Section
                5.03

            	
              Collection
                of Indebtedness and Suits for Enforcement by Indenture
                Trustee.

            	 

    

    
      	
              Section
                5.04

            	
              Remedies;
                Priorities

            	 

    

    
      	
              Section
                5.05

            	
              Optional
                Preservation of the Trust Estate

            	 

    

    
      	
              Section
                5.06

            	
              Limitation
                of Suits

            	 

    

    
      	
              Section
                5.07

            	
              Unconditional
                Rights of Noteholders To Receive Principal and Interest

            	 

    

    
      	
              Section
                5.08

            	
              Restoration
                of Rights and Remedies

            	 

    

    
      	
              Section
                5.09

            	
              Rights
                and Remedies Cumulative

            	 

    

    
      	
              Section
                5.10

            	
              Delay
                or Omission Not a Waiver

            	 

    

    
      	
              Section
                5.11

            	
              Control
                By Note Insurer and Noteholders

            	 

    

    
      	
              Section
                5.12

            	
              Waiver
                of Past Defaults

            	 

    

    
      	
              Section
                5.13

            	
              Undertaking
                for Costs

            	 

    

    
      	
              Section
                5.14

            	
              Waiver
                of Stay or Extension Laws

            	 

    

    
      	
              Section
                5.15

            	
              Sale
                of Trust Estate

            	 

    

    
      	
              Section
                5.16

            	
              Action
                on Notes

            	 

    

     

    ARTICLE
      VI

    THE
      INDENTURE TRUSTEE

     

    
      	
              Section
                6.01

            	
              Duties
                of Indenture Trustee

            	 

    

    
      	
              Section
                6.02

            	
              Rights
                of Indenture Trustee

            	 

    

    
      	
              Section
                6.03

            	
              Individual
                Rights of Indenture Trustee

            	 

    

    
      	
              Section
                6.04

            	
              Indenture
                Trustee’s Disclaimer

            	 

    

    
      	
              Section
                6.05

            	
              Notice
                of Event of Default

            	 

    

    
      	
              Section
                6.06

            	
              Reports
                to Residual Certificateholders

            	 

    

    
      	
              Section
                6.07

            	
              Compensation

            	 

    

    
      	
              Section
                6.08

            	
              Replacement
                of Indenture Trustee

            	 

    

    
      	
              Section
                6.09

            	
              Successor
                Indenture Trustee by Merger

            	 

    

    
      	
              Section
                6.10

            	
              Appointment
                of Co-Indenture Trustee or Separate Indenture Trustee

            	 

    

    
      	
              Section
                6.11

            	
              Eligibility;
                Disqualification

            	 

    

    
      	
              Section
                6.12

            	
              Representations
                and Warranties

            	 

    

    
      	
              Section
                6.13

            	
              Directions
                to Indenture Trustee.

            	 

    

    
      	
              Section
                6.14

            	
              The
                Agents

            	 

    

     

    ARTICLE
      VII

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    
      	
              Section
                7.01

            	
              Issuing
                Entity To Furnish Indenture Trustee Names and Addresses of
                Noteholders

            	 

    

    
      	
              Section
                7.02

            	
              Preservation
                of Information; Communications to Noteholders

            	 

    

    
      	
              Section
                7.03

            	
              Fiscal
                Year

            	 

    

    
      	
              Section
                7.04

            	
              Statements
                to Noteholders and Certificateholders

            	 

    

     

    ARTICLE
      VIII

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    
      	
              Section
                8.01

            	
              Collection
                of Money

            	 

    

    
      	
              Section
                8.02

            	
              Officer’s
                Certificate

            	 

    

    
      	
              Section
                8.03

            	
              Termination
                Upon Distribution to Noteholders

            	 

    

    
      	
              Section
                8.04

            	
              Release
                of Trust Estate

            	 

    

    
      	
              Section
                8.05

            	
              Surrender
                of Notes Upon Final Payment

            	 

    

    
      	
              Section
                8.06

            	
              Optional
                Redemption of the HELOCs

            	 

    

     

    ARTICLE
      IX

    SUPPLEMENTAL
      INDENTURES

     

    
      	
              Section
                9.01

            	
              Supplemental
                Indentures Without Consent of Noteholders

            	 

    

    
      	
              Section
                9.02

            	
              Supplemental
                Indentures With Consent of Noteholders

            	 

    

    
      	
              Section
                9.03

            	
              Execution
                of Supplemental Indentures

            	 

    

    
      	
              Section
                9.04

            	
              Effect
                of Supplemental Indenture

            	 

    

    
      	
              Section
                9.05

            	
              Conformity
                with Trust Indenture Act

            	 

    

    
      	
              Section
                9.06

            	
              Reference
                in Notes to Supplemental Indentures

            	 

    

     

    ARTICLE
      X

    TAX
      MATTERS

     

    
      	
              Section
                10.01

            	
              Description
                of REMICs and Designation of REMIC Interests.

            	 

    

    
      	
              Section
                10.02

            	
              REMIC
                Elections and REMIC Distributions.

            	 

    

    
      	
              Section
                10.03

            	
              Allocation
                of Realized Loss Amounts.

            	 

    

    
      	
              Section
                10.04

            	
              Tax
                Administration.

            	 

    

    
      	
              Section
                10.05

            	
              Tax
                Treatment of Basis Risk Carry Forward Amounts.

            	 

    

     

    ARTICLE
      XI

    MISCELLANEOUS

     

    
      	
              Section
                11.01

            	
              Compliance
                Certificates and Opinions, etc

            	 

    

    
      	
              Section
                11.02

            	
              Form
                of Documents Delivered to Indenture Trustee

            	 

    

    
      	
              Section
                11.03

            	
              Acts
                of Noteholders

            	 

    

    
      	
              Section
                11.04

            	
              Notices
                etc., to Indenture Trustee, Issuing Entity, Note Insurer and Rating
                Agencies

            	 

    

    
      	
              Section
                11.05

            	
              Notices
                to Noteholders; Waiver

            	 

    

    
      	
              Section
                11.06

            	
              Conflict
                with Trust Indenture Act

            	 

    

    
      	
              Section
                11.07

            	
              Effect
                of Headings

            	 

    

    
      	
              Section
                11.08

            	
              Successors
                and Assigns

            	 

    

    
      	
              Section
                11.09

            	
              Separability

            	 

    

    
      	
              Section
                11.10

            	
              Legal
                Holidays

            	 

    

    
      	
              Section
                11.11

            	
              GOVERNING
                LAW

            	 

    

    
      	
              Section
                11.12

            	
              Counterparts

            	 

    

    
      	
              Section
                11.13

            	
              Recording
                of Indenture

            	 

    

    
      	
              Section
                11.14

            	
              Issuing
                Entity Obligation

            	 

    

    
      	
              Section
                11.15

            	
              No
                Petition

            	 

    

    
      	
              Section
                11.16

            	
              Inspection

            	 

    

    
      	
              Section
                11.17

            	
              Benefits
                of Indenture

            	 

    

    
      	
              Section
                11.18

            	
              Indenture
                Trustee to Hold Policy

            	 

    

    

    EXHIBITS

    

    
      	 	
              Exhibit
                A

            	
              —

            	
              Form
                of Class A Notes

            
	 	
              Exhibit
                B

            	
              —

            	
              Mortgage
                Loan Schedule

            
	 	
              Exhibit
                C

            	
              —

            	
              Form
                of Policy

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Indenture, dated as of April 17, 2007, is entered into among GSR Trust
      2007-HEL1, a Delaware statutory trust, as Issuing Entity (the “Issuing Entity”),
      and Deutsche Bank National Trust Company, a national banking association, not
      in
      its individual capacity, but solely as Indenture Trustee (the “Indenture
      Trustee”) under this Indenture. 

    

    WITNESSETH
      THAT:

     

    Each
      party hereto agrees as follows for the benefit of the other party and for the
      equal and ratable benefit of the Holders of the Issuing Entity’s Mortgage-Backed
      Notes, Series 2007-HEL1 (the “Notes”) and the Note Insurer.

     

    GRANTING
      CLAUSE

     

    The
      Issuing Entity hereby Grants to the Indenture Trustee at the Closing Date,
      as
      trustee for the benefit of the Holders of the Notes, the Note Insurer and,
      if
      applicable, to the Holders of the Class S Certificates, all of the Issuing
      Entity's right, title and interest in and to, whether now existing or hereafter
      created, (a) the HELOCs; (b) all funds on deposit from time to time in the
      Custodial Account, excluding any investment income from such funds; (c)
all
      funds
      on deposit from time to time in the Payment Account and in all proceeds thereof;
      (d) all funds on deposit from time to time in the Excess Reserve Fund Account;
      (e) any
      REO
      Property; (f) all rights under (I) the Required Insurance Policies and any
      amounts paid or payable by the insurer under any Insurance Policy (to the extent
      the mortgagee has a claim thereto) and (II) the rights with respect to the
      Sale
      and Servicing Agreement, the PPTL and the Master PSA (including, without
      limitation, the representations and warranties made by the Original Loan Seller
      in the Master PSA and the Sale and Servicing Agreement and the right to enforce
      the remedies against the Original Loan Seller for breach thereof to the same
      extent as though such representations and warranties were made directly to
      the
      Indenture Trustee), as assigned to the Issuing Entity by the Sale and Servicing
      Agreement; and (g) all present and future claims, demands, causes and choses
      in
      action in respect of any or all of the foregoing and all payments on or under,
      and all proceeds of every kind and nature whatsoever in respect of, any or
      all
      of the foregoing and all payments on or under, and all proceeds of every kind
      and nature whatsoever in the conversion thereof, voluntary or involuntary,
      into
      cash or other liquid property, all cash proceeds, accounts, accounts receivable,
      notes, drafts, acceptances, checks, deposit accounts, rights to payment of
      any
      and every kind, and other forms of obligations and receivables, instruments
      and
      other property which at any time constitute all or part of or are included
      in
      the proceeds of any of the foregoing (collectively, the "Trust Estate" or the
      "Collateral"). 

     

    In
      addition, the Indenture Trustee, on behalf of the Holders of the Class A Notes
      and, if applicable, the Class S Certificates, will have the benefit of the
      Policy.

     

    The
      foregoing Grant is made in trust to secure the payment of principal of and
      interest on, and any other amounts owing in respect of, the Notes and, if
      applicable, the Class S Certificates and payments to the Note Insurer, subject
      to the priority set forth herein, and to secure compliance with the provisions
      of this Indenture, all as provided in this Indenture.

     

    The
      Indenture Trustee, as trustee on behalf of the Holders of the Notes, the Note
      Insurer and, if applicable, the Class S Certificates, acknowledges the foregoing
      Grant, accepts the trust under this Indenture in accordance with the provisions
      hereof and without actual notice of any adverse claims or liens, and the
      Indenture Trustee agrees to perform its duties as Indenture Trustee as required
      herein and in accordance with and subject to the terms of this Indenture. The
      Indenture Trustee agrees that it will hold the Policy in trust and that it
      will
      hold any proceeds of any claim made upon the Policy solely for the use and
      benefit of the Holders of the Class A Notes and the Class S Certificates in
      accordance with the terms of this Indenture and the terms of the
      Policy.

     

    ARTICLE
      I

    DEFINITIONS

     

    Section
      1.01  Definitions.
      For all
      purposes of this Indenture, except as otherwise expressly provided herein or
      unless the context otherwise requires, capitalized terms not otherwise defined
      herein shall have the meanings assigned to such terms in the Definitions
      attached hereto as Appendix A which is incorporated by reference herein. All
      other capitalized terms used herein shall have the meanings specified
      herein.

     

    Section
      1.02  Incorporation
      by Reference of Trust Indenture Act.
      Whenever this Indenture refers to a provision of the Trust Indenture Act (the
      “TIA”), the provision is incorporated by reference in and made a part of this
      Indenture. The following TIA terms used in this Indenture have the following
      meanings:

     

    “Commission”
      means the Securities and Exchange Commission.

     

    “indenture
      securities” means the Notes.

     

    “indenture
      security holder” means a Noteholder.

     

    “indenture
      to be qualified” means this Indenture.

     

    “indenture
      trustee” or “institutional trustee” means the Indenture Trustee.

     

    “obligor”
      on the indenture securities means the Issuing Entity and any other obligor
      on
      the indenture securities.

     

    All
      other
      TIA terms used in this Indenture that are defined by the TIA, defined by TIA
      reference to another statute or defined by Commission rules have the meanings
      assigned to them by such definitions.

     

    Section
      1.03  Rules
      of Construction.
      Unless
      the context otherwise requires:

     

    (i)  a
      term
      has the meaning assigned to it;

     

    (ii)  an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with generally accepted accounting principles as in effect from
      time
      to time;

     

    (iii)  “or”
is
      not exclusive;

     

    (iv)  “including”
      means including without limitation;

     

    (v)  words
      in
      the singular include the plural and words in the plural include the singular;
      and

     

    (vi)  any
      agreement, instrument or statute defined or referred to herein or in any
      instrument or certificate delivered in connection herewith means such agreement,
      instrument or statute as from time to time amended, modified or supplemented
      and
      includes (in the case of agreements or instruments) references to all
      attachments thereto and instruments incorporated therein; references to a Person
      are also to its permitted successors and assigns.

     

    ARTICLE
      II

    ORIGINAL
      ISSUANCE OF NOTES

     

    Section
      2.01  Form.
      The
      Class A Notes, together with the Indenture Trustee’s certificate of
      authentication, shall be in substantially the form set forth in Exhibit A to
      this Indenture with such appropriate insertions, omissions, substitutions and
      other variations as are required or permitted by this Indenture.

     

    The
      Notes
      shall be typewritten, printed, lithographed or engraved or produced by any
      combination of these methods (with or without steel engraved
      borders).

     

    The
      terms
      of the Notes set forth in Exhibit A to this Indenture are part of the terms
      of
      this Indenture.

     

    Section
      2.02  Execution,
      Authentication and Delivery.
      The
      Notes shall be executed on behalf of the Issuing Entity by any of its Authorized
      Officers. The signature of any such Authorized Officer on the Notes may be
      manual or facsimile.

     

    Notes
      bearing the manual or facsimile signature of individuals who were at any time
      Authorized Officers of the Issuing Entity shall bind the Issuing Entity,
      notwithstanding that such individuals or any of them have ceased to hold such
      offices prior to the authentication and delivery of such Notes or did not hold
      such offices at the date of such Notes.

     

    The
      Indenture Trustee shall upon Issuing Entity Request authenticate and deliver
      the
      Class A Notes for original issue in an aggregate initial principal amount equal
      to the Initial Note Principal Balance for the Class A Notes.

     

    Each
      of
      the Notes shall be dated the date of its authentication. The Class A Notes
      shall
      be issuable as registered Notes in book-entry form and the Notes shall be
      issuable in the minimum initial Note Principal Balances of $25,000 and in
      integral multiples of $1 in excess thereof.

     

    No
      Note
      shall be entitled to any benefit under this Indenture or be valid or obligatory
      for any purpose, unless there appears on such Note a certificate of
      authentication substantially in the form provided for herein executed by the
      Indenture Trustee by the manual signature of one of its authorized signatories,
      and such certificate upon any Note shall be conclusive evidence, and the only
      evidence, that such Note has been duly authenticated and delivered
      hereunder.

     

    ARTICLE
      III

    COVENANTS

     

    Section
      3.01  Existence.
      The
      Issuing Entity will keep in full effect its existence, rights and franchises
      as
      a statutory trust under the laws of the State of Delaware (unless it becomes,
      or
      any successor Issuing Entity hereunder is or becomes, organized under the laws
      of any other state or of the United States of America, in which case the Issuing
      Entity will keep in full effect its existence, rights and franchises under
      the
      laws of such other jurisdiction) and will obtain and preserve its qualification
      to do business in each jurisdiction in which such qualification is or shall
      be
      necessary to protect the validity and enforceability of this Indenture, the
      Notes and each other instrument or agreement included in the Trust
      Estate.

     

    Section
      3.02  Payment
      of Principal and Interest. 

     

    (a)  On
      each
      Payment Date the Interest Remittance Amount for such Payment Date will be
      distributed in the following order of priority: 

     

    
      	1.  	
              to
                the Note Insurer, the related Insurer Premium for such Payment Date;
                

            

    

    

    
      	2.  	
              from
                any remaining Interest Remittance Amount, concurrently, to the Class
                A
                Notes and the Certificate Paying Agent, on behalf of the Holders
                of Class
                S Certificates, on a pro rata basis, based on their respective
                entitlements, the Accrued Note Interest and the Class S Certificate
                Interest, as applicable, and any Unpaid Interest Shortfall Amounts
                for
                such Payment Date and the Class A Notes and Class S Certificates;
                and

            

    

    

    
      	3.  	
              from
                any remaining Interest Remittance Amount, to the Note Insurer for
                prior
                draws (including applicable interest) on the Policy and any amounts
                owed
                to the Note Insurer under the Insurance
                Agreement.

            

    

    

    (b)  (1)
      For
      each Payment Date prior to the Stepdown Date or on which a Trigger Event is
      in
      effect, the Principal Distribution Amount will be distributed as principal
      funds
      in the following order of priority:

     

    (i)
      concurrently, on a pro rata basis by aggregate Note Principal Balance and
      Certificate Principal Balance, as applicable, to the Class A Notes and the
      Certificate Paying Agent, on behalf of the Holders of the Class S Certificates,
      until their respective balances have been reduced to zero; and

     

    (ii)
      to
      the
      Note Insurer for prior draws (including applicable interest) on the Policy
      and
      any amounts owed to the Note Insurer under the Insurance Agreement, to the
      extent not covered by the Interest Remittance Amount.

     

    (2)       
      For
      each
      Payment Date on or after the Stepdown Date, so long as a Trigger Event is not
      in
      effect, the Principal Distribution Amount will be distributed as principal
      funds
      in the following order of priority:

     

    (i)
      concurrently, on a pro rata basis by aggregate Note Principal Balance and
      Certificate Principal Balance, as applicable, to the Class A Notes and the
      Certificate Paying Agent on behalf of the Holders of the Class S Certificates,
      the lesser of the Principal Distribution Amount and the Class A Principal
      Distribution Amount, until their respective balances have been reduced to zero;
      and 

     

    (ii)
      to
      the Note Insurer for prior draws (including applicable interest on the Policy
      and any amounts owed to the Note Insurer under the Insurance Agreement, to
      the
      extent not covered by the Interest Remittance Amount.

     

    (c) On
      each
      Payment Date, the Net Monthly Excess Cashflow for such Payment Date will be
      distributed in the following order of priority:

     

    (1)          
      to
      the
      Excess Reserve Fund Account, the amount of any Basis Risk Payment for that
      Payment Date;

     

    (2)           from
      funds on deposit in the Excess Reserve Fund Account, an amount equal to any
      Basis Risk Carry Forward Amount with respect to the Class A Notes for that
      Payment Date; and

     

    (3)          
      to
      the
      Certificate Paying Agent for distribution of the Class X Distribution Amount
      to
      the Class X Certificates and any remaining amount to the Class R Certificates,
      each as specified in the Trust Agreement.

     

    (d) No
      Accrued Interest will be payable with respect to the Class A Notes after the
      Payment Date on which the Note Principal Balance of such Note has been reduced
      to zero.

     

    (e)  Each
      distribution with respect to a Book-Entry Note shall be paid to the Depository,
      as Holder thereof, and the Depository shall be responsible for crediting the
      amount of such distribution to the accounts of its Depository Participants
      in
      accordance with its normal procedures. Each Depository Participant shall be
      responsible for disbursing such distribution to the Note 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 Note Owners that it
      represents. None of the Indenture Trustee, the Note Registrar, the Paying Agent,
      the Depositor or the Servicer shall have any responsibility
      therefor.

     

    (f)  On
      each
      Payment Date, the Certificate Paying Agent shall deposit in the Payment Account
      all amounts it received pursuant to this Section 3.02 for the purpose of
      distributing such funds to the Certificateholders. The Certificate Paying Agent
      shall make distributions to the Certificateholders under the Trust Agreement
      pursuant to the terms thereof.

     

    (g)  Any
      installment of interest or principal, if any, payable on any Note that is
      punctually paid or duly provided for by the Issuing Entity on the applicable
      Payment Date shall, if such Holder shall have so requested at least five
      Business Days prior to the related Record Date, be paid to each Holder of record
      on the preceding Record Date, by wire transfer to an account specified in
      writing by such Holder as of the preceding Record Date or in all other cases
      or
      if no such instructions have been delivered to the Indenture Trustee, by check
      to such Noteholder mailed to such Holder’s address as it appears in the Note
      Register in the amount required to be distributed to such Holder on such Payment
      Date pursuant to such Holder’s Notes; provided, however, that the Indenture
      Trustee shall not pay to such Holders any amount required to be withheld from
      a
      payment to such Holder by the Code.

     

    (h)  The
      Note
      Principal Balance of each Note shall be due and payable in full on the Final
      Scheduled Payment Date. All principal payments on the Notes shall be made to
      the
      Noteholders entitled thereto in accordance with the Percentage Interests
      represented by such Notes. Upon written notice to the Indenture Trustee by
      the
      Issuing Entity, the Indenture Trustee shall notify the Person in whose name
      a
      Note is registered at the close of business on the Record Date preceding the
      Final Scheduled Payment Date or other final Payment Date (including any final
      Payment Date resulting from any redemption pursuant to Section 8.06 hereof).
      Such notice shall to the extent practicable be mailed no later than five
      Business Days prior to such Final Scheduled Payment Date or other final Payment
      Date and shall specify that payment of the principal amount and any interest
      due
      with respect to such Note at the Final Scheduled Payment Date or other final
      Payment Date will be payable only upon presentation and surrender of such Note
      and shall specify the place where such Note may be presented and surrendered
      for
      such final payment. No interest shall accrue on the Notes on or after the Final
      Scheduled Payment Date or any such other final Payment Date.

     

    Section
      3.03  Protection
      of Trust Estate.
      (a)
      The
      Issuing Entity will from time to time prepare, execute and deliver all such
      supplements and amendments hereto and all such financing statements,
      continuation statements, instruments of further assurance and other instruments,
      and will take such other action necessary or advisable to:

     

    (i)  maintain
      or preserve the lien and security interest (and the priority thereof) of this
      Indenture or carry out more effectively the purposes hereof;

     

    (ii)  perfect,
      publish notice of or protect the validity of any Grant made or to be made by
      this Indenture;

     

    (iii)  cause
      the Issuing Entity, or the Indenture Trustee upon written instructions to the
      Indenture Trustee, to enforce any of the rights to the HELOCs;
      or

     

    (iv)  preserve
      and defend title to the Trust Estate and the rights of the Indenture Trustee,
      the Note Insurer and the Noteholders in such Trust Estate against the claims
      of
      all persons and parties.

     

    (b)  Except
      as
      otherwise provided in this Indenture, the Indenture Trustee shall not remove
      or
      permit the Custodian to remove any portion of the Trust Estate that consists
      of
      money or is evidenced by an instrument, certificate or other writing from the
      jurisdiction in which it was held at the date of the most recent Opinion of
      Counsel delivered pursuant to Section 3.04 hereof (or from the jurisdiction
      in
      which it was held as described in the Opinion of Counsel delivered on the
      Closing Date pursuant to Section 3.04(a) hereof, if no Opinion of Counsel has
      yet been delivered pursuant to Section 3.04(b) hereof), unless the Indenture
      Trustee shall have first received an Opinion of Counsel to the effect that
      the
      lien and security interest created by this Indenture with respect to such
      property will continue to be maintained after giving effect to such action
      or
      actions.

     

    The
      Issuing Entity hereby designates the Indenture Trustee its agent and
      attorney-in-fact to sign any financing statement, continuation statement or
      other instrument required to be signed pursuant to this Section 3.03 upon the
      Issuing Entity’s preparation thereof and delivery to the Indenture
      Trustee.

     

    Section
      3.04  Opinions
      as to Trust Estate.
      (a)
      On the
      Closing Date, the Issuing Entity shall furnish to the Indenture Trustee, the
      Note Insurer and the Owner Trustee an Opinion of Counsel either stating that,
      in
      the opinion of such counsel, such action has been taken with respect to the
      recording and filing of this Indenture, any indentures supplemental hereto,
      and
      any other requisite documents, and with respect to the execution and filing
      of
      any financing statements and continuation statements, as are necessary to
      perfect and make effective the lien and first priority security interest in
      the
      Collateral and reciting the details of such action, or stating that, in the
      opinion of such counsel, no such action is necessary to make such lien and
      first
      priority security interest effective.

     

    (b)  On
      or
      before December 31st in each calendar year, beginning in 2007, the Issuing
      Entity shall furnish to the Indenture Trustee and the Note Insurer an Opinion
      of
      Counsel at the expense of the Issuing Entity either stating that, in the opinion
      of such counsel, such action has been taken with respect to the recording,
      filing, rerecording and refiling of this Indenture, any indentures supplemental
      hereto and any other requisite documents and with respect to the execution
      and
      filing of any financing statements and continuation statements as is necessary
      to maintain the lien and security interest in the Collateral and reciting the
      details of such action or stating that in the opinion of such counsel no such
      action is necessary to maintain such lien and security interest. Such Opinion
      of
      Counsel shall also describe the recording, filing, re-recording and refiling
      of
      this Indenture, any indentures supplemental hereto and any other requisite
      documents and the execution and filing of any financing statements and
      continuation statements that will, in the opinion of such counsel, be required
      to maintain the lien and security interest in the Collateral until December
      31
      in the following calendar year. 

     

    Section
      3.05  Performance
      of Obligations.
      (a)
      The
      Issuing Entity will punctually perform and observe all of its obligations and
      agreements contained in this Indenture, the Basic Documents and in the
      instruments and agreements included in the Trust Estate.

     

    (b)  The
      Issuing Entity, with the consent of the Note Insurer so long as no Note Insurer
      Default exists, may contract with other Persons to assist it in performing
      its
      duties under this Indenture, and any performance of such duties by a Person
      identified to the Indenture Trustee in an Officer’s Certificate of the Issuing
      Entity shall be deemed to be action taken by the Issuing Entity.

     

    (c)  The
      Issuing Entity will not take any action or permit any action to be taken by
      others which would release any Person from any of such Person’s covenants or
      obligations under any of the documents relating to the HELOCs or under any
      instrument included in the Trust Estate, or which would result in the amendment,
      hypothecation, subordination, termination or discharge of, or impair the
      validity or effectiveness of, any of the documents relating to the HELOCs or
      any
      such instrument, except such actions as the Servicer is expressly permitted
      to
      take in the Sale and Servicing Agreement and the Master PSA.

     

    (d)  The
      Issuing Entity may retain an administrator and may enter into contracts
      acceptable to the Note Insurer with other Persons for the performance of the
      Issuing Entity’s obligations hereunder, and performance of such obligations by
      such Persons shall be deemed to be performance of such obligations by the
      Issuing Entity.

     

    (e)  The
      Issuing Entity will perform and observe all of its obligations and agreements
      contained in this Indenture, the Basic Documents and in the instruments and
      agreements included in the Trust Estate and take such other actions, all as
      may
      be required to have the Trust Estate qualify as one or more REMICs formed
      pursuant to the Indenture.

     

    Section
      3.06  Negative
      Covenants.
      So long
      as any Notes are Outstanding, the Issuing Entity shall not:

     

    (i)  except
      as
      expressly permitted by this Indenture, sell, transfer, exchange or otherwise
      dispose of the Trust Estate without the consent of the Note Insurer (if
      applicable);

     

    (ii)  (A)
      permit the validity or effectiveness of this Indenture to be impaired, or permit
      the lien of this Indenture to be amended, hypothecated, subordinated, terminated
      or discharged, or permit any Person to be released from any covenants or
      obligations with respect to the Notes under this Indenture except as may be
      expressly permitted hereby, (B) permit any lien, charge, excise, claim, security
      interest, mortgage or other encumbrance (other than the lien of this Indenture)
      to be created on or extend to or otherwise arise upon or burden the Trust Estate
      or any part thereof or any interest therein or the proceeds thereof or (C)
      permit the lien of this Indenture not to constitute a valid first priority
      security interest in the Trust Estate; 

     

    (iii)  waive
      or
      impair, or fail to assert rights under, the HELOCs, or impair or cause to be
      impaired the Issuing Entity’s interest in the HELOCs, the Sale and Servicing
      Agreement, the Master PSA or in any Basic Document, if any such action would
      materially and adversely affect the interests of the Noteholders, the
      Certificateholders or the Note Insurer; or

     

    (iv)  take
      any
      action or fail to take any action that would cause any REMIC created hereunder
      to cease to qualify as a REMIC or result in an imposition of tax on the Issuing
      Entity (including, but not limited to, the tax on prohibited transactions under
      Section 860F of the Code).

     

    Section
      3.07  Annual
      Statement as to Compliance.
      The
      Issuing Entity will deliver to the Indenture Trustee and the Note Insurer,
      by
      March 1 of each year commencing with the calendar year 2008, an Officer’s
      Certificate stating, as to the Authorized Officer signing such Officer’s
      Certificate, that:

     

    (i)  a
      review
      of the activities of the Issuing Entity during the previous calendar year and
      of
      its performance under this Indenture and the Trust Agreement has been made
      under
      such Authorized Officer’s supervision; and

     

    (ii)  to
      the
      best of such Authorized Officer’s knowledge, based on such review, the Issuing
      Entity has complied with all conditions and covenants under this Indenture
      and
      the provisions of the Trust Agreement throughout such year, or, if there has
      been a default in its compliance with any such condition or covenant, specifying
      each such default known to such Authorized Officer and the nature and status
      thereof.

     

    Section
      3.08  Representations
      and Warranties Concerning the HELOCs.
      The
      Indenture Trustee, as pledgee of the HELOCs, has the benefit of the
      representations and warranties made by the Original Loan Seller and the Sponsor
      in the Master PSA and/or the Sale and Servicing Agreement, as applicable,
      concerning the HELOCs. If a Responsible Officer of the Indenture Trustee has
      actual knowledge of any breach of any representation or warranty made by the
      Original Loan Seller or the Sponsor in the Master PSA and/or the Sale and
      Servicing Agreement, the Indenture Trustee shall promptly notify the Original
      Loan Seller, the Sponsor and the Note Insurer, as applicable, of such finding
      and of the Original Loan Seller’s or the Sponsor’s obligation to cure such
      defect or repurchase the related HELOC. 

     

    Section
      3.09  Investment
      Company Act.
      The
      Issuing Entity shall not become an “investment company” or be under the
“control” of an “investment company” as such terms are defined in the Investment
      Company Act of 1940, as amended (or any successor or amendatory statute), and
      the rules and regulations thereunder (taking into account not only the general
      definition of the term “investment company” but also any available exceptions to
      such general definition); provided, however, that the Issuing Entity shall
      be in
      compliance with this Section 3.09 if it shall have obtained an order exempting
      it from regulation as an “investment company” so long as it is in compliance
      with the conditions imposed in such order.

     

    Section
      3.10  No
      Other Business.
      The
      Issuing Entity shall not engage in any business other than as set forth with
      respect thereto in the Trust Agreement and other than financing, purchasing,
      owning and selling and managing the HELOCs and the issuance of the Notes and
      Certificates in the manner contemplated by this Indenture and the Basic
      Documents and all activities incidental thereto.

     

    Section
      3.11  No
      Borrowing.
      The
      Issuing Entity shall not issue, incur, assume, guarantee or otherwise become
      liable, directly or indirectly, for any indebtedness except for the Notes under
      this Indenture and amounts due to the Note Insurer.

     

    Section
      3.12  Guarantees,
      Loans, Advances and Other Liabilities.
      Except
      as contemplated by this Indenture or the Basic Documents, the Issuing Entity
      shall not make any loan or advance or credit to, or guarantee (directly or
      indirectly or by an instrument having the effect of assuring another’s payment
      or performance on any obligation or capability of so doing or otherwise),
      endorse or otherwise become contingently liable, directly or indirectly, in
      connection with the obligations, stocks or dividends of, or own, purchase,
      repurchase or acquire (or agree contingently to do so) any stock, obligations,
      assets or securities of, or any other interest in, or make any capital
      contribution to, any other Person.

     

    Section
      3.13  Capital
      Expenditures.
      The
      Issuing Entity shall not make any expenditure (by long-term or operating lease
      or otherwise) for capital assets (either realty or personalty).

     

    Section
      3.14  Determination
      of Note Interest Rate and Certificate Interest Rate.
      On each
      Interest Determination Date, the Indenture Trustee shall determine One-Month
      LIBOR and the related Note Interest Rate for the Class A Notes and the
      Certificate Interest Rate for the Class S Certificates for the following Accrual
      Period and shall make such rate available to the Issuing Entity, the Depositor
      and the Note Insurer. The establishment of One-Month LIBOR on each Interest
      Determination Date by the Indenture Trustee and the Indenture Trustee’s
      calculation of the rate of interest applicable to the Class A Notes and the
      Class S Certificates for the related Accrual Period shall (in the absence of
      manifest error) be final and binding.

     

    Section
      3.15  Restricted
      Payments.
      The
      Issuing Entity shall not, directly or indirectly, (i) pay any dividend or make
      any distribution (by reduction of capital or otherwise), whether in cash,
      property, securities or a combination thereof, to the Owner Trustee or any
      owner
      of a beneficial interest in the Issuing Entity or otherwise with respect to
      any
      ownership or equity interest or security in or of the Issuing Entity, (ii)
      redeem, purchase, retire or otherwise acquire for value any such ownership
      or
      equity interest or security or (iii) set aside or otherwise segregate any
      amounts for any such purpose; provided, however, that the Issuing Entity may
      make, or cause to be made, (x) distributions and payments to the Owner Trustee,
      the Indenture Trustee, the Servicer, the Certificate Registrar, the Certificate
      Paying Agent, the Noteholders, the Certificateholders and the Note Insurer
      as
      contemplated by, and to the extent funds are available for such purpose under
      this Indenture and the Basic Documents and (y) payments to the Servicer pursuant
      to the terms of the Master PSA and the Sale and Servicing Agreement. The Issuing
      Entity will not, directly or indirectly, make payments to or distributions
      from
      the Custodial Account or the Payment Account except in accordance with this
      Indenture and the Basic Documents.

     

    Section
      3.16  Notice
      of Events of Default.
      The
      Issuing Entity shall give the Indenture Trustee, the Note Insurer and each
      Rating Agency prompt written notice of each Event of Default
      hereunder.

     

    Section
      3.17  Further
      Instruments and Acts.
      Upon
      request of the Indenture Trustee or the Note Insurer, the Issuing Entity will
      execute and deliver such further instruments and do such further acts as may
      be
      reasonably necessary or proper to carry out more effectively the purpose of
      this
      Indenture.

     

    Section
      3.18  Certain
      Representations and Warranties Regarding the Trust Estate. 

     

    (a)  With
      respect to that portion of the Collateral described in clauses (a) through
      (c)
      of the definition of Trust Estate, the Issuing Entity represents and warrants
      to
      the Indenture Trustee that:

     

    (i)  This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable UCC) in the Collateral in favor of the Indenture Trustee, which
      security interest is prior to all other liens, and is enforceable as such as
      against creditors of and purchasers from the Issuing Entity.

     

    (ii)  The
      Collateral constitutes “deposit accounts,” “instruments” or “certificated
      securities,” as applicable within the meaning of the applicable
      UCC.

     

    (iii)  The
      Issuing Entity owns and has good and marketable title to the Collateral, free
      and clear of any lien, claim or encumbrance of any Person.

     

    (iv)  The
      Issuing Entity has caused or will have caused, within ten days of the Closing
      Date, the filing of all appropriate financing statements in the proper filing
      office in the appropriate jurisdictions under applicable law in order to perfect
      the security interest in the Collateral granted to the Indenture Trustee
      hereunder.

     

    (v)  Other
      than the security interest granted to the Indenture Trustee pursuant to this
      Indenture, the Issuing Entity has not pledged, assigned, sold, granted a
      security interest in, or otherwise conveyed any of the Collateral. The Issuing
      Entity has not authorized the filing of and is not aware of any financing
      statements against the Issuing Entity that include a description of collateral
      covering the Collateral other than any financing statement relating to the
      security interest granted to the Indenture Trustee hereunder or that has been
      terminated.

     

    (vi)  The
      Collateral is not in the name of any Person other than the Issuing Entity or
      the
      Indenture Trustee. The Issuing Entity has in its possession all original copies
      of the security certificates that constitute or evidence the Collateral. The
      security certificates that constitute or evidence the Collateral do not have
      any
      marks or notations indicating that they have been pledged, assigned or otherwise
      conveyed to any Person other than the Indenture Trustee. The Issuing Entity
      has
      not consented to the bank maintaining the Collateral to comply with instructions
      of any Person other than the Indenture Trustee. All financing statements filed
      or to be filed against the Issuing Entity in favor of the Indenture Trustee
      in
      connection herewith describing the Collateral contain or will contain a
      statement to the following effect: “A purchase of or security interest in any
      collateral described in this financing statement will violate the rights of
      the
      Secured Party.”

     

    (vii)  The
      original executed copy of each Mortgage Note (except for any Mortgage Note
      with
      respect to which a Lost Note affidavit has been delivered to the Custodian)
      has
      been delivered to the Custodian.

     

    Section
      3.19  Claims
      on the Policy; Policy Payments Account. 

     

    (a)  The
      Indenture Trustee shall establish a policy payments account, which shall be
      a
      segregated, non-interest bearing account (the “Policy Payments Account”). The
Indenture
      Trustee shall
      deposit upon receipt any amount paid under the Policy in the Policy Payments
      Account and use that amount only to pay the Class A Notes and the Class S
      Certificates, as applicable, the Insured Amounts for which a claim was made.
      Such amount may not be applied to satisfy any costs, expenses, or liabilities
      of
      the Servicer, the Indenture Trustee or the Issuing Entity (other than payments
      of principal and interest on the Class A Notes and the Class S Certificates,
      as
      applicable). Amounts paid under the Policy, to the extent needed to pay any
      Deficiency Amount, shall be transferred to the Payment Account on the related
      Payment Date, and the portion thereof representing the Deficiency Amount shall
      be disbursed by the Indenture Trustee to the Holders of the Class A Notes or
      the
      Class S Certificates, as applicable, in each case as if it were a payment to
      such Noteholders or Certificateholders, as applicable, pursuant to Section
      3.02.
      Payments from draws on the Policy need not be made by checks or wire transfers
      separate from the checks or wire transfers used to pay other payments to the
      Holders of the Class A Notes and the Class S Certificates. However, the amount
      of any payment of principal of or interest on the Class A Notes and the Class
      S
      Certificates, as applicable, to be paid from funds transferred from the Policy
      Payments Account shall be noted as provided in paragraph (d) below and in the
      statement to be furnished to Holders of the Notes and the Class S Certificates
      pursuant to Section 7.04. Funds held in the Policy Payments Account shall not
      be
      invested. Any funds remaining in the Policy Payments Account on the first
      Business Day following the later of the Payment Date and the Business Day after
      the day on which a payment on the Policy has been paid to the Holders of the
      Class A Notes and the Class S Certificates, as applicable, shall be returned
      to
      the Note Insurer, pursuant to the instructions of the Note Insurer, by the
      end
      of the Business Day.

     

    (b)  If
      the
      Insured Amount is required to be paid under the Policy (other than a Preference
      Amount) with respect to a Payment Date, the Indenture Trustee shall deliver
      a
      notice of claim and certificate (in the form of the Notice under Financial
      Guaranty Insurance Policy No. 494530 included as Exhibit A to the Policy,
given
      in
      accordance with the terms of the Policy)
      to the
      Note Insurer no later than 12:00 noon, New York, New York City time on the
      second Business Day preceding the Payment Date and shall provide a copy of
      such
      notice to the Depositor at the time the Notice is delivered to the Note Insurer.
      That notice (in the form of the Notice under Financial Guaranty Insurance Policy
      No. 494530 included as Exhibit A to the Policy, given in accordance with the
      terms of the Policy) shall constitute a claim for payment pursuant to the
      Policy.

     

    (c)  If
      the
      Indenture Trustee receives a certified copy of a final nonappealable order
      of a
      court having competent jurisdiction in a bankruptcy proceeding (an “Order”) that
      any amount previously distributed to a Holder of a Class A Note or Class S
      Certificate on the Class A Notes or the Class S Certificates, as applicable,
      constitutes a Preference Amount, the Indenture Trustee shall so notify the
      Note
      Insurer, shall comply with the Policy to obtain payment by the Note Insurer
      of
      the Preference Amount, and shall, at the time it provides
      notice to the Note Insurer, notify each Holder of the Class A Notes and the
      Class S Certificates, as applicable, by mail that, subject to the terms of
      the
      Policy, the Note Insurer will disburse the Preference Amount directly to the
      receiver or trustee in bankruptcy named in the final Order of the court
      exercising jurisdiction on behalf of the applicable Holder and not to any such
      Holder directly (unless a Holder of the Class A Notes or the Class S
      Certificates, as applicable, has provided evidence satisfactory to the Note
      Insurer that it has previously returned principal or interest paid on the Class
      A Notes or Class S Certificates, as applicable, to such receiver or trustee,
      in
      which case such payment shall be disbursed to such Holder in accordance with
      and
      subject to the terms and conditions of the Policy). 

     

    A
      copy of
      the Policy shall be made available to each affected Class A Noteholder and
      Class
      S Certificateholder through the Indenture Trustee, and the Indenture Trustee
      shall furnish to the Note Insurer a copy of its records evidencing the payments
      that have been made by the Indenture Trustee in respect of any Preference
      Amounts paid by the Note Insurer and the dates on which the payments were
      made.

     

    (d)  The
      Indenture Trustee shall keep a complete and accurate record of the amount of
      interest and principal paid on the Class A Notes and the Class S Certificates
      from moneys received under the Policy. The Note Insurer may inspect the records
      at reasonable times during normal business hours on two Business Days’ notice to
      the Indenture Trustee.

     

    (e)  The
      Holders of the Class A Notes and Class S Certificates are not entitled to
      institute proceedings directly against the Note Insurer. Each Holder of the
      Class A Notes and the Class S Certificates, by its purchase of the Class A
      Notes
      or Class S Certificates, as applicable, agrees that the Note Insurer may at
      any
      time during the continuation of any proceeding relating to a Preference Amount,
      direct all matters relating to the Preference Amount on its behalf, including
      the direction of any appeal of any order relating to the preference claim and
      the posting of any surety, supersedeas, or performance bond pending any
      appeal.

     

    (f)  Any
      payments to the Note Insurer shall be made by wire transfer of immediately
      available funds to the following Federal Reserve Account (until the Note Insurer
      notifies the Indenture Trustee of a change in the account
      information):

     

    
      
        	 	
                Account
                  Name:

              	 	
                MBIA
                  Insurance Corporation

              	 
	 	
                Account
                  Number:

              	 	
                910-2-721728

              	 
	 	
                Bank:

              	 	
                JPMorgan
                  Chase Bank

              	 
	 	 	 	
                4
                  Chase Metro Tech Center

              	 
	 	 	 	
                Brooklyn,
                  New York 11245

              	 
	 	
                ABA
                  Number:

              	 	
                021000-021

              	 
	 	 	 	
                (Reference
                  Policy No. 494530)

              	 

      

    

     

    (g)  The
      Indenture Trustee shall, upon retirement of the Class A Notes and the Class
      S
      Certificates, furnish to the Note Insurer a notice of the retirement, and,
      after
      retirement of the Class A Notes and Class S Certificates and the expiration
      of
      the term of the Policy, surrender the Policy to the Note Insurer for
      cancellation.

     

    (h)  The
      Indenture Trustee shall hold the Policy in trust as agent for the Holders of
      the
      Class A Notes and Class S Certificates for the purpose of making claims on
      the
      Policy and distributing the proceeds of claims on the Policy. Neither the Policy
      nor the amounts paid on the Policy shall constitute part of the Trust Estate
      created by this Indenture. Each Holder of the Class A Notes and Class S
      Certificates, by accepting its Class A Notes or Class S Certificates, as
      applicable, irrevocably appoints the Indenture Trustee as attorney-in-fact
      to
      make claims on the Policy and to sign on its behalf any certification required
      with respect to any Notice under the Policy.

