Document:

Unassociated Document

    
      

    

     

     

     

     

     

    FINANCIAL
      ASSET SECURITIES CORP.,

    Depositor

    

    

    NATIONSTAR
      MORTGAGE, LLC,

    Servicer

    

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee
      

    

    

    

    POOLING
      AND SERVICING AGREEMENT

    

    Dated
      as
      of February 1, 2007

    

    

    ___________________________

    Soundview
      Home Loan Trust 2007-NS1

    

    Asset-Backed
      Certificates, Series 2007-NS1

     

     

      
        

      

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      of Contents

     

    
      
        	
                ARTICLE
                  I   DEFINITIONS

              
	 
	
                SECTION
                  1.01

              	
                Defined
                  Terms.

              
	
                SECTION
                  1.02

              	
                Accounting.

              
	
                SECTION
                  1.03

              	
                Allocation
                  of Certain Interest Shortfalls.

              
	 	 
	
                ARTICLE
                  II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                  CERTIFICATES

              
	 
	
                SECTION
                  2.01

              	
                Conveyance
                  of Mortgage Loans.

              
	
                SECTION
                  2.02

              	
                Acceptance
                  by Trustee.

              
	
                SECTION
                  2.03

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

              
	
                SECTION
                  2.04

              	
                [Reserved].

              
	
                SECTION
                  2.05

              	
                Representations,
                  Warranties and Covenants of the Servicer.

              
	
                SECTION
                  2.06

              	
                Representations
                  and Warranties of the Depositor.

              
	
                SECTION
                  2.07

              	
                Issuance
                  of Certificates.

              
	
                SECTION
                  2.08

              	
                [Reserved].

              
	
                SECTION
                  2.09

              	
                Conveyance
                  of REMIC Regular Interests and Acceptance of REMIC 1, REMIC 2,
                  REMIC 3,
                  REMIC 4, REMIC 5 and REMIC 6 by the Trustee; Issuance of
                  Certificates.

              
	 	 
	
                ARTICLE
                  III   ADMINISTRATION AND SERVICING OF THE MORTGAGE
                  LOANS

              
	 
	
                SECTION
                  3.01

              	
                Servicer
                  to Act as Servicer.

              
	
                SECTION
                  3.02

              	
                Sub-Servicing
                  Agreements Between Servicer and Sub-Servicers;
                  Subcontractors.

              
	
                SECTION
                  3.03

              	
                Successor
                  Sub-Servicers.

              
	
                SECTION
                  3.04

              	
                Liability
                  of the Servicer.

              
	
                SECTION
                  3.05

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

              
	
                SECTION
                  3.06

              	
                Assumption
                  or Termination of Sub-Servicing Agreements.

              
	
                SECTION
                  3.07

              	
                Collection
                  of Certain Mortgage Loan Payments.

              
	
                SECTION
                  3.08

              	
                Sub-Servicing
                  Accounts.

              
	
                SECTION
                  3.09

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

              
	
                SECTION
                  3.10

              	
                Collection
                  Account and Distribution Account.

              
	
                SECTION
                  3.11

              	
                Withdrawals
                  from the Collection Account and the Distribution
                  Account.

              
	
                SECTION
                  3.12

              	
                Investment
                  of Funds in the Collection Account.

              
	
                SECTION
                  3.13

              	
                [Reserved].

              
	
                SECTION
                  3.14

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

              
	
                SECTION
                  3.15

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

              
	
                SECTION
                  3.16

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                SECTION
                  3.17

              	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              
	
                SECTION
                  3.18

              	
                Servicing
                  Compensation.

              
	
                SECTION
                  3.19

              	
                Reports;
                  Collection Account Statements.

              
	
                SECTION
                  3.20

              	
                Statement
                  as to Compliance.

              
	
                SECTION
                  3.21

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                SECTION
                  3.22

              	
                [Reserved].

              
	
                SECTION
                  3.23

              	
                Access
                  to Certain Documentation.

              
	
                SECTION
                  3.24

              	
                Title,
                  Management and Disposition of REO Property.

              
	
                SECTION
                  3.25

              	
                Obligations
                  of the Servicer in Respect of Prepayment Interest
                  Shortfalls.

              
	
                SECTION
                  3.26

              	
                Obligations
                  of the Servicer in Respect of Monthly Payments.

              
	
                SECTION
                  3.27

              	
                Net
                  WAC Rate Carryover Reserve Account.

              
	
                SECTION
                  3.28

              	
                Advance
                  Facility

              
	
                SECTION
                  3.29

              	
                [Reserved].

              
	
                SECTION
                  3.30

              	
                Solicitations.

              
	 	 
	
                ARTICLE
                  IV   FLOW OF FUNDS

              
	 
	
                SECTION
                  4.01

              	
                Distributions.

              
	
                SECTION
                  4.02

              	
                Net
                  WAC Rate Carryover Reserve Account.

              
	
                SECTION
                  4.03

              	
                Statements.

              
	
                SECTION
                  4.04

              	
                Remittance
                  Reports; Advances.

              
	
                SECTION
                  4.05

              	
                Commission
                  Reporting.

              
	
                SECTION
                  4.06

              	
                [Reserved].

              
	
                SECTION
                  4.07

              	
                [Reserved].

              
	
                SECTION
                  4.08

              	
                Distributions
                  on the REMIC Regular Interests.

              
	
                SECTION
                  4.09

              	
                Allocation
                  of Realized Losses.

              
	
                SECTION
                  4.10

              	
                Swap
                  Account.

              
	
                SECTION
                  4.11

              	
                Tax
                  Treatment of Swap Payments and Swap Termination
                  Payments.

              
	
                SECTION
                  4.12

              	
                Cap
                  Account.

              
	
                SECTION
                  4.13

              	
                Posted
                  Collateral Accounts

              
	 	 
	
                ARTICLE
                  V   THE CERTIFICATES

              
	 
	
                SECTION
                  5.01

              	
                The
                  Certificates.

              
	
                SECTION
                  5.02

              	
                Registration
                  of Transfer and Exchange of Certificates.

              
	
                SECTION
                  5.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                SECTION
                  5.04

              	
                Persons
                  Deemed Owners.

              
	
                SECTION
                  5.05

              	
                Appointment
                  of Paying Agent.

              
	 	 
	
                ARTICLE
                  VI   THE SERVICER AND THE DEPOSITOR

              
	 
	
                SECTION
                  6.01

              	
                Liability
                  of the Servicer and the Depositor.

              
	
                SECTION
                  6.02

              	
                Merger
                  or Consolidation of, or Assumption of the Obligations of the Servicer
                  or
                  the Depositor.

              
	
                SECTION
                  6.03

              	
                Limitation
                  on Liability of the Servicer and Others.

              
	
                SECTION
                  6.04

              	
                Limitation
                  on Resignation of the Servicer; Assignment of
                  Servicing.

              
	
                SECTION
                  6.05

              	
                Successor
                  Servicer.

              
	
                SECTION
                  6.06

              	
                Delegation
                  of Duties.

              
	
                SECTION
                  6.07

              	
                [Reserved].

              
	
                SECTION
                  6.08

              	
                Inspection.

              
	
                SECTION
                  6.09

              	
                Duties
                  of the Credit Risk Manager.

              
	
                SECTION
                  6.10

              	
                Limitation
                  Upon Liability of the Credit Risk Manager.

              
	
                SECTION
                  6.11

              	
                Removal
                  of the Credit Risk Manager.

              
	 	 
	
                ARTICLE
                  VII   DEFAULT

              
	 
	
                SECTION
                  7.01

              	
                Servicer
                  Events of Termination.

              
	
                SECTION
                  7.02

              	
                Trustee
                  to Act; Appointment of Successor Servicer.

              
	
                SECTION
                  7.03

              	
                [Reserved].

              
	
                SECTION
                  7.04

              	
                Waiver
                  of Defaults.

              
	
                SECTION
                  7.05

              	
                Notification
                  to Certificateholders.

              
	
                SECTION
                  7.06

              	
                Survivability
                  of Servicer Liabilities.

              
	 	 
	
                ARTICLE
                  VIII   THE TRUSTEE

              
	 
	
                SECTION
                  8.01

              	
                Duties
                  of Trustee.

              
	
                SECTION
                  8.02

              	
                Certain
                  Matters Affecting the Trustee.

              
	
                SECTION
                  8.03

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              
	
                SECTION
                  8.04

              	
                Trustee
                  May Own Certificates.

              
	
                SECTION
                  8.05

              	
                Trustee
                  Compensation and Expenses.

              
	
                SECTION
                  8.06

              	
                Eligibility
                  Requirements for Trustee.

              
	
                SECTION
                  8.07

              	
                Resignation
                  or Removal of Trustee.

              
	
                SECTION
                  8.08

              	
                Successor
                  Trustee.

              
	
                SECTION
                  8.09

              	
                Merger
                  or Consolidation of Trustee.

              
	
                SECTION
                  8.10

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                SECTION
                  8.11

              	
                Limitation
                  of Liability.

              
	
                SECTION
                  8.12

              	
                Trustee
                  May Enforce Claims Without Possession of Certificates.

              
	
                SECTION
                  8.13

              	
                Suits
                  for Enforcement.

              
	
                SECTION
                  8.14

              	
                Waiver
                  of Bond Requirement.

              
	
                SECTION
                  8.15

              	
                Waiver
                  of Inventory, Accounting and Appraisal Requirement.

              
	 	 
	
                ARTICLE
                  IX   REMIC ADMINISTRATION

              
	 
	
                SECTION
                  9.01

              	
                REMIC
                  Administration.

              
	
                SECTION
                  9.02

              	
                Prohibited
                  Transactions and Activities.

              
	
                SECTION
                  9.03

              	
                Indemnification
                  with Respect to Certain Taxes and Loss of REMIC Status.

              
	 	 
	
                ARTICLE
                  X   TERMINATION

              
	 
	
                SECTION
                  10.01

              	
                Termination.

              
	
                SECTION
                  10.02

              	
                Additional
                  Termination Requirements.

              
	 	 
	
                ARTICLE
                  XI   MISCELLANEOUS PROVISIONS

              
	 
	
                SECTION
                  11.01

              	
                Amendment.

              
	
                SECTION
                  11.02

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                SECTION
                  11.03

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                SECTION
                  11.04

              	
                Governing
                  Law; Jurisdiction.

              
	
                SECTION
                  11.05

              	
                Notices.

              
	
                SECTION
                  11.06

              	
                Severability
                  of Provisions.

              
	
                SECTION
                  11.07

              	
                Article
                  and Section References.

              
	
                SECTION
                  11.08

              	
                Notice
                  to the Rating Agencies.

              
	
                SECTION
                  11.09

              	
                Further
                  Assurances.

              
	
                SECTION
                  11.10

              	
                Benefits
                  of Agreement.

              
	
                SECTION
                  11.11

              	
                Acts
                  of Certificateholders.

              
	
                SECTION
                  11.12

              	
                Intention
                  of the Parties and
                  Interpretation.

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        	
                Exhibits:

                 

              	 
	
                Exhibit
                  A-1

              	
                Form
                  of Class A-1 Certificates

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class A-2 Certificates

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class A-3 Certificates

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class A-4 Certificates

              
	
                Exhibit
                  A-5

              	
                Form
                  of Class M-1 Certificates

              
	
                Exhibit
                  A-6

              	
                Form
                  of Class M-2 Certificates

              
	
                Exhibit
                  A-7

              	
                Form
                  of Class M-3 Certificates

              
	
                Exhibit
                  A-8

              	
                Form
                  of Class M-4 Certificates

              
	
                Exhibit
                  A-9

              	
                Form
                  of Class M-5 Certificates

              
	
                Exhibit
                  A-10

              	
                Form
                  of Class M-6 Certificates

              
	
                Exhibit
                  A-11

              	
                Form
                  of Class M-7 Certificates

              
	
                Exhibit
                  A-12

              	
                Form
                  of Class M-8 Certificates

              
	
                Exhibit
                  A-13

              	
                Form
                  of Class M-9 Certificates

              
	
                Exhibit
                  A-14

              	
                Form
                  of Class M-10 Certificates

              
	
                Exhibit
                  A-15

              	
                Form
                  of Class C Certificates

              
	
                Exhibit
                  A-16

              	
                Form
                  of Class P Certificates

              
	
                Exhibit
                  A-17

              	
                Form
                  of Class R Certificates

              
	
                Exhibit
                  A-18 

              	
                Form
                  of Class R-X Certificates

              
	
                Exhibit
                  A-19

              	
                Form
                  of Class FL Certificates

              
	
                Exhibit
                  B

              	
                [Reserved]

              
	
                Exhibit
                  C

              	
                Form
                  of Assignment Agreement

              
	
                Exhibit
                  D

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  E

              	
                Request
                  for Release

              
	
                Exhibit
                  F-1

              	
                Form
                  of Trustee’s Initial Certification

              
	
                Exhibit
                  F-2

              	
                Form
                  of Trustee’s Final Certification

              
	
                Exhibit
                  F-3

              	
                Form
                  of Receipt of Mortgage Note

              
	
                Exhibit
                  G

              	
                Form
                  of Cap Allocation Agreement

              
	
                Exhibit
                  H

              	
                Form
                  of Lost Note Affidavit

              
	
                Exhibit
                  I

              	
                Form
                  of Limited Power of Attorney

              
	
                Exhibit
                  J

              	
                Form
                  of Investment Letter

              
	
                Exhibit
                  K

              	
                Form
                  of Transfer Affidavit for Residual Certificates

              
	
                Exhibit
                  L

              	
                Form
                  of Transferor Certificate

              
	
                Exhibit
                  M

              	
                Form
                  of ERISA Representation Letter

              
	
                Exhibit
                  N-1

              	
                Form
                  of Certification to be Provided by the Depositor with Form
                  10-K

              
	
                Exhibit
                  N-2

              	
                Form
                  of Certification to be Provided to the Depositor by the
                  Trustee

              
	
                Exhibit
                  N-3

              	
                Form
                  of Certification to be Provided to the Depositor by the
                  Servicer

              
	
                Exhibit
                  O

              	
                Form
                  of Interest Rate Cap Agreement

              
	
                Exhibit
                  P

              	
                Form
                  of Basis Risk Cap Agreement

              
	
                Exhibit
                  Q

              	
                Form
                  of Interest Rate Swap Agreement

              
	
                Exhibit
                  R

              	
                [Reserved]

              
	
                Exhibit
                  S

              	
                Servicing
                  Criteria

              
	
                Exhibit
                  T

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

              
	
                Schedule
                  I

              	
                Prepayment
                  Charge Schedule

              
	
                Schedule
                  II

              	
                Schedule
                  of PMI Mortgage Loans

              

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement is dated as of February 1, 2007 (the
“Agreement”), among FINANCIAL ASSET SECURITIES CORP., as depositor (the
“Depositor”), NATIONSTAR MORTGAGE, LLC, as servicer (the “Servicer”) and
      DEUTSCHE BANK NATIONAL TRUST COMPANY, as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple classes, which in the
      aggregate will evidence the entire beneficial ownership interest in the Trust
      Fund created hereunder. The Certificates will consist of nineteen classes of
      certificates, designated as (i) the Class A-1 Certificates, (ii) the Class
      A-2
      Certificates, (iii) the Class A-3 Certificates, (iv)
      the
      Class A-4 Certificates,
      (v) the
      Class M-1 Certificates, (vi) the Class M-2 Certificates, (vii) the Class M-3
      Certificates, (viii) the Class M-4 Certificates, (ix) the Class M-5
      Certificates, (x) the Class M-6 Certificates, (xi) the Class M-7 Certificates,
      (xii) the Class M-8 Certificates, (xiii) the Class M-9 Certificates, (xiv)
      the
      Class M-10 Certificates, (xv) the Class C Certificates, (xvi) the Class P
      Certificates, (xvii) the Class R Certificates, (xviii) the Class R-X
      Certificates and (ix) the Class FL Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      1

     

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

    

      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 1

                Pass-Through
                  Rate

              	 	
                Initial

                Uncertificated
                  Principal 

                Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                I

              	 	
                Variable
                  (2)

              	 	
                $

              	
                140,871,814.12
                  

              	 	
                January
                  2037

              
	
                I-1-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                9,536,276.25
                  

              	 	
                January
                  2037

              
	
                I-1-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                9,536,276.25
                  

              	 	
                January
                  2037

              
	
                I-2-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                9,192,586.25
                  

              	 	
                January
                  2037

              
	
                I-2-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                9,192,586.25
                  

              	 	
                January
                  2037

              
	
                I-3-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                8,861,457.50
                  

              	 	
                January
                  2037

              
	
                I-3-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                8,861,457.50
                  

              	 	
                January
                  2037

              
	
                I-4-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                8,542,428.75
                  

              	 	
                January
                  2037

              
	
                I-4-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                8,542,428.75
                  

              	 	
                January
                  2037

              
	
                I-5-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                8,235,048.75
                  

              	 	
                January
                  2037

              
	
                I-5-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                8,235,048.75
                  

              	 	
                January
                  2037

              
	
                I-6-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                7,938,890.00
                  

              	 	
                January
                  2037

              
	
                I-6-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                7,938,890.00
                  

              	 	
                January
                  2037

              
	
                I-7-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                7,653,536.25
                  

              	 	
                January
                  2037

              
	
                I-7-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                7,653,536.25
                  

              	 	
                January
                  2037

              
	
                I-8-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                7,378,588.75
                  

              	 	
                January
                  2037

              
	
                I-8-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                7,378,588.75
                  

              	 	
                January
                  2037

              
	
                I-9-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                7,113,663.75
                  

              	 	
                January
                  2037

              
	
                I-9-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                7,113,663.75
                  

              	 	
                January
                  2037

              
	
                I-10-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                7,529,783.75
                  

              	 	
                January
                  2037

              
	
                I-10-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                7,529,783.75
                  

              	 	
                January
                  2037

              
	
                I-11-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                113,533,290.00
                  

              	 	
                January
                  2037

              
	
                I-11-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                113,533,290.00
                  

              	 	
                January
                  2037

              
	
                I-12-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                4,806,010.00
                  

              	 	
                January
                  2037

              
	
                I-12-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                4,806,010.00
                  

              	 	
                January
                  2037

              
	
                I-13-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                3,852,631.25
                  

              	 	
                January
                  2037

              
	
                I-13-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                3,852,631.25
                  

              	 	
                January
                  2037

              
	
                I-14-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                2,244,876.25
                  

              	 	
                January
                  2037

              
	
                I-14-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                2,244,876.25
                  

              	 	
                January
                  2037

              
	
                I-15-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,885,688.75
                  

              	 	
                January
                  2037

              
	
                I-15-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,885,688.75
                  

              	 	
                January
                  2037

              
	
                I-16-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,810,502.50
                  

              	 	
                January
                  2037

              
	
                I-16-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,810,502.50
                  

              	 	
                January
                  2037

              
	
                I-17-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,748,531.25
                  

              	 	
                January
                  2037

              
	
                I-17-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,748,531.25
                  

              	 	
                January
                  2037

              
	
                I-18-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,695,448.75
                  

              	 	
                January
                  2037

              
	
                I-18-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,695,448.75
                  

              	 	
                January
                  2037

              
	
                I-19-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,644,033.75
                  

              	 	
                January
                  2037

              
	
                I-19-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,644,033.75
                  

              	 	
                January
                  2037

              
	
                I-20-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,594,228.75
                  

              	 	
                January
                  2037

              
	
                I-20-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,594,228.75
                  

              	 	
                January
                  2037

              
	
                I-21-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,545,981.25
                  

              	 	
                January
                  2037

              
	
                I-21-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,545,981.25
                  

              	 	
                January
                  2037

              
	
                I-22-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,499,241.25
                  

              	 	
                January
                  2037

              
	
                I-22-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,499,241.25
                  

              	 	
                January
                  2037

              
	
                I-23-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                4,064,248.75
                  

              	 	
                January
                  2037

              
	
                I-23-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                4,064,248.75
                  

              	 	
                January
                  2037

              
	
                I-24-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,439,726.25
                  

              	 	
                January
                  2037

              
	
                I-24-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,439,726.25
                  

              	 	
                January
                  2037

              
	
                I-25-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,305,993.75
                  

              	 	
                January
                  2037

              
	
                I-25-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,305,993.75
                  

              	 	
                January
                  2037

              
	
                I-26-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,204,323.75
                  

              	 	
                January
                  2037

              
	
                I-26-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,204,323.75
                  

              	 	
                January
                  2037

              
	
                I-27-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,170,178.75
                  

              	 	
                January
                  2037

              
	
                I-27-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,170,178.75
                  

              	 	
                January
                  2037

              
	
                I-28-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,136,998.75
                  

              	 	
                January
                  2037

              
	
                I-28-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,136,998.75
                  

              	 	
                January
                  2037

              
	
                I-29-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,104,755.00
                  

              	 	
                January
                  2037

              
	
                I-29-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,104,755.00
                  

              	 	
                January
                  2037

              
	
                I-30-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,073,418.75
                  

              	 	
                January
                  2037

              
	
                I-30-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,073,418.75
                  

              	 	
                January
                  2037

              
	
                I-31-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,042,970.00
                  

              	 	
                January
                  2037

              
	
                I-31-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,042,970.00
                  

              	 	
                January
                  2037

              
	
                I-32-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,013,377.50
                  

              	 	
                January
                  2037

              
	
                I-32-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                1,013,377.50
                  

              	 	
                January
                  2037

              
	
                I-33-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                984,622.50
                  

              	 	
                January
                  2037

              
	
                I-33-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                984,622.50
                  

              	 	
                January
                  2037

              
	
                I-34-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                956,678.75
                  

              	 	
                January
                  2037

              
	
                I-34-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                956,678.75
                  

              	 	
                January
                  2037

              
	
                I-35-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                929,523.75
                  

              	 	
                January
                  2037

              
	
                I-35-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                929,523.75
                  

              	 	
                January
                  2037

              
	
                I-36-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                903,135.00
                  

              	 	
                January
                  2037

              
	
                I-36-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                903,135.00
                  

              	 	
                January
                  2037

              
	
                I-37-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                877,492.50
                  

              	 	
                January
                  2037

              
	
                I-37-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                877,492.50
                  

              	 	
                January
                  2037

              
	
                I-38-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                852,572.50
                  

              	 	
                January
                  2037

              
	
                I-38-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                852,572.50
                  

              	 	
                January
                  2037

              
	
                I-39-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                828,358.75
                  

              	 	
                January
                  2037

              
	
                I-39-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                828,358.75
                  

              	 	
                January
                  2037

              
	
                I-40-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                804,826.25
                  

              	 	
                January
                  2037

              
	
                I-40-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                804,826.25
                  

              	 	
                January
                  2037

              
	
                I-41-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                781,961.25
                  

              	 	
                January
                  2037

              
	
                I-41-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                781,961.25
                  

              	 	
                January
                  2037

              
	
                I-42-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                759,740.00
                  

              	 	
                January
                  2037

              
	
                I-42-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                759,740.00
                  

              	 	
                January
                  2037

              
	
                I-43-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                738,148.75
                  

              	 	
                January
                  2037

              
	
                I-43-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                738,148.75
                  

              	 	
                January
                  2037

              
	
                I-44-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                717,166.25
                  

              	 	
                January
                  2037

              
	
                I-44-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                717,166.25
                  

              	 	
                January
                  2037

              
	
                I-45-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                696,776.25
                  

              	 	
                January
                  2037

              
	
                I-45-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                696,776.25
                  

              	 	
                January
                  2037

              
	
                I-46-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                676,965.00
                  

              	 	
                January
                  2037

              
	
                I-46-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                676,965.00
                  

              	 	
                January
                  2037

              
	
                I-47-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                657,787.50
                  

              	 	
                January
                  2037

              
	
                I-47-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                657,787.50
                  

              	 	
                January
                  2037

              
	
                I-48-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                638,938.75
                  

              	 	
                January
                  2037

              
	
                I-48-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                638,938.75
                  

              	 	
                January
                  2037

              
	
                I-49-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                620,763.75
                  

              	 	
                January
                  2037

              
	
                I-49-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                620,763.75
                  

              	 	
                January
                  2037

              
	
                I-50-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                603,101.25
                  

              	 	
                January
                  2037

              
	
                I-50-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                603,101.25
                  

              	 	
                January
                  2037

              
	
                I-51-A

              	 	
                Variable
                  (2)

              	 	
                $

              	
                20,407,328.75
                  

              	 	
                January
                  2037

              
	
                I-51-B

              	 	
                Variable
                  (2)

              	 	
                $

              	
                20,407,328.75
                  

              	 	
                January
                  2037

              
	
                P

              	 	
                Variable
                  (2)

              	 	
                $

              	
                100.00

              	 	
                January
                  2037

              

      

    

     

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC 1 Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets shall be designated as “REMIC 2.”
The Class R-2 Interest shall evidence the sole class of “residual interests” in
      REMIC 2 for purposes of the REMIC Provisions under federal income tax law.
      The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      2 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 2 Regular Interests (as
      defined herein). None of the REMIC 2 Regular Interests shall be
      certificated.

    

      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 2

                Pass-Through
                  Rate

              	 	 	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                LTAA

              	 	
                Variable(2)

              	 	
                $

              	
                664,970,198.74
                  

              	 	
                January
                  2037

              
	
                LTA1

              	 	
                Variable(2)

              	 	
                $

              	
                3,094,240.00
                  

              	 	
                January
                  2037

              
	
                LTA2

              	 	
                Variable(2)

              	 	
                $

              	
                676,080.00
                  

              	 	
                January
                  2037

              
	
                LTA3

              	 	
                Variable(2)

              	 	
                $

              	
                1,058,800.00
                  

              	 	
                January
                  2037

              
	
                LTA4

              	 	
                Variable(2)

              	 	
                $

              	
                439,750.00
                  

              	 	
                January
                  2037

              
	
                LTM1

              	 	
                Variable(2)

              	 	
                $

              	
                295,170.00
                  

              	 	
                January
                  2037

              
	
                LTM2

              	 	
                Variable(2)

              	 	
                $

              	
                251,060.00
                  

              	 	
                January
                  2037

              
	
                LTM3

              	 	
                Variable(2)

              	 	
                $

              	
                128,920.00
                  

              	 	
                January
                  2037

              
	
                LTM4

              	 	
                Variable(2)

              	 	
                $

              	
                105,180.00
                  

              	 	
                January
                  2037

              
	
                LTM5

              	 	
                Variable(2)

              	 	
                $

              	
                115,350.00
                  

              	 	
                January
                  2037

              
	
                LTM6

              	 	
                Variable(2)

              	 	
                $

              	
                74,640.00
                  

              	 	
                January
                  2037

              
	
                LTM7

              	 	
                Variable(2)

              	 	
                $

              	
                88,210.00
                  

              	 	
                January
                  2037

              
	
                LTM8

              	 	
                Variable(2)

              	 	
                $

              	
                61,070.00
                  

              	 	
                January
                  2037

              
	
                LTM9

              	 	
                Variable(2)

              	 	
                $

              	
                81,420.00
                  

              	 	
                January
                  2037

              
	
                LTM10

              	 	
                Variable(2)

              	 	
                $

              	
                111,960.00
                  

              	 	
                January
                  2037

              
	
                LTZZ

              	 	
                Variable(2)

              	 	
                $

              	
                6,988,970.38
                  

              	 	
                January
                  2037

              
	
                LTP

              	 	
                Variable(2)

              	 	
                $

              	
                100.00
                  

              	 	
                January
                  2037

              
	
                LTIO

              	 	
                Variable(2)

              	 	 	
                (3)

              	 	
                January
                  2037

              

      

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

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

    (3) REMIC
      2
      Regular Interest LTIO will not have an Uncertificated Principal Balance, but
      will accrue interest on its Uncertificated Notional Amount, as defined
      herein.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      3

     

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

     

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate
      and the Original Class Certificate Principal Balance for each Class of
      Certificates comprising the interests representing “regular interests” in REMIC
      3, and the Class FL Certificates which are not “regular interests” in REMIC 3.
      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
      one or more of the “regular interests” in REMIC 3 created
      hereunder:

    

      
        	
                Designation

              	 	 	
                Original
                  Class Certificate Principal Balance

              	 	
                Pass-Through
                  Rate

              	 	
                Latest
                  Possible Maturity Date(1)

              
	
                Class
                  A-1

              	 	
                $

              	
                309,424,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  A-2

              	 	
                $

              	
                67,608,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  A-3

              	 	
                $

              	
                105,880,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  A-4

              	 	
                $

              	
                43,975,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  M-1

              	 	
                $

              	
                29,517,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  M-2

              	 	
                $

              	
                25,106,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  M-3

              	 	
                $

              	
                12,892,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  M-4

              	 	
                $

              	
                10,518,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  M-5

              	 	
                $

              	
                11,535,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  M-6

              	 	
                $

              	
                7,464,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  M-7

              	 	
                $

              	
                8,821,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  M-8

              	 	
                $

              	
                6,107,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  M-9

              	 	
                $

              	
                8,142,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  M-10

              	 	
                $

              	
                11,196,000.00
                  

              	 	
                Variable(2) 

              	 	
                January
                  2037

              
	
                Class
                  FL

              	 	
                $

              	
                0.00
                  

              	 	
                0.00%

              	 	
                January
                  2037

              
	
                Class
                  C Interest

              	 	
                $

              	
                20,356,019.12

              	 	
                Variable(3)

              	 	
                January
                  2037

              
	
                Class
                  P Interest

              	 	
                $

              	
                100.00

              	 	
                N/A(4)

              	 	
                January
                  2037

              
	
                Class
                  IO Interest

              	 	 	
                (5)

              	 	
                (6)

              	 	
                January
                  2037

              

      

    

    ________________

    (1)   
      For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

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

    (3) 
       The
      Class
      C Interest will accrue interest at its variable Pass-Through Rate on the
      Notional Amount of the Class C Interest outstanding from time to time which
      shall equal the aggregate UncertificatedPrincipal Balance of the REMIC 2 Regular
      Interests (other than REMIC 2 Regular Interest LTP). The Class C Interest will
      not accrue interest on its Certificate Principal Balance.

    (4)    The
      Class
      P Interest will not accrue interest.

    (5)    For
      federal income tax purposes, the Class IO Interest will not have a Certificate
      Principal Balance, but will have a notional amount equal to the Uncertificated
      Notional Amount of REMIC 2 Regular Interest LTIO.

    (6)    For
      federal income tax purposes, the Class IO Interest will not have a Pass-Through
      Rate, but will be entitled to 100% of the amounts distributed on REMIC 2 Regular
      Interest LTIO.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      4

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class C Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC 4.”
The Class R-4 Interest represents the sole class of “residual interests” in
      REMIC 4 for purposes of the REMIC Provisions.

     

    The
      following table sets forth (or describes) the designation, Pass-Through Rate
      ,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Class of Certificates that represents a “regular
      interest” in REMIC 4 created hereunder:

    

      
        	
                Designation

              	 	 	
                Original
                  Class Certificate Principal Balance

              	 	
                Pass-Through
                  Rate

              	 	
                Latest
                  Possible Maturity Date(1)

              
	
                Class
                  C Certificates

              	 	
                $

              	
                20,356,019.12

              	 	
                Variable(2)

              	 	
                January
                  2037

              

      

    

     

     

    _______________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) The
      Class
      C Certificates will receive 100% of amounts received in respect of the Class
      C
      Interest. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      5

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class P Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC 5.”
The Class R-5 Interest represents the sole class of “residual interests” in
      REMIC 5 for purposes of the REMIC Provisions.

     

    The
      following table sets forth (or describes) the designation, Pass-Through Rate,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Class of Certificates that represents a “regular
      interest” in REMIC 5 created hereunder:

     

    
      	
              Designation

            	 	
              Original
                Class Certificate 

              Principal
                Balance

            	 	
              Pass-Through
                Rate

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              Class
                P

            	 	
              $100.00

            	 	
              Variable(2)

            	 	
              January
                2037

            

    

    _______________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      6

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class IO Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets shall be designated as “REMIC 6.”
The Class R-6 Interest represents the sole class of “residual interests” in
      REMIC 6 for purposes of the REMIC Provisions. 

     

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated REMIC 6 Regular Interest, which will be
      uncertificated.

     

    
      	
              Designation

            	 	
              Original
                Class Certificate

              Principal
                Balance

            	 	
              Pass-Through
                Rate

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              SWAP
                IO

            	 	
              N/A

            	 	
              Variable(2)

            	 	
              January
                2037

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) REMIC
      6
      Regular Interest SWAP IO shall receive 100% of amounts received in respect
      of
      the Class IO Interest.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    SECTION
      1.01 Defined
      Terms.

     

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

     

    “Account”:
      Any of the Collection Account, Distribution Account, Cap Account or Swap
      Account.

     

    “Accrual
      Period”: With respect to the Floating Rate Certificates and each Distribution
      Date, the period commencing on the preceding Distribution Date (or in the case
      of the first such Accrual Period, commencing on the Closing Date) and ending
      on
      the day preceding such Distribution Date. With respect to the Class C
      Certificates and each Distribution Date, the calendar month prior to the month
      of such Distribution Date.

     

    “Adjustable-Rate
      Mortgage Loan”: A first lien Mortgage Loan which provides at any period during
      the life of such loan for the adjustment of the Mortgage Rate payable in respect
      thereto. The Adjustable-Rate Mortgage Loans are identified as such on the
      Mortgage Loan Schedule.

     

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

     

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

     

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

     

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

     

    “Advance
      Facility”: As defined in Section 3.28 hereof.

     

    “Advancing
      Person”: As defined in Section 3.28 hereof.

     

    “Adverse
      REMIC Event”: As defined in Section 9.01(f) hereof.

     

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

     

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

     

    “Allocated
      Realized Loss Amount”: With respect to any Distribution Date and any Class of
      Mezzanine Certificates, the sum of (i) any Realized Losses allocated to such
      Class of Certificates on such Distribution Date and (ii) the amount of any
      Allocated Realized Loss Amount for such Class of Certificates remaining
      undistributed from the previous Distribution Date as reduced by an amount equal
      to the increase in the related Certificate Principal Balance due to the receipt
      of Subsequent Recoveries.

     

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

     

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

     

    “Assignment
      Agreement”: The Assignment and Recognition Agreement, dated the Closing Date,
      among the Seller, the Originator and the Depositor, pursuant to which certain
      of
      the Seller’s rights under the Master Agreement were assigned to the Depositor,
      substantially in the form attached hereto as Exhibit C.

     

    “Assumed
      Final Maturity Date”: As to each Class of Certificates, the date set forth as
      such in the Prospectus Supplement.

     

    “Attestation
      Report”: As defined in Section 3.21.

     

    “Available
      Funds”: With respect to any Distribution Date, an amount equal to the excess of
      (i) the sum of (a) the aggregate of the related Monthly Payments received on
      the
      Mortgage Loans on or prior to the related Determination Date, (b) Net
      Liquidation Proceeds, Insurance Proceeds, Principal Prepayments, Subsequent
      Recoveries, proceeds from repurchases of and substitutions for such Mortgage
      Loans and other unscheduled recoveries of principal and interest in respect
      of
      the Mortgage Loans received during the related Prepayment Period, (c) the
      aggregate of any amounts received in respect of a related REO Property withdrawn
      from any REO Account and deposited in the Collection Account for such
      Distribution Date, (d) the aggregate of any amounts deposited in the Collection
      Account by the Servicer in respect of related Prepayment Interest Shortfalls
      for
      such Distribution Date, (e) the aggregate of any Advances made by the Servicer
      for such Distribution Date in respect of the Mortgage Loans, (f) the aggregate
      of any related advances made by the Trustee in respect of the Mortgage Loans
      for
      such Distribution Date pursuant to Section 7.02, (g) the amount of any
      Prepayment Charges collected by the Servicer in connection with the full or
      partial prepayment of any of the Mortgage Loans and any Servicer Prepayment
      Charge Payment Amount and (h) all income and gain realized from the investment
      of funds deposited in the Distribution Account during the Float Period, over
      (ii) the sum of (a) amounts reimbursable or payable to the Servicer pursuant
      to
      Section 3.11(a), amounts reimburseable or payable to the Credit Risk Manager
      and
      the PMI Provider or amounts reimbursable to the Trustee pursuant to Section
      3.11(b), the Swap Provider (including any Net Swap Payment and Swap Termination
      Payment owed to the Swap Provider, but excluding any Swap Termination Payment
      owed to the Swap Provider resulting from a Swap Provider Trigger Event), (b)
      amounts deposited in the Collection Account or the Distribution Account pursuant
      to clauses (a) through (h) above, as the case may be, in error, (c) the amount
      of any Prepayment Charges collected by the Servicer in connection with the
      full
      or partial prepayment of any of the Mortgage Loans and any Servicer Prepayment
      Charge Payment Amount, (d) any indemnification payments or expense
      reimbursements made by the Trust Fund pursuant to Section 6.03 or Section 8.05,
      (e)
      the
      amount of any income and gain realized from the investment of funds deposited
      in
      the Distribution Account during the Float Period and
      (f)
      any Net Swap Payment or Swap Termination Payment owed to the Swap Provider
      (other than any Swap Termination Payment owed to the Swap Provider resulting
      from a Swap Provider Trigger Event).

     

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

     

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

     

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

     

    “Basic
      Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Principal Remittance Amount for such Distribution Date over
      (ii) the Overcollateralization Release Amount, if any, for such Distribution
      Date.

     

    “Basis
      Risk Cap Agreement”: The basis risk cap agreement, dated the Closing Date,
      between the Basis Risk Cap Provider and Trustee, including any schedule,
      confirmations, credit support annex or other credit support document relating
      thereto, and attached hereto as Exhibit P.

     

    “Basis
      Risk Cap Amount”: The Basis Risk Cap Amount for any Class of the Floating Rate
      Certificates is equal to (i) the aggregate amount received by the Trust from
      the
      Basis Risk Cap Agreement multiplied by (ii) a fraction equal to (a) the
      Certificate Principal Balance of such Class immediately prior to the applicable
      Distribution Date divided by (b) the aggregate Certificate Principal Balance
      of
      the Floating Rate Certificates immediately prior to the applicable Distribution
      Date.

     

    “Basis
      Risk Cap Credit Support Annex”: The credit support annex, dated the Closing
      Date, between the Trustee and the Basis Risk Cap Provider, which is annexed
      to
      and forms part of the Basis Risk Cap Agreement.

     

    “Basis
      Risk Cap Provider”: The cap provider under the Basis Risk Cap Agreement.
      Initially, the Basis Risk Cap Provider shall be The
      Royal
      Bank of Scotland plc.

     

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

     

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

     

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

     

    “Cap
      Allocation Agreement”: The Cap Allocation Agreement, dated as of the Closing
      Date between the Trustee and the Cap Trustee, a form of which is attached hereto
      as Exhibit G.

     

    “Cap
      Trustee”: Deutsche Bank National Trust Company, a national banking association,
      not in its individual capacity but solely in its capacity as Cap Trustee, and
      any successor thereto.

     

    “Certificate”:
      Any Regular Certificate or Residual Certificate.

     

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

     

    “Certificate
      Margin”: With respect to each Class of Floating Rate Certificates and for
      purposes of the Marker Rate and the Maximum Uncertificated Accrued Interest
      Deferral Amount, the specified REMIC 2 Regular Interest, as
      follows:

    

      
        	 	 	
                REMIC
                  2 Regular 

              	 	
                 Certificate
                  Margin

              
	
                Class

              	 	
                Interest

              	 	
                (1)
                  (%)

              	 	
                (2)
                  (%)

              
	
                A-1

              	 	
                LTA1

              	 	
                0.120%

              	 	
                0.240%

              
	
                A-2

              	 	
                LTA2

              	 	
                0.150%

              	 	
                0.300%

              
	
                A-3

              	 	
                LTA3

              	 	
                0.200%

              	 	
                0.400%

              
	
                A-4

              	 	
                LTA4

              	 	
                0.300%

              	 	
                0.600%

              
	
                M-1

              	 	
                LTM1

              	 	
                0.350%

              	 	
                0.525%

              
	
                M-2

              	 	
                LTM2

              	 	
                0.450%

              	 	
                0.675%

              
	
                M-3

              	 	
                LTM3

              	 	
                0.600%

              	 	
                0.900%

              
	
                M-4

              	 	
                LTM4

              	 	
                0.900%

              	 	
                1.350%

              
	
                M-5

              	 	
                LTM5

              	 	
                1.000%

              	 	
                1.500%

              
	
                M-6

              	 	
                LTM6

              	 	
                1.300%

              	 	
                1.950%

              
	
                M-7

              	 	
                LTM7

              	 	
                2.000%

              	 	
                3.000%

              
	
                M-8

              	 	
                LTM8

              	 	
                2.000%

              	 	
                3.000%

              
	
                M-9

              	 	
                LTM9

              	 	
                2.000%

              	 	
                3.000%

              
	
                M-10

              	 	
                LTM10

              	 	
                2.000%

              	 	
                3.000%

              

      

    

     

    __________

    (1) For
      the
      Accrual Period for each Distribution Date on or prior to the Optional
      Termination Date.

    (2) For
      each
      other Accrual Period.

    

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

     

    “Certificate
      Principal Balance”: With respect to any Class of Regular Certificates (other
      than the Class C Certificates) immediately prior to any Distribution Date,
      will
      be equal to the Initial Certificate Principal Balance thereof plus any
      Subsequent Recoveries added to the Certificate Principal Balance of such
      Certificate pursuant to Section 4.01, reduced by the sum of all amounts actually
      distributed in respect of principal of such Class and, in the case of a
      Mezzanine Certificate, Realized Losses allocated thereto on all prior
      Distribution Dates. With respect to the Class C Certificates as of any date
      of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC 2 Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Floating Rate Certificates
      and the Class P Certificates then outstanding.

     

    “Certificate
      Register” and “Certificate Registrar”: The register maintained and registrar
      appointed pursuant to Section 5.02 hereof.

     

    “Certification”:
      As defined in Section 4.05(b)(iii).

     

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

     

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

     

    “Class
      A-1 Certificate”: Any one of the Class A-1 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-1, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      A-2 Certificate”: Any one of the Class A-2 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-2, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

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

     

    “Class
      A-4 Certificate”: Any one of the Class A-4 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-4, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount. 

     

    “Class
      C
      Certificates”: Any one of the Class C Certificates executed, authenticated and
      delivered by the Trustee, substantially in the form annexed hereto as Exhibit
      A-15, representing (i) a Regular Interest in REMIC 4, (ii) the obligation to
      pay
      Net WAC Rate Carryover Amounts and Swap Termination Payments and (iii) the
      right
      to receive the Class IO Distribution Amount.

     

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

     

    “Class
      FL
      Certificate”: Any one of the Class FL Certificates executed, authenticated and
      delivered by the Trustee, substantially in the form annexed hereto as Exhibit
      A-19, representing the right to distributions as set forth herein.

     

    “Class
      IO
      Distribution Amount”: As defined in Section 4.10 hereof. For purposes of
      clarity, the Class IO Distribution Amount for any Distribution Date shall equal
      the amount payable to the Trustee on such Distribution Date in excess of the
      amount payable on the Class IO Interest on such Distribution Date, all as
      further provided in Section 4.10 hereof.

     

    “Class
      IO
      Interest”: An uncertificated interest in the Trust Fund evidencing a Regular
      Interest in REMIC 3.

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-5, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-1 Principal Distribution Amount: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date) and (ii) the Certificate Principal Balance of the
      Class M-1 Certificates immediately prior to such Distribution Date over (y)
      the
      lesser of (A) the product of (i) 64.00% and (ii) the Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-6, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-2 Principal Distribution Amount: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date) and (iii) the
      Certificate Principal Balance of the Class M-2 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 71.40%
      and
      (ii) the Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

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

     

    “Class
      M-3 Principal Distribution Amount: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date) and (iv) the Certificate Principal Balance of the Class M-3 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 75.20% and (ii) the Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) and (B) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) minus the Overcollateralization
      Floor.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-8, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-4 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date) and (v) the Certificate Principal
      Balance of the Class M-4 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 78.30% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-9, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-5 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (vi) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 81.70% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-10, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-6 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Class A Principal Distribution
      Amount on such Distribution Date), (ii) the Certificate Principal Balance of
      the
      Class M-1 Certificates (after taking into account the distribution of the Class
      M-1 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date) and (vii) the Certificate
      Principal Balance of the Class M-6 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 83.90% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-11, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-7 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date) and (viii) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 86.50% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      M-8 Certificate”: Any one of the Class M-8 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-12, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-8 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date) and (ix) the Certificate
      Principal Balance of the Class M-8 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 88.30% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      M-9 Certificate”: Any one of the Class M-9 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-13, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-9 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      Certificate Principal Balance of the Class A Certificates (after taking into
      account the distribution of the Senior Principal Distribution Amount on such
      Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date) and (x) the Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 90.70% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      M-10 Certificate”: Any one of the Class M-10 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-14, representing (i)
      a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-10 Principal Distribution Amount: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (x) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date) and (xi) the Certificate
      Principal Balance of the Class M-10 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 94.00% and
      (ii)
      the Stated Principal Balance of the Mortgage Loans as of the last day of the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-16, representing a Regular Interest in REMIC
      5.

     

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

     

    “Class
      R
      Certificate”: The Class R Certificate executed by the Trustee, and authenticated
      and delivered by the Certificate Registrar, substantially in the form annexed
      hereto as Exhibit A-17 and evidencing the ownership of the Class R-1 Interest,
      the Class R-2 Interest and the Class R-3 Interest.

     

    “Class
      R-X Certificate”: The Class R-X Certificate executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-18 and evidencing the ownership of the Class
      R-4 Interest, the Class R-5 Interest and the Class R-6 Interest.

     

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

     

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

     

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

     

    “Class
      R-4 Interest”: The uncertificated Residual Interest in REMIC 4.

     

    “Class
      R-5 Interest”: The uncertificated Residual Interest in REMIC 5.

     

    “Class
      R-6 Interest”: The uncertificated Residual Interest in REMIC 6.

     

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

     

    “Closing
      Date”: March 8, 2007.

     

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

     

    “Collection
      Account”: The segregated account or accounts created and maintained by the
      Servicer pursuant to Section 3.10(a), which shall be titled “Nationstar
      Mortgage, LLC, as Servicer for Deutsche Bank National Trust Company as Trustee,
      in trust for the registered Holders of Soundview Home Loan Trust 2007-NS1,
      Asset-Backed Certificates, Series 2007-NS1,” which must be an Eligible
      Account.

     

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

     

    “Compensating
      Interest”: With respect to the Servicer and any Principal Prepayment, the amount
      in respect of Prepayment Interest Shortfalls required to be paid by the Servicer
      pursuant to Section 3.25 from its own funds without right of reimbursement.
      

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee, at which at
      any particular time its corporate trust business in connection with this
      Agreement shall be administered, which office at the date of the execution
      of
      this instrument is located at 1761 East St. Andrew Place, Santa Ana, California
      92705-4934, or at such other address as the Trustee may designate from time
      to
      time by notice to the Certificateholders, the Depositor, the Servicer and the
      Originator.

     

    “Corresponding
      Certificate”: With respect to each REMIC 2 Regular Interest set forth below, the
      corresponding Regular Certificate set forth in the table below:

     

    
      	
              REMIC
                2 Regular Interest

            	 	
              Regular
                Certificate

            
	
              LTA1

            	 	
              Class
                A-1

            
	
              LTA2

            	 	
              Class
                A-2

            
	
              LTA3

            	 	
              Class
                A-3

            
	
              LTA4

            	 	
              Class
                A-4

            
	
              LTM1

            	 	
              Class
                M-1

            
	
              LTM2

            	 	
              Class
                M-2

            
	
              LTM3

            	 	
              Class
                M-3

            
	
              LTM4

            	 	
              Class
                M-4

            
	
              LTM5

            	 	
              Class
                M-5

            
	
              LTM6

            	 	
              Class
                M-6

            
	
              LTM7

            	 	
              Class
                M-7

            
	
              LTM8

            	 	
              Class
                M-8

            
	
              LTM9

            	 	
              Class
                M-9

            
	
              LTM10

            	 	
              Class
                M-10

            
	
              LTP

            	 	
              Class
                P

            

    

    

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

     

    “Credit
      Risk Management Agreement”: The agreement between the Credit Risk Manager and
      the Servicer regarding the loss mitigation and advisory services to be provided
      by the Credit Risk Manager.

     

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

     

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

     

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

     

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

     

    “Custodian”:
      The Bank of New York Trust Company, N.A., as custodian of the Mortgage Files,
      or
      any successor thereto.

     

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

     

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

     

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

     

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

     

    “Definitive
      Certificates”: As defined in Section 5.02(c) hereof.

     

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

     

    “Delinquency
      Percentage”: For any Distribution Date, the percentage obtained by dividing (x)
      the aggregate Stated Principal Balance of Mortgage Loans Delinquent 60 days
      or
      more (including Mortgage Loans that are REO Properties, in foreclosure or in
      bankruptcy and that are also Delinquent 60 days or more) by (y) the aggregate
      Stated Principal Balance of the Mortgage Loans, in each case, as of the last
      day
      of the previous calendar month, except in the case of liquidated Mortgage Loans,
      which shall be as of the last day of the related Prepayment Period.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Disqualified
      Organization”: A “disqualified organization” under Section 860E of the Code,
      which as of the Closing Date is any of: (i) the United States, any state or
      political subdivision thereof, any foreign government, any international
      organization, or any agency or instrumentality of any of the foregoing, (ii)
      any
      organization (other than a cooperative described in Section 521 of the Code)
      which is exempt from the tax imposed by Chapter 1 of the Code unless such
      organization is subject to the tax imposed by Section 511 of the Code, (iii)
      any
      organization described in Section 1381(a)(2)(C) of the Code or (iv) an “electing
      large partnership” within the meaning of Section 775 of the Code. A corporation
      will not be treated as an instrumentality of the United States or of any state
      or political subdivision thereof, if all of its activities are subject to tax
      and a majority of its board of directors is not selected by a governmental
      unit.
      The term “United States”, “state” and “international organizations” shall have
      the meanings set forth in Section 7701 of the Code.

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trustee
      pursuant to Section 3.10(b) which shall be titled “Distribution Account,
      Deutsche Bank National Trust Company as Trustee, in trust for the registered
      Certificateholders of Soundview Home Loan Trust 2007-NS1, Asset-Backed
      Certificates, Series 2007-NS1” and which must be an Eligible
      Account.

     

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

     

    “Due
      Date”: With respect to each Mortgage Loan and any Distribution Date, the first
      day of the calendar month in which such Distribution Date occurs on which the
      Monthly Payment for such Mortgage Loan was due (or, in the case of any Mortgage
      Loan under the terms of which the Monthly Payment for such Mortgage Loan was
      due
      on a day other than the first day of the calendar month in which such
      Distribution Date occurs, the day during the related Due Period on which such
      Monthly Payment was due), exclusive of any days of grace.

     

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

     

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

     

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

     

    “Escrow
      Payments”: The amounts constituting ground rents, taxes, assessments, water
      rates, fire and hazard insurance premiums and other payments required to be
      escrowed by the Mortgagor with the mortgagee pursuant to any Mortgage
      Loan.

     

    “Estimated
      Swap Termination Payment”: As defined in the Interest Rate Swap
      Agreement.

     

    “Excess
      Overcollateralized Amount”: With respect to the Floating Rate Certificates and
      any Distribution Date, the excess, if any, of the sum of (i) the
      Overcollateralized Amount for such Distribution Date, assuming that 100% of
      the
      Principal Remittance Amount is applied as a principal payment on such
      Distribution Date and (ii) any amounts received under the Interest Rate Swap
      Agreement and the Interest Rate Cap Agreement for such purpose over (iii) the
      Overcollateralization Target Amount for such Distribution Date.

     

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

     

    “Extra
      Principal Distribution Amount”: With respect to any Distribution Date, the
      lesser of (x) the Monthly Interest Distributable Amount distributable on the
      Class C Certificates on such Distribution Date as reduced by Realized Losses
      allocated thereto with respect to such Distribution Date pursuant to Section
      4.08 and (y) the Overcollateralization Deficiency Amount for such Distribution
      Date.

     

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

     

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

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by the
      Originator, the Seller or the Servicer pursuant to or as contemplated by Section
      2.03, Section 3.16(c) or Section 10.01), a determination made by the Servicer
      that all Insurance Proceeds, Liquidation Proceeds and other payments or
      recoveries which the Servicer, in its reasonable good faith judgment, expects
      to
      be finally recoverable in respect thereof have been so recovered. The Servicer
      shall maintain records, prepared by a Servicing Officer, of each Final Recovery
      Determination made thereby.

     

    “Fixed-Rate
      Mortgage Loan”: A first lien Mortgage Loan which provides for a fixed Mortgage
      Rate payable with respect thereto. The Fixed-Rate Mortgage Loans are identified
      as such on the Mortgage Loan Schedule.

     

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

     

    “Float
      Period”: With
      respect to any Distribution Date and amounts in the Distribution
      Account, the period commencing on the Servicer Remittance Date and ending
      on the Business Day immediately preceding such Distribution Date.

     

    “Floating
      Rate Certificates”: The Class A Certificates and the Mezzanine
      Certificates.

     

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

     

    “Form
      8-K
      Disclosure Information”: The meaning set forth in Section
      4.05(b)(ii).

     

    “Formula
      Rate”: For any Distribution Date and any Class of Floating Rate Certificates,
      the lesser of (a) the sum of (i) LIBOR plus (ii) the related Certificate Margin
      and (b) the Maximum Cap Rate.

     

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

     

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

     

    “Highest
      Priority”: As of any date of determination, the Class of Mezzanine Certificates
      then outstanding with a Certificate Principal Balance greater than zero, with
      the highest priority for payments pursuant to Section 4.01, in the following
      order of decreasing priority: Class M-1, Class M-2, Class M-3, Class M-4, Class
      M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10
      Certificates.

     

    “Indenture”:
      An indenture relating to the issuance of notes secured by the Class C
      Certificates, the Class P Certificates and/or the Class R Certificates (or
      any
      portion thereof).

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Interest
      Rate Cap Agreement”: The interest rate cap agreement, dated the Closing Date
      between the Cap Trustee and the Interest Rate Cap Provider, including any
      schedule, confirmations, credit support annex or other credit support document
      relating thereto, and attached hereto as Exhibit O.

     

    “Interest
      Rate Cap Credit Support Annex”: The credit support annex, dated the Closing
      Date, between the Cap Trustee and the Interest Rate Cap Provider, which is
      annexed to and forms part of the Interest Rate Cap Agreement.

     

    “Interest
      Rate Cap Provider”: The cap provider under the Interest Rate Cap Agreement.
      Initially, the Interest Rate Cap Provider shall be The Royal Bank of Scotland
      plc.

     

    “Interest
      Rate Swap Agreement”: The interest rate swap agreement, dated the Closing Date,
      between the Supplemental Interest Trust Trustee and the Swap Provider, including
      any schedule, confirmations, credit support annex or other credit support
      document relating thereto, and attached hereto as Exhibit Q.

     

    “Interest
      Remittance Amount”: With respect to any Distribution Date, that portion of
      Available Funds for such Distribution Date attributable to interest received
      or
      advanced with respect to the Mortgage Loans and all income and gain realized
      from the investment of funds deposited in the Distribution Account during the
      Float Period.

     

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

     

    “LIBOR”:
      With respect to each Accrual Period, the rate determined by the Trustee on
      the
      related Interest Determination Date on the basis of the London interbank offered
      rate for one-month United States dollar deposits, as such rate appears on the
      Telerate Page 3750, as of 11:00 a.m. (London time) on such Interest
      Determination Date. If such rate does not appear on Telerate Page 3750, the
      rate
      for such Interest Determination Date will be determined on the basis of the
      offered rates of the Reference Banks for one-month United States dollar
      deposits, as of 11:00 a.m. (London time) on such Interest Determination Date.
      The Trustee will request the principal London office of each of the Reference
      Banks to provide a quotation of its rate. On such Interest Determination Date,
      LIBOR for the related Accrual Period will be established by the Trustee as
      follows:

     

    (i)  If
      on
      such Interest Determination Date two or more Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the arithmetic
      mean of such offered quotations (rounded upwards if necessary to the nearest
      whole multiple of 1/16 of 1%); and

     

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

     

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

     

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

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full, (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan or (iii) such Mortgage Loan is removed from the Trust Fund
      by
      reason of its being purchased, sold or replaced pursuant to or as contemplated
      by Section 2.03, Section 3.16(c) or Section 10.01. With respect to any REO
      Property, either of the following events: (i) a Final Recovery Determination
      is
      made as to such REO Property or (ii) such REO Property is removed from the
      Trust
      Fund by reason of its being sold or purchased pursuant to Section 3.24 or
      Section 10.01.

     

    “Liquidation
      Proceeds”: The amount (other than amounts received in respect of the rental of
      any REO Property prior to REO Disposition) received by the Servicer in
      connection with (i) the taking of all or a part of a Mortgaged Property by
      exercise of the power of eminent domain or condemnation, (ii) the liquidation
      of
      a defaulted Mortgage Loan by means of a trustee’s sale, foreclosure sale or
      otherwise or (iii) the repurchase, substitution or sale of a Mortgage Loan
      or an
      REO Property pursuant to or as contemplated by Section 2.03, Section 3.16(c),
      Section 3.24 or Section 10.01. 

     

    “Loan-to-Value
      Ratio”: As of any date and as to any Mortgage Loan, the fraction, expressed as a
      percentage, the numerator of which is the Stated Principal Balance of the
      Mortgage Loan and the denominator of which is the Value of the related Mortgaged
      Property.

     

    “Losses”:
      As defined in Section 9.03.

     

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

     

    “Majority
      Certificateholders”: The Holders of Certificates evidencing at least 51% of the
      Voting Rights.

     

    “Marker
      Rate”: With respect to the Class C Interest and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the Uncertificated
      REMIC 2 Pass-Through Rates for each REMIC 2 Regular Interest (other than REMIC
      2
      Regular Interest LTAA, REMIC 2 Regular Interest LTIO and REMIC 2 Regular
      Interest LTP), with the rate on each such REMIC 2 Regular Interest (other than
      REMIC 2 Regular Interest LTZZ) subject to a cap equal to the Pass-Through Rate
      for the Corresponding Certificate for the purpose of this calculation; and
      with
      the rate on REMIC 2 Regular Interest LTZZ subject to a cap of zero for the
      purpose of this calculation; provided, however, that solely for this purpose,
      calculations of the Uncertificated REMIC 2 Pass-Through Rate and the related
      caps with respect to each such REMIC 2 Regular Interest (other than REMIC 2
      Regular Interest LTZZ) shall be multiplied by a fraction, the numerator of
      which
      is the actual number of days in the related Accrual Period and the denominator
      of which is 30.

     

    “Master
      Agreement”: The Seller's Master Mortgage Loan Purchase and Servicing Agreement,
      dated January 1, 2007, among Auburn Funding LLC, Nationstar Mortgage LLC and
      the
      Seller.

     

    “Maximum
      Cap Rate”: For any Distribution Date with respect to the Floating Rate
      Certificates, a per annum rate equal to the product of (i) the sum of (x) the
      weighted average of the Adjusted Net Maximum Mortgage Rates of the Mortgage
      Loans (weighted based on the Stated Principal Balances of the Mortgage Loans
      as
      of the first
      day
      of the related Due Period or, in the case of the first Distribution Date, the
      Cut-off Date, adjusted, except in the case of the first Distribution Date,
      to
      reflect unscheduled principal payments made thereafter during
      the Prepayment Period that includes such first day of the related Due Period)
      minus the Swap Expense Fee Rate and (y) an amount, expressed as a percentage,
      equal to a fraction, the numerator of which is equal to any Net Swap Payment
      made by the Swap Provider and the denominator of which is equal to the aggregate
      Stated Principal Balance of the Mortgage Loans as of the first day of the
      related Due Period (adjusted to reflect unscheduled principal payments made
      thereafter during the Prepayment Period that includes such first day),
      multiplied by 12 and (ii) a fraction, the numerator of which is 30 and the
      denominator of which is the actual number of days elapsed in the related Accrual
      Period.

     

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

     

    “Maximum
      Uncertificated Accrued Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (a) accrued interest at the Uncertificated
      REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest LTZZ for such
      Distribution Date on a balance equal to the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LTZZ minus the REMIC 2 Overcollateralization Amount,
      in
      each case for such Distribution Date, over (b) the sum of the Uncertificated
      Accrued Interest on REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest
      LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC 2
      Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest
      LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2
      Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest
      LTM8, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular Interest LTM10, with
      the
      rate on each such REMIC 2 Regular Interest subject to a cap equal to the
      Pass-Through Rate for the related Corresponding Certificate for the purpose
      of
      this calculation; provided, however, that for this purpose, calculations of
      the
      Uncertificated REMIC 2 Pass-Through Rate and the related caps with respect
      to
      each such REMIC 2 Regular Interest (other than REMIC 2 Regular Interest LTZZ)
      shall be multiplied by a fraction, the numerator of which is the actual number
      of days elapsed in the related Accrual Period and the denominator of which
      is
      30.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Monthly
      Interest Distributable Amount”: With respect to any Class of Floating Rate
      Certificates and the Class C Certificates and any Distribution Date, the amount
      of interest accrued during the related Accrual Period at the related
      Pass-Through Rate on the Certificate Principal Balance (or Notional Amount
      in
      the case of the Class C Certificates) of such Class immediately prior to such
      Distribution Date, in each case, reduced by any Net Prepayment Interest
      Shortfalls and Relief Act Interest Shortfalls (allocated to such Certificate
      based on its respective entitlements to interest irrespective of any Net
      Prepayment Interest Shortfalls and Relief Act Interest Shortfalls for such
      Distribution Date).

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	(1)  	
              the
                Mortgage Loan identifying number;

            

    

     

    
      	(2)  	
              [reserved];

            

    

     

    
      	(3)  	
              the
                state and zip code of the Mortgaged
                Property;

            

    

     

    
      	(4)  	
              a
                code indicating whether the Mortgaged Property was represented by
                the
                borrower, at the time of origination, as being
                owner-occupied;

            

    

     

    
      	(5)  	
              the
                type of Residential Dwelling constituting the Mortgaged
                Property;

            

    

     

    
      	(6)  	
              the
                original months to maturity;

            

    

     

    
      	(7)  	
              the
                stated remaining months to maturity from the Cut-off Date based on
                the
                original amortization schedule;

            

    

     

    
      	(8)  	
              the
                Loan-to-Value Ratio at origination;

            

    

     

    
      	(9)  	
              the
                Mortgage Rate in effect immediately following the Cut-off
                Date;

            

    

     

    
      	(10)  	
              the
                date on which the first Monthly Payment was due on the Mortgage
                Loan;

            

    

     

    
      	(11)  	
              the
                stated maturity date;

            

    

     

    
      	(12)  	
              the
                amount of the Monthly Payment at
                origination;

            

    

     

    
      	(13)  	
              the
                amount of the Monthly Payment due on the first Due Date after the
                Cut-off
                Date;

            

    

     

    
      	(14)  	
              the
                last Due Date on which a Monthly Payment was actually applied to
                the
                unpaid Stated Principal Balance;

            

    

     

    
      	(15)  	
              the
                original principal amount of the Mortgage
                Loan;

            

    

     

    
      	(16)  	
              the
                Stated Principal Balance of the Mortgage Loan as of the Close of
                Business
                on the Cut-off Date;

            

    

     

    
      	(17)  	
              a
                code indicating the purpose of the Mortgage Loan (i.e., purchase
                financing, rate/term refinancing, cash-out
                refinancing);

            

    

     

    
      	(18)  	
              the
                Mortgage Rate at origination;

            

    

     

    
      	(19)  	
              a
                code indicating the documentation program (i.e., full documentation,
                limited income verification, no income verification, alternative
                income
                verification);

            

    

     

    
      	(20)  	
              the
                risk grade;

            

    

     

    
      	(21)  	
              the
                Value of the Mortgaged Property;

            

    

     

    
      	(22)  	
              the
                sale price of the Mortgaged Property, if
                applicable;

            

    

     

    
      	(23)  	
              the
                actual unpaid principal balance of the Mortgage Loan as of the Cut-off
                Date;

            

    

     

    
      	(24)  	
              the
                type and term of the related Prepayment
                Charge;

            

    

     

    
      	(25)  	
              with
                respect to any Adjustable-Rate Mortgage Loan, the rounding code,
                the
                Minimum Mortgage Rate, the Maximum Mortgage Rate, the Gross Margin,
                the
                next Adjustment Date and the Periodic Rate
                Cap;

            

    

     

    
      	(26)  	
              the
                program code;

            

    

     

    
      	(27)  	
              the
                lien priority; and

            

    

     

    
      	(28)  	
              the
                MIN, if applicable.

            

    

     

    The
      Mortgage Loan Schedule shall set forth the following information with respect
      to
      the Mortgage Loans as of the Cut-off Date: (1) the number of Mortgage Loans;
      (2)
      the current Principal Balance of the Mortgage Loans; (3) the weighted average
      Mortgage Rate of the Mortgage Loans and (4) the weighted average remaining
      term
      to maturity of the Mortgage Loans. The Mortgage Loan Schedule shall be amended
      from time to time by the Servicer in accordance with the provisions of this
      Agreement. With respect to any Qualified Substitute Mortgage Loan, Cut-off
      Date
      shall refer to the Cut-off Date for such Mortgage Loan, determined in accordance
      with the definition of Cut-off Date herein. On the Closing Date, the Depositor
      will deliver to the Servicer, as of the Cut-off Date, an electronic copy of
      the
      Mortgage Loan Schedule.

     

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

     

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

     

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

     

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

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

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

     

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

     

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

     

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

     

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

     

    “Net
      WAC
      Rate”: With respect to the Floating Rate Certificates and any Distribution Date,
      a per annum rate equal to the product of (x) the weighted average of the
      Adjusted Net Mortgage Rates of the Mortgage Loans (weighted based on the Stated
      Principal Balances of the Mortgage Loans as of the first day of the related
      Due
      Period or, in the case of the first Distribution Date, the Cut-off Date,
      adjusted, except in the case of the first Distribution Date, to reflect
      unscheduled principal payments made thereafter during the Prepayment Period
      that
      includes such first day of the related Due Period) minus the Swap Expense Fee
      Rate and (y) a fraction, the numerator of which is 30 and the denominator of
      which is the actual number of days elapsed in the related Accrual Period. For
      federal income tax purposes, the equivalent of the foregoing shall be expressed
      as a per annum rate equal to the weighted average of the Uncertificated REMIC
      2
      Pass-Through Rates on each REMIC 2 Regular Interest (other than REMIC 2 Regular
      Interests LTIO), weighted on the basis of the Uncertificated Principal Balance
      of each such REMIC 2 Regular Interest.

     

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

     

    “Net
      WAC
      Rate Carryover Reserve Account”: The account established and maintained pursuant
      to Section 4.02.

     

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

     

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

     

    “Notional
      Amount”: Immediately prior to any Distribution Date with respect to the Class C
      Interest, the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
      Interests (other than the REMIC 2 Regular Interest LTP).

     

    “Offered
      Certificates”: The Class A Certificates and the Mezzanine Certificates (other
      than the Class M-10 Certificates) offered to the public pursuant to the
      Prospectus Supplement.

     

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

     

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

     

    “Optional
      Termination Date”: The first Distribution Date on which the Terminator may opt
      to terminate the Trust Fund pursuant to Section 10.01.

     

    “Original
      Class Certificate Principal Balance”:
      With
      respect to the Floating Rate Certificates, the Class C Certificates, the Class
      C
      Interest, the Class IO Interest, REMIC 6 Regular Interest SWAP IO, the Class
      P
      Certificates and the Class P Interest, the corresponding amounts set forth
      opposite such Class above in the Preliminary Statement.

     

    “Originator”:
      Nationstar Mortgage, LLC, a limited liability company, or its successor in
      interest.

     

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

     

    “Overcollateralization
      Floor”: $3,392,707.

     

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

     

    “Overcollateralization
      Target Amount”: With
      respect to any Distribution Date, (i) prior to the Stepdown Date, an amount
      equal to 3.00% of the aggregate Cut-off Date Principal Balance of the Mortgage
      Loans, (ii) on or after the Stepdown Date provided a Trigger Event is not in
      effect, the greater of (A) 6.00% of the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the
      Overcollateralization Floor and
      (iii)
      on or after the Stepdown Date if a Trigger Event is in effect, the
      Overcollateralization Target Amount for the immediately preceding Distribution
      Date.
      Notwithstanding the foregoing, on and after any Distribution Date following
      the
      reduction of the aggregate Certificate Principal Balance of the Floating Rate
      Certificates to zero, the Overcollateralization Target Amount shall be
      zero.

     

    “Overcollateralized
      Amount”: For any Distribution Date, the amount equal to (i) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      (ii) the aggregate Certificate Principal Balance of the Floating Rate
      Certificates and the Class P Certificates as of such Distribution Date after
      giving effect to distributions to be made on such Distribution
      Date.

     

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

     

    “Pass-Through
      Rate”: With respect to the Floating
      Rate Certificates and any Distribution Date, the lesser of (a) the related
      Formula Rate and (b) the Net WAC Rate for such Distribution Date. 

     

    With
      respect to the Class C Interest and any Distribution Date, a per annum rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of (i) 100% of the interest on REMIC 2 Regular Interest LTP and (ii)
      interest on the Uncertificated Balance of each REMIC 2 Regular Interest listed
      in clause (y) at a rate equal to the related Uncertificated REMIC 2 Pass-Through
      Rate minus the Marker Rate and the denominator of which is (y) the aggregate
      Uncertificated Principal Balance of REMIC 2 Regular Interests LTAA, LTA1, LTA2,
      LTA3, LTA4, LTM1, LTM2, LTM3, LTM4, LTM5, LTM6, LTM7, LTM8, LTM9,
      LTM10
      and LTMZZ.

     

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

     

    The
      Class
      IO Interest shall not have a Pass-Through Rate, but interest for such Regular
      Interest and each Distribution Date shall be an amount equal to 100% of the
      amounts distributable to REMIC 2 Regular Interest LTIO.

     

    The
      REMIC
      6 Regular Interest SWAP-IO Interest shall not have a Pass-Through Rate, but
      interest for such Regular Interest and each Distribution Date shall be an amount
      equal to 100% of the amounts distributable to the Class IO Interest for such
      Distribution Date.

     

    The
      Class
      P Certificates, Class R Certificates and Class R-X Certificates will not accrue
      interest and therefore will not have a Pass-Through Rate.

     

    “Paying
      Agent”: Any paying agent appointed pursuant to Section 5.05.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “PMI
      Insurer”: Mortgage Guaranty Insurance Corporation, a Wisconsin stock insurance
      corporation, or its successor in interest.

     

    “PMI
      Insurer Fee”: The amount payable to the PMI Insurer on each Distribution Date
      pursuant to Section 4.01, which amount shall equal one-twelfth of the product
      of
      (i) the PMI Insurer Fee Rate, multiplied by (ii) the aggregate Stated Principal
      Balance of the PMI Mortgage Loans and any related REO Properties as of the
      first
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the Due Period relating to the previous Distribution Date,
      to the extent received or advanced) plus any applicable premium taxes on related
      PMI Mortgage Loans located in West Virginia and Kentucky.

     

    “PMI
      Insurer Fee Rate”: 1.890%
      per
      annum with respect to any PMI Mortgage Loans.

     

    “PMI
      Mortgage Loans”: The list of Mortgage Loans insured by the PMI Insurer attached
      hereto as Schedule II.

     

    “PMI
      Policy”: The primary mortgage insurance policy with respect to the related PMI
      Mortgage Loans, including all endorsements thereto dated the Closing Date,
      issued by the PMI Insurer and the Terms Letter, dated March 8, 2007, among
      Mortgage Guaranty Insurance Corporation, the Servicer and the
      Trustee.

     

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

     

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

     

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

     

    “Prepayment
      Charge Schedule”: As of any date, the list of Prepayment Charges on the Mortgage
      Loans included in the Trust Fund on such date, attached hereto as Schedule
      I
      (including the prepayment charge summary attached thereto). The Prepayment
      Charge Schedule shall set forth the following information with respect to each
      Prepayment Charge:

     

    (i)  the
      Mortgage Loan identifying number;

     

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

     

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

     

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

     

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

     

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

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a Principal Prepayment during the related
      Prepayment Period, an amount equal to one-month’s interest at the applicable Net
      Mortgage Rate less any payments made by the Mortgagor on the amount of such
      Principal Prepayment for the number of days commencing on the date such
      Principal Prepayment is received and ending on the last day of the calendar
      month preceding the month in which such Distribution Date occurs.

     

    “Prepayment
      Period”: With respect to any Distribution Date, the calendar month immediately
      preceding the month in which such Distribution Date occurs.

     

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

     

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

     

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

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date, that portion of
      Available Funds equal to the sum of (i) each scheduled payment of principal
      collected or advanced by the Servicer that were due during the related Due
      Period, (ii) the principal portion of all partial and full Principal Prepayments
      applied by the Servicer during the related Prepayment Period, (iii) the
      principal portion of all related Net Liquidation Proceeds, Insurance Proceeds
      and Subsequent Recoveries received during the related Prepayment Period with
      respect to the Mortgage Loans, (iv) that portion of the Purchase Price,
      representing principal of any repurchased Mortgage Loan, deposited to the
      Collection Account during the related Prepayment Period, (v) the principal
      portion of any related Substitution Adjustments deposited in the Collection
      Account during the related Prepayment Period and (vi) on the Distribution Date
      on which the Trust Fund is to be terminated pursuant to Section 10.01, that
      portion of the Termination Price, in respect of principal.

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated March 2, 2007 relating to
      the public offering of the Offered Certificates.

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased by the
      Seller or the Servicer pursuant to or as contemplated by Section 2.03, Section
      3.16(c) or Section 10.01, and as confirmed by an Officers’ Certificate from the
      party purchasing the Mortgage Loan to the Trustee, an amount equal to the sum
      of
      (i) 100% of the Stated Principal Balance thereof as of the date of purchase
      (or
      such other price as provided in Section 10.01), (ii) in the case of (x) a
      Mortgage Loan, accrued interest on such Stated Principal Balance at the
      applicable Mortgage Rate in effect from time to time from the Due Date as to
      which interest was last covered by a payment by the Mortgagor or an Advance
      by
      the Servicer, which payment or Advance had as of the date of purchase been
      distributed pursuant to Section 4.01, through the end of the calendar month
      in
      which the purchase is to be effected, and (y) an REO Property, the sum of (1)
      accrued interest on such Stated Principal Balance at the applicable Mortgage
      Rate in effect from time to time from the Due Date as to which interest was
      last
      covered by a payment by the Mortgagor or an advance by the Servicer through
      the
      end of the calendar month immediately preceding the calendar month in which
      such
      REO Property was acquired, plus (2) REO Imputed Interest for such REO Property
      for each calendar month commencing with the calendar month in which such REO
      Property was acquired and ending with the calendar month in which such purchase
      is to be effected, net of the total of all net rental income, Insurance
      Proceeds, Liquidation Proceeds and Advances that as of the date of purchase
      had
      been distributed as or to cover REO Imputed Interest pursuant to Section 4.04,
      (iii) any unreimbursed Servicing Advances and Advances and any unpaid Servicing
      Fees allocable to such Mortgage Loan or REO Property, (iv) any amounts
      previously withdrawn from the Collection Account in respect of such Mortgage
      Loan or REO Property pursuant to Section 3.24 and (v) in the case of a Mortgage
      Loan required to be purchased pursuant to Section 2.03, expenses reasonably
      incurred or to be incurred by the Servicer or the Trustee in respect of the
      breach or defect giving rise to the purchase obligation, including any costs
      and
      damages incurred by the Trust Fund in connection with any violation with respect
      to such loan of any predatory or abusive lending law. With respect to the
      Originator and any Mortgage Loan or REO Property to be purchased pursuant to
      or
      as contemplated by Section 2.03 or 10.01, and as confirmed by a certificate
      of
      an Officers’ Certificate of the Originator to the Trustee, an amount equal to
      the amount set forth pursuant to the terms of the Master Agreement.

     

    “Qualified
      Insurer”: Any insurance company acceptable to Fannie Mae.

     

    “Qualified
      Substitute Mortgage Loan”: With respect to the Seller, a mortgage loan
      substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement
      which must, on the date of such substitution, (i) have an outstanding Stated
      Principal Balance (or in the case of a substitution of more than one mortgage
      loan for a Deleted Mortgage Loan, an aggregate Stated Principal Balance), after
      application of all scheduled payments of principal and interest due during
      or
      prior to the month of substitution, not in excess of, and not more than 5%
      less
      than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan
      as
      of the Due Date in the calendar month during which the substitution occurs,
      (ii)
      have a Mortgage Rate not less than (and not more than one percentage point
      in
      excess of) the Mortgage Rate of the Deleted Mortgage Loan, (iii) if the
      Qualified Substitute Mortgage Loan is an Adjustable-Rate Mortgage Loan, have
      a
      Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted
      Mortgage Loan, (iv) if the Qualified Substitute Mortgage Loan is an
      Adjustable-Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the
      Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if the Qualified
      Substitute Mortgage Loan is an Adjustable-Rate Mortgage Loan, have a Gross
      Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan,
      (vi) if the Qualified Substitute Mortgage Loan is an Adjustable-Rate Mortgage
      Loan, have a next Adjustment Date not more than two months later than the next
      Adjustment Date on the Deleted Mortgage Loan, (vii) have a remaining term to
      maturity not greater than (and not more than one year less than) that of the
      Deleted Mortgage Loan, (viii) be current as of the date of substitution, (ix)
      have a Loan-to-Value Ratio as of the date of substitution equal to or lower
      than
      the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (x) have
      a
      risk grading determined by the Originator at least equal to the risk grading
      assigned on the Deleted Mortgage Loan, (xi) have been underwritten or
      reunderwritten by the Originator in accordance with the same underwriting
      criteria and guidelines as the Deleted Mortgage Loan, (xii) be a first lien
      mortgage loan if the Deleted Mortgage Loan is a first lien mortgage loan and
      (xiii) conform to each representation and warranty set forth in Section 3.01
      of
      the Mortgage Loan Purchase Agreement or assigned to the Depositor pursuant
      to
      the Assignment Agreement applicable to the Deleted Mortgage Loan and (xiv)
      be
      covered by the PMI Policy if the Deleted Mortgage Loan was covered by the PMI
      Policy. In the event that one or more mortgage loans are substituted for one
      or
      more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall
      be
      determined on the basis of aggregate Stated Principal Balance, the Mortgage
      Rates described in clause (ii) hereof shall be satisfied for each such mortgage
      loan, the risk gradings described in clause (x) hereof shall be satisfied as
      to
      each such mortgage loan, the terms described in clause (vii) hereof shall be
      determined on the basis of weighted average remaining term to maturity (provided
      that no such mortgage loan may have a remaining term to maturity longer than
      the
      Deleted Mortgage Loan), the Loan-to-Value Ratios described in clause (ix) hereof
      shall be satisfied as to each such mortgage loan and, except to the extent
      otherwise provided in this sentence, the representations and warranties
      described in clause (xii) hereof must be satisfied as to each Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may be. With respect
      to the Originator, a mortgage loan substituted for a Deleted Mortgage Loan
      pursuant to the terms of the Master Agreement which must, on the date of such
      substitution conform to the terms set forth in the Master
      Agreement.

     

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

     

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

     

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

     

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

     

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

     

    “Regular
      Certificate”: Any of the Floating Rate Certificates, Class C Certificates or
      Class P Certificates.

     

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

     

    “Relief
      Act”: The Servicemembers Civil Relief Act, or any state law providing for
      similar relief.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “REMIC
      2
      Overcollateralization Target Amount”: 1.00% of the Overcollateralization Target
      Amount.

     

    “REMIC
      2
      Overcollateralization Amount”: With respect to any date of determination, (i)
      1.00% of the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
      Interests (other than REMIC 2 Regular Interest LTP) minus (ii) the aggregate
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTA1, REMIC 2
      Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest
      LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular
      Interest LTM10, in each case as of such date of determination.

     

    “REMIC
      2
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) the aggregate Stated Principal Balance of
      the
      Mortgage Loans and related REO Properties then outstanding and (ii) 1 minus
      a
      fraction, the numerator of which is two times the aggregate Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest
      LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC 2
      Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest
      LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2
      Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest
      LTM8, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular Interest LTM10 and
      the
      denominator of which is the aggregate Uncertificated Principal Balance of REMIC
      2 Regular Interest LTA1, REMIC 2 Regular Interest LTA2, REMIC 2 Regular Interest
      LTA3, REMIC 2 Regular Interest LTA4, REMIC 2 Regular Interest LTM1, REMIC 2
      Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest
      LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2
      Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest
      LTM9, REMIC 2 Regular Interest LTM10 and REMIC 2 Regular Interest
      LTZZ.

     

    “REMIC
      2
      Regular Interests”: One of the separate non-certificated beneficial ownership
      interests in REMIC 2 issued hereunder and designated as a Regular Interest
      in
      REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Principal
      Balance as set forth in the Preliminary Statement hereto. The following is
      a
      list of each of the REMIC 2 Regular Interests: REMIC 2 Regular Interest LTAA,
      REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest LTA2, REMIC 2 Regular
      Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC 2 Regular Interest LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTZZ,
      REMIC 2 Regular Interest LTP and REMIC 2 Regular Interest LTIO.

     

    “REMIC
      3”: The segregated pool of assets consisting of all of the REMIC 2 Regular
      Interests conveyed in trust to the Trustee, for the benefit of the Holders
      of
      the Regular Certificates (other than the Class C Certificates or the Class
      P
      Certificates), the Class C Interest, the Class P Interest, the Class IO Interest
      and the Class R Certificates (in respect of the Class R-3 Interest), pursuant
      to
      Article II hereunder, and all amounts deposited therein, with respect to which
      a
      separate REMIC election is to be made.

     

    “REMIC
      4”: The segregated pool of assets consisting of the Class C Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class C Certificates
      and the Class R-X Certificates (in respect of the Class R-4 Interest), pursuant
      to Article II hereunder, and all amounts deposited therein, with respect to
      which a separate REMIC election is to be made.

     

    “REMIC
      5”: The segregated pool of assets consisting of the Class P Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class P Certificates
      and the Class R-X Certificates (in respect of the Class R-5 Interest), pursuant
      to Article II hereunder, and all amounts deposited therein, with respect to
      which a separate REMIC election is to be made.

     

    “REMIC
      6”: The segregated pool of assets consisting of the Class IO Interest conveyed
      in trust to the Trustee, for the benefit of the Holders of the REMIC 6 Regular
      Interest SWAP IO and the Class R-X Certificates (in respect of the Class R-6
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

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

     

    “REMIC
      Regular Interests”: The REMIC 1 Regular Interests, the REMIC 2 Regular
      Interests, the Class C Interest, the Class P Interest and the Class IO
      Interest.

     

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

     

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

     

    “REO
      Account”: The account or accounts maintained by the Servicer in respect of an
      REO Property pursuant to Section 3.24.

     

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

     

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

     

    “REO
      Principal Amortization”: With respect to any REO Property, for any calendar
      month, the excess, if any, of (a) the aggregate of all amounts received in
      respect of such REO Property during such calendar month, whether in the form
      of
      rental income, sale proceeds (including, without limitation, that portion of
      the
      Termination Price paid in connection with a purchase of all of the Mortgage
      Loans and REO Properties pursuant to Section 10.01 that is allocable to such
      REO
      Property) or otherwise, net of any portion of such amounts (i) payable pursuant
      to Section 3.24 in respect of the proper operation, management and maintenance
      of such REO Property or (ii) payable or reimbursable to the Servicer pursuant
      to
      Section 3.24 for unpaid Servicing Fees in respect of the related Mortgage Loan
      and unreimbursed Servicing Advances and Advances in respect of such REO Property
      or the related Mortgage Loan, over (b) the REO Imputed Interest in respect
      of
      such REO Property for such calendar month.