     

    (i)  Anything
      in this Indenture to the contrary notwithstanding, any payment with respect
      to
      principal of or interest on the Class A Notes and the Class S Certificates
      that
      is made with money received pursuant to the Policy shall not be considered
      payment of the Class A Notes or the Class S Certificates from the Issuing
      Entity.

     

    (j)  The
      provisions of this Section 3.19 are subject to the terms and conditions of
      the
      Policy.

     

    Section
      3.20  Excess
      Reserve Fund Account.
      (a)
      The
      Indenture Trustee shall establish and maintain the Excess Reserve Fund Account
      on behalf of the Class X Certificateholders to receive any related Basis Risk
      Payment and to pay to the Class A Notes any Basis Risk Carry Forward Amounts.
      On
      the Closing Date, the Depositor shall deposit the Excess Reserve Fund Account
      Deposit
      into the
      Excess Reserve Fund Account, to be held in the Excess Reserve Fund Account
      until
      the Notes are paid in full, after which any amounts remaining in the Excess
      Reserve Fund Account shall be distributed to the Certificate Paying Agent on
      behalf of the Holders of the Class X Certificates. All funds held in the Excess
      Reserve Fund Account shall be held univested.

     

    On
      each
      Payment Date on which there exists a Basis Risk Carry Forward Amount on the
      Class A Notes, the Indenture Trustee shall (1) withdraw from the Payment
      Account and deposit in the Excess Reserve Fund Account the lesser of the Class
      X
      Distribution Amount, and the aggregate related Basis Risk Carry Forward Amount
      and (2) withdraw from the Excess Reserve Fund Account amounts necessary to
      pay to the Class A Notes the applicable Basis Risk Carry Forward Amounts. Such
      payments shall be allocated to the Class A Notes based upon the amount of Basis
      Risk Carry Forward Amount owed to the Class A Notes and shall be paid pursuant
      to Section 3.02(c) hereof.

     

    The
      Indenture Trustee shall account for the Excess Reserve Fund Account as an
      outside reserve fund within the meaning of Treasury Regulations
      Section 1.860G-2(h) and not as an asset of any Trust REMIC created pursuant
      to this Indenture. The beneficial owners of the Excess Reserve Fund Account
      are
      the Class X Certificateholders. For all federal income tax purposes, amounts
      transferred by REMIC IV to the Excess Reserve Fund Account shall be treated
      as
      first distributed by the Indenture Trustee to the Class X Certificateholders
      and
      then contributed by the Class X Certificateholders to the Excess Reserve Fund
      Account.

     

    Any
      Basis
      Risk Carry Forward Amounts paid by the Indenture Trustee to the Noteholders
      shall be accounted for by the Indenture Trustee as amounts paid first to the
      Holders of the Class X Certificates and then to the Class A Notes. In addition,
      the Indenture Trustee shall account for the rights of Holders of the Class
      A
      Notes to receive payments of Basis Risk Carry Forward Amounts as rights in
      a
      separate limited recourse interest rate cap contract written by the Class X
      Certificateholders in favor of Holders of the Class A Notes.

     

    Notwithstanding
      any provision contained in this Indenture, the Indenture Trustee shall not
      be
      required to make any payments from the Excess Reserve Fund Account except as
      expressly set forth in this Section 3.20.

     

    Section
      3.21  Allocation
      of Realized Loss Amounts.
      On or
      prior to each Payment Date, the Servicer shall determine the amount of any
      Realized Loss Amount in respect of each HELOC that occurred during the
      immediately preceding calendar month. Such Realized Losses will be applied
      on
      any Payment Date in reduction of the Overcollateralization Amount, until reduced
      to zero. Unless previously received as a payment of principal pursuant to the
      terms of the Policy, Realized Losses shall not be allocated to the Class A
      Notes
      until the last actual Payment Date and any Realized Loses on such Payment Date
      shall be covered under the Policy in accordance with its terms.

     

    Section
      3.22  Issuing
      Entity May Not Consolidate, etc.
      (a) The
      Issuing Entity shall not consolidate or merge with or into any other Person,
      unless: 

     

    (i) the
      Person (if other than the Issuing Entity) formed by or surviving such
      consolidation or merger shall be a Person organized and existing under the
      laws
      of the United States of America or any state or the District of Columbia and
      shall expressly assume, by an indenture supplemental hereto, executed and
      delivered to the Indenture Trustee, in form reasonably satisfactory to the
      Indenture Trustee, the due and punctual payment of the principal of and interest
      on all Notes and to the Certificate Paying Agent, on behalf of the
      Certificateholders, and the performance or observance of every agreement and
      covenant of this Indenture on the part of the Issuing Entity to be performed
      or
      observed, all as provided herein; 

     

    (ii) immediately
      after giving effect to such transaction, no Event of Default shall have occurred
      and be continuing; 

     

    (iii) the
      Issuing Entity receives the prior written consent of the Note Insurer and the
      Rating Agencies shall have notified the Issuing Entity that such transaction
      shall not cause the rating of the Notes to be reduced, suspended or withdrawn
      or
      to be considered by either Rating Agency to be below investment grade without
      taking into account the Policy; 

     

    (iv) the
      Issuing Entity shall have received an Opinion of Counsel (and shall have
      delivered copies thereof to the Indenture Trustee and the Note Insurer) to
      the
      effect that such transaction will not have any material adverse tax consequence
      to the Issuing Entity, any Noteholder or any Certificateholder; 

     

    (v) any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture shall have been taken; and 

     

    (vi) the
      Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
      Certificate and an Opinion of Counsel each stating that such consolidation
      or
      merger and such supplemental indenture comply with this Section 3.22 and Article
      IX of this Indenture and that all conditions precedent herein and therein
      provided for relating to such transaction have been complied with (including
      any
      filing required by the Exchange Act). 

     

    (b) The
      Issuing Entity shall not convey or transfer any of its properties or assets,
      including those included in the Trust Estate, to any Person, unless:

     

    (i) the
      Person that acquires by conveyance or transfer the properties and assets of
      the
      Issuing Entity the conveyance or transfer of which is hereby restricted shall
      (i) be a United States citizen or a Person organized and existing under the
      laws
      of the United States of America or any state, (ii) expressly assumes, by an
      indenture supplemental hereto, executed and delivered to the Indenture Trustee,
      in form satisfactory to the Indenture Trustee, the due and punctual payment
      of
      the principal of and interest on all Notes and the performance or observance
      of
      every agreement and covenant of this Indenture on the part of the Issuing Entity
      to be performed or observed, all as provided herein, (iii) expressly agrees
      by
      means of such supplemental indenture that all right, title and interest so
      conveyed or transferred shall be subject and subordinate to the rights of
      Holders of the Notes, (iv) unless otherwise provided in such supplemental
      indenture, expressly agrees to indemnify, defend and hold harmless the Issuing
      Entity against and from any loss, liability or expense arising under or related
      to this Indenture and the Notes and (v) expressly agrees by means of such
      supplemental indenture that such Person (or if a group of Persons, then one
      specified Person) shall make all filings with the Commission (and any other
      appropriate Person) required by the Exchange Act in connection with the Notes;
      

     

    (ii) immediately
      after giving effect to such transaction, no Event of Default shall have occurred
      and be continuing; 

     

    (iii) the
      Issuing Entity receives the prior written consent of the Note Insurer and the
      Rating Agencies shall have notified the Issuing Entity that such transaction
      shall not cause the rating of the Notes to be reduced, suspended or withdrawn,
      if determined without regard to the Policy; 

     

    (iv) the
      Issuing Entity shall have received an Opinion of Counsel (and shall have
      delivered copies thereof to the Indenture Trustee and the Note Insurer) to
      the
      effect that such transaction will not have any material adverse tax consequence
      to the Issuing Entity or any Noteholder; 

     

    (v) any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture shall have been taken; and 

     

    (vi) the
      Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
      Certificate and an Opinion of Counsel each stating that such conveyance or
      transfer and such supplemental indenture comply with this Section 3.22 and
      Article IX of this Indenture and that all conditions precedent herein and
      therein provided for relating to such transaction have been complied with
      (including any filing required by the Exchange Act).

     

    Section
      3.23  Successor
      or Transferee.
      (a)
      Upon any consolidation or merger of the Issuing Entity in accordance with
      Section 3.22(a), the Person formed by or surviving such consolidation or merger
      (if other than the Issuing Entity) shall succeed to, and be substituted for,
      and
      may exercise every right and power of, the Issuing Entity under this Indenture
      with the same effect as if such Person had been named as the Issuing Entity
      herein. 

     

    (b) Upon
      a
      conveyance or transfer of all the assets and properties of the Issuing Entity
      pursuant to Section 3.22(b), the Issuing Entity will be released from every
      covenant and agreement of this Indenture to be observed or performed on the
      part
      of the Issuing Entity with respect to the Notes immediately upon the delivery
      of
      written notice to the Indenture Trustee of such conveyance or
      transfer.

     

    Section
      3.24  Restricted
      Payments.
      The
      Issuing Entity shall not, directly or indirectly, (I) pay any dividend or make
      any distribution (by reduction of capital or otherwise), whether in cash,
      property, securities or a combination thereof, to the Owner Trustee or any
      owner
      of a beneficial interest in the Issuing Entity or otherwise with respect to
      any
      ownership or equity interest or security in or of the Issuing Entity, (ii)
      redeem, purchase, retire or otherwise acquire for value any such ownership
      or
      equity interest or security or (iii) set aside or otherwise segregate any
      amounts for any such purpose; provided, however, that the Issuing Entity may
      make, or cause to be made, (x) distributions to the Owner Trustee and the
      Certificateholders as contemplated by, and to the extent funds are available
      for
      such purpose under the Trust Agreement and (y) payments to the Servicer pursuant
      to the terms of the Sale and Servicing Agreement. The Issuing Entity will not,
      directly or indirectly, make payments to or distributions from the Custodial
      Account except in accordance with this Indenture and the other Basic
      Documents.

     

    ARTICLE
      IV

    THE
      NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

     

    Section
      4.01  The
      Notes.
      The
      Class A Notes shall be registered in the name of a nominee designated by the
      Depository. Beneficial Owners will hold interests in the Class A Notes through
      the book-entry facilities of the Depository in minimum initial Note Principal
      Balances of $25,000 and integral multiples of $1 in excess thereof.

     

    The
      Indenture Trustee may for all purposes (including the making of payments due
      on
      the Notes) deal with the Depository as the authorized representative of the
      Beneficial Owners with respect to the Notes for the purposes of exercising
      the
      rights of Holders of the Notes hereunder. Except as provided in the next
      succeeding paragraph of this Section 4.01, the rights of Beneficial Owners
      with
      respect to the Notes shall be limited to those established by law and agreements
      between such Beneficial Owners and the Depository and Depository Participants.
      Except as provided in Section 4.08 hereof, Beneficial Owners shall not be
      entitled to definitive certificates for the Notes as to which they are the
      Beneficial Owners. Requests and directions from, and votes of, the Depository
      as
      Holder of the Notes shall not be deemed inconsistent if they are made with
      respect to different Beneficial Owners. The Indenture Trustee may establish
      a
      reasonable record date in connection with solicitations of consents from or
      voting by Noteholders and give notice to the Depository of such record date.
      Without the written consent of the Issuing Entity, no Note may be transferred
      by
      the Depository except to a successor Depository that agrees to hold such Note
      for the account of the Beneficial Owners.

     

    In
      the
      event the Depository Trust Company resigns or is removed as Depository, the
      Depositor may appoint a successor Depository. If no successor Depository has
      been appointed within 30 days of the effective date of the Depository’s
      resignation or removal, each Beneficial Owner shall be entitled to certificates
      representing the Notes it beneficially owns in the manner prescribed in Section
      4.08.

     

    The
      Notes
      shall, on original issue, be executed on behalf of the Issuing Entity by the
      Owner Trustee, not in its individual capacity but solely as Owner Trustee,
      authenticated and delivered by the Indenture Trustee to or upon the order of
      the
      Issuing Entity.

     

    Section
      4.02  Registration
      of and Limitations on Transfer and Exchange of Notes; Appointment of Note
      Registrar and Certificate Registrar.
      The
      Issuing Entity shall cause to be kept at the Corporate Trust Office of the
      Indenture Trustee a Note Register in which, subject to such reasonable
      regulations as it may prescribe, the Note Registrar shall provide for the
      registration of Notes and of transfers and exchanges of Notes as herein
      provided.

     

    Subject
      to the restrictions and limitations set forth below, upon surrender for
      registration of transfer of any Note at the office designated by the Indenture
      Trustee, the Issuing Entity shall execute and the Note Registrar shall
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Notes in authorized initial Note Principal Balances
      evidencing the same Class and aggregate Percentage Interests.

     

    Subject
      to the foregoing, and Section 4.08, Notes may be exchanged for other Notes
      of
      like tenor and in authorized initial Note Principal Balances evidencing the
      same
      Class and aggregate Percentage Interests upon surrender of the Notes to be
      exchanged at the Corporate Trust Office of the Note Registrar. Whenever any
      Notes are so surrendered for exchange, the Issuing Entity shall execute and
      the
      Indenture Trustee shall authenticate and deliver the Notes which the Noteholder
      making the exchange is entitled to receive. Each Note presented or surrendered
      for registration of transfer or exchange shall (if so required by the Note
      Registrar) be duly endorsed by, or be accompanied by a written instrument of
      transfer in form reasonably satisfactory to the Note Registrar duly executed
      by
      the Holder thereof or his attorney duly authorized in writing with such
      signature guaranteed by a commercial bank or trust company located or having
      a
      correspondent located in the United States. Notes delivered upon any such
      transfer or exchange will evidence the same obligations, and will be entitled
      to
      the same rights and privileges, as the Notes surrendered.

     

    No
      service charge shall be made for any registration of transfer or exchange of
      Notes, but the Note Registrar shall require payment of a sum sufficient to
      cover
      any tax or governmental charge that may be imposed in connection with any
      registration of transfer or exchange of Notes.

     

    The
      Issuing Entity hereby appoints the Indenture Trustee as (i) Certificate
      Registrar to keep at its Corporate Trust Office a Certificate Register pursuant
      to Section 3.07 of the Trust Agreement in which, subject to such reasonable
      regulations as it may prescribe, the Certificate Registrar shall provide for
      the
      registration of Certificates and of transfers and exchanges thereof pursuant
      to
      Section 3.03 of the Trust Agreement and (ii) Note Registrar under this
      Indenture. The Indenture
      Trustee
      hereby
      accepts such appointments.

     

    Any
      transfer of a Note shall be made in accordance with the ERISA restrictions
      in
      Section 4.12.

     

    Section
      4.03  Mutilated,
      Destroyed, Lost or Stolen Notes.
      If (i)
      any mutilated Note is surrendered to the Indenture Trustee, or the Indenture
      Trustee receives evidence to its satisfaction of the destruction, loss or theft
      of any Note, and (ii) there is delivered to the Indenture Trustee such security
      or indemnity as may be required by it to hold the Issuing Entity or the
      Indenture Trustee harmless, then, in the absence of notice to the Issuing
      Entity, the Note Registrar, the Note Insurer or the Indenture Trustee that
      such
      Note has been acquired by a bona fide purchaser, and provided that the
      requirements of Section 8-405 of the UCC are met, the Issuing Entity shall
      execute, and upon its written request the Indenture Trustee shall authenticate
      and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
      or stolen Note, a replacement Note; provided, however, that if any such
      destroyed, lost or stolen Note, but not a mutilated Note, shall have become
      or
      within seven days shall be due and payable, instead of issuing a replacement
      Note, the Issuing Entity may pay such destroyed, lost or stolen Note when so
      due
      or payable without surrender thereof. If, after the delivery of such replacement
      Note or payment of a destroyed, lost or stolen Note pursuant to the proviso
      to
      the preceding sentence, a bona fide purchaser of the original Note in lieu
      of
      which such replacement Note was issued presents for payment such original Note,
      the Issuing Entity, the Note Insurer and the Indenture Trustee shall be entitled
      to recover such replacement Note (or such payment) from the Person to whom
      it
      was delivered or any Person taking such replacement Note from such Person to
      whom such replacement Note was delivered or any assignee of such Person, except
      a bona fide purchaser, and shall be entitled to recover upon the security or
      indemnity provided therefor to the extent of any loss, damage, cost or expense
      incurred by the Issuing Entity, the Note Insurer or the Indenture Trustee in
      connection therewith.

     

    Upon
      the
      issuance of any replacement Note under this Section 4.03, the Issuing Entity
      or
      the Indenture Trustee may require the payment by the Holder of such Note of
      a
      sum sufficient to cover any tax or other governmental charge that may be imposed
      in relation thereto and any other reasonable expenses (including the fees and
      expenses of the Indenture Trustee) connected therewith.

     

    Every
      replacement Note issued pursuant to this Section 4.03 in replacement of any
      mutilated, destroyed, lost or stolen Note shall constitute an original
      additional contractual obligation of the Issuing Entity, whether or not the
      mutilated, destroyed, lost or stolen Note shall be at any time enforceable
      by
      anyone, and shall be entitled to all the benefits of this Indenture equally
      and
      proportionately with any and all other Notes duly issued hereunder.

     

    The
      provisions of this Section 4.03 are exclusive and shall preclude (to the extent
      lawful) all other rights and remedies with respect to the replacement or payment
      of mutilated, destroyed, lost or stolen Notes.

     

    Section
      4.04  Persons
      Deemed Owners.
      Prior
      to due presentment for registration of transfer of any Note, the Issuing Entity,
      the Indenture Trustee, the Note Insurer, the Paying Agent and any agent of
      the
      Issuing Entity or the Indenture Trustee or the Paying Agent may treat the Person
      in whose name any Note is registered (as of the day of determination) as the
      owner of such Note for the purpose of receiving payments of principal of and
      interest, if any, on such Note and for all other purposes whatsoever, whether
      or
      not such Note be overdue, and none of the Issuing Entity, the Indenture Trustee,
      the Note Insurer, the Paying Agent or any agent of the Issuing Entity, the
      Indenture Trustee, the Note Insurer or the Paying Agent shall be affected by
      notice to the contrary.

     

    Section
      4.05  Cancellation.
      All
      Notes surrendered for payment, registration of transfer, exchange or redemption
      shall, if surrendered to any Person other than the Indenture Trustee, be
      delivered to the Indenture Trustee and shall be cancelled by the Indenture
      Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee
      for
      cancellation any Notes previously authenticated and delivered hereunder which
      the Issuing Entity may have acquired in any manner whatsoever, and all Notes
      so
      delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall
      be authenticated in lieu of or in exchange for any Notes cancelled as provided
      in this Section 4.05, except as expressly permitted by this Indenture. All
      cancelled Notes may be disposed of by the Indenture Trustee in accordance with
      its standard policy as in effect at the time unless the Issuing Entity shall
      direct by an Issuing Entity Request that they be destroyed or returned to it;
      provided, however, that such Issuing Entity Request is timely and the Notes
      have
      not been previously disposed of by the Indenture Trustee.

     

    Section
      4.06  Book-Entry
      Notes.
      The
      Class A Notes, upon original issuance, will be issued in the form of typewritten
      Notes representing the Book-Entry Notes, to be delivered to The Depository
      Trust
      Company, the initial Depository or to the Indenture Trustee, as custodian for
      the Depository Trust Company, by, or on behalf of, the Issuing Entity. The
      Notes
      shall initially be registered on the Note Register in the name of Cede &
Co., the nominee of the initial Depository, and no Beneficial Owner will receive
      a Definitive Note representing such Beneficial Owner’s interest in such Note,
      except as provided in Section 4.08. With respect to such Notes, unless and
      until
      definitive, fully registered Notes (the “Definitive Notes”) have been issued to
      Beneficial Owners pursuant to Section 4.08:

     

    (i)  the
      provisions of this Section 4.06 shall be in full force and effect;

     

    (ii)  the
      Note
      Registrar, the Paying Agent and the Indenture Trustee shall be entitled to
      deal
      with the Depository for all purposes of this Indenture (including the payment
      of
      principal of and interest on the Notes and the giving of instructions or
      directions hereunder) as the sole holder of the Notes, and shall have no
      obligation to the Beneficial Owners of the Notes;

     

    (iii)  to
      the
      extent that the provisions of this Section 4.06 conflict with any other
      provisions of this Indenture, the provisions of this Section 4.06 shall
      control;

     

    (iv)  the
      rights of Beneficial Owners shall be exercised only through the Depository
      and
      shall be limited to those established by law and agreements between such Owners
      of Notes and the Depository and/or the Depository Participants. Unless and
      until
      Definitive Notes are issued pursuant to Section 4.08, the initial Depository
      will make book-entry transfers among the Depository Participants and receive
      and
      transmit payments of principal of and interest on the Notes to such Depository
      Participants; and

     

    (v)  whenever
      this Indenture requires or permits actions to be taken based upon instructions
      or directions of Holders of Notes evidencing a specified percentage of the
      Note
      Principal Balances of the Notes, the Depository shall be deemed to represent
      such percentage with respect to the Notes only to the extent that it has
      received written instructions to such effect from Beneficial Owners and/or
      Depository Participants owning or representing, respectively, such required
      percentage of the beneficial interest in the Notes and has delivered such
      written instructions to the Indenture Trustee. 

     

    None
      of
      the Depositor, the Issuing Entity, the Sponsor, the Indenture Trustee, the
      Note
      Insurer, the Note Registrar and the Owner Trustee shall have any liability
      for
      any aspect of the records relating to or payments made on account of beneficial
      ownership interests in the Book-Entry Notes or for maintaining, supervising
      or
      reviewing any records relating to beneficial ownership interests or transfers
      thereof.

     

    Section
      4.07  Notices
      to Depository.
      Whenever a notice or other communication to the Note Holders is required under
      this Indenture, unless and until Definitive Notes shall have been issued to
      Beneficial Owners pursuant to Section 4.08, the Indenture Trustee shall give
      all
      such notices and communications specified herein to be given to Holders of
      the
      Notes to the Depository, and shall have no obligation to the Beneficial
      Owners.

     

    Section
      4.08  Definitive
      Notes.
      If (i)
      the Depositor advises the Indenture Trustee in writing that the Depository
      is no
      longer willing or able to properly discharge its responsibilities with respect
      to the Book-Entry Notes and the Depositor is unable to locate a qualified
      successor within 30 days or (ii) the Depositor, at its option (with the consent
      of the Indenture Trustee, such consent not to be unreasonably withheld) elects
      to terminate the book-entry system through the Depository, then the Indenture
      Trustee shall request that the Depository notify all Beneficial Owners of the
      occurrence of any such event and of the availability of Definitive Notes to
      Beneficial Owners requesting the same. Upon surrender to the Indenture Trustee
      of the typewritten Notes representing the Book-Entry Notes by the Depository,
      accompanied by registration instructions, the Issuing Entity shall execute
      and
      the Indenture Trustee shall authenticate the Definitive Notes in accordance
      with
      the instructions of the Depository. None of the Issuing Entity, the Note
      Registrar or the Indenture Trustee shall be liable for any delay in delivery
      of
      such instructions and may conclusively rely on, and shall be protected in
      relying on, such instructions. Upon the issuance of Definitive Notes, the
      Indenture Trustee shall recognize the Holders of the Definitive Notes as
      Noteholders.

     

    In
      addition, if an Event of Default has occurred and is continuing, each Note
      Owner
      materially adversely affected thereby may at its option request a Definitive
      Note evidencing such Noteholder's interest in the Class A Notes. In order to
      make such request, such Noteholder shall, subject to the rules and procedures
      of
      the Depository, provide the Depository or the related Depository Participant
      with directions for the Indenture Trustee to exchange or cause the exchange
      of
      the Noteholder's interest in the Class A Notes for an equivalent interest in
      fully registered definitive form. Upon receipt by the Indenture Trustee of
      instructions from the Depository directing the Indenture Trustee to effect
      such
      exchange (such instructions to contain information regarding the Class A Notes
      and the Note Principal Balance being exchanged, the Depository Participant
      account to be debited with the decrease, the registered holder of and delivery
      instructions for the Definitive Note, and any other information reasonably
      required by the Indenture Trustee), (i) the Indenture Trustee shall instruct
      the
      Depository to reduce the related Depository Participant's account by the
      aggregate Note Principal Balance of the Definitive Note, (ii) the Indenture
      Trustee shall execute, authenticate and deliver, in accordance with the
      registration and delivery instructions provided by the Depository, a Definitive
      Note evidencing such Noteholder's interest in the Class A Notes and (iii) the
      Issuing Entity shall execute and the Indenture Trustee shall authenticate a
      new
      Book-Entry Note reflecting the reduction in the Note Principal Balance of the
      Class A Notes by the amount of the Definitive Notes.

     

    Section
      4.09  Application
      of Trust Money.
      All
      monies deposited with the Indenture Trustee pursuant to this Indenture shall
      be
      held in trust and applied by it, in accordance with the provisions of the Notes
      and this Indenture, to the payment, either directly or through any Paying Agent
      or the Certificate Paying Agent as designee of the Issuing Entity, as the
      Indenture Trustee may determine, to the Holders of Securities, of all sums
      due
      and to become due thereon for principal and interest or otherwise; but such
      monies need not be segregated from other funds except to the extent required
      herein or required by law.

     

    Section
      4.10  Repayment
      of Monies Held by Paying Agent.
      In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      the Notes, all monies then held by any Person other than the Indenture Trustee
      under the provisions of this Indenture with respect to such Notes shall, upon
      demand of the Issuing Entity, be paid to the Indenture Trustee to be held and
      applied according to Section 3.02 and thereupon such Person shall be released
      from all further liability with respect to such monies.

     

    Section
      4.11  Temporary
      Notes.
      Pending
      the preparation of any Definitive Notes, the Issuing Entity may execute and
      upon
      its written direction, the Indenture Trustee may authenticate and make available
      for delivery, temporary Notes that are printed, lithographed, typewritten,
      photocopied or otherwise produced, in any denomination, substantially of the
      tenor of the Definitive Notes in lieu of which they are issued and with such
      appropriate insertions, omissions, substitutions and other variations as the
      officers executing such Notes may determine, as evidenced by their execution
      of
      such Notes.

     

    If
      temporary Notes are issued, the Issuing Entity will cause Definitive Notes
      to be
      prepared without unreasonable delay. After the preparation of the Definitive
      Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
      surrender of the temporary Notes at the office designated by the Indenture
      Trustee, without charge to the Holder. Upon surrender for cancellation of any
      one or more temporary Notes, the Issuing Entity shall execute and the Indenture
      Trustee shall authenticate and make available for delivery, in exchange
      therefor, Definitive Notes of authorized denominations and of like tenor, class
      and aggregate principal amount. Until so exchanged, such temporary Notes shall
      in all respects be entitled to the same benefits under this Indenture as
      Definitive Notes.

     

    Section
      4.12  Representation
      Regarding ERISA.
      By
      acquiring a Class A Note or interest therein, each Holder of such Note or
      Beneficial Owner of any such interest will be deemed to represent that either
      (1) it is not acquiring such Note with Plan Assets or (2) (A) the acquisition,
      holding and transfer of such Note will not give rise to a nonexempt prohibited
      transaction under Section 406 of ERISA or Section 4975 of the Code and (B)
      the
      Notes are rated investment grade or better and such person believes that the
      Notes are properly treated as indebtedness without substantial equity features
      for purposes of the Department of Labor regulation 29 C.F.R. § 2510.3-101, and
      agrees to so treat the Notes. Alternatively, regardless of the rating of the
      Notes, such person may provide the Indenture Trustee and the Note Registrar
      with
      an opinion of counsel, which opinion of counsel will not be at the expense
      of
      the Issuing Entity, the Sponsor, the Owner Trustee, the Indenture Trustee or
      any
      servicer which opines that the acquisition, holding and transfer of such Note
      or
      interest therein is permissible under applicable law, will not constitute or
      result in a non-exempt prohibited transaction under ERISA or Section 4975 of
      the
      Code and will not subject the Issuing Entity, the Sponsor, the Depositor, the
      Owner Trustee, the Indenture Trustee or the Servicer to any obligation in
      addition to those undertaken in the Indenture and the other Basic
      Documents.

     

    Section
      4.13  Subrogation
      and Cooperation.
      (a)
      The
      Issuing Entity and the Indenture Trustee acknowledge that (i) to the extent
      the
      Note Insurer makes payments under the Policy on account of principal of or
      interest on the Class A Notes or the Class S Certificates, the Note Insurer
      will
      be fully subrogated to the rights of such Holders to receive such principal
      and
      interest from the Issuing Entity, and (ii) the Note Insurer shall be paid such
      principal and interest but only from the sources and in the manner provided
      herein and in the Insurance Agreement.

     

    (b)  The
      Indenture Trustee shall, so long as it is indemnified to its satisfaction,
      cooperate in all respects with any reasonable written direction by the Note
      Insurer to pursue legal remedies available to the Indenture Trustee to enforce
      the Note Insurer’s rights under this Indenture or the Insurance Agreement,
      consistent with this Indenture and without limiting the rights of the
      Noteholders as otherwise set forth in the Indenture, including, without
      limitation, upon the occurrence and continuance of a default under the Insurance
      Agreement, a written direction to take any one or more of the following actions
      as specified in such written direction delivered to the Indenture Trustee
      and the Depositor and at the expense of the Trust Estate:

     

    (i)
      institute Proceedings for the collection of all amounts then payable on the
      Class A Notes and the Class S Certificates, or under this Indenture in respect
      of the Class A Notes and the Class S Certificates and all amounts payable under
      the Insurance Agreement, enforce any judgment obtained and collect from the
      Issuing Entity monies adjudged due;

    

    (ii)
      sell or cause to be sold the Trust Estate or any portion thereof or rights
      or
      interest therein, at one or more public or private Sales (as defined in Section
      5.15 hereof) called and conducted in any manner permitted by law;

    

    (iii)
      institute Proceedings from time to time for the complete or partial foreclosure
      of this Indenture;

    

    (iv)
      exercise any remedies of a secured party under the UCC and take any other
      appropriate action to protect and enforce the rights and remedies of the Note
      Insurer hereunder; and

     

    (v)
      file or record all assignments that have not previously been
      recorded.

     

    provided,
      however, action shall be taken pursuant to this Section 4.13 by the Indenture
      Trustee to preserve the Note Insurer’s rights or interest under this Indenture
      or the Insurance Agreement only to the extent such action is available to the
      Class A Noteholders or Class S Certificateholders or the Note Insurer under
      other provisions of this Indenture. 

     

    Notwithstanding
      any provision of this Indenture to the contrary, so long as no Note Insurer
      Default exists, the Note Insurer shall at all times be treated as if it were
      the
      exclusive owner of all Class A Notes Outstanding for the purposes of all
      approvals, right of removal, appointment or direction, consents, waivers, votes
      and the institution of any action and the written direction of all remedies,
      and
      the Indenture Trustee shall act in accordance with the written directions of
      the
      Note Insurer so long as it is indemnified therefor to its reasonable
      satisfaction.

     

    ARTICLE
      V

    DEFAULT
      AND REMEDIES

     

    Section
      5.01  Events
      of Default.
      The
      Issuing Entity shall deliver to the Indenture Trustee and the Note Insurer,
      within five days after learning of the occurrence of a Default, written notice
      in the form of an Officer’s Certificate of any event which with the giving of
      notice and the lapse of time would become an Event of Default under clause
      (ii),
      (iii) or (iv) of the definition of “Event of Default”, its status and what
      action the Issuing Entity is taking or proposes to take with respect thereto.
      The Indenture Trustee shall not be deemed to have knowledge of any Default
      or
      Event of Default unless a Responsible Officer has actual knowledge thereof
      or
      unless written notice of such Default or Event of Default is received by a
      Responsible Officer and such notice references the Notes, the Trust Estate
      or
      this Indenture.

     

    Section
      5.02  Acceleration
      of Maturity; Rescission and Annulment.
      If an
      Event of Default should occur and be continuing, then and in every such case
      the
      Indenture Trustee at the written direction of the Note Insurer or the Holders
      of
      Notes representing not less than a majority of the aggregate Note Principal
      Balance of the Notes may, with the written consent of the Note Insurer, declare
      the Notes to be immediately due and payable, by a notice in writing to the
      Issuing Entity (and to the Indenture Trustee if such notice is given by
      Noteholders), and upon any such declaration the unpaid Note Principal Balance
      of
      the Notes, together with accrued and unpaid interest thereon through the date
      of
      acceleration, shall become immediately due and payable; provided, however,
      that
      for purposes of this Article V, unless a Note Insurer Default exists, the Note
      Insurer may exercise the rights of the Holders of the Class A Notes, and such
      Holders will not be permitted to exercise such rights without the Note Insurer’s
      consent.

     

    At
      any
      time after such declaration of acceleration of maturity with respect to an
      Event
      of Default has been made and before a judgment or decree for payment of the
      money due has been obtained by the Indenture Trustee as hereinafter in this
      Article V provided, the Note Insurer or the Holders of the Notes representing
      not less than a majority of the aggregate Note Principal Balance of the Notes,
      with the written consent of the Note Insurer, so long as no Note Insurer Default
      exists, by written notice to the Issuing Entity and the Indenture Trustee,
      may,
      subject to Section 5.12, waive the related Event of Default and rescind and
      annul such declaration and its consequences if:

     

    (i)  the
      Issuing Entity has paid or deposited with the Indenture Trustee a sum sufficient
      to pay:

     

    (A)  all
      payments of principal of and interest on the Notes and all other amounts that
      would then be due hereunder or under the Notes if the Event of Default giving
      rise to such acceleration had not occurred;

     

    (B)  all
      sums
      paid or advanced by the Indenture Trustee hereunder and the reasonable
      compensation, expenses, disbursements and advances of the Indenture Trustee
      and
      its agents and counsel;

     

    (C)  all
      amounts owed to the Note Insurer; and

     

    (ii)  all
      Events of Default, other than the nonpayment of the principal of the Notes
      that
      has become due solely by such acceleration, have been cured or waived as
      provided in Section 5.12; provided, however, the Note Insurer, so long as no
      Note Insurer Default exists, may waive an Event of Default regardless of Section
      5.02(i) above.

     

    No
      such
      rescission shall affect any subsequent default or impair any right consequent
      thereto.

     

    Section
      5.03  Collection
      of Indebtedness and Suits for Enforcement by Indenture Trustee. 

     

    (a)  The
      Issuing Entity covenants that if (i) default is made in the payment of any
      interest on any Note when the same becomes due and payable, and such default
      continues for a period of five days, or (ii) default is made in the payment
      of
      the principal of or any installment of the principal of any Note when the same
      becomes due and payable, the Issuing Entity shall, upon demand of the Indenture
      Trustee, at the direction of the Note Insurer, so long as no Note Insurer
      Default exists, or at the direction of the Holders of a majority of the
      aggregate Note Principal Balances of the Notes, with the consent of the Note
      Insurer, so long as no Note Insurer Default exists, pay to the Indenture
      Trustee, for the benefit of the Holders of Notes and the Note Insurer, the
      whole
      amount then due and payable on the Notes for principal and interest, with
      interest at the applicable Note Interest Rate upon the overdue principal, and
      in
      addition thereto such further amount as shall be sufficient to cover the costs
      and expenses of collection, including the reasonable compensation, expenses,
      disbursements and advances of the Indenture Trustee and their respective agents
      and counsel and all amounts owed to the Note Insurer hereunder and under the
      Insurance Agreement.

     

    (b)  In
      case
      the Issuing Entity shall fail forthwith to pay such amounts upon such demand,
      the Indenture Trustee, in its own name and as trustee of an express trust,
      and
      at the direction of the Note Insurer, so long as no Note Insurer Default exists,
      subject to the provisions of Section 10.15 hereof, may institute a Proceeding
      for the collection of the sums so due and unpaid, and may prosecute such
      Proceeding to judgment or final decree, and may enforce the same against the
      Issuing Entity or other obligor upon the Notes and collect in the manner
      provided by law out of the property of the Issuing Entity or other obligor
      upon
      the Notes, wherever situated, the monies adjudged or decreed to be
      payable.

     

    (c)  If
      an
      Event of Default occurs and is continuing, the Indenture Trustee, at the
      direction of the Note Insurer, so long as no Note Insurer Default exists,
      subject to the provisions of Section 10.15 hereof, may, as more particularly
      provided in Section 5.04 hereof, in its discretion, proceed to protect and
      enforce its rights and the rights of the Noteholders and the Note Insurer by
      such appropriate Proceedings as directed in writing by the Note Insurer, so
      long
      as no Note Insurer Default exists, to protect and enforce any such rights,
      whether for the specific enforcement of any covenant or agreement in this
      Indenture or in aid of the exercise of any power granted herein, or to enforce
      any other proper remedy or legal or equitable right vested in the Indenture
      Trustee by this Indenture or by law.

     

    (d)  In
      case
      there shall be pending, relative to the Issuing Entity or any other obligor
      upon
      the Notes or any Person having or claiming an ownership interest in the Trust
      Estate, Proceedings under Title 11 of the United States Code or any other
      applicable federal or state bankruptcy, insolvency or other similar law, or
      in
      case a receiver, assignee or trustee in bankruptcy or reorganization,
      liquidator, sequestrator or similar official shall have been appointed for
      or
      taken possession of the Issuing Entity or its property or such other obligor
      or
      Person, or in case of any other comparable judicial Proceedings relative to
      the
      Issuing Entity or other obligor upon the Notes, or to the creditors or property
      of the Issuing Entity or such other obligor, the Indenture Trustee, at the
      direction of the Note Insurer, so long as no Note Insurer Default exists,
      irrespective of whether the principal of any Notes shall then be due and payable
      as therein expressed or by declaration or otherwise and irrespective of whether
      the Indenture Trustee shall have made any demand pursuant to the provisions
      of
      this Section, shall be entitled and empowered, by intervention in such
      Proceedings or otherwise:

     

    (i)  to
      file
      and prove a claim or claims for the whole amount of principal and interest
      owing
      and unpaid in respect of the Notes and to the Note Insurer and to file such
      other papers or documents as may be necessary or advisable in order to have
      the
      claims of the Indenture Trustee (including any claim for reasonable compensation
      to the Indenture Trustee and each predecessor indenture trustee, and their
      respective agents, attorneys and counsel, and for reimbursement of all expenses
      and liabilities incurred, and all advances made, by the Indenture Trustee and
      each predecessor indenture trustee, except as a result of negligence, willful
      misconduct or bad faith), the Note Insurer and of the Noteholders allowed in
      such Proceedings;

     

    (ii)  unless
      prohibited by applicable law and regulations, to vote on behalf of the Holders
      of Notes in any election of a trustee, a standby trustee or Person performing
      similar functions in any such Proceedings;

     

    (iii)  to
      collect and receive any monies or other property payable or deliverable on
      any
      such claims and to distribute all amounts received with respect to the claims
      of
      the Noteholders, the Note Insurer and of the Indenture Trustee on their behalf,
      and

     

    (iv)  to
      file
      such proofs of claim and other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee, the Note Insurer
      or the Holders of Notes allowed in any judicial proceedings relative to the
      Issuing Entity, its creditors and its property;

     

    and
      any
      trustee, receiver, liquidator, custodian or other similar official in any such
      Proceeding is hereby authorized by each of such Noteholders to make payments
      to
      the Indenture Trustee, and, in the event that the Indenture Trustee, with the
      consent of the Note Insurer, so long as no Note Insurer Default exists, shall
      consent to the making of payments directly to such Noteholders, to pay to the
      Indenture Trustee such amounts as shall be sufficient to cover reasonable
      compensation to the Indenture Trustee, each predecessor indenture trustee and
      their respective agents, attorneys and counsel, and all other expenses and
      liabilities incurred, and all advances made, by the Indenture Trustee and each
      predecessor indenture trustee and all amounts due to the Note Insurer hereunder
      and under the Insurance Agreement.

     

    (e)  Nothing
      herein contained shall be deemed to authorize the Indenture Trustee to authorize
      or consent to or vote for or accept or adopt on behalf of any Noteholder any
      plan of reorganization, arrangement, adjustment or composition affecting the
      Notes or the rights of any Holder thereof or to authorize the Indenture Trustee
      to vote in respect of the claim of any Noteholder in any such proceeding except,
      as aforesaid, to vote for the election of a trustee in bankruptcy or similar
      Person.

     

    (f)  All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Notes, may be enforced by the Indenture Trustee without the possession
      of
      any of the Notes or the production thereof in any trial or other Proceedings
      relative thereto, and any such action or proceedings instituted by the Indenture
      Trustee shall be brought in its own name as trustee of an express trust, and
      any
      recovery of judgment, subject to the payment of the expenses, disbursements
      and
      compensation of the Indenture Trustee, each predecessor indenture trustee and
      their respective agents and attorneys, shall be for the ratable benefit of
      the
      Holders of the Notes, subject to Section 5.05 hereof.

     

    In
      any
      Proceedings brought by the Indenture Trustee with the consent of or at the
      direction of the Note Insurer, so long as no Note Insurer Default exists (and
      also any Proceedings involving the interpretation of any provision of this
      Indenture to which the Indenture Trustee shall be a party), the Indenture
      Trustee shall be held to represent all the Holders of the Notes, and it shall
      not be necessary to make any Noteholder a party to any such
      Proceedings.

     

    Section
      5.04  Remedies;
      Priorities.
      (a)
      If an
      Event of Default shall have occurred and be continuing and if an acceleration
      has been declared and not rescinded pursuant to Section 5.02 hereof, the
      Indenture Trustee, subject to the provisions of Section 10.15 hereof, may,
      with
      the consent of the Note Insurer, so long as no Note Insurer Default exists,
      and
      shall, at the written direction of the Note Insurer, so long as no Note Insurer
      Default exists, or of the Holders of a majority of the aggregate Note Principal
      Balances of the Notes then outstanding, with the consent of the Note Insurer,
      so
      long as no Note Insurer Default exists, do one or more of the following (subject
      to Section 5.05 hereof):

     

    (i)  institute
      Proceedings in its own name and as trustee of an express trust for the
      collection of all amounts then payable on the Notes and to the Note Insurer
      or
      under this Indenture with respect thereto, whether by declaration or otherwise,
      and all amounts payable under the Insurance Agreement, and enforce any judgment
      obtained, and collect from the Issuing Entity and any other obligor upon such
      Notes monies adjudged due;

     

    (ii)  institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture with respect to the Trust Estate;

     

    (iii)  exercise
      any remedies of a secured party under the UCC and take any other appropriate
      action to protect and enforce the rights and remedies of the Indenture Trustee
      and the Holders of the Notes and the Note Insurer; and

     

    (iv)  sell
      the
      Trust Estate or any portion thereof or rights or interest therein, at one or
      more public or private sales called and conducted in any manner permitted by
      law;

     

    provided,
      however, that the Indenture Trustee may not, without the consent of the Note
      Insurer, so long as no Note Insurer Default exists, sell or otherwise liquidate
      the Trust Estate following an Event of Default, unless (1)(A) if a Note Insurer
      Default has occurred and is continuing, the Indenture Trustee obtains the
      consent of the Holders of 100% of the aggregate Note Principal Balance of the
      Notes then outstanding, (B) the proceeds of such sale or liquidation
      distributable to the Holders of the Notes are sufficient to discharge in full
      all amounts then due and unpaid upon such Notes for principal and interest
      and
      to reimburse the Note Insurer for any amounts drawn under the Policy and any
      other amounts due to the Note Insurer under the Insurance Agreement, or (C)
      it
      is determined that the HELOCs will not continue to provide sufficient funds
      for
      the payment of principal of and interest on the applicable Notes as they would
      have become due if the Notes had not been declared due and payable, and the
      Indenture Trustee obtains the consent of the Note Insurer, so long as no Note
      Insurer Default exists, and of the Holders of 66 2/3% of the aggregate Note
      Principal Balance of the Class A Notes then outstanding, voting separately,
      and
      (2) the Indenture Trustee complies with each of the requirements for a qualified
      liquidation under Section 860F of the Code set forth in Section 8.06(c) as
      if it
      were the Class X Certificateholder. In determining such sufficiency or
      insufficiency with respect to clause (B) and (C), the Indenture Trustee may,
      but
      need not, obtain and rely upon an opinion (obtained at the expense of the
      Issuing Entity and not at the expense of the Indenture Trustee) of an
      Independent investment banking or accounting firm of national reputation as
      to
      the feasibility of such proposed action and as to the sufficiency of the Trust
      Estate for such purpose. Notwithstanding the foregoing, any Sale of the Trust
      Estate shall be made subject to the continued servicing of the HELOCs by the
      Servicer (other than the Servicer as to which an Event of Servicer Termination
      has occurred and is continuing) as provided in the Sale and Servicing Agreement.
      Notwithstanding any contrary provision of this Indenture, no Sale of the Trust
      Estate shall be made unless an Opinion of Counsel is rendered, addressed to
      the
      Indenture Trustee, the Note Insurer and the Owner Trustee, to the effect that
      such Sale would not (i) result in the imposition of the tax on “prohibited
      transactions” as defined in sections 860F(a)(2) of any REMIC created hereunder
      or (ii) cause any REMIC created hereunder to fail to qualify as a REMIC at
      any
      time that any Notes or Certificates are outstanding.