     

    “REO
      Property”: A Mortgaged Property acquired by the Servicer on behalf of the Trust
      Fund through foreclosure or deed-in-lieu of foreclosure, as described in Section
      3.24.

     

    “Reportable
      Event”: The meaning set forth in Section 4.05(b)(ii).

     

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

     

    “Reserve
      Interest Rate”: With respect to any Interest Determination Date, the rate per
      annum that the Trustee determines to be either (i) the arithmetic mean (rounded
      upwards if necessary to the nearest whole multiple of 1/16 of 1%) of the
      one-month United States dollar lending rates which banks in The City of New
      York
      selected by 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 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 Depositor are quoting on such Interest
      Determination Date to leading European banks.

     

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

     

    “Residual
      Certificate”: The Class R Certificates and the Class R-X
      Certificates.

     

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

     

    “Responsible
      Officer”: When used with respect to the Trustee, any director, any vice
      president, any assistant vice president, the Secretary, any assistant secretary,
      the Treasurer, any assistant treasurer or any other officer of the Trustee
      customarily performing functions similar to those performed by any of the above
      designated officers and, with respect to a particular matter, to whom such
      matter is referred because of such officer’s knowledge of and familiarity with
      the particular subject.

     

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

     

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

     

    “Seller”:
      Greenwich Capital Financial Products, Inc., a Delaware corporation, in its
      capacity as Seller under the Assignment Agreement.

     

    “Senior
      Principal Distribution Amount”: The excess of (x) the aggregate Certificate
      Principal Balance of the Class A Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 55.30% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Servicer”:
      Nationstar Mortgage, LLC or any successor servicer appointed as herein provided,
      in its capacity as a servicer hereunder. 

     

    “Servicer
      Certification”: As defined in Section 4.05(b)(iii).

     

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

     

    “Servicer
      Prepayment Charge Payment Amount”: The amounts payable by the Servicer in
      respect of any waived Prepayment Charges pursuant to Section 2.05 or Section
      3.01.

     

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

     

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

     

    “Servicing
      Advances”: All customary, reasonable and necessary “out of pocket” costs and
      expenses (including reasonable attorneys’ fees and expenses) incurred by the
      Servicer in the performance of its servicing obligations, including, but not
      limited to, the cost of (i) the preservation, restoration, inspection and
      protection of the Mortgaged Property, (ii) any enforcement or judicial
      proceedings, including foreclosures, (iii) the management and liquidation of
      the
      REO Property, (iv) obtaining broker price opinions, (v) locating missing
      Mortgage Loan documents and (vi) compliance with the obligations under Sections
      3.01, 3.09, 3.14, 3.16, and 3.24. Servicing Advances also include any reasonable
      “out-of-pocket” costs and expenses (including legal fees) incurred by the
      Servicer in connection with executing and recording instruments of satisfaction,
      deeds of reconveyance or Assignments of Mortgage in connection with any
      foreclosure in respect of any Mortgage Loan to the extent not recovered from
      the
      related Mortgagor or otherwise payable under this Agreement. The Servicer shall
      not be required to make any Servicing Advance that would be a Nonrecoverable
      Advance.

     

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

     

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

     

    “Servicing
      Fee Rate”: 0.50% per annum.

     

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

     

    “Servicing
      Standard”: As defined in Section 3.01.

     

    “Servicing
      Transfer Costs”: Shall mean all reasonable out-of-pocket costs and expenses
      incurred by the Trustee in connection with the transfer of servicing from a
      predecessor servicer, including, without limitation, any reasonable costs or
      expenses associated with the complete transfer of all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the Trustee to correct any errors or insufficiencies in the servicing data
      or
      otherwise to enable the Trustee (or any successor servicer appointed pursuant
      to
      Section 7.02) to service the Mortgage Loans properly and effectively and any
      fees associated with MERS. 

     

    “Startup
      Day”: As defined in Section 9.01(b) hereof.

     

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

     

    “Stepdown
      Date”: The earlier to occur of (i) the Distribution Date following the
      Distribtuion Date on which the aggregate Certificate Principal Balance of the
      Class A Certificates has been reduced to zero and (ii) the later to occur of
      (x)
      the Distribution Date occurring in March 2010 and (y) the first Distribution
      Date on which the Credit Enhancement Percentage (calculated for this purpose
      only after taking into account payments of principal on the Mortgage Loans
      but
      prior to distribution of the Principal Distribution Amount to the Certificates
      then entitled to distributions of principal on such Distribution Date) is equal
      to or greater than 44.70%.

     

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

     

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

     

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

     

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

     

    “Subsequent
      Recoveries”: As of any Distribution Date, amounts received by the Servicer (net
      of any related expenses permitted to be reimbursed) pursuant to Section 3.11)
      specifically related to a Mortgage Loan that was the subject of a liquidation
      or
      an REO Disposition prior to the related Prepayment Period that resulted in
      a
      Realized Loss.

     

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

     

    “Supplemental
      Interest Trust”: As defined in Section 4.10(a).

     

    “Supplemental
      Interest Trust Trustee”: Deutsche Bank National Trust Company, a national
      banking association, not in its individual capacity but solely in its capacity
      as Supplemental Interest Trust Trustee, and any successor thereto.

     

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

     

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

     

    “Swap
      Expense Fee Rate”: With respect to any Distribution Date, an amount, expressed
      as a per annum rate, equal to the sum of (a) the product of (i) the Net Swap
      Payment made to the Swap Provider divided by the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after taking into account any Principal Prepayments received during the related
      Prepayment Period) and (ii) 12 and (b) the product of (i) any Swap Termination
      Payment (other than a Swap Termination Payment resulting from a Swap Provider
      Trigger Event) made to the Swap Provider divided by the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after taking into account any Principal Prepayments received during
      the
      related Prepayment Period) and (ii) 12.

     

    “Swap
      Interest Shortfall Amount”: Any shortfall of interest with respect to any Class
      of Certificates resulting from the application of the Net WAC Rate due to a
      discrepancy between the Uncertificated Notional Amount of REMIC 6 Regular
      Interest SWAP IO and the scheduled notional amount pursuant to the Interest
      Rate
      Swap Agreement.

     

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

     

    “Swap
      Provider”: The
      swap
      provider under the Interest Rate Swap Agreement. Initially, the Swap Provider
      shall be The
      Royal
      Bank of Scotland plc.

     

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

     

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

     

    “Tax
      Matters Person”: The tax matters person appointed pursuant to Section 9.01(e)
      hereof.

     

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

     

    “Termination
      Price”: As defined in Section 10.01(a) hereof.

     

    “Terminator”:
      As defined in Section 10.01(a) hereof.

     

    “Trigger
      Event”: A Trigger Event is in effect with respect to any Distribution Date on or
      after the Stepdown Date if:

     

    (i) on
      any
      Distribution Date on which the Class A Certificates remain outstanding, the
      Delinquency Percentage exceeds 35.79% of the Credit Enhancement Percentage;
      or

     

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

     

    
      	
              Distribution
                Date Occurring In

            	 	
              Percentage

            
	
              March
                2009 through February 2010

            	 	
              1.60%
                for the first month, plus an additional 1/12th
                of
                

              1.95%
                for each month thereafter.

            
	
              March
                2010 through February 2011

            	 	
              3.55%
                for the first month, plus an additional 1/12th
                of
                

              2.10%
                for each month thereafter.

            
	
              March
                2011 through February 2012

            	 	
              5.65%
                for the first month, plus an additional 1/12th
                of
                

              1.65%
                for each month thereafter.

            
	
              March
                2012 through February 2013

            	 	
              7.30%
                for the first month, plus an additional 1/12th
                of
                

              0.95%
                for each month thereafter.

            
	
              March
                2013 and thereafter

            	 	
              8.25%
                

            

    

    

    “Trust”:
      Soundview Home Loan Trust 2007-NS1, the trust created hereunder.

     

    “Trust
      Fund”: All of the assets of the Trust, which is the trust created hereunder
      consisting of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6, any Servicer
      Prepayment Charge Payment Amounts, the Net WAC Rate Carryover Reserve Account,
      the Swap Account, the Supplemental Interest Trust, the Interest Rate Swap
      Agreement, the Basis Risk Cap Agreement, the Interest Rate Cap Agreement, the
      Cap Allocation Agreement and the Cap Account.

     

    “Trustee”:
      Deutsche Bank National Trust Company, a national banking association, or any
      successor trustee appointed as herein provided.

     

    “Trustee
      Fee”: The amount payable to the Trustee on each Distribution Date pursuant to
      Section 8.05 as compensation for all services rendered by the Trustee in the
      execution and administration of the trust created hereby and in the exercise
      and
      performance of any of the powers and duties of the Trustee hereunder, which
      amount, with respect to the Mortgage Loans and REO Properties and for any
      calendar month, shall be equal to one-twelfth of the Trustee Fee Rate (without
      regard to the words “per annum” in the definition thereof) multiplied by the
      Stated Principal Balance of the Mortgage Loans as of the first day of the
      related Due Period. 

     

    “Trustee
      Fee Rate”: 0.0037% per annum.

     

    “Trustee
      Compensation”: Such compensation, if any, as set forth in the separate fee
      schedule between the Trustee and the Depositor, which compensation shall be
      payable to the Trustee on each Distribution Date pursuant to Section 8.05 as
      compensation for all services rendered by it in the execution of the trust
      hereby created and in the exercise and performance of any of the powers and
      duties of the Trustee hereunder. The Trustee Compensation shall be one Business
      Day of income earned on amounts on deposit in the Distribution Account plus
      the
      Trustee Fee.

     

    “Uncertificated
      Accrued Interest”: With respect to each REMIC Regular Interest on each
      Distribution Date, an amount equal to one month’s interest at the related
      Uncertificated REMIC Pass-Through Rate on the Uncertificated Principal Balance
      of such REMIC Regular Interest. In each case, Uncertificated Accrued Interest
      will be reduced by any Net Prepayment Interest Shortfalls, Relief Act Interest
      Shortfalls (allocated to such REMIC Regular Interests based on their respective
      entitlements to interest irrespective of any Net Prepayment Interest Shortfalls
      and Relief Act Interest Shortfalls for such Distribution Date).

     

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

     

    
      	
              Distribution
                Date

            	 	
              REMIC
                1 Regular Interests

            
	
              1st
                through 10th

            	 	
              I-1-A
                through I-51-A

            
	
              11

            	 	
              I-2-A
                through I-51-A

            
	
              12

            	 	
              I-3-A
                through I-51-A

            
	
              13

            	 	
              I-4-A
                through I-51-A

            
	
              14

            	 	
              I-5-A
                through I-51-A

            
	
              15

            	 	
              I-6-A
                through I-51-A

            
	
              16

            	 	
              I-7-A
                through I-51-A

            
	
              17

            	 	
              I-8-A
                through I-51-A

            
	
              18

            	 	
              I-9-A
                through I-51-A

            
	
              19

            	 	
              I-10-A
                through I-51-A

            
	
              20

            	 	
              I-11-A
                through I-51-A

            
	
              21

            	 	
              I-12-A
                through I-51-A

            
	
              22

            	 	
              I-13-A
                through I-51-A

            
	
              23

            	 	
              I-14-A
                through I-51-A

            
	
              24

            	 	
              I-15-A
                through I-51-A

            
	
              25

            	 	
              I-16-A
                through I-51-A

            
	
              26

            	 	
              I-17-A
                through I-51-A

            
	
              27

            	 	
              I-18-A
                through I-51-A

            
	
              28

            	 	
              I-19-A
                through I-51-A

            
	
              29

            	 	
              I-20-A
                through I-51-A

            
	
              30

            	 	
              I-21-A
                through I-51-A

            
	
              31

            	 	
              I-22-A
                through I-51-A

            
	
              32

            	 	
              I-23-A
                through I-51-A

            
	
              33

            	 	
              I-24-A
                through I-51-A

            
	
              34

            	 	
              I-25-A
                through I-51-A

            
	
              35

            	 	
              I-26-A
                through I-51-A

            
	
              36

            	 	
              I-27-A
                through I-51-A

            
	
              37

            	 	
              I-28-A
                through I-51-A

            
	
              38

            	 	
              I-29-A
                through I-51-A

            
	
              39

            	 	
              I-30-A
                through I-51-A

            
	
              40

            	 	
              I-31-A
                through I-51-A

            
	
              41

            	 	
              I-32-A
                through I-51-A

            
	
              42

            	 	
              I-33-A
                through I-51-A

            
	
              43

            	 	
              I-34-A
                through I-51-A

            
	
              44

            	 	
              I-35-A
                through I-51-A

            
	
              45

            	 	
              I-36-A
                through I-51-A

            
	
              46

            	 	
              I-37-A
                through I-51-A

            
	
              47

            	 	
              I-38-A
                through I-51-A

            
	
              48

            	 	
              I-39-A
                through I-51-A

            
	
              49

            	 	
              I-40-A
                through I-51-A

            
	
              50

            	 	
              I-41-A
                through I-51-A

            
	
              51

            	 	
              I-42-A
                through I-51-A

            
	
              52

            	 	
              I-43-A
                through I-51-A

            
	
              53

            	 	
              I-44-A
                through I-51-A

            
	
              54

            	 	
              I-45-A
                through I-51-A

            
	
              55

            	 	
              I-46-A
                through I-51-A

            
	
              56

            	 	
              I-47-A
                through I-51-A

            
	
              57

            	 	
              I-48-A
                through I-51-A

            
	
              58

            	 	
              I-49-A
                through I-51-A

            
	
              59

            	 	
              I-50-A
                and I-51-A

            
	
              60

            	 	
              I-51-A

            
	
              thereafter

            	 	
              $0.00

            

    

    

    With
      respect to the Class IO Interest and any Distribution Date, an amount equal
      to
      the Uncertificated Notional Amount of the REMIC 2 Regular Interest
      LTIO.

     

    “Uncertificated
      Principal Balance”: With respect to each REMIC Regular Interest, the amount of
      such REMIC Regular Interest outstanding as of any date of determination. As
      of
      the Closing Date, the Uncertificated Principal Balance of each REMIC Regular
      Interest shall equal the amount set forth in the Preliminary Statement hereto
      as
      its initial Uncertificated Principal Balance. On each Distribution Date, the
      Uncertificated Principal Balance of each REMIC Regular Interest shall be reduced
      by all distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 4.08 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 4.08, and the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LTZZ shall be increased by interest deferrals as
      provided in Section 4.08. With respect to the Class C Interest as of any date
      of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC 2 Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Floating Rate Certificates
      and the Class P Certificates then outstanding. The Uncertificated Principal
      Balance of each REMIC Regular Interest that has an Uncertificated Principal
      Balance shall never be less than zero.

     

    “Uncertificated
      REMIC Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through Rate or the
      Uncertificated REMIC 2 Pass-Through Rate, as applicable.

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interest I and REMIC
      1 Regular Interest P, a per annum rate equal to the weighted average of the
      Adjusted Net Mortgage Rates of the Mortgage Loans. With respect to each REMIC
      1
      Regular Interest ending with the designation “A”, a per annum rate equal to the
      weighted average of the Adjusted Net Mortgage Rates of the Mortgage Loans
      multiplied by 2, subject to a maximum rate of 10.700%. With respect to each
      REMIC 1 Regular Interest ending with the designation “B”, the greater of (x) a
      per annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted
      average of the Adjusted Net Mortgage Rates of the Mortgage Loans over (ii)
      10.700% and (y) 0.00%.

     

    “Uncertificated
      REMIC 2 Pass-Through Rate”:
      With
      respect to REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTA1, REMIC
      2
      Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest
      LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTM10, REMIC 2 Regular Interest LTZZ and REMIC 2 Regular Interest LTP,
a
      per
      annum rate (but not less than zero) equal to the weighted average of (v) with
      respect to REMIC 1 Regular Interest I and REMIC 1 Regular Interest P, the
      Uncertificated REMIC 1 Pass-Through Rates for such REMIC 1 Regular Interests
      for
      each such Distribution Date, (w) with respect to REMIC 1 Regular Interests
      ending with the designation “B”, the weighted average of the Uncertificated
      REMIC 1 Pass-Through Rates for such REMIC 1 Regular Interests, weighted on
      the
      basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interests
      for each such Distribution Date and (x) with respect to REMIC 1 Regular
      Interests ending with the designation “A”, for each Distribution Date listed
      below, the weighted average of the rates listed below for each such REMIC 1
      Regular Interest listed below, weighted on the basis of the Uncertificated
      Principal Balance of each such REMIC 1 Regular Interest for each such
      Distribution Date:

     

    
      	
              Distribution
                Date

            	 	
              REMIC
                1 Regular Interest

            	 	
              Rate

            
	
              1st through
                9th 

            	 	
              I-1-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              10

            	 	
              I-1-A
                through I-51-A

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

            
	
              11

            	 	
              I-2-A
                through I-51-A

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

            
	 	 	
              I-1-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	 	
              I-3-A
                through I-51-A

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

            
	 	 	
              I-1-A
                and I-2-A

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

            
	
              13

            	 	
              I-4-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-3-A

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

            
	
              14

            	 	
              I-5-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-4-A

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

            
	
              15

            	 	
              I-6-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-5-A

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

            
	
              16

            	 	
              I-7-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-6-A

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

            
	
              17

            	 	
              I-8-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-7-A

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

            
	
              18

            	 	
              I-9-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-8-A

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

            
	
              19

            	 	
              I-10-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-9-A

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

            
	
              20

            	 	
              I-11-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-10-A

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

            
	
              21

            	 	
              I-12-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-11-A

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

            
	
              22

            	 	
              I-13-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-12-A

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

            
	
              23

            	 	
              I-14-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-13-A

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

            
	
              24

            	 	
              I-15-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-14-A

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

            
	
              25

            	 	
              I-16-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-15-A

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

            
	
              26

            	 	
              I-17-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-16-A

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

            
	
              27

            	 	
              I-18-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-17-A

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

            
	
              28

            	 	
              I-19-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-18-A

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

            
	
              29

            	 	
              I-20-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-19-A

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

            
	
              30

            	 	
              I-21-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-20-A

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

            
	
              31

            	 	
              I-22-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-21-A

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

            
	
              32

            	 	
              I-23-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-22-A

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

            
	
              33

            	 	
              I-24-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-23-A

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

            
	
              34

            	 	
              I-25-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-24-A

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

            
	
              35

            	 	
              I-26-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-25-A

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

            
	
              36

            	 	
              I-27-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-26-A

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

            
	
              37

            	 	
              I-28-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-27-A

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

            
	
              38

            	 	
              I-29-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-28-A

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

            
	
              39

            	 	
              I-30-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-29-A

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

            
	
              40

            	 	
              I-31-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-30-A

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

            
	
              41

            	 	
              I-32-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-31-A

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

            
	
              42

            	 	
              I-33-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-32-A

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

            
	
              43

            	 	
              I-34-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-33-A

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

            
	
              44

            	 	
              I-35-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-34-A

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

            
	
              45

            	 	
              I-36-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-35-A

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

            
	
              46

            	 	
              I-37-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-36-A

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

            
	
              47

            	 	
              I-38-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-37-A

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

            
	
              48

            	 	
              I-39-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-38-A

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

            
	
              49

            	 	
              I-40-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-39-A

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

            
	
              50

            	 	
              I-41-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-40-A

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

            
	
              51

            	 	
              I-42-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-41-A

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

            
	
              52

            	 	
              I-43-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-42-A

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

            
	
              53

            	 	
              I-44-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-43-A

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

            
	
              54

            	 	
              I-45-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-44-A

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

            
	
              55

            	 	
              I-46-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-45-A

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

            
	
              56

            	 	
              I-47-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-46-A

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

            
	
              57

            	 	
              I-48-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-47-A

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

            
	
              58

            	 	
              I-49-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-48-A

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

            
	
              59

            	 	
              I-50-A
                and I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-49-A

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

            
	
              60

            	 	
              I-1-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-51-A

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

            
	
              thereafter

            	 	
              I-1-A
                through I-50-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	
              I-1-A
                through I-51-A

            	 	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	 	 	 

    

    

    With
      respect to REMIC 2 Regular Interest LTIO, and (a) the first 9 Distribution
      Dates, the excess of (i) the weighted average of the Uncertificated REMIC 1
      Pass-Through Rates for REMIC 1 Regular Interests ending with the designation
“A”
over (ii) the weighted average of the Uncertificated REMIC 1 Pass-Through Rates
      for REMIC 1 Regular Interests ending with the designation “A”, and (b) the
      10th
      Distribution Date through the 60th
      Distribution Date, the excess of (i) the weighted average of the Uncertificated
      REMIC 1 Pass-Through Rates for REMIC 1 Regular Interests ending with the
      designation “A” over (ii) 2 multiplied by Swap LIBOR, and (c) thereafter 0.00%.

     

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

     

    “United
      States Person” or “U.S. Person”: A citizen or resident of the United States, a
      corporation, partnership (or other entity treated as a corporation or
      partnership for United States federal income tax purposes) created or organized
      in, or under the laws of, the United States, any state thereof, or the District
      of Columbia (except in the case of a partnership, to the extent provided in
      Treasury Regulations) provided that, for purposes solely of the restrictions
      on
      the transfer of Residual Certificates, no partnership or other entity treated
      as
      a partnership for United States federal income tax purposes shall be treated
      as
      a United States Person unless all persons that own an interest in such
      partnership either directly or through any entity that is not a corporation
      for
      United States federal income tax purposes are required by the applicable
      operative agreement to be United States Persons, or an estate the income of
      which 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. The term “United States”
shall have the meaning set forth in Section 7701 of the Code or successor
      provisions.

     

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

     

    “Value”:
      With respect to any Mortgaged Property, the lesser of (i) the value thereof
      as
      determined by an appraisal made for the originator of the Mortgage Loan at
      the
      time of origination of the Mortgage Loan by an appraiser who met the minimum
      requirements of Fannie Mae and Freddie Mac and (ii) the purchase price paid
      for
      the related Mortgaged Property by the Mortgagor with the proceeds of the
      Mortgage Loan.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. At all times the Floating Rate Certificates and
      the Class C Certificates shall have 98% of the Voting Rights (allocated among
      the Holders of the Floating Rate Certificates and the Class C Certificates
      in
      proportion to the then outstanding Certificate Principal Balances of their
      respective Certificates), the Class P Certificates shall have 1% of the Voting
      Rights and the Residual Certificates shall have 1% of the Voting Rights. The
      Voting Rights allocated to any Class of Certificates (other than the Class
      P
      Certificates and the Residual Certificates) shall be allocated among all Holders
      of each such Class in proportion to the outstanding Certificate Principal
      Balance of such Certificates and the Voting Rights allocated to the Class P
      Certificates and the Residual Certificates shall be allocated among all Holders
      of each such Class in proportion to such Holders’ respective Percentage
      Interest; provided, however that when none of the Regular Certificates are
      outstanding, 100% of the Voting Rights shall be allocated among Holders of
      the
      Residual Certificates in accordance with such Holders’ respective Percentage
      Interests in the Certificates of such Class. The Class FL Certificates shall
      have no Voting Rights.

     

    SECTION
      1.02 Accounting.

     

    Unless
      otherwise specified herein, for the purpose of any definition or calculation,
      whenever amounts are required to be netted, subtracted or added or any
      distributions are taken into account such definition or calculation and any
      related definitions or calculations shall be determined without duplication
      of
      such functions.

     

    SECTION
      1.03 Allocation
      of Certain Interest Shortfalls.

     

    For
      purposes of calculating the amount of the Monthly Interest Distributable Amount
      for the Floating Rate Certificates and the Class C Certificates for any
      Distribution Date, (1) the aggregate amount of any Net Prepayment Interest
      Shortfalls and any Relief Act Interest Shortfalls incurred in respect of the
      Mortgage Loans for any Distribution Date shall be allocated first, among the
      Class C Certificates on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount of each such Certificate and,
      thereafter, among the Floating Rate Certificates on a
      pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      of
      each such Certificate and (2) the aggregate amount of any Realized Losses and
      Net WAC Rate Carryover Amounts shall be allocated among the Class C Certificates
      on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount of each such Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 1 Regular Interests for any Distribution Date the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans shall be allocated first, to REMIC
      1
      Regular Interest I and to the REMIC 1 Regular Interests ending with the
      designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest, and then, to REMIC
      1
      Regular Interests ending with the designation “A”, pro rata based on, and to the
      extent of, one month’s interest at the then applicable respective Uncertificated
      REMIC 1 Pass-Through Rates on the respective Uncertificated Principal Balances
      of each such REMIC 1 Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 2 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated among REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTA1,
      REMIC 2 Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular
      Interest LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2,
      REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular
      Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7,
      REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular
      Interest LTM10 and REMIC 2 Regular Interest LTZZ pro rata based on, and to
      the
      extent of, one month’s interest at the then applicable respective Uncertificated
      REMIC 2 Pass-Through Rate on the respective Uncertificated Principal Balance
      of
      each such REMIC 2 Regular Interest.

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    SECTION
      2.01 Conveyance
      of Mortgage Loans.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse for the benefit of the Certificateholders all the right, title and
      interest of the Depositor, including any security interest therein for the
      benefit of the Depositor, in and to (i) each Mortgage Loan identified on the
      Mortgage Loan Schedule, including the related Cut-off Date Principal Balance,
      all interest accruing thereon on and after the Cut-off Date and all collections
      in respect of interest and principal due after the Cut-off Date; (ii) property
      which secured each such Mortgage Loan and which has been acquired by foreclosure
      or deed in lieu of foreclosure; (iii) its interest in any insurance policies
      in
      respect of the Mortgage Loans; (iv) the rights of the Depositor under the Master
      Agreement (as assigned to the Depositor pursuant to the terms of the Assignment
      Agreement), (v) the
      right
      to receive any amounts payable under the Basis Risk Cap Agreement and the
      Interest Rate Swap Agreement,
      (vi)
      payments made to the Cap Trustee by the Interest Rate Cap Provider and the
      Cap
      Account, (vii) all other assets included or to be included in the Trust Fund
      and
      (viii) all proceeds of any of the foregoing. Such assignment includes all
      interest and principal due and collected by the Depositor or the Servicer after
      the Cut-off Date with respect to the Mortgage Loans.

     

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

     

    (i)  the
      original Mortgage Note including any riders thereto, endorsed either (A) in
      blank, in which case the Trustee shall cause the endorsement to be completed
      or
      (B) in the following form: “Pay to the order of Deutsche Bank National Trust
      Company, as Trustee, without recourse” or with respect to any lost Mortgage
      Note, an original Lost Note Affidavit stating that the original mortgage note
      was lost, misplaced or destroyed, together with a copy of the related mortgage
      note; provided, however, that such substitutions of Lost Note Affidavits for
      original Mortgage Notes may occur only with respect to Mortgage Loans, the
      aggregate Cut-off Date Principal Balance of which is less than or equal to
      1.00%
      of the Pool Balance as of the Cut-off Date;

     

    (ii)  upon
      return from the applicable public recording office, the original Mortgage
      (noting the presence of the MIN of the Mortgage Loan and language indicating
      that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan), with
      evidence of recording thereon, and the original recorded power of attorney,
      if
      the Mortgage was executed pursuant to a power of attorney, with evidence of
      recording thereon or, if such Mortgage or power of attorney has been submitted
      for recording but has not been returned from the applicable public recording
      office, has been lost or is not otherwise available, a copy of such Mortgage
      or
      power of attorney, as the case may be, certified to be a true and complete
      copy
      of the original submitted for recording;

     

    (iii)  unless
      the Mortgage Loan is registered on the MERS® System, an original Assignment, in
      form and substance acceptable for recording. The Mortgage shall be assigned
      either (A) in blank or (B) to “Deutsche Bank National Trust Company, as Trustee,
      without recourse”;

     

    (iv)  an
      original of any intervening assignment of Mortgage showing a complete chain
      of
      assignments (or to MERS if the Mortgage Loan is registered on the MERS® System
      and noting the presence of MIN); 

     

    (v)  upon
      return from the applicable public recording office, the original or a certified
      copy of the lender’s title insurance policy; 

     

    (vi)  the
      original PMI Policy; and

     

    (vii)  the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any.

     

    The
      Depositor herewith also delivers to the Trustee an executed copy of the
      Assignment Agreement and the Master Agreement.

     

    If
      any of
      the documents referred to in Section 2.01(iii) or (iv) above has as of the
      Closing Date been submitted for recording but either (x) has not been returned
      from the applicable public recording office or (y) has been lost or such public
      recording office has retained the original of such document, the obligations
      of
      the Depositor to deliver such documents shall be deemed to be satisfied upon
      (1)
      delivery to the Trustee (or the Custodian on behalf of the Trustee) no later
      than the Closing Date, of a copy of each such document certified by the
      Originator in the case of (x) above or the applicable public recording office
      in
      the case of (y) above to be a true and complete copy of the original that was
      submitted for recording and (2) if such copy is certified by the Originator,
      delivery to the Trustee (or the Custodian on behalf of the Trustee) promptly
      upon receipt thereof of either the original or a copy of such document certified
      by the applicable public recording office to be a true and complete copy of
      the
      original. The Servicer or the Depositor shall deliver or cause to be delivered
      to the Trustee (or the Custodian on behalf of the Trustee) promptly upon receipt
      thereof any other documents constituting a part of a Mortgage File received
      with
      respect to any Mortgage Loan, including, but not limited to, any original
      documents evidencing an assumption or modification of any Mortgage
      Loan.

     

    Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File, the Trustee (or the Custodian
      on
      behalf of the Trustee) shall enforce the obligations of the Originator under
      the
      Master Agreement to cure such defect or deliver such missing document to the
      Trustee (or the Custodian on behalf of the Trustee) within 90 days. If the
      Originator does not cure such defect or deliver such missing document within
      such time period, the Trustee shall use commercially reasonable efforts to
      enforce the obligations of the Originator to either repurchase or substitute
      for
      such Mortgage Loan in accordance with Section 2.03; provided, however, that
      the
      Trustee shall not be under any obligation to take any action pursuant to this
      paragraph unless directed by the Depositor and provided, further, the Depositor
      hereby agrees to assist the Trustee in enforcing any obligations of the
      Originator to repurchase or substitute for a Mortgage Loan which has breached
      a
      representation or warranty under the Assignment Agreement. In connection with
      the foregoing, it is understood that the Trustee shall have no duty to discover
      any such defects except in the course of performing its review of the Mortgage
      Files to the extent set forth herein.

     

    Except
      with respect to any Mortgage Loan for which MERS is identified on the Mortgage,
      the Trustee (upon receipt of notice from the Custodian) shall enforce the
      obligations of the Originator under the Master Agreement to cause the
      Assignments which were delivered in blank to be completed and to record all
      Assignments referred to in Section 2.01(iii) hereof and, to the extent
      necessary, in Section 2.01(iv) hereof. The Trustee shall enforce the obligations
      of the Originator under the Master Agreement to deliver such assignments for
      recording within 180 days of the Closing Date. In the event that any such
      Assignment is lost or returned unrecorded because of a defect therein, the
      Trustee shall enforce the obligations of the Originator under the Master
      Agreement to promptly have a substitute Assignment prepared or have such defect
      cured, as the case may be, and thereafter cause each such Assignment to be
      duly
      recorded.

     

    Notwithstanding
      the foregoing, for administrative convenience and facilitation of servicing
      and
      to reduce closing costs, the Assignments shall not be required to be submitted
      for recording (except with respect to any Mortgage Loan located in Maryland)
      unless the Trustee and the Depositor receive notice that such failure to record
      would result in a withdrawal or a downgrading by any Rating Agency of the rating
      on any Class of Certificates; provided, however, each Assignment, except with
      respect to any Mortgage Loan for which MERS is identified on the Mortgage,
      shall
      be submitted for recording in the manner described above, at no expense to
      the
      Trust Fund or Trustee, upon the earliest to occur of: (i) reasonable direction
      by the Holders of Certificates entitled to at least 25% of the Voting Rights,
      (ii) the occurrence of a Servicer Event of Termination, (iii) the occurrence
      of
      a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the
      occurrence of a servicing transfer as described in Section 7.02 hereof, (v)
      upon
      receipt of notice from the Servicer, the occurrence of a bankruptcy, insolvency
      or foreclosure relating to the Mortgagor under the related Mortgage and (vi)
      upon receipt of notice from the Servicer, any Mortgage Loan that is 90 days
      or
      more Delinquent. In the event of (i) through (vi) set forth in the immediately
      preceding sentence, the Trustee shall enforce the obligations of the Originator
      to deliver such Assignments for recording as provided above, promptly and in
      any
      event within 30 days following receipt of notice by the Originator.
      Notwithstanding the foregoing, if the Originator fails to pay the cost of
      recording the Assignments, such expense will be paid by the Trustee shall be
      reimbursed for such expenses by the Trust. In the event an Assignment is not
      recorded, neither the Trustee nor the Servicer will have any liability for
      its
      failure to act on notices that were not received and would have been had such
      Assignment been recorded, except, in the case of the Trustee, with respect
      to
      Mortgage Loans that are subject to provisions (i) through (vi) set forth in
      this
      paragraph, if the Trustee shall have failed to timely request the Originator
      to
      cause such Assignments to be recorded.

     

    The
      Servicer shall forward to the Custodian original documents evidencing an
      assumption, modification, consolidation or extension of any Mortgage Loan
      entered into in accordance with this Agreement within two weeks of their
      execution; provided, however, that the Servicer shall provide the Custodian
      with
      a certified true copy of any such document submitted for recordation within
      two
      weeks of its execution, and shall provide the original of any document submitted
      for recordation or a copy of such document certified by the appropriate public
      recording office to be a true and complete copy of the original within 365
      days
      of its submission for recordation. In the event that the Servicer cannot provide
      a copy of such document certified by the public recording office within such
      365
      day period, the Servicer shall deliver to the Custodian, within such 365 day
      period, an Officers’ Certificate of the Servicer which shall (A) identify the
      recorded document, (B) state that the recorded document has not been delivered
      to the Custodian due solely to a delay caused by the public recording office,
      (C) state the amount of time generally required by the applicable recording
      office to record and return a document submitted for recordation, if known
      and
      (D) specify the date the applicable recorded document is expected to be
      delivered to the Custodian, and, upon receipt of a copy of such document
      certified by the public recording office, the Servicer shall immediately deliver
      such document to the Custodian. In the event the appropriate public recording
      office will not certify as to the accuracy of such document, the Servicer shall
      deliver a copy of such document certified by an officer of the Servicer to
      be a
      true and complete copy of the original to the Custodian.

     

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

     

    SECTION
      2.02 Acceptance
      by Trustee.

     

    Subject
      to the provisions of Section 2.01 and subject to the review described below
      and
      any exceptions noted on the exception report described in the next paragraph
      below, the Trustee acknowledges receipt (or receipt by the Custodian on behalf
      of the Trustee) of the documents referred to in Section 2.01 above and all
      other
      assets included in the definition of “Trust Fund” and declares that it holds and
      will hold such documents and the other documents delivered to it constituting
      a
      Mortgage File, and that it holds or will hold all such assets and such other
      assets included in the definition of “Trust Fund” in trust for the exclusive use
      and benefit of all present and future Certificateholders.

     

    The
      Trustee (or the Custodian on behalf of the Trustee) agrees to execute and
      deliver to the Depositor and the Servicer on or prior to the Closing Date an
      acknowledgment of receipt of the related original Mortgage Note for each
      Mortgage Loan (with any exceptions noted), substantially in the form attached
      as
      Exhibit F-3 hereto (or in the case of the Custodian, Exhibit 1 to the Custodial
      Agreement).

     

    The
      Trustee (or
      the
      Custodian on behalf of the Trustee) agrees,
      for the benefit of the Certificateholders, to review, or that it has reviewed
      pursuant to Section 2.01 (or to cause the Custodian to review or that it has
      caused the Custodian to have reviewed) each Mortgage File on or prior to the
      Closing Date, with respect to each Mortgage Loan (or, with respect to any
      document delivered after the Startup Day, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage Loan, within 45 days after the
      assignment thereof). The Trustee (or the Custodian on behalf of the Trustee)
      further agrees, for the benefit of the Certificateholders, to certify to the
      Depositor and the Servicer in substantially the form attached hereto as Exhibit
      F-1 (or
      in
      the case of the Custodian, Exhibit 1 to the Custodial Agreement),
      within
      45 days after the Closing Date, with respect to each Mortgage Loan (or, with
      respect to any document delivered after the Startup Day, within 45 days of
      receipt and with respect to any Qualified Substitute Mortgage, within 45 days
      after the assignment thereof) that, as to each Mortgage Loan listed in the
      Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
      Mortgage Loan specifically identified in the exception report annexed thereto
      as
      not being covered by such certification), (i) all documents required to be
      delivered to it pursuant to Section 2.01 of this Agreement are in its
      possession, (ii) such documents have been reviewed by it and have not been
      mutilated, damaged or torn and appear on their face to relate to such Mortgage
      Loan and (iii) based on its examination and only as to the foregoing, the
      information set forth in the Mortgage Loan Schedule that corresponds to items
      (1) and (3) of the Mortgage Loan Schedule accurately reflects information set
      forth in the Mortgage File. It is herein acknowledged that, in conducting such
      review, the Trustee (or the Custodian, as applicable) is under no duty or
      obligation to inspect, review or examine any such documents, instruments,
      certificates or other papers to determine that they are genuine, legally
      enforceable, valid or binding or appropriate for the represented purpose or
      that
      they have actually been recorded or that they are other than what they purport
      to be on their face.

     

    Prior
      to
      the first anniversary date of this Agreement the Trustee (or the Custodian
      on
      behalf of the Trustee) shall deliver to the Depositor and the Servicer a final
      certification in the form annexed hereto as Exhibit F-2 (or, in the case of
      the
      Custodian, Exhibit 2 to the Custodial Agreement), with any applicable exceptions
      noted thereon.

     

    If
      in the
      process of reviewing the Mortgage Files and making or preparing, as the case
      may
      be, the certifications referred to above, the Trustee (or the Custodian, as
      applicable) finds any document or documents constituting a part of a Mortgage
      File to be missing or not to conform with respect to any characteristics which
      are within the scope of the Trustee’s (or the Custodian’s, as applicable) review
      as provided herein, at the conclusion of its review, the Trustee (or the
      Custodian on behalf of the Trustee) shall so notify the Seller, the Depositor,
      the Originator and the Servicer. In addition, upon the discovery by the
      Depositor or the Servicer (or upon receipt by the Trustee of written
      notification of such breach) of a breach of any of the representations and
      warranties made by the Originator in the Master Agreement or the Seller in
      the
      Assignment Agreement in respect of any Mortgage Loan which materially adversely
      affects such Mortgage Loan or the interests of the Certificateholders in such
      Mortgage Loan, the party discovering such breach shall give prompt written
      notice to the other parties to this Agreement.

     

    Notwithstanding
      anything to the contrary in this Agreement, in no event shall the Trustee be
      liable to any party hereto or to any third party for the performance of any
      custody-related functions, including without limitation with respect to which
      the Custodian shall fail to take action on behalf of the Trustee or failure
      by
      the Custodian to perform any custody related functions in the event the
      Custodian shall fail to satisfy all the related requirements under this
      Agreement or the Custodial Agreement.

     

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

     

    SECTION
      2.03 Repurchase
      or Substitution of Mortgage Loans by the Originator or the Seller.

     

    (a)  Upon
      discovery or receipt of written notice from the Custodian of any materially
      defective document in, or that a document is missing from, a Mortgage File
      or of
      the breach by the Originator or the Seller, as applicable, of any
      representation, warranty or covenant under the Master Agreement or the
      Assignment Agreement, as applicable, in respect of any Mortgage Loan which
      materially adversely affects the value of such Mortgage Loan or the interest
      therein of the Certificateholders, the Trustee shall request that the Originator
      deliver such missing document or that the Originator or the Seller cure such
      defect or breach within 90 days from the date the Originator or the Seller
      was
      notified of such missing document, defect or breach, and if the Originator
      or
      the Seller does not deliver such missing document or cure such defect or breach
      in all material respects during such period, the Trustee shall enforce (in
      the
      manner set forth in Section 2.01) the Originator’s obligation under the Master
      Agreement or the Assignment Agreement or the Seller’s obligation under the
      Assignment Agreement and notify the Originator or the Seller, as applicable,
      of
      its obligation to repurchase such Mortgage Loan from the Trust Fund at the
      Purchase Price on or prior to the Determination Date following the expiration
      of
      such 90 day period (subject to Section 2.03(e)). The Purchase Price for the
      repurchased Mortgage Loan shall be remitted to the Servicer for deposit in
      the
      Collection Account, and the Trustee, (or the Custodian on behalf of the
      Trustee), upon receipt of written certification from the Servicer of such
      deposit, shall release to the Originator or the Seller, as applicable, the
      related Mortgage File and the Trustee shall execute and deliver such instruments
      of transfer or assignment, in each case without recourse, as the Originator
      or
      the Seller, as applicable, shall furnish to it and as shall be necessary to
      vest
      in the Originator or Seller, as applicable, any Mortgage Loan released pursuant
      hereto and the Trustee and the Custodian shall have no further responsibility
      with regard to such Mortgage File (it being understood that the Trustee shall
      have no responsibility for determining the sufficiency of such assignment for
      its intended purpose). In lieu of repurchasing any such Mortgage Loan as
      provided above, the Originator or the Seller, as applicable, may cause such
      Mortgage Loan to be removed from the Trust Fund (in which case it shall become
      a
      Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage
      Loans in the manner and subject to the limitations set forth in Section 2.03(d);
      provided, however, the Seller may not substitute for any Mortgage Loan which
      breaches a representation or warranty regarding abusive or predatory lending
      laws. In furtherance of the foregoing, if the Originator or the Seller, as
      applicable, is not a member of MERS and repurchases a Mortgage Loan which is
      registered on the MERS® System, the Originator or the Seller, as applicable, at
      its own expense and without any right of reimbursement, shall cause MERS to
      execute and deliver an assignment of the Mortgage in recordable form to transfer
      the Mortgage from MERS to the Originator or the Seller, as applicable, and
      shall
      cause such Mortgage to be removed from registration on the MERS® System in
      accordance with MERS’ rules and regulations. It is understood and agreed that
      the obligation of the Originator or the Seller, as applicable, to cure or to
      repurchase (or to substitute for) any Mortgage Loan as to which a document
      is
      missing, a material defect in a constituent document exists or as to which
      such
      a breach has occurred and is continuing shall constitute the sole remedy against
      the Originator or the Seller, as applicable, respecting such omission, defect
      or
      breach available to the Trustee on behalf of the Certificateholders. In order
      to
      facilitate the discovery of any materially defective document in, or that a
      document is missing from, a Mortgage File or of the breach by the Originator
      of
      any representation, warranty or covenant under the Master Agreement in respect
      of any Mortgage Loan which materially adversely affects the value of that
      Mortgage Loan or the interest therein of the Certificateholders, the Depositor
      shall have the right to request from the Originator, on behalf of the Trust
      Fund, a copy of the Mortgage File (including any documents related thereto,
      such
      as payment histories, collection screens and payoff amounts), or if any portion
      or copy of such Mortgage File is being held by the Servicer or the Custodian,
      from the Servicer or the Custodian, as applicable and the Originator, Servicer
      or Custodian are hereby authorized to deliver such file to the
      Depositor.

     

    Within
      90
      days of the earlier of discovery by the Depositor or receipt of notice by the
      Depositor of the breach of any representation, warranty or covenant of the
      Depositor set forth in Section 2.06, which materially and adversely affects
      the
      interests of the Certificateholders in any Mortgage Loan, the Depositor shall
      cure such breach in all material respects.

     

    (b)  Within
      90
      days of the earlier of discovery by the Servicer or receipt of notice by the
      Servicer of the breach of any representation, warranty or covenant of the
      Servicer set forth in Section 2.05 which materially and adversely affects the
      interests of the Certificateholders in any Mortgage Loan, the Servicer shall
      cure such breach in all material respects.

     

    (c)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) must be effected prior to the last Business
      Day
      that is within two years after the Closing Date. As to any Deleted Mortgage
      Loan
      for which the Originator or the Seller, as applicable, substitutes a Qualified
      Substitute Mortgage Loan or Loans, such substitution shall be effected by the
      Originator or the Seller, as applicable, delivering to the Trustee, (or the
      Custodian on behalf of the Trustee), for such Qualified Substitute Mortgage
      Loan
      or Loans, the Mortgage Note, the Mortgage and the Assignment to the Trustee,
      and
      such other documents and agreements, with all necessary endorsements thereon,
      as
      are required by Section 2.01, together with an Officers’ Certificate providing
      that each such Qualified Substitute Mortgage Loan satisfies the definition
      thereof and specifying the Substitution Adjustment (as described below), if
      any,
      in connection with such substitution. The Trustee (or the Custodian on behalf
      of
      the Trustee), shall acknowledge receipt for such Qualified Substitute Mortgage
      Loan or Loans and, within 45 days thereafter, shall review such documents as
      specified in Section 2.02 and deliver to the Depositor and the Servicer, with
      respect to such Qualified Substitute Mortgage Loan or Loans, a certification
      substantially in the form attached hereto as Exhibit F-1, with any applicable
      exceptions noted thereon. Within one year of the date of substitution, the
      Trustee (or the Custodian on behalf of the Trustee) shall deliver to the
      Depositor and the Servicer a certification substantially in the form of Exhibit
      F-2 hereto with respect to such Qualified Substitute Mortgage Loan or Loans,
      with any applicable exceptions noted thereon. Monthly Payments due with respect
      to Qualified Substitute Mortgage Loans in the month of substitution are not
      part
      of the Trust Fund and will be retained by the Originator or the Seller, as
      applicable. For the month of substitution, distributions to Certificateholders
      will reflect the collections and recoveries in respect of such Deleted Mortgage
      Loan in the Due Period preceding the month of substitution and the Originator
      or
      the Seller, as applicable, shall thereafter be entitled to retain all amounts
      subsequently received in respect of such Deleted Mortgage Loan. The Depositor
      shall give or cause to be given written notice to the Trustee, who shall forward
      such notice to the Certificateholders, that such substitution has taken place,
      shall amend the Mortgage Loan Schedule to reflect the removal of such Deleted
      Mortgage Loan from the terms of this Agreement and the substitution of the
      Qualified Substitute Mortgage Loan or Loans and shall deliver a copy of such
      amended Mortgage Loan Schedule to the Trustee and the Custodian. Upon such
      substitution by the Originator or the Seller, as applicable, such Qualified
      Substitute Mortgage Loan or Loans shall constitute part of the Mortgage Pool
      and
      shall be subject in all respects to the terms of this Agreement and the
      Assignment Agreement, including all applicable representations and warranties
      thereof included in the Assignment Agreement as of the date of
      substitution.

     

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

     

    In
      addition, pursuant to the terms of the Assignment Agreement, the Originator
      or
      the Seller, as applicable, shall obtain at its own expense and deliver to the
      Trustee an Opinion of Counsel to the effect that such substitution will not
      cause (a) any federal tax to be imposed on the Trust Fund, including without
      limitation, any federal tax imposed on “prohibited transactions” under Section
      860F(a)(I) of the Code or on “contributions after the startup date” under
      Section 860G(d)(I) of the Code or (b) any REMIC to fail to qualify as a REMIC
      at
      any time that any Certificate is outstanding. If such Opinion of Counsel can
      not
      be delivered, then such substitution may only be effected at such time as the
      required Opinion of Counsel can be given.

     

    (d)  Upon
      discovery by the Depositor, the Servicer or the Trustee that any Mortgage Loan
      does not constitute a “qualified mortgage” within the meaning of Section
      860G(a)(3) of the Code, the party discovering such fact shall within two
      Business Days give written notice thereof to the other parties hereto. In
      connection therewith, the Originator or the Depositor, as the case may be,
      shall
      repurchase or, subject to the limitations set forth in Section 2.03(d),
      substitute one or more Qualified Substitute Mortgage Loans for the affected
      Mortgage Loan within 90 days of the earlier of discovery or receipt of such
      notice with respect to such affected Mortgage Loan. Such repurchase or
      substitution shall be made (i) by the Originator if the affected Mortgage Loan’s
      status as a non-qualified mortgage is or results from a breach of any
      representation, warranty or covenant made by the Originator under the Assignment
      Agreement or (ii) the Depositor, if the affected Mortgage Loan’s status as a
      non-qualified mortgage is a breach of any representation or warranty of the
      Depositor set forth in Section 2.06, or if its status as a non-qualified
      mortgage is a breach of no representation or warranty. Any such repurchase
      or
      substitution shall be made in the same manner as set forth in Section 2.03(a)
      or
      2.03(d), if made by the Originator, or Section 2.03(b), if made by the
      Depositor. The Trustee shall reconvey to the Depositor or the Originator, as
      the
      case may be, the Mortgage Loan to be released pursuant hereto in the same
      manner, and on the same terms and conditions, as it would a Mortgage Loan
      repurchased for breach of a representation or warranty.

     

    (e)  Upon
      discovery or receipt of written notice of a breach by the Seller of any
      representation, warranty or covenant made by the Seller under the Assignment
      Agreement in respect of any Mortgage Loan which materially adversely affects
      the
      value of such Mortgage Loan or the interest therein of the Certificateholders,
      and if either (i) such Mortgage Loan is not in breach of any representation,
      warranty or covenant of the Originator or (ii) the Originator has failed to
      remedy such representation, warranty or covenant with respect to such Mortgage
      Loan, then the Trustee shall enforce the obligation of the Seller to remedy
      such
      breach, to the extent provided in the Assignment Agreement, in the manner and
      within the time periods set forth in the Assignment Agreement.

     

    SECTION
      2.04 [Reserved].

     

    SECTION
      2.05 Representations,
      Warranties and Covenants of the Servicer.

     

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

     

    (i)  The
      Servicer is a limited liability company duly formed and validly existing under
      the laws governing its creation and existence, is in compliance with the laws
      of
      each state in which any Mortgaged Property is located to the extent necessary
      to
      enable it to perform its obligations hereunder and is in good standing in each
      jurisdiction in which the nature of its business or the properties owned or
      leased by it make such qualification necessary. The Servicer has all requisite
      limited liability company power and authority to own and operate its properties,
      to carry out its business as presently conducted and as proposed to be conducted
      and to enter into and discharge its obligations under this Agreement and the
      other operative documents to which the Servicer is a party. 

     

    (ii)  The
      execution and delivery of this Agreement and any other operative document to
      which it is a party by the Servicer and its performance and compliance with
      the
      terms hereof and thereof have been duly authorized by all necessary limited
      liability company action on the part of the Servicer and will not violate the
      Servicer’s certificate of formation or limited liability company agreement or
      constitute a default (or an event which, with notice or lapse of time, or both,
      would constitute a default) under, or result in the breach of, any material
      contract, agreement or other instrument to which the Servicer is a party or
      by
      which the Servicer is bound or violate any statute or any order, rule or
      regulation of any court, governmental agency or body or other tribunal having
      jurisdiction over the Servicer or any of its properties.

     

    (iii)  This
      Agreement and the other operative documents to which the Servicer is a party,
      assuming due authorization, execution and delivery by the other parties hereto
      and thereto, each constitutes a valid, legal and binding obligation of the
      Servicer, enforceable against it in accordance with the terms hereof and
      thereof, except as the enforcement hereof and thereof may be limited by
      applicable bankruptcy, insolvency, reorganization, moratorium or other similar
      laws affecting creditors’ rights generally and by general principles of equity
      (whether considered in a proceeding or action in equity or at law).

     

    (iv)  The
      Servicer is not in default with respect to any order or decree of any court
      or
      any order, regulation or demand of any federal, state, municipal or governmental
      agency, which default could materially and adversely affect the condition
      (financial or otherwise) or operations of the Servicer or its properties or
      the
      consequences of which could materially and adversely affect its performance
      hereunder or under the other operative documents to which the Servicer is a
      party. 

     

    (v)  No
      litigation, proceeding or investigation is pending with respect to which the
      Servicer has received service of process or, to the best of the Servicer’s
      knowledge, threatened against the Servicer which litigation, proceeding or
      investigation might have consequences that would prohibit its entering into
      this
      Agreement or any other operative documents to which it is a party or that would
      materially and adversely affect the condition (financial or otherwise) or
      operations of the Servicer or its properties or might have consequences that
      would materially and adversely affect the validity or the enforceability of
      the
      Mortgage Loans or the Servicer’s performance hereunder and under the other
      operative documents to which the Servicer is a party.

     

    (vi)  
      All
      actions, approvals, consents, waivers, exemptions, variances, franchises,
      orders, permits, authorizations, rights and licenses required to be taken,
      given
      or obtained, as the case may be, by or from any federal, state or other
      governmental authority or agency (other than any such actions, approvals, etc.
      under any state securities laws, real estate syndication or “Blue Sky” statutes,
      as to which the Servicer makes no such representation or warranty), that are
      necessary or advisable in connection with the execution and delivery by the
      Servicer of the operative documents to which it is a party, have been duly
      taken, given or obtained, as the case may be, are in full force and effect
      on
      the date hereof, are not subject to any pending proceedings or appeals
      (administrative, judicial or otherwise) and either the time within which any
      appeal therefrom may be taken or review thereof may be obtained has expired
      or
      no review thereof may be obtained or appeal therefrom taken, and are adequate
      to
      authorize the consummation of the transactions contemplated by this Agreement
      and the other operative documents on the part of the Servicer and the
      performance by the Servicer of its obligations under this Agreement and such
      of
      the other operative documents to which it is a party. 

     

    (vii)  The
      collection practices used by the Servicer with respect to the Mortgage Loans
      have been, in all material respects, legal, proper, prudent and customary in
      the
      home equity mortgage servicing business. 

     

    (viii)  The
      transactions contemplated by this Agreement are in the ordinary course of
      business of the Servicer.

     

    (ix)  The
      Servicer is not in default under any agreement involving financial obligations
      or on any outstanding obligation, in any such case which could materially
      adversely impact the financial condition or operations of the Servicer or
      adversely impact the Servicer’s performance of its obligations under the
      operative documents.

     

    (x)  Neither
      this Agreement nor any information, certificate of an officer, statement
      furnished in writing or report delivered to the Trustee by the Servicer in
      connection with the transactions contemplated hereby contains or will contain
      any untrue statement of a material fact.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee (or the Custodian on behalf of the Trustee) and shall inure to the
      benefit of the Trustee, the Depositor and the Certificateholders. Upon discovery
      by any of the Depositor, the Servicer or the Trustee of a breach of any of
      the
      foregoing representations, warranties and covenants which materially and
      adversely affects the value of any Mortgage Loan, Prepayment Charge or the
      interests therein of the Certificateholders, the party discovering such breach
      shall give prompt written notice (but in no event later than two Business Days
      following such discovery) to the Servicer and the Trustee. The foregoing shall
      not, however, limit any remedies available to the Certificateholders, the
      Depositor or the Trustee on behalf of the Certificateholders, pursuant to the
      Master Agreement respecting a breach of the representations, warranties and
      covenants of the Originator.

     

    SECTION
      2.06 Representations
      and Warranties of the Depositor.

     

    The
      Depositor represents and warrants to the Trust, the Servicer and the Trustee
      on
      behalf of the Certificateholders as follows:

     

    (i)  This
      agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general and except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

    (ii)   Immediately
      prior to the sale and assignment by the Depositor to the Trustee on behalf
      of
      the Trust of each Mortgage Loan, the Depositor had good and marketable title
      to
      each Mortgage Loan (insofar as such title was conveyed to it by the Seller)
      subject to no prior lien, claim, participation interest, mortgage, security
      interest, pledge, charge or other encumbrance or other interest of any
      nature;

     

    (iii)  As
      of the
      Closing Date, the Depositor has transferred all right, title and interest in
      the
      Mortgage Loans to the Trustee on behalf of the Trust;

     

    (iv)  The
      Depositor has not transferred the Mortgage Loans to the Trustee on behalf of
      the
      Trust with any intent to hinder, delay or defraud any of its
      creditors;

     

    (v)  The
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of Delaware, with full corporate power and
      authority to own its assets and conduct its business as presently being
      conducted;

     

    (vi)  The
      Depositor is not in violation of its articles of incorporation or by-laws or
      in
      default in the performance or observance of any material obligation, agreement,
      covenant or condition contained in any contract, indenture, mortgage, loan
      agreement, note, lease or other instrument to which the Depositor is a party
      or
      by which it or its properties may be bound, which default might result in any
      material adverse changes in the financial condition, earnings, affairs or
      business of the Depositor or which might materially and adversely affect the
      properties or assets, taken as a whole, of the Depositor;

     

    (vii)  The
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated thereby, do not and will not
      result in a material breach or violation of any of the terms or provisions
      of,
      or, to the knowledge of the Depositor, constitute a default under, any
      indenture, mortgage, deed of trust, loan agreement or other agreement or
      instrument to which the Depositor is a party or by which the Depositor is bound
      or to which any of the property or assets of the Depositor is subject, nor
      will
      such actions result in any violation of the provisions of the articles of
      incorporation or by-laws of the Depositor or, to the best of the Depositor’s
      knowledge without independent investigation, any statute or any order, rule
      or
      regulation of any court or governmental agency or body having jurisdiction
      over
      the Depositor or any of its properties or assets (except for such conflicts,
      breaches, violations and defaults as would not have a material adverse effect
      on
      the ability of the Depositor to perform its obligations under this
      Agreement);

     

    (viii)  To
      the
      best of the Depositor’s knowledge without any independent investigation, no
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States or any other
      jurisdiction is required for the issuance of the Certificates, or the
      consummation by the Depositor of the other transactions contemplated by this
      Agreement, except such consents, approvals, authorizations, registrations or
      qualifications as (a) may be required under State securities or Blue Sky laws,
      (b) have been previously obtained or (c) the failure of which to obtain would
      not have a material adverse effect on the performance by the Depositor of its
      obligations under, or the validity or enforceability of, this Agreement;
      and

     

    (ix)  There
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; or (d) which might materially and adversely affect the performance
      by the Depositor of its obligations under, or the validity or enforceability
      of,
      this Agreement.

     

    (x)  The
      beneficial owner of the payments made under the Interest Rate Swap Agreement,
      the Interest Rate Cap Agreement or the Basis Risk Cap Agreement is either (i)
      a
“U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of United
      States Treasury Regulations) for United States federal income tax purposes
      and
      an “Exempt recipient” within the meaning of section 1.6049-4(c)(1)(ii) of United
      States Treasury Regulations, or (ii) a "non-U.S. branch of a foreign person"
      as
      that term is used in section 1.1441-4(a)(3)(ii) of the United States Treasury
      Regulations (the "Regulations") for United States federal income tax purposes,
      and it is a "foreign person" as that term is used in section 1.6041-4(a)(4)
      of
      the Regulations for United States federal income tax purposes. The Depositor
      understands that both the Trust and the Trustee are relying on this information
      in connection with the execution of the Interest Rate Swap Agreement, the
      Interest Rate Cap Agreement and the Basis Risk Cap Agreement.

     

    SECTION
      2.07 Issuance
      of Certificates.

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to it of the Mortgage Files, subject to the provisions of Sections 2.01 and
      2.02, together with the assignment to it of all other assets included in the
      Trust Fund, receipt of which is hereby acknowledged. Concurrently with such
      assignment and delivery and in exchange therefor, the Trustee, pursuant to
      the
      written request of the Depositor executed by an officer of the Depositor, has
      executed, authenticated and delivered to or upon the order of the Depositor,
      the
      Certificates in authorized denominations. The interests evidenced by the
      Certificates constitute the entire beneficial ownership interest in the Trust
      Fund.

     

    SECTION
      2.08 Authorization
      to Enter into Basis Risk Cap Agrement, Interest Rate Cap Agreement and Interest
      Rate Swap Agreement.

     

    (a)  The
      Trustee is hereby directed to execute and deliver the Basis Risk Cap Agreement
      on behalf of Party B (as defined therein) and to exercise the rights, perform
      the obligations, and make the representations of Party B thereunder, solely
      in
      its capacity as Trustee on behalf of Party B (as defined therein) and not in
      its
      individual capacity. The Servicer, the Depositor and the Certificateholders
      (by
      acceptance of their Certificates) acknowledge and agree that (i) the Trustee
      shall execute and deliver the Basis Risk Cap Agreement on behalf of Party B
      (as
      defined therein) and (ii) the Trustee shall exercise the rights, perform the
      obligations, and make the representations of Party B thereunder, solely in
      its
      capacity as Trustee on behalf of Party B as defined therein) and not in its
      individual capacity.

     

    Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Trustee shall apply to the Trustee’s execution
      of the Basis Risk Cap Agreement, and the performance of its duties and
      satisfaction of its obligations thereunder.

     

    (b)  The
      Trustee, not in its individual capacity but solely in its separate capacity
      as
      Cap Trustee, is hereby directed to exercise the rights, perform the obligations,
      and make any representations to be exercised, performed, or made by the Cap
      Trustee, as described herein. The Cap Trustee is hereby directed to execute
      and
      deliver the Interest Rate Cap Agreement on behalf of Party B (as defined
      therein) and to exercise the rights, perform the obligations, and make the
      representations of Party B thereunder, solely in its capacity as Cap Trustee
      on
      behalf of Party B (as defined therein) and not in its individual capacity.
      The
      Servicer, the Depositor and the Certificateholders (by acceptance of their
      Certificates) acknowledge and agree that (i) the Cap Trustee shall execute
      and
      deliver the Interest Rate Cap Agreement on behalf of Party B (as defined
      therein), (ii) the Cap Trustee shall exercise the rights, perform the
      obligations, and make the representations of Party B thereunder, solely in
      its
      capacity as Cap Trustee on behalf of Party B (as defined therein) and not in
      its
      individual capacity and (iii) the Trustee on the Cap Trustee’s behalf shall also
      be entitled to exercise the rights and obligated to perform the obligations
      of
      Party B under the Interest Rate Cap Agreement. Every provision of this Agreement
      relating to the conduct or affecting the liability of or affording protection
      to
      the Trustee shall apply to the Cap Trustee’s execution of the Interest Rate Cap
      Agreement, and the performance of its duties and satisfaction of its obligations
      thereunder.

     

    Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Trustee shall apply to the Trustee’s execution
      (as Cap Trustee) of the Interest Rate Cap Agreement, and the performance of
      its
      duties and satisfaction of its obligations thereunder.

     

    (c)  The
      Trustee, not in its individual capacity but solely in its separate capacity
      as
      Supplemental Interest Trust Trustee, is hereby directed to exercise the rights,
      perform the obligations, and make any representations to be exercised,
      performed, or made by the Supplemental Interest Trust Trustee, as described
      herein. The Supplemental Interest Trust Trustee is hereby directed to execute
      and deliver the Interest Rate Swap Agreement on behalf of Party B (as defined
      therein) and to exercise the rights, perform the obligations, and make the
      representations of Party B thereunder, solely in its capacity as Supplemental
      Interest Trust Trustee on behalf of Party B (as defined therein) and not in
      its
      individual capacity. The Servicer, the Depositor and the Certificateholders
      (by
      acceptance of their Certificates) acknowledge and agree that (i) the
      Supplemental Interest Trust Trustee shall execute and deliver the Interest
      Rate
      Swap Agreement on behalf of Party B (as defined therein), (ii) the Supplemental
      Interest Trust Trustee shall exercise the rights, perform the obligations,
      and
      make the representations of Party B thereunder, not in its individual capacity
      but, solely in its capacity as Supplemental Interest Trust Trustee on behalf
      of
      Party B (as defined therein) and (iii) the Trustee on the Supplemental Interest
      Trust Trustee’s behalf shall also be entitled to exercise the rights and
      obligated to perform the obligations of Party B under the Interest Rate Swap
      Agreement. Every provision of this Agreement relating to the conduct or
      affecting the liability of or affording protection to the Trustee shall apply
      to
      the Supplemental Interest Trust Trustee’s execution of the Interest Rate Swap
      Agreement, and the performance of its duties and satisfaction of its obligations
      thereunder.

     

    Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Trustee shall apply to the Trustee’s execution
      (as Supplemental Interest Trust Trustee) of the Interest Rate Swap Agreement,
      and the performance of its duties and satisfaction of its obligations
      thereunder.

     

    SECTION
      2.09 Conveyance
      of REMIC Regular Interests and Acceptance of REMIC 1, REMIC 2, REMIC 3, REMIC
      4,
      REMIC 5 and REMIC 6 by the Trustee; Issuance of Certificates.

     

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

     

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

     

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

     

    (d)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      C Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      C Certificates and the Class R-X Certificates (in respect of the Class R-4
      Interest). The Trustee acknowledges receipt of the Class C Interest and declares
      that it holds and will hold the same in trust for the exclusive use and benefit
      of the Holders of the Class C Certificates and the Class R-X Certificates (in
      respect of the Class R-4 Interest). The interests evidenced by the Class R-4
      Interest, together with the Class C Certificates, constitute the entire
      beneficial ownership interest in REMIC 4.

     

    (e)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      P Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      P Certificates and the Class R-X Certificates (in respect of the Class R-5
      Interest). The Trustee acknowledges receipt of the Class P Interest and declares
      that it holds and will hold the same in trust for the exclusive use and benefit
      of the Holders of the Class P Certificates and the Class R-X Certificates (in
      respect of the Class R-5 Interest). The interests evidenced by the Class R-5
      Interest, together with the Class P Certificates, constitute the entire
      beneficial ownership interest in REMIC 5.

     

    (f)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      IO Interest (which is uncertificated) for the benefit of the Holders of the
      REMIC 6 Regular Interest SWAP IO and the Class R-X Certificates (in respect
      of
      the Class R-6 Interest). The Trustee acknowledges receipt of the Class IO
      Interest and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of the Holders of the REMIC 6 Regular Interest SWAP
      IO
      and the Class R-X Certificates (in respect of the Class R-6 Interest). The
      interests evidenced by the Class R-6 Interest, together with the REMIC 6 Regular
      Interest SWAP IO, constitute the entire beneficial ownership interest in REMIC
      6. 

     

    (g)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 1 and the
      acceptance by the Trustee thereof, pursuant to Section 2.01, Section 2.02 and
      subsection (a) hereof, (ii) the assignment and delivery to the Trustee of REMIC
      2 (including the Residual Interest therein represented by the Class R-2
      Interest) and the acceptance by the Trustee thereof, pursuant to subsection
      (b)
      hereof, (iii) the assignment and delivery to the Trustee of REMIC 3 (including
      the Residual Interest therein represented by the Class R-3 Interest) and the
      acceptance by the Trustee thereof, pursuant to subsection (c) hereof, (iv)
      the
      assignment and delivery to the Trustee of REMIC 4 (including the Residual
      Interest therein represented by the Class R-4 Interest) and the acceptance
      by
      the Trustee thereof, pursuant to subsection (d) hereof, (v) the assignment
      and
      delivery to the Trustee of REMIC 5 (including the Residual Interest therein
      represented by the Class R-5 Interest) and the acceptance by the Trustee
      thereof, pursuant to subsection (e) hereof, and (vi) the assignment and delivery
      to the Trustee of REMIC 6 (including the Residual Interest therein represented
      by the Class R-6 Interest) and the acceptance by the Trustee thereof, pursuant
      to subsection (f) hereof, the Trustee, pursuant to the written request of the
      Depositor executed by an officer of the Depositor, has executed, authenticated
      and delivered to or upon the order of the Depositor, (A) the Class R
      Certificates in authorized denominations evidencing the Class R-1 Interest,
      the
      Class R-2 Interest and the Class R-3 Interest and (B) the Class R-X Certificates
      in authorized denominations evidencing the Class R-4 Interest, the Class R-5
      Interest and the Class R-6 Interest.

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    SECTION
      3.01 Servicer
      to Act as Servicer.

     

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

     

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

     

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

     

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

     

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

     

    To
      the
      extent consistent with the foregoing, the Servicer (a) shall seek the timely
      and
      complete recovery of principal and interest on the Mortgage Notes and (b) shall
      waive (or permit a Sub-Servicer to waive) a Prepayment Charge only under the
      following circumstances: (i) such waiver is standard and customary in servicing
      similar Mortgage Loans and (ii) such waiver relates to a default or a reasonably
      foreseeable default and would, in the reasonable judgment of the Servicer,
      maximize recovery of total proceeds taking into account the value of such
      Prepayment Charge and the related Mortgage Loan or (iii) the collection of
      such
      Prepayment Charge would be in violation of applicable laws. If a Prepayment
      Charge is waived as permitted by meeting the standard described in clause (iii)
      above, then the Trustee (upon receipt of written notice from the Servicer that
      such waiver has occurred) shall enforce the obligation of the Originator to
      pay
      the amount of such waived Prepayment Charge to the Trustee for deposit in the
      Distribution Account for the benefit of the Holders of the Class P Certificates.
      If a Prepayment Charge is waived other than in accordance with (i), (ii) or
      (iii) above, the Servicer shall pay the amount of such waived Prepayment Charge
      to the Trustee for deposit in the Distribution Account for the benefit of the
      Holders of the Class P Certificates. Notwithstanding the foregoing, that the
      Servicer shall not have an obligation to pay the amount of any uncollected
      Prepayment Charge if the failure to collect such amount is the direct result
      of
      inaccurate or incomplete information furnished to the Servicer by the Originator
      or a prior servicer, in which case the Trustee (upon receipt of written notice
      from the Servicer that such waiver has occurred) shall enforce the obligation
      of
      the Originator to pay the amount of such waived Prepayment Charge to the Trustee
      for deposit in the Distribution Account for the benefit of the Holders of the
      Class P Certificates.

     

    To
      the
      extent consistent with the foregoing, the Servicer shall also seek to maximize
      the timely and complete recovery of principal and interest on the Mortgage
      Notes. Subject only to the above-described servicing standards and the terms
      of
      this Agreement and of the respective Mortgage Loans, the Servicer shall have
      full power and authority, acting alone or through Sub-Servicers as provided
      in
      Section 3.02, to do or cause to be done any and all things in connection with
      such servicing and administration which it may deem necessary or desirable.
      Without limiting the generality of the foregoing, the Servicer in its own name
      or in the name of a Sub-Servicer is hereby authorized and empowered by the
      Trustee when the Servicer believes it appropriate in its best judgment in
      accordance with the servicing standards set forth above, to execute and deliver,
      on behalf of the Certificateholders and the Trustee, and upon notice to the
      Trustee, any and all instruments of satisfaction or cancellation, or of partial
      or full release or discharge, and all other comparable instruments, with respect
      to the Mortgage Loans and the Mortgaged Properties and to institute foreclosure
      proceedings or obtain a deed-in-lieu of foreclosure so as to convert the
      ownership of such properties, and to hold or cause to be held title to such
      properties, on behalf of the Trustee and Certificateholders. The Servicer shall
      service and administer the Mortgage Loans in accordance with applicable state
      and federal law and shall provide to the Mortgagors any reports required to
      be
      provided to them thereby. The Servicer shall also comply in the performance
      of
      this Agreement with all reasonable rules and requirements of any standard hazard
      insurance policy. Subject to Section 3.17, the Trustee shall execute, at the
      written request of the Servicer, and furnish to the Servicer and any
      Sub-Servicer such documents as are necessary or appropriate to enable the
      Servicer or any Sub-Servicer to carry out their servicing and administrative
      duties hereunder, and the Trustee hereby grants to the Servicer a power of
      attorney to carry out such duties. The Trustee shall not be liable for the
      actions of the Servicer or any Sub-Servicers under such powers of
      attorney.

     

    In
      accordance with the standards of the preceding paragraph, the Servicer shall
      advance or cause to be advanced funds as necessary for the purpose of effecting
      the timely payment of taxes and assessments on the Mortgaged Properties, which
      advances shall be Servicing Advances reimbursable in the first instance from
      related collections from the Mortgagors pursuant to Section 3.09, and further
      as
      provided in Section 3.11. Any cost incurred by the Servicer or by Sub-Servicers
      in effecting the timely payment of taxes and assessments on a Mortgaged Property
      shall not, for the purpose of calculating distributions to Certificateholders,
      be added to the unpaid principal balance of the related Mortgage Loan,
      notwithstanding that the terms of such Mortgage Loan so permit. 

     

    The
      Servicer further is authorized and empowered by the Trustee, on behalf of the
      Certificateholders and the Trustee, in its own name or in the name of the
      Sub-Servicer, when the Servicer or the Sub-Servicer, as the case may be,
      believes it is appropriate in its best judgment to register any Mortgage Loan
      on
      the MERS System, or cause the removal from the registration of any Mortgage
      Loan
      on the MERS System, to execute and deliver, on behalf of the Trustee and the
      Certificateholders or any of them, any and all instruments of assignment and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns. Any reasonable expenses (i) incurred as a result of
      MERS
      discontinuing or becoming unable to continue operations in connection with
      the
      MERS System or (ii) if the affected Mortgage Loan is in default or, in the
      judgment of the Servicer, such default is reasonably foreseeable, incurred
      in
      connection with the actions described in the preceding sentence, shall be
      subject to withdrawal by the Servicer from the Collection Account.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances (other than Servicing Advances) with respect to a Mortgage Loan (except
      as provided in Section 4.04) and the Servicer shall not (i) permit any
      modification with respect to any Mortgage Loan (except with respect to a
      Mortgage Loan that is in default or, in the judgment of the Servicer, such
      default is reasonably foreseeable) that would change the Mortgage Rate, reduce
      or increase the Stated Principal Balance (except for reductions resulting from
      actual payments of principal) or change the final maturity date on such Mortgage
      Loan (unless, in any such case, as provided in Section 3.07, the Mortgagor is in
      default with respect to the Mortgage Loan or such default is, in the judgment
      of
      the Servicer, reasonably foreseeable) or (ii) permit any modification, waiver
      or
      amendment of any term of any Mortgage Loan that would both (A) effect an
      exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
      (or
      final, temporary or proposed Treasury Regulations promulgated thereunder) and
      (B) cause any REMIC to fail to qualify as a REMIC under the Code or the
      imposition of any tax on “prohibited transactions” or “contributions after the
      startup date” under the REMIC Provisions.

     

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

     

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

     

    SECTION
      3.02 Sub-Servicing
      Agreements Between Servicer and Sub-Servicers; Subcontractors.

     

    (a)  The
      Servicer may enter into Sub-Servicing Agreements (provided that such agreements
      would not result in a withdrawal or a downgrading by the Rating Agencies of
      the
      rating on any Class of Certificates) with Sub-Servicers, for the servicing
      and
      administration of the Mortgage Loans; provided, however, that each such
      sub-servicing arrangement and the terms of the related Sub-Servicing Agreement
      must provide for the servicing of Mortgage Loans in a manner consistent with
      the
      servicing arrangement contemplated hereunder. 

     

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

     

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

     

    SECTION
      3.03 Successor
      Sub-Servicers.

     

    The
      Servicer shall be entitled to terminate any Sub-Servicing Agreement and the
      rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing
      Agreement in accordance with the terms and conditions of such Sub-Servicing
      Agreement. In the event of termination of any Sub-Servicer, all servicing
      obligations of such Sub-Servicer shall be assumed simultaneously by the Servicer
      without any act or deed on the part of such Sub-Servicer or the Servicer, and
      the Servicer either shall service directly the related Mortgage Loans or shall
      enter into a Sub-Servicing Agreement with a successor Sub-Servicer which
      qualifies under Section 3.02.

     

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

     

    SECTION
      3.04 Liability
      of the Servicer.

     

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

     

    SECTION
      3.05 No
      Contractual Relationship Between Sub-Servicers and the Trustee or
      Certificateholders.

     

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

     

    SECTION
      3.06 Assumption
      or Termination of Sub-Servicing Agreements.

     

    In
      the
      event the Servicer shall for any reason no longer be the Servicer (including
      by
      reason of the occurrence of a Servicer Event of Termination), the Trustee (or
      the successor servicer appointed pursuant to Section 7.02) shall thereupon
      assume all of the rights and obligations of the Servicer under each
      Sub-Servicing Agreement that the Servicer may have entered into, unless the
      Trustee elects to terminate any Sub-Servicing Agreement in accordance with
      its
      terms as provided in Section 3.03. Upon such assumption, the Trustee (or the
      successor servicer appointed pursuant to Section 7.02 shall be deemed, subject
      to Section 3.03, to have assumed all of the Servicer’s interest therein and to
      have replaced the Servicer as a party to each Sub-Servicing Agreement to the
      same extent as if each Sub-Servicing Agreement had been assigned to the assuming
      party, except that (i) the Servicer shall not thereby be relieved of any
      liability or obligations under any Sub-Servicing Agreement and (ii) none of
      the
      Trustee, its designee or any successor Servicer shall be deemed to have assumed
      any liability or obligation of the Servicer that arose before it ceased to
      be
      the Servicer.

     

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

     

    SECTION
      3.07 Collection
      of Certain Mortgage Loan Payments.

     

    The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the Mortgage Loans, and shall, to the extent such
      procedures shall be consistent with this Agreement and the terms and provisions
      of any applicable insurance policies, follow such collection procedures as
      it
      would follow with respect to mortgage loans comparable to the Mortgage Loans
      and
      held for its own account. Consistent with the foregoing and the servicing
      standards set forth in Section 3.01, the Servicer may in its discretion (i)
      waive any late payment charge or, if applicable, penalty interest or any
      provisions of any Mortgage Loan requiring the related Mortgagor to submit to
      mandatory arbitration with respet to disputes arising thereunder, or (ii) extend
      the due dates for Monthly Payments due on a Mortgage Note for a period of not
      greater than 180 days; provided that any extension pursuant to clause (ii)
      above
      shall not affect the amortization schedule of any Mortgage Loan for purposes
      of
      any computation hereunder, except as provided below. In the event of any such
      arrangement pursuant to clause (ii) above, the Servicer shall make timely
      Advances on such Mortgage Loan during such extension pursuant to Section 4.03
      and in accordance with the amortization schedule of such Mortgage Loan without
      modification thereof by reason of such arrangements. Notwithstanding the
      foregoing, in the event that any Mortgage Loan is in default or, in the judgment
      of the Servicer, such default is reasonably foreseeable, the Servicer,
      consistent with the standards set forth in Section 3.01, may waive, modify
      or
      vary any term of such Mortgage Loan (including, but not limited to,
      modifications that change the Mortgage Rate, forgive the payment of principal
      or
      interest or extend the final maturity date of such Mortgage Loan), accept
      payment from the related Mortgagor of an amount less than the Stated Principal
      Balance in final satisfaction of such Mortgage Loan (such payment, a “Short
      Pay-off”) or consent to the postponement of strict compliance with any such term
      or otherwise grant indulgence to any Mortgagor if in the Servicer’s
      determination such waiver, modification, postponement or indulgence is not
      materially adverse to the interests of the Certificateholders (taking into
      account any estimated Realized Loss that might result absent such
      action).

     

    SECTION
      3.08 Sub-Servicing
      Accounts.

     

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

     

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

     

    To
      the
      extent the terms of a Mortgage provide for Escrow Payments, the Servicer shall
      establish and maintain one or more accounts (the “Servicing Accounts”), into
      which all collections from the Mortgagors (or related advances from
      Sub-Servicers) for the payment of taxes, assessments, fire, flood, and hazard
      insurance premiums, hazard insurance proceeds (to the extent such amounts are
      to
      be applied to the restoration or repair of the property) and comparable items
      for the account of the Mortgagors (“Escrow Payments”) shall be deposited and
      retained. Servicing Accounts shall be Eligible Accounts. The Servicer shall
      deposit in the clearing account in which it customarily deposits payments and
      collections on mortgage loans in connection with its mortgage loan servicing
      activities, all Escrow Payments collected on account of the Mortgage Loans
      and
      shall deposit in the Servicing Accounts, in no event more than two Business
      Days
      after the receipt of such Escrow Payments, all Escrow Payments collected on
      account of the Mortgage Loans for the purpose of effecting the payment of any
      such items as required under the terms of this Agreement. Withdrawals of amounts
      from a Servicing Account may be made only to (i) effect timely payment of taxes,
      assessments, fire, flood, and hazard insurance premiums, and comparable items;
      (ii) reimburse the Servicer out of related collections for any advances made
      pursuant to Section 3.01 (with respect to taxes and assessments) and Section
      3.14 (with respect to fire, flood and hazard insurance); (iii) refund to
      Mortgagors any sums as may be determined to be overages; (iv) pay interest,
      if
      required and as described below, to Mortgagors on balances in the Servicing
      Account; or (v) clear and terminate the Servicing Account at the termination
      of
      the Servicer’s obligations and responsibilities in respect of the Mortgage Loans
      under this Agreement in accordance with Article IX. As part of its servicing
      duties, the Servicer shall pay to the Mortgagors interest on funds in Servicing
      Accounts, to the extent required by law and, to the extent that interest earned
      on funds in the Servicing Accounts is insufficient, to pay such interest from
      its or their own funds, without any reimbursement therefor. Notwithstanding
      the
      foregoing, the Servicer shall not be obligated to collect Escrow Payments if
      the
      related Mortgage Loan does not require such payments but the Servicer shall
      nevertheless be obligated to make Servicing Advances as provided in Section
      3.01. In the event the Servicer shall deposit in the Servicing Accounts any
      amount not required to be deposited therein, it may at any time withdraw such
      amount from the Servicing Accounts, any provision to the contrary
      notwithstanding.

     

    To
      the
      extent that a Mortgage does not provide for Escrow Payments, the Servicer (i)
      shall determine whether any such payments are made by the Mortgagor in a manner
      and at a time that is necessary to avoid the loss of the Mortgaged Property
      due
      to a tax sale or the foreclosure as a result of a tax lien and (ii) shall ensure
      that all insurance required to be maintained on the Mortgaged Property pursuant
      to this Agreement is maintained. If any such payment has not been made and
      the
      Servicer receives notice of a tax lien with respect to the Mortgage Loan being
      imposed, the Servicer will, to the extent required to avoid loss of the
      Mortgaged Property, advance or cause to be advanced funds necessary to discharge
      such lien on the Mortgaged Property. The Servicer assumes full responsibility
      for the payment of all such bills and shall effect payments of all such bills
      irrespective of the Mortgagor’s faithful performance in the payment of same or
      the making of the Escrow Payments and shall make Servicing Advances from its
      own
      funds to effect such payments.

     

    SECTION
      3.10 Collection
      Account and Distribution Account.

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain one or more
      separate, segregated trust accounts (such account or accounts, the “Collection
      Account”), held in trust for the benefit of the Trustee and the
      Certificateholders. On behalf of the Trust Fund, the Servicer shall deposit
      or
      cause to be deposited in the clearing account (which account must be an Eligible
      Account) in which it customarily deposits payments and collections on mortgage
      loans in connection with its mortgage loan servicing activities on a daily
      basis, and in no event more than two Business Days after the Servicer’s receipt
      thereof, and shall thereafter deposit in the Collection Account, in no event
      more than one Business Day after the deposit of such funds into the clearing
      account, as and when received or as otherwise required hereunder, the following
      payments and collections received or made by it from and after the Cut-off
      Date
      (other than in respect of principal or interest on the related Mortgage Loans
      due on or before the Cut-off Date), or payments (other than Principal
      Prepayments) received by it on or prior to the Cut-off Date but allocable to
      a
      Due Period subsequent thereto:

     

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

     

    (ii)  all
      payments on account of interest (net of the related Servicing Fee) on each
      Mortgage Loan;

     

    (iii)  all
      Insurance Proceeds and Liquidation Proceeds (other than proceeds collected
      in
      respect of any particular REO Property and amounts paid by the Servicer in
      connection with a purchase of Mortgage Loans and REO Properties pursuant to
      Section 9.01); 

     

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

     

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

     

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

     

    (vii)  all
      amounts required to be deposited in connection with shortfalls in principal
      amount of Qualified Substitute Mortgage Loans pursuant to Section 2.03;
      and

     

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

     

    For
      purposes of the immediately preceding sentence, the Cut-off Date with respect
      to
      any Qualified Substitute Mortgage Loan shall be deemed to be the date of
      substitution. 