     

    If
      the
      Indenture Trustee collects any money or property pursuant to this Article V,
      the
      Indenture Trustee shall pay out the money or property in accordance with Section
      3.02 hereof.

     

    The
      Indenture Trustee may fix a record date and Payment Date for any payment to
      Noteholders pursuant to this Section 5.04. At least 15 days before such record
      date, the Indenture Trustee shall mail to each Noteholder a notice that states
      the record date, the Payment Date and the amount to be paid.

     

    Section
      5.05  Optional
      Preservation of the Trust Estate.
      If the
      Notes have been declared to be due and payable under Section 5.02 following
      an
      Event of Default and such declaration and its consequences have not been
      rescinded and annulled, the Indenture Trustee may, with the consent of the
      Note
      Insurer, so long as no Note Insurer Default exists, and shall, at the direction
      of the Note Insurer, so long as no Note Insurer Default exists, elect to take
      and maintain possession of the Trust Estate. It is the desire of the parties
      hereto and the Noteholders that there be at all times sufficient funds for
      the
      payment of principal of and interest on the Notes and other obligations of
      the
      Issuing Entity, including payments to the Note Insurer, and the Indenture
      Trustee shall take such desire into account when determining whether or not
      to
      take and maintain possession of the Trust Estate. In determining whether to
      take
      and maintain possession of the Trust Estate, the Indenture Trustee may, but
      need
      not, obtain and rely upon an opinion of an Independent investment banking or
      accounting firm of national reputation as to the feasibility of such proposed
      action and as to the sufficiency of the Trust Estate for such
      purpose.

     

    Section
      5.06  Limitation
      of Suits.
      So long
      as no Note Insurer Default exists and so long as the majority Holder of the
      Class X Certificates owns 100% of the Securities, no Holder of any Note (other
      than the Note Insurer acting pursuant to Section 4.13 hereof) shall have any
      right to institute any Proceeding, judicial or otherwise, with respect to this
      Indenture, or for the appointment of a receiver or trustee, or for any other
      remedy hereunder. No Holder of any Note (other than the Note Insurer acting
      pursuant to Section 4.13 hereof) shall have any right to institute any
      Proceeding, judicial or otherwise, with respect to this Indenture, or for the
      appointment of a receiver or trustee, or for any other remedy hereunder, unless
      and subject to the foregoing and the provisions of Section 10.15
      hereof:

     

    (i)  such
      Holder has previously given written notice to the Indenture Trustee of a
      continuing Event of Default;

     

    (ii)  the
      Holders of not less than 25% of the aggregate Note Principal Balance of the
      Notes have made a written request to the Indenture Trustee to institute such
      Proceeding in respect of such Event of Default in its own name as Indenture
      Trustee hereunder;

     

    (iii)  such
      Holder or Holders have offered to the Indenture Trustee reasonable indemnity
      which shall be acceptable to the Indenture Trustee against the costs, expenses
      and liabilities to be incurred in complying with such request;

     

    (iv)  the
      Indenture Trustee, for 60 days after its receipt of such notice of request
      and
      offer of indemnity, has failed to institute such Proceedings; 

     

    (v)  such
      Holders have obtained consent of the Note Insurer; and

     

    (vi)  no
      direction inconsistent with such written request has been given to the Indenture
      Trustee during such 60-day period by the Holders of a majority of the Note
      Principal Balances of the Notes.

     

    It
      is
      understood and intended that no one or more Holders of Notes shall have any
      right in any manner whatever by virtue of, or by availing of, any provision
      of
      this Indenture to affect, disturb or prejudice the rights of any other Holders
      of Notes or to obtain or to seek to obtain priority or preference over any
      other
      Holders or to enforce any right under this Indenture, except in the manner
      herein provided.

     

    Subject
      to the last paragraph of Section 5.11 herein, in the event the Indenture Trustee
      shall receive conflicting or inconsistent requests and indemnity from two or
      more groups of Holders of Notes, each representing less than a majority of
      the
      Note Principal Balances of the Notes, the Indenture Trustee shall take such
      action as requested in writing by the Holders representing the highest amount
      (in the aggregate) of the Note Principal Balances, notwithstanding any other
      provisions of this Indenture.

     

    Section
      5.07  Unconditional
      Rights of Noteholders To Receive Principal and Interest.
      Notwithstanding any other provisions in this Indenture, the Holder of any Note
      shall have the right, which is absolute and unconditional, to receive payment
      of
      the principal of and interest, if any, on such Note on or after the respective
      due dates thereof expressed in such Note or in this Indenture and to institute
      suit for the enforcement of any such payment, and such right shall not be
      impaired without the consent of such Holder.

     

    Section
      5.08  Restoration
      of Rights and Remedies.
      If the
      Indenture Trustee or any Noteholder has instituted any Proceeding to enforce
      any
      right or remedy under this Indenture and such Proceeding has been discontinued
      or abandoned for any reason or has been determined adversely to the Indenture
      Trustee, the Note Insurer or to such Noteholder, then and in every such case
      the
      Issuing Entity, the Note Insurer, the Indenture Trustee and the Noteholders
      shall, subject to any determination in such Proceeding, be restored severally
      and respectively to their former positions hereunder, and thereafter all rights
      and remedies of the Indenture Trustee and the Noteholders shall continue as
      though no such Proceeding had been instituted.

     

    Section
      5.09  Rights
      and Remedies Cumulative.
      No
      right or remedy herein conferred upon or reserved to the Indenture Trustee,
      the
      Note Insurer or to the Noteholders is intended to be exclusive of any other
      right or remedy, and every right and remedy shall, to the extent permitted
      by
      law, be cumulative and in addition to every other right and remedy given
      hereunder or now or hereafter existing at law or in equity or otherwise. The
      assertion or employment of any right or remedy hereunder, or otherwise, shall
      not prevent the concurrent assertion or employment of any other appropriate
      right or remedy.

     

    Section
      5.10  Delay
      or Omission Not a Waiver.
      No
      delay or omission of the Indenture Trustee, the Note Insurer or any Holder
      of
      any Note to exercise any right or remedy accruing upon any Event of Default
      shall impair any such right or remedy or constitute a waiver of any such Event
      of Default or an acquiescence therein. Every right and remedy given by this
      Article V or by law to the Indenture Trustee, the Note Insurer or to the
      Noteholders may be exercised from time to time, and as often as may be deemed
      expedient, by the Indenture Trustee or by the Noteholders, as the case may
      be.

     

    Section
      5.11  Control
      By Note Insurer and Noteholders.
      The
      Note Insurer, unless a Note Insurer Default exists, or the Holders of a majority
      of the aggregate Note Principal Balances of Notes, if a Note Insurer Default
      has
      occurred and is continuing, shall have the right to direct the time, method
      and
      place of conducting any Proceeding for any remedy available to the Indenture
      Trustee with respect to the Notes or exercising any trust or power conferred
      on
      the Indenture Trustee; provided that:

     

    (i)  such
      direction shall not be in conflict with any rule of law or with this
      Indenture;

     

    (ii)  any
      direction to the Indenture Trustee to sell or liquidate the Trust Estate shall
      be by the Note Insurer, so long as no Note Insurer Default exists, or by the
      Holders of Notes representing not less than 100% of the aggregate Note Principal
      Balance of the Notes, with the consent of the Note Insurer, so long as no Note
      Insurer Default exists, or the Holders of 66 2/3% of the aggregate Note
      Principal Balance of the Class A Notes then outstanding, voting separately
      as
      set forth in Section 5.04(a) hereof, with the consent of the Note Insurer,
      so
      long as no Note Insurer Default exists; and

     

    (iii)  subject
      to the direction or consent of the Note Insurer, so long as no Note Insurer
      Default exists, the Indenture Trustee may take any other action deemed proper
      by
      the Indenture Trustee that is not inconsistent with such direction of the
      Holders of Notes representing a majority of the Note Principal Balances of
      the
      Notes.

     

    Notwithstanding
      the rights of Noteholders set forth in this Section 5.11, the Indenture Trustee
      need not take any action that it determines might involve it in
      liability.

     

    Section
      5.12  Waiver
      of Past Defaults.
      Prior
      to the declaration of the acceleration of the maturity of the Notes as provided
      in Section 5.02 hereof, the Note Insurer, so long as no Note Insurer Default
      exists, or the Holders of Notes representing not less than a majority of the
      aggregate Note Principal Balance of the Class A Notes, with the consent of
      the
      Note Insurer, so long as no Note Insurer Default exists, may waive any past
      Event of Default and its consequences except an Event of Default (a) with
      respect to payment of principal of or interest on any of the Notes, (b) in
      respect of a covenant or provision hereof which cannot be modified or amended
      without the consent of the Holder of each Note, or (c) the waiver of which
      would
      materially and adversely affect the interests of the Note Insurer or modify
      its
      obligations under the Policy. In the case of any such waiver, the Issuing
      Entity, the Indenture Trustee, the Note Insurer and the Holders of the Notes
      shall be restored to their former positions and rights hereunder, respectively,
      but no such waiver shall extend to any subsequent or other Event of Default
      or
      impair any right consequent thereto.

     

    Upon
      any
      such waiver, any Event of Default arising therefrom shall be deemed to have
      been
      cured and not to have occurred for every purpose of this Indenture; but no
      such
      waiver shall extend to any subsequent or other Event of Default or impair any
      right consequent thereto.

     

    Section
      5.13  Undertaking
      for Costs.
      All
      parties to this Indenture agree, and each Holder of any Note and each Beneficial
      Owner of any interest therein by such Holder’s or Beneficial Owner’s acceptance
      thereof shall be deemed to have agreed, that any court may in its discretion
      require, in any suit for the enforcement of any right or remedy under this
      Indenture, or in any suit against the Indenture Trustee for any action taken,
      suffered or omitted by it as Indenture Trustee, the filing by any party litigant
      in such suit of an undertaking to pay the costs of such suit, and that such
      court may in its discretion assess reasonable costs, including reasonable
      attorneys’ fees, against any party litigant in such suit, having due regard to
      the merits and good faith of the claims or defenses made by such party litigant;
      but the provisions of this Section 5.13 shall not apply to (a) any suit
      instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder,
      or group of Noteholders, in each case holding in the aggregate more than 10%
      of
      the Note Principal Balances of the Notes or (c) any suit instituted by any
      Noteholder for the enforcement of the payment of principal of or interest on
      any
      Note on or after the respective due dates expressed in such Note and in this
      Indenture.

     

    Section
      5.14  Waiver
      of Stay or Extension Laws.
      The
      Issuing Entity covenants (to the extent that it may lawfully do so) that it
      will
      not at any time insist upon, or plead or in any manner whatsoever, claim or
      take
      the benefit or advantage of, any stay or extension law wherever enacted, now
      or
      at any time hereafter in force, that may affect the covenants or the performance
      of this Indenture; and the Issuing Entity (to the extent that it may lawfully
      do
      so) hereby expressly waives all benefit or advantage of any such law, and
      covenants that it shall not hinder, delay or impede the execution of any power
      herein granted to the Indenture Trustee, but will suffer and permit the
      execution of every such power as though no such law had been
      enacted.

     

    Section
      5.15  Sale
      of Trust Estate.
      (a)
      The
      power to effect any sale or other disposition (a “Sale”) of any portion of the
      Trust Estate pursuant to Section 5.04 hereof is expressly subject to the
      provisions of Sections 5.05 and 5.11(ii) hereof and this Section 5.15. The
      power
      to effect any such Sale shall not be exhausted by any one or more Sales as
      to
      any portion of the Trust Estate remaining unsold, but shall continue unimpaired
      until the entire Trust Estate shall have been sold or all amounts payable on
      the
      Notes and under this Indenture and under the Insurance Agreement shall have
      been
      paid. The Indenture Trustee, with the consent of the Note Insurer, so long
      as no
      Note Insurer Default exists, may from time to time postpone any public Sale
      by
      public announcement made at the time and place of such Sale. The Indenture
      Trustee hereby expressly waives its right to any amount fixed by law as
      compensation for any Sale.

     

    (b)  The
      Indenture Trustee shall not in any private Sale sell the Trust Estate, or any
      portion thereof, unless

     

    (1)  the
      Note
      Insurer (so long as no Note Insurer Default exists) or the Holders of all Notes,
      with the consent of the Note Insurer (so long as no Note Insurer Default exists)
      consent to or direct the Indenture Trustee to make, such Sale, or

     

    (2)  the
      proceeds of such Sale would be not less than the entire amount which would
      be
      payable to the Noteholders under the Notes and the Note Insurer in respect
      of
      amounts drawn under the Policy and any other amounts due to the Note Insurer
      under the Insurance Agreement, in full payment thereof in accordance with
      Section 5.02 hereof, on the Payment Date next succeeding the date of such Sale,
      or

     

    (3)  it
      is
      determined that the conditions for retention of the Trust Estate set forth
      in
      Section 5.05 hereof cannot be satisfied (in making any such determination,
      the
      Indenture Trustee may rely upon an opinion of an Independent investment banking
      firm obtained and delivered as provided in Section 5.05 hereof), and the Note
      Insurer (so long as no Note Insurer Default exists) and the Holders of Notes
      representing at least 100% of the Note Principal Balances of the Notes consent
      to such Sale .

     

    The
      purchase by the Indenture Trustee of all or any portion of the Trust Estate
      at a
      private Sale shall not be deemed a Sale or other disposition thereof for
      purposes of this Section 5.15(b).

     

    (c)  [Reserved].

     

    (d)  In
      connection with a Sale of all or any portion of the Trust Estate,

     

    (1)  any
      Holder or Holders of Notes and the Note Insurer may bid for and purchase the
      property offered for sale, and upon compliance with the terms of sale may hold,
      retain and possess and dispose of such property, without further accountability,
      and may, in paying the purchase money therefor, deliver any Notes or claims
      for
      interest thereon in lieu of cash up to the amount which shall, upon distribution
      of the net proceeds of such sale, be payable thereon, and such Notes, in case
      the amounts so payable thereon shall be less than the amount due thereon, shall
      be returned to the Holders thereof after being appropriately stamped to show
      such partial payment;

     

    (2)  the
      Indenture Trustee, with the consent of the Note Insurer, so long as no None
      Insurer Default exists, may bid for and acquire the property offered for Sale
      in
      connection with any Sale thereof, and, subject to any requirements of, and
      to
      the extent permitted by, applicable law in connection therewith, may purchase
      all or any portion of the Trust Estate in a private sale, and, in lieu of paying
      cash therefor, may make settlement for the purchase price by crediting the
      gross
      Sale price against the sum of (A) the amount which would be distributable to
      the
      Holders of the Notes and Holders of Certificates and amounts distributable
      to
      the Note Insurer on the Payment Date next succeeding the date of such Sale
      and
      (B) the expenses of the Sale and of any Proceedings in connection therewith
      which are reimbursable to it, without being required to produce the Notes in
      order to complete any such Sale or in order for the net Sale price to be
      credited against such Notes, and any property so acquired by the Indenture
      Trustee shall be held and dealt with by it in accordance with the provisions
      of
      this Indenture;

     

    (3)  the
      Indenture Trustee shall execute and deliver an appropriate instrument of
      conveyance, prepared by the Issuing Entity and satisfactory to the Indenture
      Trustee, transferring its interest in any portion of the Trust Estate in
      connection with a Sale thereof; and

     

    (4)  the
      Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact
      of the Issuing Entity to transfer and convey its interest in any portion of
      the
      Trust Estate in connection with a Sale thereof, and to take all action necessary
      to effect such Sale.

     

    (e)  So
      long
      as a single Holder of the Class X Certificates owns 100% of the Securities,
      the
      majority Holder of the Class X Certificates shall not consent to any Sale of
      the
      Trust Estate as set forth herein. 

     

    (f)  Notwithstanding
      any contrary provision of this Indenture, no Sale of the Trust Estate
shall
      be
      made unless an Opinion of Counsel is rendered, addressed to the Indenture
      Trustee, the Note Insurer and the Owner Trustee, to the effect that (i) such
      Sale would not (A) result in the imposition of the tax on “prohibited
      transactions” as defined in sections 860F(a)(2) of any REMIC created hereunder
      or (B) cause any REMIC created hereunder to fail to qualify as a REMIC at any
      time that any Notes or Certificates are outstanding,
      or (ii)
      that the Indenture Trustee has complied with the requirements for a “qualified
      liquidation” under section 860F of the Code set forth in Section 8.06(c) hereof
      as if it were any Class X Certificateholder.

     

    Section
      5.16  Action
      on Notes.
      The
      Indenture Trustee’s right to seek and recover judgment on the Notes or under
      this Indenture shall not be affected by the seeking, obtaining or application
      of
      any other relief under or with respect to this Indenture. Neither the lien
      of
      this Indenture nor any rights or remedies of the Indenture Trustee, the Note
      Insurer or the Noteholders shall be impaired by the recovery of any judgment
      by
      the Indenture Trustee against the Issuing Entity or by the levy of any execution
      under such judgment upon any portion of the Trust Estate or upon any of the
      assets of the Issuing Entity. Any money or property collected by the Indenture
      Trustee shall be applied by the Indenture Trustee in accordance with Section
      5.04 hereof.

     

    ARTICLE
      VI

    THE
      INDENTURE TRUSTEE

     

    Section
      6.01  Duties
      of Indenture Trustee.
      (a)
      If an
      Event of Default has occurred and is continuing, the Indenture Trustee shall
      exercise the rights and powers vested in it by this Indenture 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.

     

    (b)  Except
      during the continuance of an Event of Default of which the Indenture Trustee
      has
      actual knowledge or has received written notice,

     

    (i)  The
      Indenture Trustee undertakes to perform such duties and only such duties as
      are
      specifically set forth in this Indenture and the other Basic Documents to which
      it is a party and no implied covenants or obligations shall be read into this
      Indenture and the other Basic Documents against the Indenture Trustee;
      and

     

    (ii)  in
      the
      absence of bad faith on its part, the Indenture Trustee may conclusively rely,
      as to the truth of the statements and the correctness of the opinions expressed
      therein, upon certificates, reports, documents, Issuing Entity Requests or
      other
      instruments or opinions furnished to the Indenture Trustee and conforming to
      the
      requirements of this Indenture or the other Basic Documents; however, the
      Indenture Trustee shall examine the certificates, reports, documents, Issuing
      Entity Requests or other instruments and opinions to determine whether or not
      they conform on their face to the requirements of this Indenture.

     

    (c)  The
      Indenture Trustee may not be relieved from liability for its own negligent
      action, its own negligent failure to act or its own willful misconduct, except
      that:

     

    (i)  this
      paragraph does not limit the effect of paragraph (b) of this Section
      6.01;

     

    (ii)  the
      Indenture Trustee shall not be liable for any error of judgment made in good
      faith by a Responsible Officer unless it is proved that the Indenture Trustee
      was negligent in ascertaining the pertinent facts; and

     

    (iii)  the
      Indenture Trustee shall not be liable with respect to any action it takes or
      omits to take in good faith in accordance with a direction received by it from
      Noteholders, the Certificateholders, the Note Insurer or from the Issuing
      Entity, which they are entitled to give under the Basic Documents.

     

    (d)  The
      Indenture Trustee shall not be liable for interest on any money received by
      it.

     

    (e)  Money
      held in trust by the Indenture Trustee need not be segregated from other trust
      funds except to the extent required by law or the terms of this Indenture,
      the
      Sale and Servicing Agreement or the Trust Agreement.

     

    (f)  No
      provision of this Indenture shall require the Indenture Trustee to expend or
      risk its own funds or otherwise incur financial liability in the performance
      of
      any of its duties hereunder or in the exercise of any of its rights or powers,
      if it shall have reasonable grounds to believe that repayment of such funds
      or
      indemnity satisfactory to it against such risk or liability is not reasonably
      assured to it.

     

    (g)  Every
      provision of this Indenture relating to the conduct or affecting the liability
      of or affording protection to the Indenture Trustee shall be subject to the
      provisions of this Section.

     

    (h)  The
      Indenture Trustee shall not be deemed to have notice or knowledge of any Default
      or Event of Default unless a Responsible Officer of the Indenture Trustee has
      actual knowledge thereof or unless written notice of any such event that is
      in
      fact an Event of Default or Default is received by the Indenture Trustee at
      its
      Corporate Trust Office and such notice references the Notes or Certificates
      generally, the Issuing Entity, the Trust Estate or this Indenture.

     

    Section
      6.02  Rights
      of Indenture Trustee.
      (a)
      The
      Indenture Trustee may rely on any document believed by it to be genuine and
      to
      have been signed or presented by the proper person. The Indenture Trustee need
      not investigate any fact or matter stated in the document.

     

    (b)  Before
      the Indenture Trustee acts or refrains from acting, it may require an Officer’s
      Certificate or an Opinion of Counsel (which shall not be at the expense of
      the
      Indenture Trustee). The Indenture Trustee shall not be liable for any action
      it
      takes or omits to take in good faith in reliance on and in accordance with
      an
      Officer’s Certificate or Opinion of Counsel.

     

    (c)  The
      Indenture Trustee shall not be liable for any action it takes or omits to take
      in good faith which it believes to be authorized or within its rights or
      powers.

     

    (d)  The
      Indenture Trustee may consult with counsel, and the written advice or Opinion
      of
      Counsel (which shall not be at the expense of the Indenture Trustee) with
      respect to legal matters relating to this Indenture, the other Basic Documents
      and the Notes shall be full and complete authorization and protection from
      liability in respect to any action taken, omitted or suffered by it hereunder
      in
      good faith and in accordance with the written advice or opinion of such
      counsel.

     

    (e)  For
      the
      limited purpose of effecting any action to be undertaken by each of the
      Indenture Trustee, but not specifically as a duty of the Indenture Trustee
      in
      the Indenture, each of the Indenture Trustee may execute any of the trusts
      or
      powers hereunder or perform any duties hereunder, either directly or by or
      through agents, attorneys, custodians or nominees appointed with due care,
      and
      shall not be responsible for any willful misconduct or negligence on the part
      of
      any agent, attorney, custodian or nominee so appointed.

     

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

     

    (g)  Neither
      the Issuing Entity nor the Indenture Trustee shall be responsible for the acts
      or omissions of one another, it being understood that this Indenture shall
      not
      be construed to render them partners, joint venturers or agents of one
      another.

     

    (h)  [Reserved].

     

    (i)  Except
      for those actions that the Indenture Trustee is required to take hereunder,
      the
      Indenture Trustee shall not have any obligation or liability to take any action
      or to refrain from taking any action hereunder in the absence of written
      direction as provided hereunder.

     

    (j)  The
      Indenture Trustee shall not be under any obligation to exercise any of the
      trusts or powers vested in it by this Indenture, other than its obligation
      to
      give notices pursuant to this Indenture, or to institute, conduct or defend
      any
      litigation hereunder or in relation hereto at the request, order or direction
      of
      any of the Noteholders pursuant to the provisions of this Indenture, unless
      such
      Noteholders shall have offered to the Indenture 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 Indenture Trustee of the obligation, upon the occurrence of an Event of
      Default of which a Responsible Officer of the Indenture Trustee has actual
      knowledge (which has not been cured or waived), to exercise such of the rights
      and powers vested in it by this Indenture and to use the same degree of care
      and
      skill in their exercise as a prudent person would exercise under the
      circumstances in the conduct of his own affairs.

     

    (k)  The
      Indenture Trustee shall not be bound to make any investigation into the facts
      or
      matters stated in any resolution, certificate, statement, instrument, opinion,
      report, notice, request, consent, order, approval, bond or other paper or
      document, unless requested in writing to do so by the Note Insurer (so long
      as
      no Note Insurer Default exists) or Holders of Notes representing not less than
      25% of the Note Principal Balance of the Notes and provided that the payment
      within a reasonable time to the Indenture Trustee of the costs, expenses or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Indenture Trustee reasonably assured to the Indenture
      Trustee by the security afforded to it by the terms of this Indenture. The
      Indenture Trustee may require indemnity satisfactory to it against such expense
      or liability as a condition to taking any such action. The reasonable expense
      of
      every such examination shall be paid by the Noteholders requesting the
      investigation.

     

    (l)  Should
      the Indenture Trustee deem the nature of any action required on its part to
      be
      unclear, the Indenture Trustee may require prior to such action that it be
      provided by the Depositor with reasonable further instructions.

     

    (m)  The
      right
      of the Indenture Trustee to perform any discretionary act enumerated in this
      Indenture shall not be construed as a duty, and the Indenture Trustee shall
      not
      be accountable for other than its negligence or willful misconduct in the
      performance of any such act.

     

    (n)  The
      Indenture Trustee shall not be required to give any bond or surety with respect
      to the execution of the trust created hereby or the powers granted
      hereunder.

     

    (o)  The
      Indenture Trustee shall not have any duty to conduct any affirmative
      investigation as to the occurrence of any condition requiring the repurchase
      of
      any HELOC by the Sponsor pursuant to this Indenture, the Sale and Servicing
      Agreement or the Master PSA, as applicable, or the eligibility of any HELOC
      for
      purposes of this Indenture.

     

    Section
      6.03  Individual
      Rights of Indenture Trustee.
      The
      Indenture Trustee in its individual or any other capacity may become the owner
      or pledgee of Notes and may otherwise deal with the Issuing Entity or its
      Affiliates with the same rights it would have if it were not Indenture Trustee,
      subject to the requirements of the Trust Indenture Act. Any Note Registrar,
      co-registrar or co-paying agent may do the same with like rights. However,
      the
      Indenture Trustee must comply with Section 6.11 hereof.

     

    Section
      6.04  Indenture
      Trustee’s Disclaimer.
      The
      Indenture Trustee shall not be responsible for and makes no representation
      as to
      the validity or adequacy of this Indenture, the Notes or any other Basic
      Document, it shall not be accountable for the Issuing Entity’s use of the
      proceeds from the Notes, and it shall not be responsible for any statement
      of
      the Issuing Entity in the Indenture or in any document issued in connection
      with
      the sale of the Notes or in the Notes other than the Indenture Trustee’s
      certificate of authentication.

     

    Section
      6.05  Notice
      of Event of Default.
      Subject
      to Section 5.01, the Indenture Trustee shall promptly mail to each Noteholder
      and the Note Insurer notice of the Event of Default after it is known to a
      Responsible Officer of the Indenture Trustee, unless such Event of Default
      shall
      have been waived or cured. Except in the case of an Event of Default in payment
      of principal of or interest on any Note, the Indenture Trustee may withhold
      the
      notice if and so long as a committee of its Responsible Officers in good faith
      determines that withholding the notice is in the best interests of
      Noteholders.

     

    Section
      6.06  Reports
      to Residual Certificateholders.
      The
      Indenture Trustee shall furnish quarterly to the Holders of the Residual
      Certificates each applicable Form 1066Q and shall respond to written requests
      made not more frequently than quarterly by any Holder of a Residual Certificate
      with respect to the original issue discount (or, in the case of the HELOCs,
      market discount) or premium accrued or amortized through the end of such
      calendar quarter with respect to each class of Regular Interests or Residual
      Interests created hereunder and to the HELOCs, together with each constant
      yield
      to maturity used in computing the same.

     

    Section
      6.07  Compensation.
      The
      Indenture Trustee fee will be an amount equal to one-twelfth of the Indenture
      Trustee fee rate for each HELOC on the Stated Principal Balance of such HELOC.
      The Indenture Trustee fee rate with respect to each HELOC will be equal to
      the
      Indenture Trustee Fee Rate. In addition, the Indenture Trustee will each be
      entitled to recover from the Payment Account pursuant to Section 4.04 of the
      Sale and Servicing Agreement all reasonable out-of-pocket expenses,
      disbursements and advances and the expenses of the Indenture Trustee in
      connection with any breach of this Indenture or any claim or legal action
      (including any pending or threatened claim or legal action) or otherwise
      incurred or made by the Indenture Trustee in the administration of the trusts
      hereunder (including the reasonable compensation, expenses and disbursements
      of
      its counsel) except any such expense, disbursement or advance as may arise
      from
      its own negligence or intentional misconduct or which is the responsibility
      of
      the Noteholders as provided herein. Such compensation and reimbursement
      obligation shall not be limited by any provision of law in regard to the
      compensation of a trustee of an express trust. Additionally, the Indenture
      Trustee (including in its capacity as Custodian) and any director, officer,
      employee or agent of the Indenture Trustee shall be indemnified by the Issuing
      Entity and held harmless against any loss, liability or expense (including
      reasonable attorney's fees and expenses) incurred in the administration of
      this
      Indenture (other than its ordinary out of pocket expenses incurred hereunder)
      or
      in connection with any claim or legal action relating to (a) the Basic Documents
      or (b) the Notes, other than any loss, liability or expense incurred by reason
      of its own negligence or intentional misconduct, or which is the responsibility
      of the Noteholders as provided herein.

     

    The
      Issuing Entity's payment obligations to the Indenture Trustee pursuant to this
      Section 6.07 shall survive the discharge of this Indenture and the termination
      or resignation of the Indenture Trustee. When the Indenture Trustee incurs
      expenses after the occurrence of an Event of Default with respect to the Issuing
      Entity, the expenses are intended to constitute expenses of administration
      under
      Title 11 of the United States Code or any other applicable federal or state
      bankruptcy, insolvency or similar law.

     

    Section
      6.08  Replacement
      of Indenture Trustee.
      No
      resignation or removal of the Indenture Trustee and no appointment of a
      successor indenture trustee shall become effective until the acceptance of
      appointment by the successor indenture trustee pursuant to this Section 6.08.
      The Indenture Trustee may resign at any time by so notifying the Issuing Entity
      and the Note Insurer. The Note Insurer (so long as no Note Insurer Default
      exists) or the Holders of a majority of Note Principal Balances of the Class
      A
      Notes, with the consent of the Note Insurer (so long as no Note Insurer Default
      exists) may remove the Indenture Trustee by so notifying the Indenture Trustee
      and may appoint a successor Indenture Trustee. The Issuing Entity shall, with
      the consent of the Note Insurer (so long as no Note Insurer Default exists)
      remove the Indenture Trustee if:

     

    (i)  the
      Indenture Trustee fails to comply with or qualify pursuant to the provisions
      of
      Section 6.11 hereof;

     

    (ii)  the
      Indenture Trustee is adjudged a bankrupt or insolvent;

     

    (iii)  a
      receiver or other public officer takes charge of the Indenture Trustee or its
      property; or

     

    (iv)  the
      Indenture Trustee otherwise becomes incapable of acting.

     

    If
      the
      Indenture Trustee resigns or is removed or if a vacancy exists in the office
      of
      the Indenture Trustee for any reason (the Indenture Trustee in such event being
      referred to herein as the retiring Indenture Trustee), the Issuing Entity shall,
      with the consent of the Note Insurer (so long as no Note Insurer Default exists)
      promptly appoint a successor indenture trustee.

     

    The
      successor indenture trustee shall deliver a written acceptance of its
      appointment to the retiring Indenture Trustee, the Note Insurer and to the
      Issuing Entity. Thereupon, the resignation or removal of the retiring Indenture
      Trustee shall become effective, and the successor indenture trustee shall have
      all the rights, powers and duties of the Indenture Trustee under this Indenture.
      The successor indenture trustee shall each mail a notice of its succession
      to
      Noteholders. The retiring Indenture Trustee shall promptly transfer all property
      held by it as Indenture Trustee to the successor indenture trustee.

     

    If
      a
      successor indenture trustee does not take office within 60 days after the
      retiring Indenture Trustee resigns or is removed, the retiring Indenture
      Trustee, the Issuing Entity, the Note Insurer or the Holders of a majority
      of
      Note Principal Balances of the Notes may petition any court of competent
      jurisdiction for the appointment of a successor indenture trustee.

     

    Notwithstanding
      the replacement of the Indenture Trustee pursuant to this Section, the Issuing
      Entity's obligations under Section 6.07 shall continue for the benefit of the
      retiring Indenture Trustee.

     

    Section
      6.09  Successor
      Indenture Trustee by Merger.
      If the
      Indenture Trustee consolidates with, merges or converts into, or transfers
      all
      or substantially all of its corporate trust business or assets to, another
      corporation or banking association, the resulting, surviving or transferee
      corporation, without any further act, shall be the successor indenture trustee;
      provided, that such corporation or banking association shall be otherwise
      qualified and eligible under Section 6.11 hereof. The Indenture Trustee shall
      provide the Rating Agencies, the Note Insurer and the Issuing Entity with prior
      written notice, and the Noteholders with prompt written notice, of any such
      transaction.

     

    If
      at the
      time such successor or successors by merger, conversion or consolidation to
      the
      Indenture Trustee shall succeed to the trusts created by this Indenture and
      any
      of the Notes shall have been authenticated but not delivered, any such successor
      to the Indenture Trustee may adopt the certificate of authentication of any
      predecessor trustee and deliver such Notes so authenticated; and if at that
      time
      any of the Notes shall not have been authenticated, any successor to the
      Indenture Trustee may authenticate such Notes either in the name of any
      predecessor hereunder or in the name of the successor to the Indenture Trustee;
      and in all such cases such certificates shall have the full force which is
      in
      the Notes or in this Indenture provided that the certificate of the Indenture
      Trustee shall have.

     

    Section
      6.10  Appointment
      of Co-Indenture Trustee or Separate Indenture Trustee.
      (a)
      Notwithstanding any other provisions of this Indenture, at any time, for the
      purpose of meeting any legal requirement of any jurisdiction in which any part
      of the Trust Estate may at the time be located, the Indenture Trustee shall
      have
      the power and may execute and deliver all instruments to appoint one or more
      Persons to act as a co-trustee or co-trustees, or separate trustee or separate
      trustees, of all or any part of the Trust Estate, and to vest in such Person
      or
      Persons, in such capacity and for the benefit of the Noteholders and the Note
      Insurer, such title to the Trust Estate, or any part hereof, and, subject to
      the
      other provisions of this Section, such powers, duties, obligations, rights
      and
      trusts as the Indenture Trustee may consider necessary or desirable. No
      co-trustee or separate trustee hereunder shall be required to meet the terms
      of
      eligibility as a successor trustee under Section 6.11 hereof.

     

    (b)  Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Indenture
      Trustee shall be conferred or imposed upon and exercised or performed by the
      Indenture Trustee and such separate trustee or co-trustee jointly (it being
      understood that such separate trustee or co-trustee is not authorized to act
      separately without the Indenture Trustee joining in such act), except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed the Indenture Trustee shall be incompetent or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to the Trust Estate
      or
      any portion thereof in any such jurisdiction) shall be exercised and performed
      singly by such separate trustee or co-trustee, but solely at the direction
      of
      the Indenture Trustee;

     

    (ii)  no
      trustee hereunder shall be personally liable by reason of any act or omission
      of
      any other trustee hereunder; and

     

    (iii)  the
      Indenture Trustee may at any time accept the resignation of or remove any
      separate trustee or co-trustee.

     

    (c)  Any
      notice, request or other writing given to the Indenture Trustee shall be deemed
      to have been given to each of the then separate trustees and co-trustees, as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this Indenture and the conditions
      of this Article VI. Each separate trustee and co-trustee, upon its acceptance
      of
      the trusts conferred, shall be vested with the estates or property specified
      in
      its instrument of appointment, either jointly with the Indenture Trustee or
      separately, as may be provided therein, subject to all the provisions of this
      Indenture, specifically including every provision of this Indenture relating
      to
      the conduct of, affecting the liability of, or affording protection to, the
      Indenture Trustee. Every such instrument shall be filed with the Indenture
      Trustee.

     

    (d)  Any
      separate trustee or co-trustee may at any time constitute the Indenture Trustee,
      its agent or attorney-in-fact with full power and authority, to the extent
      not
      prohibited by law, to do any lawful act under or in respect of this Indenture
      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
      Indenture Trustee, to the extent permitted by law, without the appointment
      of a
      new or successor trustee.

     

    Section
      6.11  Eligibility;
      Disqualification.
      The
      Indenture Trustee hereunder shall at all times be a corporation or an
      association organized and doing business under the laws of any state or the
      United States of America, authorized under such laws to exercise corporate
      trust
      powers, having a combined capital and surplus of at least $50,000,000 and
      subject to supervision or examination by federal or state authority. In case
      at
      any time the Indenture Trustee shall cease to be eligible in accordance with
      the
      provisions of this Section, the Indenture Trustee shall resign immediately
      in
      the manner and with the effect specified in Section 6.08 hereof.

     

    The
      Indenture
      Trustee and
      any
      successor indenture trustee (i) may not be an originator, a servicer, a
      subservicer, the Depositor or an affiliate of the Depositor unless the Indenture
      Trustee is an institutional trust department, (ii) must be authorized to
      exercise corporate trust powers under the laws of its jurisdiction of
      organization, and (iii) must at all times be rated at least "A/F1" by Fitch
      if
      rated by Fitch.

     

    Any
      resignation or removal of the Indenture Trustee and appointment of a successor
      indenture trustee pursuant to any of the provisions of this Section shall not
      become effective until acceptance of appointment by the successor indenture
      trustee as provided in Section 6.08 hereof.

     

    Section
      6.12  Representations
      and Warranties.
      The
      Indenture Trustee hereby represents that:

     

    (i)  The
      Indenture Trustee is duly organized and validly existing as a national banking
      association in good standing under the laws of the United States with power
      and
      authority to own its properties and to conduct its business as such properties
      are currently owned and such business is presently conducted;

     

    (ii)  The
      Indenture Trustee has the power and authority to execute and deliver this
      Indenture and to carry out its terms; and the execution, delivery and
      performance of this Indenture have been duly authorized by the Indenture Trustee
      by all necessary corporate action;

     

    (iii)  
      The
      Indenture Trustee is a “securities intermediary,” as such term is defined in
      Section 8-102(a)(14)(B) of the New York Uniform Commercial Code, and that in
      the
      ordinary course of its business maintains “securities accounts” for others, as
      such term is used in Section 8-50(1) of the New York Uniform Commercial
      Code;

     

    (iv)  With
      respect to Section 11.11, the “securities intermediary’s jurisdiction”
      as defined in the New York Uniform Commercial Code, as applicable to
      this
      Indenture, shall be the State of New York; and

     

    (v)  The
      Indenture Trustee is not a “clearing corporation”, as such term is defined in
      Section 8-102(a)(5) of the New York Uniform Commercial Code.

     

    Section
      6.13  Directions
      to Indenture Trustee. 

     

    (a)  The
      Indenture Trustee is hereby directed to accept the pledge of the HELOCs and
      hold
      the assets of the Issuing Entity in trust for the Noteholders and the Note
      Insurer and to exercise and deliver the Custodial Agreement and the Insurance
      Agreement and to acknowledge and agree to the Sale and Servicing
      Agreement.

     

    (b)  the
      Indenture Trustee is hereby directed to (i) authenticate and deliver the Notes
      substantially in the form prescribed by Exhibit A to this Indenture in
      accordance with the terms of this Indenture and to take all other actions as
      shall be required to be taken by the Indenture Trustee pursuant to the terms
      of
      this Indenture and the other Basic Documents.

     

    Section
      6.14  The
      Agents.
      The
      provisions of this Indenture relating to the limitations of the Indenture
      Trustee’s liability and to its rights and protections shall inure also to the
      Paying Agent, Note Registrar and Certificate Registrar.

     

    ARTICLE
      VII

     

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    Section
      7.01  Issuing
      Entity To Furnish Indenture Trustee Names and Addresses of
      Noteholders.
      The
      Issuing Entity will furnish or cause to be furnished to the Indenture Trustee
      (a)
      not more
      than five days after each Record Date, a list, in such form as the Indenture
      Trustee may reasonably require, of the names and addresses of the Holders of
      Notes as of such Record Date, and (b) at such other times as the Indenture
      Trustee and the Note Insurer may request in writing, within 30 days after
      receipt by the Issuing Entity of any such request, a list of similar form and
      content as of a date not more than 10 days prior to the time such list is
      furnished; provided, however, that so long as the Indenture Trustee is the
      Note
      Registrar, no such list shall be required to be furnished to the Indenture
      Trustee.

     

    Section
      7.02  Preservation
      of Information; Communications to Noteholders.
      (a)
      The
      Indenture Trustee shall preserve, in as current a form as is reasonably
      practicable, the names and addresses of the Holders of Notes contained in the
      most recent list furnished to the Indenture Trustee as provided in Section
      7.01
      hereof and the names and addresses of Holders of Notes received by the Indenture
      Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy
      any
      list furnished to it as provided in such Section 7.01 upon receipt of a new
      list
      so furnished.

     

    (b)  Noteholders
      may communicate with other Noteholders with respect to their rights under this
      Indenture or under the Notes.

     

    Section
      7.03  Fiscal
      Year.
      Unless
      the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity
      shall end on December 31 of each year.

     

    Section
      7.04  Statements
      to Noteholders and Certificateholders.
      (a)
      With respect to each Payment Date, the Indenture Trustee shall make available
      via the Indenture Trustee’s website, initially located at
      https://www.tss.db.com/invr, to each Noteholder and each Certificateholder,
      the
      Indenture Trustee, the Depositor, the Issuing Entity, the Sponsor, the Owner
      Trustee, the Certificate Paying Agent, the Note Insurer and the Rating Agencies,
      a statement setting forth the following information as to the Notes, to the
      extent applicable:

     

    (i)  the
      applicable Record Date, Accrual Period, Interest Determination Date and Payment
      Date;

     

    (ii)  the
      Interest Remittance Amount, the Principal Collection Amount, the Principal
      Distribution Amount, the Basic Principal Distribution Amount, the Extra
      Principal Distribution Amount, the Interest Shortfall, the Basis Risk Carry
      Forward Amount (and the amount of all Basis Risk Carry Forward Amounts covered
      by withdrawals from the Excess Reserve Fund Account), the Unpaid Interest
      Shortfall Amount on the Class A Notes for such Payment Date, and the amount
      of
      Liquidation Proceeds;

     

    (iii)  the
      amounts of Servicing Fees, Indenture Trustee Fees and other fees and expenses
      accrued and paid;

     

    (iv)  (a)
      the
      amount of such distribution to the Class A Notes applied to reduce the Note
      Principal Balance thereof, and (b) the aggregate amount included therein
      representing principal prepayments;

     

    (v)  the
      amount of distributions (if any) to the Certificates;

     

    (vi)  the
      Note
      Interest Rate and the Certificate Interest Rate with respect to such Payment
      Date;

     

    (vii)  the
      Overcollateralization Amount and the Overcollateralization Target
      Amount;

     

    (viii)  the
      amount of any Net Monthly Excess Cashflow and the allocation of Net Monthly
      Excess Cashflow to the Noteholders and Certificateholders;

     

    (ix)  the
      Insurer Premium and any amounts paid or owed to the Note Insurer under the
      Insurance Agreement;

     

    (x)  the
      amount, if any, paid by the Note Insurer under the Policy for such Payment
      Date
      and the aggregate amounts for all prior Payment Dates paid by the Note Insurer
      under the Policy and not yet reimbursed;

     

    (xi)  if
      the
      distribution to the Holders of the Class A Notes and the Class S Certificates
      is
      less than the full amount that would be distributable to such Holders if there
      were sufficient funds available therefor, the amount of the
      shortfall;

     

    (xii)  the
      number and the aggregate Stated
      Principal Balance of
      the
      HELOCs as of the end of the related Due Period;

     

    (xiii)  the
      amount of Draws on the HELOCs;

     

    (xiv)  the
      aggregate Note Principal Balance of the Class A Notes, after giving effect
      to
      the amounts distributed on such Payment Date, separately identifying any
      reduction thereof after giving effect to the distribution of principal on such
      Payment Date;

     

    (xv)  the
      number and aggregate Stated Principal Balance of HELOCs (a) as to which the
      Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 to 120 days, 121
      to
      150 days, 151 to 180 days and more than 180 days, (b) in foreclosure, (c) that
      have become REO Property, and (d) in bankruptcy, in each case as of the close
      of
      business on the last Business Day of the immediately preceding
      month;

     

    (xvi)  for
      each
      of the preceding 12 calendar months, or all calendar months since the related
      Cut-Off Date, whichever is less, the aggregate dollar amount of the scheduled
      payments (a) due on all outstanding HELOCs on each of the due dates in each
      such
      month and (b) delinquent 60 days or more on each of the due dates in each such
      month;

     

    (xvii)  the
      aggregate Realized Loss Amounts with respect to the related Payment Date and
      cumulative Realized Loss Amounts since the Closing Date;

     

    (xviii)  the
      amount on deposit in the Excess Reserve Fund Account (after giving effect to
      payments on such Payment Date);

     

    (xix)  the
      number and aggregate Stated Principal Balance of HELOCs repurchased pursuant
      to
      the Sale and Servicing Agreement or the Master PSA for the related Payment
      Date
      and cumulatively since the Closing Date;

     

    (xx)  with
      respect to all HELOCs that became REO Properties during the preceding calendar
      month, the aggregate number of such HELOCs and the aggregate Stated Principal
      Balance of such HELOCs as of the close of business on the last Business Day
      of
      the immediately preceding month;

     

    (xxi)  the
      total
      number and principal balance of any REO Properties (and market value, if
      available), as of the close of business on the last business day of the
      immediately preceding month;

     

    (xxii)  the
      amount of any Relief Act Shortfalls for such Payment Date;

     

    (xxiii)  a
      statement as to whether a Trigger Event or a Rapid Amortization Event has
      occurred, including the calculation demonstrating the existence of the Trigger
      Event and the aggregate outstanding balance of all HELOCs 60 or more days
      delinquent;

     

    (xxiv)  the
      amount of any Subsequent Recoveries;

     

    (xxv)  if
      applicable, material modifications, extensions or waivers to pool asset terms,
      fees, penalties or payments during the related Due Period;

     

    (xxvi)  material
      breached of pool asset representations or warranties; 

     

    (xxvii)  the
      amount distributed to the Holders of the Class X Certificates; and

     

    (xxviii)  each
      HELOC that has been released from the Trust Estate to the Class X-1
      Certificateholder.

     

    Items
      (iv) and (v) above shall be presented on the basis of a Note having a $1,000
      denomination. In addition, within a reasonable period of time at the end of
      each
      calendar year following any year during which the Notes are outstanding, the
      Indenture Trustee shall furnish a report to each Noteholder of record if so
      requested in writing at any time during each calendar year as to the aggregate
      of amounts reported pursuant to (ii) and (iii) with respect to the Notes for
      such calendar year.

     

    The
      Indenture Trustee may conclusively rely upon the information provided by the
      Servicer to the Indenture Trustee in its preparation of monthly statements
      to
      Noteholders.

     

    The
      Indenture Trustee will make the monthly statements provided for in this section
      (and, at its option, any additional files containing the same information in
      an
      alternative format) available each month to the Note Insurer, each Noteholder
      and each Certificateholder, the Depositor, the Issuing Entity, the Sponsor,
      the
      Owner Trustee, the Certificate Paying Agent and the Rating Agency via the
      Indenture Trustee 's website. The Indenture Trustee’s website shall initially be
      located at “https://www.tss.db.com/invr.” Assistance in using the website can be
      obtained by calling the Indenture Trustee’s investor relations desk at
      1-800-735-7777. Parties that are unable to use the website are entitled to
      have
      a paper copy mailed to them via first class mail by calling the Indenture
      Trustee’s investor relations desk and indicating such. The Indenture Trustee may
      have the right to change the way the monthly statements are distributed in
      order
      to make such distribution more convenient and/or more accessible to the above
      parties and the Indenture Trustee shall provide timely and adequate notification
      to all above parties regarding any such changes.

     

    The
      Indenture Trustee shall be entitled to rely on but shall not be responsible
      for
      the content or accuracy of any information provided by third parties for
      purposes of preparing the monthly statement, and may affix thereto any
      disclaimer it deems appropriate in its reasonable discretion (without suggesting
      liability on the part of any other party hereto).

     

    ARTICLE
      VIII

     

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section
      8.01  Collection
      of Money.
      Except
      as otherwise expressly provided herein, the Indenture Trustee may demand payment
      or delivery of, and shall receive and collect, directly and without intervention
      or assistance of any fiscal agent or other intermediary, all money and other
      property payable to or receivable by the Indenture Trustee pursuant to this
      Indenture. The Indenture Trustee shall apply all such money received by it
      as
      provided in this Indenture. Except as otherwise expressly provided in this
      Indenture, if any default occurs in the making of any payment or performance
      under any agreement or instrument that is part of the Trust Estate, the
      Indenture Trustee may take such action as may be appropriate to enforce such
      payment or performance, including the institution and prosecution of appropriate
      Proceedings. Any such action shall be without prejudice to any right to claim
      a
      Default or Event of Default under this Indenture and any right to proceed
      thereafter as provided in Article V.

     

    Section
      8.02  Officer’s
      Certificate.
      The
      Indenture Trustee shall receive at least seven Business Days’ notice when
      requested by the Issuing Entity to take any action pursuant to Section 8.06(a)
      hereof, accompanied by copies of any instruments to be executed, and the
      Indenture Trustee shall also require, as a condition to such action, an
      Officer’s Certificate, in form and substance satisfactory to the Indenture
      Trustee, stating the legal effect of any such action, outlining the steps
      required to complete the same, and concluding that all conditions precedent
      to
      the taking of such action have been complied with.

     

    Section
      8.03  Termination
      Upon Distribution to Noteholders.
      This
      Indenture and the respective obligations and responsibilities of the Issuing
      Entity and the Indenture Trustee created hereby shall terminate upon the
      distribution to Noteholders, the Certificate Paying Agent on behalf of the
      Certificateholders, the Note Insurer and the Indenture Trustee of all amounts
      required to be distributed pursuant to Article III and the Insurance Agreement;
      provided, however, that in no event shall the trust created hereby continue
      beyond the earlier of (i) the expiration of 21 years from the death of the
      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 or (ii)
      the
      Latest Possible Maturity Date.

     

    Section
      8.04  Release
      of Trust Estate.
      (a)
      Subject
      to the payment of its fees and expenses, the Indenture Trustee may, and when
      required by the provisions of this Indenture shall, execute instruments to
      release property from the lien of this Indenture, or convey the Indenture
      Trustee’s interest in the same, in a manner and under circumstances that are not
      inconsistent with the provisions of this Indenture, including for the purposes
      of any purchase of a HELOC by the majority Holder of the Class X Certificates
      pursuant to Section 8.06 of this Indenture. No party relying upon an instrument
      executed by the Indenture Trustee as provided in Article VIII hereunder shall
      be
      bound to ascertain the Indenture Trustee’s authority, inquire into the
      satisfaction of any conditions precedent, or see to the application of any
      monies.

     

    (b)  The
      Indenture Trustee shall, at such time as (i) there are no Notes Outstanding,
      (ii) all sums then due and unpaid to the Indenture Trustee pursuant to this
      Indenture have been paid, and (iii) all sums due to the Note Insurer have been
      paid, release any remaining portion of the Trust Estate that secured the Notes
      from the lien of this Indenture.

     

    (c)  The
      Indenture Trustee shall release property from the lien of this Indenture
      pursuant to this Section 8.05 only upon receipt of a request from the Issuing
      Entity and a letter from the Note Insurer stating that the Note Insurer has
      no
      objection to such request from the Issuing Entity.

     

    Section
      8.05  Surrender
      of Notes Upon Final Payment.
      By
      acceptance of any Note, the Holder thereof agrees to surrender such Note to
      the
      Indenture Trustee promptly, prior to such Noteholder’s receipt of the final
      payment thereon.

     

    Section
      8.06  Optional
      Redemption of the HELOCs.
      (a)
      The
      Holder of the Class X Certificates, or if there is no single holder, the
      majority Holder of the Class X Certificates, shall have the option to request
      the Servicer to purchase the assets of the Trust on behalf of such Holder of
      the
      Class X Certificates and thereby cause the redemption of the Notes, in whole,
      but not in part, on or after the Payment Date on which the sum of the Note
      Principal Balances of the Notes is reduced to an amount less than or equal
      to
      10% of the sum of the original Note Principal Balances of the Notes; provided
      that if the Depositor or one of its Affiliates is a Class X Certificateholder
      exercising this option, it may only do so with at least one unaffiliated Person
      that holds at least a 10% percentage interest in the Class X Certificates.
      Such
      optional purchase shall be subject to the Note Insurer’s consent if the
      termination would result in a draw on the Policy or if, after such purchase,
      amounts would remain owed to the Note Insurer under this Indenture or the
      Insurance Agreement. The aggregate redemption price (the “Redemption Price”) for
      the Notes will be equal to the lesser of (i) the fair market value of the HELOCs
      and (ii) the sum of the outstanding principal balance of the HELOCs, and accrued
      and unpaid interest thereon at the weighted average of the mortgage rates
      through the day preceding the final Payment Date; provided that the option
      shall
      only be exercised if the purchase price is sufficient to repay all outstanding
      principal and accrued and unpaid interest on the Notes.

     

    (b)  In
      order
      to exercise the foregoing option, the Holder of the Class X Certificates, or
      if
      there is no single holder, the majority Holder of the Class X Certificates,
      shall provide written notice of its exercise of such option to the Indenture
      Trustee, the Issuing Entity, the Owner Trustee, the Note Insurer and the
      Servicer at least 15 days prior to its exercise. Following receipt of the
      notice, the Indenture Trustee shall provide written notice to the Noteholders
      of
      the final payment on the Notes. In addition, the Holder of the Class X
      Certificates, or if there is no single holder, the majority Holder of the Class
      X Certificates, shall, not less than one Business Day prior to the proposed
      Payment Date on which such redemption is to be made, deposit the Redemption
      Price specified in (a) above with the Indenture Trustee, who shall deposit
      the
      Redemption Price into the Payment Account and shall, on the Payment Date after
      receipt of the funds, apply such funds to make final payments of principal
      and
      interest on the Notes in accordance with Section 3.02 hereof and payment to
      the
      Indenture Trustee and the Servicer as set forth in (a) above, and this Indenture
      shall be discharged subject to the provisions of Section 4.09 hereof. If for
      any
      reason the amount deposited by the Holder of the Class X Certificates, or if
      there is no single holder, the majority Holder of the Class X Certificates,
      is
      not sufficient to make such redemption or such redemption cannot be completed
      for any reason, (a) the amount so deposited by the Holder of the Class X
      Certificates, or if there is no single holder, the majority Holder of the Class
      X Certificates, with the Indenture Trustee shall be immediately returned to
      the
      Holder of the Class X Certificates, or if there is no single holder, the
      majority Holder of the Class X Certificates, in full and shall not be used
      for
      any other purpose or be deemed to be part of the Trust Estate and (b) the Note
      Principal Balance of the Notes shall continue to bear interest at the related
      Note Interest Rate.

     

    (c)  Upon
      exercise by the Class X Certificateholder or the majority Holder of the Class
      X
      Certificates, as applicable, of its purchase option as provided in clause (a)
      above, the Notes shall be redeemed and the Trust Estate shall be terminated
      in
      accordance with the following additional requirements, unless the Indenture
      Trustee and Owner Trustee have been supplied with an Opinion of Counsel
      addressed to the Indenture Trustee and Owner Trustee, at the expense of the
      Class X Certificateholder or the majority Holder of the Class X Certificates,
      as
      applicable, to the effect that the failure of the Trust Estate to comply with
      the requirements of this clause (c) will not (i) result in the imposition of
      taxes on “prohibited transactions” of a REMIC created hereunder, or (ii) cause a
      REMIC created hereunder to fail to qualify as a REMIC at any time that any
      Notes
      or Certificates are outstanding:

     

    (i) The
      Class
      X Certificateholder or the majority Holder of the Class X Certificates, as
      applicable, shall establish a 90-day liquidation period and notify the Indenture
      Trustee and Owner Trustee thereof, and the Indenture Trustee shall in turn
      specify the first day of such period in a statement attached to the tax return
      for each REMIC created hereunder pursuant to Treasury Regulation Section
      1.860F-1. The Class X Certificateholder or the majority Holder of the Class
      X
      Certificates, as applicable, shall satisfy all the requirements of a qualified
      liquidation under Section 860F of the Code and any regulations thereunder,
      as
      evidenced by an Opinion of Counsel obtained at the expense of the Class X
      Certificateholder or the majority Holder of the Class X Certificates, as
      applicable;

     

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

     

    (iii) At
      the
      time of the making of the final payment on the Notes and Certificates, the
      Indenture Trustee and Owner Trustee shall distribute or credit, or cause to
      be
      distributed or credited, to the Certificate Paying Agent for distribution to
      the
      Holders of the Residual Certificates all cash on hand (other than cash retained
      to meet claims), and each REMIC shall terminate at that time.

     

    (iv) By
      their
      acceptance of the Notes, the Holders thereof hereby authorize the adoption
      of a
      90-day liquidation period and the adoption of a plan of complete liquidation
      for
      each REMIC created hereunder, which authorization shall be binding upon all
      successor Noteholders.

     

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

     

    ARTICLE
      IX

    SUPPLEMENTAL
      INDENTURES

     

    Section
      9.01  Supplemental
      Indentures Without Consent of Noteholders.
      (a)
      Without
      the consent of the Holders of any Notes or Certificates and prior notice to
      the
      Rating Agencies, the Note Insurer, the Issuing Entity and the Indenture Trustee,
      when authorized by an Issuing Entity Request, at any time and from time to
      time,
      may enter into (or consent to, in the case of the Note Insurer) one or more
      indentures supplemental hereto, in form satisfactory to the Indenture Trustee,
      for any of the following purposes:

     

    (i)  to
      correct or amplify the description of any property at any time subject to the
      lien of this Indenture, or better to assure, convey and confirm unto the
      Indenture Trustee any property subject or required to be subjected to the lien
      of this Indenture, or to subject to the lien of this Indenture additional
      property;

     

    (ii)  to
      evidence the succession, in compliance with the applicable provisions hereof,
      of
      another person to the Issuing Entity, and the assumption by any such successor
      of the covenants of the Issuing Entity herein and in the Notes
      contained;

     

    (iii)  to
      add to
      the covenants of the Issuing Entity, for the benefit of the Holders of the
      Notes
      and Certificates, or to surrender any right or power herein conferred upon
      the
      Issuing Entity;

     

    (iv)  to
      cure
      any ambiguity, to correct or supplement any provision herein or in any
      supplemental indenture that may be inconsistent with any other provision herein
      or in any supplemental indenture;

     

    (v)  to
      make
      any other provisions with respect to matters or questions arising under this
      Indenture or in any supplemental indenture; provided, that such action shall
      not
      materially and adversely affect the interests of the Holders of the Notes or
      the
      Note Insurer; provided further, that such supplemental indenture will be deemed
      to not materially and adversely affect the interests of the Holders of the
      Notes
      if a Rating Confirmation is received with respect to such supplemental
      indenture; 

     

    (vi)  to
      evidence and provide for the acceptance of the appointment hereunder by a
      successor trustee with respect to the Notes and to add to or change any of
      the
      provisions of this Indenture as shall be necessary to facilitate the
      administration of the trusts hereunder by more than one trustee, pursuant to
      the
      requirements of Article VI hereof; or 

     

    (vii)  to
      modify, eliminate or add to any of the provisions herein to such extent as
      shall
      be necessary or appropriate to maintain the qualification of any REMIC created
      hereunder as a REMIC under the Code or to avoid or minimize the risk of the
      imposition of any tax on any REMIC created hereunder pursuant to the Code that
      would be a claim against any such at any time prior to the final redemption
      of
      the Notes and Certificates, provided that the Indenture Trustee, the Note
      Insurer and Owner Trustee have been provided an Opinion of Counsel addressed
      to
      the Indenture Trustee and Owner Trustee, which opinion shall be an expense
      of
      the party requesting such opinion but in any case shall not be an expense of
      the
      Indenture Trustee, the Note Insurer, Owner Trustee or the Trust Estate, to
      the
      effect that such action is necessary or appropriate to maintain such
      qualification or to avoid or minimize the risk of the imposition of such a
      tax;

     

    provided,
      however,
      that no
      such indenture supplements shall be entered into unless the Indenture Trustee,
      the Note Insurer and the Owner Trustee shall have received an Opinion of Counsel
      not at the expense of the Indenture Trustee as to the enforceability of any
      such
      indenture supplement and to the effect that (i) such indenture supplement is
      permitted hereunder and will not materially and adversely affect the Holders
      of
      the Notes or the Note Insurer, and (ii) entering into such indenture supplement
      will not cause the imposition of any tax on any REMIC created hereunder, any
      Noteholder or any Certificateholder or cause any of REMIC created hereunder
      to
      cease to qualify as a REMIC at any time that any Notes or Certificates are
      outstanding. 

     

    The
      Indenture Trustee is hereby authorized to join in the execution of any such
      supplemental indenture and to make any further appropriate agreements and
      stipulations that may be therein contained.

     

    (b)  The
      Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity
      Request, in the case of the Indenture Trustee, may, also without the consent
      of
      any of the Holders of the Notes and prior notice to the Rating Agency, but
      only
      with the consent of the Note Insurer, enter into an indenture or indentures
      supplemental hereto for the purpose of adding any provisions to, or changing
      in
      any manner or eliminating any of the provisions of, this Indenture or of
      modifying in any manner the rights of the Holders of the Notes under this
      Indenture; provided, however, that such action as evidenced by an Opinion of
      Counsel addressed to the Indenture Trustee and Owner Trustee, (i) is permitted
      by this Indenture, (ii) shall not adversely affect in any material respect
      the
      interests of any Noteholder or the Note Insurer and (iii) shall not cause the
      imposition of any tax on any REMIC created hereunder, any Noteholder or any
      Certificateholder or cause any of REMIC created hereunder to cease to qualify
      as
      a REMIC at any time that any Notes or Certificates are outstanding.

     

    Section
      9.02  Supplemental
      Indentures With Consent of Noteholders.
      The
      Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity
      Request in the case of the Indenture Trustee, also may, with prior notice to
      the
      Rating Agencies and, with the consent of the Holders of not less than a majority
      of the Note Principal Balance of the Class A Notes affected thereby and the
      Note
      Insurer (so long as no Note Insurer Default exists), by Act (as defined in
      Section 10.03 hereof) of such Holders delivered to the Issuing Entity and the
      Indenture Trustee, enter into an indenture or indentures supplemental hereto
      for
      the purpose of adding any provisions to, or changing in any manner or
      eliminating any of the provisions of, this Indenture or of modifying in any
      manner the rights of the Holders of the Notes under this Indenture; provided,
      however, that no such supplemental indenture shall, without the consent of
      the
      Holder of each Note affected thereby:

     

    (i)  change
      the date of payment of any installment of principal of or interest on any Note,
      or reduce the principal amount thereof or the interest rate thereon, change
      the
      provisions of this Indenture relating to the application of collections on,
      or
      the proceeds of the sale of, the Trust Estate and to payment of principal of
      or
      interest on the Notes, or change any place of payment where, or the coin or
      currency in which, any Note or the interest thereon is payable, or impair the
      right to institute suit for the enforcement of the provisions of this Indenture
      requiring the application of funds available therefor, as provided in Article
      V,
      to the payment of any such amount due on the Notes on or after the respective
      due dates thereof;

     

    (ii)  reduce
      the percentage of the Note Principal Balances of the Notes, the consent of
      the
      Holders of which is required for any such supplemental indenture, or the consent
      of the Holders of which is required for any waiver of compliance with certain
      provisions of this Indenture or certain defaults hereunder and their
      consequences provided for in this Indenture;

     

    (iii)  modify
      or
      alter the provisions of the proviso to the definition of the term “Outstanding”
or modify or alter the exception in the definition of the term
“Holder”;

     

    (iv)  reduce
      the percentage of the Note Principal Balances of the Notes, required to direct
      the Indenture Trustee to direct the Issuing Entity to sell or liquidate the
      Trust Estate pursuant to Section 5.04 hereof;

     

    (v)  modify
      any provision of this Section 9.02 except to increase any percentage specified
      herein or to provide that certain additional provisions of this Indenture or
      the
      Basic Documents cannot be modified or waived without the consent of the Holder
      of each Note affected thereby;

     

    (vi)  modify
      any of the provisions of this Indenture in such manner as to affect the
      calculation of the amount of any payment of interest or principal due on any
      Note on any Payment Date (including the calculation of any of the individual
      components of such calculation); or

     

    (vii)  permit
      the creation of any lien ranking prior to or on a parity with the lien of this
      Indenture with respect to any part of the Trust Estate or, except as otherwise
      permitted or contemplated herein, terminate the lien of this Indenture on any
      property at any time subject hereto or deprive the Holder of any Note of the
      security provided by the lien of this Indenture; 

     

    and
      provided,
      further,
      that
      such action shall not, as evidenced by an Opinion of Counsel addressed to the
      Indenture Trustee and Owner Trustee, cause the imposition of any tax on any
      REMIC created hereunder, any Noteholder or any Certificateholder or cause any
      of
      REMIC created hereunder to cease to qualify as a REMIC at any time that any
      Notes or Certificates are outstanding.

     

    Any
      such
      action shall not adversely affect in any material respect the interest of any
      Holder (other than a Holder who shall consent to such supplemental indenture)
      as
      evidenced by an Opinion of Counsel (provided by the Person requesting such
      supplemental indenture) delivered to the Indenture Trustee.

     

    It
      shall
      not be necessary for any Act of Noteholders under this Section 9.02 to approve
      the particular form of any proposed supplemental indenture, but it shall be
      sufficient if such Act shall approve the substance thereof.

     

    Promptly
      after the execution by the Issuing Entity and the Indenture Trustee of any
      supplemental indenture pursuant to this Section 9.02, the Indenture Trustee
      shall mail to the Holders of the Notes to which such amendment or supplemental
      indenture relates a notice setting forth in general terms the substance of
      such
      supplemental indenture. Any failure of the Indenture Trustee to mail such
      notice, or any defect therein, shall not, however, in any way impair or affect
      the validity of any such supplemental indenture.

     

    Section
      9.03  Execution
      of Supplemental Indentures.
      In
      executing, or permitting the additional trusts created by, any supplemental
      indenture permitted by this Article IX or the modification thereby of the trusts
      created by this Indenture, the Indenture Trustee shall be entitled to receive,
      and subject to Sections 6.01 and 6.02 hereof, shall be fully protected in
      relying upon, an Opinion of Counsel not at the expense of the Indenture Trustee
      stating that the execution of such supplemental indenture is authorized or
      permitted by this Indenture. The Indenture Trustee may, but shall not be
      obligated to, enter into any such supplemental indenture that affects the
      Indenture Trustee’s own rights, duties, liabilities or immunities under this
      Indenture or otherwise.

     

    Section
      9.04  Effect
      of Supplemental Indenture.
      Upon
      the execution of any supplemental indenture pursuant to the provisions hereof,
      this Indenture shall be and shall be deemed to be modified and amended in
      accordance therewith with respect to the Notes affected thereby, and the
      respective rights, limitations of rights, obligations, duties, liabilities
      and
      immunities under this Indenture of the Indenture Trustee, the Issuing Entity
      and
      the Holders of the Notes shall thereafter be determined, exercised and enforced
      hereunder subject in all respects to such modifications and amendments, and
      all
      the terms and conditions of any such supplemental indenture shall be and be
      deemed to be part of the terms and conditions of this Indenture for any and
      all
      purposes.

     

    Section
      9.05  Conformity
      with Trust Indenture Act.
      Every
      amendment of this Indenture and every supplemental indenture executed pursuant
      to this Article IX shall conform to the requirements of the Trust Indenture
      Act
      as then in effect so long as this Indenture shall then be qualified under the
      Trust Indenture Act.

     

    Section
      9.06  Reference
      in Notes to Supplemental Indentures.
      Notes
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to this Article IX may, and if required by the Indenture Trustee shall,
      bear a notation in form approved by the Indenture Trustee as to any matter
      provided for in such supplemental indenture. If the Issuing Entity or the
      Indenture Trustee shall so determine, new Notes so modified as to conform,
      in
      the opinion of the Indenture Trustee and the Issuing Entity, to any such
      supplemental indenture may be prepared and executed by the Issuing Entity and
      authenticated and delivered by the Indenture Trustee in exchange for Outstanding
      Notes.

     

    ARTICLE
      X

     

    TAX
      MATTERS

     

    Section
      10.01  Description
      of REMICs and Designation of REMIC Interests. 

     

    REMIC
      I

     

    As
      provided herein, the Indenture Trustee will elect to treat the segregated pool
      of assets consisting of the HELOCs and certain other related assets subject
      to
      this Indenture and the Basic Documents (other than the Excess Reserve Fund
      Account) as a REMIC for federal income tax purposes, and such segregated pool
      of
      assets will be designated as “REMIC I”. The Class S Certificates will be the
      sole class of Residual Interests in REMIC I for purposes of the REMIC
      Provisions. The following table irrevocably sets forth the designation, the
      Uncertificated REMIC I Pass-Through Rate, the initial Uncertificated Principal
      Balance and, for purposes of satisfying Treasury Regulation Section
      1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC I
      Regular Interests. None of the REMIC I Regular Interests will be
      certificated.

    

    
      	
              Designation

            	 	
              Uncertificated
                REMIC I

              Pass-Through
                Rate

            	 	
              Initial
                Uncertificated Principal Balance

            	 	
              Latest
                Possible Maturity Date (1)

            
	
              A

            	 	
              Variable(2)

            	 	
              $132,276,021.43
                

            	 	
              November
                2036

            
	
              B

            	 	
              Variable(2)

            	 	
              $660,978.57
                

            	 	
              November
                2036

            

    

    ___________________________

    
      	
              (1)

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

            

    

    
      	
              (2)

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

            

    

     

    REMIC
      II

     

    As
      provided herein, the Indenture Trustee will elect to treat the segregated pool
      of assets consisting of the REMIC I Regular Interests as a REMIC for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC II”. The Class R-1 Interest will be the sole class of Residual Interests
      in REMIC II for purposes of the REMIC Provisions. The following table
      irrevocably sets forth the designation, the Uncertificated REMIC II Pass-Through
      Rate, the initial Uncertificated Principal Balance and, for purposes of
      satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for each of the REMIC II Regular Interests. None of the REMIC II
      Regular Interests will be certificated.

    

    
      	
              Designation

            	 	
              Uncertificated
                REMIC II

              Pass-Through
                Rate

            	 	
              Initial
                Uncertificated Principal Balance

            	 	
              Latest
                Possible Maturity Date (1)

            
	
              AA

            	 	
              Variable(2)

            	 	
              $130,278,260.00
                

            	 	
              November
                2036

            
	
              A

            	 	
              Variable(2)

            	 	
              $1,329,370.00
                

            	 	
              November
                2036

            
	
              ZZ

            	 	
              Variable(2)

            	 	
              $1,329,370.00
                

            	 	
              November
                2036

            

    

    ___________________________

    
      	
              (1)

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

            

    

    
      	
              (2)

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

            

    

    

    REMIC
      III

     

    As
      provided herein, the Indenture Trustee will elect to treat the segregated pool
      of assets consisting of the REMIC II Regular Interests as a REMIC for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC III”. The Class R-2 Interest will represent the sole class of Residual
      Interests in REMIC III for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the Class designation, interest rate,
      initial principal balance and, for purposes of satisfying Treasury Regulation
      Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for the Class A
      Notes and Certificates that represents ownership of one or more of the Regular
      Interests in REMIC III created hereunder. 

     

    

    
      	
              Class
                Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Principal Balance

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              A

            	 	
              Variable(2)

            	 	
              $132,937,000.00
                

            	 	
              November
                2036

            
	
              X
                Interest

            	 	
              Variable(3)

            	 	
              $0.00
                

            	 	
              November
                2036

            

    

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Payment Date in the month following the maturity date for the HELOC
                with
                the latest maturity date has been designated as the “latest possible
                maturity date” for each Note and Certificate described
                above.

            

    

    
      	
              (2)

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

            

    

    
      	
              (3)

            	
              The
                Class X Interest will accrue interest at its variable interest rate
                calculated in accordance with the definition of “Class X Interest Rate” on
                the Notional Amount of the Class X Interest outstanding from time
                to time,
                which shall equal the aggregate Uncertificated Principal Balance
                of the
                REMIC II Regular Interests. The Class X Interest will not accrue
                interest
                on its Certificate Principal
                Balance.

            

    

    

    REMIC
      IV

     

    As
      provided herein, the Indenture Trustee will elect to treat the segregated pool
      of assets consisting of the Class X Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC IV”.
      The Class R-III Certificates will represent the sole class of Residual Interests
      in REMIC IV for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the Class designation, interest rate,
      initial principal balance and, for purposes of satisfying Treasury Regulation
      Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each Class
      of Certificates that represents ownership of the Regular Interests in REMIC
      IV
      created hereunder. 

    

    
      	
              Class
                Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Principal Balance

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              X

            	 	
              Variable(2)

            	 	
              $0.00
                

            	 	
              November
                2036

            

    

    ___________________________

    
      	
              (1)

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

            

    

    
      	
              (2)

            	
              The
                Class X Certificates will be entitled to 100% of amounts distributed
                on
                the Class X Interest.

            

    

    

    Section
      10.02  REMIC
      Elections and REMIC Distributions. 

     

    (a)           
      The
      Indenture Trustee shall elect that each of REMIC I, REMIC II and REMIC III
      and
      REMIC IV shall be treated as a REMIC under Section 860D of the Code. Any
      inconsistencies or ambiguities in this Indenture or any of the Basic Documents
      or in the administration of this Indenture or the Basic Documents shall be
      resolved in a manner that preserves the validity of such REMIC elections.

     

    (b)           
      On
      each
      Payment Date, the following amounts, in the following order of priority, shall
      be distributed by REMIC I to REMIC II on account of the REMIC I Regular
      Interests or withdrawn from the Payment Account and distributed to the Holders
      of the Class S Certificates, as the case may be: 

     

    (i)            
      to
      the
      holders of REMIC I Regular Interest A the Floating Allocation Percentage of
      the
      Interest Remittance Amount, in an amount equal to (A) the Uncertificated Accrued
      Interest for such REMIC I Regular Interest for such Payment Date, plus (B)
      any
      amounts in respect thereof remaining unpaid from previous Payment
      Dates;

     

    (ii)            100%
      of
      the Available Principal Payment Amount for such Payment Date first, to REMIC
      I
      Regular Interest B, until the Uncertificated Principal Balance is reduced to
      zero, and then, to REMIC I Regular Interest A; and 

     

    (iii)           any
      remaining amount to the Holders of the Class R-1 Certificates. 

     

    (c)            On
      each
      Payment Date, the following amounts, in the following order of priority, shall
      be distributed by REMIC II to REMIC III on account of the REMIC II Regular
      Interests or withdrawn from the Payment Account and distributed to the Holders
      of the Class R-1 Interest, as the case may be:

     

    (i)            
      to
      the
      holders of each REMIC II Regular Interest the Floating Allocation Percentage
      of
      the Interest Remittance Amount, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Accrued Interest for such REMIC II
      Regular Interest for such Payment Date, plus (B) any amounts in respect thereof
      remaining unpaid from previous Payment Dates. Amounts payable as Uncertificated
      Accrued Interest in respect of REMIC II Regular Interest ZZ shall be reduced
      when the REMIC II Overcollateralization Amount is less than the REMIC II
      Required Overcollateralization Amount, by the lesser of (x) the amount of such
      difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount,
      and such amount will be payable to the holders of REMIC II Regular Interest
      A in
      the same proportion as the Overcollateralization Increase Amount is allocated
      to
      the Class A Notes, and the Uncertificated Principal Balance of REMIC II Regular
      Interest ZZ shall be increased by such amount;

     

    (ii)            to
      the
      holders of REMIC II Regular Interests the Available Principal Payment Amount
      for
      such Payment Date, allocated as follows:

     

    (A)  98%
      of
      such amount to the holders of REMIC II Regular Interest AA, until the
      Uncertificated Principal Balance of such REMIC II Regular Interest is reduced
      to
      zero;

     

    (B)  2%
      of
      such remainder, first, to the holders of REMIC II Regular Interest A in an
      aggregate amount equal to 1% of and in the same proportion as principal payments
      are allocated to the Class A Notes for each such REMIC II Regular Interest,
      until the Uncertificated Principal Balances of such REMIC II Regular Interests
      are reduced to zero; and second, to the holders of REMIC II Regular Interest
      ZZ,
      until the Uncertificated Principal Balance of such REMIC II Regular Interest
      is
      reduced to zero; then

     

    (C)  any
      remaining amount to the Holders of the Class R-2 Interest. 

     

    (d)            On
      each
      Payment Date, an amount equal to the amounts distributed pursuant to Sections
      3.02(c)(1) and 3.02(c)(2) on such date shall be deemed distributed to the Class
      X Certificate in respect of the Class X Distribution Amount. One hundred percent
      of amounts distributed on the Class X Certificates shall be deemed to have
      been
      distributed on the Class X Interest.

     

    Section
      10.03  Allocation
      of Realized Loss Amounts. 

     

    All
      Realized Loss Amounts on the HELOCs shall be allocated on each Payment Date
      to
      REMIC I Regular Interest B until the Uncertificated Principal Balance has been
      reduced to zero and then to REMIC I Regular Interest B until the Uncertificated
      Principal Balance has been reduced to zero.

     

    All
      Realized Loss Amounts on the HELOCs shall be allocated on each Payment Date
      to
      the following REMIC II Regular Interests in the specified percentages, as
      follows: first, to Uncertificated Accrued Interest payable to the REMIC II
      Regular Interest AA and REMIC II Regular Interest ZZ up to an aggregate amount
      equal to the REMIC II Interest Loss Allocation Amount, 98.00% and 2.00%,
      respectively; and second, to the Uncertificated Principal Balances of the REMIC
      II Regular Interest AA and REMIC II Regular Interest ZZ up to an aggregate
      amount equal to the REMIC II Principal Loss Allocation Amount, 98.00% and 2.00%,
      respectively. Any
      subsequent allocation of Realized
      Loss Amounts
      to the Notes pursuant to Section 3.21 shall be allocated to the Uncertificated
      Balances of REMIC II Regular Interest A, 1.00%, and to the Uncertificated
      Principal Balance of REMIC II Regular Interest ZZ, 1.00%, until the
      Uncertificated Principal Balance of REMIC II Regular Interest A has been reduced
      to zero.

     

    Section
      10.04  Tax
      Administration. 

     

    It
      is
      intended that the Trust Estate shall constitute, and that the affairs of the
      Trust Estate shall be conducted so that each REMIC formed hereunder qualifies
      as, a “real estate mortgage investment conduit” as defined in and in accordance
      with the REMIC Provisions. In furtherance of such intention, the Indenture
      Trustee covenants and agrees that it shall act as agent (and the Indenture
      Trustee is hereby appointed to act as agent) on behalf of the Trust Estate.
      The
      Indenture Trustee, as agent on behalf of the Trust Estate, shall do or refrain
      from doing, as applicable, the following: (a) the Indenture Trustee shall
      prepare and file, or cause to be prepared and filed, in a timely manner, U.S.
      Real Estate Mortgage Investment Conduit Income Tax Returns (Form 1066 or any
      successor form adopted by the Internal Revenue Service) and prepare and file
      or
      cause to be prepared and filed with the Internal Revenue Service and applicable
      state or local tax authorities income tax or information returns for each
      taxable year with respect to each such REMIC containing such information and
      at
      the times and in the manner as may be required by the Code or state or local
      tax
      laws, regulations, or rules, and furnish or cause to be furnished to Noteholders
      and Certificateholders the schedules, statements or information at such times
      and in such manner as may be required thereby; (b) the Indenture Trustee shall
      apply for an employer identification number with the Internal Revenue Service
      via a Form SS-4 or other comparable method for each REMIC that is or becomes
      a
      taxable entity, and within thirty days of the Closing Date, furnish or cause
      to
      be furnished to the Internal Revenue Service, on Forms 8811 or as otherwise
      may
      be required by the Code, the name, title, address, and telephone number of
      the
      Person that the Holders of the Notes and Certificates may contact for tax
      information relating thereto, together with such additional information as
      may
      be required by such Form, and update such information at the time or times
      in
      the manner required by the Code for the Trust Estate; (c) the Indenture Trustee
      shall make or cause to be made elections, on behalf of each REMIC formed
      hereunder to be treated as a REMIC on the federal tax return of such REMIC
      for
      its first taxable year (and, if necessary, under applicable state law); (d)
      the
      Indenture Trustee shall prepare and forward, or cause to be prepared and
      forwarded, to the Noteholders and Certificateholders and to the Internal Revenue
      Service and, if necessary, state tax authorities, all information returns and
      reports as and when required to be provided to them in accordance with the
      REMIC
      Provisions, including without limitation, the calculation of any original issue
      discount using the Prepayment Assumption; (e) the Indenture Trustee shall
      provide information necessary for the computation of tax imposed on the Transfer
      of a Residual Certificate to a Person that is not a Permitted Transferee, or
      an
      agent (including a broker, nominee or other middleman) of a Person that is
      not a
      Permitted Transferee, or a pass-through entity in which a Person that is not
      a
      Permitted Transferee is the record holder of an interest (the reasonable cost
      of
      computing and furnishing such information may be charged to the Person liable
      for such tax); (f) the Indenture Trustee shall, to the extent under their
      control, conduct the affairs of the Trust Estate at all times that any Notes
      or
      Certificates are outstanding so as to maintain the status of each REMIC formed
      hereunder as a REMIC under the REMIC Provisions; (g) the Indenture Trustee
      shall
      not knowingly or intentionally take any action or omit to take any action that
      would (i) cause the termination of the REMIC status of any REMIC formed
      hereunder or
      (ii) result in the imposition of a tax upon any of REMIC formed hereunder
      (including but not limited to the tax on prohibited transactions as defined
      in
      Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set
      forth
      in Section 860G(d) of the Code);
      (h) the
      Indenture Trustee shall pay, from the sources specified in the penultimate
      paragraph of this Section 10.04, the amount of any federal, state and local
      taxes, including prohibited transaction taxes as described below, imposed on
      any
      REMIC formed hereunder prior to the termination of the Trust Estate when and
      as
      the same shall be due and payable (but such obligation shall not prevent the
      Indenture Trustee or any other appropriate Person from contesting any such
      tax
      in appropriate proceedings and shall not prevent the Indenture Trustee from
      withholding payment of such tax, if permitted by law, pending the outcome of
      such proceedings); (i) the Indenture Trustee shall maintain records relating
      to
      each REMIC formed hereunder including but not limited to the income, expenses,
      assets and liabilities of each such REMIC and adjusted basis of the Trust Estate
      property determined at such intervals as may be required by the Code, as may
      be
      necessary to prepare the foregoing returns, schedules, statements or
      information; (j) the Indenture Trustee shall, for federal income tax purposes,
      maintain books and records with respect to the REMICs on a calendar year and
      on
      an accrual basis; (k) the Indenture Trustee shall not enter into any arrangement
      not otherwise provided for in this Indenture or the Basic Documents by which
      the
      REMICs will receive a fee or other compensation for services nor permit the
      REMICs to receive any income from assets other than “qualified mortgages” as
      defined in Section 860G(a)(3) of the Code or “permitted investments” as defined
      in Section 860G(a)(5) of the Code; and (l) as and when necessary and
      appropriate, the Indenture Trustee, at the expense of the Trust Estate, shall
      represent the Trust Estate in any administrative or judicial proceedings
      relating to an examination or audit by any governmental taxing authority,
      request an administrative adjustment as to any taxable year of any REMIC formed
      hereunder, enter into settlement agreements with any governmental taxing agency,
      extend any statute of limitations relating to any tax item of the Trust Estate,
      and otherwise act on behalf of each REMIC formed hereunder in relation to any
      tax matter involving any such REMIC.

     

    In
      order
      to enable the Indenture Trustee to perform its duties as set forth herein,
      the
      Depositor shall provide, or cause to be provided, to the Indenture Trustee
      within 10 days after the Closing Date all information or data that the Indenture
      Trustee requests in writing and determines to be relevant for tax purposes
      to
      the valuations and offering prices of the Notes and Certificates, including,
      without limitation, the price, yield, prepayment assumption and projected cash
      flows of the Notes and Certificates and the HELOCs. Thereafter, the Depositor
      shall provide to the Indenture Trustee promptly upon written request therefor,
      any such additional information or data that the Indenture Trustee may, from
      time to time, request in order to enable the Indenture Trustee to perform its
      duties as set forth herein. The Depositor hereby indemnifies the Indenture
      Trustee for any losses, liabilities, damages, claims or expenses of the
      Indenture Trustee arising from any errors or miscalculations of the Indenture
      Trustee that result from any failure of the Depositor to provide, or to cause
      to
      be provided, accurate information or data to the Indenture Trustee on a timely
      basis.

     

    The
      Indenture Trustee shall not sell or dispose of any of the HELOCs (except in
      connection with (i) the default, imminent default or foreclosure of a HELOC,
      including but not limited to, the acquisition or sale of a Mortgaged Property
      acquired by deed in lieu of foreclosure, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of any REMIC pursuant to Section 8.06 of this Indenture
      or
      (iv) a purchase of HELOCs pursuant to Article II of the Sale and Servicing
      Agreement), acquire any assets for any REMIC or sell or dispose of any
      investments in any Account for gain, or accept any contributions to any REMIC
      after the Closing Date unless it has received an Opinion of Counsel that such
      sale, disposition, acquisition or contribution will not (a) affect adversely
      the
      status of any of REMIC formed hereunder as a REMIC or (b) cause any REMIC to
      be
      subject to a tax on “prohibited transactions” or “ contributions” pursuant to
      the REMIC Provisions.

     

    In
      the
      event that any tax is imposed on “prohibited transactions” as defined in Section
      860F(a)(2) of the Code of any REMIC created hereunder, on the “net income from
      foreclosure property” of the Trust Estate as defined in Section 860G(c) of the
      Code, on any contribution to any REMIC created hereunder after the Closing
      Date
      pursuant to Section 860G(d) of the Code, or any other tax is imposed, including,
      without limitation, any federal, state or local tax or minimum tax imposed
      upon
      any REMIC created hereunder, and is not paid as otherwise provided for herein,
      such tax shall be paid by (i) the Indenture Trustee or Owner Trustee, if any
      such other tax arises out of or results from a breach by the Indenture Trustee
      or Owner Trustee of any of its obligations under this Indenture or the Basic
      Documents, (ii) any party hereto (other than the Indenture Trustee and Owner
      Trustee) to the extent any such other tax arises out of or results from a breach
      by such other party of any of its obligations under this Indenture or the Basic
      Documents or (iii) in all other cases, or in the event that any liable party
      hereto fails to honor its obligations under the preceding clauses (i) or (ii),
      any such tax will be paid first with amounts otherwise to be distributed to
      the
      Residual Certificateholders, and second to the Class A Notes. Notwithstanding
      anything to the contrary contained herein, to the extent that such tax is
      payable by the Holder of any Notes or Certificates, the Indenture Trustee is
      hereby authorized to retain on any Payment Date, from the Holders of the
      Residual Certificates (and, if necessary, second, from the Holders of the Notes
      in the priority specified in the preceding sentence), funds otherwise
      distributable to such Holders in an amount sufficient to pay such tax. The
      Indenture Trustee shall promptly notify in writing the party liable for any
      such
      tax of the amount thereof and the due date for the payment thereof.