     

    The
      foregoing requirements for deposit in the Collection Accounts shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of late payment charges or assumption
      fees (other than Prepayment Charges) need not be deposited by the Servicer
      in
      the Collection Account. In the event the Servicer shall deposit in the
      Collection Account any amount not required to be deposited therein, it may
      at
      any time withdraw such amount from the Collection Account, any provision herein
      to the contrary notwithstanding.

     

    (b)  On
      behalf
      of the Trust Fund, the Servicer shall deliver to the Trustee in immediately
      available funds for deposit in an account established and maintained by the
      Trustee, held in trust for the benefit of the Certificateholders (the
“Distribution Account”): (i) on the Servicer Remittance Date, that portion of
      the Available Funds for the related Distribution Date then on deposit in the
      Collection Account, the amount of all Prepayment Charges collected during the
      applicable Prepayment Period by the Servicer and Servicer Prepayment Charge
      Payment Amounts in connection with the Principal Prepayment of any of the
      Mortgage Loans then on deposit in the Collection Account and (ii) on each
      Business Day as of the commencement of which the balance on deposit in the
      Collection Account exceeds $75,000 following any withdrawals pursuant to the
      next succeeding sentence, the amount of such excess, but only if the Collection
      Account constitutes an Eligible Account solely pursuant to clause (ii) of the
      definition of “Eligible Account.” If the balance on deposit in the Collection
      Account exceeds $75,000 as of the commencement of business on any Business
      Day
      and the Collection Account constitutes an Eligible Account solely pursuant
      to
      clause (ii) of the definition of “Eligible Account,” the Servicer shall, on such
      Business Day, withdraw from the Collection Account any and all amounts payable
      or reimbursable to the Depositor, the Servicer, the Trustee, the Seller or
      any
      Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Persons
      entitled thereto.

     

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

     

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

     

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

     

    (ii)  any
      amounts required to be deposited pursuant to Section 3.24(d) or (f) in
      connection with any REO Property;

     

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

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.25 in connection with
      any
      Prepayment Interest Shortfalls.

     

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

     

    SECTION
      3.11 Withdrawals
      from the Collection Account and the Distribution Account.

     

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

     

    (i)  to
      remit
      to the Trustee for deposit in the Distribution Account the amounts required
      to
      be so remitted pursuant to Section 3.10(b) or permitted to be so remitted
      pursuant to the first sentence of Section 3.10(d);

     

    (ii)  subject
      to Section 3.16(d), to reimburse the Servicer for Advances, but only to the
      extent of amounts received which represent Late Collections (net of the related
      Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which
      such
      Advances were made in accordance with the provisions of Section
      4.03;

     

    (iii)  subject
      to Section 3.16(d), to pay the Servicer or any Sub-Servicer (A) any unpaid
      Servicing Fees, (B) any unreimbursed Servicing Advances with respect to each
      Mortgage Loan, but only to the extent of any Liquidation Proceeds, Insurance
      Proceeds or other amounts as may be collected by the Servicer from a Mortgagor,
      or otherwise received with respect to such Mortgage Loan and (C) without
      limiting any right of withdrawal set forth in clause (4) below, any Servicing
      Advances made with respect to a Mortgage Loan that, following the final
      liquidation of a Mortgage Loan are Nonrecoverable Advances, but only to the
      extent that Late Collections, Liquidation Proceeds and Insurance Proceeds
      received with respect to such Mortgage Loan are insufficient to reimburse the
      Servicer or any Sub-Servicer for such Servicing Advances;

     

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

     

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

     

    (vi)  to
      reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance in accordance
      with the provisions of Section 4.03;

     

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

     

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

     

    (ix)  [reserved];

     

    (x)  to
      pay,
      or to reimburse the Servicer for advances in respect of expenses incurred in
      connection with any Mortgage Loan pursuant to Section 3.16(b); and

     

    (xi)  to
      clear
      and terminate the Collection Account pursuant to Section 9.01.

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (2), (3), (4), (5), (6), (8) and (9) above. The Servicer shall
      provide written notification to the Trustee, on or prior to the next succeeding
      Servicer Remittance Date, upon making any withdrawals from the Collection
      Account pursuant to subclause (vii) above.

     

    (b)  The
      Trustee shall, from time to time, make withdrawals from the Distribution
      Account, for any of the following purposes, without priority:

     

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

     

    (ii)  to
      pay
      itself the Trustee Fee pursuant to Section 8.05;

     

    (iii)  to
      pay
      any amounts in respect of taxes pursuant to Section 9.01(g);

     

    (iv)  to
      clear
      and terminate the Distribution Account pursuant to Section 10.01;

     

    (v)  to
      pay
      any amounts required to be paid to the Trustee pursuant to this Agreement,
      including but not limited to funds required to be paid pursuant to Section
      3.06,
      Section 4.01, Section 7.02 and Section 8.05;

     

    (vi)  to
      pay to
      itself any Trustee Compensation;

     

    (vii)  to
      pay to
      an Advancing Person reimbursements for Advances and/or Servicing Advances
      pursuant to Section 3.28; and

     

    (viii)  to
      pay
      the PMI Insurer the PMI Insurance Fee;

     

    (ix)  to
      pay
      the Credit Risk Manager the Credit Risk Manager Fee.

     

    SECTION
      3.12 Investment
      of Funds in the Collection Account.

     

    (a)  The
      Servicer may direct any depository institution maintaining the Collection
      Account (for purposes of this Section 3.12, an “Investment Account”) to invest
      the funds in such Investment Account in one or more Permitted Investments
      specified in such instruction bearing interest or sold at a discount, and
      maturing, unless payable on demand, (i) no later than the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the Trustee
      is the obligor thereon, and (ii) no later than the date on which such funds
      are
      required to be withdrawn from such account pursuant to this Agreement, if the
      Trustee is the obligor thereon. All such Permitted Investments shall be held
      to
      maturity, unless payable on demand. Any investment of funds in an Investment
      Account shall be made in the name of the Trustee (in its capacity as such)
      or in
      the name of a nominee of the Trustee. The Trustee shall be entitled to sole
      possession (except with respect to investment direction of funds held in the
      Collection Account, the Distribution Account and any income and gain realized
      thereon) over each such investment, and any certificate or other instrument
      evidencing any such investment shall be delivered directly to the Trustee or
      its
      agent, together with any document of transfer necessary to transfer title to
      such investment to the Trustee or its nominee. In the event amounts on deposit
      in an Investment Account are at any time invested in a Permitted Investment
      payable on demand, the Trustee shall:

     

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

     

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

     

    (b)  All
      income and gain realized from the investment of funds deposited in the
      Collection Account held by or on behalf of the Servicer, shall be for the
      benefit of the Servicer and shall be subject to its withdrawal in accordance
      with Section 3.11. The
      Servicer shall deposit in the Collection Account the amount of any loss of
      principal incurred in respect of any such Permitted Investment made with funds
      in such accounts immediately upon realization of such loss.

     

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

     

    (c)  The
      Trustee is hereby directed to invest all amounts on deposit in the Distribution
      Account during the Float Period in Permitted Investments of the type set forth
      in clause (vi) of the definition thereof. All such amounts in the Distribution
      Account shall be invested in the DWS Scudder Money Market Fund 2403. All income
      and gain realized from the investment of funds deposited in the Distribuiton
      Account during the Float Period shall be distributed to the Holders of the
      Class
      FL Certificates (the “Class FL Holder”) as set forth in Section 4.01(h) for the
      next Distribution Date. The Class FL Holder shall deposit in the Distribution
      Account, from its own funds, the amount of any loss of principal incurred in
      respect of any such Permitted Investment made with funds in the Distribution
      Account during the Float Period immediately upon notification of such loss.
      

     

    SECTION
      3.13 [Reserved].

     

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

     

    The
      terms
      of each Mortgage Note require the related Mortgagor to maintain fire and hazard
      insurance policies. To the extent such policies are not maintained, the Servicer
      shall cause to be maintained for each Mortgaged Property fire and hazard
      insurance with extended coverage as is customary in the area where the Mortgaged
      Property is located in an amount which is at least equal to the lesser of the
      current principal balance of such Mortgage Loan and the amount necessary to
      fully compensate for any damage or loss to the improvements which are a part
      of
      such property on a replacement cost basis, in each case in an amount not less
      than such amount as is necessary to avoid the application of any coinsurance
      clause contained in the related hazard insurance policy. The Servicer shall
      also
      cause to be maintained fire and hazard insurance on each REO Property with
      extended coverage as is customary in the area where the Mortgaged Property
      is
      located in an amount which is at
      least
      equal to the lesser of (i) 100% of the insurable value on a replacement cost
      basis of the improvements securing such Mortgage Loan and (ii) the greater
      of
      (a) the outstanding principal balance of the Mortgage Loan and (b) an amount
      such that the proceeds of such insurance shall be sufficient to prevent the
      application to the Mortgagor or the loss payee of any coinsurance clause under
      the policy.
      The
      Servicer will comply in the performance of this Agreement with all reasonable
      rules and requirements of each insurer under any such hazard policies. Any
      amounts to be collected by the Servicer under any such policies (other than
      amounts to be applied to the restoration or repair of the property subject
      to
      the related Mortgage or amounts to be released to the Mortgagor in accordance
      with the procedures that the Servicer would follow in servicing loans held
      for
      its own account, subject to the terms and conditions of the related Mortgage
      and
      Mortgage Note) shall be deposited in the Collection Account, subject to
      withdrawal pursuant to Section 3.11, if received in respect of a Mortgage Loan,
      or in the REO Account, subject to withdrawal pursuant to Section 3.24, if
      received in respect of an REO Property. Any cost incurred by the Servicer in
      maintaining any such insurance shall not, for the purpose of calculating
      distributions to Certificateholders, be added to the unpaid principal balance
      of
      the related Mortgage Loan, notwithstanding that the terms of such Mortgage
      Loan
      so permit; provided, however, that the Servicer may capitalize, pursuant to
      the
      terms of Section 3.07, the amount of any Servicing Advances incurred pursuant
      to
      this Section 3.14 in connection with the modification of a Mortgage Loan. It
      is
      understood and agreed that no earthquake or other additional insurance is to
      be
      required of any Mortgagor other than pursuant to such applicable laws and
      regulations as shall at any time be in force and as shall require such
      additional insurance. If the related Mortgaged Property is located in an area
      identified by the Flood Emergency Management Agency as having special flood
      hazards (and such flood insurance has been made available) the Servicer shall
      cause to be maintained a flood insurance policy meeting the requirements of
      the
      current guidelines of the Federal Insurance Administration is in effect with
      a
      generally acceptable insurance carrier acceptable to Fannie Mae or Freddie
      Mac
      in an amount representing coverage equal to the lesser of: (i) the minimum
      amount required, under the terms of coverage, to compensate for any damage
      or
      loss on a replacement cost basis (or the unpaid balance of the mortgage if
      replacement cost coverage is not available for the type of building insured)
      and
      (ii) the maximum amount of insurance which is available under the Flood Disaster
      Protection Act of 1973, as amended. If at any time during the term of the
      Mortgage Loan, the Servicer determines, in accordance with applicable law,
      that
      a Mortgaged Property is located in a special flood hazard area and is not
      covered by flood insurance or is covered in an amount less than the amount
      required by the Flood Disaster Protection Act of 1973, as amended, the Servicer
      shall notify the related Mortgagor that the Mortgagor must obtain such flood
      insurance coverage, and if said Mortgagor fails to obtain the required flood
      insurance coverage within forty-five (45) days after such notification, the
      Company shall immediately force place the required flood insurance on the
      Mortgagor’s behalf. Such flood insurance shall be in an amount equal to the
      lesser of (i) the unpaid principal balance of the related Mortgage Loan and
      (ii)
      the maximum amount of such insurance available for the related Mortgaged
      Property under the national flood insurance program (assuming that the area
      in
      which such Mortgaged Property is located is participating in such
      program).

     

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

     

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

     

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

     

    The
      Servicer will, to the extent it has knowledge of any conveyance or prospective
      conveyance of any Mortgaged Property by any Mortgagor (whether by absolute
      conveyance or by contract of sale, and whether or not the Mortgagor remains
      or
      is to remain liable under the Mortgage Note and/or the Mortgage), exercise
      its
      rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale”
clause, if any, applicable thereto; provided, however, that the Servicer shall
      not exercise any such rights if prohibited by law from doing so. If the Servicer
      reasonably believes it is unable under applicable law to enforce such
“due-on-sale” clause, or if any of the other conditions set forth in the proviso
      to the preceding sentence apply, the Servicer will enter into an assumption
      and
      modification agreement from or with the person to whom such property has been
      conveyed or is proposed to be conveyed, pursuant to which such person becomes
      liable under the Mortgage Note and, to the extent permitted by applicable state
      law, the Mortgagor remains liable thereon. The Servicer is also authorized
      to
      enter into a substitution of liability agreement with such person, pursuant
      to
      which the original Mortgagor is released from liability and such person is
      substituted as the Mortgagor and becomes liable under the Mortgage Note,
      provided that no such substitution shall be effective unless such person
      satisfies the then current underwriting criteria of the Servicer for mortgage
      loans similar to the Mortgage Loans. In connection with any assumption or
      substitution, the Servicer shall apply such underwriting standards and follow
      such practices and procedures as shall be normal and usual in its general
      mortgage servicing activities and as it applies to other mortgage loans owned
      solely by it. The Servicer shall not take or enter into any assumption and
      modification agreement, however, unless (to the extent practicable in the
      circumstances) it shall have received confirmation, in writing, of the continued
      effectiveness of any applicable hazard insurance policy. Any fee collected
      by
      the Servicer in respect of an assumption or substitution of liability agreement
      will be retained by the Servicer as additional servicing compensation. In
      connection with any such assumption, no material term of the Mortgage Note
      (including but not limited to the related Mortgage Rate and the amount of the
      Monthly Payment) may be amended or modified, except as otherwise required
      pursuant to the terms thereof. The Servicer shall notify the Trustee and the
      Custodian that any such substitution or assumption agreement has been completed
      by forwarding to the Custodian the executed original of such substitution or
      assumption agreement, which document shall be added to the related Mortgage
      File
      and shall, for all purposes, be considered a part of such Mortgage File to
      the
      same extent as all other documents and instruments constituting a part
      thereof.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason
      whatsoever. For purposes of this Section 3.15, the term “assumption” is deemed
      to also include a sale (of the Mortgaged Property) subject to the Mortgage
      that
      is not accompanied by an assumption or substitution of liability
      agreement.

     

    SECTION
      3.16 Realization
      Upon Defaulted Mortgage Loans.

     

    (a)  The
      Servicer shall, consistent with the servicing standard set forth in Section
      3.01, foreclose upon or otherwise comparably convert the ownership of properties
      securing such of the Mortgage Loans as come into and continue in default and
      as
      to which no satisfactory arrangements can be made for collection of delinquent
      payments pursuant to Section 3.07. The Servicer shall be responsible for all
      costs and expenses incurred by it in any such proceedings; provided, however,
      that such costs and expenses will be recoverable as Servicing Advances by the
      Servicer as contemplated in Section 3.11 and Section 3.24. The foregoing is
      subject to the provision that, in any case in which Mortgaged Property shall
      have suffered damage from an Uninsured Cause, the Servicer shall not be required
      to expend its own funds toward the restoration of such property unless it shall
      determine in its discretion that such restoration will increase the proceeds
      of
      liquidation of the related Mortgage Loan after reimbursement to itself for
      such
      expenses.

     

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

     

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

     

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

     

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

     

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

     

    (c)  The
      Servicer shall have the right to purchase from REMIC 1 any defaulted Mortgage
      Loan that is 90 days or more delinquent, which the Servicer determines in good
      faith will otherwise become subject to foreclosure proceedings (evidence of
      such
      determination to be delivered in writing to the Trustee, in form and substance
      satisfactory to the Trustee prior to purchase), at a price equal to the Purchase
      Price. The Purchase Price for any Mortgage Loan purchased hereunder shall be
      deposited in the Collection Account, and the Trustee, upon receipt of written
      certification from the Servicer of such deposit, shall release or cause to
      be
      released to the Servicer, the related Mortgage File and the Trustee, upon
      receipt of written certification from the Servicer, as applicable, of such
      deposit, shall execute and deliver such instruments of transfer or assignment,
      in each case without recourse, as the Servicer, shall furnish and as shall
      be
      necessary to vest in the Servicer title to any Mortgage Loan released pursuant
      hereto.

     

    (d)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds or
      Liquidation Proceeds, in respect of any Mortgage Loan, will be applied in the
      following order of priority: first, to reimburse the Servicer or any
      Sub-Servicer for any related unreimbursed Servicing Advances and Advances,
      pursuant to Section 3.11(a)(ii) or (a)(iii)(B); second, to accrued and unpaid
      interest on the Mortgage Loan, to the date of the Final Recovery Determination,
      or to the Due Date prior to the Distribution Date on which such amounts are
      to
      be distributed if not in connection with a Final Recovery Determination; and
      third, as a recovery of principal of the Mortgage Loan. If the amount of the
      recovery so allocated to interest is less than the full amount of accrued and
      unpaid interest due on such Mortgage Loan, the amount of such recovery will
      be
      allocated by the Servicer as follows: first, to unpaid Servicing Fees; and
      second, to the balance of the interest then due and owing. The portion of the
      recovery so allocated to unpaid Servicing Fees shall be reimbursed to the
      Servicer or any Sub-Servicer pursuant to Section 3.11(a)(iii)(A). 

     

    SECTION
      3.17 Trustee
      to Cooperate; Release of Mortgage Files.

     

    (a)  Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer will immediately notify the Custodian, by a Request
      for Release in the form of Exhibit E (which certification shall include a
      statement to the effect that all amounts received or to be received in
      connection with such payment which are required to be deposited in the
      Collection Account pursuant to Section 3.10 have been or will be so deposited)
      of a Servicing Officer and shall request that the Custodian, on behalf of the
      Trustee, deliver to it the Mortgage File. Upon receipt of such certification
      and
      request, the Custodian shall within five Business Days release the related
      Mortgage File to the Servicer and the Servicer is authorized to cause the
      removal from the registration on the MERS® System of any such Mortgage, if
      applicable, and to execute and deliver, on behalf of the Trustee and the
      Certificateholders or any of them, any and all instruments of satisfaction
      or
      cancellation or of partial or full release. No expenses incurred in connection
      with any instrument of satisfaction or deed of reconveyance shall be chargeable
      to the Collection Account or the Distribution Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Custodian shall, upon request of the
      Servicer and delivery to the Custodian of a Request for Release in the form
      of
      Exhibit E, release the related Mortgage File to the Servicer, and the Trustee
      shall, at the direction of the Servicer, execute such documents as shall be
      necessary to the prosecution of any such proceedings. Such Request for Release
      shall obligate the Servicer to return each and every document previously
      requested from the Mortgage File to the Custodian when the need therefor by
      the
      Servicer no longer exists, unless the Mortgage Loan has been liquidated and
      the
      Liquidation Proceeds relating to the Mortgage Loan have been deposited in the
      Collection Account or the Mortgage File or such document has been delivered
      to
      an attorney, or to a public trustee or other public official as required by
      law,
      for purposes of initiating or pursuing legal action or other proceedings for
      the
      foreclosure of the Mortgaged Property either judicially or non-judicially,
      and
      the Servicer has delivered to the Custodian, on behalf of the Trustee, a
      certificate of a Servicing Officer certifying as to the name and address of
      the
      Person to which such Mortgage File or such document was delivered and the
      purpose or purposes of such delivery. Upon receipt of a certificate of a
      Servicing Officer stating that such Mortgage Loan was liquidated and that all
      amounts received or to be received in connection with such liquidation that
      are
      required to be deposited into the Collection Account have been so deposited,
      or
      that such Mortgage Loan has become an REO Property, a copy of the Request for
      Release shall be released by the Custodian, on behalf of the Trustee, to the
      Servicer.

     

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

     

    SECTION
      3.18 Servicing
      Compensation.

     

    As
      compensation for the activities of the Servicer hereunder, the Servicer shall
      be
      entitled to the Servicing Fee with respect to each Mortgage Loan payable solely
      from payments of interest in respect of such Mortgage Loan, subject to Section
      3.24. In addition, the Servicer shall be entitled to recover unpaid Servicing
      Fees out of Insurance Proceeds or Liquidation Proceeds to the extent permitted
      by Section 3.11(a)(iii)(A) and out of amounts derived from the operation and
      sale of an REO Property to the extent permitted by Section 3.24. The right
      to
      receive the Servicing Fee may not be transferred in whole or in part except
      in
      connection with the transfer of all of the Servicer’s responsibilities and
      obligations under this Agreement.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges
      and
      other similar fees and charges (other than Prepayment Charges) shall be retained
      by the Servicer (subject to Section 3.25) only to the extent such fees or
      charges are received by the Servicer. The Servicer shall also be entitled
      pursuant to Section 3.11(a)(iv) to withdraw from the Collection Account, and
      pursuant to Section 3.24(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.12 and Section 3.25. The Servicer shall be required to
      pay
      all expenses incurred by it in connection with its servicing activities
      hereunder (including premiums for the insurance required by Section 3.14, to
      the
      extent such premiums are not paid by the related Mortgagors or by a
      Sub-Servicer, servicing compensation of each Sub-Servicer) and shall not be
      entitled to reimbursement therefor except as specifically provided
      herein.

     

    SECTION
      3.19 Reports;
      Collection Account Statements.

     

    Not
      later
      than fifteen days after each Distribution Date, the Servicer shall forward
      to
      the Trustee, upon the request of the Trustee, a statement prepared by the
      Servicer setting forth the status of the Collection Account as of the close
      of
      business on the last day of the calendar month relating to such Distribution
      Date and showing, for the period covered by such statement, the aggregate amount
      of deposits into and withdrawals from the Collection Account of each category
      of
      deposit specified in Section 3.10(a) and each category of withdrawal specified
      in Section 3.11. Such statement may be in the form of the then current Fannie
      Mae Monthly Accounting Report for its Guaranteed Mortgage Pass-Through Program
      with appropriate additions and changes, and shall also include information
      as to
      the aggregate of the outstanding principal balances of all of the Mortgage
      Loans
      as of the last day of the calendar month immediately preceding such Distribution
      Date. Copies of such statement shall be provided by the Trustee to any
      Certificateholder and to any Person identified to the Trustee as a prospective
      transferee of a Certificate, upon the request and at the expense of the
      requesting party, provided such statement is delivered by the Servicer to the
      Trustee.

     

    SECTION
      3.20 Statement
      as to Compliance.

     

    On
      or
      before March 15th
      of each
      calendar year (or March 24th
      of any
      calendar year in which a Form 10-K will not be filed), commencing in 2008,
      the
      Servicer shall deliver to the Trustee a statement of compliance (an “Annual
      Statement of Compliance”) addressed to the Trustee and the Depositor, to the
      effect that (i) a review of the Servicer’s activities during the immediately
      preceding calendar year (or applicable portion thereof) and of its performance
      under this Agreement during such period has been made under such officer’s
      supervision, and (ii) to the best of such officers’ knowledge, based on such
      review, the Servicer has fulfilled all of its obligations under this Agreement
      in all material respects throughout such calendar year (or applicable portion
      thereof) or, if there has been a failure to fulfill any such obligation in
      any
      material respect, specifically identifying each such failure known to such
      officer and the nature and the status thereof.

     

    The
      Servicer shall deliver a similar Annual Statement of Compliance by any
      Sub-Servicer to which the Servicer has delegated any servicing responsibilities
      with respect to the Mortgage Loans, to the Trustee as described above as and
      when required with respect to the Servicer. 

     

    If
      the
      Servicer cannot deliver the related Annual Statement of Compliance by March
      15th
      of such year (or March 24th
      of any
      calendar year in which a Form 10-K will not be filed), the Depositor, may permit
      a cure period for the Servicer to deliver such Annual Statement of Compliance,
      but in no event later than March 25th
      of such
      year.

     

    Failure
      of the Servicer to timely comply with this Section 3.20 (taking into account
      the
      cure period if permitted as set forth in the preceding paragraph) shall be
      deemed an Event of Default, and the Trustee may, in addition to whatever rights
      the Trustee may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance give notice to Noteholders
      that they have ten Business Days to object. If no such objection is received,
      the Trustee shall immediately terminate all the rights and obligations of the
      Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
      thereof without compensating the Servicer for the same (other than as provided
      herein with respect to unreimbursed Advances or Servicing Advances or accrued
      and unpaid Servicing Fees). This paragraph shall supercede any other provision
      in this Agreement or any other agreement to the contrary. 

     

    The
      Servicer shall indemnify and hold harmless the Depositor and the Trustee and
      their respective officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses that such Person
      may sustain based upon a breach of the Servicer's obligations under this Section
      3.20.

     

    SECTION
      3.21 Assessments
      of Compliance and Attestation Reports. 

     

    Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      the Servicer shall deliver to the Trustee on or before March 15th
      of each
      calendar year (or March 24th
      of any
      calendar year in which a Form 10-K will not be filed) beginning in 2008, a
      report regarding the Servicer’s assessment of compliance (an “Assessment of
      Compliance”) with the applicable Servicing Criteria (as set forth in Exhibit S)
      during the preceding calendar year. The Assessment of Compliance must contain
      the following:

     

    (a)  A
      statement by such officer of its responsibility for assessing compliance with
      the Servicing Criteria applicable to the Servicer;

     

    (b)  A
      statement by such officer that such officer used the Servicing Criteria, which
      will also be attached to the Assessment of Compliance, to assess compliance
      with
      the Servicing Criteria applicable to the Servicer;

     

    (c)  An
      assessment by such officer of the Servicer’s compliance with the applicable
      Servicing Criteria for the period consisting of the preceding calendar year,
      including disclosure of any material instance of noncompliance with respect
      thereto during such period, which assessment shall be based on the activities
      it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Servicer;

     

    (d)  A
      statement that a registered public accounting firm has issued an attestation
      report on the Servicer’s Assessment of Compliance for the period consisting of
      the preceding calendar year; and

     

    (e)  A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the Servicer, which statement shall be based on the activities it performs
      with
      respect to asset-backed securities transactions taken as a whole involving
      the
      Servicer.

     

    On
      or
      before March 15th
      of each
      calendar year (or March 24th
      of any
      calendar year in which a Form 10-K will not be filed) beginning in 2008, the
      Servicer shall furnish to the Trustee a report of a registered public accounting
      firm reasonably acceptable to the Trustee and the Depositor (an “Attestation
      Report”). Such Attestation Report shall be in accordance with Rules 1 02(a)(3)
      and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.
      

     

    The
      Servicer shall cause and any Sub-Servicer, and each subcontractor determined
      by
      the Servicer to be “participating in the servicing function” within the meaning
      of Item 1122 of Regulation AB, to deliver to the Trustee and the Depositor
      an
      Assessment of Compliance and Attestation Report as and when provided
      above.

     

    Such
      Assessment of Compliance, as to any Sub-Servicer, shall address each of the
      Servicing Criteria applicable to the Sub-Servicer. Notwithstanding the
      foregoing, as to any subcontractor determined by the Servicer to be
“participating in the servicing function,” an Assessment of Compliance is not
      required to be delivered unless it is required as part of a Form 10-K with
      respect to the Trust Fund.

     

    If
      the
      Servicer cannot deliver any Assessment of Compliance or Attestation Report
      by
      March 15th
      of such
      year (or March 24th
      of any
      calendar year in which a Form 10-K will not be filed), the Depositor may permit
      a cure period for the Servicer to deliver such Assessment of Compliance or
      Attestation Report, but in no event later than March 25th
      of such
      year.

     

    Failure
      of the Servicer to timely comply with this Section 3.21 (taking into account
      the
      cure period if permitted as set forth in the preceding paragraph) shall be
      deemed an Event of Default, and the Trustee may, in addition to whatever rights
      the Trustee may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance, give notice to Noteholders
      that they have ten Business Days to object. If no such objection is received,
      the Indenture Trustee shall immediately terminate all the rights and obligations
      of the Servicer under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Servicer for the same (other than
      as
      provided herein with respect to unreimbursed Advances or Servicing Advances
      or
      accrued and unpaid Servicing Fees). This paragraph shall supercede any other
      provision in this Agreement or any other agreement to the contrary.

     

    The
      Trustee shall also provide an Assessment of Compliance (with respect to items
      (a) - (d) but not (e) above) and Attestation Report, as and when provided above,
      which shall at a minimum address each of the Servicing Criteria specified on
      Exhibit S hereto which are indicated as applicable to the “trustee”.
      Notwithstanding the foregoing, as to any trustee, an Assessment of Compliance
      is
      not required to be delivered unless it is required as part of a Form 10-K with
      respect to the Trust Fund.

     

    Each
      of
      the Servicer and the Trustee shall indemnify and hold harmless the Depositor
      and
      the Trustee, as applicable, and its officers, directors and Affiliates from
      and
      against any actual losses, damages, penalties, fines, forfeitures, reasonable
      and necessary legal fees and related costs, judgments and other costs and
      expenses that such Person may sustain based upon a breach of the Servicer’s or
      the Trustee’s obligations, as applicable, under this Section 3.21.

     

    SECTION
      3.22 [Reserved].

     

    SECTION
      3.23 Access
      to
      Certain Documentation.

     

    The
      Servicer shall provide to the Trustee and the Depositor at the request of the
      Office of the Controller of the Currency, the Office of Thrift Supervision,
      the
      FDIC, and any other federal or state banking or insurance regulatory authority
      that may exercise authority over any Certificateholder, access to the
      documentation regarding the Mortgage Loans required by applicable laws and
      regulations. Such access shall be afforded without charge, but only upon
      reasonable request and during normal business hours at the offices of the
      Servicer designated by it. In addition, access to the documentation regarding
      the Mortgage Loans required by applicable laws and regulations will be provided
      to such Certificateholder, the Trustee and to any Person identified to the
      Servicer as a prospective transferee of a Certificate subject to the execution
      of a confidentiality agreement in form and substance satisfactory to the
      servicer, upon reasonable request during normal business hours at the offices
      of
      the Servicer designated by it at the expense of the Person requesting such
      access. Nothing in this Section 3.22 shall derogate from the obligation of
      any
      such party to observe any applicable law prohibiting disclosure of information
      regarding the Mortgagors and the failure of any such party to provide access
      as
      provided in this Section as a result of such obligation shall not constitute
      a
      breach of this Section 3.22.

     

    The
      Servicer agrees to fully furnish, in accordance with the Fair Credit Reporting
      Act and its implementing regulations, accurate and complete information
      (e.g.,
      favorable and unfavorable) on its borrower credit files to Equifax, Experian
      and
      Trans Union Credit Information Servicer, on a monthly basis.

     

    SECTION
      3.24 Title,
      Management and Disposition of REO Property.

     

    (a)  In
      the
      event that title to an REO Property is acquired in foreclosure or by deed in
      lieu of foreclosure, the deed or certificate of sale shall be taken (pursuant
      to
      a limited power of attorney to be provided by the Trustee to the Servicer)
      in
      the name of the Trustee or a nominee thereof, on behalf of the
      Certificateholders, or in the event the Trustee or a nominee thereof is not
      authorized or permitted to hold title to real property in the state where the
      REO Property is located, or would be adversely affected under the “doing
      business” or tax laws of such state by so holding title, the deed or certificate
      of sale shall be taken in the name of such Person or Persons as shall be
      consistent with an Opinion of Counsel obtained by the Servicer from an attorney
      duly licensed to practice law in the state where the REO Property is located.
      Any Person or Persons holding such title other than the Trustee shall
      acknowledge in writing that such title is being held as nominee for the benefit
      of the Trustee. The Trustee’s name shall be placed on the title to such REO
      Property solely as the Trustee hereunder and not in its individual capacity.
      The
      Servicer shall ensure that the title to such REO Property references this
      Agreement and the Trustee’s capacity hereunder. The Servicer, on behalf of the
      Trust Fund, shall either sell any REO Property before the close of the third
      taxable year following the year the Trust Fund acquires ownership of such REO
      Property for purposes of Section 860G(a)(8) of the Code or request from the
      Internal Revenue Service, no later than 60 days before the day on which the
      above three-year grace period would otherwise expire, an extension of the above
      three-year grace period, unless the Servicer shall have delivered to the Trustee
      and the Depositor an Opinion of Counsel, addressed to the Trustee and the
      Depositor, to the effect that the holding by the Trust Fund of such REO Property
      subsequent to the close of the third taxable year after its acquisition will
      not
      result in the imposition on the Trust Fund of taxes on “prohibited transactions”
thereof, as defined in Section 860F of the Code, or cause any Trust REMIC to
      fail to qualify as a REMIC under Federal law at any time that any Certificates
      are outstanding. The Servicer shall manage, conserve, protect and operate each
      REO Property for the Certificateholders solely for the purpose of its prompt
      disposition and sale in a manner which does not cause such REO Property to
      fail
      to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
      the Code or result in the receipt by any Trust REMIC of any “income from
      non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code,
      or any “net income from foreclosure property” which is subject to taxation under
      the REMIC Provisions.

     

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

     

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

     

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

     

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

     

    (iii)  all
      costs
      and expenses necessary to maintain such REO Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (1) through
      (3)
      above with respect to such REO Property, the Servicer shall advance from its
      own
      funds such amount as is necessary for such purposes if, but only if, the
      Servicer would make such advances if the Servicer owned the REO Property and
      if
      in the Servicer’s judgment, the payment of such amounts will be recoverable from
      the rental or sale of the REO Property.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (iii)  none
      of
      the provisions of this Section 3.24(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Servicer of any of its duties and obligations to the Trustee on behalf
      of
      the Certificateholders with respect to the operation and management of any
      such
      REO Property; and

     

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

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section 3.18 is sufficient to pay such
      fees.

     

    (d)  In
      addition to the withdrawals permitted under Section 3.24(c), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect of the
      related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for
      unreimbursed Servicing Advances and Advances made in respect of such REO
      Property or the related Mortgage Loan. Any income from the related REO Property
      received during any calendar months prior to a Final Recovery Determination,
      net
      of any withdrawals made pursuant to Section 3.24(c) or this Section 3.24(d),
      shall be withdrawn by the Servicer from each REO Account maintained by it and
      remitted to the Trustee for deposit into the Distribution Account in accordance
      with Section 3.10(d)(ii) on the Servicer Remittance Date relating to a Final
      Recovery Determination with respect to such Mortgage Loan, for distribution
      on
      the related Distribution Date in accordance with Section 4.01.

     

    (e)  Subject
      to the time constraints set forth in Section 3.24(a), each REO Disposition
      shall
      be carried out by the Servicer at such price and upon such terms and conditions
      as the Servicer shall deem necessary or advisable, as shall be normal and usual
      in its general servicing activities for similar properties.

     

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

     

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

     

    SECTION
      3.25 Obligations
      of the Servicer in Respect of Prepayment Interest Shortfalls.
       

    

    The
      Servicer shall deliver to the Trustee for deposit into the Distribution Account
      on the Servicer Remittance Date from its own funds (or from a Sub-Servicer’s own
      funds received by the Servicer in respect of Compensating Interest) an amount
      equal to the lesser of (a) the amount, if any, by which the Prepayment Interest
      Shortfall for the related Prepayment Period, and (b) the amount of the Servicing
      Fee payable to the Servicer for such Distribution Date.

     

    SECTION
      3.26 Obligations
      of the Servicer in Respect of Monthly Payments. 
       

    

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Mortgage Rates,
      Monthly Payments or Stated Principal Balances that were made by the Servicer
      in
      a manner not consistent with the terms of the related Mortgage Note and this
      Agreement, the Servicer, upon discovery or receipt of notice thereof,
      immediately shall deliver to the Trustee for deposit in the Distribution Account
      from its own funds the amount of any such shortfall and shall indemnify and
      hold
      harmless the Trust Fund, the Trustee, the Depositor and any successor servicer
      in respect of any such liability. Such indemnities shall survive the termination
      or discharge of this Agreement. If amounts paid by the Servicer with respect
      to
      any Mortgage Loan pursuant to this Section 3.26 are subsequently recovered
      from
      the related Mortgagor, the Servicer shall be permitted to reimburse itself
      for
      such amounts paid by it pursuant to this Section 3.26 from such
      recoveries.

     

    SECTION
      3.27 PMI
      Policies; Claims Under the PMI Policies.

     

    Notwithstanding
      anything to the contrary elsewhere in this Agreement, the Servicer shall not
      take any action with respect to a PMI Mortgage Loan that could result in denial
      of coverage under the PMI Policy. The Servicer shall notify the PMI Insurer
      that
      the Trustee, on behalf of the Certificateholders, is the Insured, as that term
      is defined in the PMI Policy, of each PMI Mortgage Loan. The Servicer shall,
      on
      behalf of the Trustee, prepare and file on a timely basis with the PMI Insurer,
      all claims which may be made under the PMI Policy with respect to the PMI
      Mortgage Loans. Copies of any such claims will be provided to the Trustee as
      reasonably requested. Consistent with all rights and obligations hereunder,
      the
      Servicer shall take all actions required under the PMI Policy as a condition
      to
      the payment of any such claim. Any amount received from the PMI Insurer with
      respect to any such PMI Mortgage Loan shall be deposited by the Servicer into
      the Collection Account in accordance with Section 3.10. The Trustee shall
      withdraw from the Distribution Account on each Distribution Date and pay to
      the
      PMI Insurer the PMI Insurer Fee in accordance with this Agreement.

     

    SECTION
      3.28 Advance
      Facility

     

    (a)  Either
      (i) the Servicer or (ii) the Trustee, on behalf of the Trust Fund, with the
      consent of and at the direction of the Servicer, is hereby authorized to enter
      into a facility (an “Advance Facility”) with any Person which provides that such
      Person (an “Advancing Person”) may fund Advances and/or Servicing Advances to
      the Trust Fund under this Agreement, although no such facility shall reduce
      or
      otherwise affect the Servicer’s obligation to fund such Advances and/or
      Servicing Advances. If the Servicer enters into such an Advance Facility
      pursuant to this Section 3.28, upon reasonable request of the Advancing Person,
      the Trustee shall execute a letter of acknowledgment, confirming its receipt
      of
      notice of the existence of such Advance Facility. If the Trustee enters into
      such an Advance Facility pursuant to this Section 3.28, the Servicer shall
      also
      be a party to such Advance Facility. To the extent that an Advancing Person
      funds any Advance or any Servicing Advance and provides the Trustee with notice
      acknowledged by the Servicer that such Advancing Person is entitled to
      reimbursement, such Advancing Person shall be entitled to receive reimbursement
      pursuant to this Agreement for such amount to the extent provided in Section
      3.28(b). Such notice from the Advancing Person must specify the amount of the
      reimbursement, the Section of this Agreement that permits the applicable Advance
      or Servicing Advance to be reimbursed and the section(s) of the Advance Facility
      that entitle the Advancing Person to request reimbursement from the Trustee,
      rather than the Servicer, and include the Servicer’s acknowledgment thereto or
      proof of an Event of Default under the Advance Facility. The Trustee shall
      have
      no duty or liability with respect to any calculation of any reimbursement to
      be
      paid to an Advancing Person and shall be entitled to rely without independent
      investigation on the Advancing Person’s notice provided pursuant to this Section
      3.28. An Advancing Person whose obligations hereunder are limited to the funding
      of Advances and/or Servicing Advances shall not be required to meet the
      qualifications of a Servicer or a Sub-Servicer pursuant to Section 3.02 hereof
      and will not be deemed to be a Sub-Servicer under this Agreement.

     

    (b)  If
      an
      advancing facility is entered into, then the Servicer shall not be permitted
      to
      reimburse itself therefor under Section 3.11(a)(ii), Section 3.11(a)(iii) and
      Section 3.11(a)(vi) prior to the remittance to the Trust Fund, but instead
      the
      Servicer shall include such amounts in the applicable remittance to the Trustee
      made pursuant to Section 3.11(a). The Trustee is hereby authorized to pay to
      the
      Advancing Person, reimbursements for Advances and Servicing Advances from the
      Distribution Account to the same extent the Servicer would have been permitted
      to reimburse itself for such Advances and/or Servicing Advances in accordance
      with Section 3.11(a)(ii), Section 3.11(a)(iii) and Section 3.11(a)(vi), as
      the
      case may be, had the Servicer itself funded such Advance or Servicing Advance.
      The Trustee is hereby authorized to pay directly to the Advancing Person such
      portion of the Servicing Fee as the parties to any advancing facility agree
      in
      writing.

     

    (c)  All
      Advances and Servicing Advances made pursuant to the terms of this Agreement
      shall be deemed made and shall be reimbursed on a “first in-first out” (FIFO)
      basis.

     

    Any
      amendment to this Section 3.28 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.28, including amendments to add provisions
      relating to a successor servicer, may be entered into by the Trustee and the
      Servicer without the consent of any Certificateholder, notwithstanding anything
      to the contrary in this Agreement.

     

    SECTION
      3.29 [Reserved].

     

    SECTION
      3.30 Solicitations.

     

    From
      and
      after the Closing Date, the Servicer agrees that it will not take any
      action or permit or cause any action to be taken by any of its agents and
      Affiliates, or by any independent
      contractors or independent mortgage brokerage companies on the Servicer's
behalf,
      to personally, by telephone, mail or electronic mail, solicit the Mortgagor
      under any Mortgage
      Loan for the purpose of refinancing such Mortgage Loan; provided, that the
      Servicer
      may solicit any Mortgagor for whom the Servicer has received a request for
      verification
      of mortgage, a request for demand for payoff, a mortgagor initiated written
      or
      verbal communication
      indicating a desire to prepay the related Mortgage Loan, another mortgage
company
      has pulled a credit report on the mortgagor or the mortgagor initiates a title
      search; provided
      further, it is understood and agreed that promotions undertaken by the
Servicer
      or any of its Affiliates which (i) concern optional insurance products or other
      additional products or (ii) are directed to the general public at large,
      including, without limitation, mass mailings based on commercially acquired
      mailing lists, newspaper, radio and television advertisements shall not
      constitute solicitation under this Section, nor is the Servicer prohibited
      from
      responding to unsolicited requests or inquiries made by a Mortgagor or an agent
      of a Mortgagor. Furthermore, the Servicer shall be permitted to include in
      its
      monthly statements to borrowers
      or otherwise, statements regarding the availability of the Servicer's counseling
      services
      with respect to refinancing mortgage loans.

     

    ARTICLE
      IV

     

     FLOW
      OF
      FUNDS

     

    SECTION
      4.01 Distributions.

     

    (a)  On
      each
      Distribution Date, the Trustee shall pay the Credit Risk Manager Fee to the
      Credit Risk Manager and shall then withdraw from the Distribution Account that
      portion of Available Funds for such Distribution Date consisting of the Interest
      Remittance Amount for such Distribution Date, and make the following
      disbursements and transfers in the order of priority described below, in each
      case to the extent of the Interest Remittance Amount remaining for such
      Distribution Date:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    With
      respect to the Class A Certificates, all principal distributions will be
      distributed sequentially, first, to the Holders of the Class A-1 Certificates,
      until the Certificate Principal Balance of the Class A-1 Certificates has been
      reduced to zero; second, to the Holders of the Class A-2 Certificates, until
      the
      Certificate Principal Balance of the Class A-2 Certificates has been reduced
      to
      zero; third, to the Holders of the Class A-3 Certificates until the Certificate
      Principal Balance of the Class A-3 Certificates has been reduced to zero and
      fourth, to the Holders of the Class A-4 Certificates until the Certificate
      Principal Balance of the Class A-4 Certificates has been reduced to zero;
      provided, however, on any Distribution Date on which the aggregate Certificate
      Principal Balance of the Subordinate Certificates has been reduced to zero,
      all
      principal distributions will be distributed concurrently, to the Holders of
      the
      Class A Certificates, on a pro
      rata
      basis
      based on the Certificate Principal Balance of each such class.

     

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

     

    (i)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, distributable to such Holders as part of the Principal
      Distribution Amount as described under Section 4.01(b) above;

     

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

     

    (iii)  to
      the
      Net WAC Rate Carryover Reserve Account, the aggregate of any Net WAC Rate
      Carryover Amounts for the Floating Rate Certificates which exceed the amounts,
      if any, received under the Basis Risk Cap Agreement;

     

    (iv)  to
      the
      Supplemental Interest Trust Trustee for payment to the Swap Provider, any Swap
      Termination Payments resulting from a Swap Provider Trigger Event;

     

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

     

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

     

    (vii)  any
      remaining amounts to the Holders of the Residual Certificates (in respect of
      the
      Class R-4 Interest).

     

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

     

    (i)  concurrently,
      to each Class of Class A Certificates, the related Basis Risk Cap Amount, from
      payments made under the Basis Risk Cap Agreement, in each case up to a maximum
      amount equal to the related Net WAC Rate Carryover Amount for such Distribution
      Date;

     

    (ii)  sequentially,
      the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3
      Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class
      M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the
      Class M-9 Certificates and the Class M-10 Certificates, in that order, the
      related Basis Risk Cap Amount, from payments made under the Basis Risk Cap
      Agreement, in each case up to a maximum amount equal to the related Net WAC
      Rate
      Carryover Amount for such Distribution Date;

     

    (iii)  concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover Amount
      remaining undistributed pursuant to clause (i) above, on a pro
      rata
      basis
      based on such respective remaining Net WAC Rate Carryover Amounts;
      and

     

    (iv)  sequentially,
      to the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3
      Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class
      M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the
      Class M-9 Certificates and the Class M-10 Certificates, in that order, the
      related Net WAC Rate Carryover Amount remaining undistributed pursuant to clause
      (ii) above.

     

    (e)  In
      accordance with the first sentence of Section 4.10(b), on or before each
      Distribution Date, Net Swap Payments (whether payable to the Swap Provider
      or to
      the Supplemental Interest Trust Trustee), any Swap Termination Payment owed
      to
      the Swap Provider not resulting from a Swap Provider Trigger Event pursuant
      to
      the Interest Rate Swap Agreement and any Swap Termination Payments owed to
      the
      Supplemental Interest Trust Trustee will be deposited by the Supplemental
      Interest Trust Trustee into the Swap Account. On each Distribution Date, the
      Trustee shall withdraw from amounts on deposit in the Swap Account (other than
      amounts representing Swap Termination Payments received by the Supplemental
      Interest Trust Trustee or Net Swap Payments received by the Supplemental
      Interest Trust Trustee) prior to any distribution to any Certificates and pay
      as
      follows:

     

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

     

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

     

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

     

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

     

    (ii)  sequentially,
      to the Class M-1 Certificates,
      Class
      M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5
      Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8
      Certificates, Class M-9 Certificates and Class M-10 Certificates, in that order,
      the related Monthly Interest Distributable Amount and Unpaid Interest Shortfall
      Amount, to the extent remaining undistributed;

     

    (iii)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, distributable to such Holders as part of the Principal
      Distribution Amount;

     

    (iv)  sequentially
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
      M-10
      Certificates,
      in
      that
      order, in each case up to the related Allocated Realized Loss Amount related
      to
      such Certificates for such Distribution Date remaining
      undistributed;

     

    (v)  concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover
      Amount, to the extent remaining undistributed, on a pro
      rata
      basis
      based on such respective Net WAC Rate Carryover Amounts remaining;

     

    (vi)  sequentially,
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
      M-10
      Certificates, in that order, the related Net WAC Rate Carryover Amount, to
      the
      extent remaining undistributed; and

     

    (vii)  any
      remaining amounts to the Holders of the Class C Certificates.

     

    Notwithstanding
      any of the foregoing, the aggregate amount distributed under Section
      4.01(e)(iii) above on such Distribution Date, when added to the cumulative
      amount distributed under Section 4.01(e)(iii) above on all prior Distribution
      Dates, will not be permitted to exceed the cumulative amount of Realized Losses
      incurred on the Mortgage Loans since the Cut-off Date through the last day
      of
      the Prepayment Period (reduced by the aggregate amount of Subsequent Recoveries
      received since the Cut-off date through the last day of the Prepayment Period).
      Any amounts that would otherwise be distributable from the Supplemental Interest
      Trust on any Distribution Date under Section 4.01(e)(iii) above, but for the
      foregoing proviso, will be retained in the Supplemental Interest Trust and
      will
      be included in amounts available for distribution from the Supplemental Interest
      Trust on the next succeeding Distribution Date, subject to the foregoing proviso
      in the case of amounts to be distributed under Section 4.01(e) (iii)
      above.

     

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

     

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

     

    (ii)  sequentially,
      to the Class M-1 Certificates,
      Class
      M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5
      Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8
      Certificates, Class M-9 Certificates and Class M-10 Certificates, in that order,
      the related Monthly Interest Distributable Amount and Unpaid Interest Shortfall
      Amount, to the extent remaining undistributed;

     

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

     

    (iv)  sequentially
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
      M-10
      Certificates, in that order, in each case up to the related Allocated Realized
      Loss Amount related to such Certificates for such Distribution Date remaining
      undistributed;

     

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

     

    (vi)  sequentially,
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
      M-10
      Certificates, in that order, the related Net WAC Rate Carryover Amount, to
      the
      extent remaining undistributed; and

     

    (vii)  any
      remaining amounts to the Holders of the Class C Certificates.

     

    (g)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period and the Servicer
      Prepayment Charge Payment Amounts paid by the Servicer during the related
      Prepayment Period will be withdrawn from the Distribution Account and
      distributed by the Trustee to the Holders of the Class P Certificates and shall
      not be available for distribution to the Holders of any other Class of
      Certificates. The payment of the foregoing amounts to the Holders of the Class
      P
      Certificates shall not reduce the Certificate Principal Balances thereof.

     

    (h)  On
      each
      Distribution Date, all amounts representing income and gain realized from the
      investment of funds deposited in the Distribution Account during the Float
      Period, will be withdrawn from the Distribution Account and distributed by
      the
      Trustee to the Holders of the Class FL Certificates and shall not be available
      for distribution to the Holders of any other Class of Certificates. The payment
      of the foregoing amounts to the Holders of the Class FL Certificates shall
      not
      reduce the Certificate Principal Balances thereof.

     

    (i)  The
      Trustee shall make distributions in respect of a Distribution Date to each
      Certificateholder of record on the related Record Date (other than as provided
      in Section 10.01 respecting the final distribution), in the case of
      Certificateholders of the Regular Certificates, by check or money order mailed
      to such Certificateholder at the address appearing in the Certificate Register,
      or by wire transfer. Distributions among Certificateholders shall be made in
      proportion to the Percentage Interests evidenced by the Certificates held by
      such Certificateholders.

     

    (j)  Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Depositor or the Servicer shall have
      any
      responsibility therefor except as otherwise provided by applicable
      law.

     

    On
      each
      Distribution Date, following the foregoing distributions, an amount equal to
      the
      amount of Subsequent Recoveries deposited into the Collection Account pursuant
      to Section 3.10 shall be applied to increase the Certificate Principal Balance
      of the Class of Certificates with the Highest Priority up to the extent of
      such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.08. An amount equal to the amount of any remaining Subsequent
      Recoveries shall be applied to increase the Certificate Principal Balance of
      the
      Class of Certificates with the next Highest Priority, up to the amount of such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.08. Holders of such Certificates will not be entitled to any
      distribution in respect of interest on the amount of such increases for any
      Interest Accrual Period preceding the Distribution Date on which such increase
      occurs. Any such increases shall be applied to the Certificate Principal Balance
      of each Certificate of such Class in accordance with its respective Percentage
      Interest.

     

    (k)  It
      is the
      intention of all of the parties hereto that the Class C Certificates receive
      all
      principal and interest received by the Trust on the Mortgage Loans that is
      not
      otherwise distributable to any other Class of Regular Certificates or REMIC
      Regular Interests and that the Residual Certificates are to receive no principal
      and interest. If the Trustee determines that the Residual Certificates are
      entitled to any distributions, the Trustee, prior to any such distribution
      to
      any Residual Certificate, shall notify the Depositor of such impending
      distribution but shall make such distribution in accordance with the terms
      of
      this Agreement until this Agreement is amended as specified in the following
      sentence. Upon such notification, the Depositor will request an amendment to
      the
      Pooling and Servicing Agreement to revise such mistake in the distribution
      provisions. The Residual Certificate Holders, by acceptance of their
      Certificates, and the Servicer(s), hereby agree to any such amendment and no
      further consent shall be necessary, notwithstanding anything to the contrary
      in
      Section 11.01 of this Pooling and Servicing Agreement; provided, however, that
      such amendment shall otherwise comply with Section 11.01 hereof.

     

    SECTION
      4.02 Net
      WAC
      Rate Carryover Reserve Account.

     

    No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      a
      separate, segregated trust account titled, “Net WAC Rate Carryover Reserve
      Account, Deutsche Bank National Trust Company, as Trustee, in trust for
      registered Holders of Soundview Mortgage Loan Trust 2007-NS1, Asset-Backed
      Certificates, Series 2007-NS1.” All amounts deposited in the Net WAC Rate
      Carryover Reserve Account shall be distributed to the Holders of the Floating
      Rate Certificates in the manner set forth in Section 4.01(d).

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Floating Rate Certificates (after taking into account the remaining
      Initial Net WAC Rate Carryover Reserve Account Deposit), the Trustee has been
      directed by the Class C Certificateholders to, and therefore will, deposit
      into
      the Net WAC Rate Carryover Reserve Account the amounts described in Section
      4.01(c)(v), rather than distributing such amounts to the Class C
      Certificateholders. In addition, any payments received by the Trustee under
      the
      Basis Risk Cap Agreement on each Distribution Date will be deposited into the
      Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the
      Trustee shall hold all such amounts for the benefit of the Holders of the
      Floating Rate Certificates, and will distribute such amounts to the Holders
      of
      the Floating Rate Certificates in the amounts and priorities set forth in
      Section 4.01(d).

     

    On
      each
      Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve
      Account (representing payments received by the Trustee under the Basis Risk
      Cap
      Agreement) after the payment of any Net WAC Rate Carryover Amounts on the
      Floating Rate Certificates for such Distribution Date, shall be payable to
      the
      Trust as additional compensation. For so long as any Floating Rate Certificates
      are beneficially owned by the Depositor or any of its Affiliates, the Depositor
      shall refund or cause such Affiliate to refund any amounts paid to it under
      the
      Basis Risk Cap Agreement to the Trustee who shall, pursuant to the terms of
      the
      Basis Risk Cap Agreement, return such amount to the counterparty
      thereunder.

     

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class C Certificates
      unless and until the date when either (a) there is more than one Class C
      Certificateholder or (b) any Class of Certificates in addition to the Class
      C
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
      be
      treated as a partnership; provided, that the Trustee shall not be required
      to
      prepare and file partnership tax returns in respect of such partnership unless
      it receives additional reasonable compensation for the preparation of such
      filings, written notification recognizing the creation of a partnership
      agreement or comparable documentation evidencing the partnership, if any. All
      amounts deposited into the Net WAC Rate Carryover Reserve Account (other than
      amounts received under the Basis Risk Cap Agreement) shall be treated as amounts
      distributed by REMIC 4 to the Holder of the Class C Interest and by REMIC 4
      to
      the Holder of the Class C Certificates. The Net WAC Rate Carryover Reserve
      Account will be an “outside reserve fund” within the meaning of Treasury
      Regulation Section 1.860G-2(h). Upon the termination of the Trust, or the
      payment in full of the Floating Rate Certificates, all amounts remaining on
      deposit in the Net WAC Rate Carryover Reserve Account will be released by the
      Trust and distributed to the Holders of the Class C Certificates or their
      designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust
      but not part of any REMIC and any payments to the Holders of the Floating Rate
      Certificates of Net WAC Rate Carryover Amounts will not be payments with respect
      to a “regular interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    By
      accepting a Class C Certificate, each Class C Certificateholder hereby agrees
      to
      direct the Trustee, and the Trustee hereby is directed, to deposit into the
      Net
      WAC Rate Carryover Reserve Account the amounts described above on each
      Distribution Date as to which there is any Net WAC Rate Carryover Amount rather
      than distributing such amounts to the Class C Certificateholders. By accepting
      a
      Class C Certificate, each Class C Certificateholder further agrees that such
      direction is given for good and valuable consideration, the receipt and
      sufficiency of which is acknowledged by such acceptance.

     

    Amounts
      on deposit in the Net WAC Rate Carryover Reserve Account shall remain
      uninvested.

     

    For
      federal tax return and information reporting, the right of the Holders of the
      Floating Rate Certificates to receive payments from the Net WAC Rate Carryover
      Reserve Account in respect of any Net WAC Cap Carry Forward Amounts may have
      more than a de
      minimis
      value.

     

    SECTION
      4.03 Statements.

     

    (a)  On
      each
      Distribution Date, based, as applicable, on information provided to the Trustee
      by the Servicer, the Trustee shall prepare and make available to each Holder
      of
      the Regular Certificates, the Credit Risk Manager, the Servicer and the Rating
      Agencies, a statement as to the distributions made on such Distribution
      Date:

     

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

     

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

     

    (iii)  the
      Net
      Monthly Excess Cashflow, the Overcollateralized Amount, the
      Overcollateralization Release Amount, the Overcollateralization Deficiency
      Amount and the Overcollateralization Target Amount as of such Distribution
      Date
      and the Excess Overcollateralized Amount for the Mortgage Pool for such
      Distribution Date;

     

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

     

    (v)  the
      aggregate amount of Advances for the related Due Period (including the general
      purpose of such Advances);

     

    (vi)  the
      Pool
      Balance at the Close of Business at the end of the related Due
      Period;

     

    (vii)  the
      number, aggregate Stated Principal Balance, weighted average remaining term
      to
      maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
      related Determination Date;

     

    (viii)  the
      number and aggregate unpaid Stated Principal Balance of Mortgage Loans that
      were
      (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and
      REO
      Properties) using the OTS Method (as described below) (1) 30 to 59 days, (2)
      60
      to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings
      have
      been commenced and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3)
      90 or
      more days, (C) in bankruptcy and Delinquent (1) 30 to 59 days, (2) 60 to 89
      days
      and (3) 90 or more days, in each case as of the Close of Business on the last
      day of the calendar month preceding such Distribution Date and (D) REO
      Properties, as well as the aggregate principal balance of Mortgage Loans that
      were liquidated and the net proceeds resulting therefrom;

     

    (ix)  the
      total
      number and cumulative Stated Principal Balance of all REO Properties as of
      the
      Close of Business of the last day of the calendar month preceding the related
      Distribution Date;

     

    (x)  the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period, separately indicating Principal Prepayments in full and Principal
      Prepayments in part;

     

    (xi)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period, which will include the aggregate amount of Subsequent Recoveries
      received during the related Prepayment Period and the aggregate amount of
      Realized Losses incurred since the Closing Date, which will include the
      cumulative amount of Subsequent Recoveries received since the Closing
      Date;

     

    (xii)  the
      aggregate amount of extraordinary Trust Fund expenses withdrawn from the
      Collection Account or the Distribution Account for such Distribution
      Date;

     

    (xiii)  the
      Certificate Principal Balance of each Class of Floating Rate Certificates and
      the Class C Certificates, before and after giving effect to the distributions
      made on such Distribution Date;

     

    (xiv)  the
      Monthly Interest Distributable Amount in respect of the Floating Rate
      Certificates and the Class C Certificates for such Distribution Date and the
      Unpaid Interest Shortfall Amount, if any, with respect to the Floating Rate
      Certificates for such Distribution Date;

     

    (xv)  the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to Section
      3.24; 

     

    (xvi)  the
      Credit Enhancement Percentage for such Distribution Date;

     

    (xvii)  the
      Net
      WAC Rate Carryover Amount for the Floating Rate Certificates, if any, for such
      Distribution Date and the amount remaining unpaid after reimbursements therefor
      on such Distribution Date;

     

    (xviii)  whether
      the Stepdown Date or a Trigger Event has occurred, the Delinquency Percentage
      for such Distribution Date and the Realized Loss Percentage for such
      Distribution Date;

     

    (xix)  the
      total
      cashflows received and the general sources thereof (including
      amounts received from the Supplemental Interest Trust Trustee under the Interest
      Rate Swap Agreement, from the Cap Trustee under the Interest Rate Cap Agreement
      and under the Basis Risk Cap Agreement);

     

    (xx)  the
      respective Pass-Through Rates applicable to the Floating Rate Certificates
      and
      the Class C Certificates for such Distribution Date and the Pass-Through Rate
      applicable to the Floating Rate Certificates for the immediately succeeding
      Distribution Date;

     

    (xxi)  payments,
      if any, made under the Basis Risk Cap Agreement and the Interest Rate Cap
      Agreement and the amount distributed to the Floating Rate Certificates from
      such
      payments;

     

    (xxii)  the
      amount of any Net Swap Payments or Swap Termination Payments paid to the Swap
      Provider; 

     

    (xxiii)  the
      applicable Record Date, Accrual Period and any other applicable determination
      dates for calculating distributions for such Distribution Date; 

     

    (xxiv)  the
      amount of income and gain realized from the investment of funds deposited in
      the
      Distribution Account during the Float Period for such Distribution
      Date;

     

    (xxv)  to
      the
      extent provided by the Servicer (A) the amount of payments received from the
      Servicer related to claims under each PMI Policy during the related Prepayment
      Period (and the number of Mortgage Loans to which such payments related) and
      (B)
      the cumulative amount of payments received related to claims under each PMI
      Policy since the Closing Date (and the number of Mortgage Loans to which such
      payments related); and

     

    (xxvi)  to
      the
      extent provided by the Servicer (A) the dollar amount of claims made under
      each
      PMI Policy that were denied (as identified by the Servicer) during the
      Prepayment Period (and the number of Mortgage Loans to which such denials
      related) and (B) the dollar amount of the cumulative claims made under each
      PMI
      Policy that were denied since the Closing Date (and the number of Mortgage
      Loans
      to which such denials related).

     

    The
      Trustee will make such statement (and, at its option, any additional files
      containing the same information in an alternative format) available each month
      to Certificateholders, the NIMS Insurer and the Rating Agencies via the
      Trustee’s internet website. The Trustee’s internet website shall initially be
      located at “https://www.tss.db.com/invr”. Assistance in using the website can be
      obtained by calling the Trustee’s customer service desk at (800) 735-7777.
      Parties that are unable to use the above distribution option are entitled to
      have a paper copy mailed to them via first class mail by calling the customer
      service desk and indicating such. The Trustee shall have the right to change
      the
      way such statements are distributed in order to make such distribution more
      convenient and/or more accessible to the above parties and the Trustee shall
      provide timely and adequate notification to all above parties regarding any
      such
      changes. As a condition to access to the Trustee’s internet website, the Trustee
      may require registration and the acceptance of a disclaimer. The Trustee will
      not be liable for the dissemination of information in accordance with this
      Agreement. The Trustee shall also be entitled to rely on but shall not be
      responsible for the content or accuracy of any information provided by third
      parties for purposes of preparing the Distribution Date statement and may affix
      thereto any disclaimer it deems appropriate in its reasonable discretion
      (without suggesting liability on the part of any other party
      thereto).

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the Cut-off
      Date.

     

    For
      all
      purposes of this Agreement, with respect to any Mortgage Loan, delinquencies
      shall be determined by the Trustee from information provided by the Servicer
      and
      reported by the Trustee based on the OTS methodology for determining
      delinquencies on mortgage loans similar to the Mortgage Loans. By way of
      example, a Mortgage Loan would be Delinquent with respect to a Monthly Payment
      due on a Due Date if such Monthly Payment is not made by the close of business
      on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would
      be
      more than 30-days Delinquent with respect to such Monthly Payment if such
      Monthly Payment were not made by the close of business on the Mortgage Loan’s
      second succeeding Due Date. The Servicer hereby represents and warrants to
      the
      Depositor that it is not subject to any delinquency recognition policy
      established by its safety and soundness regulators.

     

    (b)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall, upon written request, furnish to each Person who at any time during
      the
      calendar year was a Certificateholder of a Regular Certificate, if requested
      in
      writing by such Person, such information as is reasonably necessary to provide
      to such Person a statement containing the information set forth in subclauses
      (i) and (ii) above, aggregated for such calendar year or applicable portion
      thereof during which such Person was a Certificateholder. Such obligation of
      the
      Trustee shall be deemed to have been satisfied to the extent that substantially
      comparable information shall be prepared and furnished by the Trustee to
      Certificateholders pursuant to any requirements of the Code as are in force
      from
      time to time.

     

    (c)  On
      each
      Distribution Date, the Trustee shall make available to the Residual
      Certificateholders a copy of the reports forwarded to the Regular
      Certificateholders in respect of such Distribution Date with such other
      information as the Trustee deems necessary or appropriate.

     

    (d)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      deliver to each Person who at any time during the calendar year was a Residual
      Certificateholder, if requested in writing by such Person, such information
      as
      is reasonably necessary to provide to such Person a statement containing the
      information provided pursuant to the previous paragraph aggregated for such
      calendar year or applicable portion thereof during which such Person was a
      Residual Certificateholder. Such obligation of the Trustee shall be deemed
      to
      have been satisfied to the extent that substantially comparable information
      shall be prepared and furnished to Certificateholders by the Trustee pursuant
      to
      any requirements of the Code as from time to time in force.

     

    SECTION
      4.04 Remittance
      Reports; Advances.

     

    (a)  On
      the
      2nd Business Day following each Determination Date, the Servicer shall furnish
      to the Trustee a monthly remittance advice (which together with any supplemental
      reports is known as the “Remittance Report”). Such Remittance Report shall be in
      a format mutually agreed to between the Servicer and the Trustee. The Trustee
      shall not be responsible to recompute, recalculate or verify any information
      provided to it by the Servicer.

     

    (b)  The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section 4.04(d), the sum of (i) the aggregate amount of
      Monthly Payments (net of the related Servicing Fee), due during the related
      Due
      Period in respect of the Mortgage Loans (other than with respect to any REO
      Property as described in clause (ii) below or a Balloon Mortgage Loan as
      described below), which Monthly Payments were delinquent on a contractual basis
      as of the Close of Business on the related Determination Date and (ii) with
      respect to each REO Property, which REO Property was acquired during or prior
      to
      the related Due Period and as to which REO Property an REO Disposition did
      not
      occur during the related Due Period, an amount equal to the excess, if any,
      of
      the REO Imputed Interest on such REO Property for the most recently ended
      calendar month, over the net income from such REO Property transferred to the
      Distribution Account pursuant to Section 3.24 for distribution on such
      Distribution Date. For purposes of the preceding sentence, the Monthly Payment
      on each Balloon Mortgage Loan with a delinquent Balloon Payment is equal to
      the
      assumed monthly payment that would have been due on the related Due Date based
      on the original principal amortization schedule for such Balloon Mortgage Loan.
      In addition, the Servicer shall not be required to advance any Relief Act
      Interest Shortfalls or to cover Prepayment Interest Shortfalls in excess of
      its
      obligations under Section 3.25.

     

    On
      or
      before the Servicer Remittance Date, the Servicer shall remit in immediately
      available funds to the Trustee for deposit in the Distribution Account an amount
      equal to the aggregate amount of Advances, if any, to be made in respect of
      the
      Mortgage Loans and REO Properties for the related Distribution Date either
      (i)
      from its own funds or (ii) from the Collection Account, to the extent of funds
      held therein for future distribution (in which case it will cause to be made
      an
      appropriate entry in the records of Collection Account that amounts held for
      future distribution have been, as permitted by this Section 4.04, used by the
      Servicer in discharge of any such Advance) or (iii) in the form of any
      combination of (i) and (ii) aggregating the total amount of Advances to be
      made
      by the Servicer with respect to the Mortgage Loans and REO Properties. Any
      amounts held for future distribution used by the Servicer to make an Advance
      as
      permitted in the preceding sentence shall be appropriately reflected in the
      Servicer’s records and replaced by the Servicer by deposit in the Collection
      Account on or before any future Servicer Remittance Date to the extent that
      the
      Available Funds for the related Distribution Date (determined without regard
      to
      Advances to be made on the Servicer Remittance Date) shall be less than the
      total amount that would be distributed to the Classes of Certificateholders
      pursuant to Section 4.01 on such Distribution Date if such amounts held for
      future distributions had not been so used to make Advances. The Trustee will
      provide notice to the Servicer by telecopy by the Close of Business on any
      Servicer Remittance Date in the event that the amount remitted by the Servicer
      to the Trustee on such date is less than the Advances required to be made by
      the
      Servicer for the related Distribution Date, as set forth in the related
      Remittance Report.

     

    (c)  The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan, shall continue until the Mortgage Loan is paid
      in
      full or until all Liquidation Proceeds thereon have been recovered, or a Final
      Recovery Determination has been made thereon.

     

    (d)  Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance. The determination
      by the Servicer that it has made a Nonrecoverable Advance or that any proposed
      Advance or Servicing Advance, if made, would constitute a Nonrecoverable
      Advance, shall be evidenced by a certification of a Servicing Officer delivered
      to the Trustee (whereupon, upon receipt of such certification, the Trustee
      shall
      forward a copy of such certification to the Depositor, the Trustee and the
      Credit Risk Manager). Notwithstanding the foregoing, if following the
      application of Liquidation Proceeds on any Mortgage Loan that was the subject
      of
      a Final Recovery Determination, any Servicing Advance with respect to such
      Mortgage Loan shall remain unreimbursed to the Servicer, then without limiting
      the provisions of Section 3.11(a), a certification of a Servicing Officer
      regarding such Nonrecoverable Advance shall not be required to be delivered
      by
      the Servicer to the Trustee.

     

    SECTION
      4.05 Commission
      Reporting.

     

    (a)  The
      Trustee and the Servicer shall reasonably cooperate with the Depositor in
      connection with the Trust’s satisfying the reporting requirements under the
      Exchange Act.

     

    (b)  (i)
      Within 12 calendar days after each Distribution Date, the Trustee shall, in
      accordance with industry standards, file with the Commission via the Electronic
      Data Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form
      10-D, signed by the Depositor, with a copy of the monthly statement to be
      furnished by the Trustee to the Certificateholders for such Distribution Date.
      Any disclosure in addition to the monthly statement required to be included
      on
      the Form 10-D (“Additional Form 10-D Disclosure”) shall be determined and
      prepared by the entity that is indicated in Exhibit T as the responsible party
      for providing that information, if other than the Trustee, and the Trustee
      will
      have no duty or liability to verify the accuracy or sufficiency of any such
      Additional Form 10-D Disclosure and the Trustee shall have no liability with
      respect to any failure to properly prepare or file such Form 10-D resulting
      from
      or relating to the Trustee’s inability or failure to obtain any information in a
      timely manner from the party responsible for delivery of such Additional Form
      10-D Disclosure.

     

    Within
      3
      calendar days after the related Distribution Date, each entity that is indicated
      in Exhibit T as the responsible party for providing Additional Form 10-D
      Disclosure shall be required to provide to the Trustee and the Depositor, to
      the
      extent known, clearly identifying which item of Form 10-D the information
      relates to, any Additional Form 10-D Disclosure, if applicable. The Trustee
      shall compile the information provided to it, prepare the Form 10-D and forward
      the Form 10-D to the Depositor for verification. The Depositor will approve,
      as
      to form and substance, or disapprove, as the case may be, the Form 10-D. No
      later than three Business Days prior to the 10th
      calendar
      day after the related Distribution Date, an officer of the Depositor shall
      sign
      the Form 10-D and return an electronic or fax copy of such signed Form 10-D
      (with an original executed hard copy to follow by overnight mail) to the
      Trustee. The Indenture Trustee shall have no liability with respect to any
      failure to properly file any Form 10-D resulting from or relating to the
      Depositor’s failure to timely comply with the provisions of this
      section.

     

    (ii) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), the Depositor shall prepare
      and file any Form 8-K, as required by the Exchange Act, in addition to the
      initial Form 8-K in connection with the issuance of the Certificates. Any
      disclosure or information related to a Reportable Event or that is otherwise
      required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall be
      determined and prepared by the entity that is indicated in Exhibit T as the
      responsible party for providing that information.

     

    For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, no
      later than the end of business on the second Business Day after the occurrence
      of a Reportable Event, the entity that is indicated in Exhibit T as the
      responsible party for providing Form 8-K Disclosure Information shall be
      required to provide to the Depositor, to the extent known, the form and
      substance of any Form 8-K Disclosure Information, if applicable. The Depositor
      shall compile the information provided to it, and prepare and file the Form
      8-K,
      which shall be signed by an officer of the Depositor.

     

    (iii) Prior
      to
      January 30 of the first year in which the Trustee is able to do so under
      applicable law, the Trustee shall, in accordance with industry standards, file
      a
      Form 15 Suspension Notice with respect to the Trust Fund, if applicable. On
      or
      before (x) March 15, 2008 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, on or before March 15 of each year thereafter, the
      Servicer shall provide the Trustee with an Annual Compliance Statement, together
      with a copy of the Assessment of Compliance and Attestation Report to be
      delivered by the Servicer pursuant to Sections 3.20 and 3.21 (including with
      respect to any Sub-Servicer or any subcontractor, if required to be filed).
      Prior to (x) March 31, 2008 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, March 31 of each year thereafter, the Trustee shall
      file
      a Form 10-K, in substance as required by applicable law or applicable Securities
      and Exchange Commission staff’s interpretations and conforming to industry
      standards, with respect to the Trust Fund. Such Form 10-K shall include the
      Assessment of Compliance, Attestation Report, Annual Compliance Statements
      and
      other documentation provided by the Servicer pursuant to Sections 3.20 and
      3.21
      (including with respect to any Sub-Servicer or subcontractor, if required to
      be
      filed) and Section 3.21 with respect to the Trustee, and the Form 10-K
      certification in the form attached hereto as Exhibit N-1 (the “Certification”)
      signed by the senior officer of the Depositor in charge of securitization.
      The
      Trustee shall receive the items described in the preceding sentence no later
      than March 15 of each calendar year prior to the filing deadline for the Form
      10-K.

     

    Any
      disclosure or information in addition to that described in the preceding
      paragraph that is required to be included on Form 10-K (“Additional Form 10-K
      Disclosure”) shall be determined and prepared by the entity that is indicated in
      Exhibit T as the responsible party for providing that information, if other
      than
      the Trustee, and the Trustee will have no duty or liability to verify the
      accuracy or sufficiency of any such Additional Form 10-K
      Disclosure.

     

    If
      information, data and exhibits to be included in the Form 10-K are not so timely
      delivered, the Trustee shall file an amended Form 10-K including such
      documents as exhibits reasonably promptly after they are delivered to the
      Trustee. The Trustee shall have no liability with respect to any failure to
      properly prepare or file such periodic reports resulting from or relating to
      the
      Trustee’s inability or failure to timely obtain any information from any other
      party.

     

    Prior
      to
      (x) March 15, 2008 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, prior to March 1 of each year thereafter, each entity that
      is
      indicated in Exhibit T as the responsible party for providing Additional Form
      10-K Disclosure shall be required to provide to the Trustee and the Depositor,
      to the extent known, the form and substance of any Additional Form 10-K
      Disclosure Information, if applicable. The Trustee shall compile the information
      provided to it, prepare the Form 10-K and forward the Form 10-K to the Depositor
      for verification. The Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the Form 10-K by no later than March 25 of
      the
      relevant year (or the immediately preceding Business Day if March 25 is not
      a
      Business Day), an officer of the Depositor shall sign the Form 10-K and return
      an electronic or fax copy of such signed Form 10-K (with an original executed
      hard copy to follow by overnight mail) to the Trustee.

     

    The
      Servicer shall be responsible for determining the pool concentration applicable
      to any Sub-Servicer to which the Servicer delegated any of its responsibilities
      with respect to the Mortgage Loans at any time, for purposes of disclosure
      as
      required by Items 1117 and 1119 of Regulation AB. The Trustee will provide
      electronic or paper copies of all Form 10-D, 8-K and 10-K filings free of charge
      to any Certificateholder upon request. Any expenses incurred by the Trustee
      in
      connection with the previous sentence shall be reimbursable to the Trustee
      out
      of the Trust Fund. The Trustee shall have no liability with respect to any
      failure to properly file any Form 10-K resulting from or relating to the
      Depositor’s failure to timely comply with the provisions of this
      section.

     

    The
      Trustee shall sign a certification (in the form attached hereto as
      Exhibit N-2) for the benefit of the Depositor and its officers, directors
      and Affiliates in respect of items 1 through 3 of the Certification (provided,
      however, that the Trustee shall not undertake an analysis of the Attestation
      Report attached as an exhibit to the Form 10-K), and the Servicer shall sign
      a
      certification (the “Servicer Certification”) solely with respect to the Servicer
      (in the form attached hereto as Exhibit N-3) for the benefit of the
      Depositor, the Trustee and each Person, if any, who “controls” the Depositor or
      the Trustee within the meaning of the Securities Act of 1933, as amended, and
      their respective officers and directors. Each such certification shall be
      delivered to the Depositor and the Trustee by March 15th
      of each
      year (or if not a Business Day, the immediately preceding Business Day). The
      Certification attached hereto as Exhibit N-1 shall be delivered to the
      Trustee by March 20th
      for
      filing on or prior to March 30th
      of each
      year (or if not a Business Day, the immediately preceding Business
      Day).

     

    (c)  (A)
      The
      Trustee shall indemnify and hold harmless the Depositor, the Servicer and their
      respective officers, directors and Affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon (i) a breach of the Trustee’s obligations under this Section 4.05 caused by
      the Trustee’s negligence, bad faith or willful misconduct in connection
      therewith or (ii) any material misstatement or omission in the Assessment of
      Compliance delivered by the Trustee pursuant to Section 3.21, and (B) the
      Servicer shall indemnify and hold harmless the Depositor, the Trustee and their
      respective officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon (i) the failure of the Servicer to timely deliver the Servicer
      Certification or (ii) any material misstatement or omission in the Statement
      as
      to Compliance delivered by the Servicer pursuant to Section 3.20, the Assessment
      of Compliance delivered by the Servicer pursuant to Section 3.21 or the Servicer
      Certification. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Depositor, then (i) the Trustee agrees that
      it
      shall contribute to the amount paid or payable by the Depositor as a result
      of
      the losses, claims, damages or liabilities of the Depositor in such proportion
      as is appropriate to reflect the relative fault of the Depositor on the one
      hand
      and the Trustee on the other in connection with a breach of the Trustee’s
      obligations under this Section 4.05 caused by the Trustee’s negligence, bad
      faith or willful misconduct in connection therewith and (ii) the Servicer agrees
      that it shall contribute to the amount paid or payable by the Depositor and
      the
      Trustee as a result of the losses, claims, damages or liabilities of the
      Depositor and the Trustee in such proportion as is appropriate to reflect the
      relative fault of the Depositor and the Trustee on the one hand and the Servicer
      on the other in connection with the Servicer Certification and the related
      obligations of the Servicer under this Section 4.05.

     

    Upon
      any
      filing with the Securities and Exchange Commission, the Trustee shall promptly
      deliver to the Depositor a copy of any such executed report, statement or
      information.

     

    SECTION
      4.06 [Reserved].

     

    SECTION
      4.07 [Reserved].

     

    SECTION
      4.08 Distributions
      on the REMIC Regular Interests.

     

    (a)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 1 to
      REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-1 Interest), as the case may be:

     

    (1) to
      Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest
      I-1-A
      through I-51-B, on a pro
      rata
      basis,
      in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1
      Regular Interests for such Distribution Date, plus (B) any amounts payable
      in
      respect thereof remaining unpaid from previous Distribution Dates;

     

    (2) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (A)
      above, payments of principal shall be allocated as follows: first, to REMIC
      1
      Regular interests I-1-A through I-51-B starting with the lowest numerical
      denomination until the Uncertificated Principal Balance of each such REMIC
      1
      Regular Interest is reduced to zero, provided that, for REMIC 1 Regular
      Interests with the same numerical denomination, such payments of principal
      shall
      be allocated pro rata between such REMIC 1 Regular Interests, and second, to
      the
      extent of the Overcollateralization Release Amounts, to REMIC 1 Regular Interest
      I-51-B until the Uncertificated Principal Balance of such REMIC 1 Regular
      Interest is reduced to zero; and

     

    (3) to
      the
      Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100%
      of
      the amount paid in respect of Prepayment Charges and (B) on the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date thereafter
      until $100 has been distributed pursuant to this clause.

     

    (b)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 2 to
      REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-2 Interest), as the case may be:

     

    (1)  first,
      to
      the Holders of REMIC 2 Regular Interest LTIO, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates;

     

    (2)  second,
      to the extent of Available Funds, to Holders of REMIC 2 Regular Interest LTAA,
      REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest LTA2, REMIC 2 Regular
      Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC 2 Regular Interest LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTZZ
      and
      REMIC 2 Regular Interest LTP, on a pro rata basis, in an amount equal to (A)
      the
      Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts
      in respect thereof remaining unpaid from previous Distribution Dates. Amounts
      payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular
      Interest LTZZ shall be reduced and deferred when the REMIC 2
      Overcollateralization Amount is less than the REMIC 2 Overcollateralization
      Target Amount, by the lesser of (x) the amount of such difference and (y) the
      Maximum Uncertificated Accrued Interest Deferral Amount and such amount will
      be
      payable to the Holders of REMIC 2 Regular Interest LTA1, REMIC 2 Regular
      Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest LTA4,
      REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular
      Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5,
      REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular
      Interest LTM8, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular Interest LTM10,
      in the same proportion as the Overcollateralization Deficiency Amount is
      allocated to the Corresponding Certificates and the Uncertificated Principal
      Balance of the REMIC 2 Regular Interest LTZZ shall be increased by such amount;
      and

     

    (3)  third,
      to
      the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder
      of
      the Available Funds for such Distribution Date after the distributions made
      pursuant to clause (i) above, allocated as follows:

     

    (a) 98.00%
      of
      such remainder to the Holders of REMIC 2 Regular Interest LTAA and REMIC 2
      Regular Interest LTP, until the Uncertificated Principal Balance of such
      Uncertificated REMIC 2 Regular Interest is reduced to zero; provided, however,
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause;

     

    (b) 2.00%
      of
      such remainder first, to the Holders of REMIC 2 Regular Interest LTA1, REMIC
      2
      Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest
      LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTM10, of and in the same proportion as principal payments are allocated to the
      Corresponding Certificates, until the Uncertificated Principal Balances of
      such
      REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of
      REMIC 2 Regular Interest LTZZ, until the Uncertificated Principal Balance of
      such REMIC 2 Regular Interest is reduced to zero; and

     

    (c) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-2 Interest).

     

    SECTION
      4.09 Allocation
      of Realized Losses.