     

    The
      Indenture Trustee agrees that, in the event it should obtain any information
      necessary for the other party to perform its obligations pursuant to this
      Section 11.04, it will promptly notify and provide such information to such
      other party.

     

    Section
      10.05  Tax
      Treatment of Basis Risk Carry Forward Amounts. 

     

    For
      federal income tax purposes, the Indenture Trustee shall treat the Excess
      Reserve Fund Account as beneficially owned by the Holders of the Class X
      Certificates. The Indenture Trustee shall treat the rights that the Class A
      Notes have to receive payments of Basis Risk Carry Forward Amounts from the
      Excess Reserve Fund Account as rights to receive payments under an interest
      rate
      cap contract written by the Class X Certificateholders in favor of the Class
      A
      Notes. Accordingly, the Class A Notes will be comprised of two components -
      a
      REMIC Regular Note and an interest in an interest rate cap contract, and the
      Class X Certificateholders will be comprised of two components - a REMIC Regular
      Certificate and ownership of the Excess Reserve Fund Account, subject to an
      obligation to pay Basis Risk Carry Forward Amounts. The Indenture Trustee shall
      allocate the issue price for the Class A Notes among the respective components
      for purposes of determining the issue price of the applicable REMIC Regular
      Notes based on information received from the Depositor. Unless otherwise advised
      by the Depositor in writing, for federal income tax purposes, the Indenture
      Trustee is hereby directed to assign a value of zero to the right of each Holder
      of a Class A Note to receive the related Basis Risk Carry Forward Amount for
      purposes of allocating the purchase price of an initial Holder of a Class A
      Note
      between such right and the related REMIC Regular Note.

     

    ARTICLE
      XI

    MISCELLANEOUS

     

    Section
      11.01  Compliance
      Certificates and Opinions, etc.
      (a)
      Upon any
      application or request by the Issuing Entity to the Indenture Trustee to take
      any action under any provision of this Indenture, the Issuing Entity shall
      furnish to the Indenture Trustee and the Note Insurer (i) an Officer’s
      Certificate stating that all conditions precedent, if any, provided for in
      this
      Indenture relating to the proposed action have been complied with and (ii)
      an
      Opinion of Counsel stating that in the opinion of such counsel all such
      conditions precedent, if any, have been complied with, except that, in the
      case
      of any such application or request as to which the furnishing of such documents
      is specifically required by any provision of this Indenture, no additional
      certificate or opinion need be furnished.

     

    Every
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture shall include:

     

    (1)  a
      statement that each signatory of such certificate or opinion has read or has
      caused to be read such covenant or condition and the definitions herein relating
      thereto;

     

    (2)  a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based;

     

    (3)  a
      statement that, in the opinion of each such signatory, such signatory has made
      such examination or investigation as is necessary to enable such signatory
      to
      express an informed opinion as to whether or not such covenant or condition
      has
      been complied with;

     

    (4)  a
      statement as to whether, in the opinion of each such signatory, such condition
      or covenant has been complied with; and

     

    (5)  if
      the
      signatory of such certificate or opinion is required to be Independent, the
      statement required by the definition of the term “Independent”.

     

    (b)  (i)
      Prior
      to the deposit of any Collateral or other property or securities with the
      Indenture Trustee that is to be made the basis for the release of any property
      or securities subject to the lien of this Indenture, the Issuing Entity shall,
      in addition to any obligation imposed in Section 10.01 (a) or elsewhere in
      this
      Indenture, furnish to the Indenture Trustee and the Note Insurer an Officer’s
      Certificate certifying or stating the opinion of each person signing such
      certificate as to the fair value (within 90 days prior to such deposit) to
      the
      Issuing Entity of the Collateral or other property or securities to be so
      deposited and a report from a nationally recognized accounting firm verifying
      such value.

     

    (ii)  Whenever
      the Issuing Entity is required to furnish to the Indenture Trustee and the
      Note
      Insurer an Officer’s Certificate certifying or stating the opinion of any signer
      thereof as to the matters described in clause (i) above, the Issuing Entity
      shall also deliver to the Indenture Trustee an Independent Certificate from
      a
      nationally recognized accounting firm as to the same matters, if the fair value
      of the securities to be so deposited and of all other such securities made
      the
      basis of any such withdrawal or release since the commencement of the then
      current fiscal year of the Issuing Entity, as set forth in the certificates
      delivered pursuant to clause (i) above and this clause (ii), is 10% or more
      of
      the Note Principal Balances of the Notes, but such a certificate need not be
      furnished with respect to any securities so deposited, if the fair value thereof
      as set forth in the related Officer’s Certificate is less than $25,000 or less
      than one percent of the then outstanding Note Principal Balances of the
      Notes.

     

    (iii)  Whenever
      any property or securities are to be released from the lien of this Indenture,
      the Issuing Entity shall also furnish to the Indenture Trustee an Officer’s
      Certificate certifying or stating the opinion of each person signing such
      certificate as to the fair value (within 90 days prior to such release) of
      the
      property or securities proposed to be released and stating that in the opinion
      of such person the proposed release will not impair the security under this
      Indenture in contravention of the provisions hereof.

     

    (iv)  Whenever
      the Issuing Entity is required to furnish to the Indenture Trustee and the
      Note
      Insurer an Officer’s Certificate certifying or stating the opinion of any signer
      thereof as to the matters described in clause (iii) above, the Issuing Entity
      shall also furnish to the Indenture Trustee an Independent Certificate as to
      the
      same matters if the fair value of the property or securities and of all other
      property or securities released from the lien of this Indenture since the
      commencement of the then-current calendar year, as set forth in the certificates
      required by clause (iii) above and this clause (iv), equals 10% or more of
      the
      Note Principal Balances of the Notes, but such certificate need not be furnished
      in the case of any release of property or securities if the fair value thereof
      as set forth in the related Officer’s Certificate is less than $25,000 or less
      than one percent of the then outstanding Note Principal Balances of the
      Notes.

     

    Section
      11.02  Form
      of Documents Delivered to Indenture Trustee.
      In any
      case where several matters are required to be certified by, or covered by an
      opinion of, any specified Person, it is not necessary that all such matters
      be
      certified by, or covered by the opinion of, only one such Person, or that they
      be so certified or covered by only one document, but one such Person may certify
      or give an opinion with respect to some matters and one or more other such
      Persons as to other matters, and any such Person may certify or give an opinion
      as to such matters in one or several documents.

     

    Any
      certificate or opinion of an Authorized Officer of the Issuing Entity may be
      based, insofar as it relates to legal matters, upon a certificate or opinion
      of,
      or representations by, counsel, unless such officer knows, or in the exercise
      of
      reasonable care should know, that the certificate or opinion or representations
      with respect to the matters upon which his certificate or opinion is based
      are
      erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel
      may be based, insofar as it relates to factual matters, upon a certificate
      or
      opinion of, or representations by, an officer or officers of the Sponsor or
      the
      Issuing Entity, stating that the information with respect to such factual
      matters is in the possession of the Sponsor or the Issuing Entity, unless such
      counsel knows, or in the exercise of reasonable care should know, that the
      certificate or opinion or representations with respect to such matters are
      erroneous.

     

    Where
      any
      Person is required to make, give or execute two or more applications, requests,
      consents, certificates, statements, opinions or other instruments under this
      Indenture, they may, but need not, be consolidated and form one
      instrument.

     

    Whenever
      in this Indenture, in connection with any application or certificate or report
      to the Indenture Trustee, it is provided that the Issuing Entity shall deliver
      any document as a condition of the granting of such application, or as evidence
      of the Issuing Entity’s compliance with any term hereof, it is intended that the
      truth and accuracy, at the time of the granting of such application or at the
      effective date of such certificate or report (as the case may be), of the facts
      and opinions stated in such document shall in such case be conditions precedent
      to the right of the Issuing Entity to have such application granted or to the
      sufficiency of such certificate or report. The foregoing shall not, however,
      be
      construed to affect the Indenture Trustee’s right to rely upon the truth and
      accuracy of any statement or opinion contained in any such document as provided
      in Article VI.

     

    Section
      11.03  Acts
      of Noteholders.
      (a)
      Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by Noteholders may be
      embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Noteholders in person or by agents duly appointed in
      writing; and except as herein otherwise expressly provided, such action shall
      become effective when such instrument or instruments are delivered to the
      Indenture Trustee, and, where it is hereby expressly required, to the Issuing
      Entity. Such instrument or instruments (and the action embodied therein and
      evidenced thereby) are herein sometimes referred to as the “Act” of the
      Noteholders signing such instrument or instruments. Proof of execution of any
      such instrument or of a writing appointing any such agent shall be sufficient
      for any purpose of this Indenture and (subject to Section 6.01 hereof)
      conclusive in favor of the Indenture Trustee and the Issuing Entity, if made
      in
      the manner provided in this Section 10.03 hereof.

     

    (b)  The
      fact
      and date of the execution by any person of any such instrument or writing may
      be
      proved in any manner that the Indenture Trustee deems sufficient.

     

    (c)  The
      ownership of Notes shall be proved by the Note Registrar.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Notes shall bind the Holder of every Note issued
      upon the registration thereof or in exchange therefor or in lieu thereof, in
      respect of anything done, omitted or suffered to be done by the Indenture
      Trustee or the Issuing Entity in reliance thereon, whether or not notation
      of
      such action is made upon such Note.

     

    Section
      11.04  Notices
      etc., to Indenture Trustee, Issuing Entity, Note Insurer and Rating
      Agencies.
      Any
      request, demand, authorization, direction, notice, consent, waiver or Act of
      Noteholders or other documents provided or permitted by this Indenture shall
      be
      in writing and if such request, demand, authorization, direction, notice,
      consent, waiver or act of Noteholders is to be made upon, given or furnished
      to
      or filed with:

     

    (i)  the
      Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient
      for every purpose hereunder if made, given, furnished or filed in writing to
      or
      with the Indenture Trustee at its Corporate Trust Office. The Indenture Trustee
      shall promptly transmit any notice received by it from the Noteholders to the
      Issuing Entity; 

     

    (ii)  the
      Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient
      for every purpose hereunder if made, given, furnished or filed in writing and
      mailed first-class, postage prepaid to the Issuing Entity addressed to: GSR
      Trust 2007-HEL1, in care of Owner Trustee at the Corporate Trust Office, or
      at
      any other address previously furnished in writing to the Indenture Trustee
      by
      the Issuing Entity. The Issuing Entity shall promptly transmit any notice
      received by it from the Noteholders to the Indenture Trustee; and

     

    (iii)  the
      Note
      Insurer, MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504,
      Attention: Insured Portfolio Management-Structured Finance (IPM-SF), GSR Trust
      2007-HEL1.

     

    Notices
      required to be given to the Rating Agencies by the Issuing Entity, the Indenture
      Trustee or the Owner Trustee shall be in writing, mailed first-class postage
      pre-paid: in the case of Moody’s, to Moody’s, at the following address: Moody's
      Investors Service, Inc., 99 Church Street, New York, New York 10007; and in
      the
      case of S&P, Standard & Poor's, a division of The McGraw-Hill Companies,
      Inc., 55 Water Street, New York, New York 10041, or as to each of the foregoing,
      at such other address as shall be designated by written notice to the other
      parties.

     

    Section
      11.05  Notices
      to Noteholders; Waiver.
      Where
      this Indenture provides for notice to Noteholders of any event, such notice
      shall be sufficiently given (unless otherwise herein expressly provided) if
      made, given, furnished or filed in writing and mailed, first-class, postage
      prepaid to each Noteholder affected by such event, at such Person’s address as
      it appears on the Note Register, not later than the latest date, and not earlier
      than the earliest date, prescribed for the giving of such notice. In any case
      where notice to Noteholders is given by mail, neither the failure to mail such
      notice nor any defect in any notice so mailed to any particular Noteholder
      shall
      affect the sufficiency of such notice with respect to other Noteholders, and
      any
      notice that is mailed in the manner herein provided shall conclusively be
      presumed to have been duly given regardless of whether such notice is in fact
      actually received.

     

    Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by any Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such notice. Waivers
      of
      notice by Noteholders shall be filed with the Indenture Trustee but such filing
      shall not be a condition precedent to the validity of any action taken in
      reliance upon such a waiver.

     

    In
      case,
      by reason of the suspension of regular mail service as a result of a strike,
      work stoppage or similar activity, it shall be impractical to mail notice of
      any
      event to Noteholders when such notice is required to be given pursuant to any
      provision of this Indenture, then any manner of giving such notice as shall
      be
      satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving
      of such notice.

     

    Where
      this Indenture provides for notice to the Rating Agency, failure to give such
      notice shall not affect any other rights or obligations created hereunder,
      and
      shall not under any circumstance constitute an Event of Default.

     

    Section
      11.06  Conflict
      with Trust Indenture Act.
      If any
      provision hereof limits, qualifies or conflicts with another provision hereof
      that is required to be included in this Indenture by any of the provisions
      of
      the Trust Indenture Act, such required provision shall control.

     

    The
      provisions of TIA §§ 310 through 317 that impose duties on any Person (including
      the provisions automatically deemed included herein unless expressly excluded
      by
      this Indenture) are a part of and govern this Indenture, whether or not
      physically contained herein.

     

    Section
      11.07  Effect
      of Headings.
      The
      Article and Section headings herein are for convenience only and shall not
      affect the construction hereof.

     

    Section
      11.08  Successors
      and Assigns.
      All
      covenants and agreements in this Indenture and the Notes by the Issuing Entity
      shall bind its successors and assigns, whether so expressed or not. All
      agreements of the Indenture Trustee in this Indenture shall bind its successors,
      co-trustees and agents.

     

    Section
      11.09  Separability.
      In case
      any provision in this Indenture or in the Notes shall be invalid, illegal or
      unenforceable, the validity, legality, and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    Section
      11.10  Legal
      Holidays.
      In any
      case where the date on which any payment is due shall not be a Business Day,
      then (notwithstanding any other provision of the Notes or this Indenture)
      payment need not be made on such date, but may be made on the next succeeding
      Business Day with the same force and effect as if made on the date on which
      nominally due, and no interest shall accrue for the period from and after any
      such nominal date.

     

    Section
      11.11  GOVERNING
      LAW.
      THIS
      INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS
      5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS, WHICH SHALL APPLY
      HERETO), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
      SHALL
      BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

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

     

    Section
      11.13  Recording
      of Indenture.
      If this
      Indenture is subject to recording in any appropriate public recording offices,
      such recording is to be effected by the Issuing Entity and at its expense
      accompanied by an Opinion of Counsel at its expense (which may be counsel to
      the
      Indenture Trustee or any other counsel reasonably acceptable to the Indenture
      Trustee) to the effect that such recording is necessary either for the
      protection of the Noteholders or any other Person secured hereunder or for
      the
      enforcement of any right or remedy granted to the Indenture Trustee under this
      Indenture.

     

    Section
      11.14  Issuing
      Entity Obligation.
      No
      recourse may be taken, directly or indirectly, with respect to the obligations
      of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes
      or under this Indenture or any certificate or other writing delivered in
      connection herewith or therewith, against (i) the Indenture Trustee or the
      Owner
      Trustee in its individual capacity, (ii) any owner of a beneficial interest
      in
      the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer,
      director, employee or agent of the Indenture Trustee, the Owner Trustee in
      its
      individual capacity, any holder of a beneficial interest in the Issuing Entity,
      the Owner Trustee or the Indenture Trustee or of any successor or assign of
      the
      Indenture Trustee or the Owner Trustee in its individual capacity, except as
      any
      such Person may have expressly agreed (it being understood that the Indenture
      Trustee and the Owner Trustee have no such obligations in their individual
      capacity) and except that any such partner, owner or beneficiary shall be fully
      liable, to the extent provided by applicable law, for any unpaid consideration
      for stock, unpaid capital contribution or failure to pay any installment or
      call
      owing to such entity. For all purposes of this Indenture, in the performance
      of
      any duties or obligations of the Issuing Entity hereunder, the Owner Trustee
      shall be subject to, and entitled to the benefits of, the terms and provisions
      of Article VI, VII and VIII of the Trust Agreement.

     

    Section
      11.15  No
      Petition.
      The
      Indenture Trustee, by entering into this Indenture, each Noteholder, by
      accepting a Note and each Certificateholder, by accepting a Certificate, hereby
      covenant and agree that they will not at any time prior to one year from the
      date of termination hereof, institute against the Depositor or the Issuing
      Entity, or join in any institution against the Depositor or the Issuing Entity
      of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
      proceedings, or other proceedings under any United States federal or state
      bankruptcy or similar law in connection with any obligations relating to the
      Notes, this Indenture or any of the Basic Documents; provided however, that
      nothing herein shall prohibit the Indenture Trustee from filing proofs of claim
      in any proceeding.

     

    Section
      11.16  Inspection.
      The
      Issuing Entity agrees that, at its expense, on reasonable prior notice, it
      shall
      permit any representative of the Indenture Trustee and the Note Insurer, during
      the Issuing Entity’s normal business hours, to examine all the books of account,
      records, reports and other papers of the Issuing Entity, to make copies and
      extracts therefrom, to cause such books to be audited by Independent certified
      public accountants, and to discuss the Issuing Entity’s affairs, finances and
      accounts with the Issuing Entity’s officers, employees, and Independent
      certified public accountants, all at such reasonable times and as often as
      may
      be reasonably requested. The Indenture Trustee and the Note insurer shall cause
      its representatives to hold in confidence all such information except to the
      extent disclosure may be required by law or by any regulatory or administrative
      authority and except to the extent that the Indenture Trustee and the Note
      Insurer may reasonably determine that such disclosure is consistent with its
      obligations hereunder; provided, however, the Indenture Trustee and the Note
      Insurer may disclose on a confidential basis any such information to its agents,
      attorneys and auditors in connection with the performance of its
      responsibilities hereunder.

     

    Section
      11.17  Benefits
      of
      Indenture.
      The
      Note Insurer and its successors and assigns shall be a third-party beneficiary
      to the provisions of this Indenture. To the extent that this Indenture confers
      upon or gives or grants to the Note Insurer any right, remedy or claim under
      or
      by reason of this Indenture, the Note Insurer may enforce any such right, remedy
      or claim conferred, given or granted hereunder. Nothing in this Indenture,
      express or implied, shall give to any Person, other than the parties hereto
      and
      their successors hereunder, and the Noteholders and the Note Insurer, any
      benefit or any legal or equitable right, remedy or claim under this
      Indenture.

     

    Section
      11.18  Indenture
      Trustee
      to
      Hold Policy.
      The
      Indenture Trustee will hold the Policy in trust as agent for the Class A Notes
      and the Class S Certificates for the purpose of making claims thereon and
      distributing the proceeds thereof. Each Class A Noteholder, by accepting its
      Note and each Holder of a Class S Certificate, appoints the Indenture Trustee
      as
      attorney-in-fact for the purpose of making claims on the Policy. The Indenture
      Trustee shall surrender the Policy to the Note Insurer for cancellation upon
      the
      expiration of the term of the Policy following the retirement of the Class
      A
      Notes and the Class S Certificates.

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    IN
      WITNESS WHEREOF, the Issuing Entity and the Indenture 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.

     

    
      	 	 	 
	 	
              GSR
                TRUST 2007-HEL1, 

              as
                Issuing Entity

               

              
                By:
                  Wilmington Trust Company, not in its individual capacity but solely
                  as
                  Owner Trustee

              

            
	 	
 	 
	
               

            	By:  	/s/
              Michelle C.
              Harra                                                                                    
	 	Name:  
              	   Michelle
              C. Harra
	 	Title:
              	  
              Financial Services Officer

    

     

    
       

      
        	 	 	 
	 	
                
                  DEUTSCHE
                    BANK NATIONAL TRUST COMPANY, 

                  not
                    in its individual capacity but solely as Indenture
                    Trustee

                

              
	 	
 	 
	
                 

              	By:  	/s/
                Manuel
                Rivas                                                                                          
                
	 	Name:  
                	  
                Manuel Rivas
	 	Title:
                	  
                Authorized Signer

      

       

      
        
          	 	 	 
	
                   

                	By:  	/s/
                  Mei
                  Nghia                                                                                                
                  
	 	Name:  
                  	  
                  Mei Nghia
	 	Title:
                  	  
                  Authorized Signer

        

         

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	STATE OF DELAWARE	)
	 	)
	COUNTY OF ___________	)

    

    
       

    

    On
      the
      17th day of April, 2007, before me personally appeared ________________ to
      me
      known, who being by me duly sworn, did depose and say, that he/she is a(n)
      ____________________of the Owner Trustee, one of the entities described in
      and
      which executed the above instrument; and that he/her signed his/her name thereto
      by like order.

     

    
      	 	
            
	 	
               Notary
                Public

            

    

     

    

    [NOTARIAL
      SEAL]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	STATE OF _____________	)
	 	)
	COUNTY OF ___________	)

      

      
         

      

    

    On
      the
      17th day of April, 2007, before me personally appeared _____________ to me
      known, who being by me duly sworn, did depose and say, that he/she is a(n)
      _________________ of the Indenture Trustee, one of the corporations described
      in
      and which executed the above instrument; and that he/she signed his/her name
      thereto by like order.

    
       

      
        	 	
              
	 	
                 Notary
                  Public

              

      

    

    

    [NOTARIAL
      SEAL]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      EXHIBIT
        A

       

      FORM
        OF CLASS A NOTES

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS NOTE 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
        (THE “CODE”).

       

      THE
        NOTE PRINCIPAL BALANCE OF THIS NOTE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS
        HEREON. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE NOTES, THE NOTE
        PRINCIPAL BALANCE OF THIS NOTE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN
        BELOW. ANYONE ACQUIRING THIS NOTE MAY ASCERTAIN ITS NOTE PRINCIPAL BALANCE
        BY
        INQUIRY OF THE INDENTURE TRUSTEE NAMED HEREIN.

       

      EACH
        HOLDER OF A NOTE OR BENEFICIAL OWNERSHIP SHALL BE DEEMED TO HAVE MADE THE
        REPRESENTATIONS SET FORTH IN SECTION 4.12 OF THE
        INDENTURE.

       

      UNLESS
        THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST
        COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
        OR
        PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
        OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST
        COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER
        USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
        REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.

       

      THIS
        NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUING ENTITY, AND IS LIMITED IN
        RIGHT
        OF PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE
        REFERRED TO BELOW. THE ISSUING ENTITY IS NOT OTHERWISE PERSONALLY LIABLE
        FOR
        PAYMENTS ON THIS NOTE.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                No.
                  1

              	
                Note
                  Interest Rate: Adjustable Rate

              
	 	 
	
                Class
                  A 

              	 
	 	 
	
                Cut-off
                  Date: April 9, 2007

              	
                Aggregate
                  Initial Note Principal Balance of this Note as of the Cut-off
                  Date:

                $[____________]

              
	 	 
	
                Date
                  of Indenture: April 17, 2007

              	 
	 	 
	
                First
                  Payment Date:

                May
                  15, 2007

              	
                Initial
                  Note Principal Balance of this Note as of the Cut-off Date:

                $[______________]

              
	 	 
	
                Indenture
                  Trustee:

                Deutsche
                  Bank National Trust Company

              	
                CUSIP:
                  [ ]

              
	 	 
	
                Final
                  Scheduled Payment Date:

                November
                  [ ], 2036

              	 

      

      

      GSR
        TRUST
        2007-HEL1

      MORTGAGE-BACKED
        NOTES

      SERIES
        2007-HEL1

       

      evidencing
        a Percentage Interest in the distributions allocable to the Class A Notes
        with
        respect to a Trust Estate consisting primarily of a pool of home equity lines
        of
        credit that are secured by junior liens on one- to four- family residences
        sold
        by GS Mortgage Securities Corp.

       

      This
        Note
        is payable solely from the assets of the Trust Estate, and does not represent
        an
        obligation of or interest in GS Mortgage Securities Corp., the Owner Trustee
        or
        the Indenture Trustee referred to below or any of their affiliates or any
        other
        person. Neither this Note nor the underlying HELOCs are guaranteed or insured
        by
        any governmental entity or by GS Mortgage Securities Corp. the Owner Trustee
        or
        the Indenture Trustee or any of their affiliates or any other person. None
        of GS
        Mortgage Securities Corp., the Indenture Trustee or any of their affiliates
        will
        have any obligation with respect to any note or other obligation secured
        by or
        payable from payments on the Notes.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Note. This Note is one of a duly authorized issue of the
        Issuing Entity’s Mortgage-Backed Notes, Series 2007-HEL1 (the “Notes”), issued
        under an Indenture dated as of April 17, 2007 (the “Indenture”), between the
        Issuing Entity and Deutsche Bank National Trust Company, as indenture trustee
        (the “Indenture Trustee”, which term includes any successor Indenture Trustee
        under the Indenture) to which Indenture and all indentures supplemental thereto
        reference is hereby made for a statement of the respective rights thereunder
        of
        the Issuing Entity, the Indenture Trustee, and the Holders of the Notes and
        the
        terms upon which the Notes are to be authenticated and delivered. All terms
        used
        in this Note which are defined in the Indenture shall have the meanings assigned
        to them in the Indenture.

       

      Interest
        on this Note will accrue from and including the immediately preceding Payment
        Date (or with respect to the First Payment Date, the Closing Date) to and
        including the day prior to the current Payment Date on the Note Principal
        Balance hereof at a per annum rate equal to the Note Interest Rate set forth
        above. The Indenture Trustee will distribute on the 15th day of each month,
        or,
        if such 15th day is not a Business Day, the immediately following Business
        Day
        (each, a “Payment Date”), commencing on the First Payment Date specified above,
        to the Person in whose name this Note is registered at the close of business
        on
        the Business Day immediately preceding such Payment Date so long as such
        Note
        remains in book-entry form (and otherwise, the close of business on the last
        Business Day of the month immediately preceding the month of such Payment
        Date),
        an amount equal to the product of the Percentage Interest evidenced by this
        Note
        and the amount (of interest and principal, if any) required to be distributed
        to
        the Holders of Notes of the same Class as this Note. The Final Scheduled
        Payment
        Date is the Payment Date in November, 2036.

       

      Payments
        on this Note will be made by the Indenture Trustee by check mailed to the
        address of the Person entitled thereto as such name and address shall appear
        on
        the Note Register or, if such Person so requests by notifying the Indenture
        Trustee in writing as specified in the Indenture. Notwithstanding the above,
        the
        final distribution on this Note will be made after due notice by the Indenture
        Trustee of the pendency of such distribution and only upon presentation and
        surrender of this Note at the office or agency appointed by the Indenture
        Trustee for that purpose and designated in such notice. The initial Note
        Principal Balance of this Note is set forth above. The Note Principal Balance
        hereof will be reduced to the extent of distributions allocable to principal
        hereon. 

       

      This
        Note
        is one of a duly authorized issue of Notes designated as set forth on the
        face
        hereof. The Notes, in the aggregate, evidence the entire beneficial ownership
        interest in the Trust Estate (the “Trust Estate”), generally consisting
        primarily of a pool of home equity lines of credit that are secured by junior
        liens on one- to four- family residences (collectively, the “HELOCs”), formed
        pursuant to the Indenture.

       

      MBIA
        Insurance Corporation (the “Note Insurer”), in consideration of the payment of
        the premium and subject to the terms of the financial guaranty insurance
        policy
        (the “Policy”) issued thereby, has unconditionally and irrevocably guaranteed
        the payment of an amount equal to the Insured Amount with respect to the
        Class A
        Notes with respect to each Payment Date.

       

      The
        Noteholder, by its acceptance of this Note, agrees that it will look solely
        to
        the Trust Estate for payment hereunder and that the Indenture Trustee is
        not
        liable to the Noteholders for any amount payable under this Note or the
        Indenture or, except as expressly provided in the Indenture, subject to any
        liability under the Indenture.

       

      This
        does
        not purport to summarize the Indenture and reference is made to the Indenture
        for the interests, rights and limitations of rights, benefits, obligations
        and
        duties evidenced hereby, and the rights, duties and immunities of the Indenture
        Trustee.

       

      Each
        holder of a Note or beneficial ownership shall be deemed to have made the
        representations set forth in Section 4.12 of the Indenture.

       

      The
        Indenture permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Issuing
        Entity
        and the rights of the Noteholders under the Indenture from time to time by
        the
        parties thereto of each Class of Notes affected thereby evidencing over 50%
        of
        the Voting Rights of such Class or Classes. Any such consent by the Holder
        of
        this Note shall be conclusive and binding on such Holder and upon all future
        Holders of this Note and of any Note issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Notes. The
        Indenture also permits the amendment thereof, in certain limited circumstances,
        without the consent of the Holders of any of the Notes, with the prior written
        consent of the Note Insurer.

       

      As
        provided in the Indenture and subject to certain limitations therein set
        forth,
        the transfer of this Notes is registrable with the Indenture Trustee upon
        surrender of this Notes for registration of transfer at the offices or agencies
        maintained by the Indenture Trustee for such purposes, duly endorsed by,
        or
        accompanied by a written instrument of transfer in form satisfactory to the
        Indenture Trustee duly executed by the Holder hereof or such Holder’s attorney
        duly authorized in writing, and thereupon one or more new Notes in authorized
        denominations representing a like aggregate Percentage Interest will be issued
        to the designated transferee.

       

      The
        Notes
        are issuable only as registered Notes without coupons in the Classes and
        denominations specified in the Indenture. As provided in the Indenture and
        subject to certain limitations therein set forth, this Note is exchangeable
        for
        one or more new Notes evidencing the same Class and in the same aggregate
        Percentage Interest, as requested by the Holder surrendering the
        same.

       

      No
        service charge will be made to the Noteholders for any such registration
        of
        transfer, but the Indenture Trustee may require payment of a sum sufficient
        to
        cover any tax or other governmental charge payable in connection therewith.
        The
        Issuing Entity and the Indenture Trustee and any agent of any of them may
        treat
        the Person in whose name this Note is registered as the owner hereof for
        all
        purposes, and none of the Issuing Entity or the Indenture Trustee or any
        such
        agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Indenture and the Trust Estate created thereby
        (other
        than the obligations to make payments to Noteholders with respect to the
        termination of the Indenture) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last HELOC remaining in the Trust Estate and disposition of all property
        acquired upon foreclosure or deed in lieu of foreclosure of any HELOC and
        (B)
        the remittance of all funds due under the Indenture, or (ii) the optional
        repurchase by the party named in the Indenture of all the HELOCs and other
        assets of the Trust Estate in accordance with the terms of the Indenture.
        Such
        optional repurchase may be made on any Payment Date after the sum of the
        Note
        Principal Balances of the Notes is reduced to an amount less than or equal
        to
        10% of the sum of the original Note Principal Balances of the Notes. The
        exercise of such right will effect the early retirement of the Notes. In
        no
        event, however, will the Trust Estate created by the Indenture continue beyond
        the earlier of (i) the expiration of 21 years after the death of certain
        persons
        identified in Section 8.03 of the Indenture and (ii) the Latest Possible
        Maturity Date as specified in the Indenture.

       

      Unless
        this Note has been countersigned by an authorized signatory of the Indenture
        Trustee by manual signature, this Note shall not be entitled to any benefit
        under the Indenture, or be valid for any purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Indenture Trustee has caused this Note to be duly
        executed.

      

      Dated:
        April 17, 2007     

       

      
        	 	 	 
	 	
                DEUTSCHE
                  BANK
                  NATIONAL TRUST COMPANY, 

                not
                  in
                  its individual capacity but solely as Indenture Trustee

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Authorized
                  Signatory

              
	 	 

      

       

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class A Notes referred to in the within-mentioned
        Indenture.

       

      
         

        
          	 	 	 
	 	
                  
                    DEUTSCHE
                      BANK NATIONAL TRUST COMPANY, 

                    not
                      in its individual capacity but solely as Indenture
                      Trustee

                  

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Authorized
                    Signatory

                
	 

        

      

       

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Mortgage-Backed Notes and hereby authorizes the transfer of registration
        of such interest to assignee on the Note Register of the Trust
        Estate.

       

      I
        (We)
        further direct the Indenture Trustee to issue a new Note of a like denomination
        and Class, to the above named assignee and deliver such Note to the following
        address:

       

      
        
          
            	Dated:	 	 
	 	
                    Signature
                      by or on behalf of
                      assignor

                  	 
	 	 	 
	 	 	 
	 	 	
                    Signature
                      Guaranteed

                  

          

        

         
 

       

       

      PAYMENT
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Payments
        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

       

      HELOC
        SCHEDULE

       

      (Please
        See Exhibit A to the Sale and Servicing Agreement)

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        C

      

      FORM
        OF
        POLICY

      

        FINANCIAL
          GUARANTY INSURANCE POLICY 

         

        POLICY
          NUMBER: 494530 

         

         

        
          	OBLIGATIONS:	 	$132,937,000
	 	 	GSR Trust 2007-HELl 
	 	 	
                  Mortgage-Backed
                    Notes, Series 2007-HELl and GSR Trust 2007-HELl 

                  Class
                    S Certificates, in an amount not to exceed $19,469,984.16
                    

                
	 	 	 

        

         

         

        MBIA
          Insurance Corporation (the “Insurer”), in consideration of the payment of the
          premium and subject to the terms of this Financial Guaranty Insurance Policy
          (this “Policy”), hereby unconditionally and irrevocably guarantees to any Owner
          that an amount equal to each full and complete Insured Amount will be received
          from the Insurer by Deutsche Bank National Trust Company, or its successors,
          as
          indenture trustee and certificate paying agent for the Owners (in such
          capacities, the “Indenture Trustee”), on behalf of the Owners, for distribution
          by the Indenture Trustee to each Owner of each Owner’s proportionate share of
          the Insured Amount. The Insurer’s obligations hereunder with respect to a
          particular Insured Amount shall be discharged to the extent funds equal
          to the
          applicable Insured Amount are received by the Indenture Trustee, whether
          or not
          those funds are properly applied by the Indenture Trustee. Insured Amounts
          will
          be made only at the time set forth in this Policy, and no accelerated Insured
          Amounts will be made regardless of any acceleration of the Obligations,
          unless
          the acceleration is at the sole option of the Insurer. 

         

        Notwithstanding
          the foregoing, this Policy does not cover shortfalls, if any, attributable
          to
          the liability of the Issuer or the Indenture Trustee for withholding taxes,
          if
          any (including interest and penalties in respect of any such liability).
          

         

        The
          Insurer will pay any Insured Amount that is a Preference Amount on the
          Business
          Day following receipt on a Business Day by the Fiscal Agent (as described
          below)
          of (a) a certified copy of the order requiring the return of a preference
          payment, (b) an opinion of counsel satisfactory to the Insurer that such
          order
          is final and not subject to appeal, (c) an assignment in such form as is
          reasonably required by the Insurer, irrevocably assigning to the Insurer
          all
          rights and claims of the Owner relating to or arising under the Obligations
          against the debtor which made such preference payment or otherwise with
          respect
          to such preference payment and (d) appropriate instruments to effect the
          appointment of the Insurer as agent for such Owner in any legal proceeding
          related to such preference payment, such instruments being in a form
          satisfactory to the Insurer, provided that if such documents are received
          after
          12:00 noon, New York City time, on such Business Day, they will be deemed
          to be
          received on the following Business Day. Such payments shall be disbursed
          to the
          receiver or trustee in bankruptcy named in the final order of the court
          exercising jurisdiction on behalf of the Owner and not to any Owner directly
          unless such Owner has returned principal or interest paid on the Obligations
          to
          such receiver or trustee in bankruptcy, in which case such payment shall
          be
          disbursed to such Owner. 

         

        The
          Insurer will pay any other amount payable hereunder no later than 12:00
          noon,
          New York City time, on the later of the Payment Date on which the related
          Deficiency Amount is due or the second Business Day following receipt in
          New
          York, New York on a Business Day by U.S. Bank Trust National Association,
          as
          Fiscal Agent for the Insurer, or any successor fiscal agent appointed by
          the
          Insurer (the “Fiscal Agent”), of a Notice (as described below), provided that if
          such Notice is received after 12:00 noon, New York City time, on such Business
          Day, it will be deemed to be received on the following Business Day. If
          any such
          Notice received by the Fiscal Agent is not in proper form or is otherwise
          insufficient for the purpose of making claim hereunder, it shall be deemed
          not
          to have been received by the Fiscal Agent for purposes of this paragraph,
          and
          the Insurer or the Fiscal Agent, as the case may be, shall promptly so
          advise
          the Indenture Trustee and the Indenture Trustee may submit an amended Notice.
          

         

        Insured
          Amounts due hereunder, unless otherwise stated herein, will be disbursed
          by the
          Fiscal Agent to the Indenture Trustee on behalf of the Owners by wire transfer
          of immediately available funds in the amount of the Insured Amount less,
          in
          respect of Insured Amounts related to Preference Amounts, any amount held
          by the
          Indenture Trustee for the payment of such Insured Amount and legally available
          therefor. 

         

        The
          Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall
          in no
          event be liable to Owners for any acts of the Fiscal Agent or any failure
          of the
          Insurer to deposit, or cause to be deposited, sufficient funds to make
          payments
          due under this Policy. 

         

        Subject
          to the terms of the Agreement, the Insurer shall be subrogated to the rights
          of
          each Owner to receive payments under the Obligations to the extent of any
          payment by the Insurer hereunder. 

         

        As
          used
          herein, the following terms shall have the following meanings: 

         

        “Agreement”
means
          the Indenture dated as of April 17, 2007, among the GSR Trust 2007-HELl,
          as
          Issuer, and the Indenture Trustee, as indenture trustee, without regard
          to any
          amendment or supplement thereto, unless such amendment or supplement has
          been
          approved in writing by the Insurer. 

         

        “Business
          Day”
means
          any day other than (a) a Saturday or a Sunday (b) a day on which banking
          institutions in the States of New York, California, Minnesota or Delaware
          are
          required or authorized by law or executive order to be closed. 

         

        “Deficiency
          Amount”
means,
          for any Payment Date, an amount equal to the excess, if any, of: (a) Scheduled
          Payments over (b) amounts on deposit in the Payment Account available to
          pay
          such Scheduled Payments and any other amounts available to the Indenture
          Trustee
          or Certificate Paying Agent for payment of such Scheduled Payments.

         

        “Insured
          Amount”
means
          (a) as of any Payment Date, any Deficiency Amount and (b) any Preference
          Amount.

         

        “Notice”
means
          the telephonic or telegraphic notice, promptly confirmed in writing by
          facsimile
          substantially in the form of Exhibit A attached hereto, the original of
          which is
          subsequently delivered by registered or certified mail, from the Indenture
          Trustee specifying the Insured Amount which shall be due and owing on the
          applicable Payment Date. 

         

        “Owner”
means
          each Noteholder and Class S Certificateholder (as defined in the Agreement)
          who,
          on the applicable Payment Date, is entitled under the terms of the applicable
          Obligations to payment thereunder. 

         

        “Preference
          Amount”
means
          any amount previously distributed to an Owner on the Obligations that is
          recoverable and sought to be recovered as a voidable preference by a trustee
          in
          bankruptcy pursuant to the United States Bankruptcy Code (11 U.S.C.), as
          amended
          from time to time in accordance with a final nonappealable order of a court
          having competent jurisdiction. 

         

        “Scheduled
          Payments”
means,
          with respect to each payment date, the payment to be made to Owners in
          an
          aggregate amount equal to (i) the Accrued Interest and Class S Certificate
          Interest due on the Obligations, (ii) for the Payment Date occurring in
          November, 2036, the Guaranteed Payment Amount, (iii) for any other Payment
          Date,
          the principal portion of any Liquidation Loss Amount to the extent not
          covered
          by the Overcollateralization Amount and after application of any excess
          interest, in each case in accordance with the original terms of the Indenture,
          the Trust Agreement and the Obligations when issued and without regard
          to any
          amendment or modification of the Indenture, the Trust Agreement or the
          Obligations except amendments or modifications to which the Insurer has
          given
          its prior written consent. 

         

        Scheduled
          Payments will not include, nor shall coverage be provided under this Policy
          in
          respect of, any Interest Shortfalls, as defined in the Agreement, (including
          any
          Relief Act shortfalls with respect to any Relief Act HELOCS or Prepayment
          Interest Shortfalls) or any Basis Risk Carry Forward Amounts that may be
          incurred or that may be distributable to the Obligations, Scheduled Payments
          shall not include payments that become due on an accelerated basis as a
          result
          of a default by the Issuer, an election by the Issuer to pay principal
          on an
          accelerated basis, the occurrence of an Event of Default under the Indenture
          or
          any other cause, unless the Insurer elects, in its sole discretion, to
          pay in
          whole or in part such principal due upon acceleration, together with any
          accrued
          interest to the date of acceleration. In the event the Insurer does not
          so
          elect, this Policy will continue to guarantee payment on the Obligations
          in
          accordance with their original terms. Scheduled Payments shall not include
          any
          amounts due in respect of the Obligations attributable to any increase
          in
          interest rate, penalty or other sum payable by the Issuer by reason of
          any
          default or event of default in respect of the Obligations, or by reason
          of any
          deterioration of the creditworthiness of the Issuer, nor shall Scheduled
          Payments include, nor shall coverage be provided under this Policy in respect
          of, any taxes, withholding or other charge imposed by any governmental
          authority
          due in connection with the payment of any Scheduled Payment to an Owner.
          

         

        Capitalized
          terms used herein and not otherwise defined herein shall have the respective
          meanings set forth in the Agreement as of the date of execution of this
          Policy,
          without giving effect to any subsequent amendment to or modification of
          the
          Agreement unless such amendment or modification has been approved in writing
          by
          the Insurer. 

         

        Any
          notice hereunder or service of process on the Fiscal Agent may be made
          at the
          address listed below for the Fiscal Agent or such other address as the
          Insurer
          shall specify in writing to the Indenture Trustee. 

         

        The
          notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New York,
          New
          York 10006, Attention: Municipal Registrar and Paying Agency, or such other
          address as the Fiscal Agent shall specify to the Indenture Trustee in writing.
          

         

        THIS
          POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED UNDER,
          THE
          LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF
          LAWS
          PRINCIPLES THEREOF. 

         

        The
          insurance provided by this Policy is not covered by the Property/Casualty
          Insurance Security Fund specified in Article 76 of the New York Insurance
          Law.

         

        This
          Policy is not cancelable for any reason. The premium on this Policy is
          not
          refundable for any reason, including payment, or provision being made for
          payment, prior to maturity of the Obligations. 

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        IN
          WITNESS WHEREOF, the Insurer has caused this Policy to be executed and
          attested
          this 17th day of April, 2007. 