     

    (a)  All
      Realized Losses on the Mortgage Loans allocated to any Regular Certificate
      shall
      be allocated by the Trustee on each Distribution Date as follows: first, to
      Net
      Monthly Excess Cashflow; second, to
      Net
      Swap
      Payments received under the Interest Rate Swap Agreement; third, to amounts
      received under the Interest Rate Cap Agreement; fourth, to the Class C
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; fifth, to the Class M-10 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; sixth, to the Class M-9 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero;
      seventh, to the Class M-8 Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; eighth, to the Class M-7 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero; ninth,
      to
      the Class M-6 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; tenth, to the Class M-5 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eleventh, to
      the
      Class M-4 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; twelfth, to the Class M-3 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; thirteenth, to the Class
      M-2
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero and fourteenth, to the Class M-1 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero. All Realized Losses to
      be
      allocated to the Certificate Principal Balances of all Classes on any
      Distribution Date shall be so allocated after the actual distributions to be
      made on such date as provided above. All references above to the Certificate
      Principal Balance of any Class of Certificates shall be to the Certificate
      Principal Balance of such Class immediately prior to the relevant Distribution
      Date, before reduction thereof by any Realized Losses, in each case to be
      allocated to such Class of Certificates, on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class C Certificates
      shall be made first by reducing the amount otherwise payable in respect thereof
      pursuant to Section 4.01(c)(v). No allocations of any Realized Losses shall
      be
      made to the Certificate Principal Balances of the Class A Certificates or the
      Class P Certificates.

     

    (b)  With
      respect to the REMIC 1 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated by the Trustee on each Distribution Date, first to
      REMIC 1 Regular Interest I until the Uncertificated Principal Balance has been
      reduced to zero, and second, to REMIC 1 Regular Interest I-1-A through REMIC
      1
      Regular Interest I-51-B, starting with the lowest numerical denomination until
      such REMIC 1 Regular Interest has been reduced to zero, provided that, for
      REMIC
      1 Regular Interests with the same numerical denomination, such Realized Losses
      shall be allocated pro
      rata
      between
      such REMIC 1 Regular Interests.

     

    (c)  (c)All
      Realized Losses on the Mortgage Loans shall be deemed to have been allocated
      in
      the specified percentages, as follows: first, to Uncertificated Accrued Interest
      payable to the REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTZZ
      up to an aggregate amount equal to the REMIC 2 Interest Loss Allocation Amount,
      98% and 2%, respectively; second, to the Uncertificated Principal Balances
      of
      REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an
      aggregate amount equal to the REMIC 2 Principal Loss Allocation Amount, 98%
      and
      2%, respectively; third, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM10 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM9 has been reduced to zero; fourth,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC
      2
      Regular Interest LTM9 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM9 has been reduced to zero; fifth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM8 and
      REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM8 has been
      reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM7 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM7 has been reduced to zero; seventh,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC
      2
      Regular Interest LTM6 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM6 has been reduced to zero; eighth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM5 and
      REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM5 has been
      reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM4 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM4 has been reduced to zero; tenth, to
      the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTM3 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM3 has been reduced to zero; eleventh, to the Uncertificated
      Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest
      LTM2 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM2 has been
      reduced to zero and twelfth, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM1 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM1 has been reduced to zero.

     

    SECTION
      4.10 Swap
      Account.

     

    (a)  On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit the Interest Rate Swap
      Agreement. The Supplemental Interest Trust shall be maintained by the
      Supplemental Interest Trust Trustee. No later than the Closing Date, the
      Supplemental Interest Trust Trustee shall establish and maintain a separate,
      segregated trust account to be held in the Supplemental Interest Trust, titled,
      “Swap
      Account, Deutsche Bank National Trust Company, as Supplemental Interest Trust
      Trustee, in trust for the registered Certificateholders of Soundview Home Loan
      Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1.”
Such
      account shall be an Eligible Account and funds on deposit therein shall be
      held
      separate and apart from, and shall not be commingled with, any other moneys,
      including, without limitation, other moneys of the Trustee held pursuant to
      this
      Agreement. Amounts therein shall be held uninvested.

     

    (b)  Prior
      to
      each Distribution Date, prior to any distribution to any Certificate, the
      Supplemental Interest Trust Trustee shall deposit into the Swap Account (i)
      the
      amount of any Net Swap Payment or Swap Termination Payment (other than any
      Swap
      Termination Payment resulting from a Swap Provider Trigger Event) owed to the
      Swap Provider (after taking into account any upfront payment received from
      the
      counterparty to a replacement interest rate swap agreement) from funds collected
      and received with respect to the Mortgage Loans prior to the determination
      of
      Available Funds. For federal income tax purposes, any amounts paid to the Swap
      Provider on each Distribution Date shall first be deemed paid to the Swap
      Provider in respect of REMIC 6 Regular Interest SWAP IO to the extent of the
      amount distributable on REMIC 6 Regular Interest SWAP IO on such Distribution
      Date, and any remaining amount shall be deemed paid to the Swap Provider in
      respect of a Class IO Distribution Amount (as defined below).

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the Holder of the Class C Certificates unless and until
      the date when either (a) there is more than one Class C Certificateholder or
      (b)
      any Class of Certificates in addition to the Class C Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes, in which case it is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Supplemental Interest Trust be treated as a partnership, provided,
      that the Trustee shall not be required to prepare and file partnership tax
      returns in respect of such partnership unless it receives additional reasonable
      compensation for the preparation of such filings, written notification
      recognizing the creation of a partnership agreement or comparable documentation
      evidencing the partnership, if any. The Supplemental Interest Trust will be
      an
“outside reserve fund” within the meaning of Treasury Regulation Section
      1.860G-2(h).

     

    (d)  To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Supplemental Interest Trust Trustee, any obligation of the
      Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
      shall
      be deemed to be an obligation of the Supplemental Interest Trust.

     

    (e)  The
      Trustee shall treat the Holders of Certificates (other than the Class P, Class
      C, Class R and Class R-X Certificates) as having entered into a notional
      principal contract with respect to the Holders of the Class C Certificates.
      Pursuant to each such notional principal contract, all Holders of Certificates
      (other than the Class P, Class C, Class R and Class R-X Certificates) shall
      be
      treated as having agreed to pay, on each Distribution Date, to the Holder of
      the
      Class C Certificates an aggregate amount equal to the excess, if any, of (i)
      the
      amount payable on such Distribution Date on the REMIC 2 Regular Interest
      corresponding to such Class of Certificates over (ii) the amount payable on
      such
      Class of Certificates on such Distribution Date (such excess, a “Class
      IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro
      rata
      among
      such Certificates based on the excess of (a) the amount of interest otherwise
      payable to such Certificates over (ii) the amount of interest payable to such
      Certificates at a per annum rate equal to the Net WAC Rate, and a Class IO
      Distribution Amount payable from principal collections shall be allocated to
      the
      most subordinate Class of Certificates with an outstanding principal balance
      to
      the extent of such balance. In addition, pursuant to such notional principal
      contract, the Holder of the Class C Certificates shall be treated as having
      agreed to pay Net WAC Rate Carryover Amounts to the Holders of the Certificates
      (other than the Class C, Class P, Class R and Class R-X Certificates) in
      accordance with the terms of this Agreement. Any payments to the Certificates
      from amounts deemed received in respect of this notional principal contract
      shall not be payments with respect to a Regular Interest in a REMIC within
      the
      meaning of Code Section 860G(a)(1). However, any payment from the Certificates
      (other than the Class C, Class P, Class R and Class R-X Certificates) of a
      Class
      IO Distribution Amount shall be treated for tax purposes as having been received
      by the Holders of such Certificates in respect of their interests in REMIC
      4 and
      as having been paid by such Holders pursuant to the notional principal contract.
      Thus, each Certificate (other than the Class P and Class R Certificates) shall
      be treated as representing not only ownership of Regular Interests in REMIC
      2,
      but also ownership of an interest in, and obligations with respect to, a
      notional principal contract.

     

    (f)  For
      federal tax return and information reporting, the right of the Holders of the
      Floating Rate Certificates to receive payments from the Supplemental Interest
      Trust in respect of any Net WAC Cap Carry Forward Amounts may have more than
      a
de
      minimis
      value.

     

    SECTION
      4.11 Tax
      Treatment of Swap Payments and Swap Termination Payments.

     

    For
      federal income tax purposes, each holder of a Floating Rate Certificate is
      deemed to own an undivided beneficial ownership interest in a REMIC regular
      interest and the right to receive payments from either the Net WAC Rate
      Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate
      Carryover Amount or the obligation to make payments to the Swap Account. For
      federal income tax purposes, the Trustee will account for payments to each
      Floating Rate Certificates as follows: each Floating Rate Certificate will
      be
      treated as receiving their entire payment from REMIC 3 (regardless of any Swap
      Termination Payment or obligation under the Interest Rate Swap Agreement) and
      subsequently paying their portion of any Swap Termination Payment in respect
      of
      each such Class’ obligation under the Interest Rate Swap Agreement. In the event
      that any such Class is resecuritized in a REMIC, the obligation under the
      Interest Rate Swap Agreement to pay any such Swap Termination Payment (or any
      shortfall in Swap Provider Fee), will be made by one or more of the REMIC
      Regular Interests issued by the resecuritization REMIC subsequent to such REMIC
      Regular Interest receiving its full payment from any such Floating Rate
      Certificate. 

     

    The
      REMIC
      regular interest corresponding to a Floating Rate Certificate will be entitled
      to receive interest and principal payments at the times and in the amounts
      equal
      to those made on the certificate to which it corresponds, except that (i) the
      maximum interest rate of that REMIC regular interest will equal the Net WAC
      Rate
      computed for this purpose by limiting the Base Calculation Amount of the
      Interest Rate Swap Agreement to the aggregate Stated Principal Balance of the
      Mortgage Loans and (ii) any Swap Termination Payment will be treated as being
      payable solely from Net Monthly Excess Cashflow. As a result of the foregoing,
      the amount of distributions and taxable income on the REMIC regular interest
      corresponding to a Floating Rate Certificate may exceed the actual amount of
      distributions on the Floating Rate Certificate.

     

    SECTION
      4.12 Cap
      Account.

     

    (a)  No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself,
      a
      separate, segregated trust account titled, “Cap Account, Deutsche Bank National
      Trust Company, as Cap Trustee, in trust for the registered Certificateholders
      of
      Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1.”
Such account shall be an Eligible Account and amounts therein shall be held
      uninvested.

     

    (b)  On
      each
      Distribution Date, pursuant to the Cap Allocation Agreement, the Cap Trustee,
      prior to any distribution to any Certificate, shall deposit into the Cap Account
      amounts received pursuant to the Interest Rate Cap Agreement for distribution
      in
      accordance with Section 4.01(f) above.

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Cap Account be disregarded as an entity
      separate from the Holder of the Class C Certificates unless and until the date
      when either (a) there is more than one Class C Certificateholder or (b) any
      Class of Certificates in addition to the Class C Certificates is recharacterized
      as an equity interest in the Cap Account for federal income tax purposes, in
      which case it is the intention of the parties hereto that, for federal and
      state
      income and state and local franchise tax purposes, the Cap Account be treated
      as
      a partnership. The
      Cap
      Account will be an “outside reserve fund” within the meaning of Treasury
      Regulation Section 1.860G-2(h). Upon the termination of the Trust Fund, or
      the
      payment in full of the Floating Rate Certificates, all amounts remaining on
      deposit in the Cap Account shall be released by the Trust Fund and distributed
      to the Class C Certificateholders or their designees. The Cap Account shall
      be
      part of the Trust Fund but not part of any Trust REMIC and any payments to
      the
      Holders of the Floating Rate Certificates of Net WAC Rate Carryover Amounts
      will
      not be payments with respect to a “regular interest” in a REMIC within the
      meaning of Code Section 860(G)(a)(1).

     

    (d)  By
      accepting a Class C Certificate, each Class C Certificateholder hereby agrees
      to
      direct the Trustee, and the Trustee is hereby directed, to deposit into the
      Cap
      Account the amounts described above on each Distribution Date.

     

    For
      federal income tax purposes, the right of the Floating Rate Certificates to
      receive payments from the Cap Account may have more than a de
      minimis
      value.

     

    SECTION
      4.13 Collateral
      Accounts

     

    (a)  The
      Trustee is hereby directed to perform the obligations of the Custodian as
      defined under the Basis Risk Cap Credit Support Annex (the “Basis Risk Cap
      Custodian”). On or before the Closing Date, the Basis Risk Cap Custodian shall
      establish a Basis Risk Cap Collateral Account. The Basis Risk Cap Collateral
      Account shall be held in the name of the Basis Risk Cap Custodian in trust
      for
      the benefit of the Certificateholders. The Basis Risk Cap Collateral Account
      must be an Eligible Account and shall be titled “Basis Risk Cap Collateral
      Account, Deutsche Bank National Trust Company, as Basis Risk Cap Custodian
      for
      registered Certificateholders of Soundview Home Loan Trust 2007-NS1,
      Asset-Backed Certificates, Series 2007-NS1.”

     

    (b)  The
      Basis
      Risk Cap Custodian shall credit to Basis Risk Cap Collateral Account all
      collateral (whether in the form of cash or securities) posted by the Basis
      Risk
      Cap Provider to secure the obligations of the Basis Risk Cap Provider in
      accordance with the terms of the Basis Risk Cap Agreement. Except for investment
      earnings, the Basis Risk Cap Provider shall not have any legal, equitable or
      beneficial interest in the Basis Risk Cap Collateral Account other than in
      accordance with this Agreement, the Basis Risk Cap Agreement and applicable
      law.
      The Basis Risk Cap Custodian shall maintain and apply all collateral and
      earnings thereon on deposit in the Basis Risk Cap Collateral Account in
      accordance with Basis Risk Cap Credit Support Annex.

     

    (c)  Cash
      collateral posted by the Basis Risk Cap Provider in accordance with the Basis
      Risk Cap Credit Support Annex shall be invested at the direction of the Basis
      Risk Cap Provider in Permitted Investments in accordance with the requirements
      of the Basis Risk Cap Credit Support Annex. All amounts earned on amounts on
      deposit in the Basis Risk Cap Collateral Account (whether cash collateral or
      securities) shall be for the account of and taxable to the Basis Risk Cap
      Provider. 

     

    (d)  Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Basis Risk Cap Agreement), with respect to the Basis Risk Cap Provider or upon
      occurrence or designation of an Early Termination Date (as defined in the Basis
      Risk Cap Agreement) as a result of any such Event of Default or Specified
      Condition with respect to the Basis Risk Cap Provider, and, in either such
      case,
      unless the Basis Risk Cap Provider has paid in full all of its Obligations
      (as
      defined in the Basis Risk Cap Credit Support Annex) that are then due, then
      any
      collateral posted by the Basis Risk Cap Provider in accordance with the Basis
      Risk Cap Credit Support Annex shall be applied to the payment of any Obligations
      due to Party B (as defined in the Basis Risk Cap Agreement) in accordance with
      the Basis Risk Cap Credit Support Annex. Any excess amounts held in such Basis
      Risk Cap Collateral Account after payment of all amounts owing to Party B under
      the Basis Risk Cap Agreement shall be withdrawn from the Basis Risk Cap
      Collateral Account and paid to the Basis Risk Cap Provider in accordance with
      the Basis Risk Cap Credit Support Annex.

     

    (e)  The
      Trustee (in its capacity as Cap Trustee) is hereby directed to perform the
      obligations of the Custodian as defined under the Interest Rate Cap Credit
      Support Annex (the “Interest Rate Cap Custodian”). On or before the Closing
      Date, the Interest Rate Cap Custodian shall establish a Interest Rate Cap
      Collateral Account. The Interest Rate Cap Collateral Account shall be held
      in
      the name of the Interest Rate Cap Custodian in trust for the benefit of the
      Certificateholders. The Interest Rate Cap Collateral Account must be an Eligible
      Account and shall be titled “Interest Rate Cap Collateral Account, Deutsche Bank
      National Trust Company, as Interest Rate Cap Custodian for registered
      Certificateholders of Soundview Home Loan Trust 2007-NS1, Asset-Backed
      Certificates, Series 2007-NS1.”

     

    (f)  The
      Interest Rate Cap Custodian shall credit to the Interest Rate Cap Collateral
      Account all collateral (whether in the form of cash or securities) posted by
      the
      Interest Rate Cap Provider to secure the obligations of the Interest Rate Cap
      Provider in accordance with the terms of the Interest Rate Cap Agreement. Except
      for investment earnings, the Interest Rate Cap Provider shall not have any
      legal, equitable or beneficial interest in the Interest Rate Cap Collateral
      Account other than in accordance with this Agreement, the Interest Rate Cap
      Agreement and applicable law. The Interest Rate Cap Custodian shall maintain
      and
      apply all collateral and earnings thereon on deposit in the Interest Rate Cap
      Collateral Account in accordance with Interest Rate Cap Credit Support
      Annex.

     

    (g)  Cash
      collateral posted by the Interest Rate Cap Provider in accordance with the
      Interest Rate Cap Credit Support Annex shall be invested at the direction of
      the
      Interest Rate Cap Provider in Permitted Investments in accordance with the
      requirements of the Interest Rate Cap Credit Support Annex. All amounts earned
      on amounts on deposit in the Interest Rate Cap Collateral Account (whether
      cash
      collateral or securities) shall be for the account of and taxable to the
      Interest Rate Cap Provider. 

     

    (h)  Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Interest Rate Cap Agreement), with respect to the Interest Rate Cap Provider
      or
      upon occurrence or designation of an Early Termination Date (as defined in
      the
      Interest Rate Cap Agreement) as a result of any such Event of Default or
      Specified Condition with respect to the Interest Rate Cap Provider, and, in
      either such case, unless the Interest Rate Cap Provider has paid in full all
      of
      its Obligations (as defined in the Interest Rate Cap Credit Support Annex)
      that
      are then due, then any collateral posted by the Interest Rate Cap Provider
      in
      accordance with the Interest Rate Cap Credit Support Annex shall be applied
      to
      the payment of any Obligations due to Party B (as defined in the Interest Rate
      Cap Agreement) in accordance with the Interest Rate Cap Credit Support Annex.
      Any excess amounts held in such Interest Rate Cap Collateral Account after
      payment of all amounts owing to Party B under the Interest Rate Cap Agreement
      shall be withdrawn from the Interest Rate Cap Collateral Account and paid to
      the
      Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit
      Support Annex. 

     

    (i)  The
      Trustee (in its capacity as Supplemental Interest Trust Trustee) is hereby
      directed to perform the obligations of the Custodian as defined under the Swap
      Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the
      Swap Custodian shall establish a Swap Collateral Account. The Swap Collateral
      Account shall be held in the name of the Swap Custodian in trust for the benefit
      of the Certificateholders. The Swap Collateral Account must be an Eligible
      Account and shall be titled “Swap Collateral Account, Deutsche Bank National
      Trust Company, as Swap Custodian for registered Certificateholders of Soundview
      Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series
      2007-NS1.”

     

    (j)  The
      Swap
      Custodian shall credit to Swap Collateral Account all collateral (whether in
      the
      form of cash or securities) posted by the Swap Provider to secure the
      obligations of the Swap Provider in accordance with the terms of the Interest
      Rate Swap Agreement. Except for investment earnings, the Swap Provider shall
      not
      have any legal, equitable or beneficial interest in the Swap Collateral Account
      other than in accordance with this Agreement, the Interest Rate Swap Agreement
      and applicable law. The Swap Custodian shall maintain and apply all collateral
      and earnings thereon on deposit in the Swap Collateral Account in accordance
      with Swap Credit Support Annex.

     

    (k)  Cash
      collateral posted by the Swap Provider in accordance with the Swap Credit
      Support Annex shall be invested at the direction of the Swap Provider in
      Permitted Investments in accordance with the requirements of the Swap Credit
      Support Annex. All amounts earned on amounts on deposit in the Swap Collateral
      Account (whether cash collateral or securities) shall be for the account of
      and
      taxable to the Swap Provider. 

     

    (l)  Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Interest Rate Swap Agreement), with respect to the Interest Rate Swap Provider
      or upon occurrence or designation of an Early Termination Date (as defined
      in
      the Interest Rate Swap Agreement) as a result of any such Event of Default
      or
      Specified Condition with respect to the Interest Rate Swap Provider, and, in
      either such case, unless the Interest Rate Swap Provider has paid in full all
      of
      its Obligations (as defined in the Swap Credit Support Annex) that are then
      due,
      then any collateral posted by the Interest Rate Swap Provider in accordance
      with
      the Swap Credit Support Annex shall be applied to the payment of any Obligations
      due to Party B (as defined in the Interest Rate Swap Agreement) in accordance
      with the Interest Rate Swap Credit Support Annex. Any excess amounts held in
      such Swap Collateral Account after payment of all amounts owing to Party B
      under
      the Interest Rate Swap Agreement shall be withdrawn from the Swap Collateral
      Account and paid to the Swap Provider in accordance with the Swap Credit Support
      Annex.

     

    SECTION
      4.14 Rights
      and Obligations Under the Basis Risk Cap Agreement, the Interest Rate Cap
      Agreement and the Interest Rate Swap Agreement.

     

    (a)  In
      the
      event that the Basis Risk Cap Provider fails to perform any of its obligations
      under the Basis Risk Cap Agreement (including, without limitation, its
      obligation to make any payment or transfer collateral), or breaches any of
      its
      representations and warranties thereunder, or in the event that any Event of
      Default, Termination Event, or Additional Termination Event (each as defined
      in
      the Basis Risk Cap Agreement) occurs with respect to the Basis Risk Cap
      Agreement, the Trustee shall, promptly following actual notice of such failure,
      breach or event, notify the Depositor and send any notices and make any demands,
      on behalf of the Trust, required to enforce the rights of the Trust under the
      Basis Risk Cap Agreement.

     

    (b)  In
      the
      event that the Basis Risk Cap Provider’s obligations are guaranteed by a third
      party under a guaranty relating to the Basis Risk Cap Agreement (such guaranty
      the “Guaranty” and such third party the “Guarantor”), then to the extent that
      the Basis Risk Cap Provider fails to make any payment by the close of business
      on the day it is required to make payment under the terms of the Basis Risk
      Cap
      Agreement, the Trustee shall, promptly following actual notice of the Basis
      Risk
      Cap Provider’s failure to pay, demand that the Guarantor make any and all
      payments (determined in accordance with the Basis Risk Cap Agreement) then
      required to be made by the Guarantor pursuant to such Guaranty; provided, that
      the Trustee shall in no event be liable for any failure or delay in the
      performance by the Basis Risk Cap Provider or any Guarantor of its obligations
      hereunder or pursuant to the Basis Risk Cap Agreement and the Guaranty, nor
      for
      any special, indirect or consequential loss or damage of any kind whatsoever
      (including but not limited to lost profits) in connection
      therewith.

     

    (c)  Upon
      an
      early termination of the Basis Risk Cap Agreement other than in connection
      with
      the optional termination of the Trust, the Trustee, at the direction of the
      Depositor, will use reasonable efforts to appoint a successor basis risk cap
      provider to enter into a new basis risk cap agreement on terms substantially
      similar to the Basis Risk Cap Agreement, with a successor basis risk cap
      provider meeting all applicable eligibility requirements. If the Trustee
      receives a termination payment from the Basis Risk Cap Provider in connection
      with such early termination, the Trustee will apply such termination payment
      to
      any upfront payment required to appoint the successor basis risk cap provider.
      If the Trustee is required to pay a termination payment to the Basis Risk Cap
      Provider in connection with such early termination, the Trustee will apply
      any
      upfront payment received from the successor basis risk cap provider to pay
      such
      termination payment.

     

    (d)  If
      the
      Trustee is unable to appoint a successor basis risk cap provider within 30
      days
      of the early termination, then the Trustee will deposit any termination payment
      received from the original Basis Risk Cap Provider into a separate, non-interest
      bearing reserve account and will, on each subsequent Distribution Date, withdraw
      from the amount then remaining on deposit in such reserve account, an amount
      equal to the payment, if any, that would have been paid to the Trustee by the
      original Basis Risk Cap Provider calculated in accordance with the terms of
      the
      original Basis Risk Cap Agreement, and distribute such amount in accordance
      with
      the terms of Section 4.01(d).

     

    (e)  Upon
      an
      early termination of the Basis Risk Cap Agreement in connection with the
      optional termination of the Trust, if the Trustee receives a termination payment
      from the Basis Risk Cap Provider, such termination payment will be distributed
      in accordance with Section 4.01(d).

     

    (f)  In
      the
      event that the Interest Rate Cap Provider fails to perform any of its
      obligations under the Interest Rate Cap Agreement (including, without
      limitation, its obligation to make any payment or transfer collateral), or
      breaches any of its representations and warranties thereunder, or in the event
      that any Event of Default, Termination Event, or Additional Termination Event
      (each as defined in the Interest Rate Cap Agreement) occurs with respect to
      the
      Interest Rate Cap Agreement, the Trustee (in its capacity as Cap Trustee) shall,
      promptly following actual notice of such failure, breach or event, notify the
      Depositor and send any notices and make any demands, on behalf of the Cap Trust,
      required to enforce the rights of the Cap Trust under the Interest Rate Cap
      Agreement.

     

    (g)  In
      the
      event that the Interest Rate Cap Provider’s obligations are guaranteed by a
      third party under a guaranty relating to the Interest Rate Cap Agreement (such
      guaranty the “Guaranty” and such third party the “Guarantor”), then to the
      extent that the Interest Rate Cap Provider fails to make any payment by the
      close of business on the day it is required to make payment under the terms
      of
      the Interest Rate Cap Agreement, the Trustee (in its capacity as Cap Trustee)
      shall, promptly following actual notice of the Interest Rate Cap Provider’s
      failure to pay, demand that the Guarantor make any and all payments (determined
      in accordance with the Interest Rate Cap Agreement) then required to be made
      by
      the Guarantor pursuant to such Guaranty; provided, that the Trustee (in its
      capacity as Cap Trustee) shall in no event be liable for any failure or delay
      in
      the performance by the Interest Rate Cap Provider or any Guarantor of its
      obligations hereunder or pursuant to the Interest Rate Cap Agreement and the
      Guaranty, nor for any special, indirect or consequential loss or damage of
      any
      kind whatsoever (including but not limited to lost profits) in connection
      therewith.

     

    (h)  Upon
      an
      early termination of the Interest Rate Cap Agreement other than in connection
      with the optional termination of the Trust, the Trustee (in its capacity as
      Cap
      Trustee), at the direction of the Depositor, will use reasonable efforts to
      appoint a successor interest rate cap provider to enter into a new interest
      rate
      cap agreement on terms substantially similar to the Interest Rate Cap Agreement,
      with a successor interest rate cap provider meeting all applicable eligibility
      requirements. If the Trustee (in its capacity as Cap Trustee) receives a
      termination payment from the Interest Rate Cap Provider in connection with
      such
      early termination, the Trustee (in its capacity as Cap Trustee) will apply
      such
      termination payment to any upfront payment required to appoint the successor
      interest rate cap provider. If the Trustee (in its capacity as Cap Trustee)
      is
      required to pay a termination payment to the Interest Rate Cap Provider in
      connection with such early termination, the Trustee (in its capacity as Cap
      Trustee) will apply any upfront payment received from the successor interest
      rate cap provider to pay such termination payment.

     

    (i)  If
      the
      Trustee (in its capacity as Cap Trustee) is unable to appoint a successor
      interest rate cap provider within 30 days of the early termination, then the
      Trustee (in its capacity as Cap Trustee) will deposit any termination payment
      received from the original Interest Rate Cap Provider into a separate,
      non-interest bearing reserve account and will, on each subsequent Distribution
      Date, withdraw from the amount then remaining on deposit in such reserve account
      an amount equal to the payment, if any, that would have been paid to the Trustee
      (in its capacity as Cap Trustee) by the original Interest Rate Cap Provider
      calculated in accordance with the terms of the original Interest Rate Cap
      Agreement, and distribute such amount in accordance with the terms of Section
      4.01(f).

     

    (j)  Upon
      an
      early termination of the Interest Rate Cap Agreement in connection with the
      optional termination of the Trust, if the Trustee (in its capacity as Cap
      Trustee) receives a termination payment from the Interest Rate Cap Provider,
      such termination payment will be distributed in accordance with Section
      4.01(f).

     

    (k)  In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Interest Rate Swap Agreement (including, without limitation, its obligation
      to
      make any payment or transfer collateral), or breaches any of its representations
      and warranties thereunder, or in the event that any Event of Default,
      Termination Event, or Additional Termination Event (each as defined in the
      Interest Rate Swap Agreement) occurs with respect to the Interest Rate Swap
      Agreement, the Trustee (in its capacity as Supplemental Interest Trust Trustee)
      shall, promptly following actual notice of such failure, breach or event, notify
      the Depositor and send any notices and make any demands, on behalf of the
      Supplemental Interest Trust, required to enforce the rights of the Supplemental
      Interest Trust under the Interest Rate Swap Agreement.

     

    (l)  In
      the
      event that the Swap Provider’s obligations are guaranteed by a third party under
      a guaranty relating to the Interest Rate Swap Agreement (such guaranty the
      “Guaranty” and such third party the “Guarantor”), then to the extent that the
      Swap Provider fails to make any payment by the close of business on the day
      it
      is required to make payment under the terms of the Interest Rate Swap Agreement,
      the Trustee (in its capacity as Supplemental Interest Trust Trustee) shall,
      promptly following actual notice of the Swap Provider’s failure to pay, demand
      that the Guarantor make any and all payments (determined in accordance with
      the
      Interest Rate Swap Agreement) then required to be made by the Guarantor pursuant
      to such Guaranty; provided, that the Trustee (in its capacity as Supplemental
      Interest Trust Trustee) shall in no event be liable for any failure or delay
      in
      the performance by the Swap Provider or any Guarantor of its obligations
      hereunder or pursuant to the Interest Rate Swap Agreement and the Guaranty,
      nor
      for any special, indirect or consequential loss or damage of any kind whatsoever
      (including but not limited to lost profits) in connection
      therewith.

     

    (m)  Upon
      an
      early termination of the Interest Rate Swap Agreement other than in connection
      with the optional termination of the Trust, the Trustee (in its capacity as
      Supplemental Interest Trust Trustee), at the direction of the Depositor, will
      use reasonable efforts to appoint a successor swap provider to enter into a
      new
      interest rate swap agreement on terms substantially similar to the Interest
      Rate
      Swap Agreement, with a successor swap provider meeting all applicable
      eligibility requirements. If the Trustee (in its capacity as Supplemental
      Interest Trust Trustee) receives a termination payment from the Swap Provider
      in
      connection with such early termination, the Trustee (in its capacity as
      Supplemental Interest Trust Trustee) will apply such termination payment to
      any
      upfront payment required to appoint the successor swap provider. If the Trustee
      (in its capacity as Supplemental Interest Trust Trustee) is required to pay
      a
      termination payment to the Swap Provider in connection with such early
      termination, the Trustee
      (in its
      capacity as Supplemental Interest Trust Trustee) will apply any upfront payment
      received from the successor swap provider to pay such termination
      payment.

     

    (n)  If
      the
      Trustee (in its capacity as Supplemental Interest Trust Trustee) is unable
      to
      appoint a successor swap provider within 30 days of the early termination,
      then
      the Trustee (in its capacity as Supplemental Interest Trust Trustee) will
      deposit any termination payment received from the original Swap Provider into
      a
      separate, non-interest bearing reserve account and will, on each subsequent
      Distribution Date, withdraw from the amount then remaining on deposit in such
      reserve account an amount equal to the Net Swap Payment, if any, that would
      have
      been paid to the Trustee (in its capacity as Supplemental Interest Trust
      Trustee) by the original Swap Provider calculated in accordance with the terms
      of the original Interest Rate Swap Agreement, and distribute such amount in
      accordance with the terms of Section 4.01(e).

     

    (o)  Upon
      an
      early termination of the Interest Rate Swap Agreement in connection with the
      optional termination of the Trust, if the Trustee (in its capacity as
      Supplemental Interest Trust Trustee) receives a termination payment from the
      Swap Provider, such termination payment will be distributed in accordance with
      Section 4.01(e).

     

    ARTICLE
      V

     

     THE
      CERTIFICATES

     

    SECTION
      5.01 The
      Certificates.

     

    Each
      of
      the Floating Rate Certificates, the Class P Certificates, the Class C
      Certificates, the Class FL Certificates and the Residual Certificates shall
      be
      substantially in the forms annexed hereto as exhibits, and shall, on original
      issue, be executed, authenticated and delivered by the Trustee to or upon the
      order of the Depositor concurrently with the sale and assignment to the Trustee
      of the Trust Fund. The Floating Rate Certificates shall be initially evidenced
      by one or more Certificates representing a Percentage Interest with a minimum
      dollar denomination of $25,000 and integral dollar multiples of $1.00 in excess
      thereof; provided, that the Floating Rate Certificates must be purchased in
      minimum total investments of $100,000 per Class, except that one Certificate
      of
      each such Class of Certificates may be in a different denomination so that
      the
      sum of the denominations of all outstanding Certificates of such Class shall
      equal the Certificate Principal Balance of such Class on the Closing Date.
      The
      Class C Certificates, the Class P Certificates, the Class FL Certificates and
      the Residual Certificates are issuable in any Percentage Interests; provided,
      however, that the sum of all such percentages for each such Class totals 100%
      and no more than ten Certificates of each Class may be issued and outstanding
      at
      any one time.

     

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer. Certificates
      bearing the manual or facsimile signatures of individuals who were, at the
      time
      when such signatures were affixed, authorized to sign on behalf of the Trustee
      shall bind the Trust, notwithstanding that such individuals or any of them
      have
      ceased to be so authorized prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificate.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless such Certificate shall have been manually authenticated
      by the Trustee substantially in the form provided for herein, and such
      authentication upon any Certificate shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their authentication.
      Subject to Section 5.02(c), the Floating Rate Certificates shall be Book-Entry
      Certificates. The other Classes of Certificates shall not be Book-Entry
      Certificates.

     

    SECTION
      5.02 Registration
      of Transfer and Exchange of Certificates.

     

    (a)  The
      Certificate Registrar shall cause to be kept at the Corporate Trust Office
      a
      Certificate Register 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 of Certificates as herein provided.
      The Trustee shall initially serve as Certificate Registrar for the purpose
      of
      registering Certificates and transfers and exchanges of Certificates as herein
      provided.

     

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph which office shall initially be the offices designated
      by
      the Trustee and, in the case of a Residual Certificate, upon satisfaction of
      the
      conditions set forth below, the Trustee on behalf of the Trust shall execute,
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Certificates of the same aggregate Percentage
      Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Trustee shall execute on behalf of the Trust and authenticate and deliver the
      Certificates which the Certificateholder making the exchange is entitled to
      receive. Every Certificate presented or surrendered for registration of transfer
      or exchange shall (if so required by the Trustee or the Certificate Registrar)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      satisfactory to the Trustee and the Certificate Registrar duly executed by,
      the
      Holder thereof or his attorney duly authorized in writing. In addition, (i)
      with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for three separate
      certificates, each representing such holder’s respective Percentage Interest in
      the Class R-1 Interest, the Class R-2 Interest and the Class R-3 Interest that
      was evidenced by the Class R Certificate being exchanged and (ii) with respect
      to each Class R-X Certificate, the holder thereof may exchange, in the manner
      described above, such Class R-X Certificate for three separate certificates,
      each representing such holder’s respective Percentage Interest in the Class R-4
      Interest, the Class R-5 Interest and the Class R-6 Interest that was evidenced
      by the Class R-X Certificate being exchanged.

     

    (b)  Except
      as
      provided in paragraph (c) below, the Book-Entry Certificates shall at all times
      remain registered in the name of the Depository or its nominee and at all times:
      (i) registration of such Certificates may not be transferred by the Trustee
      except to another Depository; (ii) the Depository shall maintain book-entry
      records with respect to the Certificate Owners and with respect to ownership
      and
      transfers of such Certificates; (iii) ownership and transfers of registration
      of
      such Certificates on the books of the Depository shall be governed by applicable
      rules established by the Depository; (iv) the Depository may collect its usual
      and customary fees, charges and expenses from its Depository Participants;
      (v)
      the Trustee and the Depositor may for all purposes deal with the Depository
      as
      representative of the Certificate Owners of the Certificates for purposes of
      exercising the rights of Holders under this Agreement, and requests and
      directions for and votes of such representative shall not be deemed to be
      inconsistent if they are made with respect to different Certificate Owners;
      (vi)
      the Trustee may rely and shall be fully protected in relying upon information
      furnished by the Depository with respect to its Depository Participants and
      furnished by the Depository Participants with respect to indirect participating
      firms and Persons shown on the books of such indirect participating firms as
      direct or indirect Certificate Owners; and (vii) the direct participants of
      the
      Depository shall have no rights under this Agreement under or with respect
      to
      any of the Certificates held on their behalf by the Depository, and the
      Depository may be treated by the Trustee and its agents, employees, officers
      and
      directors as the absolute owner of the Certificates for all purposes
      whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute a Letter of Representations with the Depository or take such other
      action as may be necessary or desirable to register a Book-Entry Certificate
      to
      the Depository. In the event of any conflict between the terms of any such
      Letter of Representation and this Agreement, the terms of this Agreement shall
      control.

     

    (c)  If
      (i)(x)
      the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Trustee or the Depositor is unable
      to
      locate a qualified successor or (ii) after the occurrence of a Servicer Event
      of
      Termination, the Certificate Owners of the Book-Entry Certificates representing
      Percentage Interests of such Classes aggregating not less than 51% advise the
      Trustee and Depository through the Financial Intermediaries and the Depository
      Participants in writing that the continuation of a book-entry system through
      the
      Depository to the exclusion of definitive, fully registered certificates (the
      “Definitive Certificates”) to Certificate Owners is no longer in the best
      interests of the Certificate Owners. Upon surrender to the Certificate Registrar
      of the Book-Entry Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration, the Trustee shall in the
      case
      of (i) and (ii) above, execute on behalf of the Trust and authenticate the
      Definitive Certificates. Neither the Depositor nor the 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 Certificates, the Trustee, the Certificate Registrar, the Servicer,
      any Paying Agent and the Depositor shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

     

    (d)  No
      transfer, sale, pledge or other disposition of any Class C Certificate, Class
      P
      Certificate, Class FL Certificates or Residual Certificate (the “Private
      Certificates”) shall be made unless such disposition is exempt from the
      registration requirements of the Securities Act, and any applicable state
      securities laws or is made in accordance with the Securities Act and laws.
      In
      the event of any such transfer (other than in connection with (i) the initial
      transfer of any such Certificate by the Depositor to an Affiliate of the
      Depositor or, in the case of the Class R-X Certificates, the first transfer
      by
      an Affiliate of the Depositor or the first transfer by the initial transferee
      of
      an Affiliate of the Depositor, (ii) the transfer of any such Class C, Class
      P or
      Residual Certificate to the issuer under the Indenture or the indenture trustee
      under the Indenture or (iii) a transfer of any such Private Certificate from
      the
      issuer under the Indenture or the indenture trustee under the Indenture to
      the
      Depositor or an Affiliate of the Depositor), (x) unless such transfer is made
      in
      reliance upon Rule 144A (as evidenced by the investment letter delivered to
      the
      Trustee, in substantially the form attached hereto as Exhibit J) under the
      Securities Act, the Trustee and the Depositor shall require a written Opinion
      of
      Counsel (which may be in-house counsel) acceptable to and in form and substance
      reasonably satisfactory to the Trustee and the Depositor that such transfer
      may
      be made pursuant to an exemption, describing the applicable exemption and the
      basis therefor, from the Securities Act or is being made pursuant to the
      Securities Act, which Opinion of Counsel shall not be an expense of the Trustee
      or the Depositor or (y) the Trustee shall require the transferor to execute
      a
      transferor certificate (in substantially the form attached hereto as Exhibit
      L)
      and the transferee to execute an investment letter (in substantially the form
      attached hereto as Exhibit J) acceptable to and in form and substance reasonably
      satisfactory to the Depositor and the Trustee certifying to the Depositor and
      the Trustee the facts surrounding such transfer, which investment letter shall
      not be an expense of the Trustee or the Depositor. The Holder of a Private
      Certificate desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Trustee and the Depositor against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such federal
      and
      state laws.

     

    Notwithstanding
      the foregoing, in the event of any such transfer of any Ownership Interest
      in
      any Private Certificate that is a Book-Entry Certificate, except with respect
      to
      the initial transfer of any such Ownership Interest by the Depositor, such
      transfer shall be required to be made in reliance upon Rule 144A under the
      Securities Act, and the transferor will be deemed to have made each of the
      transferor representations and warranties set forth Exhibit L hereto in respect
      of such interest as if it was evidenced by a Definitive Certificate and the
      transferee will be deemed to have made each of the transferee representations
      and warranties set forth Exhibit J hereto in respect of such interest as if
      it
      was evidenced by a Definitive Certificate. The Certificate Owner of any such
      Ownership Interest in any such Book-Entry Certificate desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trustee and the
      Depositor against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    Notwithstanding
      the foregoing, no certification or Opinion of Counsel described above in this
      Section 5.02(d) will be required in connection with the transfer, on the Closing
      Date, of any Residual Certificate by the Depositor to an “accredited investor”
within the meaning of Rule 501 of the Securities Act.

     

    No
      transfer of a Private Certificate or any interest therein shall be made to
      any
      Plan, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person acquiring such Certificates with “Plan Assets” of a Plan within the
      meaning of the Department of Labor regulation promulgated at 29 C.F.R. §
2510.3-101 (“Plan Assets”), as certified by such transferee in the form of
      Exhibit M, unless the Trustee is provided with an Opinion of Counsel for the
      benefit of the Trustee, the Depositor and the Servicer and on which they may
      rely which establishes to the satisfaction of the Trustee that the purchase
      of
      such Certificates is permissible under applicable law, will not constitute
      or
      result in any prohibited transaction under ERISA or Section 4975 of the Code
      and
      will not subject the Depositor, the Servicer, the Trustee or the Trust Fund
      to
      any obligation or liability (including obligations or liabilities under ERISA
      or
      Section 4975 of the Code) in addition to those undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Servicer,
      the Trustee or the Trust Fund. Neither a certification nor an Opinion of Counsel
      will be required in connection with (i) the initial transfer of any such
      Certificate by the Depositor to an Affiliate of the Depositor, (ii) the transfer
      of any such Private Certificate to the issuer under the Indenture or the
      indenture trustee under the Indenture or (iii) a transfer of any such Private
      Certificate from the issuer under the Indenture or the indenture trustee under
      the Indenture to the Depositor or an Affiliate of the Depositor (in which case,
      the Depositor or any Affiliate thereof shall have deemed to have represented
      that such Affiliate is not a Plan or a Person investing Plan Assets) and the
      Trustee shall be entitled to conclusively rely upon a representation (which,
      upon the request of the Trustee, shall be a written representation) from the
      Depositor of the status of such transferee as an affiliate of the
      Depositor.

     

    For
      so
      long as the Supplemental Interest Trust is in existence, each beneficial owner
      of a Floating Rate Certificate or any interest therein, shall be deemed to
      have
      represented, by virtue of its acquisition or holding of the Floating Rate
      Certificate, or interest therein, that either (i) it is not a Plan or (ii)
      (A)
      it is an accredited investor within the meaning of Prohibited Transaction
      Exemption (“PTE”) 90-59, 55 Fed. Reg. 36724 (September 6, 1990), as amended by
      PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58, 65 Fed. Reg. 67765
      (November 13, 2000) and PTE 2002-41, 67 Fed. Reg. 54487 (August 22, 2002) (the
      “Exemption”) and (B) the acquisition and holding of such Certificate and the
      separate right to receive payments from the Supplemental Interest Trust are
      eligible for the exemptive relief available under Prohibited Transaction Class
      Exemption (“PTCE”) 84-14, 91-38, 90-1, 95-60 or 96-23, in the case of a Floating
      Rate Certificate.

     

    Subsequent
      to the termination of the Supplemental Interest Trust, each Transferee of a
      Mezzanine Certificate will be deemed to have represented by virtue of its
      purchase or holding of such Certificate (or interest therein) that either (a)
      such Transferee is not a Plan or purchasing such Certificate with Plan Assets,
      (b) it has acquired and is holding such Certificate in reliance on the Exemption
      and that it understands that there are certain conditions to the availability
      of
      the Exemption including that such Certificate must be rated, at the time of
      purchase, not lower than “BBB-” (or its equivalent) by a Rating Agency or (c)
      the following conditions are satisfied: (i) such Transferee is an insurance
      company, (ii) the source of funds used to purchase or hold such Certificate
      (or
      interest therein) is an “insurance company general account” (as defined in PTCE
      95-60), and (iii) the conditions set forth in Sections I and III of PTCE 95-60
      have been satisfied.

     

    If
      any
      Certificate or any interest therein is acquired or held in violation of the
      provisions of the three preceding paragraphs, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of that Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any such Certificate
      or interest therein was effected in violation of the provisions of the three
      preceding paragraphs shall indemnify and hold harmless the Depositor, the
      Servicer, the Trustee and the Trust from and against any and all liabilities,
      claims, costs or expenses incurred by those parties as a result of that
      acquisition or holding.

     

    Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

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

     

    (ii)  No
      Person
      shall acquire an Ownership Interest in a Residual Certificate unless such
      Ownership Interest is a pro
      rata
      undivided interest.

     

    (iii)  In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Trustee shall as a condition to registration of the transfer,
      require delivery to it, in form and substance satisfactory to it, of each of
      the
      following:

     

    (A)       
       an
      affidavit in the form of Exhibit K hereto from the proposed transferee to the
      effect that such transferee is a Permitted Transferee and that it is not
      acquiring its Ownership Interest in the Residual Certificate that is the subject
      of the proposed transfer as a nominee, trustee or agent for any Person who
      is
      not a Permitted Transferee; and

     

    (B)        
       a
      covenant of the proposed transferee to the effect that the proposed transferee
      agrees to be bound by and to abide by the transfer restrictions applicable
      to
      the Residual Certificates.

     

    (iv)  Any
      attempted or purported transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of a Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. The Trustee shall be under no liability to any Person for any
      registration of transfer of a Residual Certificate that is in fact not permitted
      by this Section or for making any distributions due on such Residual Certificate
      to the Holder thereof or taking any other action with respect to such Holder
      under the provisions of this Agreement so long as the Trustee received the
      documents specified in clause (iii). The Trustee shall be entitled to recover
      from any Holder of a Residual Certificate that was in fact not a Permitted
      Transferee at the time such distributions were made all distributions made
      on
      such Residual Certificate. Any such distributions so recovered by the Trustee
      shall be distributed and delivered by the Trustee to the prior Holder of such
      Residual Certificate that is a Permitted Transferee.

     

    (v)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee shall have the right but not the obligation, without notice to the
      Holder of such Residual Certificate or any other Person having an Ownership
      Interest therein, to notify the Depositor to arrange for the sale of such
      Residual Certificate. The proceeds of such sale, net of commissions (which
      may
      include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the Trustee
      to the previous Holder of such Residual Certificate that is a Permitted
      Transferee, except that in the event that the Trustee determines that the Holder
      of such Residual Certificate may be liable for any amount due under this Section
      or any other provisions of this Agreement, the Trustee may withhold a
      corresponding amount from such remittance as security for such claim. The terms
      and conditions of any sale under this clause (v) shall be determined in the
      sole
      discretion of the Trustee and it shall not be liable to any Person having an
      Ownership Interest in a Residual Certificate as a result of its exercise of
      such
      discretion.

     

    (vi)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee upon receipt of reasonable compensation will provide to the Internal
      Revenue Service, and to the persons specified in Sections 860E(e)(3) and (6)
      of
      the Code, information needed to compute the tax imposed under Section 860E(e)(5)
      of the Code on transfers of residual interests to disqualified
      organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Trustee,
      in
      form and substance satisfactory to the Trustee, (i) written notification from
      each Rating Agency that the removal of the restrictions on transfer set forth
      in
      this Section will not cause such Rating Agency to downgrade its rating of the
      Certificates and (ii) an Opinion of Counsel to the effect that such removal
      will
      not cause any REMIC created hereunder to fail to qualify as a
      REMIC.

     

    (e)  No
      transfer of the Class C Certificates shall be made unless the transferee of
      such
      Certificates provides to the Trustee the appropriate tax certification form
      (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable
      (or any successor form thereto)), as a condition to such transfer and agrees
      to
      update such forms (i) upon expiration of any such form, (ii) as required under
      then applicable U.S. Treasury regulations and (iii) promptly upon learning
      that
      any IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable
      (or
      any successor form thereto), has become obsolete or incorrect. Upon receipt
      of
      any such tax certification form from a transferee of any Class C Certificate,
      the Trustee shall provide a copy of such tax certification form to the Basis
      Risk Cap Provider, the Supplemental Interest Trust Trustee and the Cap Trustee.
      The Supplemental Interest Trust Trustee shall provide a copy of any such tax
      certification form to the Swap Provider and the Cap Trustee shall provide a
      copy
      of any such tax certification form to the Interest Rate Cap
      Provider.

     

    Each
      Holder of a Class C Certificate and each transferee thereof shall be deemed
      to
      have consented to the Trustee, the Supplemental Interest Trustee and the Cap
      Trustee forwarding to the Basis Risk Cap Provider, the Swap Provider and the
      Interest Rate Cap Provider, respectively, any such tax certification form it
      has
      provided and updated in accordance with these transfer restrictions. Any
      purported sales or transfers of any Class C Certificate to a transferee which
      does not comply with these requirements shall be deemed null and void under
      this
      Agreement.

     

    The
      Trustee, the Supplemental Interest Trustee and the Cap Trustee shall not be
      liable for the content or truthfulness of any such tax certification provided
      to
      it. The Trustee, the Supplemental Interest Trustee and the Cap Trustee shall
      only be required to forward any tax certification received by it to the Basis
      Risk Cap Provider, the Swap Provider or the Interest Rate Cap Provider,
      respectively, at the last known address provided to it, and shall not be liable
      for the receipt of such tax certification by the Basis Risk Cap Provider, the
      Swap Provider or the Interest Rate Cap Provider, nor any failure of the Basis
      Risk Cap Provider, the Swap Provider or the Interest Rate Cap Provider to
      process such certification or to take any action as required under the Basis
      Risk Cap Agreement, the Interest Rate Swap Agreement or the Interest Rate Cap
      Agreement, respectively, or under applicable law. The Trustee, the Supplemental
      Interest Trustee and the Cap Trustee shall have no duty to take action to
      correct any misstatement or omission in any tax certification provided to it
      and
      forwarded to the Basis Risk Cap Provider, the Swap Provider or the Interest
      Rate
      Cap Provider, respectively.

     

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

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      canceled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    
      SECTION
        5.03 Mutilated,
        Destroyed, Lost or Stolen Certificates.
         

      

    

    If
      (i)
      any mutilated Certificate is surrendered to the Certificate Registrar or the
      Certificate Registrar receives evidence to its satisfaction of the destruction,
      loss or theft of any Certificate and (ii) there is delivered to the Trustee,
      the
      Depositor and the Certificate Registrar such security or indemnity as may be
      required by them to save each of them harmless, then, in the absence of notice
      to the Trustee or the Certificate Registrar that such Certificate has been
      acquired by a bona fide purchaser, the Trustee shall execute on behalf of the
      Trust, authenticate and deliver, in exchange for or in lieu of any such
      mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
      tenor and Percentage Interest. Upon the issuance of any new Certificate under
      this Section, the Trustee or the Certificate Registrar may require the payment
      of a sum sufficient to cover any tax or other governmental charge that may
      be
      imposed in relation thereto and any other expenses (including the fees and
      expenses of the Trustee and the Certificate Registrar) in connection therewith.
      Any duplicate Certificate issued pursuant to this Section, shall constitute
      complete and indefeasible evidence of ownership in the Trust, as if originally
      issued, whether or not the lost, stolen or destroyed Certificate shall be found
      at any time.

     

    
      SECTION
        5.04 Persons
        Deemed Owners.

    

     

    The
      Servicer, the Depositor, the Trustee, the Certificate Registrar, any Paying
      Agent and any agent of the Servicer, the Depositor, the Trustee, the Certificate
      Registrar or any Paying Agent may treat the Person, including a Depository,
      in
      whose name any Certificate is registered as the owner of such Certificate for
      the purpose of receiving distributions pursuant to Section 4.01 and for all
      other purposes whatsoever, and none of the Depositor, the Trustee, the
      Certificate Registrar or any Paying Agent nor any agent of any of them shall
      be
      affected by notice to the contrary.

     

    
      SECTION
        5.05 Appointment
        of Paying Agent.

    

     

    (a)  The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 4.01. The duties of the Paying Agent
      may include the obligation (i) to withdraw funds from the Collection Account
      pursuant to Section 3.11(a) and for the purpose of making the distributions
      referred to above and (ii) to distribute statements and provide information
      to
      Certificateholders as required hereunder. The Paying Agent hereunder shall
      at
      all times be an entity duly organized and validly existing under the laws of
      the
      United States of America or any state thereof, authorized under such laws to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authorities. The Paying Agent shall initially be the Trustee.
      

     

    ARTICLE
      VI

     

    THE
      SERVICER AND THE DEPOSITOR

     

    
      SECTION
        6.01 Liability
        of the Servicer and the Depositor.

    

     

    The
      Servicer shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed upon and undertaken by the Servicer herein.
      The
      Depositor shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed upon and undertaken by the
      Depositor.

     

    
      SECTION
        6.02 Merger
        or
        Consolidation of, or Assumption of the Obligations of the Servicer or the
        Depositor.

    

     

    Any
      entity into which the Servicer or the Depositor may be merged or consolidated,
      or any entity resulting from any merger, conversion or consolidation to which
      the Servicer or the Depositor shall be a party, or any corporation succeeding
      to
      the business of the Servicer or the Depositor, shall be the successor of the
      Servicer or the Depositor, as the case may be, hereunder, without the execution
      or filing of any paper or any further act on the part of any of the parties
      hereto, anything herein to the contrary notwithstanding; provided, however,
      that
      the successor Servicer shall satisfy all the requirements of Section 7.02 with
      respect to the qualifications of a successor Servicer.

     

    
      SECTION
        6.03 Limitation
        on Liability of the Servicer and Others.

    

     

    Neither
      the Servicer or the Depositor nor any of the directors or officers or employees
      or agents of the Servicer or the Depositor shall be under any liability to
      the
      Trust or the Certificateholders for any action taken or for refraining from
      the
      taking of any action by the Servicer or the Depositor in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Servicer, the Depositor or any such Person
      against any liability which would otherwise be imposed by reason of its willful
      misfeasance, bad faith or negligence in the performance of duties of the
      Servicer or the Depositor, as the case may be, or by reason of its reckless
      disregard of its obligations and duties of the Servicer or the Depositor, as
      the
      case may be, hereunder. The Servicer and any director or officer or employee
      or
      agent of the Servicer may rely in good faith on any document of any kind prima
      facie properly executed and submitted by any Person respecting any matters
      arising hereunder. The Servicer and the Depositor, and any director or officer
      or employee or agent of the Servicer or the Depositor, shall be indemnified
      by
      the Trust and held harmless against (i) any loss, liability or expense incurred
      in connection with any legal action relating to this Agreement or the
      Certificates, other than any loss, liability or expense related to any specific
      Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) and any loss,
      liability or expense incurred by reason of its willful misfeasance, bad faith
      or
      negligence in the performance of duties hereunder or by reason of its reckless
      disregard of obligations and duties hereunder or (ii) any breach of a
      representation or warranty by the Originator regarding the Mortgage Loans.
      The
      Servicer or the Depositor may undertake any such action which it may deem
      necessary or desirable in respect of this Agreement, and the rights and duties
      of the parties hereto and the interests of the Certificateholders hereunder.
      In
      such event, the reasonable legal expenses and costs of such action and any
      liability resulting therefrom shall be expenses, costs and liabilities of the
      Trust and the Depositor or the Servicer shall be entitled to be reimbursed
      therefor from the Collection Account as and to the extent provided in Section
      3.11, any such right of reimbursement being prior to the rights of the
      Certificateholders to receive any amount in the Collection Account. The
      Servicer’s right to indemnity or reimbursement pursuant to this Section shall
      survive any resignation or termination of the Servicer pursuant to Section
      6.04
      or 7.01 with respect to any losses, expenses, costs or liabilities arising
      prior
      to such resignation or termination (or arising from events that occurred prior
      to such resignation or termination). This paragraph shall apply to the Servicer
      solely in its capacity as Servicer hereunder and in no other
      capacities.

     

    
      SECTION
        6.04 Limitation
        on Resignation of the Servicer; Assignment of Servicing.

    

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except upon determination that its duties hereunder are no longer permissible
      under applicable law. Any such determination pursuant to the preceding sentence
      permitting the resignation of the Servicer shall be evidenced by an Opinion
      of
      Counsel to such effect obtained at the expense of the Servicer and delivered
      to
      the Trustee. No resignation of the Servicer shall become effective until the
      Trustee or a successor servicer shall have assumed the Servicer’s
      responsibilities, duties, liabilities (other than those liabilities arising
      prior to the appointment of such successor) and obligations under this
      Agreement.

     

    Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, no Sub-Servicer shall be a third-party
      beneficiary hereunder and the parties hereto shall not be required to recognize
      any Subservicer as an indemnitee under this Agreement.

     

    
      SECTION
        6.05 Successor
        Servicer.

    

     

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

     

    
      SECTION
        6.06 Delegation
        of Duties.

    

     

    In
      the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those set forth
      in Section 3.01. Such delegation shall not relieve the Servicer of its
      liabilities and responsibilities with respect to such duties and shall not
      constitute a resignation within the meaning of Section 6.04. Except as provided
      in Section 3.02, no such delegation is permitted that results in the delegee
      subservicing any Mortgage Loans.

     

    
      SECTION
        6.07 [Reserved].

    

     

    
      SECTION
        6.08 Inspection.

    

     

    The
      Servicer, in its capacity as Servicer, shall afford the Depositor and the
      Trustee, upon reasonable notice, during normal business hours, access to all
      records maintained by the Servicer in respect of its rights and obligations
      hereunder and access to officers of the Servicer responsible for such
      obligations.

     

    
      SECTION
        6.09 Duties
        of
        the Credit Risk Manager.

    

     

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans. Such reports and recommendations will be based upon information provided
      pursuant to the Credit Risk Management Agreement to the Credit Risk Manager
      by
      the Servicer. The Credit Risk Manager shall look solely to the Servicer for
      all
      information and data (including loss and delinquency information and data)
      and
      loan level information and data relating to the servicing of the Mortgage Loans
      and the Trustee shall not have any obligation to provide any such information
      to
      the Credit Risk Manager and shall not otherwise have any responsibility with
      respect to the performance of the Credit Risk Manager

     

    
      SECTION
        6.10 Limitation
        Upon Liability of the Credit Risk Manager.

    

     

    Neither
      the Credit Risk Manager, nor any of its directors, officers, employees, or
      agents shall be under any liability to the Trustee, the Certificateholders,
      the
      Servicer or the Depositor for any action taken or for refraining from the taking
      of any action made in good faith pursuant to this Agreement, in reliance upon
      information provided by the Servicer under the Credit Risk Management Agreement,
      or for errors in judgment; provided, however, that this provision shall not
      protect the Credit Risk Manager or any such person against liability that would
      otherwise be imposed by reason of willful malfeasance or bad faith in its
      performance of its duties. The Credit Risk Manager and any director, officer,
      employee, or agent of the Credit Risk Manager may rely in good faith on any
      document of any kind prima
      facie
      properly
      executed and submitted by any Person respecting any matters arising hereunder,
      and may rely in good faith upon the accuracy of information furnished by the
      Servicer pursuant to the Credit Risk Management Agreement in the performance
      of
      its duties thereunder and hereunder.

     

    
      SECTION
        6.11 Removal
        of the Credit Risk Manager.

    

     

    The
      Credit Risk Manager may be removed as Credit Risk Manager by the Depositor
      at
      any time, without cause, with the consent of Certificateholders holding not
      less
      than 66 2/3% of the Voting Rights, upon ten (10) days prior written notice.
      The
      Depositor shall provide such written notice to the Trustee and upon receipt
      of
      such notice and evidence of such Certificateholders’ consent, the Trustee shall
      provide written notice to the Credit Risk Manager of its removal, effective
      upon
      receipt of such notice. 

     

    ARTICLE
      VII 

     

    DEFAULT

     

    
      SECTION
        7.01 Servicer
        Events of Termination.

    

     

    (a)  If
      any
      one of the following events (“Servicer Events of Termination”) shall occur and
      be continuing:

     

    (i)  The
      failure by the Servicer to make any Advance; or (B) any other failure by the
      Servicer to deposit in the Collection Account or Distribution Account any
      deposit required to be made under the terms of this Agreement which continues
      unremedied for a period of two Business Days after the date upon which written
      notice (which shall also be provided via facsimile at the number listed in
      Section 11.05 of this Agreement) of such failure shall have been given to the
      Servicer by the Trustee or to the Servicer and the Trustee by any Holders of
      a
      Regular Certificate evidencing at least 25% of the Voting Rights;
      or

     

    (ii)  The
      failure by the Servicer to make any required Servicing Advance which failure
      continues unremedied for a period of 30 days, or the failure by the Servicer
      duly to observe or perform, in any material respect, any other covenants,
      obligations or agreements of the Servicer as set forth in this Agreement, which
      failure continues unremedied for a period of 30 days, after the date (A) on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Servicer by the Trustee or to the Trustee by any Holders
      of a Regular Certificate evidencing at least 25% of the Voting Rights or (B)
      of
      actual knowledge of such failure by a Servicing Officer of the Servicer;
      or

     

    (iii)  The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 days; 

     

    (iv)  The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator or receiver or liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property; or a decree or order of a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations; or

     

    (v)  The
      failure by the Servicer to duly perform, within the required time period, its
      obligations under Section 3.20, Section 3.21 or Section 4.05 of this Agreement
      which failure continues unremedied for a period of fifteen (10) days after
      the
      date on which written notice of such failure, requiring the same to be remedied,
      shall have been given to the Servicer by any party to this
      Agreement.

     

    then,
      and
      in each and every such case, so long as a Servicer Event of Termination shall
      not have been remedied within the applicable grace period, (x) with respect
      solely to clause (i)(A) above, if such Advance is not made by 5:00 P.M., New
      York time, on the Business Day immediately following the Servicer Remittance
      Date (provided the Trustee shall give the Servicer notice of such failure to
      advance by 5:00 P.M. New York time on the Servicer Remittance Date), the Trustee
      shall terminate all of the rights and obligations of the Servicer under this
      Agreement, to the extent permitted by law, and in and to the Mortgage Loans
      and
      the proceeds thereof and the Trustee (as
      successor servicer),
      or a
      successor servicer appointed in accordance with Section 7.02, shall make such
      Advance in accordance with Section 4.04 and assume, pursuant to Section 7.02,
      the duties of a successor Servicer and (y) in the case of (i)(B), (ii), (iii),
      (iv) and (v) above, the Trustee shall, at the direction of the Holders of each
      Class of Regular Certificates evidencing Percentage Interests aggregating not
      less than 51%, by notice then given in writing to the Servicer (and to the
      Trustee if given by Holders of Certificates), terminate all of the rights and
      obligations of the Servicer as servicer under this Agreement. Any such notice
      to
      the Servicer shall also be given to each Rating Agency, the Credit Risk Manager,
      the Depositor and the Servicer. On or after the receipt by the Servicer (and
      by
      the Trustee if such notice is given by the Holders) of such written notice,
      all
      authority and power of the Servicer under this Agreement, whether with respect
      to the Certificates or the Mortgage Loans or otherwise, shall pass to and be
      vested in the Trustee pursuant to and under this Section; and, without
      limitation, and the Trustee is hereby authorized and empowered to execute and
      deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and
      all documents and other instruments, and to do or accomplish all other acts
      or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement of each Mortgage
      Loan and related documents or otherwise. The Servicer agrees to cooperate with
      the Trustee (or the applicable successor Servicer) in effecting the termination
      of the responsibilities and rights of the Servicer hereunder, including, without
      limitation, the delivery to the Trustee (as successor servicer) of all documents
      and records requested by it to enable it to assume the Servicer’s functions
      under this Agreement within ten Business Days subsequent to such notice, the
      transfer within one Business Day subsequent to such notice to the Trustee (or
      the applicable successor Servicer) for the administration by it of all cash
      amounts that shall at the time be held by the Servicer and to be deposited
      by it
      in the Collection Account, the Distribution Account, any REO Account or any
      Servicing Account or that have been deposited by the Servicer in such accounts
      or thereafter serviced by the Servicer with respect to the Mortgage Loans or
      any
      REO Property received by the Servicer (provided, however, that the Servicer
      shall continue to be entitled to receive all amounts accrued or owing to it
      under this Agreement on or prior to the date of such termination, whether in
      respect of Advances, Servicing Advances, accrued Servicing Fees or otherwise,
      and shall continue to be entitled to the benefits of Section 6.03,
      notwithstanding any such termination, with respect to events occurring prior
      to
      such termination). All reasonable costs and expenses (including attorneys’ fees)
      incurred in connection with transferring the Mortgage Files to the successor
      Servicer and amending this Agreement to reflect such succession as Servicer
      pursuant to this Section shall be paid by the predecessor Servicer (or if the
      predecessor Servicer is the Trustee, the initial Servicer) upon presentation
      of
      reasonable documentation of such costs and expenses and to the extent not paid
      by the Servicer, by the Trust. 

     

    
      SECTION
        7.02 Trustee
        to Act; Appointment of Successor Servicer.

    

     

    (a)  Within
      90
      days of the time the Servicer (and the Trustee, if notice is sent by the
      Holders) receives a notice of termination pursuant to Section 7.01 or 6.04,
      the
      Trustee (or such other successor Servicer as is approved in accordance with
      this
      Agreement) shall be the successor in all respects to the Servicer in its
      capacity as servicer under this Agreement and the transactions set forth or
      provided for herein and shall be subject to all the responsibilities, duties
      and
      liabilities relating thereto placed on the Servicer by the terms and provisions
      hereof arising on and after its succession. Notwithstanding the foregoing,
      the
      parties hereto agree that the Trustee, in its capacity as successor Servicer,
      immediately will assume all of the obligations of the Servicer to make advances.
      Notwithstanding the foregoing, the Trustee, in its capacity as successor
      Servicer, shall not be responsible for the lack of information and/or documents
      that it cannot obtain through reasonable efforts. As compensation therefor,
      the
      Trustee (or such other successor Servicer) shall be entitled to such
      compensation as the Servicer would have been entitled to hereunder if no such
      notice of termination had been given. Notwithstanding the above, (i) if the
      Trustee is unwilling to act as successor Servicer or (ii) if the Trustee is
      legally unable so to act, the Trustee shall appoint or petition a court of
      competent jurisdiction to appoint, any established housing and home finance
      institution, bank or other mortgage loan or home equity loan servicer having
      a
      net worth of not less than $50,000,000 as the successor to the Servicer
      hereunder in the assumption of all or any part of the responsibilities, duties
      or liabilities of the Servicer hereunder; provided, that the appointment of
      any
      such successor Servicer will not result in the qualification, reduction or
      withdrawal of the ratings assigned to the Certificates by the Rating Agencies
      as
      evidenced by a letter to such effect from the Rating Agencies. Pending
      appointment of a successor to the Servicer hereunder, the Trustee shall act
      in
      such capacity as hereinabove provided. In connection with such appointment
      and
      assumption, the successor shall be entitled to receive compensation out of
      payments on Mortgage Loans in an amount equal to the compensation which the
      Servicer would otherwise have received pursuant to Section 3.18 (or such other
      compensation as the Trustee and such successor shall agree, not to exceed the
      Servicing Fee). The appointment of a successor Servicer shall not affect any
      liability of the predecessor Servicer which may have arisen under this Agreement
      prior to its termination as Servicer to pay any deductible under an insurance
      policy pursuant to Section 3.14 or to reimburse the Trustee pursuant to Section
      3.06), nor shall any successor Servicer be liable for any acts or omissions
      of
      the predecessor Servicer or for any breach by such Servicer of any of its
      representations or warranties contained herein or in any related document or
      agreement. The Trustee and such successor shall take such action, consistent
      with this Agreement, as shall be necessary to effectuate any such succession.
      All Servicing Transfer Costs shall be paid by the predecessor Servicer upon
      presentation of reasonable documentation of such costs, and if such predecessor
      Servicer defaults in its obligation to pay such costs, such costs shall be
      paid
      by the successor Servicer or the Trustee (in which case the successor Servicer
      or the Trustee, as applicable, shall be entitled to reimbursement therefor
      from
      the assets of the Trust).

     

    (b)  Any
      successor to the Servicer, including the Trustee, shall during the term of
      its
      service as servicer continue to service and administer the Mortgage Loans for
      the benefit of Certificateholders, and maintain in force a policy or policies
      of
      insurance covering errors and omissions in the performance of its obligations
      as
      Servicer hereunder and a fidelity bond in respect of its officers, employees
      and
      agents to the same extent as the Servicer is so required pursuant to Section
      3.14.

     

    (c)  In
      connection with the resignation, removal or expiration of the term of the
      Servicer hereunder, or in connection with the resignation or removal of any
      successor to the Servicer (or any other successor to the Servicer appointed
      hereunder) acting as successor Servicer hereunder, either (i) the successor
      Servicer, (or any other successor to the Servicer appointed hereunder) acting
      as
      successor Servicer hereunder, shall represent and warrant that it is a member
      of
      MERS in good standing and shall agree to comply in all material respects with
      the rules and procedures of MERS in connection with the servicing of the
      Mortgage Loans that are registered with MERS, in which case the predecessor
      Servicer shall cooperate with the successor Servicer in causing MERS to revise
      its records to reflect the transfer of servicing to the successor Servicer
      as
      necessary under MERS’ rules and regulations or (ii) the predecessor Servicer
      shall cooperate with the successor Servicer in causing MERS to execute and
      deliver an assignment of Mortgage in recordable form to transfer the Mortgage
      from MERS to the Trustee and to execute and deliver such other notices,
      documents and other instruments as may be necessary or desirable to effect
      a
      transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS®
System to the successor Servicer. The predecessor Servicer shall file or cause
      to be filed any such assignment in the appropriate recording office. The
      predecessor Servicer shall bear any and all fees of MERS, costs of preparing
      any
      assignments of Mortgage, and fees and costs of filing any assignments of
      Mortgage that may be required under this paragraph. 

     

    
      SECTION
        7.03 [Reserved].

    

     

    
      SECTION
        7.04 Waiver
        of
        Defaults.

    

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders, waive
      any
      events permitting removal of the Servicer as servicer pursuant to this Article
      VII, provided, however, that the Majority Certificateholders may not waive
      a
      default in making a required distribution on a Certificate without the consent
      of the Holder of such Certificate. Upon any waiver of a past default, such
      default shall cease to exist and any Servicer Event of Termination arising
      therefrom shall be deemed to have been remedied for every purpose of this
      Agreement. No such waiver shall extend to any subsequent or other default or
      impair any right consequent thereto except to the extent expressly so waived.
      Notice of any such waiver shall be given by the Trustee to the Rating
      Agencies.

     

    
      SECTION
        7.05 Notification
        to Certificateholders.

    

     

    (a)  Upon
      any
      termination or appointment of a successor to the Servicer pursuant to this
      Article VII or Section 6.04, the Trustee shall give prompt written notice
      thereof to the Certificateholders at their respective addresses appearing in
      the
      Certificate Register and each Rating Agency.

     

    (b)  No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute a Servicer Event of
      Termination for five Business Days after a Responsible Officer of the Trustee
      (in the case of a Servicer Event of Termination) becomes aware of the occurrence
      of such an event, the Trustee shall transmit by mail to the Credit Risk Manager
      and all Certificateholders notice of such occurrence unless such default,
      Servicer Event of Termination shall have been waived or cured.

     

    
      SECTION
        7.06 Survivability
        of Servicer Liabilities.

    

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer hereunder,
      any
      liabilities of the Servicer which accrued prior to such termination shall
      survive such termination.

     

    ARTICLE
      VIII

     

    THE
      TRUSTEE

     

    
      SECTION
        8.01 Duties
        of
        Trustee.

    

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Termination and after
      the curing of all Servicer Events of Termination which may have occurred,
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Agreement. If a Servicer Event of Termination has occurred (which
      has not been cured) of which a Responsible Officer has knowledge, the Trustee
      shall exercise such of the rights and powers vested in it by this Agreement,
      and
      use the same degree of care and skill in their exercise, as a prudent man would
      exercise or use under the circumstances in the conduct of his own
      affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to it which are
      specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided, however, that the Trustee will not
      be
      responsible for the accuracy or content of any such resolutions, certificates,
      statements, opinions, reports, documents or other instruments. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner, the Trustee shall take such action as it deems appropriate
      to
      have the instrument corrected, and if the instrument is not corrected to the
      Trustee’s satisfaction, the Trustee will provide notice thereof to the
      Certificateholders.

     

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

     

    (i)  prior
      to
      the occurrence of a Servicer Event of Termination, and after the curing of
      all
      such Servicer Events of Termination which may have occurred, the duties and
      obligations of the Trustee shall be determined solely by the express provisions
      of this Agreement, the Trustee shall not be liable except for the performance
      of
      such duties and obligations as are specifically set forth in this Agreement,
      no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee and, in the absence of bad faith on the part of the Trustee, may
      conclusively rely, as to the truth of the statements and the correctness of
      the
      opinions expressed therein, upon any certificates or opinions furnished to
      the
      Trustee and conforming to the requirements of this Agreement;

     

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

     

    (iii)  the
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of the Majority Certificateholders relating to the time, method and
      place of conducting any proceeding for any remedy available to the Trustee
      or
      exercising or omitting to exercise any trust or power conferred upon the Trustee
      under this Agreement; and

     

    (iv)  the
      Trustee shall not be charged with knowledge of any failure by the Servicer
      to
      comply with the obligations of the Servicer referred to in clauses (i) and
      (ii)
      of Section 7.01(a) or of the existence of any Servicer Event of Termination
      unless a Responsible Officer of the Trustee at the Corporate Trust Office
      obtains actual knowledge of such failure or the Trustee receives written notice
      of such failure from the Depositor, the Servicer or the Majority
      Certificateholders.

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder, or in
      the
      exercise of any of its rights or powers, if there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Servicer under this Agreement, except during such time, if any, as the
      Trustee shall be the successor to, and be vested with the rights, duties, powers
      and privileges of, the Servicer in accordance with the terms of this
      Agreement.

     

    
      SECTION
        8.02 Certain
        Matters Affecting the Trustee.

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  the
      Trustee may request and rely upon, and shall be protected in acting or
      refraining from acting upon, any resolution, Officers’ Certificate, certificate
      of auditors or any other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, appraisal, bond or other paper or document
      reasonably believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties, and the manner of obtaining consents and of
      evidencing the authorization of the execution thereof by Certificateholders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe;

     

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

     

    (iii)  the
      Trustee shall not be under any obligation to exercise any of the rights or
      powers vested in it by this Agreement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of any of the Certificateholders, pursuant to the provisions of this Agreement,
      unless such Certificateholders, shall have offered to the Trustee reasonable
      security or indemnity against the costs, expenses and liabilities which may
      be
      incurred therein or thereby; the right of the Trustee to perform any
      discretionary act enumerated in this Agreement shall not be construed as a
      duty,
      and the Trustee shall not be answerable for other than its negligence or willful
      misconduct in the performance of any such act;

     

    (iv)  the
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and believed by it to be authorized or within the discretion
      or rights or powers conferred upon it by this Agreement;

     

    (v)  prior
      to
      the occurrence of a Servicer Event of Termination and after the curing of all
      Servicer Events of Termination which may have occurred, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or documents, unless
      requested in writing to do so by the Majority Certificateholder; provided,
      however, that if the payment within a reasonable time to the Trustee of the
      costs, expenses or liabilities likely to be incurred by it in the making of
      such
      investigation is, in the opinion of the Trustee not reasonably assured to the
      Trustee by the security afforded to it by the terms of this Agreement, the
      Trustee may require reasonable indemnity against such cost, expense or liability
      as a condition to such proceeding. The reasonable expense of every such
      examination shall be paid by the Servicer or, if paid by the Trustee shall
      be
      reimbursed by the Servicer upon demand and, if not reimbursed by the Servicer,
      shall be reimbursed by the Trust. Nothing in this clause (v) shall derogate
      from
      the obligation of the Servicer to observe any applicable law prohibiting
      disclosure of information regarding the Mortgagors;

     

    (vi)  the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Servicer until
      such
      time as the Trustee may be required to act as Servicer pursuant to Section
      7.02
      and thereupon only for the acts or omissions of the Trustee as successor
      Servicer;

     

    (vii)  the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys, custodians
      or
      nominees;

     

    (viii)  the
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act;

     

    (ix)  the
      Trustee shall not be personally liable for any loss resulting from the
      investment of funds held in the Collection Account or the REO Account made
      at
      the direction of the Servicer pursuant to Section 3.12; 

     

    (x)  the
      Trustee or its Affiliates are permitted to receive compensation that could
      be
      deemed to be in the Trustee’s economic self-interest for (i) serving as
      investment adviser, administrator, shareholder, servicing agent, custodian
      or
      sub-custodian with respect to certain of the Permitted Investments, (ii) using
      Affiliates to effect transactions in certain Permitted Investments and (iii)
      effecting transactions in certain Permitted Investments. Such compensation
      shall
      not be considered an amount that is reimbursable or payable pursuant to Section
      3.11; and

     

    (xi)  the
      Depositor hereby directs the Trustee to execute and deliver the PMI Policy
      on
      behalf of the Trust Fund in the form presented to it by the Depositor. Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Trustee shall apply to the Trustee’s execution
      of the PMI Policy, and the performance of its duties and satisfaction of its
      obligations thereunder.

     

    In
      order
      to comply with laws, rules, regulations and executive orders in effect from
      time
      to time applicable to banking institutions, including those relating to the
      funding of terrorist activities and money laundering (“Applicable Law”), the
      Trustee is required to obtain, verify and record certain information relating
      to
      individuals and entities which maintain a business relationship with the
      Trustee. Accordingly, each of the parties agrees to provide to the Trustee
      upon
      its request from time to time such identifying information and documentation
      as
      may be available for such party in order to enable the Trustee to comply with
      Applicable Law.

     

    
      SECTION
        8.03 Trustee
        Not Liable for Certificates or Mortgage Loans.

    

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee on the Certificates) shall be taken as the statements of the
      Depositor, and the Trustee assumes no responsibility for the correctness of
      the
      same. The Trustee makes no representations as to the validity or sufficiency
      of
      this Agreement or of the Certificates (other than the signature and
      authentication of the Trustee on the Certificates) or of any Mortgage Loan
      or
      related document or MERS or the MERS System other than with respect to the
      Trustee’s execution and authentication of the Certificates. The Trustee shall
      not be accountable for the use or application by the Servicer, or for the use
      or
      application of any funds paid to the Servicer in respect of the Mortgage Loans
      or deposited in or withdrawn from the Collection Account by the Servicer. The
      Trustee shall at no time have any responsibility or liability for or with
      respect to the legality, validity and enforceability of any Mortgage or any
      Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance
      of any such perfection and priority, or for or with respect to the sufficiency
      of the Trust or its ability to generate the payments to be distributed to
      Certificateholders under this Agreement, including, without limitation: the
      existence, condition and ownership of any Mortgaged Property; the existence
      and
      enforceability of any hazard insurance thereon (other than if the Trustee shall
      assume the duties of the Servicer pursuant to Section 7.02); the validity of
      the
      assignment of any Mortgage Loan to the Trustee or of any intervening assignment;
      the completeness of any Mortgage Loan; the performance or enforcement of any
      Mortgage Loan (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02); the compliance by the Depositor, the Originator,
      the
      Seller or the Servicer with any warranty or representation made under this
      Agreement or in any related document or the accuracy of any such warranty or
      representation prior to the Trustee’s receipt of notice or other discovery of
      any non-compliance therewith or any breach thereof; any investment of monies
      by
      or at the direction of the Servicer or any loss resulting therefrom, it being
      understood that the Trustee shall remain responsible for any Trust property
      that
      it may hold in its individual capacity; the acts or omissions of any of the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02), any Sub-Servicer or any Mortgagor; any action of
      the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02), or any Sub-Servicer taken in the name of the Trustee;
      the failure of the Servicer or any Sub-Servicer to act or perform any duties
      required of it as agent of the Trustee hereunder; or any action by the Trustee
      taken at the instruction of the Servicer (other than if the Trustee shall assume
      the duties of the Servicer pursuant to Section 7.02); provided, however, that
      the foregoing shall not relieve the Trustee of its obligation to perform its
      duties under this Agreement, including, without limitation, the Trustee’s duty
      to review the Mortgage Files pursuant to Section 2.01. The Trustee shall have
      no
      responsibility for filing any financing or continuation statement in any public
      office at any time or to otherwise perfect or maintain the perfection of any
      security interest or lien granted to it hereunder (unless the Trustee shall
      have
      become the successor Servicer).

     

    
      SECTION
        8.04 Trustee
        May Own Certificates.

    

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Certificates with the same rights as it would have if it were not Trustee
      may
      transact any banking and trust business with the Originator, the Servicer,
      the
      Depositor or their Affiliates.

     

    
      SECTION
        8.05 Trustee
        Compensation and Expenses.

    

     

    (a)  The
      Trustee shall withdraw from the Distribution Account on each Distribution Date
      and pay to itself the Trustee Compensation prior to making any distributions
      to
      Certificateholders consisting of income earned on amounts on deposit in the
      Distribution Account and the Trustee Fee.

     

    (b)  The
      Trustee, or any director, officer, employee or agent of the Trustee, shall
      be
      indemnified by the Trust Fund and held harmless against any loss, liability
      or
      expense (not including expenses and disbursements incurred or made by the
      Trustee, including the compensation and the expenses and disbursements of its
      agents and counsel, in the ordinary course of the Trustee’s performance in
      accordance with the provisions of this Agreement) incurred by the Trustee
      arising out of or in connection with the acceptance or administration of its
      obligations and duties under this Agreement, other than any loss, liability
      or
      expense (i) resulting from a breach of the Servicer’s obligations and duties
      under this Agreement for which the Trustee is indemnified under Section 8.05(b)
      or (ii) any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence of the Trustee in the performance of its
      duties hereunder or by reason of the Trustee’s reckless disregard of obligations
      and duties hereunder or as a result of a breach of the Trustee’s obligations
      under Article X hereof. It is understood by the parties hereto that a “claim” as
      used in the preceding sentence includes any claim for indemnification made
      by
      the Custodian under Section 22 of the Custodial Agreement; provided, however,
      that the Trustee shall not lose any right it may have to indemnification under
      this Section 8.05 due to the willful misfeasance, bad faith or negligence of
      the
      Custodian in the performance of its duties under the Custodial Agreement or
      by
      reason of the Custodian’s reckless disregard of its obligations and duties under
      the Custodial Agreement. Any amounts payable to the Trustee or any director,
      officer, employee or agent of the Trustee, in respect of the indemnification
      provided by this Section 8.05, or pursuant to any other right of reimbursement
      from the Trust Fund that the Trustee or any director, officer, employee or
      agent
      of the Trustee, may have hereunder in its capacity as such, may be withdrawn
      by
      the Trustee from the Distribution Account at any time. The foregoing indemnity
      shall survive the resignation or removal of the Trustee.

     

    
      SECTION
        8.06 Eligibility
        Requirements for Trustee.

    

     

    The
      Trustee hereunder shall at all times be an entity duly organized and validly
      existing under the laws of the United States of America or any state thereof,
      authorized under such laws to exercise corporate trust powers, having a combined
      capital and surplus of at least $50,000,000 and subject to supervision or
      examination by federal or state authority. If such entity publishes reports
      of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section 8.06, the combined capital and surplus of such entity shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. The principal offices of the Trustee (other than the
      initial Trustee) shall be in a state with respect to which an Opinion of Counsel
      has been delivered to such Trustee at the time such Trustee is appointed Trustee
      to the effect that the Trust will not be a taxable entity under the laws of
      such
      state. In case at any time the Trustee shall cease to be eligible in accordance
      with the provisions of this Section 8.06, the Trustee shall resign immediately
      in the manner and with the effect specified in Section 8.07.

     

    
      SECTION
        8.07 Resignation
        or Removal of Trustee.

    

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice thereof to the Depositor, the Servicer and each Rating
      Agency. Upon receiving such notice of resignation, the Depositor shall promptly
      appoint a successor Trustee by written instrument, in duplicate, one copy of
      which instrument shall be delivered to the resigning Trustee and one copy to
      the
      successor Trustee. If no successor Trustee shall have been so appointed and
      having accepted appointment within 30 days after the giving of such notice
      of
      resignation, the resigning Trustee may petition any court of competent
      jurisdiction for the appointment of a successor Trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor or if at any time the Trustee shall be legally unable to act, or
      shall
      be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its
      property shall be appointed, or any public officer shall take charge or control
      of the Trustee or of its property or affairs for the purpose of rehabilitation,
      conservation or liquidation, then the Depositor or the Servicer may remove
      the
      Trustee. If the Depositor or the Servicer removes the Trustee under the
      authority of the immediately preceding sentence, the Depositor shall promptly
      appoint a successor Trustee by written instrument, in duplicate, one copy of
      which instrument shall be delivered to the Trustee so removed and one copy
      to
      the successor trustee.

     

    The
      Majority Certificateholders may at any time remove the Trustee by written
      instrument or instruments delivered to the Servicer, the Depositor and the
      Trustee; the Depositor shall thereupon use its best efforts to appoint a
      successor trustee in accordance with this Section.

     

    Any
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor trustee as provided
      in Section 8.08.

     

    
      SECTION
        8.08 Successor
        Trustee.

    

     

    Any
      successor Trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Depositor, the Servicer and to its predecessor
      Trustee an instrument accepting such appointment hereunder, and thereupon the
      resignation or removal of the predecessor Trustee shall become effective, and
      such successor Trustee, without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder, with like effect as if originally named as Trustee.
      The
      Depositor, the Servicer and the predecessor Trustee shall execute and deliver
      such instruments and do such other things as may reasonably be required for
      fully and certainly vesting and confirming in the successor Trustee all such
      rights, powers, duties and obligations.

     

    No
      successor Trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such acceptance such successor Trustee shall be eligible
      under the provisions of Section 8.06 and the appointment of such successor
      Trustee shall not result in a downgrading of the Regular Certificates by any
      Rating Agency, as evidenced by a letter from each Rating Agency.

     

    Upon
      acceptance of appointment by a successor Trustee as provided in this Section
      8.08, the successor Trustee shall mail notice of the appointment of a successor
      Trustee hereunder to all Holders of Certificates at their addresses as shown
      in
      the Certificate Register and to each Rating Agency.

     

    Any
      Person appointed as successor trustee pursuant to this Agreement shall also
      be
      required to serve as successor supplemental interest trust trustee under the
      Interest Rate Swap Agreement and as successor cap trustee under the Interest
      Rate Cap Agreement.

     

    
      SECTION
        8.09 Merger
        or
        Consolidation of Trustee.

    

     

    Any
      entity into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any entity succeeding
      to
      the business of the Trustee, shall be the successor of the Trustee hereunder
      provided such entity shall be eligible under the provisions of Section 8.06
      and
      8.08, without the execution or filing of any paper or any further act on the
      part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    
      SECTION
        8.10 Appointment
        of Co-Trustee or Separate Trustee.

    

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee to act as
      co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of the Trust, and to vest in such Person
      or Persons, in such capacity and for the benefit of the Certificateholders,
      such
      title to the Trust, or any part thereof, and, subject to the other provisions
      of
      this Section 8.10, such powers, duties, obligations, rights and trusts as the
      Servicer and the Trustee may consider necessary or desirable. Any such
      co-trustee or separate trustee shall be subject to the written approval of
      the
      Servicer. If the Servicer shall not have joined in such appointment within
      15
      days after the receipt by it of a request so to do, or in the case a Servicer
      Event of Termination shall have occurred and be continuing, the Trustee alone
      shall have the power to make such appointment. No co-trustee or separate trustee
      hereunder shall be required to meet the terms of eligibility as a successor
      trustee under Section 8.06, and no notice to Certificateholders of the
      appointment of any co-trustee or separate trustee shall be required under
      Section 8.08. The Servicer shall be responsible for the fees of any co-trustee
      or separate trustee appointed hereunder.

     

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

     

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

     

    (iii)  the
      Servicer and the Trustee, acting jointly, may at any time accept the resignation
      of or remove any separate trustee or co-trustee except that following the
      occurrence of a Servicer Event of Termination, the Trustee acting alone may
      accept the resignation or remove any separate trustee or
      co-trustee.

     

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

     

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

     

    
      SECTION
        8.11 Limitation
        of Liability.

    

     

    The
      Certificates are executed by the Trustee, not in its individual capacity but
      solely as Trustee of the Trust, in the exercise of the powers and authority
      conferred and vested in it by this Agreement. Each of the undertakings and
      agreements made on the part of the Trustee in the Certificates is made and
      intended not as a personal undertaking or agreement by the Trustee but is made
      and intended for the purpose of binding only the Trust.

     

    
      SECTION
        8.12 Trustee
        May Enforce Claims Without Possession of Certificates.

    

     

    (a)  All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee, its agents and counsel, be for the
      ratable benefit of the Certificateholders in respect of which such judgment
      has
      been recovered.

     

    (b)  The
      Trustee shall afford the Seller, the Depositor, the Servicer and each
      Certificateholder upon reasonable prior notice during normal business hours,
      access to all records maintained by the Trustee in respect of its duties
      hereunder and access to officers of the Trustee responsible for performing
      such
      duties. Upon request, the Trustee shall furnish the Depositor, the Servicer
      and
      any requesting Certificateholder with its most recent financial statements.
      The
      Trustee shall cooperate fully with the Seller, the Servicer, the Depositor
      and
      such Certificateholder and shall make available to the Seller, the Servicer,
      the
      Depositor and such Certificateholder for review and copying such books,
      documents or records as may be requested with respect to the Trustee’s duties
      hereunder. The Seller, the Depositor, the Servicer and the Certificateholders
      shall not have any responsibility or liability for any action or failure to
      act
      by the Trustee and are not obligated to supervise the performance of the Trustee
      under this Agreement or otherwise.

     

    
      SECTION
        8.13 Suits
        for
        Enforcement.

    

     

    In
      case a
      Servicer Event of Termination or other default by the Servicer or the Depositor
      hereunder shall occur and be continuing, the Trustee, shall, at the direction
      of
      the Majority Certificateholders, or may, proceed to protect and enforce its
      rights and the rights of the Certificateholders under this Agreement by a suit,
      action or proceeding in equity or at law or otherwise, whether for the specific
      performance of any covenant or agreement contained in this Agreement or in
      aid
      of the execution of any power granted in this Agreement or for the enforcement
      of any other legal, equitable or other remedy, as the Trustee, being advised
      by
      counsel, and subject to the foregoing, shall deem most effectual to protect
      and
      enforce any of the rights of the Trustee and the
      Certificateholders.

     

    
      SECTION
        8.14 Waiver
        of
        Bond Requirement.

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

    
      SECTION
        8.15 Waiver
        of
        Inventory, Accounting and Appraisal Requirement.

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

    
      SECTION
        8.16 Appointment
        of the Custodian.

    

     

    The
      Trustee shall, at the direction of the Depositor and with the consent of the
      Servicer, appoint the Custodian to hold all or a portion of the Mortgage Files.
      The appointment of the Custodian may at any time be terminated and a substitute
      Custodian appointed therefor at the direction of the Depositor to the Trustee,
      the consent to which shall not be unreasonably withheld. The Custodian shall
      be
      entitled to its fees and expenses in accordance with the Custodial Agreement,
      which fees and expenses shall be paid to the Custodian from the Trust in
      accordance with Section 8.05. Subject to Article VIII hereof, the Trustee agrees
      to comply with the terms of the Custodial Agreement, which agreement may be
      amended from time to time, and shall have the right to enforce the terms and
      provisions thereof against the Custodian for the benefit of the
      Certificateholders having an interest in any Mortgage File held by the
      Custodian. Notwithstanding anything to the contrary in this Agreement, the
      Custodian is not an agent of the Trustee and in no event shall the Trustee
      be
      liable for any acts, omission, duties, obligations, or liabilities of the
      Custodian. In no event shall the appointment of the Custodian pursuant to the
      Custodial Agreement diminish the obligations of the Trustee
      hereunder.

     

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    
      SECTION
        9.01 REMIC
        Administration.

    

     

    (a)  REMIC
      elections as set forth in the Preliminary Statement shall be made by the Trustee
      on Form 1066 or other appropriate federal tax or information return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code.

     

    (c)  The
      Trustee shall pay any and all expenses relating to any tax audit of any REMIC
      (including, but not limited to, any professional fees or any administrative
      or
      judicial proceedings with respect to any Trust REMIC that involve the Internal
      Revenue Service or state tax authorities), including the expense of obtaining
      any tax related Opinion of Counsel. The Trustee shall be entitled to
      reimbursement of expenses incurred pursuant to this Section 9.01(c) to the
      extent provided in Section 8.05.

     

    (d)  The
      Trustee shall prepare, sign and file, all of the REMICs’ federal and state tax
      and information returns (including Form 8811) as the direct representative
      each
      REMIC created hereunder. The expenses of preparing and filing such returns
      shall
      be borne by the Trustee.

     

    (e)  The
      Holder of the Class R Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the related “Tax Matters Person”) with respect to REMIC
      1,
      REMIC
      2
      and
      REMIC 3 and shall act as Tax Matters Person for each such REMIC. The Holder
      of
      the Class R-X Certificate at any time holding the largest Percentage Interest
      thereof shall be the Tax Matters Person with respect to REMIC 4,
      REMIC
      5
      and REMIC 6, and shall act as Tax Matters Person for each such REMIC. The
      Trustee, as agent for the Tax Matters Person, shall perform on behalf of each
      REMIC all reporting and other tax compliance duties that are the responsibility
      of such REMIC under the Code, the REMIC Provisions, or other compliance guidance
      issued by the Internal Revenue Service or any state or local taxing authority.
      Among its other duties, if required by the Code, the REMIC Provisions, or other
      such guidance, the Trustee, as agent for the Tax Matters Person, shall provide
      (i) to the Treasury or other governmental authority such information as is
      necessary for the application of any tax relating to the transfer of a Residual
      Certificate to any disqualified person or organization upon reasonable
      additional compensation and (ii) to the Certificateholders such information
      or
      reports as are required by the Code or REMIC Provisions. The Trustee, as agent
      for the Tax Matters Person, shall represent each REMIC 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, enter into settlement agreements with any government taxing agency,
      extend any statute of limitations relating to any item of any REMIC and
      otherwise act on behalf of any REMIC in relation to any tax matter involving
      the
      Trust.

     

    (f)  The
      Trustee, the Servicer and the Holders of Certificates shall take any action
      or
      cause any REMIC to take any action necessary to create or maintain the status
      of
      each REMIC as a REMIC under the REMIC Provisions and shall assist each other
      as
      necessary to create or maintain such status. None of the Trustee, the Servicer
      or the Holder of any Residual Certificate shall take any action, cause any
      REMIC
      created hereunder to take any action or fail to take (or fail to cause to be
      taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could (i) endanger the status of such REMIC as a REMIC or
      (ii)
      result in the imposition of a tax upon such REMIC (including but not limited
      to
      the tax on prohibited transactions as defined in Code Section 860F(a)(2) and
      the
      tax on prohibited contributions set forth on Section 860G(d) of the Code)
      (either such event, an “Adverse REMIC Event”) unless the Trustee and the
      Servicer have received an Opinion of Counsel, (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      endanger such status or result in the imposition of such a tax. In addition,
      prior to taking any action with respect to any REMIC created hereunder or the
      assets therein, or causing such REMIC to take any action, which is not expressly
      permitted under the terms of this Agreement, any Holder of a Residual
      Certificate will consult with the Trustee and the Servicer, or their respective
      designees, in writing, with respect to whether such action could cause an
      Adverse REMIC Event to occur with respect to any REMIC, and no such Person
      shall
      take any such action or cause any REMIC to take any such action as to which
      the
      Trustee has advised it in writing that an Adverse REMIC Event could
      occur.

     

    (g)  Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      each REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by a Residual Certificateholder,
      the Trustee shall pay any remaining REMIC taxes out of current or future amounts
      otherwise distributable to the Holder of the Residual Certificate in the REMICs
      or, if no such amounts are available, out of other amounts held in the
      Distribution Account, and shall reduce amounts otherwise payable to Holders
      of
      regular interests in the related REMIC. Subject to the foregoing, in the event
      that a REMIC incurs a state or local tax, including franchise taxes, as a result
      of a determination that such REMIC is domiciled in the State of California
      for
      state tax purposes by virtue of the location of the Servicer, the Servicer
      agrees to pay on behalf of such REMIC when due, any and all state and local
      taxes imposed as a result of such a determination, in the event that the Holder
      of the related Residual Certificate fails to pay such taxes, if any, when
      imposed.

     

    (h)  The
      Trustee, as agent for the Tax Matters Person, shall, for federal income tax
      purposes, maintain books and records with respect to each REMIC created
      hereunder on a calendar year and on an accrual basis.

     

    (i)  No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

    (j)  Neither
      the Trustee nor the Servicer shall enter into any arrangement by which any
      REMIC
      created hereunder will receive a fee or other compensation for
      services.

     

    (k)  [Reserved].

     

    (l)  The
      Trustee will apply for an Employee Identification Number from the Internal
      Revenue Service via a Form SS-4 or other acceptable method for all tax entities
      and shall complete the Form 8811.

     

    
      SECTION
        9.02 Prohibited
        Transactions and Activities.

    

     

    None
      of
      the Depositor, the Servicer or the Trustee shall sell, dispose of, or substitute
      for any of the Mortgage Loans, except in a disposition pursuant to (i) the
      foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund, (iii)
      the
      termination of any REMIC created hereunder pursuant to Article X of this
      Agreement, (iv) a substitution pursuant to Article II of this Agreement or
      (v) a
      repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor
      acquire any assets for any REMIC, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to either REMIC
      after the Closing Date, unless it has received an Opinion of Counsel (at the
      expense of the party causing such sale, disposition, or substitution) that
      such
      disposition, acquisition, substitution, or acceptance will not (a) affect
      adversely the status of any REMIC created hereunder as a REMIC or of the
      interests therein other than the Residual Certificates as the regular interests
      therein, (b) affect the distribution of interest or principal on the
      Certificates, (c) result in the encumbrance of the assets transferred or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause any REMIC created hereunder to be subject to a tax on prohibited
      transactions or prohibited contributions pursuant to the REMIC
      Provisions.

     

    
      SECTION
        9.03 Indemnification
        with Respect to Certain Taxes and Loss of REMIC Status.

    

     

    (a)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Servicer of its duties and obligations set forth herein,
      the
      Servicer shall indemnify the Trustee and the Trust Fund against any and all
      losses, claims, damages, liabilities or expenses (“Losses”) resulting from such
      negligence; provided, however, that the Servicer shall not be liable for any
      such Losses attributable to the action or inaction of the Trustee, the Depositor
      or the Holder of such Residual Certificate, as applicable, nor for any such
      Losses resulting from misinformation provided by the Holder of such Residual
      Certificate on which the Servicer has relied. The foregoing shall not be deemed
      to limit or restrict the rights and remedies of the Holder of such Residual
      Certificate now or hereafter existing at law or in equity. Notwithstanding
      the
      foregoing, however, in no event shall the Servicer have any liability (1) for
      any action or omission that is taken in accordance with and in compliance with
      the express terms of, or which is expressly permitted by the terms of, this
      Agreement, (2) for any Losses other than arising out of a negligent performance
      by the Servicer of its duties and obligations set forth herein, and (3) for
      any
      special or consequential damages to Certificateholders (in addition to payment
      of principal and interest on the Certificates). 

     

    (b)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Trustee of its duties and obligations set forth herein,
      the
      Trustee shall indemnify the Trust Fund against any and all Losses resulting
      from
      such negligence; provided, however, that the Trustee shall not be liable for
      any
      such Losses attributable to the action or inaction of the Servicer, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Trustee has relied. The foregoing shall not
      be
      deemed to limit or restrict the rights and remedies of the Holder of such
      Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Trustee have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any Losses other than arising out of a
      negligent performance by the Trustee of its duties and obligations set forth
      herein, and (3) for any special or consequential damages to Certificateholders
      (in addition to payment of principal and interest on the
      Certificates).

     

    ARTICLE
      X

     

    TERMINATION

     

    
      SECTION
        10.01 Termination.

    

     

    (a)  The
      respective obligations and responsibilities of the Servicer, the Depositor
      and
      the Trustee created hereby (other than the obligation of the Trustee to make
      certain payments to Certificateholders after the final Distribution Date and
      the
      obligation of the Servicer to send certain notices as hereinafter set forth)
      shall terminate upon notice to the Trustee upon the earliest of (i) the
      Distribution Date on which the Certificate Principal Balances of the Regular
      Certificates have been reduced to zero, (ii) the final payment or other
      liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
      by the Terminator of the Mortgage Loans as described below and (iv) the
      Distribution Date in December, 2036. Notwithstanding the foregoing, in no event
      shall the trust created hereby continue beyond the expiration of 21 years from
      the death of the last survivor of the descendants of Joseph P. Kennedy, the
      late
      ambassador of the United States to the Court of St. James’s, living on the date
      hereof.

     

    The
      Servicer (in such context, the “Terminator”), may, at its option, terminate this
      Agreement on any date on which the aggregate Stated Principal Balance of the
      Mortgage Loans (after giving effect to scheduled payments of principal due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) on such date is equal to or less than 10% of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the Cut-off Date by purchasing,
      on
      the next succeeding Distribution Date, all of the outstanding Mortgage Loans
      and
      REO Properties at a price equal to the greater of (i) the Stated Principal
      Balance of the Mortgage Loans (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties and (ii) fair market
      value
      of the Mortgage Loans and REO Properties (as determined and as agreed upon
      as of
      the close of business on the third Business Day next preceding the date upon
      which notice of any such termination is furnished to the related
      Certificateholders pursuant to Section 10.01(c) by (x) the Terminator, (y)
      the
      Holders of a majority in Percentage Interest in the Class C Certificates and
      (z)
      if the Floating Rate Certificates will not receive all amounts owed to it as
      a
      result of the termination, the Trustee, provided that if this clause (z) applies
      to such determination, such determination shall be based solely upon an
      appraisal obtained as provided in the last sentence of this paragraph), plus
      accrued and unpaid interest thereon at the weighted average of the Mortgage
      Rates through the end of the Due Period preceding the final Distribution Date
      plus unreimbursed Servicing Advances, Advances, any unpaid Servicing Fees
      allocable to such Mortgage Loans and REO Properties and any accrued and unpaid
      Net WAC Rate Carryover Amounts and any Swap Termination Payment payable to
      the
      Swap Provider or any predecessor swap provider (the “Termination Price”);
      provided, however, such option may only be exercised if the Termination Price
      is
      sufficient to result in the payment of all interest accrued on, as well as
      amounts necessary to retire the principal balance of, each class of notes issued
      pursuant to the Indenture. If the determination of the fair market value of
      the
      Mortgage Loans and REO Properties shall be required to be made and agreed upon
      by the Terminator, the Holders of a majority in Percentage Interest in the
      Class
      C Certificates and the Trustee as provided in (ii) above, such determination
      shall be based on an appraisal of the value of the Mortgage Loans and REO
      Properties conducted by an independent appraiser mutually agreed upon by the
      Terminator, the Holders of a majority in Percentage Interest in the Class C
      Certificates and the Trustee in their reasonable discretion, and (A) such
      appraisal shall be obtained at no expense to the Trustee and (B) the Trustee
      may
      conclusively rely on, and shall be protected in relying on, such
      appraisal.

     

    By
      acceptance of a Residual Certificate, the Holders of the Residual Certificates
      agree, in connection with any termination hereunder, to assign and transfer
      any
      amounts in excess of par, and to the extent received in respect of such
      termination, to pay any such amounts to the Holders of the Class C
      Certificates.

     

    (b)  In
      connection with any termination pursuant to this Section 10.01: 

     

    (1)  At
      least
      twenty (20) days prior to the latest date on which notice of such optional
      termination is required to be mailed to the Certificateholders, the Terminator
      shall notify in writing (which may be done in electronic format) the Swap
      Provider and the Trustee of the final Distribution Date on which the Terminator
      intends to terminate the Trust Fund;

     

    (2)  No
      later
      than 4:00 pm (New York City time) four (4) Business Days prior to the final
      Distribution Date specified in the notices required pursuant to Section 10.01,
      the Swap Provider shall notify in writing (in accordance with the applicable
      provisions of the Interest Rate Swap Agreement) (which may be done in electronic
      format) and by phone, the Terminator and the Trustee of the amount of the
      Estimated Swap Termination Payment; and

     

    (3)  Three
      (3)
      Business Days prior to the final Distribution Date specified in the notices
      required pursuant to Sections 10.01, (x) the Terminator shall, no
      later
      than 1:00 pm (New
      York
      City time) on such day, deliver to the Trustee and the Trustee shall deposit
      funds in the Distribution Account in an amount equal to the sum of the
      Termination Price (which shall be based on the Estimated Swap Termination
      Payment), and (y) if the Trustee shall have receieved an Officer’s Certificate
      stating that all of the requirements for Optional Termination have been met,
      including without limitation the deposit required pursuant to the immediately
      preceding clause (x) as well as the requirements specified in Section 10.01,
      then the Trustee shall, on the same Business Day, provide written notice (which
      may be done in electronic format) to the Terminator and the Swap Provider (in
      accordanace with the applicable provision of the Interest Rate Swap Agreement)
      confirming (a) its receipt of the Termination Price (which shall be based on
      the
      Estimated Swap Termination Payment), and (b) that all other requirements
      specified in Section 10.01 have been met (the “Optional Termination Notice”).
      Upon the delivery of the Optional Termination Notice by the Trustee pursuant
      to
      the preceding sentence, (i) the optional termination shall become irrevocable,
      (ii) the notice to Certificateholders of such optional termination provided
      pursuant to Section 10.01 shall become unrescindable, (iii) the Swap Provider
      shall determine the Swap Termination Payment in accordance with the Interest
      Rate Swap Agreement (which shall not exceed the Estimated Swap Termination
      Payment), and (iv) the Swap Provider shall provide to the Trustee written notice
      of the amount of the Swap Termination Payment not later than two (2) Business
      Days prior to the final Distribution Date specified in the notices required
      pursuant to Sections 10.01.

     

    Upon
      a
      termination pursuant to this Section 10.01, the Trustee shall assign to the
      Terminator each of the representations and warranties made by the Originator
      and
      the Seller pursuant to the Master Agreement and the Assignment Agreement,
      without recourse, representation or warranty.

     

    In
      connection with any such purchase pursuant to this Section 10.01, the Terminator
      shall deposit in the Distribution Account all amounts then on deposit in the
      Collection Account, which deposit shall be deemed to have occurred immediately
      preceding such purchase.

     

    Any
      such
      purchase shall be accomplished by deposit into the Distribution Account on
      the
      Determination Date before such Distribution Date of the Termination
      Price.

     

    (c)  Notice
      of
      any termination, specifying the Distribution Date (which shall be a date that
      would otherwise be a Distribution Date) upon which the Certificateholders may
      surrender their Certificates to the Trustee for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee upon
      the
      Trustee receiving notice of such date from the Terminator, by letter to the
      Certificateholders mailed not earlier than the 15th
      day and
      not later than the 25th
      day of
      the month next preceding the month of such final distribution specifying (1)
      the
      Distribution Date upon which final distribution of the Certificates will be
      made
      upon presentation and surrender of such Certificates at the office or agency
      of
      the Trustee therein designated, (2) the amount of any such final distribution
      and (3) that the Record Date otherwise applicable to such Distribution Date
      is
      not applicable, distributions being made only upon presentation and surrender
      of
      the Certificates at the office or agency of the Trustee therein
      specified.

     

    (d)  Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Holders of the Certificates on the Distribution Date for
      such
      final distribution, in proportion to the Percentage Interests of their
      respective Class and to the extent that funds are available for such purpose,
      an
      amount equal to the amount required to be distributed to such Holders in
      accordance with the provisions of Section 4.01 for such Distribution Date.
      By
      acceptance of the Residual Certificates, the Holders of the Residual
      Certificates agree, in connection with any termination hereunder, to assign
      and
      transfer any amounts in excess of the par value of the Mortgage Loans, and
      to
      the extent received in respect of such termination, to pay any such amounts
      to
      the Holders of the Class C Certificates.

     

    (e)  In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Trustee shall promptly following such date cause all funds in the Distribution
      Account not distributed in final distribution to Certificateholders to be
      withdrawn therefrom and credited to the remaining Certificateholders by
      depositing such funds in a separate Servicing Account for the benefit of such
      Certificateholders, and the Servicer (if the Servicer has exercised its right
      to
      purchase the Mortgage Loans) or the Trustee (in any other case) shall give
      a
      second written notice to the remaining Certificateholders, to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Residual
      Certificateholders shall be entitled to all unclaimed funds and other assets
      which remain subject hereto, and the Trustee upon transfer of such funds shall
      be discharged of any responsibility for such funds, and the Certificateholders
      shall look to the Residual Certificateholders for payment.

     

    
      SECTION
        10.02 Additional
        Termination Requirements.

    

     

    (a)  In
      the
      event that the Terminator exercises its purchase option as provided in Section
      10.01, each REMIC shall be terminated in accordance with the following
      additional requirements, unless the Trustee shall have been furnished with
      an
      Opinion of Counsel to the effect that the failure of the Trust to comply with
      the requirements of this Section will not (i) result in the imposition of taxes
      on “prohibited transactions” of the Trust as defined in Section 860F of the Code
      or (ii) cause any REMIC constituting part of the Trust Fund to fail to qualify
      as a REMIC at any time that any Certificates are outstanding:

     

    (i)  Within
      90
      days prior to the final Distribution Date, the Terminator shall adopt and the
      Trustee shall sign a plan of complete liquidation of each REMIC created
      hereunder meeting the requirements of a “Qualified Liquidation” under Section
      860F of the Code and any regulations thereunder; and

     

    (ii)  At
      or
      after the time of adoption of such a plan of complete liquidation and at or
      prior to the final Distribution Date, the Trustee shall sell all of the assets
      of the Trust Fund to the Terminator for cash pursuant to the terms of the plan
      of complete liquidation.

     

    (b)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee as their attorney in fact to: (i) adopt such a plan of complete
      liquidation (and the Certificateholders hereby appoint the Trustee as their
      attorney in fact to sign such plan) as appropriate and (ii) to take such other
      action in connection therewith as may be reasonably required to carry out such
      plan of complete liquidation all in accordance with the terms
      hereof.

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      SECTION
        11.01 Amendment.

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer and
      the Trustee; and without the consent of the Certificateholders (i) to cure
      any
      ambiguity, (ii) to correct or supplement any provisions herein which may be
      defective or inconsistent with any other provisions herein or (iii) to make
      any
      other provisions with respect to matters or questions arising under this
      Agreement which shall not be inconsistent with the provisions of this Agreement;
      provided that such action shall not as evidenced by either (a) an Opinion of
      Counsel delivered to the Trustee or (b) written or electronic notice to the
      Depositor, the Servicer and the Trustee from each Rating Agency that such action
      will not result in the reduction or withdrawal of the rating of any outstanding
      Class of Certificates with respect to which it is a Rating Agency, adversely
      affect in any material respect the interests of any Certificateholder. No
      amendment shall be deemed to adversely affect in any material respect the
      interests of any Certificateholder who shall have consented thereto, and no
      Opinion of Counsel or Rating Agency confirmation shall be required to address
      the effect of any such amendment on any such consenting
      Certificateholder.

     

    In
      addition, this Agreement may be amended from time to time by the Depositor,
      the
      Servicer and the Trustee with the consent of the Majority Certificateholders
      for
      the purpose of adding any provisions to or changing in any manner or eliminating
      any of the provisions of this Agreement or of modifying in any manner the rights
      of the Swap Provider or the Holders of Certificates; provided, however, that
      no
      such amendment or waiver shall (x) reduce in any manner the amount of, or delay
      the timing of, payments on the Certificates or distributions which are required
      to be made on any Certificate without the consent of the Holder of such
      Certificate, (y) adversely affect in any material respect the interests of
      the
      Swap Provider or the Holders of any Class of Certificates (as evidenced by
      either (i) an Opinion of Counsel delivered to the Trustee or (ii) written notice
      to the Depositor, the Servicer and the Trustee from each Rating Agency that
      such
      action will not result in the reduction or withdrawal of the rating of any
      outstanding Class of Certificates with respect to which it is a Rating Agency)
      in a manner other than as described in clause (x) above, without the consent
      of
      the Holders of Certificates of such Class evidencing at least a 66% Percentage
      Interest in such Class, or (z) reduce the percentage of Voting Rights required
      by clause (y) above without the consent of the Holders of all Certificates
      of
      such Class then outstanding. Upon approval of an amendment, a copy of such
      amendment shall be sent to the Rating Agencies.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not consent
      to any amendment to this Agreement unless it shall have first received an
      Opinion of Counsel, delivered by (and at the expense of) the Person seeking
      such
      Amendment, to the effect that such amendment will not result in the imposition
      of a tax on any REMIC created hereunder constituting part of the Trust Fund
      pursuant to the REMIC Provisions or cause any REMIC created hereunder
      constituting part of the Trust to fail to qualify as a REMIC at any time that
      any Certificates are outstanding and that the amendment is being made in
      accordance with the terms hereof.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the parties to this
      Agreement shall enter into any amendment to this Agreement that could reasonably
      be expected to have a material adverse effect on the interests of the Swap
      Provider hereunder (excluding, for the avoidance of doubt, any amendment to
      this
      Agreement that is entered into solely for the purpose of appointing a successor
      servicer or trustee) without the prior written consent of the Swap Provider,
      which consent shall not be unreasonably withheld, conditioned or
      delayed.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the
      Servicer (but in no event at the expense of the Trustee), otherwise at the
      expense of the Trust, a copy of such amendment and the Opinion of Counsel
      referred to in the immediately preceding paragraph to the Servicer and each
      Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment; instead it shall
      be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    The
      Trustee may, but shall not be obligated to, enter into any amendment pursuant
      to
      this Section 11.01 that affects its rights, duties and immunities under this
      Agreement or otherwise.

     

    
      SECTION
        11.02 Recordation
        of Agreement; Counterparts.

    

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Servicer at the expense
      of
      the Trust, but only upon direction of the Certificateholders accompanied by
      an
      Opinion of Counsel to the effect that such recordation materially and
      beneficially affects the interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

     

    
      SECTION
        11.03 Limitation
        on Rights of Certificateholders.
         

      

    

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate this
      Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust, or (iii)
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third person
      by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 11.03 each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    
      SECTION
        11.04 Governing
        Law; Jurisdiction.

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws. With respect to any claim arising
      out
      of this Agreement, each party irrevocably submits to the exclusive jurisdiction
      of the courts of the State of New York and the United States District Court
      located in the Borough of Manhattan in The City of New York, and each party
      irrevocably waives any objection which it may have at any time to the laying
      of
      venue of any suit, action or proceeding arising out of or relating hereto
      brought in any such courts, irrevocably waives any claim that any such suit,
      action or proceeding brought in any such court has been brought in any
      inconvenient forum and further irrevocably waives the right to object, with
      respect to such claim, suit, action or proceeding brought in any such court,
      that such court does not have jurisdiction over such party, provided that
      service of process has been made by any lawful means.

     

    
      SECTION
        11.05 Notices.

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, by facsimile or by express delivery service, to
      (a)
      in the case of the Servicer, 1 Home Campus, Des Moines, IA 50328-0001,
      Attention: John B. Brown, MAC X 2302-33, (telecopy number: (515) 324-3118),
      with
      a copy to General Counsel, 1 Home Campus, Des Moines, IA 50328-0001, MAC X
      2401-06T, (telecopy number: (515) 213-5192), or such other address or telecopy
      number as may hereafter be furnished to the Depositor and the Trustee in writing
      by the Servicer, (b) in the case of the Trustee, Deutsche Bank National Trust
      Company, 1761 East St. Andrew Place, Santa Ana, California 92705-4934,
      Attention: Trust Administration - Soundview 2007-NS1 (telecopy number: (714)
      247-6478), or such other address or telecopy number as may hereafter be
      furnished to the Depositor and the Servicer in writing by the Trustee, (c)
      in
      the case of the Credit Risk Manager, 1700 Lincoln Street, Suite 1600, Denver,
      Colorado 80203, Attention: General Counsel, or such other address or telecopy
      number as may hereafter be furnished to the Depositor, the Servicer, and the
      Trustee, (d) in the case of the Depositor, Financial Asset Securities Corp.,
      600
      Steamboat Road, Greenwich, Connecticut 06830, Attention: Legal, or such other
      address or telecopy number as may hereafter be furnished to the Servicer and
      the
      Trustee in writing by the Depositor
      and (e)
      in the case of the Swap Provider and Cap Provider, 600 Steamboat Road,
      Greenwich, Connecticut 06830, Attention: Legal, or such other address or
      telecopy number as may hereafter be furnished to the Servicer, the Trustee,
      the
      Credit Risk Manager or the Depositor in writing by the Swap Provider/Cap
      Provider. Any notice required or permitted to be mailed to a Certificateholder
      shall be given by first class mail, postage prepaid, at the address of such
      Holder as shown in the Certificate Register. Notice of the Servicer Event of
      Termination shall be given by telecopy and by certified mail. Any notice so
      mailed within the time prescribed in this Agreement shall be conclusively
      presumed to have duly been given when mailed, whether or not the
      Certificateholder receives such notice. A copy of any notice required to be
      telecopied hereunder shall also be mailed to the appropriate party in the manner
      set forth above.

     

    
      SECTION
        11.06 Severability
        of Provisions.

    

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall for any reason whatsoever be held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    
      SECTION
        11.07 Article
        and Section References.

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      SECTION
        11.08 Notice
        to
        the Rating Agencies.

    

     

    (a)  Each
      of
      the Trustee and the Servicer shall be obligated to use its best reasonable
      efforts promptly to provide notice to the Rating Agencies with respect to each
      of the following of which a Responsible Officer of the Trustee or the Servicer,
      as the case may be, has actual knowledge:

     

    (i)  any
      material change or amendment to this Agreement;

     

    (ii)  the
      occurrence of any Servicer Event of Termination that has not been cured or
      waived;

     

    (iii)  the
      resignation or termination of the Servicer or the Trustee;

     

    (iv)  the
      final
      payment to Holders of the Certificates of any Class;

     

    (v)  any
      change in the location of any Account; and

     

    (vi)  if
      the
      Trustee is acting as successor Servicer pursuant to Section 7.02 hereof, any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (b)  In
      addition, the Trustee shall promptly make available to each Rating Agency copies
      of each Statement to Certificateholders described in Section 4.03 hereof and
      the
      Servicer shall promptly furnish to each Rating Agency copies of the
      following:

     

    (i)  each
      annual statement as to compliance described in Section 3.20 hereof;

     

    (ii)  each
      Attestation Report described in Section 3.21 hereof; and

     

    (iii)  each
      notice delivered pursuant to Section 7.01(a) hereof which relates to the fact
      that the Servicer has not made an Advance.

     

    Any
      such
      notice pursuant to this Section 11.08 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to (i) Moody’s Investors
      Service, Inc., 99 Church Street, New York, New York 10007 and (ii) Standard
      & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., 55
      Water Street, 41st
      Floor,
      New York, New York 10041, Attention: Residential Mortgage Surveillance
      Group.

     

    
      SECTION
        11.09 Further
        Assurances.

    

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    
      SECTION
        11.10 Benefits
        of Agreement.

    

     

    Each
      of
      the Swap Provider and the Cap Provider shall be an express third party
      beneficiary of this Agreement as if a party hereto to the extent of Swap
      Provider's and Cap Provider's rights, respectively, as are explicitly specified
      herein.

     

    Other
      than as set forth above, nothing in this Agreement or in the Certificates,
      expressed or implied, shall give to any Person, other than the
      Certificateholders and the parties hereto and their successors hereunder, any
      benefit or any legal or equitable right, remedy or claim under this
      Agreement.

     

    
      SECTION
        11.11 Acts
        of
        Certificateholders.

    

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee and the Servicer. Such
      instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “act” of the Certificateholders
      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 Agreement and conclusive in favor of the Trustee and the Trust,
      if made in the manner provided in this Section 11.11.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    
      SECTION
        11.12 Intention
        of the Parties and Interpretation.

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and  4.05 of this Agreement is to facilitate compliance by
      the Depositor with the provisions of Regulation AB promulgated by the SEC
      under the 1934 Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be amended
      from time to time and subject to clarification and interpretive advice as may
      be
      issued by the staff of the SEC from time to time. Therefore, each of the parties
      agrees that (a) the obligations of the parties hereunder shall be interpreted
      in
      such a manner as to accomplish that purpose, (b) the parties’ obligations
      hereunder will be supplemented and modified as necessary to be consistent with
      any such amendments, interpretive advice or guidance, convention or consensus
      among active participants in the asset-backed securities markets, advice of
      counsel, or otherwise in respect of the requirements of Regulation AB, (c)
      the
      parties shall comply, with requests made by the Depositor for delivery of
      additional or different information as the Depositor may determine in good
      faith is necessary to comply with the provisions of Regulation AB, and (d)
      no
      amendment of this Agreement shall be required to effect any such changes in
      the
      parties’ obligations as are necessary to accommodate evolving interpretations of
      the provisions of Regulation AB.

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    IN
      WITNESS WHEREOF, the Depositor, the Servicer and the Trustee have caused their
      names to be signed hereto by their respective officers thereunto duly
      authorized, in each case as of the day and year first above
      written.

     

    
      	 	 	 	 	 	 	 	
              FINANCIAL
                ASSET SECURITIES CORP.,

              as
                Depositor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              James T. Raezer 
	 	 	 	 	 	 	 	
              Name:

            	James
              T.
              Raezer 
	 	 	 	 	 	 	 	
              Title:

            	Managing
              Director 

    

    

     

    
      	 	 	 	 	 	 	 	
              NATIONSTAR
                MORTGAGE, LLC, as Servicer

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Michael Eckrote 
	 	 	 	 	 	 	 	
              Name:

            	Michael
              Eckrote 
	 	 	 	 	 	 	 	
              Title:

            	Senior
              Vice President 

    

    

     

    

     

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY,
                as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Melissa Wilman 
	 	 	 	 	 	 	 	
              Name:

            	Melissa
              Wilman 
	 	 	 	 	 	 	 	
              Title:

            	Vice
              President 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/
              Manuel Rivas 
	 	 	 	 	 	 	 	
              Name:

            	Manuel
              Rivas 
	 	 	 	 	 	 	 	
              Title:

            	Authorized
              Signatory 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    For
      purposes of Sections 6.09, 6.10 and 6.11:

    CLAYTON
      FIXED INCOME SERVICES INC.

    

    
      	
               

              By:

            	/s/
              Kevin J. Kanouff 	 
	
              Name:

            	Kevin
              J.
              Kanouff 	 
	
              Title:

            	President and General Counsel 	 

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	
              STATE
                OF CONNECTICUT

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF FAIRFIELD

            	
              )

            	 

    

    

    On
      the
      _____ day of March 2007 before me, a notary public in and for said State,
      personally appeared _________________________ known to me to be
      _______________________ of Financial Asset Securities Corp., a Delaware
      corporation that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      _____ day of, March 2007 before me, a notary public in and for said State,
      personally appeared ____________________________ known to me to be a
      ___________________________ of Nationstar Mortgage, LLC, a Delaware limited
      liability company that executed the within instrument, and also known to me
      to
      be the person who executed it on behalf of said corporation, and acknowledged
      to
      me that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	 
	
              STATE
                OF _____________

            	
              )

            	
              ss.:

            
	
              COUNTY
                OF ___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of March 2007 before me, a notary public in and for said State,
      personally appeared _________________________, known to me to be a(n)
      _______________________ and _________________________, known to me to be a(n)
      _______________________of Deutsche Bank National Trust Company, a national
      banking association that executed the within instrument, and also known to
      me to
      be the person who executed it on behalf of said association, and acknowledged
      to
      me that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      EXHIBIT
        A-1

       

      FORM
        OF
        CLASS A-1 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST AND THE CAP TRUST, ANY
        PERSON
        ACQUIRING A CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS
        IN
        SECTION 5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $309,424,000.00

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $309,424,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AA6

              
	 	 	 
	
                Class

              	
                :

              	
                A-1

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        A-1

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-1 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-1 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-1 Certificate (obtained by dividing the Denomination
        of this Class A-1 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class A-1 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class A-1 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust and the Cap Trust, any
        person
        acquiring a Certificate shall be deemed to have made the representations
        in
        Section 5.02(d) of the Agreement.

      

      Reference
        is hereby made to the further provisions of this Class A-1 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-1 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of Deutsche Bank National Trust Company, as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class A-1Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        A-2

       

      FORM
        OF
        CLASS A-2 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST AND THE CAP TRUST, ANY
        PERSON
        ACQUIRING A CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS
        IN
        SECTION 5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $67,608,000.00

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $67,608,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AB4

              
	 	 	 
	
                Class

              	
                :

              	
                A-2

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        A-2

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-2 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-2 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-2 Certificate (obtained by dividing the Denomination
        of this Class A-2 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class A-2 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class A-2 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust and the Cap Trust, any
        person
        acquiring a Certificate shall be deemed to have made the representations
        in
        Section 5.02(d) of the Agreement.

      

      Reference
        is hereby made to the further provisions of this Class A-2 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-2 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of Deutsche Bank National Trust Company, as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class A-4 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer, or any such agent shall be affected by any notice
        to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-3

       

      FORM
        OF
        CLASS A-3 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
        OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST AND THE CAP TRUST, ANY
        PERSON
        ACQUIRING A CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS
        IN
        SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $105,880,000.00

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $105,880,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AC2

              
	 	 	 
	
                Class

              	
                :

              	
                A-3

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        A-3

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-3 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-3 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-3 Certificate (obtained by dividing the Denomination
        of this Class A-3 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class A-3 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class A-3 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust and the Cap Trust, any
        person
        acquiring a Certificate shall be deemed to have made the representations
        in
        Section 5.02(d) of the Agreement.

      

      Reference
        is hereby made to the further provisions of this Class A-3 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-3 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of Deutsche Bank National Trust Company, as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class A-3 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS A-4 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST AND THE CAP TRUST, ANY
        PERSON
        ACQUIRING A CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS
        IN
        SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $43,975,000.00

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $43,975,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AD0

              
	 	 	 
	
                Class

              	
                :

              	
                A-4

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        A-4

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-4 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-4 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-4 Certificate (obtained by dividing the Denomination
        of this Class A-4 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class A-4 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class A-4 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust and the Cap Trust, any
        person
        acquiring a Certificate shall be deemed to have made the representations
        in
        Section 5.02(d) of the Agreement.

      

      Reference
        is hereby made to the further provisions of this Class A-4 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-4 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of Deutsche Bank National Trust Company, as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class A-4 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS M-1 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE THAT IS AN EMPLOYEE BENEFIT PLAN OR OTHER
        RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE
        REPRESENTATIONS IN SECTION 5.02(d) OF THE POOLING AND SERVICING
        AGREEMENT.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $29,517,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $29,517,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AE8

              
	 	 	 
	
                Class

              	
                :

              	
                M-1

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        M-1

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-1 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-1 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-1 Certificate (obtained by dividing the Denomination
        of this Class M-1 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-1 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-1 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        transferee of this Certificate that is a Plan subject to ERISA or Section
        4975
        of the Code, any Person acting, directly or indirectly, on behalf of any
        such
        Plan or any person using Plan Assets to acquire this Certificate shall be
        deemed
        to have made the representations in Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-1 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-1 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-1 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

       

      
        	 

      

      

       

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        A-6

       

      FORM
        OF
        CLASS M-2 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND CLASS M-1 CERTIFICATES
        TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE THAT IS AN EMPLOYEE BENEFIT PLAN OR OTHER
        RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE
        REPRESENTATIONS IN SECTION 5.02(d) OF THE POOLING AND SERVICING
        AGREEMENT.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $25,106,000.00

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $25,106,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable
                  

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AF5

              
	 	 	 
	
                Class

              	
                :

              	
                M-2

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        M-2

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-2 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-2 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-2 Certificate (obtained by dividing the Denomination
        of this Class M-2 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-2 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-2 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        transferee of this Certificate that is a Plan subject to ERISA or Section
        4975
        of the Code, any Person acting, directly or indirectly, on behalf of any
        such
        Plan or any person using Plan Assets to acquire this Certificate shall be
        deemed
        to have made the representations in Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-2 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-2 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-2 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A-7

       

      FORM
        OF
        CLASS M-3 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES
        AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
        SERVICING AGREEMENT REFERRED TO HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE THAT IS AN EMPLOYEE BENEFIT PLAN OR OTHER
        RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE
        REPRESENTATIONS IN SECTION 5.02(d) OF THE POOLING AND SERVICING
        AGREEMENT.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $12,892,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $12,892,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable
                  

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AG3

              
	 	 	 
	
                Class

              	
                :

              	
                M-3

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        M-3

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-3 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-3 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-3 Certificate (obtained by dividing the Denomination
        of this Class M-3 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-3 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-3 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        transferee of this Certificate that is a Plan subject to ERISA or Section
        4975
        of the Code, any Person acting, directly or indirectly, on behalf of any
        such
        Plan or any person using Plan Assets to acquire this Certificate shall be
        deemed
        to have made the representations in Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-3 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-3 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-3 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A-8

       

      FORM
        OF
        CLASS M-4 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, AND THE CLASS M-3 CERTIFICATES TO THE EXTENT
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE THAT IS AN EMPLOYEE BENEFIT PLAN OR OTHER
        RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE
        REPRESENTATIONS IN SECTION 5.02(d) OF THE POOLING AND SERVICING
        AGREEMENT.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $10,518,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $10,518,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AH1

              
	 	 	 
	
                Class

              	
                :

              	
                M-4

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        M-4

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-4 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-4 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-4 Certificate (obtained by dividing the Denomination
        of this Class M-4 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-4 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-4 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        transferee of this Certificate that is a Plan subject to ERISA or Section
        4975
        of the Code, any Person acting, directly or indirectly, on behalf of any
        such
        Plan or any person using Plan Assets to acquire this Certificate shall be
        deemed
        to have made the representations in Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-4 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-4 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of 

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-4 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A-9

       

      FORM
        OF
        CLASS M-5 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND THE CLASS M-4
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE THAT IS AN EMPLOYEE BENEFIT PLAN OR OTHER
        RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE
        REPRESENTATIONS IN SECTION 5.02(d) OF THE POOLING AND SERVICING
        AGREEMENT.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $11,535,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $11,535,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AJ7

              
	 	 	 
	
                Class

              	
                :

              	
                M-5

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        M-5

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-5 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-5 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-5 Certificate (obtained by dividing the Denomination
        of this Class M-5 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”) and Deutsche Bank National
        Trust Company, a national banking association, as trustee (the “Trustee”). To
        the extent not defined herein, the capitalized terms used herein have the
        meanings assigned in the Agreement. This Class M-5 Certificate is issued
        under
        and is subject to the terms, provisions and conditions of the Agreement,
        to
        which Agreement the Holder of this Class M-5 Certificate by virtue of the
        acceptance hereof assents and by which such Holder is bound.

       

      Any
        transferee of this Certificate that is a Plan subject to ERISA or Section
        4975
        of the Code, any Person acting, directly or indirectly, on behalf of any
        such
        Plan or any person using Plan Assets to acquire this Certificate shall be
        deemed
        to have made the representations in Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-5 Certificate set forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-5 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [REVERSE
        OF CLASS M-5 CERTIFICATE]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A-10

       

      FORM
        OF
        CLASS M-6 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE THAT IS AN EMPLOYEE BENEFIT PLAN OR OTHER
        RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE
        REPRESENTATIONS IN SECTION 5.02(d) OF THE POOLING AND SERVICING
        AGREEMENT.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $7,464,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $7,464,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable
                  

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AK4

              
	 	 	 
	
                Class

              	
                :

              	
                M-6

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        M-6

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-6 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-6 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-6 Certificate (obtained by dividing the Denomination
        of this Class M-6 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-6 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-6 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        transferee of this Certificate that is a Plan subject to ERISA or Section
        4975
        of the Code, any Person acting, directly or indirectly, on behalf of any
        such
        Plan or any person using Plan Assets to acquire this Certificate shall be
        deemed
        to have made the representations in Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-6 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-6 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-6 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A-11

       

      FORM
        OF
        CLASS M-7 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE THAT IS AN EMPLOYEE BENEFIT PLAN OR OTHER
        RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE
        REPRESENTATIONS IN SECTION 5.02(d) OF THE POOLING AND SERVICING
        AGREEMENT.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $8,821,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $8,821,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AL2

              
	 	 	 
	
                Class

              	
                :

              	
                M-7

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        M-7

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-7 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-7 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-7 Certificate (obtained by dividing the Denomination
        of this Class M-7 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-7 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-7 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        transferee of this Certificate that is a Plan subject to ERISA or Section
        4975
        of the Code, any Person acting, directly or indirectly, on behalf of any
        such
        Plan or any person using Plan Assets to acquire this Certificate shall be
        deemed
        to have made the representations in Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-7 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-7 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee 

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-7 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        A-12

       

      FORM
        OF
        CLASS M-8 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES AND
        THE
        CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE THAT IS AN EMPLOYEE BENEFIT PLAN OR OTHER
        RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE
        REPRESENTATIONS IN SECTION 5.02(d) OF THE POOLING AND SERVICING
        AGREEMENT.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $6,107,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $6,107,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable
                  

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AM0

              
	 	 	 
	
                Class

              	
                :

              	
                M-8

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        M-8

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-8 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-8 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-8 Certificate (obtained by dividing the Denomination
        of this Class M-8 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-8 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-8 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        transferee of this Certificate that is a Plan subject to ERISA or Section
        4975
        of the Code, any Person acting, directly or indirectly, on behalf of any
        such
        Plan or any person using Plan Assets to acquire this Certificate shall be
        deemed
        to have made the representations in Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-8 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-8 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-8 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A-13

       

      FORM
        OF
        CLASS M-9 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE
        CLASS
        M-7 CERTIFICATES AND THE M-8 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING
        AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE THAT IS AN EMPLOYEE BENEFIT PLAN OR OTHER
        RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE
        REPRESENTATIONS IN SECTION 5.02(d) OF THE POOLING AND SERVICING
        AGREEMENT.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $8,142,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $8,142,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AN8

              
	 	 	 
	
                Class

              	
                :

              	
                M-9

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        M-9

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-9 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-9 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-9 Certificate (obtained by dividing the Denomination
        of this Class M-9 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-9 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-9 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        transferee of this Certificate that is a Plan subject to ERISA or Section
        4975
        of the Code, any Person acting, directly or indirectly, on behalf of any
        such
        Plan or any person using Plan Assets to acquire this Certificate shall be
        deemed
        to have made the representations in Section 5.02(d) of the
        Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-9 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-9 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-9 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

      
         

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

                   

                

        

         

        Dated:_________________

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-14

       

      FORM
        OF
        CLASS M-10 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR
        CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE
        CLASS
        M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES,
        THE
        CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES
        AND THE CLASS M-9 CERTIFICATES,
        TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $11,196,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $11,196,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612Q
                  AP3

              
	 	 	 
	
                Class

              	
                :

              	
                M-10

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        M-10

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien,
        fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-10 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-10 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-10 Certificate (obtained by dividing the Denomination
        of this Class M-10 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of February 1, 2007 (the “Agreement”) among the Depositor,
        Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-10 Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-10 Certificate by
        virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable sate securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act, and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. The Holder hereof desiring to effect such transfer shall, and does
        hereby agree to indemnify the Trustee and the Depositor against any liability
        that may result if the transfer is not so exempt or is not made in accordance
        with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-10 Certificate set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class M-10 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee 

                 

              
	
                By:

              	 

      

      

      
        	
                 

                This
                  is one of the Class M-10 Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company

                as
                  Trustee

              	 

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-10 Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        A-15

       

      FORM
        OF
        CLASS C CERTIFICATES

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND THE MEZZANINE
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Notional Amount

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $678,541,019.12

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $20,356,019.12

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                C

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        C

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class C Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class C Certificate does not evidence
        an obligation of, or an interest in, and is not guaranteed by the Depositor,
        the
        Servicer or the Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that Greenwich Capital Financial Products, Inc. is the registered
        owner of the Percentage Interest evidenced by this Class C Certificate (obtained
        by dividing the Denomination of this Class C Certificate by the Original
        Class
        Certificate Principal Balance) in certain distributions with respect to a
        Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche
        Bank National Trust Company, a national banking association, as trustee (the
        “Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class C Certificate is
        issued
        under and is subject to the terms, provisions and conditions of the Agreement,
        to which Agreement the Holder of this Class C Certificate by virtue of the
        acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Depositor against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

      

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class C Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class C Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class C Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer, the Master Servicer, the Trustee and the Trustee
        and of
        Holders of the requisite percentage of the Percentage Interests of each Class
        of
        Certificates affected by such amendment, as specified in the Agreement. Any
        such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in exchange therefor or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A-16

       

      FORM
        OF
        CLASS P CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $100.00

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $100.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                P

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        P

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class P Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class P Certificate does not evidence
        an obligation of, or an interest in, and is not guaranteed by the Depositor,
        the
        Servicer or the Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that Greenwich Capital Financial Products, Inc. is the registered
        owner of the Percentage Interest evidenced by this Class P Certificate (obtained
        by dividing the Denomination of this Class P Certificate by the Original
        Class
        Certificate Principal Balance) in certain distributions with respect to a
        Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Nationstar Mortgage, LLC as servicer (the “Servicer”), and Deutsche
        Bank National Trust Company, a national banking association, as trustee (the
        “Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class P Certificate is
        issued
        under and is subject to the terms, provisions and conditions of the Agreement,
        to which Agreement the Holder of this Class P Certificate by virtue of the
        acceptance hereof assents and by which such Holder is bound.

       

      This
        Certificate does not have a pass-through rate and will be entitled to
        distributions only to the extent set forth in the Agreement.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Depositor against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class P Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class P Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class P Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer, the Master Servicer, the Trustee or any such agent
        shall
        be affected by any notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A-17

       

      FORM
        OF
        CLASS R CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
        THE
        PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	 	 	 
	
                Class

              	
                :

              	
                R

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        R

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer or the Trustee referred to below
        or
        any of their respective affiliates.

       

      This
        certifies that Greenwich Capital Markets, Inc. is the registered owner of
        the
        Percentage Interest evidenced by this Certificate specified above in the
        interest represented by all Certificates of the Class to which this Certificate
        belongs in a Trust consisting primarily of the Mortgage Loans deposited by
        Financial Asset Securities Corp. (the “Depositor”). The Trust was created
        pursuant to a Pooling and Servicing Agreement dated as of February 1, 2007
        (the
“Agreement”) among the Depositor, Nationstar Mortgage, LLC as servicer (the
“Servicer”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Office or the office or agency maintained by the Trustee.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Depositor against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Trustee of (a) a transfer
        affidavit of the proposed transferee and (b) a transfer certificate of the
        transferor, each of such documents to be in the form described in the Agreement,
        (iii) each person holding or acquiring any Ownership Interest in this
        Certificate must agree to require a transfer affidavit and to deliver a transfer
        certificate to the Trustee as required pursuant to the Agreement, (iv) each
        person holding or acquiring an Ownership Interest in this Certificate must
        agree
        not to transfer an Ownership Interest in this Certificate if it has actual
        knowledge that the proposed transferee is not a Permitted Transferee and
        (v) any
        attempted or purported transfer of any Ownership Interest in this Certificate
        in
        violation of such restrictions will be absolutely null and void and will
        vest no
        rights in the purported transferee. Pursuant to the Agreement, the Trustee
        will
        provide the Internal Revenue Service and any pertinent persons with the
        information needed to compute the tax imposed under the applicable tax laws
        on
        transfers of residual interests to disqualified organizations, if any person
        other than a Permitted Transferee acquires an Ownership Interest on a Class
        R
        Certificate in violation of the restrictions mentioned above.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized officer of
        the
        Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class R Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1 Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        A-18

       

      FORM
        OF
        CLASS R-X CERTIFICATES

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R-X CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
        THE
        PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                R-X

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        R-X

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer or the Trustee referred to below
        or
        any of their respective affiliates.

       

      This
        certifies that Greenwich Capital Markets, Inc. is the registered owner of
        the
        Percentage Interest evidenced by this Certificate specified above in the
        interest represented by all Certificates of the Class to which this Certificate
        belongs in a Trust consisting primarily of the Mortgage Loans deposited by
        Financial Asset Securities Corp. (the “Depositor”). The Trust was created
        pursuant to a Pooling and Servicing Agreement dated as of February 1, 2007
        (the
“Agreement”) among the Depositor, Nationstar Mortgage, LLC as servicer (the
“Servicer”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Office or the office or agency maintained by the Trustee.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Depositor against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Trustee of (a) a transfer
        affidavit of the proposed transferee and (b) a transfer certificate of the
        transferor, each of such documents to be in the form described in the Agreement,
        (iii) each person holding or acquiring any Ownership Interest in this
        Certificate must agree to require a transfer affidavit and to deliver a transfer
        certificate to the Trustee as required pursuant to the Agreement, (iv) each
        person holding or acquiring an Ownership Interest in this Certificate must
        agree
        not to transfer an Ownership Interest in this Certificate if it has actual
        knowledge that the proposed transferee is not a Permitted Transferee and
        (v) any
        attempted or purported transfer of any Ownership Interest in this Certificate
        in
        violation of such restrictions will be absolutely null and void and will
        vest no
        rights in the purported transferee. Pursuant to the Agreement, the Trustee
        will
        provide the Internal Revenue Service and any pertinent persons with the
        information needed to compute the tax imposed under the applicable tax laws
        on
        transfers of residual interests to disqualified organizations, if any person
        other than a Permitted Transferee acquires an Ownership Interest on a Class
        R-X
        Certificate in violation of the restrictions mentioned above.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized officer of
        the
        Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee 

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class R-X Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                Account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                Assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A-19

      

      FORM
        OF
        CLASS FL CERTIFICATES

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS FL CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
        THE
        PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                FL

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      Series
        2007-NS1

      CLASS
        FL

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer or the Trustee referred to below
        or
        any of their respective affiliates.

       

      This
        certifies that Greenwich Capital Financial Products, Inc. is the registered
        owner of the Percentage Interest evidenced by this Certificate specified
        above
        in the interest represented by all Certificates of the Class to which this
        Certificate belongs in a Trust consisting primarily of the Mortgage Loans
        deposited by Financial Asset Securities Corp. (the “Depositor”). The Trust was
        created pursuant to a Pooling and Servicing Agreement dated as of February
        1,
        2007 (the “Agreement”) among the Depositor, Nationstar Mortgage, LLC as servicer
        (the “Servicer”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”) To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Office or the office or agency maintained by the Trustee.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Depositor against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Trustee of (a) a transfer
        affidavit of the proposed transferee and (b) a transfer certificate of the
        transferor, each of such documents to be in the form described in the Agreement,
        (iii) each person holding or acquiring any Ownership Interest in this
        Certificate must agree to require a transfer affidavit and to deliver a transfer
        certificate to the Trustee as required pursuant to the Agreement, (iv) each
        person holding or acquiring an Ownership Interest in this Certificate must
        agree
        not to transfer an Ownership Interest in this Certificate if it has actual
        knowledge that the proposed transferee is not a Permitted Transferee and
        (v) any
        attempted or purported transfer of any Ownership Interest in this Certificate
        in
        violation of such restrictions will be absolutely null and void and will
        vest no
        rights in the purported transferee. Pursuant to the Agreement, the Trustee
        will
        provide the Internal Revenue Service and any pertinent persons with the
        information needed to compute the tax imposed under the applicable tax laws
        on
        transfers of residual interests to disqualified organizations, if any person
        other than a Permitted Transferee acquires an Ownership Interest on a Class
        FL
        Certificate in violation of the restrictions mentioned above.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized officer of
        the
        Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        March __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-NS1

                 

              
	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                  solely as
                  Trustee 

                 

              
	
                By:

              	 

      

      

      
        	
                This
                     is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Deutsche
                  Bank National Trust Company,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class FL Certificate]

       

      Soundview
        Home Loan Trust 2007-NS1

      Asset-Backed
        Certificates,

      SERIES
        2007-NS1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

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

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      
        	
                FOR
                  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                  

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                Account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                Assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B

       

      [RESERVED]

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      

      EXHIBIT
        C

       

      FORM
        OF
        ASSIGNMENT AND RECOGNITION AGREEMENT

       

      
        
           
ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated March 8, 2007, (“Agreement”)
          among
          Greenwich Capital Financial Products, Inc. (“Assignor”),
          Financial Asset Securities Corp. (“Assignee”)
          and
          Nationstar Mortgage, LLC (the “Company”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        Assignment
          and Conveyance

         

        A.  The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master Mortgage Loan Purchase
          and
          Servicing Agreement dated as of January 1, 2007 (the “Purchase Agreement”),
          among the Assignor, as initial purchaser (the “Purchaser”),
          the
          Company, as seller and servicer and Auburn Funding LLC, as seller, and
          any
          related Assignment and Conveyance Agreements as defined in the Purchase
          Agreement, solely insofar as the Purchase Agreement relates to the Mortgage
          Loans and (y) other than as provided below with respect to the enforcement
          of
          representations and warranties, none of the obligations of the Assignor
          under
          the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under any obligations of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

        Recognition
          of the Company

         

        1.  From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          Soundview Home Loan Trust 2007-NS1 (the “Trust”)
          created pursuant to a Pooling and Servicing Agreement, dated as of February
          1,
          2007 (the “Pooling
          Agreement”),
          among
          the Assignee, the Company and Deutsche Bank National Trust Company as trustee
          (including its successors in interest and any successor trustees under
          the
          Pooling Agreement, the “Trustee”).
          The
          Company hereby acknowledges and agrees that from and after the date hereof
          (i) the Trust will be the owner of the Mortgage Loans, (ii) the
          Company shall look solely to the Trust for performance of any obligations
          of the
          Assignor insofar as they relate to the enforcement of the representations,
          warranties and covenants with respect to the Mortgage Loans, (iii) the
          Trust (including the Trustee and the Company acting on the Trust’s behalf) shall
          have all the rights and remedies available to the Assignor, insofar as
          they
          relate to the Mortgage Loans, under the Purchase Agreement, including,
          without
          limitation, the enforcement of the document delivery requirements and remedies
          with respect to breaches of representations and warranties set forth in
          the
          Purchase Agreement, and shall be entitled to enforce all of the obligations
          of
          the Company thereunder insofar as they relate to the Mortgage Loans, and
          (iv) all references to the Purchaser (insofar as they relate to the rights,
          title and interest and, with respect to obligations of the Purchaser, only
          insofar as they relate to the enforcement of the representations, warranties
          and
          covenants of the Company) or the Custodian under the Purchase Agreement
          insofar
          as they relate to the Mortgage Loans, shall be deemed to refer to the Trust
          (including the Trustee and the Company acting on the Trust’s behalf). Neither
          the Company nor the Assignor shall amend or agree to amend, modify, waiver,
          or
          otherwise alter any of the terms or provisions of the Purchase Agreement
          which
          amendment, modification, waiver or other alteration would in any way affect
          the
          Mortgage Loans or the Company’s performance under the Purchase Agreement with
          respect to the Mortgage Loans without the prior written consent of the
          Trustee.

         

        Representations
          and Warranties of the Company

         

        2.  The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a) The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its incorporation;

         

        (b)
           The
          Company has full power and authority to execute, deliver and perform its
          obligations under this Agreement and has full power and authority to perform
          its
          obligations under the Purchase Agreement. The execution by the Company
          of this
          Agreement is in the ordinary course of the Company’s business and will not
          conflict with, or result in a breach of, any of the terms, conditions or
          provisions of the Company’s charter or bylaws or any legal restriction, or any
          material agreement or instrument to which the Company is now a party or
          by which
          it is bound, or result in the violation of any law, rule, regulation, order,
          judgment or decree to which the Company or its property is subject. The
          execution, delivery and performance by the Company of this Agreement have
          been
          duly authorized by all necessary corporate action on part of the Company.
          This
          Agreement has been duly executed and delivered by the Company, and, upon
          the due
          authorization, execution and delivery by the Assignor and the Assignee,
          will
          constitute the valid and legally binding obligation of the Company, enforceable
          against the Company in accordance with its terms except as enforceability
          may be
          limited by bankruptcy, reorganization, insolvency, moratorium or other
          similar
          laws now or hereafter in effect relating to creditors’ rights generally, and by
          general principles of equity regardless of whether enforceability is considered
          in a proceeding in equity or at law;

         

        (c)
           No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          the Company in connection with the execution, delivery or performance by
          the
          Company of this Agreement; and

         

        (d)
           There
          is
          no action, suit, proceeding or investigation pending or threatened against
          the
          Company, before any court, administrative agency or other tribunal, which
          would
          draw into question the validity of this Agreement or the Purchase Agreement,
          or
          which, either in any one instance or in the aggregate, would result in
          any
          material adverse change in the ability of the Company to perform its obligations
          under this Agreement or the Purchase Agreement, and the Company is
          solvent.

         

        3.  Pursuant
          to Article IX of the Purchase Agreement, the Company hereby represents
          and
          warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that the
          representations and warranties set forth in Section 7.02 (as set forth
          on
          Schedule I) of the Purchase Agreement were true and correct as of the Closing
          Date set forth in the Purchase Agreement, and that the representations
          and
          warranties set forth in Section 7.01 of the Purchase Agreement, are true
          and
          correct as of the date hereof as if such representations and warranties
          were
          made on the date hereof.

         

        4.  In
          addition, the Company hereby agrees that within 5 Business Days after request
          by
          the Assignee therefor, it shall provide copies of the Mortgage File and
          the
          Servicing File to the extent the Company has possession thereof, to the
          Assignee
          or shall permit examination thereof at the Company’s offices or such other
          location as shall otherwise be agreed upon by the Assignee. The Assignee
          shall
          pay any costs and expenses of the Company (or its agent) incurred in connection
          with the provision or examination of any such Mortgage File and Servicing
          File
          requested pursuant to this Section. 

         

        5.  The
          Assignor hereby makes the following representations, warranties and covenants
          as
          of the date hereof:

         

        (a) To
          the
          best of the Assignor’s knowledge, nothing has occurred in the period of time
          from the Closing Date (as defined in the Purchase Agreement) to the date
          hereof
          which would cause such representation and warranties referred to in Section
          3
          herein to be untrue in any material respect as of the date hereof;

         

        (b) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive and/or usury lending laws;

         

        (c) None
          of
          the mortgage loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws; 

         

        (d) No
          Mortgage Loan is a high cost loan or a covered loan, as applicable (as
          such
          terms are defined in the then current Standard & Poor’s LEVELS Glossary,
          Appendix E); and

         

        (e) Information
          provided to the rating agencies, including the loan level detail, is true
          and
          correct according to the rating agency requirements. 

         

        Remedies
          for Breach of Representations and Warranties

         

        6.  The
          Company hereby acknowledges and agrees that the remedies available to the
          Assignor, the Assignee and the Trust (including the Trustee and the Company
          acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Company set forth in Sections
          3 and 4
          hereof shall be as set forth in Subsection 3.03 of the Purchase Agreement
          as if they were set forth herein (including without limitation the repurchase
          and indemnity obligations set forth therein).

         

        Miscellaneous

         

        7.  This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws.

         

        8.  No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced, with the prior written consent of
          the
          Trustee.

         

        9.  This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee and the Company
          acting
          on the Trust’s behalf). Any entity into which Assignor, Assignee or Company may
          be merged or consolidated shall, without the requirement for any further
          writing, be deemed Assignor, Assignee or Company, respectively,
          hereunder.

         

        10.  Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        11.  This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument.

         

        12.  In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control.

         

        13.  Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

        [SIGNATURE
          PAGE FOLLOWS]

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

 

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        
          	 	 	 	 	 	 	 	
                  GREENWICH
                    CAPITAL FINANCIAL PRODUCTS, INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        
          	 	 	 	 	 	 	 	
                  FINANCIAL
                    ASSET SECURITIES CORP.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        
          	 	 	 	 	 	 	 	
                  NATIONSTAR
                    MORTGAGE, LLC

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

        

        MORTGAGE
          LOAN SCHEDULE

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          I

        

        Capitalized
          terms used in this Schedule I but not defined in this Agreement shall have
          the
          meanings given to such terms in the Purchase Agreement.

        

         

        The
          Servicer hereby represents and warrants to the Initial Purchaser and to
          any
          subsequent Purchaser that, as to each Mortgage Loan, as of the related
          Closing
          Date for such Mortgage Loan:

         

        (i)  The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct;

         

        (ii)  The
          Mortgage Loan is in compliance with all requirements set forth in the related
          Confirmation, and the characteristics of the related Mortgage Loan Package
          as
          set forth in the related Confirmation are true and correct; provided, however,
          that in the event of any conflict between the terms of any Confirmation
          and this
          Agreement, the terms of this Agreement shall control, except to the extent
          specifically set forth in the Confirmation;

         

        (iii)  Except
          as
          otherwise agreed to by the Initial Purchaser and disclosed on the related
          Mortgage Loan Schedule, all payments required to be made up to the close
          of
          business on the Closing Date for such Mortgage Loan under the terms of
          the
          Mortgage Note have been made; neither the Seller nor the Servicer has advanced
          funds, or induced, solicited or knowingly received any advance of funds
          from a
          party other than the owner of the related Mortgaged Property, directly
          or
          indirectly, for the payment of any amount required by the Mortgage Note
          or
          Mortgage; no Mortgage Loan is thirty (30) or more days delinquent as of
          the
          Closing Date and there has been no delinquency, exclusive of any period
          of
          grace, in any payment by the Mortgagor thereunder since the origination
          of the
          Mortgage Loan;

         

        (iv)  There
          are
          no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        (v)  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office if necessary to maintain the lien priority
          of
          the Mortgage, and which have been delivered to the Custodian; the substance
          of
          any such waiver, alteration or modification has been approved by the title
          insurer, to the extent required by the related policy, and is reflected
          on the
          related Mortgage Loan Schedule. No instrument of waiver, alteration or
          modification has been executed, and no Mortgagor has been released, in
          whole or
          in part, except in connection with an assumption agreement approved by the title
          insurer, to the extent required by the policy, and which assumption agreement
          has been delivered to the Custodian and the terms of which are reflected
          in the
          related Mortgage Loan Schedule;

         

        (vi)  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

         

        (vii)  All
          buildings upon the Mortgaged Property are insured by a Qualified Insurer
          against
          loss by fire, hazards of extended coverage and such other hazards as are
          customary in the area where the Mortgaged Property is located, pursuant
          to
          insurance policies providing coverage in an amount not less than the greatest
          of
          (i) 100% of the replacement cost of all improvements to the Mortgaged Property,
          (ii) either (A) the outstanding principal balance of the Mortgage Loan
          with
          respect to each first lien Mortgage Loan or (B) with respect to each second
          lien
          Mortgage Loan, the sum of the outstanding principal balance of the related
          first
          lien mortgage loan and the outstanding principal balance of the second
          lien
          Mortgage Loan, or (iii) the amount necessary to avoid the operation of
          any
          co-insurance provisions with respect to the Mortgaged Property, and consistent
          with the amount that would have been required as of the date of origination
          in
          accordance with the Underwriting Guidelines; provided that, such amount
          shall
          not exceed the amount provided under applicable law. All such insurance
          policies
          contain a standard mortgagee clause naming the Seller, its successors and
          assigns as mortgagee and all premiums thereon have been paid. If the Mortgaged
          Property is in an area identified on a Flood Hazard Map or Flood Insurance
          Rate
          Map issued by the Federal Emergency Management Agency as having special
          flood
          hazards (and such flood insurance has been made available) a flood insurance
          policy meeting the requirements of the current guidelines of the Federal
          Insurance Administration is in effect. The Mortgage obligates the Mortgagor
          thereunder to maintain all such insurance at the Mortgagor's cost and expense,
          and on the Mortgagor's failure to do so, authorizes the holder of the Mortgage
          to maintain such insurance at Mortgagor's cost and expense and to seek
          reimbursement therefor from the Mortgagor;

         

        (viii)  Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          predatory and abusive lending, consumer credit protection, equal credit
          opportunity, fair housing or disclosure laws applicable to the origination
          and
          servicing of mortgage loans of a type similar to the Mortgage Loans and
          applicable to any prepayment penalty associated with the Mortgage Loans
          at
          origination have been complied with;

         

        (ix)  The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

         

        (x)  The
          Mortgage (including any Negative Amortization which may arise thereunder)
          is a
          valid, existing and enforceable (A) first lien and first priority security
          interest with respect to each Mortgage Loan which is indicated by the Seller
          to
          be a first lien (as reflected on the Mortgage Loan Schedule), or (B) second
          lien
          and second priority security interest with respect to each Mortgage Loan
          which
          is indicated by the Seller to be a second lien (as reflected on the Mortgage
          Loan Schedule), in either case, on the Mortgaged Property, including all
          improvements on the Mortgaged Property subject only to (a) the lien of
          current
          real property taxes and assessments not yet due and payable, (b) covenants,
          conditions and restrictions, rights of way, easements and other matters
          of the
          public record as of the date of recording being acceptable to mortgage
          lending
          institutions generally and specifically referred to in the lender's title
          insurance policy delivered to the originator of the Mortgage Loan and which
          do
          not adversely affect the Appraised Value of the Mortgaged Property, (c)
          with
          respect to each Mortgage Loan which is indicated by the Seller to be a
          second
          lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a first
          lien on
          the Mortgaged Property; and (d) other matters to which like properties
          are
          commonly subject which do not materially interfere with the benefits of
          the
          security intended to be provided by the Mortgage or the use, enjoyment,
          value or
          marketability of the related Mortgaged Property. Any security agreement,
          chattel
          mortgage or equivalent document related to and delivered in connection
          with the
          Mortgage Loan establishes and creates a valid, existing and enforceable
          first or
          second lien and first or second priority security interest (in each case,
          as
          indicated on the Mortgage Loan Schedule) on the property described therein
          and
          the Seller has full right to sell and assign the same to the
          Purchaser;

         

        (xi)  The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms;

         

        (xii)  All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person;

         

        (xiii)  The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (xiv)  The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage and has full right to transfer and sell the Mortgage Loan
          to
          the Purchaser free and clear of any encumbrance, equity, lien, pledge,
          charge,
          claim or security interest;

         

        (xv)  All
          parties which have had any interest in the Mortgage Loan, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) in compliance with any and all applicable
          “doing business” and licensing requirements of the laws of the state wherein the
          Mortgaged Property is located;

         

        (xvi)  The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
          title insurance policy or a comparable form in the States of California
          or Texas
          (which, in the case of an Adjustable Rate Mortgage Loan has an adjustable
          rate
          mortgage endorsement in the form of ALTA 6.0 or 6.1), issued by a title
          insurer
          acceptable to prudent lenders in the secondary mortgage market and qualified
          to
          do business in the jurisdiction where the Mortgaged Property is located,
          insuring (subject to the exceptions contained in (x)(a) and (b), and with
          respect to any second lien Mortgage Loan (c), above) the Seller or the
          Servicer,
          its successors and assigns as to the first or second priority lien (as
          indicated
          on the Mortgage Loan Schedule) of the Mortgage in the original principal
          amount
          of the Mortgage Loan (including, if the Mortgage Loan provides for Negative
          Amortization, the maximum amount of Negative Amortization in accordance
          with the
          Mortgage) and, with respect to any Adjustable Rate Mortgage Loan, against
          any
          loss by reason of the invalidity or unenforceability of the lien resulting
          from
          the provisions of the Mortgage providing for adjustment in the Mortgage
          Interest
          Rate and Monthly Payment and Negative Amortization provisions of the Mortgage
          Note. Additionally, such lender's title insurance policy affirmatively
          insures
          ingress and egress to and from the Mortgaged Property, and against encroachments
          by or upon the Mortgaged Property or any interest therein. The Seller is
          the
          sole insured of such lender's title insurance policy, and such lender’s title
          insurance policy is in full force and effect and will be in full force
          and
          effect upon the consummation of the transactions contemplated by this Agreement.
          No claims have been made under such lender's title insurance policy, and
          no
          prior holder of the related Mortgage, including the Seller, has done, by
          act or
          omission, anything which would impair the coverage of such lender's title
          insurance policy;

         

        (xvii)  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and neither the Seller
          nor
          the Servicer has waived any default, breach, violation or event of acceleration.
          With respect to each second lien Mortgage Loan (i) the related first lien
          mortgage loan is in full force and effect, (ii) there is no default, breach,
          violation or event of acceleration existing under such first lien mortgage
          or
          the related mortgage note, (iii) no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration thereunder, (iv) either
          (A)
          the first lien mortgage contains a provision which allows or (B) applicable
          law
          requires, the mortgagee under the second lien Mortgage Loan to receive
          notice
          of, and affords such mortgagee an opportunity to cure any default by payment
          in
          full or otherwise under the first lien mortgage, (v) the related first
          lien does
          not provide for or permit negative amortization under such first lien Mortgage
          Loan, and (vi) either no consent for the Mortgage Loan is required by the
          holder
          of the first lien or such consent has been obtained and is contained in
          the
          Mortgage File;

         

        (xviii)  There
          are
          no mechanics' or similar liens or claims which have been filed for work,
          labor
          or material (and no rights are outstanding that under law could give rise
          to
          such lien) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related
          Mortgage;

         

        (xix)  All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        (xx)  [Reserved];

         

        (xxi)  Principal
          payments on the Mortgage Loan commenced no more than sixty (60) days after
          the
          proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
          at the Mortgage Interest Rate. With respect to each Mortgage Loan which
          is not a
          Negative Amortization Loan, the Mortgage Note is payable on the day of
          each
          month specified in the related Mortgage Note in Monthly Payments, which,
          in the
          case of a Fixed Rate Mortgage Loans, are sufficient to fully amortize the
          original principal balance over the original term thereof (other than with
          respect to a Mortgage Loan identified on the related Mortgage Loan Schedule
          as
          an interest-only Mortgage Loan during the interest-only period or a Mortgage
          Loan which is identified on the related Mortgage Loan Schedule as a Balloon
          Mortgage Loan) and to pay interest at the related Mortgage Interest Rate,
          and,
          in the case of an Adjustable Rate Mortgage Loan, are changed on each Adjustment
          Date, and in any case, are sufficient to fully amortize the original principal
          balance over the original term thereof (other than with respect to a Mortgage
          Loan identified on the related Mortgage Loan Schedule as an interest-only
          Mortgage Loan during the interest-only period or a Mortgage Loan which
          is
          identified on the related Mortgage Loan Schedule as a Balloon Mortgage
          Loan) and
          to pay interest at the related Mortgage Interest Rate. With respect to
          each
          Negative Amortization Mortgage Loan, the related Mortgage Note requires
          a
          Monthly Payment which is sufficient during the period following each Payment
          Adjustment Date, to fully amortize the outstanding principal balance as
          of the
          first day of such period (including any Negative Amortization) over the
          then
          remaining term of such Mortgage Note and to pay interest at the related
          Mortgage
          Interest Rate; provided, that the Monthly Payment shall not increase to
          an
          amount that exceeds 107.5% of the amount of the Monthly Payment that was
          due
          immediately prior to the Payment Adjustment Date; provided, further, that
          the
          payment adjustment cap shall not be applicable with respect to the adjustment
          made to the Monthly Payment that occurs in a year in which the Mortgage
          Loan has
          been outstanding for a multiple of five (5) years and in any such year
          the
          Monthly Payment shall be adjusted to fully amortize the Mortgage Loan over
          the
          remaining term. With respect to each Mortgage Loan identified on the Mortgage
          Loan Schedule as an interest-only Mortgage Loan, the interest-only period
          shall
          not exceed ten (10) years (or such other period specified on the Mortgage
          Loan
          Schedule) and following the expiration of such interest-only period, the
          remaining Monthly Payments shall be sufficient to fully amortize the original
          principal balance over the remaining term of the Mortgage Loan and to pay
          interest at the related Mortgage Interest Rate. With respect to each Balloon
          Mortgage Loan, the Mortgage Note requires a monthly payment which is sufficient
          to fully amortize the original principal balance over a term greater than
          the
          original term thereof and to pay interest at the related Mortgage Interest
          Rate
          and requires a final Monthly Payment substantially greater than the preceding
          monthly payment which is sufficient to repay the remaining unpaid principal
          balance of the Balloon Mortgage Loan at the Due Date of such monthly payment.
          The Index for each Adjustable Rate Mortgage Loan is as set forth on the
          Mortgage
          Loan Schedule. No Mortgage Loan is a Convertible Mortgage Loan. No Balloon
          Mortgage Loan has an original stated maturity of less than seven (7)
          years;

         

        The
          origination, servicing and collection practices used with respect to each
          Mortgage Note and Mortgage including, without limitation, the establishment,
          maintenance and servicing of the Escrow Accounts and Escrow Payments, if
          any,
          since origination, have been in all respects legal, proper, prudent and
          customary in the mortgage origination and servicing industry. The Mortgage
          Loan
          has been serviced by the Servicer and any predecessor servicer in accordance
          with the terms of the Mortgage Note and Accepted Servicing Practices. With
          respect to escrow deposits and Escrow Payments, if any, all such payments
          are in
          the possession of, or under the control of, the Servicer and there exist
          no
          deficiencies in connection therewith for which customary arrangements for
          repayment thereof have not been made. No escrow deposits or Escrow Payments
          or
          other charges or payments due the Servicer have been capitalized under
          any
          Mortgage or the related Mortgage Note and no such escrow deposits or Escrow
          Payments are being held by the Servicer for any work on a Mortgaged Property
          which has not been completed; provided that, certain Insurance Proceeds
          may be
          held by the Servicer in escrow pending the completion of repairs which
          are
          required to be made to a Mortgaged Property in connection with the payment
          of
          such Insurance Proceeds;

        

        (xxii)  The
          Mortgaged Property is free of damage and waste and there is no proceeding
          pending for the total or partial condemnation thereof;

         

        (xxiii)  The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee's sale, and (b) otherwise by judicial foreclosure.
          The
          Mortgaged Property is not subject to any bankruptcy proceeding or foreclosure
          proceeding and the Mortgagor has not filed for protection under applicable
          bankruptcy laws. There is no homestead or other exemption available to
          the
          Mortgagor which would interfere with the right to sell the Mortgaged Property
          at
          a trustee's sale or the right to foreclose the Mortgage. The Mortgagor
          has not
          notified the Servicer and the Servicer has no knowledge of any relief requested
          or allowed to the Mortgagor under the Servicemembers’ Civil Relief
          Act;

         

        (xxiv)  The
          Mortgage Loan was underwritten in accordance with the underwriting standards
          of
          Nationstar Mortgage LLC in effect at the time the Mortgage Loan was originated;
          and the Mortgage Note and Mortgage are on forms acceptable to prudent lenders
          in
          the secondary market;