         

         

        

          
            	MBIA
                    INSURANCE CORPORATION
	 	 
	
                    By:

                  	 
	
                    Title:

                  	President

          

        

         

         

        
          

            
              	Attest:
	 	 
	
                      By:

                    	 
	
                      Title:

                    	Assistant
                      Secretary

            

          

           

           

        

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

         

         

        

        EXHIBIT
          A

        TO
          FINANCIAL GUARANTY INSURANCE 

        POLICY
          NUMBER: 494530 

         

        NOTICE
          UNDER FINANCIAL GUARANTY 

        INSURANCE
          POLICY NUMBER: 494530 

         

        U.S.
          Bank
          Trust National Association, as Fiscal Agent for
          MBIA
          Insurance Corporation 

        15th
          Floor 

        61
          Broadway 

        New
          York,
          NY 10006 

        Attention:
           Municipal
          Registrar and Paying
          Agency 

         

        MBIA
          Insurance Corporation 

        113
          King
          Street 

        Armonk,
          NY 10504 

         

        The
          undersigned, a duly authorized officer of [NAME OF INDENTURE TRUSTEE] as
          indenture trustee (the “Indenture Trustee”), hereby certifies to U.S. Bank Trust
          National Association (the “Fiscal Agent”) and MBIA Insurance Corporation (the
“Insurer”), with reference to Financial Guaranty Insurance Policy Number: 494530
          (the “Policy”) issued by the Insurer in respect of the $132,937,000 GSR Trust
          2007-HELl Mortgage-Backed Notes, Series 2007-HELl and GSR Trust 2007-HELl,
          Class
          S Certificates, in an amount not to exceed $19,469,984.16 (the “Obligations”),
          that: 

         

        (a)
           the
          Indenture Trustee is the indenture trustee under the Indenture dated as
          of April
          17, 2007 between GSR Trust 2007-HELl, as Issuer, and the Indenture Trustee,
          as
          indenture trustee for the Owners; 

         

        (b)
           the
          amount due under the definition of Deficiency Amount for any Payment Date
          occurring on [___] (the “Applicable Payment Date”) is $[__________] (the
“Deficiency Amount”); 

         

        (c)
           the
          amount of previously distributed payments on the Obligations that is recoverable
          and sought to be recovered as a voidable preference by a trustee in bankruptcy
          pursuant to the Bankruptcy Code in accordance with a final nonappealable
          order
          of a court having competent jurisdiction is $[__________] (the “Preference
          Amount”); 

         

        (d)
           the
          total
          Insured Amount due is $[__________], which amount equals the sum of the
          Deficiency Amount and the Preference Amount; 

         

        (e)
           the
          Indenture Trustee is making a claim under and pursuant to the terms of
          the
          Policy for the dollar amount of the Insured Amount set forth in (b) above
          to be
          applied to the payment of the Deficiency Amount for the Applicable Payment
          Date
          in accordance with the Agreement and for the dollar amount of the Insured
          Amount
          set forth in (c) above to be applied to the payment of any Preference Amount;
          and 

         

        (f) 
          the
          Indenture Trustee directs that payment of the Insured Amount be made to
          the
          following account by bank wire transfer of federal or other immediately
          available funds in accordance with the terms of the Policy: [INDENTURE
          TRUSTEE’S
          ACCOUNT NUMBER]. 

         

        Any
          capitalized term used in this Notice and not otherwise defined herein shall
          have
          the meaning assigned thereto in the Policy. 

         

        Any
          Person Who Knowingly And With Intent To Defraud Any Insurance Company Or
          Other
          Person Files An Application For Insurance Or Statement Of Claim Containing
          Any
          Materially False Information, Or Conceals For The Purpose Of Misleading,
          Information Concerning Any Fact Material Thereto, Commits A Fraudulent Insurance
          Act, Which Is A Crime And Shall Also Be Subject To A Civil Penalty Not
          To Exceed
          Five Thousand Dollars And The Stated Value Of The Claim For Each Such Violation.
          

         

        IN
          WITNESS WHEREOF, the Indenture Trustee has executed and delivered this
          Notice
          under the Policy as of the [__] day of [_____________], [__].

         

        
          

            
              	
                      [NAME
                        OF INDENTURE TRUSTEE], as

                       Indenture
                        Trustee 

                    
	 	 
	
                      By:

                    	 
	
                      Title:

                    	 

            

          

           

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        CERTIFICATE
          OF

        MBIA
          INSURANCE CORPORATION 

         

        To
          the
          Parties on the Attached
          Schedule I. 

         

        $132,937,000

        GSR
          Trust
          2007-HELl 

        Mortgage-Backed
          Notes, Series 2007-HELl and GSR Trust 2007-HELl 

        Class
          S
          Certificates, in an amount not to exceed $19,469,984.16 

         

        Ladies
          and Gentlemen: 

         

        Reference
          is made to the Free Writing Prospectus (the “Free Writing Prospectus”) dated
          April 5, 2007 and the Prospectus Supplement (the “Prospectus Supplement”) dated
          April 16, 2007 with respect to the above-mentioned notes. Capitalized terms
          used
          herein and not otherwise defined shall have the meanings assigned to them
          in the
          Prospectus Supplement or the Indenture (as defined in the Prospectus
          Supplement). With respect to the GSR Trust 2007-HELl, Mortgage-Backed Notes,
          Series. 2007-HELl (the “Notes”) and GSR Trust 2007-HELl, Series S Certificates,
          the undersigned hereby certifies the following: 

         

        (a)
           The
          undersigned is a duly authorized representative of MBIA Insurance Corporation
          (the “Insurer”) and is authorized to execute and deliver this certificate.

         

        (b)
           The
          consolidated financial statements of the Insurer as of December 31, 2006
          and
          December 31, 2005 and for each of the three years ended December 31, 2006
          incorporated by reference in the Free Writing Prospectus and the Prospectus
          Supplement (the “Insurer Audited Financial Statements”), fairly present in all
          material respects the financial condition of the Insurer as of such date
          and for
          the period covered by such statements in accordance with generally accepted
          accounting principles consistently applied. Since December 31, 2006 there
          has
          been no material change in such financial condition of the Insurer which
          would
          materially and adversely affect its ability to perform its obligations
          under the
          Policy. 

         

        (c)
           The
          information set forth in and incorporated by reference in the Free Writing
          Prospectus and the Prospectus Supplement as of the date hereof under the
          captions “THE NOTE INSURER” and “THE POLICY” (the “Insurer Information”) is
          limited and does not purport to provide the scope of disclosure required
          to be
          included in a prospectus for a registrant under the Securities Act of 1933,
          in
          connection with the public offer and sale of securities of such registrant.
          Within such limited scope of disclosure, the Insurer Information does not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements therein, in light of the circumstances
          under
          which they were made, not misleading. 

         

        (d)
           There
          are
          no actions, suits, proceedings or investigations pending or, to the best
          of the
          Insurer’s knowledge, threatened against it at law or in equity or before or by
          any court, governmental agency, board or commission or any arbitrator which,
          if
          decided adversely, would materially and adversely affect its condition
          (financial or otherwise) or operations or which would materially and adversely
          affect its ability to perform its obligations under the Policy, the Insurance
          Agreement dated as of April 17, 2007 (the “Insurance Agreement”) among the
          Insurer, Residential Funding Company, LLC, as Original Loan Seller and
          as
          Servicer, GSR Trust 2007-HELl, as Issuer, Goldman Sachs Mortgage Company,
          as
          Sponsor and GS Mortgage Securities Corp., as Depositor and the Indemnification
          Agreement, dated as of April 16, 2007 (the “Indemnification Agreement”) relating
          to the Notes. 

         

        (e)
           The
          execution and delivery of the Insurance Agreement and the Indemnification
          Agreement and the Policy and the compliance with the terms and provisions
          thereof will not conflict with, result in a breach of, or constitute a
          default
          under any of the terms, provisions or conditions of, the Restated Charter
          or
          By-Laws of the Insurer, or any agreement, indenture or other instrument
          to which
          the Insurer is a party, to the extent such conflict, breach or default
          would
          materially and adversely affect the Insurer’s ability to perform its obligations
          under the Policy. 

         

        (f) 
          The
          issuance of the Policy and the execution, delivery and performance of the
          Insurance Agreement and the Indemnification Agreement have been duly authorized
          by all necessary corporate proceedings. No further approvals or filings
          of any
          kind, including, without limitation, any further approvals of or further
          filing
          with any governmental agency or other governmental authority, or any approval
          of
          the Insurer’s board of directors or stockholders, are necessary for the Policy
          and the Insurance Agreement and the Indemnification Agreement to constitute
          the
          legal, valid and binding obligations of the Insurer. 

         

        [signature
          page follows] 

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        Dated
          this 17th day of April 2007. 

        
          

            
              	
                      MBIA
                        INSURANCE CORPORATION

                    
	 	 
	
                      By:

                    	 
	
                       

                    	Assistant
                      Secretary

            

          

           

        

         

         

         

        

         

         

         

        [Signature
          Page to MBIA Certificate — GSR 2007-HELl] 

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        SCHEDULE
          I

        

        
          	
                  Goldman
                    Sachs Mortgage Company 

                	
                  Deutsche
                    Bank National Trust Company 

                
	
                  85
                    Broad Street 

                	
                  1761
                    East St. Andrew Place 

                
	
                  New
                    York, NY 10004 

                	
                  Santa
                    Ana, CA 92705-4934 

                
	 	 
	
                  Residential
                    Funding Company, LLC 

                	
                  Moody’s
                    Investors Service, Inc.

                
	
                  8400
                    Normandale Lake Boulevard 

                	
                  99
                    Church Street

                
	
                  Minneapolis,
                    MN 55437 

                	
                  4th
                    Floor

                
	 	
                  New
                    York, NY 10007

                
	 	 
	
                  GSR
                    Trust 2007-HELl 

                	
                  Standard
                    & Poor’s Ratings Services

                
	
                  c/o
                    Wilmington Trust Company 

                	
                  55
                    Water Street

                
	
                  1100
                    Market Street 

                	
                  New
                    York, NY 10041

                
	
                  Wilmington,
                    DE 19890-0001 

                	 
	 	 
	
                  GS
                    Mortgage Securities Corp. 

                	
                  Goldman,
                    Sachs & Co.

                
	
                  85
                    Broad Street 

                	
                  85
                    Broad Street

                
	
                  New
                    York, NY 10004 

                	
                  New
                    York, NY 10004

                
	 	 
	
                  Wilmington
                    Trust Company 

                  1100
                    Market Street 

                  Wilmington,
                    DE 19890-0001

                	 

        

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    

      APPENDIX
        A

       

      DEFINITIONS

       

      Account:
        The
        Custodial Account, the Payment Account, the Certificate Distribution Account,
        Policy Payments Account or the Excess Reserve Fund Account, as the context
        may
        require.

       

      Accrual
        Period:
        With
        respect to the Notes, the Class S Certificates and the Class X Certificates
        and
        any Payment Date, the period from and including the preceding Payment Date
        (or
        from the Closing Date, in the case of the first Payment Date) to and including
        the day prior to the current Payment Date. Calculations of interest on the
        Notes, the Class S Certificates and the Class X Certificates will be based
        on a
        360-day year and the actual number of days elapsed during the related accrual
        period.

       

      Accrued
        Interest:
        With
        respect to the Notes and any Payment Date, the amount of interest accrued
        during
        the related Accrual Period on the related Note Principal Balance immediately
        prior to such Payment Date at the related Note Interest Rate, as reduced
        by the
        Notes’ share of net prepayment interest shortfalls and any shortfalls resulting
        from the application of the Relief Act or any similar state
        statute.

       

      Additional
        Form 10-D Disclosure:
        The
        meaning specified in Section 3.16 of the Sale and Servicing
        Agreement.

       

      Additional
        Form 10-K Disclosure:
        The
        meaning specified in Section 3.16 of the Sale and Servicing
        Agreement.

       

      Administration
        Agreement:
        The
        Administration Agreement, dated as of April 17, 2007, among the Issuing Entity,
        the Depositor, the Owner Trustee and the Indenture Trustee.

       

      Adjustment
        Date:
        As to
        each HELOC, each date set forth in the related Mortgage Note on which an
        adjustment to the interest rate on such HELOC becomes effective.

       

      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.

       

      Annual
        Statement of Compliance:
        The
        meaning specified in Section 3.08 of the Sale and Servicing
        Agreement.

       

      Applicable
        Credit Rating:
        For any
        long-term deposit or security, a credit rating of “AAA” from Standard &
Poor’s or a credit rating of “Aaa” from Moody’s. For any short-term deposit or
        security, a rating of “A-l+” from Standard & Poor’s or a credit rating of
“P-1” from Moody’s.

       

      Appraised
        Value:
        For any
        Mortgaged Property related to a HELOC, the amount set forth as the appraised
        value of such Mortgaged Property in an appraisal made for the mortgage
        originator in connection with its origination of the related HELOC.

       

      Assessment
        of Compliance:
        The
        meaning specified in Section 3.09 of the Sale and Servicing
        Agreement.

       

      Assignment
        of Mortgage:
        An
        assignment of Mortgage, notice of transfer or equivalent instrument, in
        recordable form, which is sufficient under the laws of the jurisdiction wherein
        the related Mortgaged Property is located to reflect of record the sale of
        the
        Mortgage, which assignment, notice of transfer or equivalent instrument may
        be
        in the form of one or more blanket assignments covering Mortgages secured
        by
        Mortgaged Properties located in the same county, if permitted by
        law.

       

      Attestation
        Report:
        The
        meaning specified in Section 3.09 of the Sale and Servicing
        Agreement.

       

      Authorized
        Newspaper:
        A
        newspaper of general circulation in the Borough of Manhattan, The City of
        New
        York, printed in the English language and customarily published on each Business
        Day, whether or not published on Saturdays, Sundays or holidays.

       

      Authorized
        Officer:
        With
        respect to the Issuing Entity, any officer of the Owner Trustee or the Depositor
        who is authorized to act for the Owner Trustee or the Depositor, respectively,
        in matters relating to the Issuing Entity and who is identified on the list
        of
        Authorized Officers delivered by the Owner Trustee or the Depositor, as
        applicable, to the Indenture Trustee on the Closing Date (as such list may
        be
        modified or supplemented from time to time thereafter).

       

      Bankruptcy
        Code:
        The
        United States Bankruptcy Code, as amended as codified in 11 U.S.C. §§
101-1330.

       

      Bankruptcy
        Loss:
        With
        respect to any HELOC, any Deficient Valuation or Debt Service Reduction related
        to such HELOC as reported by the Servicer.

       

      Basic
        Documents:
        The
        Sale and Servicing Agreement, the Master PSA, the PPTL, the Indenture, the
        Trust
        Agreement, the Custodial Agreement, the Administration Agreement, the Insurance
        Agreement and the other documents and certificates delivered in connection
        with
        any of the above.

       

      Basic
        Principal Distribution Amount:
        With
        respect to any Payment Date, (i) during the Managed Amortization Period,
        the
        aggregate Principal Collection Amount for that Payment Date less the Excess
        Overcollateralization Amount and the aggregate Draws on the HELOCs for that
        Payment Date, and (ii) during the Rapid Amortization Period, the aggregate
        Principal Collection Amount for that Payment Date less the Excess
        Overcollateralization Amount for that Payment Date.

       

      Basis
        Risk Carry Forward Amount:
        With
        respect to the Notes and any Payment Date, the sum of (A) the positive excess
        of
        (i) the amount of interest that would have been payable to the Notes on such
        Payment Date if the Note Interest Rate for such Payment Date were calculated
        at
        the Formula Rate, over (ii) the amount of interest payable on the Notes at
        the
        WAC Cap for such Payment Date (such excess being the “Basis
        Risk Shortfall”
for
        such Payment Date) and (B) the Basis Risk Carry Forward Amount for any previous
        Payment Dates not previously paid, together with interest thereon at a rate
        equal to the related Formula Rate for such the Notes for such Payment
        Date.

       

      Basis
        Risk Payment:
        With
        respect to any Payment Date, the aggregate of the Basis Risk Carry Forward
        Amounts for such Payment Date; provided, however, that, with respect to any
        Payment Date, the Basis Risk Payment cannot exceed the amount of funds otherwise
        distributable on the Class X Certificates.

       

      Beneficial
        Owner:
        With
        respect to any Note or Certificate, the Person who is the beneficial owner
        of
        such Note or Certificate as reflected on the books of the Depository or on
        the
        books of a Person maintaining an account with such Depository (directly as
        a
        Depository Participant or indirectly through a Depository Participant, in
        accordance with the rules of such Depository).

       

      Book-Entry
        Notes:
        Beneficial interests in the Notes, ownership and transfers of which shall
        be
        made through book entries by the Depository as described in the
        Indenture.

       

      Business
        Day:
        Any day
        other than (i) a Saturday or a Sunday, or (ii) a day on which the New York
        Stock
        Exchange or Federal Reserve is closed or on which banking institutions in
        the
        jurisdiction in which the Indenture Trustee, the Owner Trustee or the Servicer
        is located are authorized or obligated by law or executive order to be
        closed.

       

      Certificate
        Distribution Account:
        The
        meaning specified in Section 4.06 of the Sale and Servicing
        Agreement.

       

      Certificateholder:
        The
        Person in whose name a Certificate is registered in the Certificate Register.
        Owners of Certificates that have been pledged in good faith may be regarded
        as
        Holders if the pledgee establishes to the satisfaction of the Indenture Trustee
        or the Owner Trustee, as the case may be, the pledgee’s right so to act with
        respect to such Certificates and that the pledgee is not the Issuing Entity,
        any
        other obligor upon the Certificates or any Affiliate of any of the foregoing
        Persons.

       

      Certificate
        Interest Rate:
        With
        respect to the Class S Certificates, the lesser of (a) the Formula Rate and
        (b)
        the WAC Cap.

       

      Certificate
        of Trust:
        The
        Certificate of Trust filed for the Issuing Entity pursuant to Section 3810(a)
        of
        the Statutory Trust Statute.

       

      Certificate
        Paying Agent:
        Initially, the Indenture Trustee, in its capacity as Certificate Paying Agent,
        or any successor to the Indenture Trustee in such capacity.

       

      Certificate
        Principal Balance:
        With
        respect to the Class S Certificates, the amount by which on any Payment Date
        Draws on the HELOCs exceed the Principal Collection Amount, minus all amounts
        in
        respect of principal distributed to the Class S Certificates on previous
        Payment
        Dates. The initial Certificate Principal Balance of the Class S Certificates
        is
        equal to zero.

       

      Certificate
        Register:
        The
        register maintained by the Certificate Registrar in which the Certificate
        Registrar shall provide for the registration of Certificates and of transfers
        and exchanges of Certificates.

       

      Certificate
        Registrar:
        Initially, the Indenture Trustee, in its capacity as Certificate Registrar,
        or
        any successor to the Indenture Trustee in such capacity pursuant to the Trust
        Agreement.

       

      Certificates:
        The
        Class X, Class X-1, Class S and Class R Certificates.

       

      Certification:
        The
        meaning specified in Section 3.16 of the Sale and Servicing
        Agreement.

       

      Charged-Off
        HELOC:
        Any
        HELOC that is more than 180 days (or, earlier, in accordance with the Servicer’s
        servicing practices) past due.

       

      Class:
        The
        Class A Notes, or any of the Class X, Class X-1, Class S or Class R
        Certificates.

       

      Class
        A Notes:
        The
        Class A Notes, each in the form attached as Exhibit A to the
        Indenture.

       

      Class
        A Principal Distribution Amount:
        With
        respect to any Payment Date, an amount equal to the excess (if any) of (x)
        the
        Note Principal Balance of the Class A Notes immediately prior to such Payment
        Date over (y) the lesser of (A) the product of (i) 95.10% and (ii) the aggregate
        Stated Principal Balance of the HELOCs for such Payment Date, and (B) the
        excess
        (if any) of the aggregate Stated Principal Balance of the HELOCs for such
        Payment Date over 0.50% of the aggregate Stated Principal Balance of the
        HELOCs
        as of the Cut-off Date.

       

      Class
        R Certificates:
        The
        Class R Certificates, each in the form attached as Exhibit A-3 to the Trust
        Agreement, evidencing ownership of the Class R-1 Interest, Class R-2 Interest
        and Class R-3 Interest.

       

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

       

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

       

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

       

      Class
        S Certificate Interest:
        With
        respect to the Class S Certificate on any Payment Date, the amount of interest
        accrued during the related Accrual Period on the Certificate Principal Balance
        immediately prior to such Payment Date at the Certificate Interest Rate,
        as
        reduced by the Class S Certificate’s share of net prepayment interest shortfalls
        and any shortfalls resulting from the application of the Relief Act or any
        similar state statute.

       

      Class
        X Distribution Amount:
        With
        respect to any Payment Date, the sum of (i) the Accrued Interest for the
        Class X
        Certificates for such Payment Date and (ii) without duplication, any Subsequent
        Recoveries not distributed to the Notes on such Payment Date; provided, however
        that on any Payment Date after the Payment Date on which the Note Principal
        Balances of the Notes have been reduced to zero, the Class X Distribution
        Amount
        shall include the Overcollateralization Amount.

       

      Class
        X Interest Rate:
        With
        respect to the Class X Interest and any Payment Date, a rate per annum equal
        to
        the percentage equivalent of a fraction, the numerator of which is the sum
        of
        the amount determined for each REMIC II Regular Interest equal to (x) the
        excess
        of the Uncertificated REMIC II Pass-Through Rate for such REMIC II Regular
        Interest over the Marker Rate, applied to (y) a notional amount equal to
        the
        Uncertificated Principal Balance of such REMIC II Regular Interest, and the
        denominator of which is the aggregate Uncertificated Principal Balance of
        such
        REMIC II Regular Interests.

       

      Closing
        Date:
        April
        17, 2007.

       

      Code:
        The
        Internal Revenue Code of 1986, as amended, and the rules and regulations
        promulgated thereunder.

       

      Collateral:
        The
        meaning specified in the Granting Clause of the Indenture.

       

      Commission:
        The
        Securities and Exchange Commission.

       

      Constant
        Draw Rate:
        A
        constant rate of additional balances drawn on the HELOCs.

       

      Corporate
        Trust Office:
        With
        respect to the Indenture Trustee, Certificate Registrar and Note Registrar,
        the
        principal corporate trust office of the Indenture Trustee at which at any
        particular time its corporate trust business shall be administered, which
        office
        at the date of the execution of this instrument is located at 1761 East St.
        Andrew Place, Santa Ana, California 92705-4934, Attention: Trust Administration
        - GS07H1. With respect to the Owner Trustee, the principal corporate trust
        office of the Owner Trustee at which at any particular time its corporate
        trust
        business shall be administered, which office at the date of the execution
        of
        this Trust Agreement is located at Rodney Square North, 1100 North Market
        Street, Wilmington, Delaware 19890, Attention: Corporate Trust
        Administration.

       

      CPR:
        A
        constant rate of prepayment on the HELOCs.

       

      Credit
        Enhancement Percentage:
        With
        respect to any Payment Date, the percentage obtained by dividing (x) the
        Overcollateralization Amount after taking into account the distributions
        of the
        Principal Distribution Amount for such Payment Date by (y) the aggregate
        Stated
        Principal Balance of the HELOCs as of the last day of the related Due
        Period.

       

      Credit
        Line Agreement:
        With
        respect to any HELOC, the credit line account agreement executed by the related
        Mortgagor and any amendment or modification thereof.

       

      Cumulative
        Realized Loss Percentage:
        With
        respect to the Notes and any Payment Date is equal to the percentage obtained
        by
        dividing (x) the aggregate Realized Loss Amounts on the HELOCs incurred since
        the Cut-off Date through the end of the related Due Period, minus the principal
        portion of any amounts received in respect of the HELOCs following the
        charge-off, by (y) the aggregate Stated Principal Balance of the HELOCs as
        of
        the Cut-off Date.

       

      Custodial
        Account:
        The
        trust account or accounts created and maintained pursuant to Section 3.02
        of the
        Sale and Servicing Agreement. The Custodial Account shall be an Eligible
        Account.

       

      Custodial
        Agreement:
        The
        custodial agreement, dated as of April 17, 2007, among the Indenture Trustee,
        the Custodian, the Sponsor, and the Depositor, relating to the
        GSR
        Trust 2007-HEL1, Mortgage-Backed Notes, Series 2007-HEL1, in the form attached as Exhibit M to the Sale and Servicing Agreement.

       

      Custodian:
        Wells
        Fargo Bank, N.A., and its successors and assigns.

       

      Cut-off
        Date:
        With
        respect to the HELOCs, April 9, 2007.

       

      Cut-off
        Date Balance:
        $132,276,021.43.

       

      Cut-off
        Date Principal Balance:
        With
        respect to any HELOC, the unpaid principal balance thereof as of the Cut-off
        Date after applying the principal portion of Monthly Payments due on or before
        such date, whether or not received, and without regard to any payments due
        after
        such date.

       

      Debt
        Service Reduction:
        With
        respect to any HELOC, a reduction by a court of competent jurisdiction in
        a
        bankruptcy proceeding in the scheduled monthly payment due on any due date
        for
        such HELOC which becomes final and non-appealable, except such a reduction
        resulting from a Deficient Valuation or any reduction that results in a
        permanent forgiveness of principal.

       

      Default:
        Any
        occurrence which is or with notice or the lapse of time or both would become
        an
        Event of Default.

       

      Deficiency
        Amount:
        The
        meaning specified in the Policy.

       

      Deficient
        Valuation:
        With
        respect to any HELOC, a valuation by a court of competent jurisdiction in
        a
        bankruptcy proceeding of the mortgaged property in an amount less than the
        then
        outstanding indebtedness under the HELOC and any senior lien on the Mortgaged
        Property, or any reduction in the amount of principal to be paid in connection
        with any scheduled monthly payment due on any Due Date that results in a
        permanent forgiveness of principal, which valuation or reduction results
        from an
        order of such court which is final and non-appealable.

       

      Deficit
        Determination Date:
        The
        meaning specified in Section 2.11 of the Sale and Servicing
        Agreement.

       

      Definitive
        Notes:
        The
        meaning specified in Section 4.08 of the Indenture.

       

      Depositor:
        GS
        Mortgage Securities Corp., a Delaware corporation, or its successor in
        interest.

       

      Depository:
        The
        Depository Trust Company, the nominee of which is Cede & Co., or any
        successor thereto.

       

      Depository
        Participant:
        A
        Person for whom, from time to time, the Depository effects book-entry transfers
        and pledges of securities deposited with the Depository.

       

      Designated
        Depository Institution:
        A
        depository institution (commercial bank, federal savings bank, mutual savings
        bank or savings and loan association) or trust company (which may include
        the
        Indenture Trustee), the deposits of which are fully insured by the FDIC to
        the
        extent provided by law.

       

      Determination
        Date:
        The
        Business Day immediately preceding the related Servicer Remittance
        Date.

       

      Draw:
        With
        respect to any HELOC, an additional borrowing by the related mortgagor
        subsequent to the Cut-off Date in accordance with the related mortgage
        note.

       

      Draw
        Period:
        With
        respect to any HELOC, the period during which the related mortgagor is permitted
        to make Draws.

       

      Due
        Date:
        With
        respect to each HELOC, the day of the month on which each scheduled Monthly
        Payment is due.

       

      Due
        Period:
        With
        respect to any Payment Date (other than the first Payment Date) and the HELOCs,
        the period beginning on the 6th day of the calendar month immediately preceding
        the month in which such Payment Date occurs and ending on the 5th day of
        the
        month in which such Payment Date occurs, and with respect to the first Payment
        Date, the period beginning on April 10, 2007 and ending on May 5,
        2007.

       

      EDGAR:
        The
        meaning specified in Section 3.16 of the Sale and Servicing
        Agreement.

       

      Eligible
        Account:
        An
        account that is any of the following: (i) maintained with a depository
        institution the short-term debt obligations of which have been rated by each
        Rating Agency in its highest rating category available, or (ii) an account
        or
        accounts in a depository institution in which such accounts are fully insured
        to
        the limits established by the FDIC, provided that any deposits not so insured
        shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
        be maintained such that (as evidenced by an Opinion of Counsel delivered
        to the
        Indenture Trustee, the Note Insurer and each Rating Agency) the Indenture
        Trustee have a claim with respect to the funds in such account or a perfected
        first priority security interest against any collateral (which shall be limited
        to Permitted Investments) securing such funds that is superior to claims
        of any
        other depositors or creditors of the depository institution with which such
        account is maintained, or (iii) in the case of the Custodial Account and
        the
        Payment Account, a trust account or accounts maintained in the corporate
        trust
        division of the Servicer or Indenture Trustee, or (iv) an account or accounts
        of
        a depository institution acceptable to each Rating Agency (as evidenced in
        writing by each Rating Agency that use of any such account as the Custodial
        Account or the Payment Account will not reduce the rating assigned to any
        of the
        Notes by such Rating Agency as of the Closing Date by such Rating
        Agency).

       

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

       

      Event
        of Default:
        With
        respect to the Indenture, any one of the following events (whatever the reason
        for such Event of Default and whether it shall be voluntary or involuntary
        or be
        effected by operation of law or pursuant to any judgment, decree or order
        of any
        court or any order, rule or regulation of any administrative or governmental
        body):

       

      (i)     
         a
        failure
        by the Issuing Entity to pay any interest on or principal of the Class A
        Notes
        on any Payment Date and such default shall continue for a period of five
        days;
        or

       

      (ii)       there
        occurs a default in the observance or performance of any covenant or agreement
        of the Issuing Entity made in the Indenture, or any representation or warranty
        of the Issuing Entity made in the Indenture or in any certificate or other
        writing delivered pursuant hereto or in connection herewith proving to have
        been
        incorrect in any material respect as of the time when the same shall have
        been
        made, and such default shall continue or not be cured, or the circumstance
        or
        condition in respect of which such representation or warranty was incorrect
        shall not have been eliminated or otherwise cured, for a period of 30 days
        after
        there shall have been given, by registered or certified mail, to the Issuing
        Entity by the Indenture Trustee or to the Issuing Entity and the Indenture
        Trustee by the Note Insurer (so long as no Note Insurer Default exists) or
        the
        Holders of at least 25% of the aggregate Note Principal Balance of the
        Outstanding Notes, a written notice specifying such default or incorrect
        representation or warranty and requiring it to be remedied and stating that
        such
        notice is a notice of default hereunder; or

       

      (iii)       there
        occurs the filing of a decree or order for relief by a court having jurisdiction
        in the premises in respect of the Issuing Entity or any substantial part
        of the
        Trust Estate in an involuntary case under any applicable federal or state
        bankruptcy, insolvency or other similar law now or hereafter in effect, or
        appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
        or
        similar official of the Issuing Entity or for any substantial part of the
        Trust
        Estate, or ordering the winding-up or liquidation of the Issuing Entity’s
        affairs, and such decree or order shall remain unstayed and in effect for
        a
        period of 60 consecutive days; or

       

      (iv)       there
        occurs the commencement by the Issuing Entity of a voluntary case under any
        applicable federal or state bankruptcy, insolvency or other similar law now
        or
        hereafter in effect, or the consent by the Issuing Entity to the entry of
        an
        order for relief in an involuntary case under any such law, or the consent
        by
        the Issuing Entity to the appointment or taking possession by a receiver,
        liquidator, assignee, custodian, trustee, sequestrator or similar official
        of
        the Issuing Entity or for any substantial part of the assets of the Trust
        Estate, or the making by the Issuing Entity of any general assignment for
        the
        benefit of creditors, or the failure by the Issuing Entity generally to pay
        its
        debts as such debts become due, or the taking of any action by the Issuing
        Entity in furtherance of any of the foregoing.

       

      Event
        of Servicer Termination:
        The
        occurrence of an event permitting termination or removal of the Servicer
        under
        the Sale and Servicing Agreement as servicer of the HELOCs.

       

      Excess
        Liquidation Proceeds:
        To the
        extent that such amount is not required by law to be paid to the related
        Mortgagor, the amount, if any, by which Liquidation Proceeds with respect
        to a
        Charged-Off HELOC exceed the sum of (i) the Outstanding Principal Balance
        of
        such HELOC and accrued but unpaid interest at the related Mortgage Interest
        Rate
        through the last day of the month in which the related Liquidation Date occurs,
        (ii) related Liquidation Expenses (including Liquidation Expenses which are
        payable therefrom to the Servicer in accordance with the Sale and Servicing
        Agreement) and (iii) unreimbursed advances by the Servicer.

       

      Excess
        Overcollateralization Amount:
        With
        respect to HELOCs and any Payment Date, the excess, if any, of the
        Overcollateralization Amount on that Payment Date over the Overcollateralization
        Target Amount.

       

      Excess
        Reserve Fund Account:
        An
        account established by the Indenture Trustee pursuant to Section 3.20 of
        the
        Indenture on behalf of the Class X Certificateholders to receive any related
        Basis Risk Payment and to pay to the Class A Notes any Basis Risk Carry Forward
        Amounts.

       

      Excess
        Reserve Fund Account
        Deposit:
        With
        respect to the Excess Reserve Fund Account,
        an
        amount equal to $5,000, which the Depositor shall deposit into the Excess
        Reserve Fund Account, pursuant to Section 3.20 of the Indenture.

       

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

       

      Expense
        Adjusted Mortgage Rate:
        With
        respect to any HELOC or REO Property, the then applicable interest rate thereon
        less the Expense Fee Rate.

       

      Expense
        Fee Rate:
        With
        respect to any HELOC or REO Property, a per annum rate equal to the sum of
        the
        Servicing Fee Rate and the Indenture Trustee Fee Rate.

       

      Expenses:
        The
        meaning specified in Section 7.02 of the Trust Agreement.

       

      Extra
        Principal Distribution Amount:
        With
        respect to any Payment Date, other than the third, the fourth and the fifth
        Payment Dates, the lesser of (i) the excess of (x) interest collected on
        the
        HELOCs for such Payment Date (less the Servicing Fee, the Indenture Trustee
        Fee
        and the Insurer Premium) and available for payment on such Payment Date,
        over
        (y) the sum of interest payable on the Notes and Class S Certificates on
        such
        Payment Date and (ii) the Overcollateralization Deficiency Amount for such
        Payment Date.

       

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

       

      
        Federal
          Funds Rate: 
          For any period, a fluctuating interest rate per annum equal for each day
          during
          such period to the weighted average of the overnight federal funds rates as
          in Federal Reserve Board Statistical Release H.15(519) or, with the consent of the Servicer, any successor
          or
          substitute publication selected by the Indendenture Trustee (or, if such day is not a Business Day, for the next succeeding
          Business Day), or, if, for any reason, such rate is not available on any
          day,
          the rate determined by the Indenture Trustee, with the conesent of the
          Servicer,
          to be the rate at which overnight federal funds are being offered in the
          national federal funds market at 9:00am. (New York time).

      

       

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

       

      Final
        Certification:
        The
        final certification delivered by the Custodian pursuant to Section 2.3(c)
        of the
        Custodial Agreement in the form attached thereto as Exhibit Three.

       

      Final
        Scheduled Payment Date:
        With
        respect to the Notes, the Payment Date in November 2036.

       

      Form
        8-K Disclosure Information:
        The
        meaning specified in Section 3.16 of the Sale and Servicing
        Agreement.

       

      Formula
        Rate:
        With
        respect to the Notes and the Class S Certificates and, for purposes of the
        definition of “Note Interest Rate”, REMIC II Regular Interest A, a per annum
        rate equal to One-Month LIBOR plus the applicable Margin.

       

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

       

      Free
        Writing Prospectus:
        The
        free
        writing prospectus, dated April 5, 2007, prepared by the Depositor and relating
        to the issuance of the Notes,
        and the
        accompanying prospectus, dated February 13, 2007.

       

      Grant:
        Pledge,
        bargain, sell, warrant, alienate, remise, release, convey, assign, transfer,
        create, and grant a lien upon and a security interest in and right of set-off
        against, deposit, set over and confirm pursuant to the Indenture. A Grant
        of the
        Collateral or of any other agreement or instrument shall include all rights,
        powers and options (but none of the obligations) of the granting party
        thereunder, including the immediate and continuing right to claim for, collect,
        receive and give receipt for principal and interest payments in respect of
        such
        collateral or other agreement or instrument and all other moneys payable
        thereunder, to give and receive notices and other communications, to make
        waivers or other agreements, to exercise all rights and options, to bring
        proceedings in the name of the granting party or otherwise, and generally
        to do
        and receive anything that the granting party is or may be entitled to do
        or
        receive thereunder or with respect thereto.

       

      Guaranteed
        Payment Amount:
        The
        aggregate outstanding Note Principal Balance of the Offered Notes and the
        Class
        S Certificates on the Payment Date in November 2036, after giving effect
        to all
        other distributions of principal on the Offered Notes and the Class S
        Certificates on such Payment Date from all sources other than the
        Policy.

       

      HELOC:
        A home
        equity line of credit transferred and assigned to the Issuing Entity pursuant
        to
        Section 2.01 or Section 2.04 of the Sale and Servicing Agreement, as identified
        in the Mortgage Loan Schedule, including a HELOC the property securing which
        has
        become an REO Property.

       

      HELOC
        Schedule:
        The
        schedule, attached as Exhibit A to the Sale and Servicing Agreement with
        respect
        to the HELOCs.

       

      Holder:
        Any
        Certificateholder or any Noteholder, as the context requires.

       

      Indemnified
        Party:
        The
        meaning specified in Section
        7.02 of the Trust Agreement.

       

      Indenture:
        The
        indenture, dated as of April 17, 2007, among the Issuing Entity and the
        Indenture Trustee, relating to the GSR Trust 2007-HEL1, Mortgage-Backed Notes,
        2007-HEL1.

       

      Indenture
        Trustee:
        Deutsche Bank National Trust Company, and its successors and assigns or any
        successor indenture trustee appointed pursuant to the terms of the
        Indenture.

       

      Indenture
        Trustee Fee:
        With
        respect to any HELOC, an amount equal to one-twelfth of the Indenture Trustee
        Fee Rate on the Stated Principal Balance of such HELOC as of the first day
        of
        the Due Period preceding the applicable Payment Date.

       

      Indenture
        Trustee Fee Rate:
        0.010%
        per annum.

       

      Independent:
        When
        used with respect to any specified Person, the Person (i) is in fact independent
        of the Issuing Entity, any other obligor on the Notes, the Sponsor, the
        Servicer, the Depositor and any Affiliate of any of the foregoing Persons,
        (ii)
        does not have any direct financial interest or any material indirect financial
        interest in the Issuing Entity, any such other obligor, the Sponsor, the
        Servicer, the Depositor or any Affiliate of any of the foregoing Persons
        and
        (iii) is not connected with the Issuing Entity, any such other obligor, the
        Sponsor, the Servicer, the Depositor or any Affiliate of any of the foregoing
        Persons as an officer, employee, promoter, underwriter, trustee, partner,
        director or person performing similar functions.

       

      Independent
        Certificate:
        A
        certificate or opinion to be delivered to the Indenture Trustee under the
        circumstances described in, and otherwise complying with, the applicable
        requirements of Section 10.01 of the Indenture, made by an independent appraiser
        or other expert appointed by an Issuing Entity Request and approved by the
        Indenture Trustee in the exercise of reasonable care, and such opinion or
        certificate shall state that the signer has read the definition of “Independent”
in this Indenture and that the signer is Independent within the meaning
        thereof.

       

      Index:
        The
        index, if any, specified in a Mortgage Note by reference to which the related
        Mortgage Interest Rate will be adjusted from time to time.

       

      Initial
        Certification:
        The
        initial certification delivered by the Custodian pursuant to Section 2.3(a)
        of
        the Custodial Agreement in the form attached thereto as Exhibit
        One.

       

      Initial
        Note Principal Balance:
        With
        respect to the Class A Notes, $132,937,000.

       

      Insurance
        Agreement:
        The
        Insurance Agreement, dated as of April 17, 2007, among the Note Insurer,
        the
        Original Seller and Master Servicer, the Issuing Entity, the Sponsor and
        the
        Depositor, including any amendments and supplements thereto in accordance
        with
        the terms thereof.

       

      Insurance
        Policy:
        With
        respect to any HELOC, any standard hazard insurance policy, flood insurance
        policy or title insurance policy.

       

      Insurance
        Proceeds:
        Amounts
        paid by the insurer under any Insurance Policy covering any HELOC or Mortgaged
        Property other than amounts required to be paid over to the Mortgagor pursuant
        to law or the related Mortgage Note or Security Instrument and other than
        amounts used to repair or restore the Mortgaged Property or to reimburse
        insured
        expenses.

       

      Insured
        Amounts:
        The
        meaning specified in the Policy.

       

      Insurer
        Premium:
        The
        premium due to the Note Insurer calculated based on the product of the Insurer
        Premium Percentage and the aggregate of the Note Principal Balance of the
        Notes
        and the Certificate Principal Balance of the Class S Certificates as of the
        immediately preceding Payment Date, based on a 360-day year and the actual
        number of days in the related period.

       

      Insurer
        Premium Percentage:
        0.400%
        per annum.

       

      Interest
        Adjustment Date:
        With
        respect to a HELOC, the date, if any, specified in the related Mortgage Note
        on
        which the Mortgage Interest Rate is subject to adjustment.

       

      Interest
        Determination Date:
        With
        respect to the first Accrual Period, the second LIBOR Business Day preceding
        the
        Closing Date, and with respect to each Accrual Period thereafter, the second
        LIBOR Business Day preceding the related Payment Date on which such Accrual
        Period commences.

       

      Interest
        Remittance Amount:
        With
        respect to each Payment Date, an amount equal to the amount received by the
        Servicer and consisting of interest collected during the related Due Period
        on
        the HELOCs and allocated to interest in accordance with the terms of the
        Sale
        and Servicing Agreement, together with the interest portion of any repurchase
        price relating to any repurchased HELOCs and any Subsequent Recoveries on
        HELOCs
        that were previously Charged-Off HELOCs, reduced, without duplication, by
        the
        Servicing Fee, the Indenture Trustee Fee and any expenses of the Issuing
        Entity.

       

      Interest
        Shortfall:
        With
        respect to any Payment Date and each HELOC that during the related Prepayment
        Period was the subject of a Principal Prepayment or constitutes a Relief
        Act
        HELOC, an amount determined as follows:

       

      (a)       Partial
        principal prepayments received during the relevant Prepayment Period: The
        difference between (i) one month’s interest at the applicable Expense Adjusted
        Mortgage Rate on the amount of such prepayment and (ii) the amount of interest
        for the calendar month of such prepayment (adjusted to the applicable Expense
        Adjusted Mortgage Rate) received at the time of such prepayment;

       

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

       

      (c)       Relief
        Act HELOCs: As to any Relief Act HELOC, the excess of (i) 30 days’ interest (or,
        in the case of a principal prepayment in full, interest to the date of
        prepayment) on the Stated Principal Balance thereof (or, in the case of a
        principal prepayment in part, on the amount so prepaid) at the related Expense
        Adjusted Mortgage Rate over (ii) 30 days’ interest (or, in the case of a
        principal prepayment in full, interest to the date of prepayment) on such
        Stated
        Principal Balance (or, in the case of a Principal Prepayment in part, on
        the
        amount so prepaid) at the Expense Adjusted Mortgage Rate required to be paid
        by
        the Mortgagor as limited by application of the Relief Act.

       

      Interim
        Certification:
        The
        interim certification delivered by the Custodian pursuant to Section 2.3(b)
        of
        the Custodial Agreement in the form attached thereto as Exhibit
        Two.

       

      Intervening
        Assignments:
        The
        original intervening assignments of the Mortgage, notices of transfer or
        equivalent instrument.

       

      Investment
        Company Act:
        The
        Investment Company Act of 1940, as amended, and any amendments
        thereto.

       

      IRS:
        The
        Internal Revenue Service.

       

      Issuing
        Entity:
        GSR
        Trust 2007-HEL1, a Delaware statutory trust, or its successor in
        interest.

       

      Issuing
        Entity Request:
        A
        written order or request signed in the name of the Issuing Entity by any
        one of
        its Authorized Officers and delivered to the Indenture Trustee.

       

      Latest
        Possible Maturity Date:
        November 15, 2036.

       

      LIBOR
        Business Day:
        A day
        on which banks are open for dealing in foreign currency and exchange in London
        and New York City.

       

      Lien:
        Any
        mortgage, deed of trust, pledge, conveyance, hypothecation, assignment,
        participation, deposit arrangement, encumbrance, lien (statutory or other),
        preference, priority right or interest or other security agreement or
        preferential arrangement of any kind or nature whatsoever, including, without
        limitation, any conditional sale or other title retention agreement, any
        financing lease having substantially the same economic effect as any of the
        foregoing and the filing of any financing statement under the UCC (other
        than
        any such financing statement filed for informational purposes only) or
        comparable law of any jurisdiction to evidence any of the
        foregoing.

       

      Liquidation
        Date:
        With
        respect to any Charged-Off HELOC, the date on which the Servicer has certified
        that such HELOC has become a Charged-Off HELOC.

       

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

       

      Liquidation
        Loss Amount:
        With
        respect to any Payment Date and any HELOC which became a Charged-Off HELOC
        during the related Due Period, the unrecovered principal balance of that
        HELOC
        at the end of such Due Period, after giving effect to the Liquidation Proceeds
        applied in reduction of the principal balance of that Charged-Off HELOC.
        If a
        Bankruptcy Loss has occurred with respect to any HELOC, the amount of the
        Bankruptcy Loss will be treated as a Liquidation Loss Amount.