         

        (xxv)  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (x) above;

         

        (xxvi)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          satisfied the standards of Fannie Mae and Freddie
          Mac,
          was on
          appraisal form 1004 or form 2055 with an interior inspection and was made
          and
          signed, prior to the approval of the Mortgage Loan application, by a qualified
          appraiser, duly appointed by the Servicer, who had no interest, direct
          or
          indirect in the Mortgaged Property or in any loan made on the security
          thereof,
          whose compensation is not affected by the approval or disapproval of the
          Mortgage Loan and who met the minimum qualifications of Fannie Mae and
          Freddie
          Mac.
          Each
          appraisal of the Mortgage Loan was made in accordance with the relevant
          provisions of the Financial Institutions Reform, Recovery, and Enforcement
          Act
          of 1989;

         

        (xxvii)  In
          the
          event the Mortgage constitutes a deed of trust, a trustee, duly qualified
          under
          applicable law to serve as such, has been properly designated and currently
          so
          serves and is named in the Mortgage, and no fees or expenses are or will
          become
          payable by the Purchaser to the trustee under the deed of trust, except
          in
          connection with a trustee's sale after default by the Mortgagor;

         

        (xxviii)  No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Servicer, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
          paid
          by any source other than the Mortgagor or (c) contains any other similar
          provisions which may constitute a “buydown” provision. The Mortgage Loan is not
          a graduated payment mortgage loan and the Mortgage Loan does not have a
          shared
          appreciation or other contingent interest feature;

         

        (xxix)  The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

        (xxx)  No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property (other than a construction to permanent loan that
          has
          converted to a permanent loan in accordance with Fannie Mae guidelines;
          or (b)
          facilitating the trade-in or exchange of a Mortgaged Property;

         

        (xxxi)  The
          Servicer has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
          standing that can reasonably be expected to cause the Mortgage Loan to
          be an
          unacceptable investment, cause the Mortgage Loan to become delinquent,
          or
          adversely affect the value of the Mortgage Loan;

         

        (xxxii)  No
          Mortgage Loan had an LTV or a CLTV at origination in excess of 100%. No
          Mortgage
          Loan is subject to a lender paid primary mortgage insurance policy;

         

        (xxxiii)  The
          Mortgaged Property is lawfully occupied under applicable law; all inspections,
          licenses and certificates required to be made or issued with respect to
          all
          occupied portions of the Mortgaged Property and, with respect to the use
          and
          occupancy of the same, including but not limited to certificates of occupancy,
          have been made or obtained from the appropriate authorities;

         

        (xxxiv)  No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of any person, including
          without limitation the Mortgagor, any appraiser, any builder or developer,
          or
          any other party involved in the origination of the Mortgage Loan or in
          the
          application of any insurance in relation to such Mortgage Loan;

         

        (xxxv)  The
          Assignment of Mortgage is in recordable form, except for the name of the
          assignee which is blank, and is acceptable for recording under the laws
          of the
          jurisdiction in which the Mortgaged Property is located;

         

        (xxxvi)  Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first or second (as indicated
          on
          the Mortgage Loan Schedule) lien priority by a title insurance policy,
          an
          endorsement to the policy insuring the mortgagee's consolidated interest.
          The
          consolidated principal amount does not exceed the original principal amount
          of
          the Mortgage Loan plus any Negative Amortization;

         

        (xxxvii)  If
          the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements of Fannie Mae and Freddie
          Mac;

         

        (xxxviii)  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Servicer;

         

        (xxxix)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (xl)  The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller or the Servicer nor, to the Seller’s or the
          Servicer’s knowledge, the related Mortgagor, has received any notice of any
          violation or potential violation of such law;

         

        (xli)  The
          Servicer shall, at its own expense, cause each Mortgage Loan to be covered
          by a
          Tax Service Contract which is assignable to the Purchaser or its designee;
          provided however, that if the Servicer fails to purchase such Tax Service
          Contract, the Servicer shall be required to reimburse the Purchaser for
          all
          costs and expenses incurred by the Purchaser in connection with the purchase
          of
          any such Tax Service Contract;

         

        (xlii)  Each
          Mortgage Loan is covered by a Flood Zone Service Contract which is assignable
          to
          the Purchaser or its designee or, for each Mortgage Loan not covered by
          such
          Flood Zone Service Contract, the Servicer agrees to purchase such Flood
          Zone
          Service Contract;

         

        (xliii)  No
          Mortgage Loan is (a)(1) subject to the provisions of the Homeownership
          and
          Equity Protection Act of 1994 as amended (“HOEPA”) or (2) has an APR or total
          points and fees that are equal to or exceeds the HOEPA thresholds (as defined
          in
          12 CFR 226.32 (a)(1)(i) and (ii)), (b) a “high cost” mortgage loan, “covered”
mortgage loan (excluding home loans defined as “covered home loans” pursuant to
          clause (1) of the definition of that term in the New Jersey Home Ownership
          Security Act), “high risk home” mortgage loan, or “predatory” mortgage loan or
          any other comparable term, no matter how defined under any federal, state
          or
          local law, (c) subject to any comparable federal, state or local statutes
          or
          regulations, or any other statute or regulation providing for heightened
          regulatory scrutiny or assignee liability to holders of such mortgage loans,
          or
          (d) a High Cost Loan or Covered Loan, as applicable (as such terms are
          defined
          in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix
          E);

         

        (xliv)  No
          predatory, abusive, or deceptive lending practices, including but not limited
          to, the extension of credit to a Mortgagor without regard for the Mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a mortgagor
          which has no apparent benefit to the Mortgagor, were employed in connection
          with
          the origination of the Mortgage Loan;

         

        (xlv)  The
          debt-to-income ratio of the related Mortgagor was not greater than 60%
          at the
          origination of the related Mortgage Loan;

         

        (xlvi)  No
          Mortgagor was required to purchase any credit insurance product (e.g.,
          life,
          mortgage, disability, accident, unemployment or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.
          No Mortgagor obtained a prepaid single premium credit insurance policy
          (e.g.,
          life, mortgage, disability, accident, unemployment or health insurance)
          or debt
          cancellation agreement in connection with the origination of the Mortgage
          Loan.
          No proceeds from any Mortgage Loan were used to purchase single premium
          credit
          insurance policies or debt cancellation agreements as part of the origination
          of, or as a condition to closing, such Mortgage Loan;

         

        (xlvii)  The
          Mortgage Loans were not selected from the outstanding one- to four-family
          mortgage loans in the Seller’s portfolio as to which the representations and
          warranties set forth in this Agreement could be made at the related Closing
          Date
          in a manner so as to affect adversely the interests of the
          Purchaser;

         

        (xlviii)  The
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the Mortgage Loan in the event that
          the
          Mortgaged Property is sold or transferred without the prior written consent
          of
          the mortgagee thereunder;

         

        (xlix)  The
          Mortgage Loan complies with all applicable consumer credit statutes and
          regulations, including, without limitation, the respective Uniform Consumer
          Credit Code laws in effect in Alabama, Colorado, Idaho, Indiana, Iowa,
          Kansas,
          Maine, Oklahoma, South Carolina, Utah, West Virginia and Wyoming, has been
          originated by a properly licensed entity, and in all other respects, complies
          with all of the material requirements of any such applicable laws;

         

        (l)  The
          information set forth in the Mortgage Loan Schedule as to Prepayment Charges
          is
          complete, true and correct in all material respects and each Prepayment
          Charge
          is permissible, enforceable and collectable in accordance with its terms
          upon
          the Mortgagor’s full and voluntary principal payment under applicable
          law;

         

        (li)  The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Servicer
          has not received notification from a Mortgagor that a prepayment in full
          shall
          be made after the Closing Date;

         

        (lii)  No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property;

         

        (liii)  As
          of the
          related Closing Date, each Mortgage Loan is eligible for sale in the secondary
          market or for inclusion in a Securitization Transaction without unreasonable
          credit enhancement;

         

        (liv)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Charge. With respect to any Mortgage Loan that
          contains
          a provision permitting imposition of a premium upon a prepayment prior
          to
          maturity: (a) the Mortgage Loan provides some benefit to the Mortgagor
          (e.g. a
          rate or fee reduction) in exchange for accepting such Prepayment Charge;
          (b) the
          Mortgage Loan’ s originator had a written policy of offering the Mortgagor, or
          requiring third-party brokers to offer the Mortgagor, the option of obtaining
          a
          Mortgage Loan that did not require payment of such a Prepayment Charge;
          (c) the
          Prepayment Charge was adequately disclosed to the Mortgagor pursuant to
          applicable state and federal law; (d) the duration of the Prepayment Charge
          shall not exceed three (3) years from the date of the Mortgage Note; and
          (e)
          such Prepayment Charge shall not be imposed in any instance where the Mortgage
          Loan is accelerated or paid off in connection with the workout of a delinquent
          Mortgage or due to the Mortgagor’s default, notwithstanding that the terms of
          the Mortgage Loan or state or federal law might permit the imposition of
          such
          Prepayment Charge;

         

        (lv)  Nationstar
          Mortgage LLC has complied with all applicable anti-money laundering laws
          and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”); Nationstar Mortgage LLC has
          established an anti-money laundering compliance program as required by
          the
          Anti-Money Laundering Laws, has conducted the requisite due diligence in
          connection with the origination of each Mortgage Loan for purposes of the
          Anti-Money Laundering Laws, including with respect to the legitimacy of
          the
          applicable Mortgagor and the origin of the assets used by the said Mortgagor
          to
          purchase the Mortgaged Property, and maintains, and will maintain, sufficient
          information to identify and verify the identification of the applicable
          Mortgagor for purposes of the Anti-Money Laundering Laws. No Mortgage Loan
          is
          subject to nullification pursuant to Executive Order 13224 (the “Executive
          Order”) or the regulations promulgated by the Office of Foreign Assets Control
          of the United States Department of the Treasury (the “OFAC Regulations”) or in
          violation of the Executive Order or the OFAC Regulations, and no Mortgagor
          is
          subject to the provisions of such Executive Order or the OFAC Regulations
          nor
          listed as a “specially designated national or blocked person” for purposes of
          the OFAC Regulations;

         

        (lvi)  With
          respect to any Mortgage Loan, the Mortgagor was assigned the highest credit
          grade available with respect to a mortgage loan product offered by such
          Mortgage
          Loan’s originator, based on a comprehensive assessment of risk factors,
          including the Mortgagor’s credit history;

         

        (lvii)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          did not rely solely on the extent of the Mortgagor’s equity in the collateral as
          the principal determining factor in approving such extension of credit.
          The
          methodology employed objective criteria such as the Mortgagor’s income, assets
          and liabilities, to the proposed mortgage payment and, based on such
          methodology, the Mortgage Loan’s originator made a reasonable determination that
          at the time of origination the Mortgagor had the ability to make timely
          payments
          on the Mortgage Loan;

         

        (lviii)  With
          respect to each Mortgage Loan, the Servicer has fully and accurately furnished
          complete information (i.e., favorable and unfavorable) on the related borrower
          credit files to Equifax, Experian and Trans Union Credit Information Company,
          in
          accordance with the Fair Credit Reporting Act and its implementing regulations,
          on a monthly basis and, for each Mortgage Loan, the Servicer will furnish,
          in
          accordance with the Fair Credit Reporting Act and its implementing regulations,
          accurate and complete information on its borrower credit files to Equifax,
          Experian, and Trans Union Credit Information Company, on a monthly
          basis;

         

        (lix)  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          related Mortgagor in accordance with applicable state and federal laws
          and
          regulations. Except to the extent specified on the Mortgage Loan Schedule,
          no
          related Mortgagor was charged “points and fees” (whether or not financed) in an
          amount greater than (a) $1,000 or (b) 5% of the principal amount of such
          loan,
          whichever is greater, such 5% limitation is calculated in accordance with
          Fannie
          Mae’s anti-predatory lending requirements as set forth in the Fannie Mae Guides.
          For purposes of this representation, “points and fees” (a) include origination,
          underwriting, broker and finder’s fees and other charges that the lender imposed
          as a condition of making the loan, whether they are paid to the lender
          or a
          third party, and (b) exclude bona fide discount points, fees paid for actual
          services rendered in connection with the origination of the mortgage (such
          as
          attorneys’ fees, notaries fees and fees paid for property appraisals, credit
          reports, surveys, title examinations and extracts, flood and tax certifications,
          and home inspections); the cost of mortgage insurance or credit-risk price
          adjustments; the costs of title, hazard, and flood insurance policies;
          state and
          local transfer taxes or fees; escrow deposits for the future payment of
          taxes
          and insurance premiums; and other miscellaneous fees and charges, which
          miscellaneous fees and charges, in total, do not exceed 0.25 percent of
          the loan
          amount. All points, fees and charges (including finance charges) and whether
          or
          not financed, assessed, collected or to be collected in connection with
          the
          origination and servicing of each Mortgage Loan were disclosed in writing
          to the
          related Mortgagor in accordance with applicable state and federal laws
          and
          regulations;

         

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

         

        (lxi)  With
          respect to any Mortgage Loan which is secured by manufactured
          housing,
          if such
          Mortgage Loans are permitted hereunder, such Mortgage Loan satisfies the
          requirements for inclusion in residential mortgage backed securities
          transactions rated by Standard & Poor's Ratings Services and such
          manufactured housing will be the principal residence of the Mortgagor upon
          the
          origination of the Mortgage Loan. With respect to any second lien Mortgage
          Loan,
          such lien is on a one- to four-family residence that is (or will be) the
          principal residence of the Mortgagor upon the origination of the second
          lien
          Mortgage Loan;

         

        (lxii)  No
          Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
          Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
          seq.).
          Each Mortgage Loan secured by property located within the Cook County,
          Illinois
          anti-predatory lending Pilot Program area (i.e., ZIP Codes 60620, 60621,
          60623,
          60628, 60629, 60632, 60636, 60638, 60643 and 60652) complies with the recording
          requirements outlined in Illinois House Bill 4050 and Senate Bill 304 effective
          September 1, 2006; 

         

        (lxiii)  No
          Mortgage Loan is secured by real property or secured by a manufactured
          home
          located in the state of Georgia unless (x) such Mortgage Loan was originated
          prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
          the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
          Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
          defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”). Each
          Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all
          applicable provisions of the Georgia Act. No Mortgage Loan secured by owner
          occupied real property or an owner occupied manufactured home located in
          the
          State of Georgia was originated (or modified) on or after October 1, 2002
          through and including March 6, 2003;

         

        (lxiv)  No
          Mortgage Loan is a “High-Cost” loan as defined under the New York Banking Law
          Section 6-1, effective as of April 1, 2003;

         

        (lxv)  No
          Mortgage Loan (a) is secured by property located in the State of New York;
          (b)
          had an unpaid principal balance at origination of $300,000 or less, and
          (c) has
          an application date on or after April 1, 2003, the terms of which Mortgage
          Loan
          equal or exceed either the APR or the points and fees threshold for “high-cost
          home loans”, as defined in Section 6-1 of the New York State Banking
          Law;

         

        (lxvi)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective July 16, 2003 (Act 1340 or 2003);

         

        (lxvii)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
          loan statute effective June 24, 2003 (Ky. Rev. Stat.
          Section 360.100);

         

        (lxviii)  No
          Mortgage Loan secured by property located in the State of Nevada is a “home
          loan” as defined in the Nevada Assembly Bill No. 284;

         

        (lxix)  No
          Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a “High-Cost
          Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
          New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
          et
          seq.);

         

        (lxx)  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

         

        (lxxi)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
          Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
          seq.);

         

        (lxxii)  No
          Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
          Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
          seq.);

         

        (lxxiii)  No
          Loan
          that is secured by property located within the State of Maine meets the
          definition of a (i) “high-rate, high-fee” mortgage loan under Article VIII,
          Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan” as
          defined under the Maine House Bill 383 L.D. 494, effective as of September
          13,
          2003;

         

        (lxxiv)  With
          respect to any Loan for which a mortgage loan application was submitted
          by the
          Mortgagor after April 1, 2004, no such Loan secured by Mortgaged Property
          in the
          State of Illinois which has a Loan Interest Rate in excess of 8.0% per
          annum has
          lender-imposed fees (or other charges) in excess of 3.0% of the original
          principal balance of the Loan;

         

        (lxxv)  No
          Mortgage Loan is a “High Cost Home Mortgage Loan” as defined in the
          Massachusetts Predatory Home Loan Practices Act, effective November 7,
          2004
          (Mass. Ann. Laws Ch. 183C). No Mortgage Loan secured by a Mortgaged Property
          located in the Commonwealth of Massachusetts was made to pay off or refinance
          an
          existing loan or other debt of the related borrower (as the term “borrower” is
          defined in the regulations promulgated by the Massachusetts Secretary of
          State
          in connection with Massachusetts House Bill 4880 (2004)) unless either
          (1) (a)
          the related Mortgage Interest Rate (that would be effective once the
          introductory rate expires, with respect to Adjustable Rate Mortgage Loans)
          did
          or would not exceed by more than 2.25% the yield on United States Treasury
          securities having comparable periods of maturity to the maturity of the
          related
          Mortgage Loan as of the fifteenth day of the month immediately preceding
          the
          month in which the application for the extension of credit was received
          by the
          related lender or (b) the Mortgage Loan is an “open-end home loan” (as such term
          is used in the Massachusetts House Bill 4880 (2004)) and the related Mortgage
          Note provides that the related Mortgage Interest Rate may not exceed at
          any time
          the Prime rate index as published in The Wall Street Journal plus a margin
          of
          one percent, or (2) such Mortgage Loan is in the "borrower's interest,"
          as
          documented by a "borrower's interest worksheet" for the particular Mortgage
          Loan, which worksheet incorporates the factors set forth in Massachusetts
          House
          Bill 4880 (2004) and the regulations promulgated thereunder for determining
          "borrower's interest," and otherwise complies in all material respects
          with the
          laws of the Commonwealth of Massachusetts;

         

        (lxxvi)  No
          Loan
          is a “High Cost Home Loan” as defined by the Indiana Home Loan Practices Act,
          effective January 1, 2005 (Ind. Code Ann. §§ 24-9-1 et seq.);

         

        (lxxvii)  The
          Mortgagee has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (lxxviii)  The
          sale
          or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto;

         

        (lxxix)  With
          respect to each MOM Loan, a MIN has been assigned by MERS and such MIN
          is
          accurately provided on the Mortgage Loan Schedule. The related Assignment
          of
          Mortgage to MERS has been duly and properly recorded, or has been delivered
          for
          recording to the applicable recording office;

         

        (lxxx)  With
          respect to each MOM Loan, Seller has not received any notice of liens or
          legal
          actions with respect to such Mortgage Loan and no such notices have been
          electronically posted by MERS; and

         

        (lxxxi)  With
          respect to each second lien Mortgage Loan, either no consent for the Mortgage
          Loan is required by the holder of the first lien or such consent has been
          obtained and is contained in the Mortgage File.

         

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        D

       

      MORTGAGE
        LOAN SCHEDULE

       

      

      As
        previously filed on March 2, 2007.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE (DEUTSCHE BANK)

       

      
        	
                To:
                  

              	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

              

      

      

       

      
        	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of February 1, 2007, among Financial
                  Asset Securities Corp. as Depositor, Nationstar Mortgage, LLC as
                  Servicer
                  and Deutsche Bank National Trust Company, a national banking association,
                  as Trustee

              

      

      

       

      In
        connection with the administration of the Mortgage Loans held by you as Trustee
        pursuant to the above-captioned Pooling and Servicing Agreement, we request
        the
        release, and hereby acknowledge receipt of the Trustee’s Mortgage File Or the
        Mortgage Loan described below, for the reason indicated. Any payments received
        in connection with this Request for Release of documents have been or will
        be
        deposited into the Collection Account for the benefit of the Trust.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name, Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      
        	
                _________1.

              	
                Mortgage
                  Paid in Full

              	 
	 	 	 
	
                _________2.

              	
                Foreclosure

              	 
	 	 	 
	
                _________3.

              	
                Substitution

              	 
	 	 	 
	
                _________4.

              	
                Other
                  Liquidation (Repurchases, etc.)

              	 
	 	 	 
	
                _________5.

              	
                Nonliquidation

              	
                Reason:_____________________

              

      

       

      Address
        to which Trustee should deliver

       

      the
        Trustee’s Mortgage File:

       

      
        	 
	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                By:

              	 
	 	
                (authorized
                  signer)

              
	 	 
	
                Issuer:

              	 
	 	 
	
                Address:

              	 
	 	 
	 	 
	 	 
	
                Date:

              	 
	 	 

      

      

       

      Trustee

       

      Deutsche
        Bank National Trust Company

       

      Please
        acknowledge the execution of the above request by your signature and date
        below:

       

      
        	 	 	 
	
                Signature

              	 	
                Date

              
	 	 	 
	
                Documents
                  returned to Trustee:

              	 	 
	 	 	 
	
                Trustee

              	 	
                Date

              

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        F-1

       

      FORM
        OF
        TRUSTEE’S INITIAL CERTIFICATION

       

      ________________

      [Date]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of February 1, 2007, among Financial
                  Asset Securities Corp. as Depositor, Nationstar Mortgage, LLC as
                  Servicer
                  and Deutsche Bank National Trust Company, a national banking association,
                  as Trustee

              

      

      

       

      Ladies
        and Gentlemen:

       

      Attached
        is the Trustee’s preliminary exception report delivered in accordance with
        Section 2.02 of the referenced Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”). Capitalized terms used but not otherwise defined herein
        shall have the meanings set forth in the Pooling and Servicing
        Agreement.

       

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the Pooling and
        Servicing Agreement. The Trustee makes no representations as to (i) the
        validity, legality, sufficiency, enforceability or genuineness of any of
        the
        documents contained in the Mortgage File pertaining to the Mortgage Loans
        identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
        effectiveness or suitability of any such Mortgage Loan or (iii) whether any
        Mortgage File includes any of the documents specified in clause (vi) of Section
        2.01 of the Pooling and Servicing Agreement.

       

      
        	
                [DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, as Trustee] [THE BANK OF NEW YORK
                  TRUST
                  COMPANY, N.A., as Custodian]

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        F-2

       

      FORM
        OF
        TRUSTEE’S FINAL CERTIFICATION

       

      ________________

      [Date]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	
                Re:

              	
                Pooling
                  and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as
                  of February 1, 2007 among Financial Asset Securities Corp., as
                  Depositor,
                  Nationstar Mortgage, LLC as Servicer and Deutsche Bank National
                  Trust
                  Company, as Trustee with respect to Soundview Home Loan Trust 2007-NS1,
                  Asset-Backed Certificates, Series
                  2007-NS1

              

      

      

      Ladies
        and Gentlemen:

      In
        accordance with Section 2.02 of the Pooling and Servicing Agreement, the
        undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
        in the Mortgage Loan Schedule (other than any Mortgage loan paid in full
        or
        listed on Schedule I hereto) it (or its custodian) has received the applicable
        documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in items 1 and 3 of the definition of
        Mortgage Loan Schedule in the Pooling and Servicing Agreement accurately
        reflects information in the Mortgage File.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

       

      
        	
                [DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, as Trustee] [THE BANK OF NEW YORK
                  TRUST
                  COMPANY, N.A., as Custodian]

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        F-3

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTE

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	
                Re:

              	
                Soundivew
                  Home Loan Trust 2007-NS1, 

                Asset-Backed
                  Certificates Series 2007-NS1

              

      

      

       

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 2.01 of the Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”), dated as of February 1, 2007 among Financial Asset
        Securities Corp., as Depositor, Nationstar Mortgage, LLC as Servicer and
        Deutsche Bank National Trust Company, as Trustee, we hereby acknowledge the
        receipt of the original Mortgage Notes (a copy of which is attached hereto
        as
        Exhibit 1) with any exceptions thereto listed on Exhibit 2.

       

      
        	
                [DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, as Trustee] [THE BANK OF NEW YORK
                  TRUST
                  COMPANY, N.A., as Custodian]

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        G

       

      FORM
        OF
        CAP ALLOCATION AGREEMENT

       

      

        CAP
          ALLOCATION AGREEMENT

         

        This
          Cap
          Allocation Agreement, dated as of March 8, 2007 (this “Agreement”), between
          Deutsche Bank National Trust Company (“Deutsche Bank”), as cap trustee for the
          cap trust (in such capacity, the “Cap Trustee”) and as trustee under the Pooling
          and Servicing Agreement, as hereinafter defined (in such capacity, the
          “Trustee”) and Greenwich
          Capital Financial Products, Inc. (“GCFP”).

         

        WHEREAS,
          Deutsche Bank, on behalf of a separate trust established hereunder which
          holds
          an Interest Rate Cap Agreement (the “Cap Agreement”), a copy of which is
          attached hereto as Exhibit A, between the Cap Trustee,
          on
          behalf of the Cap Trust
          and The
          Royal Bank of Scotland plc (the “Cap Provider”) is a counterparty to the Cap
          Agreement;
          and

         

        WHEREAS,
          it is desirable to irrevocably appoint the Cap Trustee, and the Cap Trustee
          desires to accept such appointment, to receive and distribute funds payable
          by
          the Cap Provider to the Cap Trustee, on behalf of the Cap Trust under the
          Cap
          Agreement as provided herein; 

         

        NOW,
          THEREFORE, in consideration of the mutual covenants contained herein, and
          for
          other good and valuable consideration, the receipt and adequacy of which
          are
          hereby acknowledged, the parties agree as follows: 

         

        1.  Definitions.
          Capitalized terms used but not otherwise defined herein shall have the
          respective meanings assigned thereto in the Pooling and Servicing Agreement,
          dated as of February 1, 2007 (the “Pooling and Servicing Agreement”), among
          Financial Asset Securities Corp., as Depositor, Nationstar Mortgage, LLC,
          as
          servicer and the Trustee, relating to the Soundview Home Loan Trust 2007-NS1
          (the “Trust”), Asset-Backed Certificates, Series 2007-NS1 (the “Certificates”),
          or in the related Indenture as the case may be, as in effect on the date
          hereof.

         

        2.  Cap
          Trust.
          There
          is hereby established a separate trust (the “Cap Trust”), into which the Cap
          Trustee shall deposit the Cap Agreement. The Cap Trust shall be maintained
          by
          the Cap Trustee. The sole assets of the Cap Trust shall be the Cap Agreement
          and
          the Cap Trust Account.

         

        3.  Cap
          Trustee.
          

         

        (a)  The
          Cap
          Trustee, on behalf of the Cap Trust, is hereby irrevocably appointed to
          receive
          all funds paid to the Cap Trustee by the Cap Provider, or its successors
          in
          interest under the Cap Agreement (including any Cap Termination Payment)
          and the
          Cap Trustee accepts such appointment and hereby agrees to receive such
          amounts,
          deposit such amounts into the Cap Trust Account and to distribute on each
          Distribution Date such amounts in the following order of priority:

         

        (i)  first,
          for deposit into the Cap Account (established under the Pooling and Servicing
          Agreement), an amount equal to the sum of the following amounts remaining
          outstanding after distribution of the Net Monthly Excess Cashflow and any
          Net
          Swap Payments received under the Interest Rate Swap Agreement with the
          Trust:
          (A) Unpaid Interest Shortfall Amounts, (B) Net WAC Rate Carryover Amounts;
          (C)
an
          amount
          necessary to maintain or restore the Overcollateralization Target Amount;
          and
          (D) any
          Allocated Realized Loss Amounts;

         

        (ii)  second,
          to GCFP, or its designee, any amounts remaining after payment of (i) above,
          provided,
          however,
          upon the
          issuance of notes by an issuer (the “NIM Trust”), secured by all or a portion of
          the Class C Certificates and the Class P Certificates (the “NIM Notes”), GCFP,
          or its designee, hereby instructs the Cap Trustee to make any payments
          under
          this clause 3(a)(ii):

         

        (A)  to
          the
          Indenture Trustee for the NIM Trust, for deposit into the Note Account
          (each as
          defined in the related Indenture), for distribution in accordance with
          the terms
          of the Indenture until satisfaction and discharge of the Indenture;
          and

         

        (B)  after
          satisfaction and discharge of the Indenture, to the Holders of the Class
          C
          Certificates, pro
          rata
          based on
          the outstanding Notional Amount of each such Certificate.

         

        (b)  The
          Cap
          Trustee agrees to hold any amounts received from the Cap Provider in trust
          upon
          the terms and conditions and for the exclusive use and benefit of the Trustee
          and the Indenture Trustee, as applicable (in turn for the benefit of the
          Certificateholders, the Noteholders, GCFP and the NIMS Insurer, if any)
          as set
          forth herein. The rights, duties and liabilities of the Cap Trustee in
          respect
          of this Agreement shall be as follows:

         

        (i) The
          Cap
          Trustee shall have the full power and authority to do all things not
          inconsistent with the provisions of this Agreement that may be deemed advisable
          in order to enforce the provisions hereof. The Cap Trustee shall not be
          answerable or accountable except for its own bad faith, willful misconduct
          or
          negligence. The Cap Trustee shall not be required to take any action to
          exercise
          or enforce any of its rights or powers hereunder which, in the opinion
          of the
          Cap Trustee, shall be likely to involve expense or liability to the Cap
          Trustee,
          unless the Cap Trustee shall have received an agreement satisfactory to
          it in
          its sole discretion to indemnify it against such liability and
          expense.

         

        (ii) The
          Cap
          Trustee shall not be liable with respect to any action taken or omitted
          to be
          taken by it in good faith in accordance with the direction of any party
          hereto
          or the NIMS Insurer, if any, or otherwise as provided herein, relating
          to the
          time, method and place of conducting any proceeding for any remedy available
          to
          the Cap Trustee or exercising any right or power conferred upon the Cap
          Trustee
          under this Agreement.

         

        (iii) The
          Cap
          Trustee may perform any duties hereunder either directly or by or through
          agents
          or attorneys of the Cap Trustee. The Cap Trustee shall not be liable for
          the
          acts or omissions of its agents or attorneys so long as the Cap Trustee
          chose
          such Persons with due care.

         

        4.  Cap
          Trust Account.
          The Cap
          Trustee shall segregate and hold all funds received from the Cap Provider
          (including any Cap Termination Payment) separate and apart from any of
          its own
          funds and general assets and shall establish and maintain in the name of
          the Cap
          Trustee one or more segregated accounts (the “Cap Trust Account”).

         

        5.  [Reserved]
          

         

        6.  Representations
          and Warranties of Deutsche Bank.
          Deutsche Bank represents and warrants as follows:

         

        (a)  Deutsche
          Bank is duly organized and validly existing as a national banking association
          under the laws of the United States and has all requisite power and authority
          to
          execute and deliver this Agreement, to perform its obligations as Cap Trustee
          hereunder.

         

        (b)  The
          execution, delivery and performance of this Agreement by Deutsche Bank
          as
          Trustee have been duly authorized in the Pooling and Servicing
          Agreement.

         

        (c)  This
          Agreement has been duly executed and delivered by Deutsche Bank as Cap
          Trustee
          and the Trustee and is enforceable against Deutsche Bank in such capacities
          in
          accordance with its terms, except as enforceability may be affected by
          bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
          and
          other similar laws relating to or affecting creditors’ rights generally, general
          equitable principles (whether considered in a proceeding in equity or at
          law).

         

        7.  Replacement
          of Cap Trustee.

         

        Any
          corporation, bank, trust company or association into which the Cap Trustee
          may
          be merged or converted or with which it may be consolidated, or any corporation,
          bank, trust company or association resulting from any merger, conversion
          or
          consolidation to which the Cap Trustee shall be a party, or any corporation,
          bank, trust company or association succeeding to all or substantially all
          the
          corporate trust business of the Cap Trustee, shall be the successor of
          the Cap
          Trustee hereunder, without the execution or filing of any paper or any
          further
          act on the part of any of the parties hereto, except to the extent that
          assumption of its duties and obligations, as such, is not effected by operation
          of law.

         

        No
          resignation or removal of the Cap Trustee and no appointment of a successor
          Cap
          Trustee shall become effective until the appointment by GCFP, or its designee,
          of a successor Cap Trustee acceptable to the NIMS Insurer, if any. Any
          successor
          Cap Trustee shall execute such documents or instruments necessary or appropriate
          to vest in and confirm to such successor Cap Trustee all such rights and
          powers
          conferred by this Agreement.

         

        The
          Cap
          Trustee may resign at any time by giving written notice thereof to the
          other
          parties hereto with a copy to the NIMS Insurer, if any. If a successor
          cap
          trustee shall not have accepted the appointment hereunder within 30 days
          after
          the giving by the resigning Cap Trustee of such notice of resignation,
          the
          resigning Cap Trustee may petition any court of competent jurisdiction
          for the
          appointment of a successor Cap Trustee acceptable to the NIMS Insurer,
          if
          any.

         

        In
          the
          event of a resignation or removal of the Cap Trustee, GCFP, or its designee,
          shall promptly appoint a successor Cap Trustee acceptable to the NIMS Insurer,
          if any. If no such appointment has been made within 10 days of the resignation
          or removal, the NIMS Insurer, if any, may appoint a successor Cap
          Trustee.

         

        8.  Cap
          Trustee Obligations.

         

        Whenever
          the Cap Trustee, on behalf of the Cap Trust, as a party to the Cap Agreement,
          has the option or is requested in such capacity, whether such request is
          by the
          Cap Provider, to take any action or to give any consent, approval or waiver
          that
          it is on behalf of the Cap Trust entitled to take or give in such capacity,
          including, without limitation, in connection with an amendment of such
          agreement
          or the occurrence of a default or termination event thereunder, the Cap
          Trustee
          shall promptly notify the parties hereto and the NIMS Insurer, if any,
          of such
          request in such detail as is available to it and, shall, on behalf of the
          parties hereto and the NIMS Insurer, if any, take such action in connection
          with
          the exercise and/or enforcement of any rights and/or remedies available
          to it in
          such capacity with respect to such request as GCFP, or its designee, or
          the NIMS
          Insurer, if any, shall direct in writing; provided that if no such direction
          is
          received prior to the date that is established for taking such action or
          giving
          such consent, approval or waiver (notice of which date shall be given by
          the Cap
          Trustee to the parties hereto and the NIMS Insurer, if any), the Cap Trustee
          may
          abstain from taking such action or giving such consent, approval or
          waiver.

         

        The
          Cap
          Trustee shall forward to the parties hereto and the NIMS Insurer, if any,
          on the
          Distribution Date following its receipt thereof copies of any and all notices,
          statements, reports and/or other material communications and information
          (collectively, the “Cap Reports”) that it receives in connection with the Cap
          Agreement or from the counterparty thereto.

         

        9.  Miscellaneous.
          

         

        (a)  This
          Agreement shall be governed by and construed in accordance with the laws
          of the
          State of New York.

         

        (b)  Any
          action or proceeding against any of the parties hereto relating in any
          way to
          this Agreement may be brought and enforced in the courts of the State of
          New
          York sitting in the borough of Manhattan or of the United States District
          Court
          for the Southern District of New York and the Cap Trustee irrevocably submits
          to
          the jurisdiction of each such court in respect of any such action or proceeding.
          The Cap Trustee waives, to the fullest extent permitted by law, any right
          to
          remove any such action or proceeding by reason of improper venue or inconvenient
          forum.

         

        (c)  This
          Agreement may be amended, supplemented or modified in writing by the parties
          hereto, but only with the consent of GCFP and the NIMS Insurer, if
          any.

         

        (d)  This
          Agreement may not be assigned or transferred without the prior written
          consent
          of GCFP and the NIMS Insurer, if any; provided, however, the parties hereto
          acknowledge and agree to the assignment of the rights of GCFP, or its designee,
          pursuant to the Sale Agreement, the Trust Agreement and the
          Indenture.

         

        (e)  This
          Agreement may be executed by one or more of the parties to this Agreement
          on any
          number of separate counterparts (including by facsimile transmission),
          and all
          such counterparts taken together shall be deemed to constitute one and
          the same
          instrument.

         

        (f)  Any
          provision of this Agreement which is prohibited or unenforceable in any
          jurisdiction shall, as to such jurisdiction, be ineffective to the extent
          of
          such prohibition or unenforceability without invalidating the remaining
          provisions hereof, and any such prohibition or unenforceability in any
          jurisdiction shall not invalidate or render unenforceable such provision
          in any
          other jurisdiction.

         

        (g)  The
          representations and warranties made by the parties to this Agreement shall
          survive the execution and delivery of this Agreement. No act or omission
          on the
          part of any party hereto shall constitute a waiver of any such representation
          or
          warranty.

         

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

         

        (i)  The
          representations and warranties made by the parties to this Agreement shall
          survive the execution and delivery of this Agreement. No act or omission
          on the
          part of any party hereto shall constitute a waiver of any such representation
          or
          warranty.

         

        10.  Third-Party
          Beneficiary. Each
          of
          the Trustee, GCFP or its designee and the Indenture Trustee, if any,
          shall be
          deemed a third-party beneficiary of this Agreement to the same extent as
          if it
          were a party hereto, and shall have the right to enforce the provisions
          of this
          Agreement. If any default occurs on the part of the Cap Provider under
          the Cap
          Agreement in the making of a payment due under the Cap Agreement or in
          any other
          obligation of the Cap Provider under the Cap Agreement, the Cap Trustee
          may and,
          upon the request of the Trustee, GCFP or its designee or the Indenture
          Trustee,
          shall take such action as may be appropriate to enforce such payment or
          performance, including the institution and prosecution of appropriate
          proceedings.

         

        11.  Cap
          Trustee and Trustee Rights.
          The Cap
          Trustee shall be entitled to the same rights, protections and indemnities
          afforded to the Trustee under the Pooling and Servicing Agreement, and
          the
          Indenture Trustee under the Indenture, in each case as if specifically
          set forth
          herein with respect to the Cap Trustee.

         

        The
          Trustee shall be entitled to the same rights, protections and indemnities
          afforded to the Trustee under the Pooling and Servicing Agreement as if
          specifically set forth herein with respect to the Cap Trustee.

         

        12.  Limited
          Recourse.
          It is
          expressly understood and agreed by the parties hereto that this Agreement
          is
          executed and delivered by the Trustee, not in its individual capacity but
          solely
          as Trustee under the Pooling and Servicing Agreement. Notwithstanding any
          other
          provisions of this Agreement, the obligations of the Trustee under this
          Agreement are non-recourse to the Trustee, its assets and its property,
          and
          shall be payable solely from the assets of the Trust Fund, and following
          realization of such assets, any claims of any party hereto shall be extinguished
          and shall not thereafter be reinstated. No recourse shall be had against
          any
          principal, director, officer, employee, beneficiary, shareholder, partner,
          member, Trustee, agent or affiliate of the Trustee or any person owning,
          directly or indirectly, any legal or beneficial interest in the Trustee,
          or any
          successors or assigns of any of the foregoing (the “Exculpated Parties”) for the
          payment of any amount payable under this Agreement. The parties hereto
          shall not
          enforce the liability and obligations of the Trustee to perform and observe
          the
          obligations contained in this Agreement by any action or proceeding wherein
          a
          money judgment establishing any personal liability shall be sought against
          the
          Trustee, subject to the following sentence, or the Exculpated Parties.
          The
          agreements in this paragraph shall survive termination of this Agreement
          and the
          performance of all obligations hereunder.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
          and
          delivered as of the day and year first above written. 

         

        
          	
                  DEUTSCHE
                    BANK NATIONAL TRUST COMPANY

                  not
                    in its individual capacity but solely as Cap Trustee under this
                    Agreement

                
	 
	 
	
                  By:

                	 
	 	
                  Name: 

                  Title:

                
	 	 

        

        

        
          	
                  DEUTSCHE
                    BANK NATIONAL TRUST COMPANY

                  not
                    in its individual capacity but solely as Trustee under the Pooling
                    and
                    Servicing Agreement

                
	 
	 
	
                  By:

                	 
	 	
                  Name: 

                  Title:

                

        

        

        

        
          	
                  GREENWICH
                    CAPITAL FINANCIAL PRODUCTS, INC.

                
	 
	 
	
                  By:

                	 
	 	
                  Name: 

                
	 	
                  Title: 

                

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

         

        INTEREST
          RATE CAP AGREEMENT

         

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        H

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Personally
        appeared before me the undersigned authority to administer oaths,
        __________________ who first being duly sworn deposes and says: Deponent
        is
        __________________________ of ____________________________, successor by
        merger
        to _________________________ (“Seller”) and who has personal knowledge of the
        facts set out in this affidavit.

       

      On
        _________________________________, _________________________________ did
        execute
        and deliver a promissory note in the principal amount of
        $____________________.

       

      That
        said
        note has been misplaced or lost through causes unknown and is presently lost
        and
        unavailable after diligent search has been made. Seller’s records show that an
        amount of principal and interest on said note is still presently outstanding,
        due, and unpaid, and Seller is still owner and holder in due course of said
        lost
        note.

       

      Seller
        executes this Affidavit for the purpose of inducing Deutsche Bank National
        Trust
        Company, as trustee on behalf of Soundview Home Loan Trust 2007-NS1,
        Asset-Backed Certificates Series 2007-NS1, to accept the transfer of the
        above
        described loan from Seller.

       

      Seller
        agrees to indemnify Deutsche Bank National Trust Company and Financial Asset
        Securities Corp. harmless for any losses incurred by such parties resulting
        from
        the above described promissory note has been lost or misplaced.

       

      
        	
                By:

              	 
	
                 

              	 
	 	 

      

      

      
        	
                STATE
                  OF

              	
                )

              
	 	
                ) SS:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      On
        this
        ______ day of ______________, 20_, before me, a Notary Public, in and for
        said
        County and State, appeared , who acknowledged the extension of the foregoing
        and
        who, having been duly sworn, states that any representations therein contained
        are true.

       

      Witness
        my hand and Notarial Seal this _________ day of 20__.

       

      
        	 
	 

      

      

       

      My
        commission expires __________________________.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        I

       

      FORM
        OF
        LIMITED POWER OF ATTORNEY

       

      KNOW
        ALL
        MEN BY THESE PRESENTS, that [NAME OF MORTGAGEE, ASSIGNEE OR LAST ENDORSEE,
        AS
        APPLICABLE], [a ___________________ corporation][a national banking
        organization], having its principal place of business at
        __________________________, (the “Undersigned”), pursuant to that Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) among Financial
        Asset Securities Corp. (the “Owner”), Deutsche Bank National Trust Company and
        Nationstar Mortgage, LLC (“Nationstar”), hereby constitutes and appoints
        Nationstar, by and through Nationstar’s officers, the Undersigned's true and
        lawful Attorney-in-Fact, in the Undersigned's name, place and stead, as their
        interests may appear, and for the Undersigned's respective benefit, in
        connection with all Mortgage Loans serviced by Nationstar pursuant to the
        Pooling and Servicing Agreement, for the purpose of performing all acts and
        executing all documents in the name of the Undersigned as may be customarily
        and
        reasonably necessary and appropriate to effectuate the following enumerated
        transactions in respect of any of the mortgages, deeds of trust or security
        instrument (each a “Mortgage” or a “Deed of Trust” respectively) and promissory
        notes secured thereby (each a “Mortgage Note”) for which the Undersigned is
        acting as Servicer pursuant to the Pooling and Servicing Agreement (whether
        the
        Undersigned is named therein as mortgagee or beneficiary or has become mortgagee
        by virtue of endorsement of the Mortgage Note secured by any such Mortgage
        or
        Deed of Trust) all subject to the terms of the related Pooling and Servicing
        Agreement.

       

      This
        appointment shall apply to the following enumerated transactions
        only:

       

      1. The
        modification or re-recording of a Mortgage or Deed of Trust, where said
        modification or re-recording is for the purpose of correcting the Mortgage
        or
        Deed of Trust to conform same to the original intent of the parties thereto
        or
        to correct title errors discovered after such title insurance was issued
        and
        said modification or re-recording, in either instance, does not adversely
        affect
        the lien of the Mortgage or Deed of Trust as insured.

       

      2. The
        subordination of the lien of a Mortgage or Deed of Trust to an easement in
        favor
        of a public utility company or a governmental agency or authority thereunder
        with powers of eminent domain; this section shall include, without limitation,
        the execution of partial satisfaction/release, partial reconveyances or the
        execution of requests to trustees to accomplish same.

       

      3. The
        conveyance of the properties to the mortgage insurer, or the closing of the
        title to the property to be acquired as real estate owned, or conveyance
        of
        title to real estate owned.

       

      4. The
        completion of loan assumption agreements.

       

      5. The
        full
        satisfaction/release of a Mortgage or Deed of Trust or full reconveyance
        upon
        payment and discharge of all sums secured thereby, including, without
        limitation, cancellation of the related Mortgage Note.

       

      6. The
        assignment of any Mortgage or Deed of Trust and the related Mortgage Note,
        in
        connection with the repurchase of the mortgage loan secured and evidenced
        thereby.

       

      7. The
        full
        assignment of a Mortgage or Deed of Trust upon payment and discharge of all
        sums
        secured thereby in conjunction with the refinancing thereof, including, without
        limitation, the assignment of the related Mortgage Note.

       

      8. With
        respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a
        deed in
        lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
        or termination, cancellation or rescission of any such foreclosure, including,
        without limitation, any and all of the following acts:

       

      a) the
        substitution of trustee(s) serving under a Deed of Trust, in accordance with
        state law and the Deed of Trust;

      b) the
        preparation and issuance of statements of breach or
        non-performance;

      c) the
        preparation and filing of notices of default and/or notices of
        sale;

      d) the
        cancellation/rescission of notices of default and/or notices of
        sale;

      e) the
        taking of a deed in lieu of foreclosure; and

      f) the
        preparation and execution of such other documents and performance of such
        other
        actions as may be necessary under the terms of the Mortgage, Deed of Trust
        or
        state law to expeditiously complete said transactions in paragraphs 8(a)
        through
        8(e) above.

       

      9. The
        full
        assignment of a Mortgage or Deed of Trust upon sale of a loan pursuant to
        a
        mortgage loan sale agreement for the sale of a loan or pool of loans, including,
        without limitation, the assignment of the related Mortgage Note.

       

      The
        Undersigned gives said Attorney-in-Fact full power and authority to execute
        such
        instruments and to do and perform all and every act and thing necessary and
        proper to carry into effect the power or powers granted by or under this
        Limited
        Power of Attorney, each subject to the terms and conditions set forth in
        the
        related Pooling and Servicing Agreement and in accordance with the standard
        of
        care applicable to the servicer in the Pooling and Servicing Agreement as
        fully
        as the undersigned might or could do, and hereby does ratify and confirm
        to all
        that said Attorney-in-Fact shall lawfully do or cause to be done by authority
        hereof. This Limited Power of Attorney shall be effective as of [SERVICING
        TRANSFER EFFECTIVE DATE].

       

      Nothing
        contained herein shall (i) limit in any manner any indemnification provided
        by
        Nationstar to the Owner under the Pooling and Servicing Agreement, or (ii)
        be
        construed to grant Nationstar the power to initiate or defend any suit,
        litigation or proceeding in the name of the Undersigned except as specifically
        provided for herein or under the Pooling and Servicing Agreement.

       

      Nationstar
        hereby agrees to indemnify and hold the Undersigned and its directors, officers,
        employees and agents harmless from and against any and all liabilities,
        obligations, losses, damages, penalties, actions, judgments, suits, costs,
        expenses or disbursements of any kind or nature whatsoever incurred by reason
        or
        result of or in connection with the exercise by Nationstar of the powers
        granted
        to it hereunder. The foregoing indemnity shall survive the termination of
        this
        Limited Power of Attorney and the Pooling and Servicing Agreement or the
        earlier
        resignation or removal of the Undersigned under the Pooling and Servicing
        Agreement.

       

      Any
        third
        party without actual notice of fact to the contrary may rely upon the exercise
        of the power granted under this Limited Power of Attorney; and may be satisfied
        that this Limited Power of Attorney shall continue in full force and effect
        and
        has not been revoked unless an instrument of revocation has been made in
        writing
        by the undersigned, and such third party put on notice thereof. This Limited
        Power of Attorney shall be in addition to and shall not revoke or in any
        way
        limit the authority granted by any previous power of attorney executed by
        the
        Undersigned.

       

      IN
        WITNESS WHEREOF, ____________________ pursuant to the Pooling and Servicing
        Agreement, has caused its corporate seal to be hereto affixed and these presents
        to be signed and acknowledged in its name and behalf by ______________________,
        its duly elected and authorized _________________________ this ___ day of
        _________________, 2007.

       

      By:_____________________________________

      Name:
        __________________________________

      Title:
        ___________________________________

       

      Acknowledged
        and Agreed

      Nationstar
        Mortgage, LLC

      

      By:_____________________________________

      Name:

      Title:

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        J

       

      FORM
        OF
        INVESTMENT LETTER [NON-RULE 144A]

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Deutsche
        Bank National Trust Company

      1761
        East
        St. Andrew Place

      Santa
        Ana, California 92705-4934

       

      Attn:    
         Corporate Trust Services—

       

      Soundview
        Home Loan Trust 2007-NS1

       

      
        	
                Re:

              	
                Soundview
                  Home Loan Trust 2007-NS1,

                Asset-Backed
                  Certificates, Series 2007-NS1

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above-captioned Certificates, we certify
        that (a) we understand that the Certificates are not being registered under
        the
        Securities Act of 1933, as amended (the “Act”), or any state securities laws and
        are being transferred to us in a transaction that is exempt from the
        registration requirements of the Act and any such laws, (b) we are an
“accredited investor,” as defined in Regulation D under the Act, and have such
        knowledge and experience in financial and business matters that we are capable
        of evaluating the merits and risks of investments in the Certificates, (c)
        we
        have had the opportunity to ask questions of and receive answers from the
        Depositor concerning the purchase of the Certificates and all matters relating
        thereto or any additional information deemed necessary to our decision to
        purchase the Certificates, (d) we are not an employee benefit plan that is
        subject to the Employee Retirement Income Security Act of 1974, as amended,
        or a
        plan that is subject to Section 4975 of the Internal Revenue Code of 1986,
        as
        amended, nor are we acting on behalf of any such plan, (e) we are acquiring
        the
        Certificates for investment for our own account and not with a view to any
        distribution of such Certificates (but without prejudice to our right at
        all
        times to sell or otherwise dispose of the Certificates in accordance with
        clause
        (g) below), (f) we have not offered or sold any Certificates to, or solicited
        offers to buy any Certificates from, any person, or otherwise approached
        or
        negotiated with any person with respect thereto, or taken any other action
        which
        would result in a violation of Section 5 of the Act, and (g) we will not
        sell,
        transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
        or other disposition is made pursuant to an effective registration statement
        under the Act or is exempt from such registration requirements, and if
        requested, we will at our expense provide an opinion of counsel satisfactory
        to
        the addressees of this Certificate that such sale, transfer or other disposition
        may be made pursuant to an exemption from the Act, (2) the purchaser or
        transferee of such Certificate has executed and delivered to you a certificate
        to substantially the same effect as this certificate, and (3) the purchaser
        or
        transferee has otherwise complied with any conditions for transfer set forth
        in
        the Pooling and Servicing Agreement.

       

      
        	
                Very
                  truly yours,

                 

              
	
                [NAME
                  OF TRANSFEREE]

              
	 
	
                Authorized
                  Officer

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      FORM
        OF
        RULE 144A INVESTMENT LETTER

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Deutsche
        Bank National Trust Company

      1761
        East
        St. Andrew Place

      Santa
        Ana, California 92705-4934

       

      Attn:     
         Corporate Trust Services—

       

      Soundview
        Home Loan Trust 2007-NS1

       

      
        	
                Re:

              	
                Soundview
                  Home Loan Trust 2007-NS1,

                Asset-Backed
                  Certificates, Series 2007-NS1

              

      

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above Certificates we certify that
        (a) we
        understand that the Certificates are not being registered under the Securities
        Act of 1933, as amended (the “Act”), or any state securities laws and are being
        transferred to us in a transaction that is exempt from the registration
        requirements of the Act and any such laws, (b) we have had the opportunity
        to
        ask questions of and receive answers from the Depositor concerning the purchase
        of the Certificates and all matters relating thereto or any additional
        information deemed necessary to our decision to purchase the Certificates,
        (c)
        we are not an employee benefit plan that is subject to the Employee Retirement
        Income Security Act of 1974, as amended, or a plan that is subject to Section
        4975 of the Internal Revenue Code of 1986, as amended, nor are we acting
        on
        behalf of any such plan, (d) we have not, nor has anyone acting on our behalf
        offered, transferred, pledged, sold or otherwise disposed of the Certificates,
        any interest in the Certificates or any other similar security to, or solicited
        any offer to buy or accept a transfer, pledge or other disposition of the
        Certificates, any interest in the Certificates or any other similar security
        from, or otherwise approached or negotiated with respect to the Certificates,
        any interest in the Certificates or any other similar security with, any
        person
        in any manner, or made any general solicitation by means of general advertising
        or in any other manner, or taken any other action, that would constitute
        a
        distribution of the Certificates under the Securities Act or that would render
        the disposition of the Certificates a violation of Section 5 of the Securities
        Act or require registration pursuant thereto, nor will act, nor has authorized
        or will authorize any person to act, in such manner with respect to the
        Certificates, (e) we are a “qualified institutional buyer” as that term is
        defined in Rule 144A under the Securities Act and have completed either of
        the
        forms of certification to that effect attached hereto as Annex 1 or Annex
        2. We
        are aware that the sale to us is being made in reliance on Rule 144A. We
        are
        acquiring the Certificates for our own account or for resale pursuant to
        Rule
        144A and further, understand that such Certificates may be resold, pledged
        or
        transferred only (i) to a person reasonably believed to be a qualified
        institutional buyer that purchases for its own account or for the account
        of a
        qualified institutional buyer to whom notice is given that the resale, pledge
        or
        transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
        exemption from registration under the Securities Act.

       

      
        	
                Very
                  truly yours,

                 

              
	
                [NAME
                  OF TRANSFEREE]

              
	 
	
                Authorized
                  Officer

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      ANNEX
        1 TO EXHIBIT J

       

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees Other Than Registered Investment Companies]

      

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      2. In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
        amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
        discretionary basis $                    1 
        in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
        category marked below.

       

      _________
        Corporation,
        etc.
        The Buyer is a corporation (other than a bank, savings and loan association
        or
        similar institution), Massachusetts or similar business trust, partnership,
        or
        charitable organization described in Section
        501(c)(3) of the Internal Revenue Code of 1986, as amended.

       

      _________
        Bank.
        The
        Buyer (a) is a national bank or banking institution organized under the laws
        of
        any State, territory or the District of Columbia, the business of which is
        substantially confined to banking and is supervised by the State or territorial
        banking commission or similar official or is a foreign bank or equivalent
        institution, and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a copy of which is
        attached hereto.

       

      _________
        Savings
        and Loan.
        The
        Buyer (a) is a savings and loan association, building and loan association,
        cooperative bank, homestead association or similar institution, which is
        supervised and examined by a State or Federal authority having supervision
        over
        any such institutions or is a foreign savings and loan association or equivalent
        institution and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a copy of which is
        attached hereto.

       

      _________
        Broker-Dealer.
        The
        Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
        Act of 1934.

       

      _________
        Insurance
        Company.
        The
        Buyer is an insurance company whose primary and predominant business activity
        is
        the writing of insurance or the reinsuring of risks underwritten by insurance
        companies and which is subject to supervision by the insurance commissioner
        or a
        similar official or agency of a State, territory or the District of
        Columbia.

       

      _________
        State
        or Local Plan.
        The
        Buyer is a plan established and maintained by a State, its political
        subdivisions, or any agency or instrumentality of the State or its political
        subdivisions, for the benefit of its employees.

       

      _________
        ERISA
        Plan.
        The
        Buyer is an employee benefit plan within the meaning of Title I of the Employee
        Retirement Income Security Act of 1974.

       

      Investment
        Advisor.
        The
        Buyer is an investment advisor registered under the Investment Advisors Act
        of
        1940.

       

      _________
        Small
        Business Investment Company.
        Buyer
        is a small business investment company licensed by the U.S. Small Business
        Administration under Section 301(c) or (d) of the Small Business Investment
        Act
        of 1958.

       

      _________
        Business
        Development Company.
        Buyer
        is a business development company as defined in Section 202(a)(22) of the
        Investment Advisors Act of 1940.

       

      3. The
        term
“SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that are
        affiliated with the Buyer, (ii) securities that are part of an unsold allotment
        to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities
        issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
        deposit notes and certificates of deposit (v) loan participations, (vi)
        repurchase agreements, (vii) securities owned but subject to a repurchase
        agreement and (viii) currency, interest rate and commodity swaps.

       

      4. For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph, except (i) where the Buyer reports its securities
        holdings in its financial statements on the basis of their market value,
        and
        (ii) no current information with respect to the cost of those securities
        has
        been published. If clause (ii) in the preceding sentence applies, the securities
        may be valued at market. Further, in determining such aggregate amount, the
        Buyer may have included securities owned by subsidiaries of the Buyer, but
        only
        if such subsidiaries are consolidated with the Buyer in its financial statements
        prepared in accordance with generally accepted accounting principles and
        if the
        investments of such subsidiaries are managed under the Buyer’s direction.
        However, such securities were not included if the Buyer is a majority-owned,
        consolidated subsidiary of another enterprise and the Buyer is not itself
        a
        reporting company under the Securities Exchange Act of 1934, as
        amended.

       

      5. The
        Buyer
        acknowledges that it is familiar with Rule 144A and understands that the
        seller
        to it and other parties related to the Certificates are relying and will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      6. Until
        the
        date of purchase of the Rule 144A Securities, the Buyer will notify each
        of the
        parties to which this certification is made of any changes in the information
        and conclusions herein. Until such notice is given, the Buyer’s purchase of the
        Certificates will constitute a reaffirmation of this certification as of
        the
        date of such purchase. In addition, if the Buyer is a bank or savings and
        loan
        is provided above, the Buyer agrees that it will furnish to such parties
        updated
        annual financial statements promptly after they become available.

       

      
        	 
	
                Print
                  Name of Buyer

                 

              
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	
                Date:

              	 

      

      

       

      

       

      

        

        
          1 Buyer
            must own and/or invest on a discretionary basis at least $100,000,000
            in
            securities unless Buyer is a dealer, and, in that case, Buyer must own
            and/or
            invest on a discretionary basis at least $10,000,000 in
            securities.

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      ANNEX
        2 TO EXHIBIT J

       

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That are Registered Investment Companies]

      

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
        Investment Companies (as defined below), is such an officer of the
        Adviser.

       

      2. In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, as amended and
        (ii)
        as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
        owned at least $100,000,000 in securities (other than the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal year. For
        purposes of determining the amount of securities owned by the Buyer or the
        Buyer’s Family of Investment Companies, the cost of such securities was used,
        except (i) where the Buyer or the Buyers Family of Investment Companies reports
        its securities holdings in its financial statements on the basis of their
        market
        value, and (ii) no current information with respect to the cost of those
        securities has been published. If clause (ii) in the preceding sentence applies,
        the securities may be valued at market.

       

      _________
        The
        Buyer
        owned $_________ in securities (other than the excluded securities referred
        to
        below) as of the end of the Buyer’s most recent fiscal year (such amount being
        calculated in accordance with Rule 144A).

       

      _________
        The
        Buyer
        is part of a Family of Investment Companies which owned in the aggregate
        $___________ in securities (other than the excluded securities referred to
        below) as of the end of the Buyer’s most recent fiscal year (such amount being
        calculated in accordance with Rule 144A).

       

      3. The
        term
“FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered
        investment companies (or series thereof) that have the same investment adviser
        or investment advisers that are affiliated (by virtue of being majority owned
        subsidiaries of the same parent or because one investment adviser is a majority
        owned subsidiary of the other).

       

      4. The
        term
“SECURITIES” as used herein does not include (i) securities of issuers that are
        affiliated with the Buyer or are part of the Buyer’s Family of Investment
        Companies, (ii) securities issued or guaranteed by the U.S. or any
        instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
        (iv) loan participations, (v) repurchase agreements, (vi) securities owned
        but
        subject to a repurchase agreement and (vii) currency, interest rate and
        commodity swaps.

       

      5. The
        Buyer
        is familiar with Rule 144A and understands that the parties listed in the
        Rule
        144A Transferee Certificate to which this certification relates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
        purchase for the Buyer’s own account.

       

      6. Until
        the
        date of purchase of the Certificates, the undersigned will notify the parties
        listed in the Rule 144A Transferee Certificate to which this certification
        relates of any changes in the information and conclusions herein. Until such
        notice is given, the Buyer’s purchase of the Certificates will constitute a
        reaffirmation of this certification by the undersigned as of the date of
        such
        purchase.

       

      
        	 
	
                Print
                  Name of Buyer or Adviser

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	
                IF
                  AN ADVISER:

              
	 	 
	 
	
                Print
                  Name of Buyer

              
	 	 
	 	 
	
                Date:

              	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        K

       

      FORM
        OF
        TRANSFER AFFIDAVIT FOR RESIDUAL CERTIFICATES

      PURSUANT
        TO SECTION 5.02(D)

       

      SOUNDVIEW
        HOME LOAN TRUST 2007-NS1

      ASSET-BACKED
        CERTIFICATES, SERIES 2007-NS1

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1.  The
        undersigned is an officer of, the proposed Transferee of an Ownership Interest
        in a Residual Certificate (the “Certificate”)
        issued
        pursuant to the Pooling and Servicing Agreement dated as of February 1, 2007
        (the “Agreement”),
        among
        Financial Asset Securities Corp., as depositor (the “Depositor”),
        Nationstar Mortgage, LLC as servicer (the “Servicer”)
        and
        Deutsche Bank National Trust Company, as trustee (the “Trustee”).
        Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
        shall have the meanings ascribed to such terms in the Agreement. The Transferee
        has authorized the undersigned to make this affidavit on behalf of the
        Transferee for the benefit of the Depositor and the Trustee.

       

      2.  The
        Transferee is, as of the date hereof, and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificate for its own account. The Transferee has no knowledge
        that any such affidavit is false.

       

      3.  The
        Transferee has been advised of, and understands that (i) a tax will be
        imposed on Transfers of the Certificate to Persons that are not Permitted
        Transferees; (ii) such tax will be imposed on the transferor, or, if such
        Transfer is through an agent (which includes a broker, nominee or middleman)
        for
        a Person that is not a Permitted Transferee, on the agent; and (iii) the
        Person otherwise liable for the tax shall be relieved of liability for the
        tax
        if the subsequent Transferee furnished to such Person an affidavit that such
        subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
        such Person does not have actual knowledge that the affidavit is
        false.

       

      4.  The
        Transferee has been advised of, and understands that a tax will be imposed
        on a
“pass-through entity” holding the Certificate if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      5.  The
        Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
        and understands the legal consequences of the acquisition of an Ownership
        Interest in the Certificate including, without limitation, the restrictions
        on
        subsequent Transfers and the provisions regarding voiding the Transfer and
        mandatory sales. The Transferee expressly agrees to be bound by and to abide
        by
        the provisions of Section 5.02(d) of the Agreement and the restrictions
        noted on the face of the Certificate. The Transferee understands and agrees
        that
        any breach of any of the representations included herein shall render the
        Transfer to the Transferee contemplated hereby null and void.

       

      6.  The
        Transferee agrees to require a Transfer Affidavit from any Person to whom
        the
        Transferee attempts to Transfer its Ownership Interest in the Certificate,
        and
        in connection with any Transfer by a Person for whom the Transferee is acting
        as
        nominee, trustee or agent, and the Transferee will not Transfer its Ownership
        Interest or cause any Ownership Interest to be Transferred to any Person
        that
        the Transferee knows is not a Permitted Transferee. In connection with any
        such
        Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
        a
        certificate substantially in the form set forth as Exhibit L to the
        Agreement (a “Transferor
        Certificate”)
        to the
        effect that such Transferee has no actual knowledge that the Person to which
        the
        Transfer is to be made is not a Permitted Transferee.

       

      7.  The
        Transferee has historically paid its debts as they have come due, intends
        to pay
        its debts as they come due in the future, and understands that the taxes
        payable
        with respect to the Certificate may exceed the cash flow with respect thereto
        in
        some or all periods and intends to pay such taxes as they become due. The
        Transferee does not have the intention to impede the assessment or collection
        of
        any tax legally required to be paid with respect to the
        Certificate.

       

      8.  The
        Transferee’s taxpayer identification number is ___________.

       

      9.  The
        Transferee is a U.S. Person as defined in Code
        Section 7701(a)(30).

       

      10.  The
        Transferee is aware that the Certificate may be a “noneconomic residual
        interest” within the meaning of proposed Treasury regulations promulgated
        pursuant to the Code and that the transferor of a noneconomic residual interest
        will remain liable for any taxes due with respect to the income on such residual
        interest, unless no significant purpose of the transfer was to impede the
        assessment or collection of tax.

       

      11.  The
        Transferee will not cause income from the Certificate to be attributable
        to a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Transferee or any other U.S.
        person.

       

      12.  Check
        one
        of the following:

       

      [_]  The
        present value of the anticipated tax liabilities associated with holding
        the
        Certificate, as applicable, does not exceed the sum of:

       

      
        	 	
                (i)

              	
                the
                  present value of any consideration given to the Transferee to acquire
                  such
                  Certificate;

                 

              
	 	
                (ii)

              	
                the
                  present value of the expected future distributions on such Certificate;
                  and

                 

              
	 	
                (iii)

              	
                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificate as the related REMIC generates
                  losses.

              

      

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the
        highest rate currently specified in Section 11(b) of the Code (but the tax
        rate
        in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
        specified in Section 11(b) of the Code if the Transferee has been subject
        to the
        alternative minimum tax under Section 55 of the Code in the preceding two
        years
        and will compute its taxable income in the current taxable year using the
        alternative minimum tax rate) and (ii) present values are computed using
        a
        discount rate equal to the short-term Federal rate prescribed by Section
        1274(d)
        of the Code for the month of the transfer and the compounding period used
        by the
        Transferee.

       

      [_]  The
        transfer of the Certificate complies with U.S. Treasury Regulations Sections
        1.860E-1(c)(5) and (6) and, accordingly,

       

      
        	 	
                (i)

              	
                the
                  Transferee is an “eligible corporation,” as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), as to which income from
                  the
                  Certificate will only be taxed in the United States;

                 

              
	 	
                (ii)

              	
                at
                  the time of the transfer, and at the close of the Transferee’s two fiscal
                  years preceding the year of the transfer, the Transferee had gross
                  assets
                  for financial reporting purposes (excluding any obligation of a
                  person
                  related to the Transferee within the meaning of U.S. Treasury Regulations
                  Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in
                  excess of $10 million;

                 

              
	 	
                (iii)

              	
                the
                  Transferee will transfer the Certificate only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                  of
                  Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                  of
                  the U.S. Treasury Regulations; and

                 

              
	 	
                (iv)

              	
                the
                  Transferee determined the consideration paid to it to acquire the
                  Certificate based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Transferee) that it has determined in good
                  faith.

              

      

       

      [_]  None
        of the above.

       

      13.  The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA
        or a plan that is subject to Section 4975 of the Code or a plan subject to
        any Federal, state or local law that is substantially similar to Title I
        of
        ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
        of
        or investing plan assets of such a plan.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its duly authorized
        officer and its corporate seal to be hereunto affixed, duly attested, this
            
        day
        of
                  ,
        20  .

       

      

      
        	
                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 

      

      

      
        	
                [Corporate
                  Seal]

              
	
                ATTEST:

              
	 
	 
	
                [Assistant]
                  Secretary

              

      

       

      Personally
        appeared before me the above-named __________, known or proved to me to be
        the
        same person who executed the foregoing instrument and to be the ___________
        of
        the Transferee, and acknowledged that he executed the same as his free act
        and
        deed and the free act and deed of the Transferee.

       

      Subscribed
        and sworn before me this     
        day
        of
        
        ,
        20  .

       

      

      
        	 
	
                NOTARY
                  PUBLIC

                 

              
	
                My
                  Commission expires the __ day

                of
                  _________, 20__

              

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        L

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Deutsche
        Bank National Trust Company

      1761
        East
        St. Andrew Place

      Santa
        Ana, California 92705-4934

       

      Attn:     
         Corporate Trust Services—

       

      Soundview
        Home Loan Trust 2007-NS1

       

      
        	
                Re:

              	
                Soundview
                  Home Loan Trust 2007-NS1,

                Asset-Backed
                  Certificates, Series 2007-NS1

              

      

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our disposition of the above Certificates we certify that
        (a) we
        understand that the Certificates have not been registered under the Securities
        Act of 1933, as amended (the “Act”), and are being disposed by us in a
        transaction that is exempt from the registration requirements of the Act,
        (b) we
        have not offered or sold any Certificates to, or solicited offers to buy
        any
        Certificates from, any person, or otherwise approached or negotiated with
        any
        person with respect thereto, in a manner that would be deemed, or taken any
        other action which would result in, a violation of Section 5 of the Act,
        (c) to
        the extent we are disposing of a Class [ ] Certificate, we have no knowledge
        the
        Transferee is not a Permitted Transferee and (d) no purpose of the proposed
        disposition of a Class [ ] Certificate is to impede the assessment or collection
        of tax.

       

      
        	
                Very
                  truly yours,

                 

              
	
                TRANSFEROR

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        M

       

      FORM
        OF
        ERISA REPRESENTATION LETTER

       

      _____________,
        20__

       

      

      
        	
                Financial
                  Asset Securities Corp.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 06830

              	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

                Attn:
                  Corporate Trust Services—

                Soundview
                  Home Loan Trust 2007-NS1

              

      

      

      
        	
                Re:

              	
                Soundview
                  Home Loan Trust 2007-NS1,

                Asset-Backed
                  Certificates Series 2007-NS1

              

      

       

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance Soundview Home
        Loan Trust 2007-NS1, Asset-Backed Certificates Series 2007-NS1, Class
        [C][P][R[-X]] (the “Certificates”), issued pursuant to a Pooling and Servicing
        Agreement (the “Pooling and Servicing Agreement”) dated as of February 1, 2007
        among Financial Asset Securities Corp. as depositor (the “Depositor”),
        Nationstar Mortgage, LLC as servicer (the “Servicer”) and Deutsche Bank National
        Trust Company as trustee (the “Trustee”). Capitalized terms used herein and not
        otherwise defined shall have the meanings assigned thereto in the Pooling
        and
        Servicing Agreement. The Transferee hereby certifies, represents and warrants
        to, and covenants with the Depositor, the Trustee and the Servicer the
        following:

       

      The
        Certificates (i) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
        acquired with “plan assets” of a Plan within the meaning of the Department of
        Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101, and (iii) will not be
        transferred to any entity that is deemed to be investing in plan assets of
        a
        Plan within the meaning of the DOL regulation at 29 C.F.R. §
2510.3-101.

       

      
        	
                Very
                  truly yours,

                 

              
	
                [Transferee]

              
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        N-1

       

      FORM
        CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM 10-K

       

      

       

      Re: 
        Soundview
        Home Loan Trust, Series 2007-NS1

      Asset
        Backed Certificates, Series 2007-NS1     

       

      Certification

       

      I,
        [identify the certifying individual], certify that:

       

      l. I
        have
        reviewed this report on Form 10-K, and all reports on Form 10-D required
        to be
        filed in respect of the period included in the year covered by this report
        in
        Form 10-K of Soundview Home Loan Trust 2007-NS1 (the “Exchange Act periodic
        reports”);

       

      2. Based
        on
        my knowledge, the Exchange Act periodic reports, taken as a whole, do not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3. Based
        on
        my knowledge, all of the distribution, servicing and other information required
        to be provided under Form 10-D for the period covered by this report is included
        in the Exchange Act periodic reports;

       

      4. Based
        on
        my knowledge and upon the annual compliance statement required in this report
        under Item 1123 of Regulation AB, and except as disclosed in the Exchange
        Act
        periodic reports, the Servicer has fulfilled each of its obligations under
        the
        pooling and servicing agreement; and

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated parties: Nationstar Mortgage, LLC and Deutsche
        Bank National Trust Company.

      

      FINANCIAL
        ASSET SECURITIES CORP.

       

      By:____________________________________

      Name:

      Title:

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        N-2

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO DEPOSITOR BY THE TRUSTEE

       

      
        	
                Re:

              	
                Soundview
                  Home Loan Trust 2007-NS1 (the “Trust”)

                Asset-Backed
                  Certificates, Series 2007-NS1

              

      

      

      I,
        [identify the certifying individual], a [title] of Deutsche Bank National
        Trust
        Company, as Trustee of the Trust, hereby certify to Financial Asset Securities
        Corp. (the “Depositor”), and its officers, directors and affiliates, and with
        the knowledge and intent that they will rely upon this certification,
        that:

       

      1. I
        have
        reviewed the annual report on Form 10-K for the fiscal year [___], and all
        reports on Form 10-D required to be filed in respect of the period covered
        by
        such Form 10-K of the Depositor relating to the above-referenced trust (the
        “Exchange Act periodic reports”)

       

      2. Based
        on
        my knowledge, the information prepared by the Trustee, contained, in these
        distribution reports taken as a whole, do not contain any untrue statement
        of a
        material fact or omit to state a material fact necessary to make the statements
        made, in light of the circumstances under which such statements were made,
        not
        misleading with respect to the period covered by this report;

       

      3. Based
        on
        my knowledge, the distribution information required to be provided by the
        Trustee under the Pooling and Servicing Agreement is included in these
        reports.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Pooling and Servicing Agreement, dated February 1, 2007 (the “Pooling and
        Servicing Agreement”), among the Depositor as depositor, Nationstar Mortgage,
        LLC as servicer and Deutsche Bank National Trust Company as
        trustee.

       

      
        	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, as Trustee

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	
                Date:

              	 

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        N-3

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO THE DEPOSITOR BY THE SERVICER

       

      Re: Soundview
        Home Loan Trust, Series 2007-NS1

      Asset
        Backed Certificates, Series 2007-NS1     

       

      I,
        [identify the certifying individual], certify to Financial Asset Securities
        Corp. (the “Depositor”), the Trustee and their respective officers, directors
        and affiliates, and with the knowledge and intent that they will rely upon
        this
        certification, that:

       

      1.
         Based
        on
        my knowledge, the information in the annual compliance statement, the Annual
        Independent Public Accountant's Servicing Report and all servicing reports,
        officer's certificates and other information relating to the servicing of
        the
        Mortgage Loans taken as a whole, does not contain any untrue statement of
        a
        material fact or omit to state a material fact necessary to make the statements
        made, in light of the circumstances under which such statements were made,
        not
        misleading as of the date of this certification;

       

      2. The
        servicing information required to be provided by the Servicer under the Pooling
        and Servicing Agreement has been provided to the Depositor and the
        Trustee;

       

      3. I
        am
        responsible for reviewing the activities performed by the Servicer under
        the
        Pooling and Servicing Agreement and based upon the review required by the
        Pooling and Servicing Agreement, and except as disclosed in the annual
        compliance statement or the Annual Independent Public Accountant's Servicing
        Report, the Servicer has, as of the date of this certification fulfilled
        its
        obligations under the Pooling and Servicing Agreement; and

       

      4. Such
        officer has disclosed to the Depositor and the Trustee all significant
        deficiencies relating to the Servicer’s compliance with the minimum servicing
        standards in accordance with a review conducted in compliance with the Uniform
        Single Attestation Program for Mortgage Bankers or similar standard as set
        forth
        in the Pooling and Servicing Agreement.

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Pooling and Servicing Agreement, dated February 1, 2007 (the “Pooling and
        Servicing Agreement”), among the Depositor, Nationstar Mortgage, LLC as servicer
        and Deutsche Bank National Trust Company as trustee.

      
 

      Date:

      NATIONSTAR
        MORTGAGE, LLC

       

      

      By:______________________________

      Name:
        

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
        O

       

      FORM
        OF
        INTEREST RATE CAP AGREEMENT

       

      
         

        
          	 	
                  

                
	 	 
	 	
                  Financial
                    Markets

                  280
                    Bishopsgate

                  London
                    EC2M 4RB

                

        

         

         

        
          	
                  Memorandum

                	
                  March
                    8, 2007

                

        

        

        
          	
                  To:

                	
                  Deutsche
                    Bank National Trust Company, not in its individual capacity,
                    but solely as
                    Cap Trustee (the “Cap Trustee”) on behalf of the Cap Trust with respect to
                    Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates,
                    Series
                    2007-NS1 (“Party
                    B”)

                
	 	 
	 	
                  Deutsche
                    Bank National Trust Company

                  1761
                    East Saint Andrew Place

                  Santa
                    Ana, CA 92705

                  Tel:
                    (714) 247-6000

                  Fax:
                    (714) 244-6478

                

        

        
          	 	 

        

        
          	
                  From:

                   

                   

                   

                   

                	
                  The
                    Royal Bank of Scotland plc (“Party
                    A”)

                  c/o
                    RBS Financial Markets

                  Level
                    7, 135 Bishopsgate

                  London
                    EC2M 3UR

                  Attn:
                    Head of Legal, Financial Markets 

                  Tel:
                    44 207 085 5000

                  Fax:
                    44 207 085 8411

                
	 	 
	
                  Copy
                    To:

                	
                  Greenwich
                    Capital Markets, Inc.

                  600
                    Steamboat Road

                  Greenwich,
                    CT 06830

                  Attn:
                    Legal Department - Derivatives Documentation

                  Tel.:
                    203-618-2576

                  Fax:
                    203-618-2533/34

                
	 	 
	
                  Our
                    Reference Number:

                	
                  IRG16221895.2A/.2B

                

        

        

        The
          purpose of this long-form confirmation (“Confirmation”)
          is to
          confirm the terms and conditions of the current Transaction entered into
          on the
          Trade Date specified below (the “Transaction”)
          between
          Party A and
          Deutsche Bank National Trust Company, not individually, but solely as cap
          trustee (the “Cap
          Trustee”)
          on
          behalf of the Cap Trust with respect to Soundview Home Loan Trust 2007-NS1,
          Asset-Backed Certificates, Series 2007-NS1 (the “Trust”)
          created under the Pooling and Servicing Agreement, dated as of February
          1, 2007,
          among Financial Asset Securities Corp. (the “Depositor”),
          Nationstar Mortgage, LLC. (the
          “Servicer”)
          and
          Deutsche Bank National Trust Company (as “Trustee”)
          (the
“Pooling
          and Servicing Agreement”).
          This
          Confirmation evidences a complete and binding agreement between you and
          us to
          enter into the Transaction on the terms set forth below and replaces any
          previous agreement between us with respect to the subject matter hereof.
          This
          Confirmation constitutes a “Confirmation”
          and also
          constitutes a “Schedule”
          as
          referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit
          Support
          Annex to the Schedule. 

        

        
          	1.  	
                  This
                    Confirmation shall supplement, form a part of, and be subject
                    to an
                    agreement in the form of the ISDA Master Agreement (Multicurrency
                    - Cross
                    Border) as published and copyrighted in 1992 by the International
                    Swaps
                    and Derivatives Association, Inc. (the “ISDA
                    Master Agreement”),
                    as if Party A and Party B had executed an agreement in such form
                    on the
                    date hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                    and an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements
                    Subject
                    to New York Law Only version) as published and copyrighted in
                    1994 by the
                    International Swaps and Derivatives Association, Inc., with Paragraph
                    13
                    thereof as set forth in Annex A hereto (the “Credit
                    Support Annex”).
                    For the avoidance of doubt, the Transaction described herein
                    shall be the
                    sole Transaction governed by such ISDA Master Agreement. In the
                    event of
                    any inconsistency among any of the following documents, the relevant
                    document first listed shall govern: (i) this Confirmation, exclusive
                    of
                    the provisions set forth in Item 3 hereof and Annex A hereto;
                    (ii) the
                    provisions set forth in Item 3 hereof, which are incorporated
                    by reference
                    into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                    and (v) the ISDA Master Agreement.

                

        

        

        Each
          reference herein to a “Section” (unless specifically referencing the Pooling and
          Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
          a reference to a Section of the ISDA Master Agreement; each herein reference
          to
          a “Part” will be construed as a reference to the provisions herein deemed
          incorporated in a Schedule to the ISDA Master Agreement; each reference
          herein
          to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
          Support Annex.

        

        
          	
                  2.

                	
                  The
                    terms of the particular Transaction to which this Confirmation
                    relates are
                    as follows:

                

        

         

        
          
            	
                    Type
                      of Transaction:

                  	
                    Interest
                      Rate Cap

                  
	 	 
	
                    Notional
                      Amount:

                  	
                    With
                      respect to any Calculation Period, the amount set forth in
                      Schedule A
                      attached hereto.

                  
	 	 
	
                    Scale
                      Factor:

                  	
                    250

                  
	 	 
	
                    Trade
                      Date:

                  	
                    March
                      6, 2007

                  
	 	 
	
                    Effective
                      Date:

                  	
                    November
                      25, 2007

                  
	 	 
	
                    Termination
                      Date:

                  	
                    February
                      25, 2012, subject to adjustment in accordance with the Business
                      Day
                      Convention.

                  
	 	 
	
                    Fixed
                      Amounts:

                  	 
	 	 
	
                    Fixed
                      Rate Payer:

                  	
                    Party
                      B

                  
	 	 
	
                    Fixed
                      Rate Payer Payment Date:

                  	
                    March
                      8, 2007

                  
	 	 
	
                    Fixed
                      Amount:

                  	
                    USD
                      825,000, to be paid on behalf of Party B by Greenwich Capital
                      Financial
                      Products, Inc. to Party A. The Parties agree, for convenience
                      and ease of
                      administration, the payment of the Fixed Amount will be netted
                      with the
                      payment of the Additional Floating Amount in the confirmation
                      with
                      reference number D16221894 and the Fixed Amounts in the confirmations
                      between the Parties with reference numbers IRG16221895.2A/2B
                      and
                      IRG16221895.2A/2B.

                  
	 	 
	
                    Floating
                      Amounts:

                  	 
	 	 
	
                    Floating
                      Rate Payer:

                  	
                    Party
                      A

                  
	 	 
	
                    Cap
                      Rate:

                  	
                    5.200000%

                  
	 	 
	
                    Floating
                      Rate Payer Period End Dates:

                  	
                    The
                      25th day of each month, commencing December 25, 2007, through
                      and
                      including the Termination Date, subject to adjustment in accordance
                      with
                      the Business Day Convention.

                  
	 	 
	
                    Floating
                      Rate Payer Payment Dates:

                  	
                    Early
                      Payment shall be applicable. The Floating Rate Payer Payment
                      Dates shall
                      be one (1) Business Day prior to each Floating Rate Payer Period
                      End
                      Date.

                  
	 	 
	
                    Floating
                      Amounts:

                  	
                    To
                      be determined in accordance with the following formula: Greater
                      of (i)
                      (Floating Rate minus Cap Rate) *Notional Amount* 250 * Floating
                      Rate Day
                      Count Fraction, and (ii) zero.

                  
	 	 
	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA,
                      provided, however, that if the Floating Rate Option for any
                      Calculation
                      Period is greater than 9.500000%, then the Floating Rate Option
                      for such
                      Calculation Period shall be deemed to be 9.500000%.

                  
	 	 
	
                    Designated
                      Maturity:

                  	
                    1
                      month

                  
	 	 
	
                    Spread:

                  	
                    None

                  
	 	 
	
                    Floating
                      Rate Day Count Fraction:

                  	
                    Actual/360

                  
	 	 
	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation Period

                  
	 	 
	
                    Compounding:

                  	
                    Inapplicable:

                  
	 	 
	 	 
	
                    Calculation
                      Agent:

                  	
                    Party
                      A

                  
	 	 
	
                    Business
                      Days:

                  	
                    New
                      York 

                  
	 	 
	
                    Business
                      Day Convention

                  	
                    Following

                  

          

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
          	
                  3.

                	
                  Provisions
                    Deemed Incorporated in a Schedule to the ISDA Master
                    Agreement:

                

        

        

        
          	
                  Part
                    1.

                	
                  Termination
                    Provisions.

                

        

        

        For
          the
          purposes of this Agreement:-

        

        (a)          
          “Specified
          Entity”
          will not
          apply to Party A or Party B for any purpose. 

        

        
          	
                  (b)

                	
                  “Specified
                    Transaction”
                    will have the meaning specified in Section
                    14.

                

        

        

        
          	
                  (c)

                	
                  Events
                    of Default.

                

        

        

        The
          statement below that an Event of Default will apply to a specific party
          means
          that upon the occurrence of such an Event of Default with respect to such
          party,
          the other party shall have the rights of a Non-defaulting Party under Section
          6
          of this Agreement; conversely, the statement below that such event will
          not
          apply to a specific party means that the other party shall not have such
          rights.

        

        
          	(i)  	
                  The
                    “Failure
                    to Pay or Deliver”
                    provisions of Section 5(a)(i) will apply to Party A and will
                    apply to
                    Party B; provided,
                    however,
                    that Section 5(a)(i) is hereby amended by replacing the word
“third” with
                    the word “second”; provided,
                    further,
                    that notwithstanding anything to the contrary in Section 5(a)(i),
                    any
                    failure by Party A to comply with or perform any obligation to
                    be complied
                    with or performed by Party A under the Credit Support Annex shall
                    not
                    constitute an Event of Default under Section 5(a)(i) unless (A)
                    a Required
                    Ratings Downgrade Event has occurred and been continuing for
                    30 or more
                    Local Business Days and (B) such failure is not remedied on or
                    before the
                    third Local Business Day after notice of such failure is given
                    to Party
                    A.

                

        

        

        
          	(ii)  	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) will apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        
          	(iii)  	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) will apply to Party A and will
                    not apply
                    to Party B except that Section 5(a)(iii)(1) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex; provided,
                    however,
                    that notwithstanding anything to the contrary in Section 5(a)(iii)(1),
                    any
                    failure by Party A to comply with or perform any obligation to
                    be complied
                    with or performed by Party A under the Credit Support Annex shall
                    not
                    constitute an Event of Default under Section 5(a)(iii) unless
                    (A) a
                    Required Ratings Downgrade Event has occurred and been continuing
                    for 30
                    or more Local Business Days and (B) such failure is not remedied
                    on or
                    before the third Local Business Day after notice of such failure
                    is given
                    to Party A.

                

        

        

        
          	(iv)  	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) will apply to Party A and will
                    not apply to
                    Party B. 

                

        

        

        
          	(v)  	
                  The
                    “Default
                    under Specified Transaction”
                    provisions of Section 5(a)(v) will apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        
          	(vi)  	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) will apply to Party A and will
                    not apply to
                    Party B. For purposes of Section 5(a)(vi), solely with respect
                    to Party
                    A:

                

        

        

        “Specified
          Indebtedness” will have the meaning specified in Section 14, except that such
          term shall not include obligations in respect of deposits received in the
          ordinary course of Party A’s banking business.

        

        “Threshold
          Amount” means with respect to Party A an amount equal to three percent (3%) of
          the shareholders’ equity of Party A or, if applicable, the Eligible Guarantor,
          in either case, as shown in the most recent annual audited financial statements
          of such entity. 

        

        
          	(vii)  	
                  The
                    “Bankruptcy”
                    provisions of Section 5(a)(vii) will apply to Party A and will
                    apply to
                    Party B except that the provisions of Section 5(a)(vii)(2), (6)
                    (to the
                    extent that such provisions refer to any appointment contemplated
                    or
                    effected by the Pooling and Servicing Agreement or any appointment
                    to
                    which Party B has not become subject), (7) and (9) will not apply
                    to Party
                    B; provided
                    that, with respect to Party B only, Section 5(a)(vii)(4) is hereby
                    amended
                    by adding after the words “against it” the words “(excluding any
                    proceeding or petition instituted or presented by Party A or
                    its
                    Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by deleting the
                    words “to (7) inclusive” and inserting lieu thereof “, (3), (4) as
                    amended, (5), (6) as amended, or (7)”. For purposes of Section
                    5(a)(vii)(6), the only relevant appointments are the appointments
                    of (i)
                    Deutsche Bank National Trust Company, as Trustee, Supplemental
                    Interest
                    Trust Trustee and Cap Trustee, in each case in accordance with
                    the Pooling
                    and Servicing Agreement, (ii) Nationstar Mortgage, LLC, as Servicer,
                    and
                    (iii) any successor to Deutsche Bank National Trust Company or
                    Nationstar
                    Mortgage, LLC that is appointed in accordance with the Pooling
                    and
                    Servicing Agreement.

                

        

        

        
          	(viii)  	
                  The
                    “Merger
                    Without Assumption”
                    provisions of Section 5(a)(viii) will apply to Party A and will
                    apply to
                    Party B.

                

        

        

        (d)         
           Termination
          Events.

        

        The
          statement below that a Termination Event will apply to a specific party
          means
          that upon the occurrence of such a Termination Event, if such specific
          party is
          the Affected Party with respect to a Tax Event, the Burdened Party with
          respect
          to a Tax Event Upon Merger (except as noted below) or the non-Affected
          Party
          with respect to a Credit Event Upon Merger, as the case may be, such specific
          party shall have the right to designate an Early Termination Date in accordance
          with Section 6 of this Agreement; conversely, the statement below that
          such an
          event will not apply to a specific party means that such party shall not
          have
          such right; provided,
          however,
          with
          respect to “Illegality” the statement that such event will apply to a specific
          party means that upon the occurrence of such a Termination Event with respect
          to
          such party, either party shall have the right to designate an Early Termination
          Date in accordance with Section 6 of this Agreement.

        

        (i) The
          “Illegality”
          provisions of Section 5(b)(i) will apply to Party A and will apply to Party
          B.

        

        
          	 	
                  (ii)

                	
                  The
                    “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party A except that,
                    for
                    purposes of the application of Section 5(b)(ii) to Party A, Section
                    5(b)(ii) is hereby amended by deleting the words “(x) any action taken by
                    a taxing authority, or brought in a court of competent jurisdiction,
                    on or
                    after the date on which a Transaction is entered into (regardless
                    of
                    whether such action is taken or brought with respect to a party
                    to this
                    Agreement) or (y)”, and the “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party B.
                    

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    “Tax
                    Event Upon Merger”
                    provisions of Section 5(b)(iii) will apply to Party A and will
                    apply to
                    Party B, provided
                    that Party A shall not be entitled to designate an Early Termination
                    Date
                    by reason of a Tax Event upon Merger in respect of which it is
                    the
                    Affected Party.

                

        

        

        
          	 	
                  (iv)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) will not apply to Party A and
                    will not
                    apply to Party B.

                

        

        

        
          	
                  (e)

                	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) will not apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        (f)         
            Payments
          on Early Termination.
          For the
          purpose of Section 6(e) of this Agreement:

        

        
          	(i)  	
                  Market
                    Quotation will apply, provided,
                    however,
                    that in the event that Party A is the Defaulting Party or the
                    sole
                    Affected Party with respect to a Tax Event upon Merger or an
                    Additional
                    Termination Event, the following provisions will
                    apply:

                

        

        

        
          	 	
                  (A)
                    

                	
                  The
                    definition of Market Quotation in Section 14 shall be deleted
                    in its
                    entirety and replaced with the
                    following:

                

        

        

        “Market
          Quotation” means,
          with respect to one or more Terminated Transactions, a Firm Offer which
          is (1)
          made by a Reference Market-maker that is an Eligible Replacement, (2) for
          an
          amount that would be paid to Party B (expressed as a negative number) or
          by
          Party B (expressed as a positive number) in consideration of an agreement
          between Party B and such Reference Market-maker to enter into a Replacement
          Transaction, and (3) made on the basis that Unpaid Amounts in respect of
          the
          Terminated Transaction or group of Transactions are to be excluded but,
          without
          limitation, any payment or delivery that would, but for the relevant Early
          Termination Date, have been required (assuming satisfaction of each applicable
          condition precedent) after that Early Termination Date is to be included.
          The
          party making the determination (or its agent) will request each Reference
          Market-maker to provide its quotation to the extent reasonably practicable
          as of
          the same day and time (without regard to different time zones) on or as
          soon as
          reasonably practicable before the Latest Settlement Amount Determination
          Day (as
          defined below). The day and time as of which those quotations are to be
          obtained
          will be selected in good faith by the party obliged to make a determination
          under Section 6(e), and, if each party is so obliged, after consultation
          with
          the other. 

        

        
          	 	
                  (B)

                	
                  The
                    definition of Settlement Amount shall be deleted in its entirety
                    and
                    replaced with the following:

                

        

        

        “Settlement
          Amount”
          means,
          with respect to any Early Termination Date, an amount (as determined by
          Party B)
          equal to: 

        

        
          	 	
                  (a)

                	
                  If
                    a Market Quotation for the relevant Terminated Transaction or
                    group of
                    Terminated Transactions is accepted by Party B so as to become
                    legally
                    binding on or before the day falling ten Local Business Days
                    after the day
                    on which the Early Termination Date is designated, or such later
                    day as
                    Party B may specify in writing to Party A, but in either case
                    no later
                    than one Local Business Day prior to the Early Termination Date
                    (such day,
                    the “Latest Settlement Amount Determination Day”), the Termination
                    Currency Equivalent of the amount (whether positive or negative)
                    of such
                    Market Quotation; 

                

        

        

        
          	 	
                  (b)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    has been accepted by Party B so as to become legally binding
                    and one or
                    more Market Quotations from
                    Approved Replacements have
                    been made and remain capable of becoming legally binding upon
                    acceptance,
                    the Settlement Amount shall equal the Termination Currency Equivalent
                    of
                    the amount (whether positive or negative) of the lowest of such
                    Market
                    Quotations (for the avoidance of doubt, the lowest of such Market
                    Quotations shall be the lowest Market Quotation of
                    such Market Quotations
                    expressed as a positive number or, if any of such Market Quotations
                    is
                    expressed as a negative number, the Market Quotation expressed
                    as a
                    negative number with the largest absolute value);
                    or

                

        

        

        
          	 	
                  (c)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    is
                    accepted by Party B so as to become legally binding and no Market
                    Quotation from an Approved Replacement remains capable of becoming
                    legally
                    binding upon acceptance, the Settlement Amount shall equal Party
                    B’s Loss
                    (whether positive or negative and without reference to any Unpaid
                    Amounts)
                    for the relevant Terminated Transaction or group of Terminated
                    Transactions.

                

        

        

        
          	 	
                  (C)

                	
                  If
                    Party B requests Party A in writing to obtain Market Quotations,
                    Party A
                    shall use its reasonable efforts to do so before the Latest Settlement
                    Amount Determination Day.

                

        

        

        
          	 	
                  (D)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    shall be
                    deleted in its entirety and replaced with the
                    following:

                

        

        

        “(3)
          Second
          Method and Market Quotation.
          If the
          Second Method and Market Quotation apply, (I) Party B shall pay to Party
          A an
          amount equal to the absolute value of the Settlement Amount in respect
          of the
          Terminated Transactions, (II) Party B shall pay to Party A the Termination
          Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
          A
          shall pay to Party B the Termination Currency Equivalent of the Unpaid
          Amounts
          owing to Party B; provided,
          however,
          that
          (x) the amounts payable under the immediately preceding clauses (II) and
          (III)
          shall be subject to netting in accordance with Section 2(c) of this Agreement
          and (y) notwithstanding any other provision of this Agreement, any amount
          payable by Party A under the immediately preceding clause (III) shall not
          be
          netted-off against any amount payable by Party B under the immediately
          preceding
          clause (I).”

         

        
          	 	
                  (E)

                	
                  At
                    any time on or before the Latest Settlement Amount Determination
                    Day at
                    which two or more Market Quotations from Approved Replacements
                    remain
                    capable of becoming legally binding upon acceptance, Party B
                    shall be
                    entitled to accept only the lowest of such Market Quotations
                    (for the
                    avoidance of doubt, the lowest of such Market Quotations shall
                    be the
                    lowest Market Quotation of such Market Quotations expressed as
                    a positive
                    number or, if any of such Market Quotations is expressed as a
                    negative
                    number, the Market Quotation expressed as a negative number with
                    the
                    largest absolute value).

                

        

        

        
          	(ii)  	
                  The
                    Second Method will apply.

                

        

        

        (g)         
           “Termination
          Currency”
          means
          USD.

        

        (h)           Additional
          Termination Events.
          Additional Termination Events will apply as provided in Part 5(c).

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          2.  Tax
          Matters.

        

        (a)         
           Tax
          Representations. 

        

        
          	 	
                  (i)

                	
                  Payer
                    Representations.
                    For the purpose of Section 3(e) of this Agreement:
                    

                

        

         

        (A)       
           Party
          A
          makes the following representation(s):

        

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
          be made
          by it to the other party under this Agreement. In making this representation,
          it
          may rely on: the accuracy of any representations made by the other party
          pursuant to Section 3(f) of this Agreement; (ii) the satisfaction of the
          agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and
          the
          accuracy and effectiveness of any document provided by the other party
          pursuant
          to Section 4(a)(i) or 4(a)(iii) of this Agreement; and (iii) the satisfaction
          of
          the agreement of the other party contained in Section 4(d) of this Agreement,
          provided
          that it
          shall not be a breach of this representation where reliance is placed on
          clause
          (ii) and the other party does not deliver a form or document under Section
          4(a)(iii) by reason of material prejudice to its legal or commercial
          position.

        
          	 	 	 

        

        (B)        
           Party
          B
          makes the following representation(s):

        

        None.

        

        (ii)        
            Payee
          Representations.
          For the
          purpose of Section 3(f) of this Agreement: 

         

        (A)       
           Party
          A
          makes the following representation(s):

        

        
          	(i)  	
                  Party
                    A is a tax resident of the United
                    Kingdom;

                

        

         

        
          	(ii)  	
                  Party
                    A is a "foreign person" within the meaning of the applicable
                    U.S. Treasury
                    Regulations concerning information reporting and backup withholding
                    tax
                    (as in effect on January 1, 2001), unless Party A provides written
                    notice
                    to Party B that it is no longer a foreign person;
                    

                

        

         

        
          	(iii)  	
                  in
                    respect of each Transaction Party A enters into through an office
                    or
                    discretionary agent in the United States or which otherwise is
                    allocated
                    (in whole or part) for United States federal income tax purposes
                    to such
                    United States trade or business, each payment received or to
                    be received
                    by Party A under such Transaction (or portion thereof, if applicable)
                    will
                    be effectively connected with its conduct of a trade or business
                    in the
                    United States; and

                

        

         

        
          	(iv)  	
                  in
                    respect of all other Transactions or portions thereof, no such
                    payment
                    received or to be received by Party A in connection with this
                    Agreement is
                    attributable to a trade or business carried on by it through
                    a permanent
                    establishment in the United States.

                

        

         

        
          	 	 	 

        

        (B)        
           Party
          B
          makes the following representation(s):

        

        None. 

        

        
          	
                  (b)

                	
                  Tax
                    Provisions.

                

        

        

        
          	 	
                  (i)

                	
                  Gross
                    Up.
                    Section 2(d)(i)(4) shall not apply to Party B as X, and Section
                    2(d)(ii)
                    shall not apply to Party B as Y, in each case such that Party
                    B shall not
                    be required to pay any additional amounts referred to
                    therein.

                

        

        

        
          	 	
                  (ii)

                	
                  Indemnifiable
                    Tax.
                    The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                    entirety and replaced with the
                    following:

                

        

        

        “Indemnifiable
          Tax”
          means,
          in relation to payments by Party A, any Tax and, in relation to payments
          by
          Party B, no Tax. 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          3.    Agreement
          to Deliver Documents.  

        

        (a)          
           For
          the
          purpose of Section 4(a)(i), tax forms, documents, or certificates to be
          delivered are:

        

        
          	
                  Party
                    required to deliver document

                	 	
                  Form/Document/

                  Certificate

                	 	
                  Date
                    by which to

                  be
                    delivered

                
	 	 	 	 	 
	
                  Party
                    A

                	 	
                  A
                    correct, complete and duly executed U.S. Internal Revenue Service
                    Form
                    (W-8BEN, W-8ECI, W-9 or other applicable form (or successor thereto)),
                    together with appropriate attachments, that eliminates U.S. federal
                    withholding and backup withholding Tax on payments to Party A
                    under this
                    Agreement.

                	 	
                  Upon
                    the execution and delivery of this Agreement and upon reasonable
                    request.

                
	 	 	 	 	 
	
                  Party
                    B

                	 	
                  Any
                    form or document required or reasonably requested to allow the
                    other party
                    to make payments to Party B under the Agreement without any deduction
                    or
                    withholding for or on account of any Tax, or with such deduction
                    or
                    withholding at a reduced rate, which may include tax forms relating
                    to the
                    beneficial owner of payments to Party B under the Agreement from
                    time to
                    time. 

                	 	
                  Upon
                    the execution and delivery of this Agreement and at any time
                    that the last
                    such document delivered becomes incorrect or
                    out-of-date.

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (b)         
           For
          the
          purpose of Section 4(a)(ii), other documents to be delivered are:

        

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                	
                  Covered
                    by Section 3(d) Representation

                
	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	
                  Any
                    documents required by the receiving party to evidence the authority
                    of the
                    delivering party or its Credit Support Provider, if any, for
                    it to execute
                    and deliver the Agreement, this Confirmation, and any Credit
                    Support
                    Documents to which it is a party, and to evidence the authority
                    of the
                    delivering party or its Credit Support Provider to perform its
                    obligations
                    under the Agreement, this Confirmation and any Credit Support
                    Document, as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    the
                    Agreement, this Confirmation, and any relevant Credit Support
                    Document, as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A

                	
                  Annual
                    Report of Party A containing consolidated financial statements
                    certified
                    by independent certified public accountants and prepared in accordance
                    with generally accepted accounting principles in the country
                    in which
                    Party A is organized

                	
                  Promptly
                    upon becoming publicly available, if not available on Party A’s
                    website

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A

                	
                  Interim
                    Financial Statements of Party A containing unaudited, consolidated
                    financial statements of Party A’s reporting period prepared in accordance
                    with generally accepted accounting principles in the country
                    in which
                    Party A is organized

                	
                  Promptly
                    upon becoming publicly available, if not available on Party A’s
                    website.

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A and 

                  Party
                    B

                	
                  Opinion(s)
                    of counsel satisfactory to the other party

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  No

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          4.    Miscellaneous. 

        

        
          	
                  (a)

                	
                  Address
                    for Notices:
                    For the purposes of Section 12(a) of this
                    Agreement:

                

        

        

        Address
          for notices or communications to Party A and Party B shall be those set
          forth on
          the first page of the Confirmation:

        

        (b)         
           Process
          Agent.
          For the
          purpose of Section 13(c):

        

        Party
          A
          appoints as its Process Agent: Not applicable.

        

        Party
          B
          appoints as its Process Agent: Not applicable.

        

        
          	
                  (c)

                	
                  Offices.
                    The provisions of Section 10(a) will apply to this
                    Agreement.

                

        

        

        
          	
                  (d)

                	
                  Multibranch
                    Party.
                    For the purpose of Section 10(c) of this
                    Agreement:

                

        

        

        Party
          A
          is not a Multibranch Party.

        

        
          	 	
                  Party
                    B is not a Multibranch Party.

                

        

        

        
          	
                  (e)

                	
                  Calculation
                    Agent.
                    The Calculation Agent is Party A.

                

        

        

        (f)           Credit
          Support Document. 

         

        
          	 	
                  Party
                    A:

                	
                  The
                    Credit Support Annex, and any guarantee in support of Party A’s
                    obligations under this Agreement.

                

        

        

        Party
          B:               
 The
          Credit Support Annex, solely in respect of Party B’s obligations under Paragraph
          3(b) of the Credit Support Annex.

        

        
          	
                  (g)

                	
                  Credit
                    Support Provider.

                

        

        

        Party
          A:             
 The
          guarantor under any guarantee in support of Party A’s obligations under this
          Agreement.

        

        Party
          B:              
 None.

        

        
          	
                  (h)

                	
                  Governing
                    Law.
                    The parties to this Agreement hereby agree that the law of the
                    State of
                    New York shall govern their rights and duties in whole, without
                    regard to
                    the conflict of law provisions thereof other than New York General
                    Obligations Law Sections 5-1401 and 5-1402.

                

        

        

        
          	
                  (i)

                	
                  Netting
                    of Payments.
                    The parties agree that subparagraph (ii) of Section 2(c) will
                    apply to
                    each Transaction hereunder. 

                

        

        

        
          	
                  (j)

                	
                  Affiliate.“Affiliate”
                    shall have the meaning assigned thereto in Section 14; provided,
                    however,
                    that Party B shall be deemed to have no Affiliates for purposes
                    of this
                    Agreement, including for purposes of Section
                    6(b)(ii).

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          5.  Others
          Provisions.

        

        
          	
                  (a)

                	
                  Definitions.
                    Unless
                    otherwise specified in a Confirmation, this Agreement and each
                    Transaction
                    under this Agreement are subject to the 2000 ISDA Definitions
                    as published
                    and copyrighted in 2000 by the International Swaps and Derivatives
                    Association, Inc. (the “Definitions”),
                    and will be governed in all relevant respects by the provisions
                    set forth
                    in the Definitions, without regard to any amendment to the Definitions
                    subsequent to the date hereof. The provisions of the Definitions
                    are
                    hereby incorporated by reference in and shall be deemed a part
                    of this
                    Agreement, except that (i) references in the Definitions to a “Swap
                    Transaction” shall be deemed references to a “Transaction” for purposes of
                    this Agreement, and (ii) references to a “Transaction” in this Agreement
                    shall be deemed references to a “Swap Transaction” for purposes of the
                    Definitions. Each term capitalized but not defined in this Agreement
                    shall
                    have the meaning assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

         

        (b)           Amendments
          to ISDA Master Agreement.

        

        
          	 	
                  (i)

                	
                  Single
                    Agreement.
                    Section 1(c) is hereby amended by the adding the words “including, for the
                    avoidance of doubt, the Credit Support Annex” after the words “Master
                    Agreement”. 

                

        

        

        
          	 	
                  (ii)

                	
                  [Reserved]

                

        

        

        
          	 	
                  (iii)

                	
                  Change
                    of Account.
                    Section 2(b) is hereby amended by the addition of the following
                    after the
                    word “delivery” in the first line
                    thereof:

                

        

         

        “to
          another account in the same legal and tax jurisdiction as the original
          account”.

        

        
          	 	
                  (iv)

                	
                  Representations.
                    Section 3 is hereby amended by adding at the end thereof the
                    following
                    subsection (g): 

                

        

        

        
          	 	
                  “(g)

                	
                  Relationship
                    Between Parties. 

                

        

        

        
          	 	
                  (1)

                	
                  Nonreliance.
                    (i) It is not relying on any statement or representation of the
                    other
                    party regarding the Transaction (whether written or oral), other
                    than the
                    representations expressly made in this Agreement or the Confirmation
                    in
                    respect of that Transaction and (ii) it has consulted with its
                    own legal,
                    regulatory, tax, business, investment, financial and accounting
                    advisors
                    to the extent it has deemed necessary, and it has made its own
                    investment,
                    hedging and trading decisions based upon its own judgment and
                    upon any
                    advice from such advisors as it has deemed necessary and not
                    upon any view
                    expressed by the other party.

                

        

         

        
          	 	
                  (2)

                	
                  Evaluation
                    and Understanding. (i) It has the capacity to evaluate (internally
                    or
                    through independent professional advice) the Transaction and
                    has made its
                    own decision to enter into the Transaction and (ii) It understands
                    the
                    terms, conditions and risks of the Transaction and is willing
                    and able to
                    accept those terms and conditions and to assume those risks,
                    financially
                    and otherwise. 

                

        

        

        
          	 	
                  (3)

                	
                  Purpose.
                    It is entering into the Transaction for the purposes of managing
                    its
                    borrowings or investments, hedging its underlying assets or liabilities
                    or
                    in connection with a line of business.

                

        

        

        
          	 	
                  (4)

                	
                  Status
                    of Parties. The other party is not acting as an agent, fiduciary
                    or
                    advisor for it in respect of the Transaction.

                

        

        

        
          	 	
                  (5)

                	
                  Eligible
                    Contract Participant. It is an “eligible contract participant” as defined
                    in Section 1(a)(12) of the Commodity Exchange Act, as
                    amended.”

                

        

        

        
          	 	
                  (v)

                	
                  Transfer
                    to Avoid Termination Event.
                    Section 6(b)(ii) is hereby amended by (i) deleting the words
“or if a Tax
                    Event Upon Merger occurs and the Burdened Party is the Affected
                    Party,”
                    and (ii) by deleting the words “to transfer” and inserting the words “to
                    effect a Permitted Transfer” in lieu
                    thereof.

                

        

        

        
          	 	
                  (vi)

                	
                  Jurisdiction.
                    Section
                    13(b) is hereby amended by: (i) deleting in the second line of
                    subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                    end of subparagraph 1 and inserting “.” in lieu thereof, and (iii)
                    deleting the final paragraph
                    thereof.

                

        

        

        
          	 	
                  (vii)

                	
                  Local
                    Business Day.
                    The definition of Local Business Day in Section 14 is hereby
                    amended by
                    the addition of the words “or any Credit Support Document” after “Section
                    2(a)(i)” and the addition of the words “or Credit Support Document” after
                    “Confirmation”. 

                

        

        

        
          	
                  (c)

                	
                  Additional
                    Termination Events.
                    The following Additional Termination Events will
                    apply:

                

        

        

        
          	(i)  	
                  First
                    Rating Trigger Collateral.
                    If
                    (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    Party
                    A has failed to comply with or perform any obligation to be complied
                    with
                    or performed by Party A in accordance with the Credit Support
                    Annex, then
                    an Additional Termination Event shall have occurred with respect
                    to Party
                    A and Party A shall be the sole Affected Party with respect to
                    such
                    Additional Termination Event. 

                

        

        

        
          	(ii)  	
                  Second
                    Rating Trigger Replacement.
                    If
                    (A) a Required Ratings Downgrade Event has occurred and been
                    continuing
                    for 30 or more Local Business Days and (B) (i) at least one Eligible
                    Replacement has made a Firm Offer to be the transferee of all
                    of Party A’s
                    rights and obligations under this Agreement (and such Firm Offer
                    remains
                    an offer that will become legally binding upon such Eligible
                    Replacement
                    upon acceptance by the offeree) and/or (ii) an Eligible Guarantor
                    has made
                    a Firm Offer to provide an Eligible Guarantee (and such Firm
                    Offer remains
                    an offer that will become legally binding upon such Eligible
                    Guarantor
                    immediately upon acceptance by the offeree), then an Additional
                    Termination Event shall have occurred with respect to Party A
                    and Party A
                    shall be the sole Affected Party with respect to such Additional
                    Termination Event. 

                

        

        

        
          	 	
                  (iii)

                	
                  [Reserved]

                

        

        

        
          	 	
                  (iv)

                	
                  Regulation
                    AB. If
                    (i) the Depositor still has a reporting obligation with respect
                    to the
                    Transaction hereunder pursuant to Regulation AB and (ii) Party
                    A has not,
                    within the applicable time period specified in Part 5(e)(ii)(a)
                    below
                    after a Cap Disclosure Event, complied with any of the provisions
                    set
                    forth in Part 5(e)(ii) below, then an Additional Termination
                    Event shall
                    have occurred with respect to Party A and Party A shall be the
                    sole
                    Affected Party with respect to such Additional Termination
                    Event.

                

        

        

        
          	 	
                  (v)

                	
                  Optional
                    Termination of Securitization.
                    An
                    Additional Termination Event shall occur upon the notice to
                    Certificateholders of an Optional Termination becoming unrescindable
                    in
                    accordance with Article X of the Pooling and Servicing Agreement.
                    Party B
                    shall be the sole Affected Party with respect to such Additional
                    Termination Event; provided, however, that notwithstanding anything
                    to the
                    contrary in Section 6(b)(iv), only Party B may designate an Early
                    Termination Date in respect of this Additional Termination
                    Event.

                

        

        

        
          	
                  (d)

                	
                  Required
                    Ratings Downgrade Event.
                    In
                    the event that no Relevant Entity has credit ratings at least
                    equal to the
                    Required Ratings Threshold (such event, a “Required
                    Ratings Downgrade Event”),
                    then Party A shall, as soon as reasonably practicable and so
                    long as a
                    Required Ratings Downgrade Event is in effect, at its own expense,
                    using
                    commercially reasonable efforts, procure either (A) a Permitted
                    Transfer
                    or (B) an Eligible Guarantee from an Eligible Guarantor.
                    

                

        

        

        (e)        
            Compliance
          with Regulation AB.
          

         

        (i)         
            It
          shall
          be a cap disclosure event (“Cap
          Disclosure Event”)
          if, at
          any time after the date hereof while the Depositor has reporting obligations
          with respect to this Transaction pursuant to Regulation AB, the Depositor
          or
          Greenwich Capital Financial Products, Inc. (the “Sponsor”)
          notifies Party A that the aggregate “significance percentage” (calculated in
          accordance with the provisions of Item 1115 of Regulation AB) of all derivative
          instruments provided by Party A and any of its affiliates to Party B
          (collectively, the “Aggregate
          Significance Percentage”)
          is 9%
          or more.

         

        (ii)         
           Upon
          the
          occurrence of a Cap Disclosure Event while the Depositor has reporting
          obligations with respect to this Transaction pursuant to Regulation AB,
          Party A,
          at its own cost and expense (and without any expense or liability to the
          Depositor, the Sponsor, the Underwriters, the Depositor, the Trustee or
          the
          Issuing Entity), shall take one of the following actions:

         

        (a)         
           provide
          to the Sponsor and the Depositor: (i) if the Aggregate Significance Percentage
          is 9% or more, but less than 10%, within thirty (30) days, either, at the
          sole
          discretion of Party A, the information required under Item 1115(b)(1) or
          Item
          1115(b)(2) of Regulation AB, (ii) if the Aggregate Significance Percentage
          is
          10% or more, but less than 20%, within five (5) Business Days, either,
          at the
          sole discretion of Party A, the information required under Item 1115(b)(1)
          or
          Item 1115(b)(2) of Regulation AB, (iii) if the Aggregate Significance Percentage
          is 19% or more, but less than 20%,, within thirty (30) days, the information
          required under Item 1115(b)(2) of Regulation AB or (iv) if the Aggregate
          Significance Percentage is 20% or more, within five (5) Business Days,
          the
          information required under Item 1115(b)(2) of Regulation AB; or

         

        (b)         
           transfer
          in a Permitted Transfer (provided that a Permitted Transfer pursuant to
          this
          subclause (b) shall not require satisfaction of the Rating Agency Condition)
          its
          obligations under the Transaction to a counterparty with the Approved Ratings
          Thresholds (or which satisfies the Rating Agency Condition), that (x) provides
          the information specified in clause (a) above to the Depositor and Sponsor
          and
          (y) enters into documentation substantially similar to the documentation
          then in
          place between Party A and Party B. For purposes of this subclause (b),
          the
          parties agree that National Westminster Bank Plc (“NatWest”)
          shall
          be an acceptable replacement for Party A, so long as NatWest is able to
          provide
          the information required under subclause (a) above and satisfy the requirements
          of this subclause (b).

         

        (iii)        
           For so long as the Aggregate Significance Percentage is 10% or more the
          Depositor has reporting obligations with respect to this Transaction, Party
          A
          shall provide any updates to the information provided pursuant to clause
          (ii)(a)
          above to the Sponsor and the Depositor within five (5) Business Days following
          the availability thereof (but in no event more than 6 months after the
          end of
          each of Party A’s fiscal year for any annual update and when available for any
          interim update).

         

        (iv)       
           All
          information provided pursuant to clause (ii) shall be in a form suitable
          for
          conversion to the format required for filing by the Depositor with the
          Commission via the Electronic Data Gathering and Retrieval System (EDGAR).
          The
          parties hereto acknowledge that electronic files in Adobe Acrobat format
          will be
          deemed to satisfy the requirements of this Part 5(e)(iv). In addition,
          any such
          information, if audited, shall be accompanied by any necessary auditor’s
          consents or, if such information is unaudited, shall be accompanied by
          an
          appropriate agreed-upon procedures letter from Party A’s accountants. If
          permitted by Regulation AB, any such information may be provided by reference
          to
          or incorporation by reference from reports filed pursuant to the Exchange
          Act.

         

        (v)         
           The
          Sponsor and the Depositor each shall be an express third party beneficiary
          of
          this Agreement with respect to Party A’s undertakings under this Part 5(e)
          only.

         

        
          	
                  (f)

                	
                  Transfers. 

                

        

         

        (i)           
           Section
          7
          is hereby amended to read in its entirety as follows:

         

        “Except
          with respect to any Permitted Transfer pursuant to Section 6(b)(ii), Part
          5(d),
          Part 5(e)(ii)(b) or Part 5(f), neither Party A nor Party B is permitted
          to
          assign, novate or transfer (whether by way of security or otherwise) as
          a whole
          or in part any of its rights, obligations or interests under the Agreement
          or
          any Transaction unless (a) the prior written consent of the other party
          is
          obtained and (b) the Rating Agency Condition has been satisfied with respect
          to
          S&P. At any time at which no Relevant Entity has credit ratings at least
          equal to the Approved Ratings Threshold, Party A may make a Permitted
          Transfer.”

         

        
          	 	
                  (ii)

                	
                  If
                    an Eligible Replacement has made a Firm Offer (which remains
                    an offer that
                    will become legally binding upon acceptance by Party B) to be
                    the
                    transferee pursuant to a Permitted Transfer, Party B shall, at
                    Party A’s
                    written request and at Party A’s expense, take any reasonable steps
                    required to be taken by Party B to effect such transfer.
                    

                

        

         

        
          	
                  (g)

                	
                  Non-Recourse.
                    Party A acknowledges and agrees that, notwithstanding any provision
                    in
                    this Agreement to the contrary, the obligations of Party B hereunder
                    are
                    limited recourse obligations of Party B, payable solely from
                    the Cap Trust
                    and the proceeds thereof, in accordance with the priority of
                    payments and
                    other terms of the Pooling and Servicing Agreement and that Party
                    A will
                    not have any recourse to any of the directors, officers, employees,
                    shareholders or affiliates of the Party B with respect to any
                    claims,
                    losses, damages, liabilities, indemnities or other obligations
                    asserted
                    against Party B in connection with any transactions contemplated
                    hereby.
                    In the event that the Cap Trust and the proceeds thereof, funded
                    in
                    accordance with the priority of payments and other terms of the
                    Pooling
                    and Servicing Agreement, should be insufficient to satisfy all
                    claims
                    outstanding and following the realization of the account held
                    by the Cap
                    Trust and the proceeds thereof, any claims against or obligations
                    of Party
                    B under the ISDA Master Agreement or any other confirmation thereunder
                    still outstanding shall be extinguished and thereafter not revive.
                    The Cap
                    Trustee shall not have liability for any failure or delay in
                    making a
                    payment hereunder to Party A due to any failure or delay in receiving
                    amounts in the account held by the Cap Trust from the Trust created
                    pursuant to the Pooling and Servicing Agreement. This provision
                    will
                    survive the termination of this
                    Agreement.

                

        

        

        
          	
                  (h)

                	
                  [Reserved]

                

        

        

        
          	
                  (i)

                	
                  Rating
                    Agency Notifications. Notwithstanding
                    any other provision of this Agreement, no Early Termination Date
                    shall be
                    effectively designated hereunder by Party B and no transfer of
                    any rights
                    or obligations under this Agreement shall be made by either party
                    unless
                    each Rating Agency has been given prior written notice of such
                    designation
                    or transfer. 

                

        

        

        
          	
                  (j)

                	
                  No
                    Set-off.
                    Except as expressly provided for in Section 2(c), Section 6 or
                    Part
                    1(f)(i)(D) hereof, and notwithstanding any other provision of
                    this
                    Agreement or any other existing or future agreement, each party
                    irrevocably waives any and all rights it may have to set off,
                    net, recoup
                    or otherwise withhold or suspend or condition payment or performance
                    of
                    any obligation between it and the other party hereunder against
                    any
                    obligation between it and the other party under any other agreements.
                    Section 6(e) shall be amended by deleting the following sentence:
“The
                    amount, if any, payable in respect of an Early Termination Date
                    and
                    determined pursuant to this Section will be subject to any
                    Set-off.”.

                

        

         

        
          	
                  (k)

                	
                  Amendment.
                    Notwithstanding any provision to the contrary in this Agreement,
                    no
                    amendment of either this Agreement or any Transaction under this
                    Agreement
                    shall be permitted by either party unless each of the Rating
                    Agencies has
                    been provided prior written notice of the same and such amendment
                    satisfies the Rating Agency Condition with respect to
                    S&P.

                

        

        

        
          	
                  (l)

                	
                  Notice
                    of Certain Events or Circumstances.
                    Each Party agrees, upon learning of the occurrence or existence
                    of any
                    event or condition that constitutes (or that with the giving
                    of notice or
                    passage of time or both would constitute) an Event of Default
                    or
                    Termination Event with respect to such party, promptly to give
                    the other
                    Party and to each Rating Agency notice of such event or condition;
                    provided
                    that failure to provide notice of such event or condition pursuant
                    to this
                    Part 5(l) shall not constitute an Event of Default or a Termination
                    Event.

                

        

         

        (m)        
           Proceedings.
          No
          Relevant Entity shall institute against, or cause any other person to institute
          against, or join any other person in instituting against Party B, the Cap
          Trust,
          or the trust formed pursuant to the Pooling and Servicing Agreement, in
          any
          bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
          or other proceedings under any federal or state bankruptcy or similar law
          for a
          period of one year (or, if longer, the applicable preference period) and
          one day
          following payment in full of the Certificates and any Notes. This provision
          will
          survive the termination of this Agreement. 

        

        
          	
                  (n)

                	
                  Cap
                    Trustee Liability Limitations.
                    It
                    is expressly understood and agreed by the parties hereto that
                    (a) this
                    Agreement is executed by Deutsche Bank National Trust Company
                    (“DBNTC”)
                    not in its individual capacity, but solely as Cap Trustee under
                    the
                    Pooling and Servicing Agreement in the exercise of the powers
                    and
                    authority conferred and invested in it thereunder; (b) DBNTC
                    has been
                    directed pursuant to the Pooling and Servicing Agreement to enter
                    into
                    this Agreement and to perform its obligations hereunder; (c)
                    each of the
                    representations, undertakings and agreements herein made on behalf
                    of the
                    Cap Trust is made and intended not as personal representations
                    of the Cap
                    Trustee but is made and intended for the purpose of binding only
                    the Cap
                    Trust; and (d) under no circumstances shall DBNTC
                    in its individual capacity be personally liable for any payments
                    hereunder
                    or for the breach or failure of any obligation, representation,
                    warranty
                    or covenant made or undertaken under this
                    Agreement.

                

        

        

        
          	
                  (o)

                	
                  Severability.
                    If
                    any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) in any respect,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided,
                    however,
                    that this severability provision shall not be applicable if any
                    provision
                    of Section 2, 5, 6, or 13 (or any definition or provision in
                    Section 14 to
                    the extent it relates to, or is used in or in connection with
                    any such
                    Section) shall be so held to be invalid or unenforceable.
                    

                

        

        

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition. 

        

        
          	
                  (p)

                	
                  Party
                    B as Agent. Party
                    A acknowledges that Party B is acting as the Cap Trustee for
                    the Cap Trust
                    under the Pooling and Servicing Agreement to carry out certain
                    functions
                    on behalf of the Cap Trust. 

                

        

         

        
          	
                  (q)

                	
                  [Reserved]

                

        

         

        
          	
                  (r)

                	
                  Consent
                    to Recording.
                    Each party hereto consents to the monitoring or recording, at
                    any time and
                    from time to time, by the other party of any and all communications
                    between trading, marketing, and operations personnel of the parties
                    and
                    their Affiliates, waives any further notice of such monitoring
                    or
                    recording, and agrees to notify such personnel of such monitoring
                    or
                    recording. 

                

        

        

        
          	
                  (s)

                	
                  Waiver
                    of Jury Trial.
                    Each party waives any right it may have to a trial by jury in
                    respect of
                    any suit, action or proceeding relating to this Agreement or
                    any Credit
                    Support Document. 

                

        

        

        
          	
                  (t)

                	
                  Form
                    of ISDA Master Agreement. Party
                    A and Party B hereby agree that the text of the body of the ISDA
                    Master
                    Agreement is intended to be the printed form of the ISDA Master
                    Agreement
                    (Multicurrency - Crossborder) as published and copyrighted in
                    1992 by the
                    International Swaps and Derivatives Association,
                    Inc.

                

        

        

        
          	
                  (u)

                	
                  Payment
                    Instructions.
                    Party A hereby agrees that, unless notified in writing by Party
                    B of other
                    payment instructions, any and all amounts payable by Party A
                    to Party B
                    under this Agreement shall be paid to the account specified in
                    Item 4 of
                    this Confirmation, below. 

                

        

        

        
          	
                  (v)

                	
                  Additional
                    representations.

                

        

        

        
          	 	
                  (i)

                	
                  Representations
                    of Party A.
                    Party A represents to Party B on the date on which Party A enters
                    into
                    each Transaction that:--

                

        

         

        Party
          A’s
          obligations under this Agreement rank pari
          passu
          with all
          of Party A’s other unsecured, unsubordinated obligations except those
          obligations preferred by operation of law.

        

        
          	 	
                  (ii)

                	
                  Capacity.
                    Party A represents to Party B on the date on which Party A enters
                    into
                    this Agreement that it is entering into the Agreement and the
                    Transaction
                    as principal and not as agent of any person.

                

        

         

        
          	
                  (w)

                	
                  Acknowledgements.

                

        

        

        
          	 	
                  (i)

                	
                  Substantial
                    financial transactions.
                    Each party hereto is hereby advised and acknowledges as of the
                    date hereof
                    that the other party has engaged in (or refrained from engaging
                    in)
                    substantial financial transactions and has taken (or refrained
                    from
                    taking) other material actions in reliance upon the entry by
                    the parties
                    into the Transaction being entered into on the terms and conditions
                    set
                    forth herein and in the Pooling and Servicing Agreement relating
                    to such
                    Transaction, as applicable. This paragraph shall be deemed repeated
                    on the
                    trade date of each Transaction.

                

        

         

        
          	 	
                  (ii)

                	
                  Bankruptcy
                    Code.
                    Subject to Part 5(m), without limiting the applicability if any,
                    of any
                    other provision of the U.S. Bankruptcy Code as amended (the “Bankruptcy
                    Code”) (including without limitation Sections 362, 546, 556, and 560
                    thereof and the applicable definitions in Section 101 thereof),
                    the
                    parties acknowledge and agree that all Transactions entered into
                    hereunder
                    will constitute “forward contracts” or “swap agreements” as defined in
                    Section 101 of the Bankruptcy Code or “commodity contracts” as defined in
                    Section 761 of the Bankruptcy Code, that the rights of the parties
                    under
                    Section 6 of this Agreement will constitute contractual rights
                    to
                    liquidate Transactions, that any margin or collateral provided
                    under any
                    margin, collateral, security, pledge, or similar agreement related
                    hereto
                    will constitute a “margin payment” as defined in Section 101 of the
                    Bankruptcy Code, and that the parties are entities entitled to
                    the rights
                    under, and protections afforded by, Sections 362, 546, 556, and
                    560 of the
                    Bankruptcy Code.

                

        

         

        (x)         
           Agency
          Role of Greenwich Capital Markets, Inc.
          In
          connection with this Agreement, Greenwich Capital Markets, Inc. has acted
          as
          agent on behalf of The Royal Bank of Scotland plc. Greenwich Capital Markets,
          Inc. has not guaranteed and is not otherwise responsible for the obligations
          of
          The Royal Bank of Scotland plc under this Agreement.

        

        (y)         
           Limitation
          on Events of Default.
          Notwithstanding the terms of Sections 5 and 6 of the Agreement, if Party
          B has
          satisfied its payment obligations under Section 2(a)(i) of the Agreement,
          then
          unless Party A is required pursuant to appropriate proceedings to return
          to
          Party B or otherwise returns to Party B upon demand of Party B any portion
          of
          such payment, (a) the occurrence of an event described in Section 5(a)
          of the
          Agreement with respect to Party B (other than in respect of Party B’s
          obligations under Paragraph 3(b) of the Credit Support Annex) shall not
          constitute an Event of Default or Potential Event of Default with respect
          to
          Party B as the Defaulting Party and (b) Party A shall be entitled to designate
          an Early Termination Date pursuant to Section 6 of the Agreement only as
          a
          result of (x) an Event of Default under Section 5(a)(3) in respect of Party
          B’s
          obligations under Paragraph 3(b) of the Credit Support Annex, (y) a Termination
          Event set forth in either Section 5(b)(i) or Section 5(b)(ii) of the Agreement
          with respect to Party A as the Affected Party or (z) Section 5(b)(iii)
          of the
          Agreement with respect to Party A as the Burdened Party. For purposes of
          the
          Transaction to which this Confirmation relates, Party B’s only obligation under
          Section 2(a)(i) of the Agreement is to pay the Fixed Amount on the Fixed
          Rate
          Payer Payment Date.

        

        (z)          
           Additional
          Definitions. 

         

        As
          used
          in this Agreement, the following terms shall have the meanings set forth
          below,
          unless the context clearly requires otherwise: 

         

        “Approved
          Ratings Threshold”
          means
          each of the S&P Approved Ratings Threshold and the Moody’s First Trigger
          Ratings Threshold.

        

        “Approved
          Replacement” means,
          with respect to a Market Quotation, an entity making such Market Quotation,
          which entity would satisfy conditions (a), (b) and (c) of the definition
          of
          Permitted Transfer (as determined by Party B in its sole discretion, acting
          in a
          commercially reasonable manner) if such entity were a Transferee, as defined
          in
          the definition of Permitted Transfer.

        

        “Eligible
          Guarantee”
          means an
          unconditional and irrevocable guarantee of all present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of Party
          A or
          an Eligible Replacement to Party B under this Agreement that is provided
          by an
          Eligible Guarantor as principal debtor rather than surety and that is directly
          enforceable by Party B, the form and substance of which guarantee are subject
          to
          the Rating Agency Condition with respect to S&P, and either (A) a law firm
          has given a legal opinion confirming that none of the guarantor’s payments to
          Party B under such guarantee will be subject to Tax
          collected by withholding or
          (B)
          such guarantee provides that, in the event that any of such guarantor’s payments
          to Party B are subject to Tax collected by withholding, such guarantor
          is
          required to pay such additional amount as is necessary to ensure that the
          net
          amount actually received by Party B (free and clear of any Tax collected
          by
          withholding) will equal the full amount Party B would have received had
          no such
          withholding been required.

        

        “Eligible
          Guarantor” means
          an
          entity that (A) has credit ratings at least equal to the Approved Ratings
          Threshold or (B) has credit ratings at least equal to the Required Ratings
          Threshold, provided,
          for the
          avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor
          with
          credit ratings below the Approved Ratings Threshold will not cure or prevent
          the
          occurrence of a Collateral Event (as defined in the Credit Support Annex).
          

        

        “Eligible
          Replacement”
          means an
          entity (i) that has credit ratings at least equal to the Approved Ratings
          Threshold, (ii) has credit ratings at least equal to the Required Ratings
          Threshold, provided,
          for the
          avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor
          with
          credit ratings below the Approved Ratings Threshold will not cure or prevent
          the
          occurrence of a Collateral Event (as defined in the Credit Support Annex),
          or
          (iii) the present and future obligations (for the avoidance of doubt, not
          limited to payment obligations) of which entity to Party B under this Agreement
          are guaranteed pursuant to an Eligible Guarantee provided by an Eligible
          Guarantor.

        

        “Firm
          Offer”
          means
          (A) with respect to an Eligible Replacement, a quotation from such Eligible
          Replacement (i) in an amount equal to the actual amount payable by or to
          Party B
          in consideration of an agreement between Party B and such Eligible Replacement
          to replace Party A as the counterparty to this Agreement by way of novation
          or,
          if such novation is not possible, an agreement between Party B and such
          Eligible
          Replacement to enter into a Replacement Transaction (assuming that all
          Transactions hereunder become Terminated Transactions), and (ii) that
          constitutes an offer by such Eligible Replacement to replace Party A as
          the
          counterparty to this Agreement or enter a Replacement Transaction that
          will
          become legally binding upon such Eligible Replacement upon acceptance by
          Party
          B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
          Guarantor to provide an Eligible Guarantee that will become legally binding
          upon
          such Eligible Guarantor upon acceptance by the offeree.

        

        “Moody’s”
          means
          Moody’s Investors Service, Inc., or any successor thereto. 

        

        “Moody’s
          First Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating or counterparty rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

        

        “Moody’s
          Second Trigger Ratings Event” means
          that no
          Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
          Second Trigger Ratings Threshold. 

        

        “Moody’s
          Second Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
          or counterparty rating from Moody’s of “A3”.

        

        “Permitted
          Transfer” means
          a
          transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
          Part
          5(e)(ii)(b), Part 5(f) or the second sentence of Section 7 (as amended
          herein)
          to a transferee (the “Transferee”)
          of all,
          but not less than all, of Party A’s rights, liabilities, duties and obligations
          under this Agreement, with respect to which transfer each of the following
          conditions is satisfied: (a) the Transferee is an Eligible Replacement;
          (b)
          Party A and the Transferee are both “dealers in notional principal contracts”
within the meaning of Treasury regulations section 1.1001-4; (c) as of
          the date
          of such transfer the Transferee would not be required to withhold or deduct
          on
          account of Tax from any payments under this Agreement or would be required
          to
          gross up for such Tax under Section 2(d)(i)(4); (d) an Event of Default
          or
          Termination Event would not occur as a result of such transfer; (e) pursuant
          to
          a written instrument (the “Transfer
          Agreement”),
          the
          Transferee acquires and assumes all rights and obligations of Party A under
          the
          Agreement and the relevant Transaction; (f) Party B shall have determined,
          in
          its sole discretion, acting in a commercially reasonable manner, that such
          Transfer Agreement is effective to transfer to the Transferee all, but
          not less
          than all, of Party A’s rights and obligations under the Agreement and all
          relevant Transactions; (g) Party A will be responsible for any costs or
          expenses
          incurred in connection with such transfer (including any replacement cost
          of
          entering into a replacement transaction); (h) either (A) Moody’s has been given
          prior written notice of such transfer and the Rating Agency Condition is
          satisfied with respect to S&P or (B) each Rating Agency has been given prior
          written notice of such transfer and such transfer is in connection with
          the
          assignment and assumption of this Agreement without modification of its
          terms,
          other than party names, dates relevant to the effective date of such transfer,
          tax representations (provided that the representations in Part 2(a)(i)
          are not
          modified) and any other representations regarding the status of the substitute
          counterparty of the type included in Part 5(b)(iv) or Part 5(v), notice
          information and account details; and (i) such transfer otherwise complies
          with
          the terms of the Pooling and Servicing Agreement.

         

        “Rating
          Agencies”
          means,
          with respect to any date of determination, each of S&P and Moody’s, to the
          extent that each such rating agency is then providing a rating for any
          of the
          Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
          (the “Certificates”) or any notes backed by the Certificates (the
“Notes”).

        

        “Rating
          Agency Condition”
          means,
          with respect to any particular proposed act or omission to act hereunder
          and
          each Rating Agency specified in connection with such proposed act or omission,
          that the party acting or failing to act must consult with each of the specified
          Rating Agencies and receive from each such Rating Agency a prior written
          confirmation that the proposed action or inaction would not cause a downgrade
          or
          withdrawal of the then-current rating of any Certificates or Notes.

        

        “Relevant
          Entity” means
          Party A and, to the extent applicable, a guarantor under an Eligible
          Guarantee.

        

        “Replacement
          Transaction”
          means,
          with respect to any Terminated Transaction or group of Terminated Transactions,
          a transaction or group of transactions that (i) would have the effect of
          preserving for Party B the economic equivalent of any payment or delivery
          (whether the underlying obligation was absolute or contingent and assuming
          the
          satisfaction of each applicable condition precedent) by the parties under
          Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
          Transactions that would, but for the occurrence of the relevant Early
          Termination Date, have been required after that Date, and (ii) has terms
          which
          are substantially the same as this Agreement, including, without limitation,
          rating triggers, Regulation AB compliance, and credit support documentation,
          save for the exclusion of provisions relating to Transactions that are
          not
          Terminated Transaction, as determined by Party B in its sole discretion,
          acting
          in a commercially reasonable manner.

        

        “Required
          Ratings Downgrade Event”
          shall
          have the meaning assigned thereto in Part 5(d).

        

        “Required
          Ratings Threshold” means
          each of the S&P Required Ratings Threshold and the Moody’s Second Trigger
          Ratings Threshold.

        

        “S&P”
          means
          Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
          Inc., or any successor thereto. 

        

        “S&P
          Approved Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a short-term unsecured and unsubordinated debt rating
          from
          S&P of “A-1”, or, if such entity does not have a short-term unsecured and
          unsubordinated debt rating from S&P, a long-term unsecured and
          unsubordinated debt rating from S&P of “A+”.

        

        “S&P
          Required Ratings Downgrade Event”
          means
          that no Relevant Entity has credit ratings at least equal to the S&P
          Required Ratings Threshold.

        

        “S&P
          Required Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          S&P of “BBB+”.

        

        

        4. Account
          Details and Settlement Information:  

        

          
            	
                    Payments
                      to Party A:

                  	
                    For
                      the account of The Royal Bank of Scotland Financial Markets
                      Fixed Income
                      and 

                    Interest
                      Rate Derivative Operations, London SWIFT RBOSGB2RTCM with 

                    JPMorgan
                      Chase Bank, New York CHASUS33, ABA # 021000021

                  
	 	
                    Account
                      Number 400930153

                  
	 	 
	
                    Payments
                      to Party B:

                  	
                    Deutsche
                      Bank National Trust Company

                  
	 	
                    ABA
                      # 021001033

                  
	 	
                    Account
                      #: 01419663

                  
	 	
                    Account
                      Name: NYLTD Funds Control/Stars West

                  
	 	
                    Ref:
                      Soundview 2007-NS1 Cap GC07V1

                  

          

        

         

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        [Remainder
          of this page intentionally left blank.]

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        We
          are
          very pleased to have executed this Transaction with you and we look forward
          to
          completing other transactions with you in the near future.

        

        Very
          truly yours,

         

        THE
          ROYAL BANK OF SCOTLAND PLC

        By:
          Greenwich Capital Markets, Inc., its agent

         

        
          	By	 	 	 
	 	Name:	 	 
	 	Title: 	 	 

        

         

          

        Accepted
          and confirmed as of the Trade Date written above:

         

        DEUTSCHE
          BANK NATIONAL TRUST COMPANY, not
          in
          its individual capacity, but solely as Cap Trustee on 

        behalf
          of
          the Cap Trust with respect to Soundview Home Loan Trust 2007-NS1, Asset-Backed
          Certificates, Series 2007-NS1

        
           

          
            	By	 	 	 
	 	Name:	 	 
	 	Title: 	 	 

          

           

        

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        SCHEDULE
          A

         

        
          	
                  From
                    and including

                	 	
                  To
                    but excluding

                	 	
                  Notional
                    Amount (USD)

                
	 	 	 	 	 
	
                  11/25/07

                	 	
                  12/25/07

                	 	
                  868.51

                
	
                  12/25/07

                	 	
                  01/25/08

                	 	
                  834.66

                
	
                  01/25/08

                	 	
                  02/25/08

                	 	
                  802.12

                
	
                  02/25/08

                	 	
                  03/25/08

                	 	
                  770.86

                
	
                  03/25/08

                	 	
                  04/25/08

                	 	
                  740.92

                
	
                  04/25/08

                	 	
                  05/25/08

                	 	
                  712.14

                
	
                  05/25/08

                	 	
                  06/25/08

                	 	
                  684.48

                
	
                  06/25/08

                	 	
                  07/25/08

                	 	
                  657.89

                
	
                  07/25/08

                	 	
                  08/25/08

                	 	
                  632.32

                
	
                  08/25/08

                	 	
                  09/25/08

                	 	
                  563.07

                
	
                  09/25/08

                	 	
                  10/25/08

                	 	
                  5,477.71

                
	
                  10/25/08

                	 	
                  11/25/08

                	 	
                  794,192.85

                
	
                  11/25/08

                	 	
                  12/25/08

                	 	
                  723,544.39

                
	
                  12/25/08

                	 	
                  01/25/09

                	 	
                  655,088.38

                
	
                  01/25/09

                	 	
                  02/25/09

                	 	
                  583,708.19

                
	
                  02/25/09

                	 	
                  03/25/09

                	 	
                  554,846.53

                
	
                  03/25/09

                	 	
                  04/25/09

                	 	
                  528,205.42

                
	
                  04/25/09

                	 	
                  05/25/09

                	 	
                  503,342.12

                
	
                  05/25/09

                	 	
                  06/25/09

                	 	
                  479,650.62

                
	
                  06/25/09

                	 	
                  07/25/09

                	 	
                  457,073.06

                
	
                  07/25/09

                	 	
                  08/25/09

                	 	
                  435,557.13

                
	
                  08/25/09

                	 	
                  09/25/09

                	 	
                  415,052.90

                
	
                  09/25/09

                	 	
                  10/25/09

                	 	
                  395,512.85

                
	
                  10/25/09

                	 	
                  11/25/09

                	 	
                  397,774.00

                
	
                  11/25/09

                	 	
                  12/25/09

                	 	
                  380,270.99

                
	
                  12/25/09

                	 	
                  01/25/10

                	 	
                  362,872.52

                
	
                  01/25/10

                	 	
                  02/25/10

                	 	
                  345,785.12

                
	
                  02/25/10

                	 	
                  03/25/10

                	 	
                  329,501.41

                
	
                  03/25/10

                	 	
                  04/25/10

                	 	
                  313,983.62

                
	
                  04/25/10

                	 	
                  05/25/10

                	 	
                  299,195.76

                
	
                  05/25/10

                	 	
                  06/25/10

                	 	
                  285,103.69

                
	
                  06/25/10

                	 	
                  07/25/10

                	 	
                  271,674.56

                
	
                  07/25/10

                	 	
                  08/25/10

                	 	
                  258,877.19

                
	
                  08/25/10

                	 	
                  09/25/10

                	 	
                  246,681.90

                
	
                  09/25/10

                	 	
                  10/25/10

                	 	
                  235,060.38

                
	
                  10/25/10

                	 	
                  11/25/10

                	 	
                  223,985.67

                
	
                  11/25/10

                	 	
                  12/25/10

                	 	
                  213,432.07

                
	
                  12/25/10

                	 	
                  01/25/11

                	 	
                  203,375.08

                
	
                  01/25/11

                	 	
                  02/25/11

                	 	
                  193,791.36

                
	
                  02/25/11

                	 	
                  03/25/11

                	 	
                  184,658.65

                
	
                  03/25/11

                	 	
                  04/25/11

                	 	
                  175,955.76

                
	
                  04/25/11

                	 	
                  05/25/11

                	 	
                  167,662.48

                
	
                  05/25/11

                	 	
                  06/25/11

                	 	
                  159,759.55

                
	
                  06/25/11

                	 	
                  07/25/11

                	 	
                  152,228.62

                
	
                  07/25/11

                	 	
                  08/25/11

                	 	
                  145,052.19

                
	
                  08/25/11

                	 	
                  09/25/11

                	 	
                  138,213.60

                
	
                  09/25/11

                	 	
                  10/25/11

                	 	
                  131,696.96

                
	
                  10/25/11

                	 	
                  11/25/11

                	 	
                  125,487.14

                
	
                  11/25/11

                	 	
                  12/25/11

                	 	
                  119,568.81

                
	
                  12/25/11

                	 	
                  01/25/12

                	 	
                  113,928.77

                
	
                  01/25/12

                	 	
                  02/25/12

                	 	
                  108,554.33

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Annex
          A

        

        Paragraph
          13 of the Credit Support Annex

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

          

            

            ISDA®

            CREDIT
              SUPPORT ANNEX

            to
              the
              Schedule to the

            ISDA
              Master Agreement

            dated
              as
              of March 8, 2007 between

            The
              Royal
              Bank of Scotland plc (hereinafter referred to as “Party
              A”
              or
“Pledgor”)

            and

            Deutsche
              Bank National Trust Company, not in its individual capacity, but solely
              as Cap
              Trustee (the “Cap
              Trustee”)
              

            on
              behalf
              of the Cap Trust with respect to Soundview Home Loan Trust 2007-NS1,
              Asset-Backed Certificates, Series 2007-NS1 (the “Trust”)

            (hereinafter
              referred to as “Party
              B”
              or
“Secured
              Party”).

            

            For
              the
              avoidance of doubt, and notwithstanding anything to the contrary that
              may be
              contained in the Agreement, this Credit Support Annex shall relate
              solely to the
              Transaction documented in the Confirmation dated March 8, 2007, between
              Party A
              and Party B, Reference Number IRG16221895.2A/.2B.

            

             

            Paragraph
              13. Elections and Variables.

             

            
              	(a)  	
                      Security
                        Interest for “Obligations”.
                        The term “Obligations”
                        as
                        used in this Annex includes the following additional
                        obligations:

                    

            

             

            With
              respect to Party A: not applicable.

             

            With
              respect to Party B: not applicable.

             

            
              	(b)  	
                      Credit
                        Support Obligations.

                    

            

             

            
              	(i)  	
                      Delivery
                        Amount, Return Amount and Credit Support
                        Amount.

                    

            

             

            
              	(A)  	
                      “Delivery
                        Amount”
                        has the meaning specified in Paragraph 3(a) as amended (I)
                        by deleting the
                        words “upon a demand made by the Secured Party on or promptly following
                        a
                        Valuation Date” and inserting in lieu thereof the words “not later than
                        the close of business on each Valuation Date” and (II) by deleting in its
                        entirety the sentence beginning “Unless otherwise specified in Paragraph
                        13” and ending “(ii) the Value as of that Valuation Date of all Posted
                        Credit Support held by the Secured Party.” and inserting in lieu thereof
                        the following:

                    

            

             

            The
              “Delivery
              Amount”
              applicable to the Pledgor for any Valuation Date will equal the greatest
              of

             

            
              	 	
                      (1)
                        

                    	
                      the
                        amount by which (a) the S&P Credit Support Amount for such Valuation
                        Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                        Credit Support held by the Secured Party,

                    

            

             

            
              	 	
                      (2)
                        

                    	
                      the
                        amount by which (a) the Moody’s First Trigger Credit Support Amount for
                        such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                        Valuation Date of all Posted Credit Support held by the Secured
                        Party, and
                        

                    

            

             

            
              	 	
                      (3)
                        

                    	
                      the
                        amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                        such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                        such Valuation Date of all Posted Credit Support held by
                        the Secured
                        Party.

                    

            

             

            
              	(B)  	
                      “Return
                        Amount”
                        has the meaning specified in Paragraph 3(b) as amended by
                        deleting in its
                        entirety the sentence beginning “Unless otherwise specified in Paragraph
                        13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                        thereof the following:

                    

            

             

            The
              “Return
              Amount”
              applicable to the Secured Party for any Valuation Date will equal the
              least of

             

            
              	 	
                      (1)
                        

                    	
                      the
                        amount by which (a) the S&P Value as of such Valuation Date of all
                        Posted Credit Support held by the Secured Party exceeds (b)
                        the S&P
                        Credit Support Amount for such Valuation Date,

                    

            

             

            
              	 	
                      (2)
                        

                    	
                      the
                        amount by which (a) the Moody’s First Trigger Value as of such Valuation
                        Date of all Posted Credit Support held by the Secured Party
                        exceeds (b)
                        the Moody’s First Trigger Credit Support Amount for such Valuation
                        Date,
                        and

                    

            

             

            
              	 	
                      (3)
                        

                    	
                      the
                        amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                        Date of all Posted Credit Support held by the Secured Party
                        exceeds (b)
                        the Moody’s Second Trigger Credit Support Amount for such Valuation
                        Date.

                    

            

             

            
              	(C)  	
                      “Credit
                        Support Amount”
                        shall not apply. For purposes of calculating any Delivery
                        Amount or Return
                        Amount for any Valuation Date, reference shall be made to
                        the S&P
                        Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                        the Moody’s Second Trigger Credit Support Amount, in each case for
                        such
                        Valuation Date, as provided in Paragraphs 13(b)(i)(A) and
                        13(b)(i)(B),
                        above.

                    

            

             

            
              	(ii)  	
                      Eligible
                        Collateral.
                        

                    

            

             

            On
              any
              date, the following items will qualify as “Eligible
              Collateral”
(for
              the avoidance of doubt, all Eligible Collateral to be denominated in
              USD):

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

             

            
              	
                       

                      ISDA
                        Collateral Asset Definition
                        (ICAD) Code 

                    	 	
                      Remaining
                        Maturity in Years

                    	 	
                      S&P
                        

                      Valuation
                        

                      Percentage

                    	 	
                      Moody’s

                      First
                        Trigger Valuation
                        Percentage

                    	 	
                      Moody’s

                      Second
                        Trigger

                      Valuation

                      Percentage

                    
	
                      (A) 
                         US-CASH

                    	 	
                      N/A

                    	 	
                      100%

                    	 	
                      100%

                    	 	
                      100%

                    
	 	 	 	 	 	 	 	 	 
	
                      (B) 
                         US-TBILL

                      US-TNOTE

                      US-TBOND

                    	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                      1
                        or less

                    	 	
                      98.9%

                    	 	
                      100%

                    	 	
                      100%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 1 but not more than 2

                    	 	
                      98.0%

                    	 	
                      100%

                    	 	
                      99%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 2 but not more than 3

                    	 	
                      97.4%

                    	 	
                      100%

                    	 	
                      98%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 3 but not more than 5

                    	 	
                      95.5%

                    	 	
                      100%

                    	 	
                      97%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 5 but not more than 7

                    	 	
                      93.7%

                    	 	
                      100%

                    	 	
                      96%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 7 but not more than 10

                    	 	
                      92.5%

                    	 	
                      100%

                    	 	
                      94%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 10 but not more than 20

                    	 	
                      91.1%

                    	 	
                      100%

                    	 	
                      90%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 20

                    	 	
                      88.6%

                    	 	
                      100%

                    	 	
                      88%

                    
	 	 	 	 	 	 	 	 	 
	
                      (C) 
                         US-GNMA

                      US-FNMA

                      US-FHLMC

                    	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                      1
                        or less

                    	 	
                      98.5%

                    	 	
                      100%

                    	 	
                      99%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 1 but not more than 2

                    	 	
                      97.7%

                    	 	
                      100%

                    	 	
                      99%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 2 but not more than 3

                    	 	
                      97.3%

                    	 	
                      100%

                    	 	
                      98%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 3 but not more than 5

                    	 	
                      94.5%

                    	 	
                      100%

                    	 	
                      96%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 5 but not more than 7

                    	 	
                      93.1%

                    	 	
                      100%

                    	 	
                      93%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 7 but not more than 10

                    	 	
                      90.7%

                    	 	
                      100%

                    	 	
                      93%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 10 but not more than 20

                    	 	
                      87.7%

                    	 	
                      100%

                    	 	
                      89%

                    
	 	 	 	 	 	 	 	 	 
	 	 	
                      More
                        than 20

                    	 	
                      84.4%

                    	 	
                      100%

                    	 	
                      87%

                    

            

            

             

            The
              ISDA
              Collateral Asset Definition (ICAD) Codes used in this Paragraph 13(b)(ii)
              are
              taken from the Collateral Asset Definitions (First Edition June 2003)
              as
              published and copyrighted in 2003 by the International Swaps and Derivatives
              Association, Inc.

             

            
              	(iii)  	
                      Other
                        Eligible Support. 

                    

            

             

            The
              following items will qualify as “Other
              Eligible Support”
              for the
              party specified: 

             

            Not
              applicable.

             

            
              	(iv)  	
                      Threshold.

                    

            

             

            
              	(A)  	
                      “Independent
                        Amount”
                        means zero with respect to Party A and Party
                        B.

                    

            

             

            
              	(B)  	
                      “Threshold”
                        means, with respect to Party A and any Valuation Date, zero
                        if (i) a
                        Collateral Event has occurred and has been continuing (x)
                        for at least 30
                        days or (y) since this Annex was executed, or (ii) a S&P Required
                        Ratings Downgrade Event has occurred and is continuing; otherwise,
                        infinity.

                    

            

             

              “Threshold”
              means,
              with respect to Party B and any Valuation Date, infinity.

             

            
              	(C)  	
                      “Minimum
                        Transfer Amount” means
                        USD 100,000 with respect to Party A and Party B;
                        provided,
                        however,
                        that if the aggregate Certificate Principal Balance of the
                        Certificates
                        and the aggregate principal balance of the Notes rated by
                        S&P is at
                        the time of any transfer less than USD 50,000,000, the “Minimum
                        Transfer Amount”
                        shall be USD 50,000.

                    

            

             

            
              	(D)  	
                      Rounding:
                        The Delivery Amount will be rounded up to the nearest integral
                        multiple of
                        USD 10,000. The Return Amount will be rounded down to the
                        nearest integral
                        multiple of USD 1,000.

                    

            

             

            
              	(c)  	
                      Valuation
                        and Timing.

                    

            

             

            
              	(i)  	
                      “Valuation
                        Agent”
                        means Party A. All calculations by the Valuation Agent must
                        be made in
                        accordance with standard market
                        practice.

                    

            

             

            
              	(ii)  	
                      “Valuation
                        Date” means
                        each Local Business Day on which any of the S&P Credit Support Amount,
                        the Moody’s First Trigger Credit Support Amount, or the Moody’s Second
                        Trigger Credit Support Amount is greater than
                        zero.

                    

            

             

            
              	(iii)  	
                      “Valuation
                        Time” means
                        the close of business in the city of the Valuation Agent
                        on the Local
                        Business Day immediately preceding the Valuation Date or
                        date of
                        calculation, as applicable; provided
                        that the calculations of Value and Exposure will be made
                        as of
                        approximately the same time on the same date.

                    

            

             

            
              	(iv)  	
                      “Notification
                        Time” means
                        11:00 a.m., New York time, on a Local Business Day.
                        

                    

            

             

            
              	(v)  	
                      External
                        Verification.
                        Notwithstanding anything to the contrary in the definitions
                        of Valuation
                        Agent or Valuation Date, at any time at which Party A (or,
                        to the extent
                        applicable, its Credit Support Provider) does not have a
                        long-term
                        unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                        the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                        the S&P Value of Posted Credit Suppport on each Valuation Date
                        based
                        on internal marks and (B) verify such calculations with external
                        marks
                        monthly by obtaining on the last Local Business Day of each
                        calendar month
                        two external marks for each Transaction to which this Annex
                        relates and
                        for all Posted Credit Suport; such verification of the Secured
                        Party’s
                        Exposure shall be based on the higher of the two external
                        marks. Each
                        external mark in respect of a Transaction shall be obtained
                        from an
                        independent Reference Market-maker that would be eligible
                        and willing to
                        enter into such Transaction in the absence of the current
                        derivative
                        provider, provided
                        that an external mark may not be obtained from the same Reference
                        Market-maker more than four times in any 12-month period.
                        The Valuation
                        Agent shall obtain these external marks directly or through
                        an independent
                        third party, in either case at no cost to Party B. The Valuation
                        Agent
                        shall calculate on each Valuation Date (for purposes of this
                        paragraph,
                        the last Local Business Day in each calendar month referred
                        to above shall
                        be considered a Valuation Date) the Secured Party’s Exposure based on the
                        greater of the Valuation Agent’s internal marks and the external marks
                        received. If the S&P Value on any such Valuation Date of all Posted
                        Credit Support then held by the Secured Party is less than
                        the S&P
                        Credit Support Amount on such Valuation Date (in each case
                        as determined
                        pursuant to this paragraph), Party A shall, within three
                        Local Business
                        Days of such Valuation Date, Transfer to the Secured Party
                        Eligible Credit
                        Support having an S&P Value as of the date of Transfer at least equal
                        to such deficiency. 

                    

            

             

            
              	(vi)  	
                      Notice
                        to S&P.
                        At
                        any time at which Party A (or, to the extent applicable,
                        its Credit
                        Support Provider) does not have a long-term unsubordinated
                        and unsecured
                        debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                        provide to S&P not later than the Notification Time on the Local
                        Business Day following each Valuation Date its calculations
                        of the Secured
                        Party’s Exposure and the S&P Value of any Eligible Credit Support or
                        Posted Credit Support for that Valuation Date. The Valuation
                        Agent shall
                        also provide to S&P any external marks received pursuant to the
                        preceding paragraph.

                    

            

             

            
              	(d)  	
                      Conditions
                        Precedent and Secured Party’s Rights and
                        Remedies.
                        The following Termination Events will be a “Specified
                        Condition”
                        for the party specified (that party being the Affected Party
                        if the
                        Termination Event occurs with respect to that party): With
                        respect to
                        Party A: any Additional Termination Event with respect to
                        which Party A is
                        the sole Affected Party. With respect to Party B:
                        None.

                    

            

             

            
              	(e)  	
                      Substitution.

                    

            

             

            
              	(i)  	
                      “Substitution
                        Date”
                        has the meaning specified in Paragraph
                        4(d)(ii).

                    

            

             

            
              	(ii)  	
                      Consent.
                        If
                        specified here as applicable, then the Pledgor must obtain
                        the Secured
                        Party’s consent for any substitution pursuant to Paragraph 4(d):
                        Inapplicable.

                    

            

             

            
              	(f)  	
                      Dispute
                        Resolution.

                    

            

             

            
              	(i)  	
                      “Resolution
                        Time”
                        means 11:00 a.m. New York time on the Local Business Day
                        following the
                        date on which the notice of the dispute is given under Paragraph
                        5.

                    

            

             

            
              	(ii)  	
                      Value.
                        Notwithstanding anything to the contrary in Paragraph 12,
                        for the purpose
                        of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger
                        Value, and Moody’s Second Trigger Value, on any date, of Eligible
                        Collateral other than Cash will be calculated as follows:
                        

                    

            

             

            For
              Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
              the
              sum of (A) the product of (1)(x) the bid price at the Valuation Time
              for such
              securities on the principal national securities exchange on which such
              securities are listed, or (y) if such securities are not listed on
              a national
              securities exchange, the bid price for such securities quoted at the
              Valuation
              Time by any principal market maker for such securities selected by
              the Valuation
              Agent, or (z) if no such bid price is listed or quoted for such date,
              the bid
              price listed or quoted (as the case may be) at the Valuation Time for
              the day
              next preceding such date on which such prices were available and (2)
              the
              applicable Valuation Percentage for such Eligible Collateral, and (B)
              the
              accrued interest on such securities (except to the extent Transferred
              to the
              Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable
              price
              referred to in the immediately preceding clause (A)) as of such
              date.

             

            
              	(iii)  	
                      Alternative.
                        The provisions of Paragraph 5 will
                        apply.

                    

            

             

            
              	(g)  	
                      Holding
                        and Using Posted
                        Collateral.

                    

            

             

            
              	(i)  	
                      Eligibility
                        to Hold Posted Collateral; Custodians.  Party
                        B (or any Custodian) will be entitled to hold Posted Collateral
                        pursuant
                        to Paragraph 6(b). 

                    

            

             

            Party
              B
              may appoint as Custodian (A) the entity then serving as Cap Trustee
              or (B) any
              entity other than the entity then serving as Cap Trustee if such other
              entity
              (or, to the extent applicable, its parent company or credit support
              provider)
              shall then have a long-term unsecured and unsubordinated debt rating
              of at least
“A+” by S&P and at least “A1” by Moody’s.

             

            Initially,
              the Custodian
              for
              Party B is: the Cap Trustee of the Trust.

             

            
              	(ii)  	
                      Use
                        of Posted Collateral. The
                        provisions of Paragraph 6(c)(i) will not apply to Party B,
                        but the
                        provisions of Paragraph 6(c)(ii) will apply to Party B.
                        

                    

            

             

            
              	(h)  	
                      Distributions
                        and Interest Amount.

                    

            

             

            
              	(i)  	
                      Interest
                        Rate.
                        The “Interest
                        Rate”
                        will be the actual interest rate earned on Posted Collateral
                        in the form
                        of Cash that is held by Party B or its Custodian. Posted
                        Collateral in the
                        form of Cash shall be invested in such overnight (or redeemable
                        within two
                        Local Business Days of demand) interest-bearing Permitted
                        Investments
                        rated at least AAAm or AAAm-G by S&P and Prime-1 by Moody’s or Aaa by
                        Moody’s as directed by Party A (unless (x) an Event of Default
                        or an
                        Additional Termination Event has occurred with respect to
                        which Party A is
                        the defaulting or sole Affected Party or (y) an Early Termination
                        Date has
                        been designated, in which case such investment shall be held
                        uninvested).
                        Gains incurred in respect of any investment of Posted Collateral
                        in the
                        form of Cash in Permitted Investments as directed by Party
                        A shall be for
                        the account of Party A. Party A directs the Custodian to
                        deposit any
                        Posted Collateral that is in the form of Cash into an account
                        that
                        satisfies the criteria in the second preceding sentence and
                        that earns
                        interest at prevailing rates.

                    

            

             

            
              	(ii)  	
                      Transfer
                        of Interest Amount.
                        The Transfer of the Interest Amount will be made on the second
                        Local
                        Business Day following the end of each calendar month and
                        on any other
                        Local Business Day on which Posted Collateral in the form
                        of Cash is
                        Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                        however,
                        that the obligation of Party B to Transfer any Interest Amount
                        to Party A
                        shall be limited to the extent that Party B has earned and
                        received such
                        funds and such funds are available to Party B.

                    

            

             

            
              	(iii)  	
                      Alternative
                        to Interest Amount.
                        The provisions of Paragraph 6(d)(ii) will
                        apply.

                    

            

             

            
              	(i)  	
                      Additional
                        Representation(s).
                        There are no additional representations by either
                        party.

                    

            

             

            
              	(j)  	
                      Other
                        Eligible Support and Other Posted Support.

                    

            

             

            
              	(i)  	
                      “Value”
                        with respect to Other Eligible Support and Other Posted Support
                        means: not
                        applicable. 

                    

            

             

            
              	(ii)  	
                      “Transfer”
                        with respect to Other Eligible Support and Other Posted Support
                        means: not
                        applicable.

                    

            

             

            
              	(k)  	
                      Demands
                        and Notices.All
                        demands, specifications and notices under this Annex will
                        be made pursuant
                        to the Notices Section of this Agreement, except that any
                        demand,
                        specification or notice shall be given to or made at the
                        following
                        addresses, or at such other address as the relevant party
                        may from time to
                        time designate by giving notice (in accordance with the terms
                        of this
                        paragraph) to the other party:

                    

            

             

            If
              to
              Party A, at the address specified pursuant to the Notices Section of
              this
              Agreement.

             

            If
              to
              Party B, at the address specified pursuant to the Notices Section of
              this
              Agreement. 

             

            If
              to
              Party B’s Custodian, at such address as will be provided from time to
              time.

             

            
              	(l)  	
                      Address
                        for Transfers.
                        Each Transfer hereunder shall be made to the address specified
                        below or to
                        an address specified in writing from time to time by the
                        party to which
                        such Transfer will be made.

                    

            

             

            Party
              A account details:

             

            For
              the
              account of The Royal Bank of Scotland Financial Markets Fixed Income
              and
              Interest Rate 

            Derivative
              Operations, London SWIFT RBOSGB2RTCM with JPMorgan Chase Bank, New
              York

            CHASUS33,
              ABA # 021000021

            Account
              Number 400930153

             

            Party
              B’s Custodian account details for holding collateral:

             

            Deutsche
              Bank National Trust Company

            ABA
              021-001-033

            A/C
              #
              01419663

            A/C
              Name
              NYLTD Funds Control - Stars West

            Ref:
              Soundview 2007-NS1 Cap/Swap- Collateral Account

            Attn:
              GC07V1

            

            
              	(m)  	
                      Other
                        Provisions.

                    

            

             

            
              	(i)  	
                      Collateral
                        Account.
                        Party B shall open and maintain a segregated account, which
                        shall be an
                        Eligible Account, and hold, record and identify all Posted
                        Collateral in
                        such segregated account.

                    

            

             

            
              	(ii)  	
                      Agreement
                        as to Single Secured Party and Single Pledgor.
                        Party A and Party B hereby agree that, notwithstanding anything
                        to the
                        contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                        means only Party B, (b) the term “Pledgor” as used in this Annex means
                        only Party A, (c) only Party A makes the pledge and grant
                        in Paragraph 2,
                        the acknowledgement in the final sentence of Paragraph 8(a)
                        and the
                        representations in Paragraph 9.

                    

            

             

            
              	(iii)  	
                      Calculation
                        of Value.
                        Paragraph 4(c) is hereby amended by deleting the word “Value” and
                        inserting in lieu thereof “S&P Value, Moody’s First Trigger Value,
                        Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended by (A)
                        deleting the words “a Value” and inserting in lieu thereof “an S&P
                        Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                        (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                        Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                        Paragraph 5 (flush language) is hereby amended by deleting
                        the word
                        “Value” and inserting in lieu thereof “S&P Value, Moody’s First
                        Trigger Value, and Moody’s Second Trigger Value”. Paragraph 5(i) (flush
                        language) is hereby amended by deleting the word “Value” and inserting in
                        lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s
                        Second Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the
                        word “the Value, if” and inserting in lieu thereof “any one or more of the
                        S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                        Value, as the case may be”. Paragraph 5(ii) is hereby amended by (1)
                        deleting the first instance of the words “the Value” and inserting in lieu
                        thereof “any one or more of the S&P Value, Moody’s First Trigger
                        Value, and Moody’s Second Trigger Value” and (2) deleting the second
                        instance of the words “the Value” and inserting in lieu thereof “such
                        disputed S&P Value, Moody’s First Trigger Value, or Moody’s Second
                        Trigger Value”. Each of Paragraph 8(b)(iv)(B) and Paragraph 11(a) is
                        hereby amended by deleting the word “Value” and inserting in lieu thereof
                        “least of the S&P Value, Moody’s First Trigger Value, and Moody’s
                        Second Trigger Value”. 

                    

            

             

            
              	(iv)  	
                      Form
                        of Annex. Party
                        A and Party B hereby agree that the text of Paragraphs 1
                        through 12,
                        inclusive, of this Annex is intended to be the printed form
                        of ISDA Credit
                        Support Annex (Bilateral Form - ISDA Agreements Subject to
                        New York Law
                        Only version) as published and copyrighted in 1994 by the
                        International
                        Swaps and Derivatives Association,
                        Inc.

                    

            

             

            
              	(v)  	
                      Events
                        of Default.
                        Paragraph 7 will not apply to cause any Event of Default
                        to exist with
                        respect to Party B except that Paragraph 7(i) will apply
                        to Party B solely
                        in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                        Support Annex. Notwithstanding anything to the contrary in
                        Paragraph 7,
                        any failure by Party A to comply with or perform any obligation
                        to be
                        complied with or performed by Party A under the Credit Support
                        Annex shall
                        only be an Event of Default if (A) a
                        Required Ratings Downgrade Event has occurred and been continuing
                        for 30
                        or more Local Business Days, and (B) such failure is not
                        remedied on or
                        before the third Local Business Day after notice of such
                        failure is given
                        to Party A.