       

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted HELOC, whether
        through trustee’s sale, foreclosure sale, Insurance Proceeds, condemnation
        proceeds or otherwise.

       

      Loan-to-Value
        Ratio:
        With
        respect to any HELOC, the fraction, expressed as a percentage, the numerator
        of
        which is the original principal balance of the related HELOC and the denominator
        of which is the Original Value of the related Mortgaged Property.

       

      Lost
        Notes:
        The
        original Mortgage Notes that have been lost, as indicated on the Mortgage
        Loan
        Schedule.

       

      Majority
        Securityholders:
        The
        holder or holders of in excess of 50% of the balance of the Notes, and following
        the reduction of the aggregate balance of the Notes to zero, the holders
        of the
        Residual Certificates (voting collectively as a single class).

       

      Managed
        Amortization Period:
        With
        respect to the Notes and the Class S Certificates, the period beginning on
        the
        Cut-off Date and ending on the earlier of (i) the Payment Date in May 2012
        and
        (ii) the occurrence of a Rapid Amortization Event.

       

      Margin:
        With
        respect to any Payment Date on or prior to the first possible Optional
        Termination Date and the Class A Notes and Class S Certificates, and, for
        purposes of the definition of “Formula Rate”, REMIC II Regular Interest A,
        0.160% per annum; and with respect to any Payment Date after the first possible
        Optional Termination Date, the Margin will increase to 0.320% per
        annum.

       

      Marker
        Rate:
        With
        respect to the Class X Interest and any Payment Date, a per annum rate equal
        to
        two (2) times the weighted average of the Uncertificated REMIC II Pass-Through
        Rates for the REMIC I Regular Interests (other than REMIC II Regular Interest
        AA), with the rate on each such REMIC II Regular Interest (other than REMIC
        II
        Regular Interest ZZ) subject to a cap equal to the Note Interest Rate for
        the
        Class A Note for the purpose of this calculation for such Payment Date, and
        with
        the rate on REMIC II Regular Interest ZZ subject to a cap of zero for the
        purpose of this calculation.

       

      Master
        PSA:
        Master
        Home Equity Lines of Credit Purchase and Servicing Agreement, dated as of
        December 1, 2006, between RFC, as original loan seller and servicer, and
        Goldman
        Sachs Mortgage Company, as purchaser, attached as Exhibit L to the Sale and
        Servicing Agreement.

       

      Material
        Defect:
        The
        meaning specified in Section 2.02(a) of the Sale and Servicing
        Agreement.

       

      Maximum
        Lifetime Mortgage Rate:
        The
        maximum level to which a Mortgage Interest Rate can adjust in accordance
        with
        its terms, regardless of changes in the applicable Index.

       

      Maximum
        Uncertificated Accrued Interest Deferral Amount:
        With
        respect to any Payment Date, the excess of (i) accrued interest at the
        Uncertificated REMIC II Pass-Through Rate applicable to REMIC II Regular
        Interest ZZ for such Payment Date on a balance equal to the Uncertificated
        Principal Balance of REMIC II Regular Interest ZZ minus the REMIC II
        Overcollateralization Amount, in each case for such Payment Date, over (ii)
        the
        aggregate amount of Uncertificated Accrued Interest for such Payment Date
        on
        REMIC II Regular Interest A, with the rate on each such REMIC II Regular
        Interest subject to a cap equal to the Note Interest Rate for the Class A
        Notes
        for the purpose of this calculation for such Payment Date.

       

      MBIA:
        MBIA
        Insurance Corporation, or its successors and assigns.

       

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

       

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

       

      MIN:
        The
        Mortgage Identification Number for HELOCs registered with MERS on the MERS®
System.

       

      Minimum
        Lifetime Mortgage Rate:
        The
        minimum level to which a Mortgage Interest Rate can adjust in accordance
        with
        its terms, regardless of changes in the applicable Index.

       

      MOM
        Loan:
        With
        respect to any HELOC, MERS acting as the mortgagee of such HELOC, solely
        as
        nominee for the originator of such HELOC and its successors and assigns,
        at the
        origination thereof, or as nominee for any subsequent assignee of the originator
        pursuant to an assignment of mortgage to MERS.

       

      Monthly
        Payment:
        With
        respect to any HELOC (including any REO Property) and any Due Date, the payment
        of principal and interest due thereon in accordance with the amortization
        schedule at the time applicable thereto (after adjustment, if any, for partial
        Principal Prepayments and for Deficient Valuations occurring prior to such
        Due
        Date but before any adjustment to such amortization schedule by reason of
        any
        bankruptcy, other than a Deficient Valuation, or similar proceeding or any
        moratorium or similar waiver or grace period).

       

      Moody’s:
        Moody’s
        Investors Service, Inc.

       

      Mortgage:
        The
        mortgage, deed of trust or other instrument reflected on the Mortgage Loan
        Schedule as securing a HELOC.

       

      Mortgage
        File:
        The
        file containing the Related Documents pertaining to a particular HELOC and
        any
        additional documents required to be added to the Mortgage File pursuant to
        the
        Indenture.

       

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues from time to time on any HELOC pursuant
        to
        the related Mortgage Note, which rate is initially equal to the “Mortgage
        Interest Rate” set forth with respect thereto on the applicable Mortgage Loan
        Schedule.

       

      Mortgage
        Note:
        The
        originally executed note or other evidence of the indebtedness of a Mortgagor
        under the related HELOC.

       

      Mortgaged
        Property:
        Land
        and improvements securing the indebtedness of a Mortgagor under the related
        HELOC or, in the case of REO Property, such REO Property.

       

      Mortgagor:
        The
        obligor on a Mortgage Note.

       

      Net
        Collections:
        With
        respect to any Charged-Off HELOC, an amount equal to all payments on account
        of
        interest and principal on such HELOC.

       

      Net
        Liquidation Proceeds:
        With
        respect to any Charged-Off HELOC, Liquidation Proceeds and Subsequent Recoveries
        net of unreimbursed advances by the Servicer, expenses incurred by the Servicer
        in connection with the liquidation of such HELOC and the related Mortgaged
        Property, and any other amounts payable to the Servicer under the Sale and
        Servicing Agreement and the Master PSA.

       

      Net
        Monthly Excess Cashflow:
        The
        amount of Interest Remittance Amount and Principal Collection Amount remaining
        on a Payment Date after taking into account the amount necessary to make
        all
        payments of interest and principal to the Notes and the Class S
        Certificates.

       

      Noteholder:
        The
        Person in whose name a Note is registered in the Note Register, except that,
        any
        Note registered in the name of the Depositor, the Issuing Entity, the Indenture
        Trustee, the Sponsor or the Servicer or any Affiliate of any of them shall
        be
        deemed not to be a Holder or Holders, nor shall any so owned be considered
        outstanding, for purposes of giving any request, demand, authorization,
        direction, notice, consent or waiver under the Indenture or the Trust Agreement;
        provided that, in determining whether the Indenture Trustee shall be protected
        in relying upon any such request, demand, authorization, direction, notice,
        consent or waiver, only Notes that a Responsible Officer of the Indenture
        Trustee has actual knowledge to be so owned shall be so disregarded. Owners
        of
        Notes that have been pledged in good faith may be regarded as Holders if
        the
        pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s
        right so to act with respect to such Notes and that the pledgee is not the
        Issuing Entity, any other obligor upon the Notes or any Affiliate of any
        of the
        foregoing Persons.

       

      Note
        Insurer:
        MBIA,
        or its successors and assigns.

       

      Note
        Insurer Default:
        The
        existence and continuance of any of the following: (a) the Note Insurer
        fails to make a payment required under the Policy in accordance with its
        terms; or (b) (i) the Note Insurer (A) files any petition or commences any
        case or proceeding under any provision or chapter of the Bankruptcy Code
        or any
        other similar federal or state law relating to insolvency, bankruptcy,
        rehabilitation, liquidation or reorganization, (B) makes a general assignment
        for the benefit of its creditors, or (C) has an order for relief entered
        against
        it under the Bankruptcy Code or any other similar federal or state law relating
        to insolvency, bankruptcy, rehabilitation, liquidation or reorganization
        which
        is final and non-appealable; or (ii) a court of competent jurisdiction, the
        New
        York Department of Insurance or other competent regulatory authority enters
        a
        final and non-appealable order, judgment or decree (A) appointing a custodian,
        trustee, agent or receiver for the Note Insurer or for all or any material
        portion of its property or (B) authorizing the taking of possession by a
        custodian, trustee, agent or receiver of the Note Insurer (or the taking of
        possession of all or any material portion of the property of the Note
        Insurer); provided, however, that upon the cure of any Note Insurer Default,
        the Note Insurer's voting and consent rights will be
        reinstated.

       

      Note
        Interest
        Rate:
        With
        respect to the Notes and, for purposes of the definition of “Marker Rate” and
“Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC I Regular
        Interest A, is the lesser of (a) Formula Rate and (b) the WAC Cap.

       

      Note
        Owner:
        The
        Beneficial Owner of a Note.

       

      Note
        Principal Balance:
        With
        respect to any Note as of any Payment Date, will equal such Note’s initial
        principal balance on the Closing Date, as reduced by all amounts distributed
        on
        previous Payment Dates on such Note with respect to principal. The Note
        Principal Balance of the Class A Notes shall be equal to the sum of the Note
        Principal Balances of all Outstanding Notes of such Class.

       

      Note
        Register:
        The
        register maintained by the Note Registrar in which the Note Registrar shall
        provide for the registration of Notes and of transfers and exchanges of
        Notes.

       

      Note
        Registrar:
        The
        Indenture Trustee, in its capacity as Note Registrar, or any successor to
        the
        Indenture Trustee in such capacity.

       

      Notes
        or
Offered
        Notes:
        The
        Class A Notes.

       

      Notional
        Amount:
        With
        respect to the Class X Interest and any Payment Date, an amount equal to
        the
        aggregate Stated Principal Balance of the HELOCs at the beginning of the
        related
        Due Period. The initial Notional Amount of the Class X Certificates shall
        be
        $132,276,021.43.
        For
        federal income tax purposes, the Notional Amount of the Class X Interest
        for any
        Payment Date shall be an amount equal to the aggregate Uncertificated Principal
        Balance of the REMIC I Regular Interests for such Payment Date.

       

      Officer’s
        Certificate:
        With
        respect to the Servicer, a certificate signed by the President, Managing
        Director, a Director, a Vice President or an Assistant Vice President, of
        the
        Servicer and delivered to the Indenture Trustee. With respect to the Issuing
        Entity, a certificate signed by any Authorized Officer of the Issuing Entity
        or
        a Responsible Officer of the Indenture Trustee, under the circumstances
        described in, and otherwise complying with, the applicable requirements of
        Section 10.01 of the Indenture, and delivered to the Indenture Trustee. Unless
        otherwise specified, any reference in the Indenture to an Officer’s Certificate
        shall be to an Officer’s Certificate of any Responsible Officer of the Indenture
        Trustee.

       

      One-Month
        LIBOR:
        On each
        Interest Determination Date, One-Month LIBOR shall be established by the
        Indenture Trustee and as to any Accrual Period, One-Month LIBOR will equal
        the
        rate for United States dollar deposits for one month which appears on the
        Reuters Screen LIBOR01 as of 11:00 A.M., London time, on that Interest
        Determination Date. Reuters Screen LIBOR01 Page means the display designated
        as
        the Reuters Monitor Money Rates Service or any other page as may replace
        that
        page on that service for the purpose of displaying comparable rates or
        prices. If the rate does not appear on that page or any other page as may
        replace that page on that service, or if the service is no longer offered,
        any
        other service for displaying One-Month LIBOR or comparable rates as may be
        selected by the Indenture Trustee after consultation with the Sponsor and
        the
        Note Insurer, the rate will be the Reference Bank Rate.

       

      The
        establishment of One-Month LIBOR by the Indenture Trustee and the Indenture
        Trustee’s subsequent calculation of the Note Interest Rate and the Certificate
        Interest Rate applicable to the Notes and the Class S Certificates,
        respectively, for the relevant Accrual Period, in the absence of manifest
        error,
        will be final and binding.

       

      Opinion
        of Counsel:
        A
        written opinion of counsel acceptable to the Indenture Trustee (and Owner
        Trustee, if applicable) which counsel may be in-house counsel for the Depositor
        or the Sponsor if acceptable to the Indenture Trustee (and Owner Trustee,
        if
        applicable) and the Rating Agencies or outside counsel for the Depositor,
        the
        Sponsor, the Issuing Entity or the Servicer, as the case may be.

       

      Optional
        Termination Date:
        The
        first date on which the majority holder of the Class X Certificates may
        terminate the Trust Estate.

       

      Original
        Loan Seller:
        RFC, or
        its successors and assigns.

       

      Original
        Sale Date:
        With
        regard to the HELOCs, December 29, 2006.

       

      Original
        Value:
        The
        lesser of (i) the Appraised Value or (ii) the sales price of a Mortgaged
        Property at the time of origination of a HELOC, except in instances where
        either
        clauses (i) or (ii) is unavailable, the other may be used to determine the
        Original Value, or if both clauses (i) and (ii) are unavailable, Original
        Value
        may be determined from other sources reasonably acceptable to the
        Depositor.

       

      Outstanding:
        With
        respect to the Notes, as of the date of determination, all Notes theretofore
        executed, authenticated and delivered under this Indenture except:

       

      (i)       Notes
        theretofore canceled by the Note Registrar or delivered to the Indenture
        Trustee
        for cancellation; and

       

      (ii)       Notes
        in
        exchange for or in lieu of which other Notes have been executed, authenticated
        and delivered pursuant to the Indenture unless proof satisfactory to the
        Indenture Trustee is presented that any such Notes are held by a holder in
        due
        course;

       

      provided,
        however,
        that,
        only for purposes of effectuating the Note Insurer’s right of subrogation as set
        forth in Section 4.13 of the Indenture, all Notes that have been paid with
        funds
        provided under the Policy shall be deemed to be Outstanding until the Note
        Insurer has been reimbursed with respect thereto.

       

      Outstanding
        HELOC:
        With
        respect to any Due Date, a HELOC which, prior to such Due Date, was not the
        subject of a Principal Prepayment in full, did not become a Charged-Off HELOC
        and was not purchased.

       

      Outstanding
        Principal Balance:
        As of
        the time of any determination, the principal balance of a HELOC remaining
        to be
        paid by the Mortgagor, or, in the case of an REO Property, the principal
        balance
        of the related HELOC remaining to be paid by the Mortgagor at the time such
        property was acquired by the Issuing Entity less any Excess Liquidation Proceeds
        with respect thereto to the extent applied to principal.

       

      Overcollateralization
        Amount:
        With
        respect to any Payment Date, the excess, if any, of (a) the aggregate
        Stated Principal Balances of the HELOCs for that Payment Date over (b) the
        sum of the aggregate Note Principal Balance of the Notes and the Certificate
        Principal Balance of the Class S Certificates as of that date (after taking
        into
        account the distribution of the Principal Collection Amount on that Payment
        Date).

       

      Overcollateralization
        Deficiency Amount:
        The
        amount, if any, by which the Overcollateralization Target Amount exceeds
        the
        Overcollateralization Amount as of that Payment Date.

       

      Overcollateralization
        Target Amount:
        With
        respect to any Payment Date (a) prior to the Stepdown Date, an amount equal
        to
        2.45% of the Stated Principal Balance of the HELOCs as of the Cut-off Date,
        (b)
        on or after the Stepdown Date and if a Trigger Event is not in effect, the
        greater of (i) an amount equal to 0.50% of the Stated Principal Balance of
        the
        HELOCs as of the Cut-off Date and (ii) 4.90% of the then current Stated
        Principal Balance of the HELOCs as of the last day of the related Due Period,
        or
        (c) on or after the Stepdown Date and if a Trigger Event is in effect, the
        Overcollateralization Target Amount for the immediately preceding Payment
        Date.

       

      Owner
        Trustee:
        Wilmington Trust Company, acting not in its individual capacity but solely
        as
        owner trustee under the Trust Agreement, and its successors and assigns or
        any
        successor owner trustee appointed pursuant to the terms of the Trust
        Agreement.

       

      Paying
        Agent:
        Any
        paying agent or co-paying agent appointed under the Indenture, which initially
        shall be the Indenture Trustee.

       

      Payment
        Account:
        The
        trust account or accounts created and maintained pursuant to Section 3.02(f)
        of
        the Indenture, which shall be denominated Deutsche Bank National Trust Company,
        as Indenture Trustee f/b/o holders of GSR Trust 2007-HEL1, Mortgage-Backed
        Notes, Series 2007-HEL1 - Payment Account.” The Payment Account shall be an
        Eligible Account.

       

      Payment
        Account Deposit Date:
        The
        Business Day prior to each Payment Date.

       

      Payment
        Date:
        The
        15th day of each month, or if such day is not a Business Day, then the next
        Business Day, commencing in May 2007.

       

      Percentage
        Interest:
        With
        respect to any Note, the percentage obtained by dividing the Note Principal
        Balance of such Note by the aggregate Note Principal Balances of all Notes
        of
        that Class. With respect to any Certificate, the percentage as stated on
        the
        face thereof.

       

      Periodic
        Rate Cap:
        With
        respect to any HELOC, the maximum rate, if any, by which the Mortgage Interest
        Rate on such HELOC can adjust on any Adjustment Date, as stated in the related
        Mortgage Note or Mortgage.

       

      Permitted
        Investments:
        One or
        more of the following:

       

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

       

      (ii)       repurchase
        agreements on obligations specified in clause (i) maturing not more than
        one
        month from the date of acquisition thereof, provided that the unsecured
        short-term debt obligations of the party agreeing to repurchase such obligations
        are at the time rated by each Rating Agency in its highest short-term rating
        available;

       

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

       

      (iv)       commercial
        paper and demand notes (having original maturities of not more than 365 days)
        of
        any corporation incorporated under the laws of the United States or any state
        thereof which on the date of acquisition has been rated by each Rating Agency
        in
        its highest short-term rating available; provided that such commercial paper
        shall have a remaining maturity of not more than 30 days;

       

      (v)       any
        mutual fund, money market fund, common trust fund or other pooled investment
        vehicle, the assets of which are limited to instruments that otherwise would
        constitute Permitted Investments hereunder and have been rated by each Rating
        Agency in its highest short-term rating available (in the case of Standard
&
Poor's such rating shall be either AAAm or AAAm-G), including any such fund
        that
        is managed by the Indenture Trustee or any affiliate of the Indenture Trustee
        or
        for which the Indenture Trustee or any of its affiliates acts as an adviser;
        and

       

      (vi)       any
        mutual fund, money market fund, common trust fund or other pooled investment
        vehicle, the assets of which are limited to instruments that otherwise would
        constitute Permitted Investments hereunder and have been rated by each Rating
        Agency in its highest short-term rating available (in the case of Standard
&
Poor's such rating shall be either AAAm or AAAm-G), including any such fund
        that
        is managed by the Indenture Trustee or any affiliate of the Indenture Trustee
        or
        for which the Indenture Trustee or any of its affiliates acts as an
        adviser;

       

      provided,
        however, that no instrument shall be a Permitted Investment if it represents,
        either (1) the right to receive only interest payments with respect to the
        underlying debt instrument or (2) the right to receive both principal and
        interest payments derived from obligations underlying such instrument and
        the
        principal and interest payments with respect to such instrument provide a
        yield
        to maturity greater than 120% of the yield to maturity at par of such underlying
        obligations. References herein to the highest rating available on unsecured
        long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and
        Aaa in the case of Moody's, and for purposes of this Agreement, any references
        herein to the highest rating available on unsecured commercial paper and
        short-term debt obligations shall mean the following: A-1 in the case of
        Standard & Poor's, P-1 in the case of Moody's and F-1 in the case of Fitch;
        provided, however, that any Permitted Investment that is a short-term debt
        obligation rated A-1 by Standard & Poor's must satisfy the following
        additional conditions: (i) the total amount of debt from A-1 issuers must
        be
        limited to the investment of monthly principal and interest payments (assuming
        fully amortizing collateral); (ii) the total amount of A-1 investments must
        not
        represent more than 20% of the aggregate outstanding Note Principal Balance
        of
        the Notes and each investment must not mature beyond 30 days; (iii) the terms
        of
        the debt must have a predetermined fixed dollar amount of principal due at
        maturity that cannot vary; and (iv) if the investments may be liquidated
        prior
        to their maturity or are being relied on to meet a certain yield, interest
        must
        be tied to a single interest rate index plus a single fixed spread (if any)
        and
        must move proportionately with that index.

       

      Permitted
        Transferee:
        Any
        person (x) other than (i) the United States, any State or political subdivision
        thereof, any possession of the United States or any agency or instrumentality
        of
        any of the foregoing, (ii) a foreign government, International Organization
        or
        any agency or instrumentality of either of the foregoing, (iii) an organization
        (except certain farmers’ cooperatives described in section 521 of the Code) that
        is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
        by section 511 of the Code on unrelated business taxable income) on any excess
        inclusions (as defined in section 860E(c)(1) of the Code) with respect to
        any
        Residual Certificate, (iv) rural electric and telephone cooperatives described
        in section 1381(a)(2)(C) of the Code or (v) on electing large partnership
        within
        the meaning of Section 775(a) of the Code, (y) that is a citizen or resident
        of
        the United States, a corporation, partnership (other than a partnership that
        has
        any direct or indirect foreign partners) or other entity (treated as a
        corporation or a partnership for federal income tax purposes), created or
        organized in or under the laws of the United States, any State thereof or
        the
        District of Columbia, an estate whose income from sources without the United
        States is includible in gross income for United States federal income tax
        purposes regardless of its connection with the conduct of a trade or business
        within the United States, or a trust if a court within the United States
        is able
        to exercise primary supervision over the administration of the trust and
        one or
        more United States persons have authority to control all substantial decisions
        of the trust or if it has a valid election in effect under applicable U.S.
        Treasury regulations to be treated as a United States person and (z) other
        than
        any other Person so designated based upon an Opinion of Counsel addressed
        to the
        Indenture Trustee (which shall not be an expense of the Indenture Trustee)
        that
        states that the Transfer of an ownership interest in a Residual Certificate
        to
        such Person may cause REMIC I, REMIC II, REMIC III or REMIC IV to fail to
        qualify as a REMIC at any time that any Notes or Certificates are Outstanding.
        The terms “United States,” “State” and “International Organization” shall have
        the meanings set forth in section 7701 of the Code or successor provisions.
        A
        corporation will not be treated as an instrumentality of the United States
        or of
        any State or political subdivision thereof for these purposes if all of its
        activities are subject to tax and, with the exception of Freddie Mac, a majority
        of its board of directors is not selected by such government unit.

       

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

       

      Plan:
        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.

       

      Plan
        Assets:
        Assets
        of a Plan within the meaning of Department of Labor regulation 29 C.F.R.
§
2510.3-101, as modified by Section 3(42) of ERISA.

       

      Policy:
        The
        financial guaranty insurance policy (No. 494530) with respect to the Class
        A
        Notes and all endorsements thereto, if any, dated the Closing Date, issued
        by
        the Note Insurer for the benefit of the Holders of the Class A
        Notes.

       

      Policy
        Payments Account:
        The
        meaning specified in Section 3.19 of the Indenture.

       

      Pool
        Balance:
        With
        respect to any date of determination, the aggregate of the Stated Principal
        Balances of all HELOCs as of such date.

       

      PPTL:
        The
        Purchase Price and Terms Letter dated October 27, 2006, between the Original
        Loan Seller and the Sponsor.

       

      Preference
        Amount:
        The
        meaning specified in the Policy.

       

      Prepayment
        Assumption:
        A
        specified CPR and a Constant Draw Rate of 5%.

       

      Prepayment
        Period:
        With
        respect any Payment Date, the calendar month immediately preceding the month
        in
        which such payment occurs.

       

      Principal
        Collection Amount:
        With
        respect to each Payment Date, an amount equal to the amount received by the
        Servicer and consisting of amounts collected during the related Due Period
        on
        the HELOCs (including Insurance Proceeds, Condemnation Proceeds, Liquidation
        Proceeds and Subsequent Recoveries) and allocated to principal in accordance
        with the terms of the Sale and Servicing Agreement, together with the principal
        portion of any Repurchase Price relating to any repurchased HELOCs, less
        any
        expenses of the Issuing Entity as described in the Basic Documents.

       

      Principal
        Distribution Amount:
        With
        respect to any Payment Date, the sum of (i) the Basic Principal
        Distribution Amount and (ii) the Extra Principal Distribution
        Amount.

       

      Principal
        Prepayment:
        Any
        payment (whether partial or full) or other recovery of principal on a HELOC
        which is received in advance of its scheduled Due Date to the extent that
        it is
        not accompanied by an amount as to interest representing scheduled interest
        due
        on any date or dates in any month or months subsequent to the month of
        prepayment, including Insurance Proceeds and Repurchase Proceeds, but excluding
        the principal portion of Excess Liquidation Proceeds.

       

      Proceeding:
        Any
        suit in equity, action at law or other judicial or administrative
        proceeding.

       

      Prospectus:
        The
        prospectus supplement, dated April 16, 2007, prepared by the Depositor and
        relating to the issuance of the Notes, and the accompanying prospectus, dated
        February 13, 2007.

       

      Publicly
        Offered Notes:
        The
        Class A Notes.

       

      Qualified
        Insurer:
        Any
        insurance company duly qualified as such under the laws of the state or states
        in which the related Mortgaged Property or Mortgaged Properties is or are
        located, duly authorized and licensed in such state or states to transact
        the
        type of insurance business in which it is engaged and approved as an insurer
        by
        the Servicer, so long as the claims paying ability of which is acceptable
        to the
        Rating Agencies for mortgage-backed notes having the same rating as the Notes
        rated by the Rating Agencies as of the Closing Date.

       

      Rapid
        Amortization Event:
        Any one
        of the following events: 

       

      (a)  a
        breach
        of any representations, warranties or covenants of the Sponsor in a material
        manner, with such breach continuing unremedied for a period of 30 days following
        the submission of the applicable written notice(s);

       

      (b)  a
        declaration of bankruptcy or insolvency by any of the Issuing Entity, the
        Depositor or the Servicer;

       

      (c)  the
        Issuing Entity becomes subject to the Investment Company Act;

       

      (d)  the
        occurrence of an Event of Servicer Termination;

       

      (e)  a
        draw is
        made on the Policy and it remains unreimbursed for a period of at least ninety
        (90) days thereafter; or

       

      (f)  the
        Issuing Entity becomes subject to taxation as a corporation for federal tax
        purposes.

       

      If
        any
        event described in clause (a) occurs, a Rapid Amortization Event will occur
        only
        if, after the applicable grace period, either the Indenture Trustee, with
        the
        consent of the Note Insurer (so long as no Note Insurer Default exists) or
        the
        Indenture Trustee acting at the direction of the Note Insurer or the Noteholders
        holding Notes evidencing more than 51% in Note Principal Balance of the Notes
        then outstanding (with the consent of the Note Insurer, so long as no Note
        Insurer Default exists), by written notice to the holder of the Class X
        Certificates, the Depositor, the Sponsor, the Servicer and the Note Insurer
        (and
        to the Indenture Trustee, if given by the Note Insurer or the Noteholders)
        declare that a Rapid Amortization Event has occurred. If any event described
        in
        clauses (b) - (f) occurs, a Rapid Amortization Event will occur without any
        notice or other action on the part of the Indenture Trustee, the Note Insurer
        or
        the Noteholders immediately on the occurrence of such event.

       

      Rapid
        Amortization Period:
        With
        respect to the Notes and the Class S Certificates is the period beginning
        on the
        earlier of (i) the Payment Date in May 2012 and (ii) the occurrence of a
        Rapid
        Amortization Event.

       

      Rating
        Agency:
        Any
        nationally recognized statistical rating organization, or its successor,
        that
        rated the Notes at the request of the Depositor at the time of the initial
        issuance of the Notes. Initially, Standard & Poor’s and Moody’s. If such
        organization or a successor is no longer in existence, “Rating Agency” with
        respect to the Notes shall be such nationally recognized statistical rating
        organization, or other comparable Person, designated by the Depositor and
        approved by the Note Insurer, notice of which designation shall be given
        to the
        Indenture Trustee and Servicer. References herein to the highest short term
        unsecured rating category of a Rating Agency shall mean A-1 or better in
        the
        case of Standard & Poor’s, P-1 in the case of Moody’s and in the case of any
        other Rating Agency shall mean such equivalent ratings. References herein
        to the
        highest long-term rating category of a Rating Agency shall mean “AAA” in the
        case of Standard & Poor’s, “Aaa” in the case of Moody’s and in the case of
        any other Rating Agency, such equivalent rating.

       

      Rating
        Confirmation:
        A
        letter from each Rating Agency then providing a rating for any of the Notes
        at
        the request of the Issuing Entity confirming that the action proposed to
        be
        taken by the Issuing Entity will not, in and of itself, result in a downgrade
        of
        any of the ratings then applicable to the Notes, or cause any Rating Agency
        to
        suspend or withdraw the Ratings then applicable to the Notes.

       

      Realized
        Loss Amount:
        With
        respect to any Charged-Off HELOC, the amount of the Stated Principal Balance
        of
        such HELOC that has been written down after taking into account Net Liquidation
        Proceeds.

       

      Recordation
        Event:
        Any of
        (i) the resignation of a Servicer, (ii) the occurrence of an Event of Servicer
        Termination, or (iii) the occurrence of a bankruptcy, insolvency or foreclosure
        relating to a Servicer; provided,
        that
        any Recordation Event may be waived by the Note Insurer or the Majority
        Securityholders with the consent of the Note Insurer (so long as no Note
        Insurer
        Default exists).

       

      Record
        Date:
        With
        respect to the Notes and any Payment Date, the close of business on the last
        Business Day of the applicable Accrual Period, unless the Notes are Definitive
        Notes, in which case the Record Date will be the close of business on the
        last
        Business Day of the calendar month immediately preceding such Payment Date.
        With
        respect to the Class S, Class X, Class X-1 and Class R Certificates and any
        Payment Date, the close of business on the last Business Day of the calendar
        month immediately preceding such Payment Date.

       

      Reference
        Bank Rate:
        With
        respect to any Accrual Period, as follows: the arithmetic mean (rounded upwards,
        if necessary, to the nearest one sixteenth of a percent) of the offered rates
        for United States dollar deposits for one month which are offered by the
        Reference Banks as of 11:00 A.M., London, England time, on the second LIBOR
        Business Day prior to the first day of such Accrual Period to prime banks
        in the
        London interbank market for a period of one month in amounts approximately
        equal
        to the sum of the outstanding Note Principal Balance of the Notes and the
        Certificate Principal Balance of the Class S Certificates; provided that
        at
        least two such Reference Banks provide such rate. If fewer than two offered
        rates appear, the Reference Bank Rate will be the arithmetic mean of the
        rates
        quoted by one or more major banks in New York City, selected by the Indenture
        Trustee, as of 11:00 a.m., New York time, on such date for loans in U.S.
        Dollars
        to leading European Banks for a period of one month in amounts approximately
        equal to the aggregate outstanding Note Principal Balance of the Notes and
        the
        Certificate Principal Balance of the Class S Certificates. If no quotations
        can
        be obtained, the rate will be the rate for the prior Payment Date; provided
        however, if, under the priorities listed previously in this paragraph, the
        rate
        for a Payment Date would be based on the rate for the previous Payment Date
        for
        the third consecutive Payment Date, the Indenture Trustee shall select an
        alternative comparable index over which the Indenture Trustee has no control,
        used for determining one-month Eurodollar lending rates that is calculated
        and
        published or otherwise made available by an independent party.

       

      Reference
        Banks:
        The
        leading banks selected by the Indenture Trustee, which are engaged in
        transactions in Eurodollar deposits in the London interbank market.

       

      Registered
        Holder:
        The
        Person in whose name a Note is registered in the Note Register on the applicable
        Record Date.

       

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

       

      Related
        Documents:
        With
        respect to each HELOC, the documents specified in Section 2.01(d)(i)-(viii)
        of
        the Sale and Servicing Agreement, and any documents required to be added
        to such
        documents pursuant to the Sale and Servicing Agreement, the Trust Agreement
        or
        the Indenture.

       

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

       

      Release:
        The
        Federal Reserve Board’s statistical Release No. H.15(519).

       

      Relief
        Act:
        Servicemembers Civil Relief Act.

       

      Relief
        Act HELOC:
        Any
        HELOC as to which the Scheduled Payment thereof has been reduced due to the
        application of the Relief Act or any similar state legislation.

       

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

       

      REMIC
        I:
        The
        segregated pool of assets described in Section 10.01 of the
        Indenture.

      

      REMIC
        I Regular Interest:
        Any of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. Each REMIC I Regular
        Interest shall accrue interest at the related Uncertificated REMIC I
        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 Section 10.01 of the Indenture. The designations for the respective
        REMIC I Regular Interests are set forth in the Section 10.01 of the
        Indenture.

      

      REMIC
        Regular Interest:
        Any
        REMIC I Regular Interest, REMIC II Regular Interest or the Class X Interest,
        as
        applicable.

      

      REMIC
        II Interest Loss Allocation Amount:
        With
        respect to any Payment Date, an amount (subject to adjustment based on the
        actual number of days elapsed in the respective Accrual Period) equal to
        (a) the
        product of (i) the aggregate Stated Principal Balance of the HELOCs and REO
        Properties then outstanding and (ii) the Uncertificated REMIC II Pass-Through
        Rate for REMIC II Regular Interest AA minus the Marker Rate, divided by (b)
        12.

       

      REMIC
        II Overcollateralization Amount:
        With
        respect to any date of determination, (i) 1.00% of the aggregate Uncertificated
        Principal Balance of the REMIC II Regular Interests minus (ii) the aggregate
        Uncertificated Principal Balance of REMIC II Regular Interest A, as of such
        date
        of determination.

       

      REMIC
        II Principal Loss Allocation Amount:
        With
        respect to any Payment Date, an amount equal to the product of (i) the aggregate
        Stated Principal Balance of the HELOCs and REO Properties then outstanding
        and
        (ii) 1 minus a fraction, the numerator of which is two (2) times the aggregate
        Uncertificated Principal Balance of REMIC II Regular Interest A, and the
        denominator of which is the aggregate Uncertificated Principal Balance of
        REMIC
        II Regular Interest A and REMIC II Regular Interest ZZ.

       

      REMIC
        II Regular Interest:
        Any of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. Each REMIC II
        Regular Interest shall accrue interest at the related Uncertificated REMIC
        II
        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 Section 10.01 of the Indenture. The designations for the respective
        REMIC II Regular Interests are set forth in the Section 10.01 of the
        Indenture.

      

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

      

      REMIC
        II:
        The
        segregated pool of assets described in Section 10.01 of the
        Indenture.

       

      REMIC
        III:
        The
        segregated pool of assets described in Section 10.01 of the
        Indenture.

      

      REMIC
        IV:
        The
        segregated pool of assets described in Section 10.01 of the
        Indenture.

      

      REMIC
        Provisions:
        Provisions of the federal income tax law relating to real estate mortgage
        investment conduits, which appear at Sections 860A through 860G of the Code,
        and
        related provisions, and Treasury Regulations and published rulings, notices
        and
        announcements promulgated thereunder, as the foregoing may be in effect from
        time to time, as well as provisions of applicable state laws.

       

      REO
        Property:
        A
        Mortgaged Property acquired in the name of the Indenture Trustee, for the
        benefit of the Noteholders, by foreclosure or deed-in-lieu of foreclosure
        in
        connection with a defaulted HELOC.

       

      Reportable
        Event:
        The
        meaning specified in Section 3.16 of the Sale and Servicing
        Agreement.

       

      Repurchase
        Price:
        With
        respect to any HELOC (or any property
        acquired
        with respect thereto) required to be repurchased by the Original Loan Seller
        pursuant to the Sale and Servicing Agreement and the Master PSA, an amount
        equal
        to the sum of (i)(a) 100% of the Outstanding Principal Balance of such HELOC
        as
        of the date of repurchase (or if the related Mortgaged Property was acquired
        with respect thereto, 100% of the Outstanding Principal Balance at the date
        of
        the acquisition) (without reduction for any amount charged off), plus (b)
        accrued but unpaid interest on the Outstanding Principal Balance at the related
        Expense
        Adjusted Mortgage Rate,
        through
        and including the last day of the month of repurchase, plus (c) any unreimbursed
        servicing advances payable to the Servicer and (ii) any costs and damages
        (if
        any) incurred by the Issuing Entity in connection with any violation of such
        HELOC of any predatory lending laws.

       

      Repurchase
        Proceeds:
        the
        Repurchase Price in connection with any repurchase of a HELOC by the
        Sponsor.

       

      Request
        for Release:
        A
        request for release in the form attached to the Sale and Servicing
        Agreement.

       

      Required
        Insurance Policy:
        With
        respect to any HELOC, any insurance policy which is required to be maintained
        from time to time under the Sale and Servicing Agreement with respect to
        such
        HELOC.

       

      Reserve
        Interest Rate:
        With
        respect to any Interest Determination Date, the rate per annum that the
        Indenture 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
        Indenture Trustee (after consultation with the Depositor) 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 Indenture
        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 Indenture Trustee (after consultation with the Depositor) are quoting
        on
        such Interest Determination Date to leading European banks.

      

      Residual
        Certificates:
        Any of
        the Class S Certificates and Class R Certificates, each evidencing the sole
        class of Residual Interests in the related REMIC.

       

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

       

      Responsible
        Officer:
        With
        respect to the Indenture Trustee, any officer of the Indenture Trustee with
        direct responsibility for the administration of the Indenture and also, with
        respect to a particular matter, any other officer to whom such matter is
        referred because of such officer’s knowledge of and familiarity with the
        particular subject; and with respect to the Indenture Trustee, any vice
        president, assistant vice president, any assistant secretary, any assistant
        treasurer, any associate or any other officer of the Indenture Trustee
        customarily performing functions similar to those performed by any of the
        above
        designated officers who at such time shall be officers to whom, with respect
        to
        a particular matter, such matter is referred because of such officer’s knowledge
        of and familiarity with the particular subject or who shall have direct
        responsibility for the administration of the Indenture or the Trust
        Agreement.

       

      RFC:
        Residential Funding Company, LLC, or its successors and assigns.

       

      Sale
        and Servicing Agreement:
        The
        Sale and Servicing Agreement, dated as of April 17, 2007, among the Issuing
        Entity, the Sponsor, the Indenture Trustee, the Servicer, the Original Loan
        Seller and the Depositor.

       

      Scheduled
        Payment:
        With
        respect to any HELOC and any month, the scheduled payment or payments of
        principal and interest due during such month on such HELOC which either is
        payable by a Mortgagor in such month under the related Mortgage Note or,
        in the
        case of REO Property, would otherwise have been payable under the related
        Mortgage Note.

       

      Scheduled
        Principal:
        The
        principal portion of any Scheduled Payment.

       

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

       

      Security:
        Any of
        the Certificates or Notes.

       

      Securityholder
        or
Holder:
        Any
        Noteholder or Certificateholder.

       

      Security
        Instrument:
        A
        written instrument creating a valid first lien on a Mortgaged Property securing
        a Mortgage Note, which may be any applicable form of mortgage, deed of trust,
        deed to secure debt or security deed, including any riders or addenda
        thereto.

       

      Servicer:
        RFC, or
        its successors and assigns.

       

      Servicer
        Remittance Date:
        The
        14th
        day of
        each month or, if that day is not a Business Day, the immediately preceding
        Business Day.

       

      Servicing
        Criteria:
        The
        "servicing criteria" set forth in Item 1122(d) of Regulation AB, which as
        of the
        Closing Date are listed on Exhibit G to the Sale and Servicing
        Agreement.

       

      Servicing
        Fee:
        With
        respect to any HELOC, an amount equal to one-twelfth of the Servicing Fee
        Rate
        on the Stated Principal Balance of such HELOC as of the first day of the
        Due
        Period preceding the applicable Payment Date.

       

      Servicing
        Fee Rate:
        0.50%
        per annum.

       

      Servicing
        Officer:
        Any
        officer of the Servicer involved in, or responsible for, the administration
        and
        servicing of the HELOCs whose name and specimen signature appear on a list
        of
        servicing officers furnished to the Indenture Trustee by the Servicer, as
        such
        list may be amended from time to time.

       

      60
        Day
        Plus Delinquency Percentage:
        With
        respect to any Payment Date is the arithmetic average for each of the three
        successive Payment Dates ending with the applicable Payment Date of the
        percentage equivalent of a fraction, the numerator of which is the aggregate
        Stated Principal Balance of the HELOCs that are 60 or more days delinquent
        in
        the payment of principal or interest for the relevant Payment Date, including
        HELOCs in foreclosure, REO Property and HELOCs with a related mortgagor subject
        to bankruptcy procedures, and the denominator of which is the aggregate Stated
        Principal Balance of all of the HELOCs immediately preceding the relevant
        Payment Date.

       

      Sponsor:
        Goldman
        Sachs Mortgage Company, and its successors and assigns.

       

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

       

      Stated
        Principal Balance:
        With
        respect to any HELOC and any Payment Date, the principal balance of the HELOC
        as
        of the Cut-Off date, plus the aggregate amount of all Draws conveyed to the
        Issuing Entity in respect of such HELOC minus all collections credited against
        the principal balance of such HELOC in accordance with the related mortgage
        note
        and minus all prior related Realized Loss Amounts.

       

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

       

      Stepdown
        Date:
        The
        later to occur of

       

      (x)       the
        Payment Date occurring in November 2009 and

       

      (y)       the
        first
        Payment Date for which the Credit Enhancement Percentage is greater than
        or
        equal to 4.90%.

       

      Subsequent
        Recoveries:
        Means
        any amount recovered by the Servicer (net of reimbursable expenses) with
        respect
        to a Charged-Off HELOC with respect to which a Realized Loss Amount was incurred
        after the liquidation or disposition of such HELOC.

       

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

       

      Transfer:
        Any
        direct or indirect transfer or sale of any ownership interest in a Note or
        a
        Certificate.

       

      Treasury
        Regulations:
        Regulations, including proposed or temporary regulations, promulgated under
        the
        Code. References herein to specific provisions of proposed or temporary
        regulations shall include analogous provisions of final Treasury Regulations
        or
        other successor Treasury Regulations.

       

          Trigger
        Event:
        With
        respect to any Payment Date is in effect if: (A) the 60 Day Plus Delinquency
        Percentage is equal to or greater than 3.50%, or (B) for any Payment Date
        specified below the applicable Cumulative Realized Loss Percentage exceeds
        the
        thresholds specified below:

      

        
          	
                  November
                    2009 to April 2010

                	
                  1.40%
                    for the first month, plus an additional 1/6th
                    of
                    

                  0.60%
                    for each month thereafter

                
	
                  May
                    2010 to April 2011

                	
                  2.00%
                    for the first month, plus an additional 1/12th
                    of
                    

                  0.50%
                    for each month thereafter

                
	
                  May
                    2011 to April 2012

                	
                  2.50%
                    for the first month, plus an additional 1/12th
                    of
                    

                  0.50%
                    for each month thereafter

                
	
                  May
                    2012 to April 2013

                	
                  3.00%
                    for the first month, plus an additional 1/12th
                    of
                    

                  0.50%
                    for each month thereafter

                
	
                  May
                    2013 and thereafter

                	
                  3.50%

                

        

      

      

      Trust
        Agreement:
        The
        Trust Agreement, dated as of April 5, 2007, between the Depositor and the
        Owner
        Trustee, as amended and restated by the Amended and Restated Trust Agreement,
        dated as of April 17, 2007, among the Depositor, the Owner Trustee, the
        Indenture Trustee,
        the
        Certificate Registrar and the Certificate Paying Agent.

       

      Trust
        Estate:
        The
        meaning specified in the Granting Clause of the Indenture.

       

      Trust
        Indenture Act or TIA:
        The
        Trust Indenture Act of 1939, as amended from time to time, as in effect on
        any
        relevant date.

       

      UCC:
        The
        Uniform Commercial Code, as amended from time to time, as in effect in any
        specified jurisdiction.

       

      Uncertificated
        Accrued Interest:
        With
        respect to each REMIC I Regular Interest and REMIC II Regular Interest on
        each
        Payment Date, an amount equal to one month’s interest at the Uncertificated
        REMIC Pass-Through Rate on the related Uncertificated Principal Balance of
        such
        REMIC Regular Interest. In each case, Uncertificated Accrued Interest will
        be
        reduced by any Interest Shortfalls (allocated to such REMIC I Regular Interests
        and REMIC II Regular Interests as set forth in Section 1.02).

      

      Uncertificated
        REMIC Pass-Through Rate:
        The
        Uncertificated REMIC I Pass-Through Rate or the Uncertificated REMIC II
        Pass-Through Rate, as applicable.

      

      Uncertificated
        Principal Balance:
        The
        amount of any 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 Section
        10.01 of the Indenture as its initial uncertificated principal balance. On
        each
        Payment Date, the Uncertificated Principal Balance of each REMIC Regular
        Interests shall be reduced by all distributions of principal made on such
        REMIC
        Regular Interests on such Payment Date pursuant to Section 10.02(b)(ii) of
        the
        Indenture and, if and to the extent necessary and appropriate, shall be further
        reduced on such Payment Date by Realized Loss Amounts as provided in Section
        10.03 of the Indenture, and the Uncertificated Principal Balance of REMIC
        II
        Regular Interest ZZ shall be increased by interest deferrals as provided
        in
        Section 10.02(b)(i) of the Indenture. The Uncertificated Principal Balance
        of
        each REMIC Regular Interest shall never be less than zero. 

      

      Uncertificated
        REMIC I Pass-Through Rate:
        With
        respect to REMIC I Regular Interest A and any Payment Date, a per annum rate
        equal to the weighted average Expense Adjusted Mortgage Rate of the HELOCs
        as of
        the first day of the related Due Period, weighted on the basis of the Stated
        Principal Balances thereof as of the first day of the related Due Period,
        expressed as a per annum rate. With respect to REMIC I Regular Interest B
        and
        any Payment Date, a per annum rate equal to 0.00%.

      

      Uncertificated
        REMIC II Pass-Through Rate:
        With
        respect to each REMIC II Regular Interest and any Payment Date, a per annum
        rate
        equal to the weighted average of the Uncertificated REMIC I Pass-Through
        Rate on
        each REMIC I Regular Interest, weighted on the basis of the Uncertificated
        Principal Balances thereof as of the first day of the related Due Period,
        expressed as a per annum rate.

      

      Underwriter:
        Goldman, Sachs & Co.

       

      Uninsured
        Cause:
        Any
        cause of damage to a Mortgaged Property or related REO Property such that
        the
        complete restoration of such Mortgaged Property or related REO Property is
        not
        fully reimbursable by the hazard insurance policies required to be maintained
        pursuant to the Sale and Servicing Agreement, without regard to whether or
        not
        such policy is maintained.

       

      Unpaid
        Interest Shortfall Amount:
        With
        respect to the Notes and the Class S Certificates and (i) the first Payment
        Date, zero, and (ii) any Payment Date after the first Payment Date, the amount,
        if any, by which (A) the sum of (1) the Accrued Interest or the Class S
        Certificate Interest, as applicable, for the immediately preceding Payment
        Date
        and (2) the outstanding Unpaid Interest Shortfall Amount, if any, for the
        Notes
        or Class S Certificates, as applicable, for such preceding Payment Date exceeds
        (B) the aggregate amount distributed on the Notes or the Class S Certificates,
        as applicable, in respect of interest pursuant to clause (A) above on such
        preceding Payment Date, plus interest on the amount of the interest due but
        not
        paid on the Notes or the Class S Certificates, as applicable, on such preceding
        Payment Date, to the extent permitted by law, at the Note Interest Rate or
        the
        Certificate Interest Rate, as applicable, for the related Interest Accrual
        Period.

       

      WAC
        Cap:
        With
        respect to any Payment Date and any Note and Class S Certificate, a per annum
        rate equal to the weighted average of the Expense Adjusted Mortgage Rates
        of the
        HELOCs as of the first day of the Due Period preceding such Payment Date,
        less,
        in the case of the Notes, the Insurer Premium Percentage for such Payment
        Date.
        The WAC Cap for the Notes and Class S Certificate will be calculated based
        on a
        360-day year and the actual number of days elapsed in the related Accrual
        Period. For federal income tax purposes, the WAC Cap shall equal a per annum
        rate equal to the weighted average of the Uncertificated REMIC II Pass-Through
        Rates on each REMIC II Regular Interest, weighted on the basis of the
        Uncertificated Principal Balances thereof as of the first day of the related
        Due
        Period, expressed as a per annum rateEmployment Agreement, dated May 7, 2007

     

    
      
        

      

      

      EMPLOYMENT
        AGREEMENT

      

      

      THIS
        AGREEMENT (the “Agreement”) to be effective as of May 7, 2007 (the “Effective
        Date”), between Omega Healthcare Investors, Inc. (the “Company”), and Michael
        Ritz (the “Executive”).

       

      INTRODUCTION

      

      The
        Company and the Executive desire to enter into this Agreement confirming
        the
        terms of the Executive’s employment.

       

      NOW,
        THEREFORE,
        the
        parties agree as follows:

       

      1.  Terms
        and Conditions of Employment.

       

      (a)  Employment.
        During
        the Term, Company will employ the Executive, and the Executive will serve
        on a
        full-time basis as the Chief Accounting Officer of the Company until a Change
        in
        Control, and upon and following a Change in Control will have such job position
        as may be assigned by the Company and will have such responsibilities and
        authority as may from time to time be assigned to the Executive by the Company.
        In this capacity, Executive will provide unique services to the Company and
        be
        privy to the Company’s Confidential Information and Trade Secrets. The Executive
        will report to the Chief Financial Officer of the Company until the occurrence
        of a Change in Control and upon and following a Change in Control will report
        for such position as may be established by the Company. The Executive’s primary
        office will be at the Company’s headquarters in such geographic location within
        the United States as may be determined by the Company. 

       

      (b)  Exclusivity.
        Throughout the Executive’s employment hereunder, the Executive shall devote
        substantially all of the Executive’s time, energy and skill during regular
        business hours to the performance of the duties of the Executive’s employment,
        shall faithfully and industriously perform such duties, and shall diligently
        follow and implement all management policies and decisions of the Company;
        provided, however, that this provision is not intended to prevent the Executive
        from managing his investments, so long as he gives his duties to the Company
        first priority and such investment activities do not interfere with his
        performance of duties for the Company. Notwithstanding the foregoing, other
        than
        with regard to the Executive’s duties to the Company, the Executive will not
        accept any other employment during the Term, perform any consulting services
        during the Term, or serve on the board of directors or governing body of
        any
        other business, except with the prior written consent of the Chief Executive
        Officer. Further, the Executive has disclosed on Exhibit
        A
        hereto,
        all of his nonpublic company healthcare related investments, and agrees during
        the Term not to make any investments during the term hereof except as a passive
        investor. The Executive agrees during the Term not to own directly or indirectly
        equity securities of any public healthcare related company (excluding the
        Company) that represents five percent (5%) or more of the value of voting
        power
        of the equity securities of such company.

       

      2.  Compensation.

       

      (a)  Base
        Salary.
        Beginning as of the Effective Date, the Company shall pay the Executive base
        salary of $175,000 per annum, which base salary will be subject to review
        effective as of January 1, 2008, and at least annually thereafter, by the
        Company for possible increases. The base salary shall be payable in equal
        installments, no less frequently than twice per month, in accordance with
        the
        Company’s regular payroll practices.

       

      (b)  Bonus.
        The
        Executive shall be eligible for an annual bonus of up to 35% of the Executive’s
        annual base salary (“Bonus”), which Bonus, if any, shall be payable
        (i) promptly following the availability to the Company of the required data
        to calculate the Bonus for the year for which the Bonus is earned (which
        data
        may in the Company’s discretion include audited financial statements), and
        (ii) by no later than March 15 of the year following the year for which the
        Bonus is earned. Notwithstanding the foregoing, for the calendar year ending
        December 31, 2007, the Executive shall be entitled to an additional guaranteed
        Bonus of $40,000, provided the Executive remains employed by the Company
        on the
        date the Bonus is paid. The Bonus criteria shall be determined in the discretion
        of the Compensation Committee of the Board of Directors of the Company and
        shall
        consist of such objective, subjective and personal performance goals as the
        Compensation Committee shall determine appropriate. The Executive will be
        eligible for a prorated Bonus, prorated in accordance with procedures
        established in the Company’s discretion, if the Executive terminates employment
        during a calendar year due to death. In addition, if the Term is not extended
        beyond December 31, 2010, the Executive will be eligible for a Bonus for
        2010 if
        he remains employed through December 31, 2010. Otherwise, the Executive will
        be
        eligible for a Bonus for any calendar year only if the Executive remains
        employed by the Company on the date the Bonus is paid, unless otherwise provided
        by the terms of the applicable bonus plan or the Compensation
        Committee.

       

      (c)  Equity
        Compensation.
        The
        Executive shall be entitled to equity compensation from the Company to the
        extent provided by, and subject to the terms of, any plan, program, or agreement
        applicable to the Executive. Nothing herein shall supersede the terms and
        conditions of any previously granted equity incentives, including without
        limitation, stock options granted to the Executive.

       

      (d)  Expenses.
        The
        Executive shall be entitled to be reimbursed in accordance with Company policy
        for reasonable and necessary expenses incurred by the Executive in connection
        with the performance of the Executive’s duties of employment hereunder;
        provided, however, the Executive shall, as a condition of such reimbursement,
        submit verification of the nature and amount of such expenses in accordance
        with
        the reasonable reimbursement policies from time to time adopted by the
        Company.

       

      (e)  Paid
        Time Off.
        The
        Executive shall be entitled to paid time off in accordance with the terms
        of
        Company policy in effect at the Effective Date.

       

      (f)  Benefits.
        In
        addition to the benefits payable to the Executive specifically described
        herein,
        the Executive shall be entitled to such benefits as generally may be made
        available to all other Executives of the Company from time to time; provided,
        however, that nothing contained herein shall require the establishment or
        continuation of any particular plan or program.

       

      (g)  Withholding.
        All
        payments pursuant to this Agreement shall be reduced for any applicable state,
        local, or federal tax withholding obligations.

       

      (h)  Insurance
        and Indemnification.
        The
        Executive shall be entitled to indemnification, including advancement of
        expenses (if applicable), in accordance with and to the extent provided by
        the
        Company’s bylaws and articles of incorporation, and any separate indemnification
        agreement, if any.

       

      3.  Term,
        Termination and Termination Payments.

       

      (a)  Term.
        The
        term of this Agreement shall begin as of the Effective Date. It shall continue
        through December 31, 2010, unless sooner terminated pursuant to Section 3(b)
        hereof (the “Term”).

       

      (b)  Termination.
        This
        Agreement and the employment of the Executive by the Company hereunder shall
        only be terminated: (i) by expiration of the Term; (ii) by the Company
        without Cause; (iii) by the Executive for Good Reason; (iv) by the
        Company or the Executive due to the Disability of the Executive; (v) by the
        Company for Cause; (vi) by the Executive for other than Good Reason or
        Disability, upon at least sixty (60) days prior written notice to the Company,
        or (vii) upon the death of the Executive. Notice of termination by any party
        shall be given prior to termination in writing and shall specify the basis
        for
        termination and the effective date of termination. Further, notice of
        termination for Cause by the Company or Good Reason by the Executive shall
        specify the facts alleged to constitute termination for Cause or Good Reason,
        as
        applicable. Except as provided in Section 3(c), the Executive shall not be
        entitled to any payments or benefits after the effective date of the termination
        of this Agreement, except for base salary pursuant to Section 2(a) accrued
        up to
        the effective date of termination, any unpaid earned and accrued Bonus, if
        any,
        pursuant to Section 2(b), pay for accrued but unused vacation that the Employer
        is legally obligated to pay Employee, if any, and only if the Employer is
        so
        obligated, as provided under the terms of any other employee benefit and
        compensation agreements or plans applicable to the Executive, expenses required
        to be reimbursed pursuant to Section 2(d), and any rights to payment the
        Executive has under Section 2(h).

       

      (c)  Termination
        by the Company without Cause or by the Executive for Good Reason.
        

       

      (i)  If
        the
        employment of the Executive is terminated by the Company without Cause or
        by the
        Executive for Good Reason, the Company will pay the Executive one times the
        sum
        of (A) his base salary pursuant to Section 2(a) hereof, plus (B) an amount
        equal to the average annual Bonus paid to the Executive for the three most
        recently completed calendar years prior to termination of employment; provided,
        however, that if the Executive’s termination of employment occurs before the
        Bonus, if any, for the most recently completed calendar year is payable,
        then
        the averaging will be determined by reference to the three most recently
        completed calendar years (or such lesser number of completed calendar years
        during which the Executive was employed by the Company) before that calendar
        year; provided, further, that if the Executive’s termination of employment
        occurs in 2007, $40,000 will be paid in lieu of such average annual Bonus.
        Such
        amount shall be paid in substantially equal annual installments not less
        frequently than twice per month over a twelve (12) month period; provided,
        however, if the Executive is a "specified employee" within the meaning of
        Section 409A of the Internal Revenue Code, as amended (the “Code”), at the date
        of his termination of employment then, to the extent required to avoid a
        tax
        under Code Section 409A, payments which would otherwise have been made during
        the first six (6) months after termination of employment shall be withheld
        and
        paid to the Executive during the seventh month following the date of his
        termination of employment. If the total payments to be paid to the Executive
        hereunder, along with any other payments to the Executive, would result in
        the
        Executive being subject to the excise tax imposed by Code Section 4999, the
        Company shall reduce the aggregate payments to the largest amount which can
        be
        paid to the Executive without triggering the excise tax, but only if and
        to the
        extent that such reduction would result in the Executive retaining larger
        aggregate after-tax payments. The determination of the excise tax and the
        aggregate after-tax payments to be received by the Executive will be made
        by the
        Company. If payments are to be reduced, the payments made latest in time
        will be
        reduced first.

       

      (ii)  If
        the
        Term is not extended or the Term is not extended and the Company or the
        Executive terminates the Executive’s employment upon or following expiration of
        the Term, such termination shall not be deemed to be a termination of the
        Executive’s employment by the Company without Cause or a resignation by
        Executive for Good Reason. 

       

      (iii)  Notwithstanding
        any other provision hereof, as a condition to the payment of the amounts
        in this
        Section, the Executive shall be required to execute and not revoke within
        the
        revocation period provided therein, the Release.

       

      (d)  Survival.
        The
        covenants in Section 3 shall survive the termination of this Agreement and
        shall
        not be extinguished thereby.

       

      4.  Ownership
        and Protection of Proprietary Information.

       

      (a)  Confidentiality.
        All
        Confidential Information and Trade Secrets and all physical embodiments thereof
        received or developed by the Executive while employed by the Company are
        confidential to and are and will remain the sole and exclusive property of
        the
        Company. Except to the extent necessary to perform the duties assigned by
        the
        Company hereunder, the Executive will hold such Confidential Information
        and
        Trade Secrets in trust and strictest confidence, and will not use, reproduce,
        distribute, disclose or otherwise disseminate the Confidential Information
        and
        Trade Secrets or any physical embodiments thereof and may in no event take
        any
        action causing or fail to take the action necessary in order to prevent,
        any
        Confidential Information and Trade Secrets disclosed to or developed by the
        Executive to lose its character or cease to qualify as Confidential Information
        or Trade Secrets.

       

      (b)  Return
        of Company Property.
        Upon
        request by the Company, and in any event upon termination of this Agreement
        for
        any reason, as a prior condition to receiving any final compensation hereunder
        (including any payments pursuant to Section 3 hereof), the Executive will
        promptly deliver to the Company all property belonging to the Company,
        including, without limitation, all Confidential Information and Trade Secrets
        (and all embodiments thereof) then in the Executive’s custody, control or
        possession.

       

      (c)  Survival.
        The
        covenants of confidentiality set forth herein will apply on and after the
        date
        hereof to any Confidential Information and Trade Secrets disclosed by the
        Company or developed by the Executive while employed or engaged by the Company
        prior to or after the date hereof. The covenants restricting the use of
        Confidential Information will continue and be maintained by the Executive
        for a
        period of two years following the termination of this Agreement. The covenants
        restricting the use of Trade Secrets will continue and be maintained by the
        Executive following termination of this Agreement for so long as permitted
        by
        the governing law.

       

      5.  Non-Competition
        and Non-Solicitation Provisions.

       

      (a)  The
        Executive agrees that during the Applicable Period, the Executive will not
        (except on behalf of or with the prior written consent of the Company, which
        consent may be withheld in Company’s sole discretion), within the Area either
        directly or indirectly, on his own behalf, or in the service of or on behalf
        of
        others, provide managerial services or management consulting services
        substantially similar to those Executive provides for the Company to any
        Competing Business. The Executive acknowledges and agrees that the Business
        of
        the Company is conducted in the Area.

       

      (b)  The
        Executive agrees that during the Applicable Period, he will not, either directly
        or indirectly, on his own behalf or in the service of or on behalf of others
        solicit any individual or entity which is an actual or, to his knowledge,
        actively sought prospective client of the Company or any of its Affiliates
        (determined as of date of termination of employment), with whom he had material
        contact while he was an Executive of the Company, for the purpose of offering
        services substantially similar to those offered by the Company.

       

      (c)  The
        Executive agrees that during the Applicable Period, he will not, either directly
        or indirectly, on his own behalf or in the service of or on behalf of others,
        solicit for employment with a Competing Business any person who is a management
        level employee of the Company or an Affiliate with whom Executive had contact
        during the last year of Executive’s employment with the Company. The Executive
        shall not be deemed to be in breach of this covenant solely because an employer
        for whom he may perform services may solicit, divert, or hire a management
        level
        employee of the Company or an Affiliate provided that Executive does not
        engage
        in the activity proscribed by the preceding sentence.

       

      (d)  The
        Executive agrees that during the Applicable Period, he will not make any
        statement (written or oral) that could reasonably be perceived as disparaging
        to
        the Company or any person or entity that he reasonably should know is an
        Affiliate of the Company.

       

      (e)  In
        the
        event that this Section 5 is determined by a court which has jurisdiction
        to be
        unenforceable in part or in whole, the court shall be deemed to have the
        authority to strike any unenforceable provision, or any part thereof or to
        revise any provision the minimum extent necessary to be enforceable to the
        maximum extent permitted by law.

       

      (f)  The
        provisions of this Section 5 shall survive termination of this Agreement,
        except
        that if the Executive remains employed by the Company through December 31,
        2010
        and the Term expires at December 31, 2010, and as a result no severance is
        payable pursuant to Section 3 of this Agreement, then the provisions of this
        Section 5 shall also expire at December 31, 2010.

       

      6.  Remedies
        and Enforceability.

       

      The
        Executive agrees that the covenants, agreements, and representations contained
        in Sections 4 and 5 hereof are of the essence of this Agreement; that each
        of
        such covenants are reasonable and necessary to protect and preserve the
        interests and properties of the Company; that irreparable loss and damage
        will
        be suffered by the Company should the Executive breach any of such covenants
        and
        agreements; that each of such covenants and agreements is separate, distinct
        and
        severable not only from the other of such covenants and agreements but also
        from
        the other and remaining provisions of this Agreement; that the unenforceability
        of any such covenant or agreement shall not affect the validity or
        enforceability of any other such covenant or agreements or any other provision
        or provisions of this Agreement; and that, in addition to other remedies
        available to it, including, without limitation, termination of the Executive’s
        employment for Cause, the Company shall be entitled to seek both temporary
        and
        permanent injunctions to prevent a breach or contemplated breach by the
        Executive of any of such covenants or agreements. 

       

      7.  Notice.

       

      All
        notices, requests, demands and other communications required hereunder shall
        be
        in writing and shall be deemed to have been duly given if delivered or if
        mailed, by United States certified or registered mail, prepaid to the party
        to
        which the same is directed at the following addresses (or at such other
        addresses as shall be given in writing by the parties to one
        another):

       

      If
        to the
        Company:  Omega
        Healthcare Investors, Inc.

       

      Suite
        100

       

      9690
        Deereco Road

       

      Timonium,
        Maryland 21093

       

      Attn:
        Chairman

       

      

      If
        to the
        Executive: Michael
        Ritz, at his address most recently provided to the Company.

      

      Notices
        delivered in person shall be effective on the date of delivery. Notices
        delivered by mail as aforesaid shall be effective upon the fourth calendar
        day
        subsequent to the postmark date thereof.

       

      8.  Miscellaneous.

       

      (a)  Assignment.
        The
        rights and obligations of the Company under this Agreement shall inure to
        the
        benefit of the Company’s successors and assigns. This Agreement may be assigned
        by the Company to any legal successor to the Company’s business or to an entity
        that purchases all or substantially all of the assets of the Company, but
        not
        otherwise without the prior written consent of the Executive. In the event
        the
        Company assigns this Agreement as permitted by this Agreement and the Executive
        remains employed by the assignee, the “Company” as defined herein will refer to
        the assignee and the Executive will not be deemed to have terminated his
        employment hereunder until the Executive terminates his employment with the
        assignee. The Executive may not assign this Agreement.

       

      (b)  Waiver.
        The
        waiver of any breach of this Agreement by any party shall not be effective
        unless in writing, and no such waiver shall constitute the waiver of the
        same or
        another breach on a subsequent occasion.

       

      (c)  Governing
        Law.
        This
        Agreement shall be governed by and construed in accordance with the internal
        laws of the State of Maryland. The parties agree that any appropriate state
        or
        federal court located in Baltimore, Maryland shall have jurisdiction of any
        case
        or controversy arising under or in connection with this Agreement and shall
        be a
        proper forum in which to adjudicate such case or controversy. The parties
        consent to the jurisdiction of such courts.

       

      (d)  Entire
        Agreement.
        This
        Agreement embodies the entire agreement of the parties hereto relating to
        the
        subject matter hereof and supersedes all oral agreements, and to the extent
        inconsistent with the terms hereof, all other written agreements.

       

      (e)  Amendment.
        This
        Agreement may not be modified, amended, supplemented or terminated except
        by a
        written instrument executed by the parties hereto.

       

      (f)  Severability.
        Each of
        the covenants and agreements hereinabove contained shall be deemed separate,
        severable and independent covenants, and in the event that any covenant shall
        be
        declared invalid by any court of competent jurisdiction, such invalidity
        shall
        not in any manner affect or impair the validity or enforceability of any
        other
        part or provision of such covenant or of any other covenant contained
        herein.

       

      (g)  Captions
        and Section Headings.
        Except
        as set forth in Section 9 hereof, captions and section headings used herein
        are for convenience only and are not a part of this Agreement and shall not
        be
        used in construing it.

       

      9.  Definitions.

       

      (a)  “Affiliate”
means
        any person, firm, corporation, partnership, association or entity that, directly
        or indirectly or through one or more intermediaries, controls, is controlled
        by
        or is under common control with the Company.

       

      (b)  “Applicable
        Period”
means
        the period commencing as of the date of this Agreement and ending twelve
        months
        after the termination of the Executive’s employment with the Company or any of
        its Affiliates.

       

      (c)  “Area”
means
        Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia,
        Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Massachusetts, Missouri,
        New Hampshire, North Carolina, Ohio, Pennsylvania, Rhode Island, Tennessee,
        Texas, Utah, Vermont, Washington, and West Virginia. 

       

      (d)  “Business
        of the Company”
means
        any business with the primary purpose of leasing assets to healthcare operators,
        or financing the ownership or operation of, senior housing, long-term care
        facilities, assisted living facilities, retirement housing facilities, or
        other
        healthcare related real estate, and ancillary financing businesses the primary
        focus of which relates to any of the foregoing.

       

      (e)  “Cause”
the
        occurrence of any of the following events:

       

      (i)  willful
        refusal by the Executive to follow a lawful direction of the Chief Financial
        Officer or
        the
        Board of Directors of the Company, provided the direction is not materially
        inconsistent with the duties or responsibilities of the Executive’s position as
        Chief Accounting Officer of the Company, which refusal continues after the
        Chief
        Financial Officer or the Board of Directors has again given the direction
        in
        writing; 

       

      (ii)  willful
        misconduct or reckless disregard by the Executive of his duties or of the
        interest or property of the Company;

       

      (iii)  intentional
        disclosure by the Executive to an unauthorized person of Confidential
        Information or Trade Secrets, which causes material harm to the
        Company;

       

      (iv)  any
        act
        by the Executive of fraud against, material misappropriation from, or
        significant dishonesty to either the Company or an Affiliate, or any other
        party, but in the latter case only if in the reasonable opinion of at least
        two-thirds of the members of the Board of Directors of the Company, such
        fraud,
        material misappropriation, or significant dishonesty could reasonably be
        expected to have a material adverse impact on the Company or its
        Affiliates;

       

      (v)  commission
        by the Executive of a felony as reasonably determined by at least two-thirds
        of
        the members of the Board of Directors of the Company; or

       

      (vi)  a
        material breach of this Agreement by the Executive, provided that the nature
        of
        such breach shall be set forth with reasonable particularity in a written
        notice
        to the Executive who shall have ten (10) days following delivery of such
        notice
        to cure such alleged breach, provided that such breach is, in the reasonable
        discretion of the Board of Directors, susceptible to a cure.

       

      (f)  “Change
        in Control”
means
        any one of the following events which occurs following the Effective
        Date:

       

      (i)  the
        acquisition, directly or indirectly, by any “person” or “persons” (as such terms
        are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
        as
        amended), other than the Company or any employee benefits plan of the Company
        or
        an Affiliate, or any corporation pursuant to a reorganization, merger or
        consolidation, of equity securities of the Company, resulting in such person
        or
        persons holding equity securities of the Company that in the aggregate represent
        thirty percent (30%) or more of the combined ordinary voting power of the
        Company’s then outstanding equity securities;

       

      (ii)  individuals
        who as of the date hereof, constitute the Board of Directors of the Company
        (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the
        Board of Directors of the Company; provided, however, that any individual
        becoming a director subsequent to the date hereof whose election, or nomination
        for election by the Company’s shareholders, was approved by a vote of at least
        two-thirds of the directors then comprising the Incumbent Board shall be
        considered as though such individual were a member of the Incumbent Board,
        but
        excluding, for this purpose, any such individual whose initial assumption
        of
        office occurs as a result of an actual or threatened election contest with
        respect to the election or removal of directors or other actual or threatened
        solicitation of proxies or consents by or on behalf of a person other than
        the
        Board of Directors of the Company;

       

      (iii)  a
        reorganization, merger or consolidation, with respect to which persons who
        were
        the holders of equity securities of the Company immediately prior to such
        reorganization, merger or consolidation do not, immediately thereafter, own
        equity securities of the surviving entity representing more than fifty percent
        (50%) of the combined ordinary voting power of the then outstanding voting
        securities of the surviving entity; or

       

      (iv)  a
        sale,
        or one or more sales occurring in a twelve-month period, of all or substantially
        all of the assets of the Company to any third party.

       

      Notwithstanding
        the foregoing, no Change in Control shall be deemed to have occurred for
        purposes of this Agreement by reason of any actions or events in which the
        Executive participates in a capacity other than in his capacity as an officer,
        employee, or director of the Company or an Affiliate.

       

      (g)  “Competing
        Business”
means
        the entities listed below and any person, firm, corporation, joint venture,
        or
        other business that is engaged in the Business of the Company:

       

      (i)  Ventas,
        Inc.,

      (ii)  Nationwide
        Health Properties,

      (iii)  Health
        Care Property Investors Inc.,

      (iv)  Healthcare
        Realty Trust,

      (v)  National
        Health Investors Inc.,

      (vi)  National
        Health Realty, Inc.,

      (vii)  Senior
        Housing Properties Trust,

      (viii)  Health
        Care REIT Inc., and

      (ix)  LTC
        Properties Inc.

      

      (h)  “Confidential
        Information”
means
        data and information relating to the Business of the Company or an Affiliate
        (which does not rise to the status of a Trade Secret) which is or has been
        disclosed to the Executive or of which the Executive became aware as a
        consequence of or through his relationship to the Company or an Affiliate
        and
        which has value to the Company or an Affiliate and is not generally known
        to its
        competitors. Confidential Information shall not include any data or information
        that has been voluntarily disclosed to the public by the Company or an Affiliate
        (except where such public disclosure has been made by the Executive without
        authorization) or that has been independently developed and disclosed by
        others,
        or that otherwise enters the public domain through lawful means without breach
        of any obligations of confidentiality owed to the Company or any of its
        Affiliates by the Executive. 

       

      (i)  “Disability”
means
        the inability of the Executive to perform the material duties of his position
        hereunder due to a physical, mental, or emotional impairment, for a ninety
        (90)
        consecutive day period or for aggregate of one hundred eighty (180) days
        during
        any three hundred sixty-five (365) day period.

       

      (j)  “Good
        Reason”
means
        the occurrence of all of the events listed in either (i) or (ii)
        below:

       

      (i)  (A)the
        Company materially breaches this Agreement, including without limitation,
        a
        material diminution, but only prior to a Change in Control, of the Executive’s
        responsibilities as Chief Accounting Officer of the Company, as reasonably
        modified by the Chief Financial Officer of the Company from time to time
        hereafter, such that the Executive would no longer have responsibilities
        substantially equivalent to those of other chief accounting officers at
        companies with similar revenues and market capitalization;

       

      (B)  the
        Executive gives written notice to the Company of the facts and circumstances
        constituting the breach of the Agreement within ten (10) days following the
        occurrence of the breach;

       

      (C)  the
        Company fails to remedy the breach within ten (10) days following the
        Executive’s written notice of the breach; and

       

      (D)  the
        Executive terminates his employment within ten (10) days following the Company’s
        failure to remedy the breach; or

       

      (ii)  (A)the
        Company requires the Executive to relocate the Executive’s primary place of
        employment to a new location, that is more than fifty (50) miles (calculated
        using the most direct driving route) from its current location, without the
        Executive’s consent;

       

      (B)  the
        Executive gives written notice to the Company within ten (10) days following
        receipt of notice of relocation of his objection to the relocation;

       

      (C)  the
        Company fails to rescind the notice of relocation within ten (10) days following
        the Executive’s written notice; and

       

      (D)  the
        Executive terminates his employment within ten (10) days following the Company’s
        failure to rescind the notice.

       

      (k)  “Release”
means
        a
        comprehensive release, covenant not to sue, and non-disparagement agreement
        from
        the Executive in favor of the Company, its executives, officers, directors,
        Affiliates, and all related parties, in the form attached hereto as Exhibit
        B.

       

      (l)  “Term”
has
        the
        meaning as set forth in Section 3(a) hereof.

       

      (m)  “Trade
        Secrets”
means
        information including, but not limited to, technical or nontechnical data,
        formulae, patterns, compilations, programs, devices, methods, techniques,
        drawings, processes, financial data, financial plans, product plans or lists
        of
        actual or potential customers or suppliers which (i) derives economic
        value, actual or potential, from not being generally known to, and not being
        readily ascertainable by proper means by, other persons who can obtain economic
        value from its disclosure or use, and (ii) is the subject of efforts that
        are reasonable under the circumstances to maintain its secrecy.

       

      

      [SIGNATURES
        ON FOLLOWING PAGE]

      

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF,
        the
        Company and the Executive have each executed and delivered this Agreement
        as of
        the date first shown above.

       

      COMPANY:

      

      OMEGA
        HEALTHCARE INVESTORS, INC.

      

      

      

      By:       

      C.
        Taylor
        Pickett, CEO

      

      THE
        EXECUTIVE:

      

      

       

      Michael
        Ritz

      
        

      EXHIBIT
        A

      

      
        	
                Investment

              	
                Ownership

              
	 	 

      

      

      

      

      

       

      
        
          
            

          

           

        

        
           

          
            

          

        

        
           

          
          

        

      

      EXHIBIT
        B

      

      RELEASE,
        AGREEMENT PURSUANT TO

      EMPLOYMENT
        AGREEMENT

      

      This
        Agreement (this “Agreement”) is made this ___ day of _____, 20__, by OMEGA
        HEALTHCARE INVESTORS, INC. (the “Employer”) and Michael Ritz (the
“Employee”).

      

      Introduction

      

      Employee
        and the Employer entered into an Employment Agreement dated May 7, 2007 (the
        “Employment Agreement”).

      

      The
        Employment Agreement requires that as a condition to the Employer’s obligation
        to pay payments and benefits under Section 3(c) of the Employment Agreement
        (the
“Severance Benefits”), Employee must provide a release and agree to certain
        other conditions as provided herein.

      

      NOW,
        THEREFORE, the parties agree as follows:

      

      	1.  	
              [For
                Employee under age 40:
                The effective date of this Agreement shall be the date on which Employee
                signs this Agreement (“the Effective Date”), at which time this Agreement
                shall be fully effective and enforceable.]
                

            

      

      [For
        Employee age 40 and over or group termination of Employees age 40 and
        over:
        Employee has been offered [twenty-one (21) days] [forty-five (45) days if
        group
        termination] from receipt of this Agreement within which to consider this
        Agreement. The effective date of this Agreement shall be the date eight (8)
        days after the date on which Employee signs this Agreement (“the Effective
        Date”). For a period of seven (7) days following Employee’s execution of this
        Agreement, Employee may revoke this Agreement, and this Agreement shall not
        become effective or enforceable until such seven (7) day period has expired.
        Employee must communicate the desire to revoke this Agreement in writing.
        Employee understands that he or she may sign the Agreement at any time before
        the expiration of the [twenty-one (21) day] [forty-five (45) day] review
        period.
        To the degree Employee chooses not to wait [twenty-one (21) days] [forty-five
        (45) days] to execute this Agreement, it is because Employee freely and
        unilaterally chooses to execute this Agreement before that time. Employee’s
        signing of the Agreement triggers the commencement of the seven (7) day
        revocation period.]

      

      	2.  	
              In
                exchange for Employee’s execution of this Agreement and in full and
                complete settlement of any claims as specifically provided in this
                Agreement, the Employer will provide Employee with the Severance
                Benefits.

            

      

      	3.  	
              [For
                Employee age 40 or over or group termination of Employees age 40
                and
                over:
                Employee acknowledges and agrees that this Agreement is in compliance
                with
                the Age Discrimination in Employment Act and the Older Workers Benefit
                Protection Act and that the releases set forth in this Agreement
                shall be
                applicable, without limitation, to any claims brought under these
                Acts.]

            

      

      The
        release given by Employee in this Agreement is given solely in exchange for
        the
        consideration set forth in Section 2 of this Agreement and such consideration
        is
        in addition to anything of value that Employee was entitled to receive prior
        to
        entering into this Agreement.

      

      Employee
        has been advised to consult an attorney prior to entering into this Agreement
        [For
        Employee age 40 or over or group termination of Employees age 40 and
        over:
        and this provision of the Agreement satisfies the requirement of the Older
        Workers Benefit Protection Act that Employee be so advised in
        writing].

      

      [For
        under age 40:
        Employee has been offered an ample opportunity from receipt of this Agreement
        within which to consider this Agreement.]

      

      By
        entering into this Agreement, Employee does not waive any rights or claims
        that
        may arise after the date this Agreement is executed.

      

      	4.  	
              [For
                group termination of Employees age 40 and over:
                The Employer has ________________________________________________
                [The
                Employer to describe class, unit, or group of individuals covered
                by
                termination program, any eligibility factors, and time limits applicable]
                and such employees comprise the “Decisional Unit.” Attached as “Attachment
                1” to this Agreement is a list of ages and job titles of persons in
                the
                Decisional Unit who were and who were not selected for termination
                and the
                offer of consideration for signing the
                Agreement.]

            

      

      	5.  	
              This
                Agreement shall in no way be construed as an admission by the Employer
                that it has acted wrongfully with respect to Employee or any other
                person
                or that Employee has any rights whatsoever against the Employer.
                The
                Employer specifically disclaims any liability to or wrongful acts
                against
                Employee or any other person on the part of itself, its employees
                or its
                agents.

            

      

      	6.  	
              As
                a material inducement to the Employer to enter into this Agreement,
                Employee hereby irrevocably releases the Employer and each of the
                owners,
                stockholders, predecessors, successors, directors, officers, employees,
                representatives, attorneys, affiliates (and agents, directors, officers,
                employees, representatives and attorneys of such affiliates) of the
                Employer and all persons acting by, through, under or in concert
                with them
                (collectively, the “Releasees”), from any and all charges, claims,
                liabilities, agreements, damages, causes of action, suits, costs,
                losses,
                debts and expenses (including attorneys’ fees and costs actually incurred)
                of any nature whatsoever, known or unknown, including, but not limited
                to,
                rights arising out of alleged violations of any contracts, express
                or
                implied, any covenant of good faith and fair dealing, express or
                implied,
                or any tort, or any legal restrictions on the Employer’s right to
                terminate employees, or any federal, state or other governmental
                statute,
                regulation, or ordinance, including, without limitation: (1) Title
                VII of
                the Civil Rights Act of 1964, as amended by the Civil Rights Act
                of 1991
                (race, color, religion, sex, and national origin discrimination);
                (2) the
                Employee Retirement Income Security Act (“ERISA”); (3) 42 U.S.C. § 1981
                (discrimination); (4) the Americans with Disabilities Act (disability
                discrimination); (5) the Equal Pay Act; [For
                Employee age 40 or over or group termination of Employees age 40
                and
                over:
                (6) the Age Discrimination in Employment Act; (7) the Older Workers
                Benefit Protection Act;]  (6) Executive
                Order 11246 (race, color, religion, sex, and national origin
                discrimination); (7) Executive Order 11141 (age discrimination);
                (8)
                Section 503 of the Rehabilitation Act of 1973 (disability discrimination);
                (9) negligence; (10) negligent hiring and/or negligent retention;
                (11) intentional or negligent infliction of emotional distress or
                outrage; (12) defamation; (13) interference with employment;
                (14) wrongful discharge; (15) invasion of privacy; or
                (16) violation of any other legal or contractual duty arising under
                the laws of the State of Maryland or the laws of the United States
                (“Claim” or “Claims”), which Employee now has, or claims to have, or which
                Employee at any time heretofore had, or claimed to have, or which
                Employee
                at any time hereinafter may have, or claim to have, against each
                or any of
                the Releasees, in each case as to acts or omissions by each or any
                of the
                Releasees occurring up to and including the Effective Date.
                

            

      

      	7.  	
              The
                release in the preceding paragraph of this Agreement does not apply
                to
                (a) all benefits and awards (including without limitation cash and
                stock components) which pursuant to the terms of any compensation
                or
                benefit plans, programs, or agreements of the Employer are earned
                or
                become payable, but which have not yet been paid, and (b) pay for
                accrued but unused vacation that the Employer is legally obligated
                to pay
                Employee, if any, and only if the Employer is so obligated,
                (c) unreimbursed business expenses for which Employee is entitled to
                reimbursement under the Employer’s policies, and (d) any rights to
                indemnification that Employee has under any directors and officers
                or
                other insurance policy the Employer maintains or the bylaws and articles
                of incorporation of the Company, and any indemnification agreement,
                if
                any.

            

      

      	8.  	
              Employee
                promises that he will not make statements disparaging to any of the
                Releasees. Employee agrees not to make any statements about any of
                the
                Releasees to the press (including without limitation any newspaper,
                magazine, radio station or television station) without the prior
                written
                consent of the Employer. The obligations set forth in the two immediately
                preceding sentences will expire two years after the Effective Date.
                Employee will also cooperate with the Employer and its affiliates
                if the
                Employer requests Employee’s testimony. To the extent practicable and
                within the control of the Employer, the Employer will use reasonable
                efforts to schedule the timing of Employee’s participation in any such
                witness activities in a reasonable manner to take into account Employee’s
                then current employment, and will pay the reasonable documented
                out-of-pocket expenses that the Employer pre-approves and that Employee
                incurs for travel required by the Employer with respect to those
                activities.

            

      

      	9.  	
              Except
                as set forth in this Section, Employee agrees not to disclose the
                existence or terms of this Agreement to anyone. However, Employee
                may
                disclose it to a member of his immediate family or legal or financial
                advisors if necessary and on the condition that the family member
                or
                advisor similarly does not disclose these terms to anyone. Employee
                understands that he will be responsible for any disclosure by a family
                member or advisor as if he had disclosed it himself. This restriction
                does
                not prohibit Employee’s disclosure of this Agreement or its terms to the
                extent necessary during a legal action to enforce this Agreement or to the
                extent Employee is legally compelled to make a disclosure. However,
                Employee will notify the Employer promptly upon becoming aware of
                that
                legal necessity and provide it with reasonable details of that legal
                necessity.

            

      

      	10.  	
              Employee
                has not filed or caused to be filed any lawsuit, complaint or charge
                with
                respect to any Claim he releases in this Agreement. Employee promises
                never to file or pursue a lawsuit , complaint or charge based on
                any Claim
                released by this Agreement, except that Employee may participate
                in an
                investigation or proceeding conducted by an agency of the United
                States
                Government or of any state. Employee also has not assigned or transferred
                any claim he is releasing, nor has he purported to do so. [For
                group termination of Employees age 40 and over:
                Employee covenants and agrees not to institute, or participate in
                any way
                in anyone else’s actions involved in instituting, any action against any
                of the members of the Decisional Unit with respect to any Claim released
                herein.]

            

      

      	11.  	
              The
                Employer and Employee agree that the terms of this Agreement shall
                be
                final and binding and that this Agreement shall be interpreted, enforced
                and governed under the laws of the State of Maryland. The provisions
                of
                this Agreement can be severed, and if any part of this Agreement
                is found
                to be unenforceable, the remainder of this Agreement will continue
                to be
                valid and effective.

            

      

      	12.  	
              This
                Agreement sets forth the entire agreement between the Employer and
                Employee and fully supersedes any and all prior agreements or
                understandings, written and/or oral, between the Employer and Employee
                pertaining to the subject matter of this
                Agreement.

            

      

      	13.  	
              Employee
                is solely responsible for the payment of any fees incurred as the
                result
                of an attorney reviewing this agreement on behalf of Employee. In
                any
                litigation concerning the validity or enforceability of this contract
                or
                in any litigation to enforce the provisions of this contract, the
                prevailing party shall be entitled to recover reasonable attorneys’ fees
                and costs, including court costs and expert witness fees and
                costs.

            

      

       

      Employee’s
        signature below indicates Employee’s understanding and agreement with all of the
        terms in this Agreement.

       

      Employee
        should take this Agreement home and carefully consider all of its provisions
        before signing it. [For
        Employee age 40 or over or group termination of Employees age 40 and
        over:
        Employee may take up to [twenty-one (21) days] [forty-five (45) days if group
        termination] to decide whether Employee wants to accept and sign this Agreement.
        Also, if Employee signs this Agreement, Employee will then have an additional
        seven (7) days in which to revoke Employee’s acceptance of this Agreement
after
        Employee has signed it. This Agreement will not be effective or enforceable,
        nor
        will any consideration be paid, until after the seven (7) day revocation
        period has expired.]
        Again,
        Employee is free and encouraged to discuss the contents and advisability
        of
        signing this Agreement with an attorney of Employee’s choosing.

       

      

       

      Employee
        should read carefully. This agreement includes a release of all known and
        unknown claims through the effective date. Employee is strongly advised to
        consult with an attorney before executing this document.

       

      

      IN
        WITNESS WHEREOF, Employee and the Employer have executed this agreement
        effective as of the date first written above.

      

      EMPLOYEE

      

       

      Michael
        Ritz

      

       

      Signature

      

       

      Date
        Signed

      

      

      OMEGA
        HEALTHCARE INVESTORS, INC.

      

      

      By:
              

      

      Title:      

      

      

       

      
        
          
            

          

           

        

        
           

          
            

          

        

        
           

          
          

        

      

      

      ATTACHMENT
        I

      

      [Insert
        descriptive name of decisional unit from the Agreement]

      

      Employees
        Comprising the “Decisional Unit”

       

      

      
        	
                Job
                  Title:

              	
                Age:

              	
                Participating:

              	
                Not
                  Participating:

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