                    

            

             

            
              	(vi)  	
                      Expenses.
                        Notwithstanding anything to the contrary in Paragraph 10,
                        the Pledgor will
                        be responsible for, and will reimburse the Secured Party
                        for, all transfer
                        and other taxes and other costs involved in any Transfer
                        of Eligible
                        Collateral.

                    

            

             

            
              	(vii)  	
                      Withholding.
                        Paragraph 6(d)(ii) is hereby amended by inserting immediately
                        after “the
                        Interest Amount” in the fourth line thereof the words “less any applicable
                        withholding taxes.”

                    

            

             

            
              	(viii)  	
                      [Reserved]

                    

            

             

            (ix)  
               Additional
              Definitions.
              As used
              in this Annex:

             

            “Collateral
              Event” means
              that no Relevant Entity has credit ratings at least equal to the Approved
              Ratings Threshold.

             

            “DV01”
              means,
              with respect to a Transaction and any date of determination, the estimated
              change in the Secured Party’s Transaction Exposure with respect to such
              Transaction that would result from a one basis point change in the
              relevant swap
              curve on such date, as determined by the Valuation Agent in good faith
              and in a
              commercially reasonable manner. The Valuation Agent shall, upon request
              of Party
              B, provide to Party B a statement showing in reasonable detail such
              calculation.

             

            “Exposure”
              has the
              meaning specified in Paragraph 12, except that after the word “Agreement” the
              words “(assuming, for this purpose only, that Part 1(f) of the Schedule is
              deleted)” shall be inserted. 

             

            “Local
              Business Day”
means,
              for purposes of this Annex: any day on which (A) commercial banks are
              open for
              business (including dealings in foreign exchange and foreign currency
              deposits)
              in New York and the location of Party A, Party B and any Custodian,
              and (B) in
              relation to a Transfer of Eligible Collateral, any day on which the
              clearance
              system agreed between the parties for the delivery of Eligible Collateral
              is
              open for acceptance and execution of settlement instructions (or in
              the case of
              a Transfer of Cash or other Eligible Collateral for which delivery
              is
              contemplated by other means a day on which commercial banks are open
              for
              business (including dealings in foreign exchange and foreign deposits)
              in New
              York and the location of Party A, Party B and any Custodian. 

             

            “Moody’s
              First Trigger Event” means
              that no Relevant Entity has credit ratings from Moody’s at least equal to the
              Moody’s First Trigger Ratings Threshold.

             

            “Moody’s
              First Trigger Credit Support Amount” means,
              for any Valuation Date, the excess, if any, of

             

            
              	 	
                      (I)

                    	
                      (A)

                    	
                      for
                        any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                        and has been continuing (x) for at least 30 Local Business
                        Days or (y)
                        since this Annex was executed and (II) it is not the case
                        that a Moody’s
                        Second Trigger Event has occurred and been continuing for
                        at least 30
                        Local Business Days, an amount equal to the greater of (a)
                        zero and (b)
                        the sum of (i) the Secured Party’s Exposure for such Valuation Date and
                        (ii) the sum, for each Transaction to which this Annex relates,
                        of
                        

                    

            

             

            the
              lesser of (x) the product of the Moody’s First Trigger DV01 Multiplier and DV01
              for such Transaction and such Valuation Date and (y) the product of
              (i) Moody’s
              First Trigger Notional Amount Multiplier, (ii) the Scale Factor and
              (iii) the
              Notional Amount for such Transaction for the Calculation Period (each
              as defined
              in the related Confirmation) which includes such Valuation Date; or

             

            
              	 	
                      (B)

                    	
                      for
                        any other Valuation Date, zero,
                        over

                    

            

             

            (II)           the
              Threshold for Party A such Valuation Date.

             

            “Moody’s
              First Trigger DV01 Multiplier”
              means
              15.

             

            “Moody’s
              First Trigger Value”
              means,
              on any date and with respect to any Eligible Collateral other than
              Cash, the bid
              price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
              Valuation Percentage for such Eligible Collateral set forth in Paragraph
              13(b)(ii).

             

            “Moody’s
              First Trigger Notional Amount Multiplier”
              means
              2%.

             

            “Moody’s
              Second Trigger Event” means
              that no Relevant Entity has credit ratings from Moody’s at least equal to the
              Moody’s Second Trigger Ratings Threshold.

             

            “Moody’s
              Second Trigger Credit Support Amount”
              means,
              for any Valuation Date, the excess, if any, of

             

            
              	 	
                      (I)

                    	
                      (A)

                    	
                      for
                        any Valuation Date on which it is the case that a Moody’s Second Trigger
                        Event has occurred and been continuing for at least 30 Local
                        Business
                        Days, an amount equal to the greatest of (a) zero, (b) the
                        aggregate
                        amount of the next payment due to be paid by Party A under
                        each
                        Transaction to which this Annex relates, and (c) the sum
                        of (x) the
                        Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                        Transaction to which this Annex relates, of

                    

            

             

            (1)
              if
              such Transaction is not a Transaction-Specific Hedge, 

             

            the
              lesser of (i) the product of the Moody’s Second Trigger DV01 Multiplier and DV01
              for such Transaction and such Valuation Date and (ii) the product of
              (a) the
              Moody’s Second Trigger Notional Amount Multiplier, (b) the Scale Factor and
              (c)
              and the Notional Amount for such Transaction for the Calculation Period
              which
              includes such Valuation Date; or

             

            (2)
              if
              such Transaction is a Transaction-Specific Hedge, 

             

            the
              lesser of (i) the product of the Moody’s Second Trigger Transaction-Specific
              Hedge DV01 Multiplier and DV01 for such Transaction and such Valuation
              Date and
              (ii) the product of (a) the Moody’s Second Trigger Transaction-Specific Hedge
              Notional Amount Multiplier, (b) the Scale Factor and (c) the Notional
              Amount for
              such Transaction for the Calculation Period (each as defined in the
              related
              Confirmation) which includes such Valuation Date; or 

             

            
              	 	
                      (B)

                    	
                      for
                        any other Valuation Date, zero,
                        over

                    

            

             

            (II)        
               the
              Threshold for Party A for such Valuation Date.

             

            “Moody’s
              Second Trigger DV01 Multiplier”
              means
              50.

             

            “Moody’s
              Second Trigger Transaction-Specific Hedge DV01
              Multiplier”
              means
              65.

             

            “Moody’s
              Second Trigger Transaction-Specific Hedge Notional Amount
              Multiplier”
              means
              10%.

             

            “Moody’s
              Second Trigger Value”
              means,
              on any date and with respect to any Eligible Collateral other than
              Cash, the bid
              price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
              Valuation Percentage for such Eligible Collateral set forth in Paragraph
              13(b)(ii).

             

            “Moody’s
              Second Trigger Notional Amount Multiplier”
              means
              8%.

             

            “Remaining
              Weighted Average Maturity” means,
              with respect to a Transaction, the expected weighted average maturity
              for such
              Transaction as determined by the Valuation Agent. 

             

            “S&P
              Credit Support Amount”
              means,
              for any Valuation Date, the excess, if any, of

             

            
              	 	
                      (I)

                    	
                      (A)
                        

                    	
                      for
                        any Valuation Date on which (i) an S&P Rating Threshold Event has
                        occurred and been continuing for at least 30 days, or (ii)
                        a S&P
                        Required Ratings Downgrade Event has occurred and is continuing,
                        an amount
                        equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                        Valuation Date and (2) the sum, for each Transaction to which
                        this Annex
                        relates, of the product of (i) the Volatility Buffer for
                        such Transaction,
                        (ii) the Scale Factor and (iii) the Notional Amount of such
                        Transaction
                        for the Calculation Period of such Transaction (each as defined
                        in the
                        related Confirmation) which includes such Valuation Date,
                        or

                    

            

             

            
              	 	
                      (B)

                    	
                      for
                        any other Valuation Date, zero,
                        over

                    

            

             

            (II)         
               the
              Threshold for Party A for such Valuation Date.

             

            “S&P
              Rating Threshold Event”
              means,
              on any date, no Relevant Entity has credit ratings from S&P which equal or
              exceed the S&P Approved Ratings Threshold.

             

            “S&P
              Value”
              means,
              on any date and with respect to any Eligible Collateral other than
              Cash, the
              product of (A) the bid price obtained by the Valuation Agent for such
              Eligible
              Collateral and (B) the S&P Valuation Percentage for such Eligible Collateral
              set forth in paragraph 13(b)(ii).

             

            “Transaction
              Exposure”
              means,
              for any Transaction, Exposure determined as if such Transaction were
              the only
              Transaction between the Secured Party and the Pledgor.

             

            “Transaction-Specific
              Hedge” means
              any
              Transaction that is (i) an interest rate swap in respect of which (x)
              the
              notional amount of the interest rate swap is “balance guaranteed” or (y) the
              notional amount of the interest rate swap for any Calculation Period
              (as defined
              in the related Confirmation) otherwise is not a specific dollar amount
              that is
              fixed at the inception of the Transaction, (ii) an interest rate cap,
              (iii) an
              interest rate floor or (iv) an interest rate swaption.

             

            “Valuation
              Percentage”
              shall
              mean, for purposes of determining the S&P Value, Moody’s First Trigger
              Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
              or Posted Collateral, the applicable S&P Valuation Percentage, Moody’s First
              Trigger Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for
              such Eligible Collateral or Posted Collateral, respectively, in each
              case as set
              forth in Paragraph 13(b)(ii).

             

            “Value”
              shall
              mean, in respect of any date, the related S&P Value, the related Moody’s
              First Trigger Value, and the related Moody’s Second Trigger Value.

             

            “Volatility
              Buffer”
              means,
              for any Transaction, the related percentage set forth in the following
              table.

            

              
                	
                        The
                          higher of the S&P credit rating of (i) Party A and (ii) the Credit
                          Support Provider of Party A, if applicable

                      	 	
                        Remaining
                          Weighted Average Maturity 

                        up
                          to 3 years

                      	 	
                        Remaining
                          Weighted Average Maturity

                        up
                          to 5 years

                      	 	
                        Remaining
                          Weighted Average Maturity

                        up
                          to 10 years

                      	 	
                        Remaining
                          Weighted Average Maturity

                        up
                          to 30 years

                      
	
                        “A-2”
                          or higher

                      	 	
                        2.75%

                      	 	
                        3.25%

                      	 	
                        4.00%

                      	 	
                        4.75%

                      
	
                        “A-3”

                      	 	
                        3.25%

                      	 	
                        4.00%

                      	 	
                        5.00%

                      	 	
                        6.25%

                      
	
                        “BB+”
                          or
                          lower

                      	 	
                        3.50%

                      	 	
                        4.50%

                      	 	
                        6.75%

                      	 	
                        7.50%

                      

              

            

             

             

             

            

             

            

             

            

             

            [Remainder
              of this page intentionally left blank]

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            IN
              WITNESS WHEREOF, the parties have executed this Annex by their duly
              authorized
              representatives as of the date of the Agreement.

             

            
              	
                      The Royal Bank of Scotland plc 

                      By: Greenwich Capital Markets, Inc.,
                        its
                        agent

                    	 	
                      Deutsche
                        Bank National Trust Company, not in its individual capacity,
                        but solely as
                        Cap Trustee on behalf of the Cap Trust with respect to Soundview
                        Home Loan
                        Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1

                    	 
	 	 	 	 	 	 
	 	 	 	 	
                    	 	 	 
	By:	 	 	 	By: 	 	 	 
	 	Name:	 	 	 	Name:	 	 
	 	Title:	 	 	 	Title:	 	 
	 	
                      Date:

                    	 	 	 	
                      Date:

                    	 	 

            

             

             

          

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P

       

      FORM
        OF
        BASIS RISK CAP AGREEMENT

       

       

      
        	 	
                

              
	 	 
	 	
                Financial
                  Markets

                280
                  Bishopsgate

                London
                  EC2M 4RB

              

      

      
 

       

      
        	
                Memorandum

              	
                March
                  8, 2007

              

      

      

      
        	
                To:

              	
                Deutsche
                  Bank National Trust Company, not in its individual capacity, but
                  solely as
                  Trustee

                (the
                  “Trustee”) on
                  behalf of Soundview Home Loan Trust, Asset-Backed Certificates,
                  Series
                  

                2007-NS1
                  (“Party
                  B”)

              
	 	 

      

      
        	 	
                Deutsche
                  Bank National Trust Company

                1761
                  East Saint Andrew Place

                Santa
                  Ana, CA 92705

                Tel:
                  (714) 247-6000

                Fax:
                  (714) 244-6478

              
	 	 

      

      
        	
                From:

                 

                 

                 

                 

              	
                The
                  Royal Bank of Scotland plc (“Party
                  A”)

                c/o
                  RBS Financial Markets

                Level
                  7, 135 Bishopsgate

                London
                  EC2M 3UR

                Attn:
                  Head of Legal, Financial Markets 

                Tel:
                  44 207 085 5000

                Fax:
                  44 207 085 8411

              
	 	 
	
                Copy
                  To:

              	
                Greenwich
                  Capital Markets, Inc.

                600
                  Steamboat Road

                Greenwich,
                  CT 06830

                Attn:
                  Legal Department - Derivatives Documentation

                Tel.:
                  203-618-2576

                Fax:
                  203-618-2533/34

              
	 	 
	
                Our
                  Reference Number:

              	
                IRG16221898.2A/.2B

              

      

      

      The
        purpose of this long-form confirmation (“Confirmation”)
        is to
        confirm the terms and conditions of the current Transaction entered into
        on the
        Trade Date specified below (the “Transaction”)
        between
        Party A and
        Deutsche Bank National Trust Company, not in its individual capacity, but
        solely
        as Trustee (the “Trustee”)
        on
        behalf of Soundview Home Loan Trust, Asset-Backed Certificates, Series (the
        “Trust”)
        created under the Pooling and Servicing Agreement, dated as of February 1,
        2007,
        among Financial Asset Securities Corp. (the “Depositor”),
        Nationstar Mortgage, LLC. (the
        “Servicer”)
        and
        Deutsche Bank National Trust Company (as “Trustee”)
        (the
“Pooling
        and Servicing Agreement”).
        This
        Confirmation evidences a complete and binding agreement between you and us
        to
        enter into the Transaction on the terms set forth below and replaces any
        previous agreement between us with respect to the subject matter hereof.
        This
        Confirmation constitutes a “Confirmation”
        and also
        constitutes a “Schedule”
        as
        referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit Support
        Annex to the Schedule. 

      

      
        1.            
          This
          Confirmation shall supplement, form a part of, and be subject to an agreement
          in
          the form of the ISDA Master Agreement (Multicurrency - Cross Border) as
          published and copyrighted in 1992 by the International Swaps and Derivatives
          Association, Inc. (the “ISDA
          Master Agreement”),
          as if
          Party A and Party B had executed an agreement in such form on the date
          hereof,
          with a Schedule as set forth in Item 3 of this Confirmation, and an ISDA
          Credit
          Support Annex (Bilateral Form - ISDA Agreements Subject to New York Law
          Only
          version) as published and copyrighted in 1994 by the International Swaps
          and
          Derivatives Association, Inc., with Paragraph 13 thereof as set forth in
          Annex A
          hereto (the “Credit
          Support Annex”).
          For
          the avoidance of doubt, the Transaction described herein shall be the sole
          Transaction governed by such ISDA Master Agreement. In the event of any
          inconsistency among any of the following documents, the relevant document
          first
          listed shall govern: (i) this Confirmation, exclusive of the provisions
          set
          forth in Item 3 hereof and Annex A hereto; (ii) the provisions set forth
          in Item
          3 hereof, which are incorporated by reference into the Schedule; (iii)
          the
          Credit Support Annex; (iv) the Definitions; and (v) the ISDA Master
          Agreement.

      

      

      Each
        reference herein to a “Section” (unless specifically referencing the Pooling and
        Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
        a reference to a Section of the ISDA Master Agreement; each herein reference
        to
        a “Part” will be construed as a reference to the provisions herein deemed
        incorporated in a Schedule to the ISDA Master Agreement; each reference herein
        to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
        Support Annex.

      

      
        	
                2.

              	
                The
                  terms of the particular Transaction to which this Confirmation
                  relates are
                  as follows:

              

      

      

      

        
          	
                  Notional
                    Amount:

                	
                  With
                    respect to any Calculation Period, the lesser of (i) the amount
                    set forth
                    on Schedule A attached hereto and (ii) the aggregate Certificate
                    Principal
                    Balance of the Floating Rate Certificates for the related Distribution
                    Date (the “Relevant Balance”).

                
	 	 
	 	
                  The
                    Trustee shall make available each month on its website a statement
                    containing the Relevant Balance at least five (5) Business Days
                    prior to
                    the related Floating Rate Payer Payment Date, and Party A shall
                    be
                    entitled to rely conclusively upon such statement. The Trustee’s internet
                    website is located at www.tss.db.com/invr and assistance in using
                    the
                    website can be obtained by calling 800-735-7777. 

                
	 	 
	 	
                  Any
                    payment by Party A to Party B in excess of the amount due under
                    this
                    Transaction on any Floating Rate Payer Payment Date (as a result
                    of the
                    Notional Amount for the related Calculation Period being other
                    than the
                    amount set forth in Schedule A hereto for such Calculation Period)
                    shall
                    be returned by Party B to Party A as soon as Party B becomes
                    aware of such
                    overpayment. Other than the return of such overpayment, neither
                    Party B
                    nor Party A shall incur any penalty or liability hereunder with
                    respect to
                    such overpayment.

                
	 	 
	
                  Trade
                    Date:

                	
                  March
                    6, 2007

                
	 	 
	
                  Effective
                    Date:

                	
                  March
                    25, 2007

                
	 	 
	
                  Termination
                    Date:

                	
                  November
                    25, 2007, subject to adjustment in accordance with the Business
                    Day
                    Convention.

                
	 	 
	
                  Fixed
                    Amounts:

                	 
	 	 
	
                  Fixed
                    Rate Payer:

                	
                  Party
                    B

                
	 	 
	
                  Fixed
                    Rate Payer Payment Date:

                	
                  March
                    8, 2007

                
	 	 
	
                  Fixed
                    Amount:

                	
                  USD
                    6,000, to be paid on behalf of Party B by Greenwich Capital Financial
                    Products, Inc. to Party A. The Parties agree, for convenience
                    and ease of
                    administration, the payment of the Fixed Amount will be netted
                    with the
                    payment of the Additional Floating Amount in the confirmation
                    with
                    reference number D16221894 and the Fixed Amounts in the confirmations
                    between the Parties with reference numbers IRG16221895.2A/2B
                    and
                    IRG16221895.2A/2B.

                
	 	 
	
                  Floating
                    Amounts:

                	 
	 	 
	
                  Floating
                    Rate Payer:

                	
                  Party
                    A

                
	 	 
	
                  Cap
                    Rate:

                	
                  For
                    each Calculation Period the percentage set forth in Schedule
                    A as the Cap
                    Rate for such Calculation Period.

                
	 	 
	
                  Floating
                    Rate Payer Period End Dates:

                	
                  The
                    25th day of each month, commencing April 25, 2007, through and
                    including
                    the Termination Date, subject to adjustment in accordance with
                    the
                    Business Day Convention.

                
	 	 
	
                  Floating
                    Rate Payer Payment Dates:

                	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be one (1) Business Day prior to each Floating Rate Payer Period
                    End
                    Date.

                
	 	 
	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA,
                    provided, however, that if the Floating Rate Option for any Calculation
                    Period is greater than 10.500000%, then the Floating Rate Option
                    for such
                    Calculation Period shall be deemed to be 10.500000%.

                
	 	 
	
                  Designated
                    Maturity:

                	
                  1
                    month

                
	 	 
	
                  Spread:

                	
                  None

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360

                
	 	 
	
                  Reset
                    Dates:

                	
                  The
                    first day of each Calculation Period

                
	 	 
	
                  Compounding:

                	
                  Inapplicable:

                
	 	 
	 	 
	
                  Calculation
                    Agent:

                	
                  Party
                    A

                
	 	 
	
                  Business
                    Days:

                	
                  New
                    York 

                
	 	 
	
                  Business
                    Day Convention

                	
                  Following

                

        

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      
        	
                3.

              	
                Provisions
                  Deemed Incorporated in a Schedule to the ISDA Master
                  Agreement:

              

      

      

      
        	
                Part
                  1.

              	
                Termination
                  Provisions.

              

      

      

      For
        the
        purposes of this Agreement:-

      

      (a)          
        “Specified
        Entity”
        will not
        apply to Party A or Party B for any purpose. 

      

      
        	
                (b)

              	
                “Specified
                  Transaction”
                  will have the meaning specified in Section
                  14.

              

      

      

      
        	
                (c)

              	
                Events
                  of Default.

              

      

      

      The
        statement below that an Event of Default will apply to a specific party means
        that upon the occurrence of such an Event of Default with respect to such
        party,
        the other party shall have the rights of a Non-defaulting Party under Section
        6
        of this Agreement; conversely, the statement below that such event will not
        apply to a specific party means that the other party shall not have such
        rights.

      

      
        	(i)  	
                The
                  “Failure
                  to Pay or Deliver”
                  provisions of Section 5(a)(i) will apply to Party A and will apply
                  to
                  Party B; provided,
                  however,
                  that Section 5(a)(i) is hereby amended by replacing the word “third” with
                  the word “second”; provided,
                  further,
                  that notwithstanding anything to the contrary in Section 5(a)(i),
                  any
                  failure by Party A to comply with or perform any obligation to
                  be complied
                  with or performed by Party A under the Credit Support Annex shall
                  not
                  constitute an Event of Default under Section 5(a)(i) unless (A)
                  a Required
                  Ratings Downgrade Event has occurred and been continuing for 30
                  or more
                  Local Business Days and (B) such failure is not remedied on or
                  before the
                  third Local Business Day after notice of such failure is given
                  to Party
                  A.

              

      

      

      
        	(ii)  	
                The
                  “Breach
                  of Agreement”
                  provisions of Section 5(a)(ii) will apply to Party A and will not
                  apply to
                  Party B.

              

      

      

      
        	(iii)  	
                The
                  “Credit
                  Support Default”
                  provisions of Section 5(a)(iii) will apply to Party A and will
                  not apply
                  to Party B except that Section 5(a)(iii)(1) will apply to Party
                  B solely
                  in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                  Support Annex; provided,
                  however,
                  that notwithstanding anything to the contrary in Section 5(a)(iii)(1),
                  any
                  failure by Party A to comply with or perform any obligation to
                  be complied
                  with or performed by Party A under the Credit Support Annex shall
                  not
                  constitute an Event of Default under Section 5(a)(iii) unless (A)
                  a
                  Required Ratings Downgrade Event has occurred and been continuing
                  for 30
                  or more Local Business Days and (B) such failure is not remedied
                  on or
                  before the third Local Business Day after notice of such failure
                  is given
                  to Party A.

              

      

      

      
        	(iv)  	
                The
                  “Misrepresentation”
                  provisions of Section 5(a)(iv) will apply to Party A and will not
                  apply to
                  Party B. 

              

      

      

      
        	(v)  	
                The
                  “Default
                  under Specified Transaction”
                  provisions of Section 5(a)(v) will apply to Party A and will not
                  apply to
                  Party B.

              

      

      

      
        	(vi)  	
                The
                  “Cross
                  Default”
                  provisions of Section 5(a)(vi) will apply to Party A and will not
                  apply to
                  Party B. For purposes of Section 5(a)(vi), solely with respect
                  to Party
                  A:

              

      

      

      “Specified
        Indebtedness” will have the meaning specified in Section 14, except that such
        term shall not include obligations in respect of deposits received in the
        ordinary course of Party A’s banking business.

      

      “Threshold
        Amount” means with respect to Party A an amount equal to three percent (3%) of
        the shareholders’ equity of Party A or, if applicable, the Eligible Guarantor,
        in either case, as shown in the most recent annual audited financial statements
        of such entity. 

      

      
        	(vii)  	
                The
                  “Bankruptcy”
                  provisions of Section 5(a)(vii) will apply to Party A and will
                  apply to
                  Party B except that the provisions of Section 5(a)(vii)(2), (6)
                  (to the
                  extent that such provisions refer to any appointment contemplated
                  or
                  effected by the Pooling and Servicing Agreement or any appointment
                  to
                  which Party B has not become subject), (7) and (9) will not apply
                  to Party
                  B; provided
                  that, with respect to Party B only, Section 5(a)(vii)(4) is hereby
                  amended
                  by adding after the words “against it” the words “(excluding any
                  proceeding or petition instituted or presented by Party A or its
                  Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by deleting the
                  words “to (7) inclusive” and inserting lieu thereof “, (3), (4) as
                  amended, (5), (6) as amended, or (7)”. For purposes of Section
                  5(a)(vii)(6), the only relevant appointments are the appointments
                  of (i)
                  Deutsche Bank National Trust Company, as the Trustee, Supplemental
                  Interest Trust Trustee and Cap Trustee, in each case in accordance
                  with
                  the Pooling and Servicing Agreement, (ii) Nationstar Mortgage,
                  LLC, as
                  Servicer, and (iii) any successor to Deutsche Bank National Trust
                  Company
                  or Nationstar Mortgage, LLC that is appointed in accordance with
                  the
                  Pooling and Servicing Agreement.

              

      

      

      
        	(viii)  	
                The
                  “Merger
                  Without Assumption”
                  provisions of Section 5(a)(viii) will apply to Party A and will
                  apply to
                  Party B.

              

      

      

      (d)           Termination
        Events.

      

      The
        statement below that a Termination Event will apply to a specific party means
        that upon the occurrence of such a Termination Event, if such specific party
        is
        the Affected Party with respect to a Tax Event, the Burdened Party with respect
        to a Tax Event Upon Merger (except as noted below) or the non-Affected Party
        with respect to a Credit Event Upon Merger, as the case may be, such specific
        party shall have the right to designate an Early Termination Date in accordance
        with Section 6 of this Agreement; conversely, the statement below that such
        an
        event will not apply to a specific party means that such party shall not
        have
        such right; provided,
        however,
        with
        respect to “Illegality” the statement that such event will apply to a specific
        party means that upon the occurrence of such a Termination Event with respect
        to
        such party, either party shall have the right to designate an Early Termination
        Date in accordance with Section 6 of this Agreement.

      

      (i)          
         The
        “Illegality”
        provisions of Section 5(b)(i) will apply to Party A and will apply to Party
        B.

      

      
        	 	
                (ii)

              	
                The
                  “Tax
                  Event”
                  provisions of Section 5(b)(ii) will apply to Party A except that,
                  for
                  purposes of the application of Section 5(b)(ii) to Party A, Section
                  5(b)(ii) is hereby amended by deleting the words “(x) any action taken by
                  a taxing authority, or brought in a court of competent jurisdiction,
                  on or
                  after the date on which a Transaction is entered into (regardless
                  of
                  whether such action is taken or brought with respect to a party
                  to this
                  Agreement) or (y)”, and the “Tax
                  Event”
                  provisions of Section 5(b)(ii) will apply to Party B.
                  

              

      

      

      
        	 	
                (iii)

              	
                The
                  “Tax
                  Event Upon Merger”
                  provisions of Section 5(b)(iii) will apply to Party A and will
                  apply to
                  Party B, provided
                  that Party A shall not be entitled to designate an Early Termination
                  Date
                  by reason of a Tax Event upon Merger in respect of which it is
                  the
                  Affected Party.

              

      

      

      
        	 	
                (iv)

              	
                The
                  “Credit
                  Event Upon Merger”
                  provisions of Section 5(b)(iv) will not apply to Party A and will
                  not
                  apply to Party B.

              

      

      

      
        	
                (e)

              	
                The
                  “Automatic
                  Early Termination”
                  provision of Section 6(a) will not apply to Party A and will not
                  apply to
                  Party B.

              

      

      

      (f)            Payments
        on Early Termination.
        For the
        purpose of Section 6(e) of this Agreement:

      

      
        	(i)  	
                Market
                  Quotation will apply, provided,
                  however,
                  that in the event that Party A is the Defaulting Party or the sole
                  Affected Party with respect to a Tax Event upon Merger or an Additional
                  Termination Event, the following provisions will
                  apply:

              

      

      

      
        	 	
                (A)
                  

              	
                The
                  definition of Market Quotation in Section 14 shall be deleted in
                  its
                  entirety and replaced with the
                  following:

              

      

      

      “Market
        Quotation” means,
        with respect to one or more Terminated Transactions, a Firm Offer which is
        (1)
        made by a Reference Market-maker that is an Eligible Replacement, (2) for
        an
        amount that would be paid to Party B (expressed as a negative number) or
        by
        Party B (expressed as a positive number) in consideration of an agreement
        between Party B and such Reference Market-maker to enter into a Replacement
        Transaction, and (3) made on the basis that Unpaid Amounts in respect of
        the
        Terminated Transaction or group of Transactions are to be excluded but, without
        limitation, any payment or delivery that would, but for the relevant Early
        Termination Date, have been required (assuming satisfaction of each applicable
        condition precedent) after that Early Termination Date is to be included.
        The
        party making the determination (or its agent) will request each Reference
        Market-maker to provide its quotation to the extent reasonably practicable
        as of
        the same day and time (without regard to different time zones) on or as soon
        as
        reasonably practicable before the Latest Settlement Amount Determination
        Day (as
        defined below). The day and time as of which those quotations are to be obtained
        will be selected in good faith by the party obliged to make a determination
        under Section 6(e), and, if each party is so obliged, after consultation
        with
        the other. 

      

      
        	 	
                (B)

              	
                The
                  definition of Settlement Amount shall be deleted in its entirety
                  and
                  replaced with the following:

              

      

      

      “Settlement
        Amount”
        means,
        with respect to any Early Termination Date, an amount (as determined by Party
        B)
        equal to: 

      

      
        	 	
                (a)

              	
                If
                  a Market Quotation for the relevant Terminated Transaction or group
                  of
                  Terminated Transactions is accepted by Party B so as to become
                  legally
                  binding on or before the day falling ten Local Business Days after
                  the day
                  on which the Early Termination Date is designated, or such later
                  day as
                  Party B may specify in writing to Party A, but in either case no
                  later
                  than one Local Business Day prior to the Early Termination Date
                  (such day,
                  the “Latest Settlement Amount Determination Day”), the Termination
                  Currency Equivalent of the amount (whether positive or negative)
                  of such
                  Market Quotation; 

              

      

      

      
        	 	
                (b)

              	
                If,
                  on the Latest Settlement Amount Determination Day, no Market Quotation
                  for
                  the relevant Terminated Transaction or group of Terminated Transactions
                  has been accepted by Party B so as to become legally binding and
                  one or
                  more Market Quotations from
                  Approved Replacements have
                  been made and remain capable of becoming legally binding upon acceptance,
                  the Settlement Amount shall equal the Termination Currency Equivalent
                  of
                  the amount (whether positive or negative) of the lowest of such
                  Market
                  Quotations (for the avoidance of doubt, the lowest of such Market
                  Quotations shall be the lowest Market Quotation of
                  such Market Quotations
                  expressed as a positive number or, if any of such Market Quotations
                  is
                  expressed as a negative number, the Market Quotation expressed
                  as a
                  negative number with the largest absolute value);
                  or

              

      

      

      
        	 	
                (c)

              	
                If,
                  on the Latest Settlement Amount Determination Day, no Market Quotation
                  for
                  the relevant Terminated Transaction or group of Terminated Transactions
                  is
                  accepted by Party B so as to become legally binding and no Market
                  Quotation from an Approved Replacement remains capable of becoming
                  legally
                  binding upon acceptance, the Settlement Amount shall equal Party
                  B’s Loss
                  (whether positive or negative and without reference to any Unpaid
                  Amounts)
                  for the relevant Terminated Transaction or group of Terminated
                  Transactions.

              

      

      

      
        	 	
                (C)

              	
                If
                  Party B requests Party A in writing to obtain Market Quotations,
                  Party A
                  shall use its reasonable efforts to do so before the Latest Settlement
                  Amount Determination Day.

              

      

      

      
        	 	
                (D)

              	
                If
                  the Settlement Amount is a negative number, Section 6(e)(i)(3)
                  shall be
                  deleted in its entirety and replaced with the
                  following:

              

      

      

      “(3)
        Second
        Method and Market Quotation.
        If the
        Second Method and Market Quotation apply, (I) Party B shall pay to Party
        A an
        amount equal to the absolute value of the Settlement Amount in respect of
        the
        Terminated Transactions, (II) Party B shall pay to Party A the Termination
        Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
        A
        shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts
        owing to Party B; provided,
        however,
        that
        (x) the amounts payable under the immediately preceding clauses (II) and
        (III)
        shall be subject to netting in accordance with Section 2(c) of this Agreement
        and (y) notwithstanding any other provision of this Agreement, any amount
        payable by Party A under the immediately preceding clause (III) shall not
        be
        netted-off against any amount payable by Party B under the immediately preceding
        clause (I).”

       

      
        	 	
                (E)

              	
                At
                  any time on or before the Latest Settlement Amount Determination
                  Day at
                  which two or more Market Quotations from Approved Replacements
                  remain
                  capable of becoming legally binding upon acceptance, Party B shall
                  be
                  entitled to accept only the lowest of such Market Quotations (for
                  the
                  avoidance of doubt, the lowest of such Market Quotations shall
                  be the
                  lowest Market Quotation of such Market Quotations expressed as
                  a positive
                  number or, if any of such Market Quotations is expressed as a negative
                  number, the Market Quotation expressed as a negative number with
                  the
                  largest absolute value).

              

      

      

      
        	(ii)  	
                The
                  Second Method will apply.

              

      

      

      (g)         
         “Termination
        Currency”
        means
        USD.

      

      (h)        
          Additional
        Termination Events.
        Additional Termination Events will apply as provided in Part 5(c). 

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Part
        2.  Tax
        Matters.

      

      (a)          
         Tax
        Representations. 

      

      
        	 	
                (i)

              	
                Payer
                  Representations.
                  For the purpose of Section 3(e) of this Agreement:
                  

              

      

       

      (A)          Party
        A
        makes the following representation(s):

      

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental revenue authority, of any Relevant Jurisdiction to make any
        deduction or withholding for or on account of any Tax from any payment (other
        than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
        be made
        by it to the other party under this Agreement. In making this representation,
        it
        may rely on: the accuracy of any representations made by the other party
        pursuant to Section 3(f) of this Agreement; (ii) the satisfaction of the
        agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and
        the
        accuracy and effectiveness of any document provided by the other party pursuant
        to Section 4(a)(i) or 4(a)(iii) of this Agreement; and (iii) the satisfaction
        of
        the agreement of the other party contained in Section 4(d) of this Agreement,
        provided
        that it
        shall not be a breach of this representation where reliance is placed on
        clause
        (ii) and the other party does not deliver a form or document under Section
        4(a)(iii) by reason of material prejudice to its legal or commercial
        position.

      
        	 	 	 

      

      (B)          Party
        B
        makes the following representation(s):

      

      None.

      

      (ii)           Payee
        Representations.
        For the
        purpose of Section 3(f) of this Agreement: 

       

      (A)        
         Party
        A
        makes the following representation(s):

      

      
        	(i)  	
                Party
                  A is a tax resident of the United
                  Kingdom;

              

      

       

      
        	(ii)  	
                Party
                  A is a "foreign person" within the meaning of the applicable U.S.
                  Treasury
                  Regulations concerning information reporting and backup withholding
                  tax
                  (as in effect on January 1, 2001), unless Party A provides written
                  notice
                  to Party B that it is no longer a foreign person;
                  

              

      

       

      
        	(iii)  	
                in
                  respect of each Transaction Party A enters into through an office
                  or
                  discretionary agent in the United States or which otherwise is
                  allocated
                  (in whole or part) for United States federal income tax purposes
                  to such
                  United States trade or business, each payment received or to be
                  received
                  by Party A under such Transaction (or portion thereof, if applicable)
                  will
                  be effectively connected with its conduct of a trade or business
                  in the
                  United States; and

              

      

       

      
        	(iv)  	
                in
                  respect of all other Transactions or portions thereof, no such
                  payment
                  received or to be received by Party A in connection with this Agreement
                  is
                  attributable to a trade or business carried on by it through a
                  permanent
                  establishment in the United States.

              

      

       

      
        	 	 	 

      

      (B)           Party
        B
        makes the following representation(s):

      

      None. 

      

      
        	
                (b)

              	
                Tax
                  Provisions.

              

      

      

      
        	 	
                (i)

              	
                Gross
                  Up.
                  Section 2(d)(i)(4) shall not apply to Party B as X, and Section
                  2(d)(ii)
                  shall not apply to Party B as Y, in each case such that Party B
                  shall not
                  be required to pay any additional amounts referred to
                  therein.

              

      

      

      
        	 	
                (ii)

              	
                Indemnifiable
                  Tax.
                  The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                  entirety and replaced with the
                  following:

              

      

      

      “Indemnifiable
        Tax”
        means,
        in relation to payments by Party A, any Tax and, in relation to payments
        by
        Party B, no Tax. 

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Part
        3.  Agreement
        to Deliver Documents.  

      

      (a)         
         For
        the
        purpose of Section 4(a)(i), tax forms, documents, or certificates to be
        delivered are:

      

      
        	
                Party
                  required to deliver document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              
	 	 	 	 	 
	
                Party
                  A

              	 	
                A
                  correct, complete and duly executed U.S. Internal Revenue Service
                  Form
                  (W-8BEN, W-8ECI, W-9 or other applicable form (or successor thereto)),
                  together with appropriate attachments, that eliminates U.S. federal
                  withholding and backup withholding Tax on payments to Party A under
                  this
                  Agreement.

              	 	
                Upon
                  the execution and delivery of this Agreement and upon reasonable
                  request.

              
	 	 	 	 	 
	
                Party
                  B

              	 	
                Any
                  form or document required or reasonably requested to allow the
                  other party
                  to make payments to Party B under the Agreement without any deduction
                  or
                  withholding for or on account of any Tax, or with such deduction
                  or
                  withholding at a reduced rate, which may include tax forms relating
                  to the
                  beneficial owner of payments to Party B under the Agreement from
                  time to
                  time. 

              	 	
                Upon
                  the execution and delivery of this Agreement and at any time that
                  the last
                  such document delivered becomes incorrect or
                  out-of-date.

              

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      (b)         
         For
        the
        purpose of Section 4(a)(ii), other documents to be delivered are:

      

      
        	
                Party
                  required to deliver document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              	 	
                Covered
                  by Section 3(d) Representation

              
	 	 	 	 	 	 	 
	
                Party
                  A and

                Party
                  B

              	 	
                Any
                  documents required by the receiving party to evidence the authority
                  of the
                  delivering party or its Credit Support Provider, if any, for it
                  to execute
                  and deliver the Agreement, this Confirmation, and any Credit Support
                  Documents to which it is a party, and to evidence the authority
                  of the
                  delivering party or its Credit Support Provider to perform its
                  obligations
                  under the Agreement, this Confirmation and any Credit Support Document,
                  as
                  the case may be

              	 	
                Upon
                  the execution and delivery of this Agreement

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A and

                Party
                  B

              	 	
                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing the
                  Agreement, this Confirmation, and any relevant Credit Support Document,
                  as
                  the case may be

              	 	
                Upon
                  the execution and delivery of this Agreement

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Annual
                  Report of Party A containing consolidated financial statements
                  certified
                  by independent certified public accountants and prepared in accordance
                  with generally accepted accounting principles in the country in
                  which
                  Party A is organized

              	 	
                Promptly
                  upon becoming publicly available, if not available on Party A’s
                  website

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Interim
                  Financial Statements of Party A containing unaudited, consolidated
                  financial statements of Party A’s reporting period prepared in accordance
                  with generally accepted accounting principles in the country in
                  which
                  Party A is organized

              	 	
                Promptly
                  upon becoming publicly available, if not available on Party A’s
                  website.

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A and 

                Party
                  B

              	 	
                Opinion(s)
                  of counsel satisfactory to the other party

              	 	
                Upon
                  the execution and delivery of this Agreement

              	 	
                No

              

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

Part
        4.    Miscellaneous. 

      

      
        	
                (a)

              	
                Address
                  for Notices:
                  For the purposes of Section 12(a) of this
                  Agreement:

              

      

      

      Address
        for notices or communications to Party A and Party B shall be those set forth
        on
        the first page of the Confirmation:

      

      (b)         
         Process
        Agent.
        For the
        purpose of Section 13(c):

      

      Party
        A
        appoints as its Process Agent: Not applicable.

      

      Party
        B
        appoints as its Process Agent: Not applicable.

      

      
        	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) will apply to this
                  Agreement.

              

      

      

      
        	
                (d)

              	
                Multibranch
                  Party.
                  For the purpose of Section 10(c) of this
                  Agreement:

              

      

      

      Party
        A
        is not a Multibranch Party.

      

      
        	 	
                Party
                  B is not a Multibranch Party.

              

      

      

      
        	
                (e)

              	
                Calculation
                  Agent.
                  The Calculation Agent is Party A.

              

      

      

      (f)           Credit
        Support Document. 

       

      
        	 	
                Party
                  A:

              	
                The
                  Credit Support Annex, and any guarantee in support of Party A’s
                  obligations under this Agreement.

              

      

      

      Party
        B:                  The
        Credit Support Annex, solely in respect of Party B’s obligations under Paragraph
        3(b) of the Credit Support Annex.

      

      
        	
                (g)

              	
                Credit
                  Support Provider.

              

      

      

      Party
        A:               
 The
        guarantor under any guarantee in support of Party A’s obligations under this
        Agreement.

      

      Party
        B:                
 None.

      

      
        	
                (h)

              	
                Governing
                  Law.
                  The parties to this Agreement hereby agree that the law of the
                  State of
                  New York shall govern their rights and duties in whole, without
                  regard to
                  the conflict of law provisions thereof other than New York General
                  Obligations Law Sections 5-1401 and 5-1402.

              

      

      

      
        	
                (i)

              	
                Netting
                  of Payments.
                  The parties agree that subparagraph (ii) of Section 2(c) will apply
                  to
                  each Transaction hereunder. 

              

      

      

      
        	
                (j)

              	
                Affiliate.“Affiliate”
                  shall have the meaning assigned thereto in Section 14; provided,
                  however,
                  that Party B shall be deemed to have no Affiliates for purposes
                  of this
                  Agreement, including for purposes of Section
                  6(b)(ii).

              

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Part
        5.    Others
        Provisions.

      

      
        	
                (a)

              	
                Definitions.
                  Unless
                  otherwise specified in a Confirmation, this Agreement and each
                  Transaction
                  under this Agreement are subject to the 2000 ISDA Definitions as
                  published
                  and copyrighted in 2000 by the International Swaps and Derivatives
                  Association, Inc. (the “Definitions”),
                  and will be governed in all relevant respects by the provisions
                  set forth
                  in the Definitions, without regard to any amendment to the Definitions
                  subsequent to the date hereof. The provisions of the Definitions
                  are
                  hereby incorporated by reference in and shall be deemed a part
                  of this
                  Agreement, except that (i) references in the Definitions to a “Swap
                  Transaction” shall be deemed references to a “Transaction” for purposes of
                  this Agreement, and (ii) references to a “Transaction” in this Agreement
                  shall be deemed references to a “Swap Transaction” for purposes of the
                  Definitions. Each term capitalized but not defined in this Agreement
                  shall
                  have the meaning assigned thereto in the Pooling and Servicing
                  Agreement.

              

      

       

      (b)         
         Amendments
        to ISDA Master Agreement.

      

      
        	 	
                (i)

              	
                Single
                  Agreement.
                  Section 1(c) is hereby amended by the adding the words “including, for the
                  avoidance of doubt, the Credit Support Annex” after the words “Master
                  Agreement”. 

              

      

      

      
        	 	
                (ii)

              	
                [Reserved]

              

      

      

      
        	 	
                (iii)

              	
                Change
                  of Account.
                  Section 2(b) is hereby amended by the addition of the following
                  after the
                  word “delivery” in the first line
                  thereof:

              

      

       

      “to
        another account in the same legal and tax jurisdiction as the original
        account”.

      

      
        	 	
                (iv)

              	
                Representations.
                  Section 3 is hereby amended by adding at the end thereof the following
                  subsection (g): 

              

      

      

      
        	 	
                “(g)

              	
                Relationship
                  Between Parties. 

              

      

      

      
        	 	
                (1)

              	
                Nonreliance.
                  (i) It is not relying on any statement or representation of the
                  other
                  party regarding the Transaction (whether written or oral), other
                  than the
                  representations expressly made in this Agreement or the Confirmation
                  in
                  respect of that Transaction and (ii) it has consulted with its
                  own legal,
                  regulatory, tax, business, investment, financial and accounting
                  advisors
                  to the extent it has deemed necessary, and it has made its own
                  investment,
                  hedging and trading decisions based upon its own judgment and upon
                  any
                  advice from such advisors as it has deemed necessary and not upon
                  any view
                  expressed by the other party.

              

      

       

      
        	 	
                (2)

              	
                Evaluation
                  and Understanding. (i) It has the capacity to evaluate (internally
                  or
                  through independent professional advice) the Transaction and has
                  made its
                  own decision to enter into the Transaction and (ii) It understands
                  the
                  terms, conditions and risks of the Transaction and is willing and
                  able to
                  accept those terms and conditions and to assume those risks, financially
                  and otherwise. 

              

      

      

      
        	 	
                (3)

              	
                Purpose.
                  It is entering into the Transaction for the purposes of managing
                  its
                  borrowings or investments, hedging its underlying assets or liabilities
                  or
                  in connection with a line of business.

              

      

      

      
        	 	
                (4)

              	
                Status
                  of Parties. The other party is not acting as an agent, fiduciary
                  or
                  advisor for it in respect of the Transaction.

              

      

      

      
        	 	
                (5)

              	
                Eligible
                  Contract Participant. It is an “eligible contract participant” as defined
                  in Section 1(a)(12) of the Commodity Exchange Act, as
                  amended.”

              

      

      

      
        	 	
                (v)

              	
                Transfer
                  to Avoid Termination Event.
                  Section 6(b)(ii) is hereby amended by (i) deleting the words “or if a Tax
                  Event Upon Merger occurs and the Burdened Party is the Affected
                  Party,”
                  and (ii) by deleting the words “to transfer” and inserting the words “to
                  effect a Permitted Transfer” in lieu
                  thereof.

              

      

      

      
        	 	
                (vi)

              	
                Jurisdiction.
                  Section
                  13(b) is hereby amended by: (i) deleting in the second line of
                  subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                  end of subparagraph 1 and inserting “.” in lieu thereof, and (iii)
                  deleting the final paragraph
                  thereof.

              

      

      

      
        	 	
                (vii)

              	
                Local
                  Business Day.
                  The definition of Local Business Day in Section 14 is hereby amended
                  by
                  the addition of the words “or any Credit Support Document” after “Section
                  2(a)(i)” and the addition of the words “or Credit Support Document” after
                  “Confirmation”. 

              

      

      

      
        	
                (c)

              	
                Additional
                  Termination Events.
                  The following Additional Termination Events will
                  apply:

              

      

      

      
        (i)            First
          Rating Trigger Collateral.
          If (A)
          it is not the case that a Moody’s Second Trigger Ratings Event has occurred and
          been continuing for 30 or more Local Business Days and (B) Party
          A
          has failed to comply with or perform any obligation to be complied with
          or
          performed by Party A in accordance with the Credit Support Annex, then
          an
          Additional Termination Event shall have occurred with respect to Party
          A and
          Party A shall be the sole Affected Party with respect to such Additional
          Termination Event. 

      

      

      
        (ii)         
           Second
          Rating Trigger Replacement.
          If (A) a
          Required Ratings Downgrade Event has occurred and been continuing for 30
          or more
          Local Business Days and (B) (i) at least one Eligible Replacement has made
          a
          Firm Offer to be the transferee of all of Party A’s rights and obligations under
          this Agreement (and such Firm Offer remains an offer that will become legally
          binding upon such Eligible Replacement upon acceptance by the offeree)
          and/or
          (ii) an Eligible Guarantor has made a Firm Offer to provide an Eligible
          Guarantee (and such Firm Offer remains an offer that will become legally
          binding
          upon such Eligible Guarantor immediately upon acceptance by the offeree),
          then
          an Additional Termination Event shall have occurred with respect to Party
          A and
          Party A shall be the sole Affected Party with respect to such Additional
          Termination Event. 

      

      

      
        	 	
                (iii)

              	
                [Reserved]

              

      

      

      
        	 	
                (iv)

              	
                Regulation
                  AB. If
                  (i) the Depositor still has a reporting obligation with respect
                  to the
                  Transaction hereunder pursuant to Regulation AB and (ii) Party
                  A has not,
                  within the applicable time period specified in Part 5(e)(ii)(a)
                  below
                  after a Cap Disclosure Event, complied with any of the provisions
                  set
                  forth in Part 5(e)(ii) below, then an Additional Termination Event
                  shall
                  have occurred with respect to Party A and Party A shall be the
                  sole
                  Affected Party with respect to such Additional Termination
                  Event.

              

      

      

      
        	 	
                (v)

              	
                Optional
                  Termination of Securitization.
                  An
                  Additional Termination Event shall occur upon the notice to
                  Certificateholders of an Optional Termination becoming unrescindable
                  in
                  accordance with Article X of the Pooling and Servicing Agreement.
                  Party B
                  shall be the sole Affected Party with respect to such Additional
                  Termination Event; provided, however, that notwithstanding anything
                  to the
                  contrary in Section 6(b)(iv), only Party B may designate an Early
                  Termination Date in respect of this Additional Termination Event;
                  provided, further, that for purposes of determining the payment
                  under
                  Section 6(e) of this Agreement in respect of this Additional Termination
                  Event, for all Calculation Periods beginning on or after the Early
                  Termination Date, the definition of Notional Amount in the Confirmation
                  shall be deleted in its entirety and replaced with the following:
                  "With
                  respect to each Calculation Period, the Calculation Amount for
                  such
                  Calculation Period as set forth in Schedule A attached hereto multiplied
                  by the quotient of (A) the Notional Amount for the Calculation
                  Period
                  immediately prior to the Early Termination Date divided by (B)
                  the
                  Calculation Amount for the Calculation Period immediately prior
                  to the
                  Early Termination Date as set forth in Schedule A attached
                  hereto.

              

      

      

      
        	
                (d)

              	
                Required
                  Ratings Downgrade Event.
                  In
                  the event that no Relevant Entity has credit ratings at least equal
                  to the
                  Required Ratings Threshold (such event, a “Required
                  Ratings Downgrade Event”),
                  then Party A shall, as soon as reasonably practicable and so long
                  as a
                  Required Ratings Downgrade Event is in effect, at its own expense,
                  using
                  commercially reasonable efforts, procure either (A) a Permitted
                  Transfer
                  or (B) an Eligible Guarantee from an Eligible Guarantor.
                  

              

      

      

      (e)        
          Compliance
        with Regulation AB.
        

       

      (i)          
         It
        shall
        be a cap disclosure event (“Cap
        Disclosure Event”)
        if, at
        any time after the date hereof while the Depositor has reporting obligations
        with respect to this Transaction pursuant to Regulation AB, the Depositor
        or
        Greenwich Capital Financial Products, Inc. (the “Sponsor”)
        notifies Party A that the aggregate “significance percentage” (calculated in
        accordance with the provisions of Item 1115 of Regulation AB) of all derivative
        instruments provided by Party A and any of its affiliates to Party B
        (collectively, the “Aggregate
        Significance Percentage”)
        is 9%
        or more.

       

      (ii)         
         Upon
        the
        occurrence of a Cap Disclosure Event while the Depositor has reporting
        obligations with respect to this Transaction pursuant to Regulation AB, Party
        A,
        at its own cost and expense (and without any expense or liability to the
        Depositor, the Sponsor, the Underwriters, the Depositor, the Trustee or the
        Issuing Entity), shall take one of the following actions:

       

      (a)         
         provide
        to the Sponsor and the Depositor: (i) if the Aggregate Significance Percentage
        is 9% or more, but less than 10%, within thirty (30) days, either, at the
        sole
        discretion of Party A, the information required under Item 1115(b)(1) or
        Item
        1115(b)(2) of Regulation AB, (ii) if the Aggregate Significance Percentage
        is
        10% or more, but less than 20%, within five (5) Business Days, either, at
        the
        sole discretion of Party A, the information required under Item 1115(b)(1)
        or
        Item 1115(b)(2) of Regulation AB, (iii) if the Aggregate Significance Percentage
        is 19% or more, but less than 20%, within thirty (30) days, the information
        required under Item 1115(b)(2) of Regulation AB or (iv) if the Aggregate
        Significance Percentage is 20% or more, within five (5) Business Days, the
        information required under Item 1115(b)(2) of Regulation AB; or

       

      (b)         
         transfer
        in a Permitted Transfer (provided that a Permitted Transfer pursuant to this
        subclause (b) shall not require satisfaction of the Rating Agency Condition)
        its
        obligations under the Transaction to a counterparty with the Approved Ratings
        Thresholds (or which satisfies the Rating Agency Condition), that (x) provides
        the information specified in clause (a) above to the Depositor and Sponsor
        and
        (y) enters into documentation substantially similar to the documentation
        then in
        place between Party A and Party B. For purposes of this subclause (b), the
        parties agree that National Westminster Bank Plc (“NatWest”)
        shall
        be an acceptable replacement for Party A, so long as NatWest is able to provide
        the information required under subclause (a) above and satisfy the requirements
        of this subclause (b).

       

      (iii)          For
        so long as the Aggregate Significance Percentage is 10% or more the Depositor
        has reporting obligations with respect to this Transaction, Party A shall
        provide any updates to the information provided pursuant to clause (ii)(a)
        above
        to the Sponsor and the Depositor within five (5) Business Days following
        the
        availability thereof (but in no event more than 6 months after the end of
        each
        of Party A’s fiscal year for any annual update and when available for any
        interim update).

       

      (iv)       
         All
        information provided pursuant to clause (ii) shall be in a form suitable
        for
        conversion to the format required for filing by the Depositor with the
        Commission via the Electronic Data Gathering and Retrieval System (EDGAR).
        The
        parties hereto acknowledge that electronic files in Adobe Acrobat format
        will be
        deemed to satisfy the requirements of this Part 5(e)(iv). In addition, any
        such
        information, if audited, shall be accompanied by any necessary auditor’s
        consents or, if such information is unaudited, shall be accompanied by an
        appropriate agreed-upon procedures letter from Party A’s accountants. If
        permitted by Regulation AB, any such information may be provided by reference
        to
        or incorporation by reference from reports filed pursuant to the Exchange
        Act.

       

      (v)        
          The
        Sponsor and Depositor each shall be an express third party beneficiary of
        this
        Agreement with respect to Party A’s undertakings under this Part 5(e)
        only.

       

      
        	
                (f)

              	
                Transfers. 

              

      

       

      (i)           
         Section
        7
        is hereby amended to read in its entirety as follows:

       

      “Except
        with respect to any Permitted Transfer pursuant to Section 6(b)(ii), Part
        5(d),
        Part 5(e)(ii)(b) or Part 5(f), neither Party A nor Party B is permitted to
        assign, novate or transfer (whether by way of security or otherwise) as a
        whole
        or in part any of its rights, obligations or interests under the Agreement
        or
        any Transaction unless (a) the prior written consent of the other party is
        obtained and (b) the Rating Agency Condition has been satisfied with respect
        to
        S&P. At any time at which no Relevant Entity has credit ratings at least
        equal to the Approved Ratings Threshold, Party A may make a Permitted
        Transfer.”

       

      
        	 	
                (ii)

              	
                If
                  an Eligible Replacement has made a Firm Offer (which remains an
                  offer that
                  will become legally binding upon acceptance by Party B) to be the
                  transferee pursuant to a Permitted Transfer, Party B shall, at
                  Party A’s
                  written request and at Party A’s expense, take any reasonable steps
                  required to be taken by Party B to effect such transfer.
                  

              

      

       

      
        	
                (g)

              	
                Non-Recourse.
                  Party A acknowledges and agrees that, notwithstanding any provision
                  in
                  this Agreement to the contrary, the obligations of Party B hereunder
                  are
                  limited recourse obligations of Party B, payable solely from the
                  Trust and
                  the proceeds thereof, in accordance with the priority of payments
                  and
                  other terms of the Pooling and Servicing Agreement and that Party
                  A will
                  not have any recourse to any of the directors, officers, employees,
                  shareholders or affiliates of the Party B with respect to any claims,
                  losses, damages, liabilities, indemnities or other obligations
                  asserted
                  against Party B in connection with any transactions contemplated
                  hereby.
                  In the event that the Trust and the proceeds thereof, funded in
                  accordance
                  with the priority of payments and other terms of the Pooling and
                  Servicing
                  Agreement, should be insufficient to satisfy all claims outstanding
                  and
                  following the realization of the account held by the Trust and
                  the
                  proceeds thereof, any claims against or obligations of Party B
                  under the
                  ISDA Master Agreement or any other confirmation thereunder still
                  outstanding shall be extinguished and thereafter not revive. The
                  Trustee
                  shall not have liability for any failure or delay in making a payment
                  hereunder to Party A due to any failure or delay in receiving amounts
                  in
                  the account held by the Trust from the Trust created pursuant to
                  the
                  Pooling and Servicing Agreement. This provision will survive the
                  termination of this Agreement.

              

      

      

      
        	
                (h)

              	
                [Reserved]

              

      

      

      
        	
                (i)

              	
                Rating
                  Agency Notifications. Notwithstanding
                  any other provision of this Agreement, no Early Termination Date
                  shall be
                  effectively designated hereunder by Party B and no transfer of
                  any rights
                  or obligations under this Agreement shall be made by either party
                  unless
                  each Rating Agency has been given prior written notice of such
                  designation
                  or transfer. 

              

      

      

      
        	
                (j)

              	
                No
                  Set-off.
                  Except as expressly provided for in Section 2(c), Section 6 or
                  Part
                  1(f)(i)(D) hereof, and notwithstanding any other provision of this
                  Agreement or any other existing or future agreement, each party
                  irrevocably waives any and all rights it may have to set off, net,
                  recoup
                  or otherwise withhold or suspend or condition payment or performance
                  of
                  any obligation between it and the other party hereunder against
                  any
                  obligation between it and the other party under any other agreements.
                  Section 6(e) shall be amended by deleting the following sentence:
“The
                  amount, if any, payable in respect of an Early Termination Date
                  and
                  determined pursuant to this Section will be subject to any
                  Set-off.”.

              

      

       

      
        	
                (k)

              	
                Amendment.
                  Notwithstanding any provision to the contrary in this Agreement,
                  no
                  amendment of either this Agreement or any Transaction under this
                  Agreement
                  shall be permitted by either party unless each of the Rating Agencies
                  has
                  been provided prior written notice of the same and such amendment
                  satisfies the Rating Agency Condition with respect to
                  S&P.

              

      

      

      
        	
                (l)

              	
                Notice
                  of Certain Events or Circumstances.
                  Each Party agrees, upon learning of the occurrence or existence
                  of any
                  event or condition that constitutes (or that with the giving of
                  notice or
                  passage of time or both would constitute) an Event of Default or
                  Termination Event with respect to such party, promptly to give
                  the other
                  Party and to each Rating Agency notice of such event or condition;
                  provided
                  that failure to provide notice of such event or condition pursuant
                  to this
                  Part 5(l) shall not constitute an Event of Default or a Termination
                  Event.

              

      

       

      (m)        
         Proceedings.
        No
        Relevant Entity shall institute against, or cause any other person to institute
        against, or join any other person in instituting against Party B, the Trust,
        or
        the trust formed pursuant to the Pooling and Servicing Agreement, in any
        bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
        or other proceedings under any federal or state bankruptcy or similar law
        for a
        period of one year (or, if longer, the applicable preference period) and
        one day
        following payment in full of the Certificates and any Notes. This provision
        will
        survive the termination of this Agreement. 

      

      
        	
                (n)

              	
                Trustee
                  Liability Limitations.
                  It
                  is expressly understood and agreed by the parties hereto that (a)
                  this
                  Agreement is executed by Deutsche Bank National Trust Company
                  (“DBNTC”)
                  not in its individual capacity, but solely as Trustee under the
                  Pooling
                  and Servicing Agreement in the exercise of the powers and authority
                  conferred and invested in it thereunder; (b) DBNTC has been directed
                  pursuant to the Pooling and Servicing Agreement to enter into this
                  Agreement and to perform its obligations hereunder; (c) each of
                  the
                  representations, undertakings and agreements herein made on behalf
                  of the
                  Trust is made and intended not as personal representations of the
                  Trustee
                  but is made and intended for the purpose of binding only the Trust;
                  and
                  (d) under no circumstances shall DBNTC
                  in its individual capacity be personally liable for any payments
                  hereunder
                  or for the breach or failure of any obligation, representation,
                  warranty
                  or covenant made or undertaken under this
                  Agreement.

              

      

      

      
        	
                (o)

              	
                Severability.
                  If
                  any term, provision, covenant, or condition of this Agreement,
                  or the
                  application thereof to any party or circumstance, shall be held
                  to be
                  invalid or unenforceable (in whole or in part) in any respect,
                  the
                  remaining terms, provisions, covenants, and conditions hereof shall
                  continue in full force and effect as if this Agreement had been
                  executed
                  with the invalid or unenforceable portion eliminated, so long as
                  this
                  Agreement as so modified continues to express, without material
                  change,
                  the original intentions of the parties as to the subject matter
                  of this
                  Agreement and the deletion of such portion of this Agreement will
                  not
                  substantially impair the respective benefits or expectations of
                  the
                  parties; provided,
                  however,
                  that this severability provision shall not be applicable if any
                  provision
                  of Section 2, 5, 6, or 13 (or any definition or provision in Section
                  14 to
                  the extent it relates to, or is used in or in connection with any
                  such
                  Section) shall be so held to be invalid or unenforceable.
                  

              

      

      

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        invalid or unenforceable term, provision, covenant or condition with a valid
        or
        enforceable term, provision, covenant or condition, the economic effect of
        which
        comes as close as possible to that of the invalid or unenforceable term,
        provision, covenant or condition. 

      

      
        	
                (p)

              	
                Party
                  B as Agent. Party
                  A acknowledges that Party B is acting as the Trustee for the Trust
                  under
                  the Pooling and Servicing Agreement to carry out certain functions
                  on
                  behalf of the Trust. 

              

      

       

      
        	
                (q)

              	
                [Reserved]

              

      

       

      
        	
                (r)

              	
                Consent
                  to Recording.
                  Each party hereto consents to the monitoring or recording, at any
                  time and
                  from time to time, by the other party of any and all communications
                  between trading, marketing, and operations personnel of the parties
                  and
                  their Affiliates, waives any further notice of such monitoring
                  or
                  recording, and agrees to notify such personnel of such monitoring
                  or
                  recording. 

              

      

      

      
        	
                (s)

              	
                Waiver
                  of Jury Trial.
                  Each party waives any right it may have to a trial by jury in respect
                  of
                  any suit, action or proceeding relating to this Agreement or any
                  Credit
                  Support Document. 

              

      

      

      
        	
                (t)

              	
                Form
                  of ISDA Master Agreement. Party
                  A and Party B hereby agree that the text of the body of the ISDA
                  Master
                  Agreement is intended to be the printed form of the ISDA Master
                  Agreement
                  (Multicurrency - Crossborder) as published and copyrighted in 1992
                  by the
                  International Swaps and Derivatives Association,
                  Inc.

              

      

      

      
        	
                (u)

              	
                Payment
                  Instructions.
                  Party A hereby agrees that, unless notified in writing by Party
                  B of other
                  payment instructions, any and all amounts payable by Party A to
                  Party B
                  under this Agreement shall be paid to the account specified in
                  Item 4 of
                  this Confirmation, below. 

              

      

      

      
        	
                (v)

              	
                Additional
                  representations.

              

      

      

      
        	 	
                (i)

              	
                Representations
                  of Party A.
                  Party A represents to Party B on the date on which Party A enters
                  into
                  each Transaction that:--

              

      

       

      Party
        A’s
        obligations under this Agreement rank pari
        passu
        with all
        of Party A’s other unsecured, unsubordinated obligations except those
        obligations preferred by operation of law.

      

      
        	 	
                (ii)

              	
                Capacity.
                  Party A represents to Party B on the date on which Party A enters
                  into
                  this Agreement that it is entering into the Agreement and the Transaction
                  as principal and not as agent of any person.

              

      

       

      
        	
                (w)

              	
                Acknowledgements.

              

      

      

      
        	 	
                (i)

              	
                Substantial
                  financial transactions.
                  Each party hereto is hereby advised and acknowledges as of the
                  date hereof
                  that the other party has engaged in (or refrained from engaging
                  in)
                  substantial financial transactions and has taken (or refrained
                  from
                  taking) other material actions in reliance upon the entry by the
                  parties
                  into the Transaction being entered into on the terms and conditions
                  set
                  forth herein and in the Pooling and Servicing Agreement relating
                  to such
                  Transaction, as applicable. This paragraph shall be deemed repeated
                  on the
                  trade date of each Transaction.

              

      

       

      
        	 	
                (ii)

              	
                Bankruptcy
                  Code.
                  Subject to Part 5(m), without limiting the applicability if any,
                  of any
                  other provision of the U.S. Bankruptcy Code as amended (the “Bankruptcy
                  Code”) (including without limitation Sections 362, 546, 556, and 560
                  thereof and the applicable definitions in Section 101 thereof),
                  the
                  parties acknowledge and agree that all Transactions entered into
                  hereunder
                  will constitute “forward contracts” or “swap agreements” as defined in
                  Section 101 of the Bankruptcy Code or “commodity contracts” as defined in
                  Section 761 of the Bankruptcy Code, that the rights of the parties
                  under
                  Section 6 of this Agreement will constitute contractual rights
                  to
                  liquidate Transactions, that any margin or collateral provided
                  under any
                  margin, collateral, security, pledge, or similar agreement related
                  hereto
                  will constitute a “margin payment” as defined in Section 101 of the
                  Bankruptcy Code, and that the parties are entities entitled to
                  the rights
                  under, and protections afforded by, Sections 362, 546, 556, and
                  560 of the
                  Bankruptcy Code.

              

      

       

      (x)         
         Agency
        Role of Greenwich Capital Markets, Inc.
        In
        connection with this Agreement, Greenwich Capital Markets, Inc. has acted
        as
        agent on behalf of The Royal Bank of Scotland plc. Greenwich Capital Markets,
        Inc. has not guaranteed and is not otherwise responsible for the obligations
        of
        The Royal Bank of Scotland plc under this Agreement.

      

      (y)         
         Limitation
        on Events of Default.
        Notwithstanding the terms of Sections 5 and 6 of the Agreement, if Party
        B has
        satisfied its payment obligations under Section 2(a)(i) of the Agreement,
        then
        unless Party A is required pursuant to appropriate proceedings to return
        to
        Party B or otherwise returns to Party B upon demand of Party B any portion
        of
        such payment, (a) the occurrence of an event described in Section 5(a) of
        the
        Agreement with respect to Party B (other than in respect of Party B’s
        obligations under Paragraph 3(b) of the Credit Support Annex) shall not
        constitute an Event of Default or Potential Event of Default with respect
        to
        Party B as the Defaulting Party and (b) Party A shall be entitled to designate
        an Early Termination Date pursuant to Section 6 of the Agreement only as
        a
        result of (x) an Event of Default under Section 5(a)(3) in respect of Party
        B’s
        obligations under Paragraph 3(b) of the Credit Support Annex, (y) a Termination
        Event set forth in either Section 5(b)(i) or Section 5(b)(ii) of the Agreement
        with respect to Party A as the Affected Party or (z) Section 5(b)(iii) of
        the
        Agreement with respect to Party A as the Burdened Party. For purposes of
        the
        Transaction to which this Confirmation relates, Party B’s only obligation under
        Section 2(a)(i) of the Agreement is to pay the Fixed Amount on the Fixed
        Rate
        Payer Payment Date.

      

      (z)          
         Additional
        Definitions. 

       

      As
        used
        in this Agreement, the following terms shall have the meanings set forth
        below,
        unless the context clearly requires otherwise: 

       

      “Approved
        Ratings Threshold”
        means
        each of the S&P Approved Ratings Threshold and the Moody’s First Trigger
        Ratings Threshold.

      

      “Approved
        Replacement” means,
        with respect to a Market Quotation, an entity making such Market Quotation,
        which entity would satisfy conditions (a), (b) and (c) of the definition
        of
        Permitted Transfer (as determined by Party B in its sole discretion, acting
        in a
        commercially reasonable manner) if such entity were a Transferee, as defined
        in
        the definition of Permitted Transfer.

      

      “Eligible
        Guarantee”
        means an
        unconditional and irrevocable guarantee of all present and future obligations
        (for the avoidance of doubt, not limited to payment obligations) of Party
        A or
        an Eligible Replacement to Party B under this Agreement that is provided
        by an
        Eligible Guarantor as principal debtor rather than surety and that is directly
        enforceable by Party B, the form and substance of which guarantee are subject
        to
        the Rating Agency Condition with respect to S&P, and either (A) a law firm
        has given a legal opinion confirming that none of the guarantor’s payments to
        Party B under such guarantee will be subject to Tax
        collected by withholding or
        (B)
        such guarantee provides that, in the event that any of such guarantor’s payments
        to Party B are subject to Tax collected by withholding, such guarantor is
        required to pay such additional amount as is necessary to ensure that the
        net
        amount actually received by Party B (free and clear of any Tax collected
        by
        withholding) will equal the full amount Party B would have received had no
        such
        withholding been required.

      

      “Eligible
        Guarantor” means
        an
        entity that (A) has credit ratings at least equal to the Approved Ratings
        Threshold or (B) has credit ratings at least equal to the Required Ratings
        Threshold, provided,
        for the
        avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor with
        credit ratings below the Approved Ratings Threshold will not cure or prevent
        the
        occurrence of a Collateral Event (as defined in the Credit Support Annex).
        

      

      “Eligible
        Replacement”
        means an
        entity (i) that has credit ratings at least equal to the Approved Ratings
        Threshold, (ii) has credit ratings at least equal to the Required Ratings
        Threshold, provided,
        for the
        avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor with
        credit ratings below the Approved Ratings Threshold will not cure or prevent
        the
        occurrence of a Collateral Event (as defined in the Credit Support Annex),
        or
        (iii) the present and future obligations (for the avoidance of doubt, not
        limited to payment obligations) of which entity to Party B under this Agreement
        are guaranteed pursuant to an Eligible Guarantee provided by an Eligible
        Guarantor.

      

      “Firm
        Offer”
        means
        (A) with respect to an Eligible Replacement, a quotation from such Eligible
        Replacement (i) in an amount equal to the actual amount payable by or to
        Party B
        in consideration of an agreement between Party B and such Eligible Replacement
        to replace Party A as the counterparty to this Agreement by way of novation
        or,
        if such novation is not possible, an agreement between Party B and such Eligible
        Replacement to enter into a Replacement Transaction (assuming that all
        Transactions hereunder become Terminated Transactions), and (ii) that
        constitutes an offer by such Eligible Replacement to replace Party A as the
        counterparty to this Agreement or enter a Replacement Transaction that will
        become legally binding upon such Eligible Replacement upon acceptance by
        Party
        B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
        Guarantor to provide an Eligible Guarantee that will become legally binding
        upon
        such Eligible Guarantor upon acceptance by the offeree.

      

      “Moody’s”
        means
        Moody’s Investors Service, Inc., or any successor thereto. 

      

      “Moody’s
        First Trigger Ratings Threshold” means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, (i) if such entity has a short-term unsecured and
        unsubordinated debt rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
        short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
        or (ii) if such entity does not have a short-term unsecured and unsubordinated
        debt rating or counterparty rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

      

      “Moody’s
        Second Trigger Ratings Event” means
        that no
        Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
        Second Trigger Ratings Threshold. 

      

      “Moody’s
        Second Trigger Ratings Threshold” means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, (i) if such entity has a short-term unsecured and
        unsubordinated debt rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
        short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
        or (ii) if such entity does not have a short-term unsecured and unsubordinated
        debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
        or counterparty rating from Moody’s of “A3”.

      

      “Permitted
        Transfer” means
        a
        transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
        Part
        5(e)(ii)(b), Part 5(f) or the second sentence of Section 7 (as amended herein)
        to a transferee (the “Transferee”)
        of all,
        but not less than all, of Party A’s rights, liabilities, duties and obligations
        under this Agreement, with respect to which transfer each of the following
        conditions is satisfied: (a) the Transferee is an Eligible Replacement; (b)
        Party A and the Transferee are both “dealers in notional principal contracts”
within the meaning of Treasury regulations section 1.1001-4; (c) as of the
        date
        of such transfer the Transferee would not be required to withhold or deduct
        on
        account of Tax from any payments under this Agreement or would be required
        to
        gross up for such Tax under Section 2(d)(i)(4); (d) an Event of Default or
        Termination Event would not occur as a result of such transfer; (e) pursuant
        to
        a written instrument (the “Transfer
        Agreement”),
        the
        Transferee acquires and assumes all rights and obligations of Party A under
        the
        Agreement and the relevant Transaction; (f) Party B shall have determined,
        in
        its sole discretion, acting in a commercially reasonable manner, that such
        Transfer Agreement is effective to transfer to the Transferee all, but not
        less
        than all, of Party A’s rights and obligations under the Agreement and all
        relevant Transactions; (g) Party A will be responsible for any costs or expenses
        incurred in connection with such transfer (including any replacement cost
        of
        entering into a replacement transaction); (h) either (A) Moody’s has been given
        prior written notice of such transfer and the Rating Agency Condition is
        satisfied with respect to S&P or (B) each Rating Agency has been given prior
        written notice of such transfer and such transfer is in connection with the
        assignment and assumption of this Agreement without modification of its terms,
        other than party names, dates relevant to the effective date of such transfer,
        tax representations (provided that the representations in Part 2(a)(i) are
        not
        modified) and any other representations regarding the status of the substitute
        counterparty of the type included in Part 5(b)(iv) or Part 5(v), notice
        information and account details; and (i) such transfer otherwise complies
        with
        the terms of the Pooling and Servicing Agreement.

       

      “Rating
        Agencies”
        means,
        with respect to any date of determination, each of S&P and Moody’s, to the
        extent that each such rating agency is then providing a rating for any of
        the
        Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
        (the “Certificates”) or any notes backed by the Certificates (the
“Notes”).

       

      “Rating
        Agency Condition”
        means,
        with respect to any particular proposed act or omission to act hereunder
        and
        each Rating Agency specified in connection with such proposed act or omission,
        that the party acting or failing to act must consult with each of the specified
        Rating Agencies and receive from each such Rating Agency a prior written
        confirmation that the proposed action or inaction would not cause a downgrade
        or
        withdrawal of the then-current rating of any Certificates or Notes.

      

      “Relevant
        Entity” means
        Party A and, to the extent applicable, a guarantor under an Eligible
        Guarantee.

      

      “Replacement
        Transaction”
        means,
        with respect to any Terminated Transaction or group of Terminated Transactions,
        a transaction or group of transactions that (i) would have the effect of
        preserving for Party B the economic equivalent of any payment or delivery
        (whether the underlying obligation was absolute or contingent and assuming
        the
        satisfaction of each applicable condition precedent) by the parties under
        Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
        Transactions that would, but for the occurrence of the relevant Early
        Termination Date, have been required after that Date, and (ii) has terms
        which
        are substantially the same as this Agreement, including, without limitation,
        rating triggers, Regulation AB compliance, and credit support documentation,
        save for the exclusion of provisions relating to Transactions that are not
        Terminated Transaction, as determined by Party B in its sole discretion,
        acting
        in a commercially reasonable manner.

      

      “Required
        Ratings Downgrade Event”
        shall
        have the meaning assigned thereto in Part 5(d).

      

      “Required
        Ratings Threshold” means
        each of the S&P Required Ratings Threshold and the Moody’s Second Trigger
        Ratings Threshold.

      

      “S&P”
        means
        Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
        Inc., or any successor thereto. 

      

      “S&P
        Approved Ratings Threshold”
        means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, a short-term unsecured and unsubordinated debt rating
        from
        S&P of “A-1”, or, if such entity does not have a short-term unsecured and
        unsubordinated debt rating from S&P, a long-term unsecured and
        unsubordinated debt rating from S&P of “A+”.

      

      “S&P
        Required Ratings Downgrade Event”
        means
        that no Relevant Entity has credit ratings at least equal to the S&P
        Required Ratings Threshold.

      

      “S&P
        Required Ratings Threshold”
        means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, a long-term unsecured and unsubordinated debt rating
        from
        S&P of “BBB+”.

      

      

      4. Account
        Details and Settlement Information:  

      

        
          	
                  Payments
                    to Party A:

                	
                  For
                    the account of The Royal Bank of Scotland Financial Markets Fixed
                    Income
                    and 

                  Interest
                    Rate Derivative Operations, London SWIFT RBOSGB2RTCM with

                  JPMorgan
                    Chase Bank, New York CHASUS33, ABA # 021000021

                
	 	
                  Account
                    Number 400930153

                
	 	 
	
                  Payments
                    to Party B:

                	
                  Deutsche
                    Bank National Trust Company

                
	 	
                  ABA
                    # 021001033

                
	 	
                  Account
                    #: 01419663

                
	 	
                  Account
                    Name: NYLTD Funds Control/Stars West

                
	 	
                  Ref:
                    Soundview 2007-NS1 Cap GC07V1

                

        

      

       

      

      This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

      

      [Remainder
        of this page intentionally left blank.]

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      We
        are
        very pleased to have executed this Transaction with you and we look forward
        to
        completing other transactions with you in the near future.

       

      
        Very
          truly yours,

         

        THE
          ROYAL BANK OF SCOTLAND PLC

        By:
          Greenwich Capital Markets, Inc., its agent

         

        
          	By	 	 	 
	 	Name:	 	 
	 	Title: 	 	 

        

         

          

        Accepted
          and confirmed as of the Trade Date written above:

        

          DEUTSCHE
            BANK NATIONAL TRUST COMPANY, not
            in
            its individual capacity, but solely as Trustee on behalf 

          of
            Soundview Home Loan Trust, Asset-Backed Certificates, Series
            2007-NS1

           

        

        
          
            	By	 	 	 
	 	Name:	 	 
	 	Title: 	 	 

          

           

        

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      SCHEDULE
        A

       

      
        	
                From
                  and including

              	
                To
                  but excluding

              	
                Calculation
                  Amount (USD)

              	
                Cap
                  Rate

              
	 	 	 	 
	
                03/25/07
                  

              	
                04/25/07
                  

              	
                650,774,299.00
                  

              	
                7.722010
                  

              
	
                04/25/07
                  

              	
                05/25/07
                  

              	
                641,996,723.00
                  

              	
                7.979400
                  

              
	
                05/25/07
                  

              	
                06/25/07
                  

              	
                631,869,358.00
                  

              	
                7.722120
                  

              
	
                06/25/07
                  

              	
                07/25/07
                  

              	
                620,417,633.00
                  

              	
                7.979800
                  

              
	
                07/25/07
                  

              	
                08/25/07
                  

              	
                607,675,643.00
                  

              	
                7.722790
                  

              
	
                08/25/07
                  

              	
                09/25/07
                  

              	
                593,686,182.00
                  

              	
                7.723940
                  

              
	
                09/25/07
                  

              	
                10/25/07
                  

              	
                578,501,623.00
                  

              	
                7.982140
                  

              
	
                10/25/07
                  

              	
                11/25/07
                  

              	
                562,216,327.00
                  

              	
                7.725710
                  

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Annex
        A

      

      Paragraph
        13 of the Credit Support Annex

      

      
        	 	 
	 	 
	 	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      

      ISDA®

      CREDIT
        SUPPORT ANNEX

      to
        the
        Schedule to the

      ISDA
        Master Agreement

      dated
        as
        of March 8, 2007 between

      The
        Royal
        Bank of Scotland plc (hereinafter referred to as “Party
        A”
        or
“Pledgor”)

      and

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Trustee (the “Trustee”)
        

      on
        behalf
        of Soundview Home Loan Trust, Asset-Backed Certificates, Series 2007-NS1
        (the
“Trust”)

      (hereinafter
        referred to as “Party
        B”
        or
“Secured
        Party”).

      

      For
        the
        avoidance of doubt, and notwithstanding anything to the contrary that may
        be
        contained in the Agreement, this Credit Support Annex shall relate solely
        to the
        Transaction documented in the Confirmation dated March 8, 2007, between Party
        A
        and Party B, Reference Number IRG16221898.2A/.2B.

      

       

      Paragraph
        13. Elections and Variables.

       

      
        	(a)  	
                Security
                  Interest for “Obligations”.
                  The term “Obligations”
                  as
                  used in this Annex includes the following additional
                  obligations:

              

      

       

      With
        respect to Party A: not applicable.

       

      With
        respect to Party B: not applicable.

       

      
        	(b)  	
                Credit
                  Support Obligations.

              

      

       

      
        	(i)  	
                Delivery
                  Amount, Return Amount and Credit Support
                  Amount.

              

      

       

      
        	(A)  	
                “Delivery
                  Amount”
                  has the meaning specified in Paragraph 3(a) as amended (I) by deleting
                  the
                  words “upon a demand made by the Secured Party on or promptly following
                  a
                  Valuation Date” and inserting in lieu thereof the words “not later than
                  the close of business on each Valuation Date” and (II) by deleting in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Value as of that Valuation Date of all Posted
                  Credit Support held by the Secured Party.” and inserting in lieu thereof
                  the following:

              

      

       

      The
        “Delivery
        Amount”
        applicable to the Pledgor for any Valuation Date will equal the greatest
        of

       

      
        	 	
                (1)
                  

              	
                the
                  amount by which (a) the S&P Credit Support Amount for such Valuation
                  Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                  Credit Support held by the Secured Party,

              

      

       

      
        	 	
                (2)
                  

              	
                the
                  amount by which (a) the Moody’s First Trigger Credit Support Amount for
                  such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                  Valuation Date of all Posted Credit Support held by the Secured
                  Party, and
                  

              

      

       

      
        	 	
                (3)
                  

              	
                the
                  amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                  such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                  such Valuation Date of all Posted Credit Support held by the Secured
                  Party.

              

      

       

      
        	(B)  	
                “Return
                  Amount”
                  has the meaning specified in Paragraph 3(b) as amended by deleting
                  in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                  thereof the following:

              

      

       

      The
        “Return
        Amount”
        applicable to the Secured Party for any Valuation Date will equal the least
        of

       

      
        	 	
                (1)
                  

              	
                the
                  amount by which (a) the S&P Value as of such Valuation Date of all
                  Posted Credit Support held by the Secured Party exceeds (b) the
                  S&P
                  Credit Support Amount for such Valuation Date,

              

      

       

      
        	 	
                (2)
                  

              	
                the
                  amount by which (a) the Moody’s First Trigger Value as of such Valuation
                  Date of all Posted Credit Support held by the Secured Party exceeds
                  (b)
                  the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                  and

              

      

       

      
        	 	
                (3)
                  

              	
                the
                  amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                  Date of all Posted Credit Support held by the Secured Party exceeds
                  (b)
                  the Moody’s Second Trigger Credit Support Amount for such Valuation
                  Date.

              

      

       

      
        	(C)  	
                “Credit
                  Support Amount”
                  shall not apply. For purposes of calculating any Delivery Amount
                  or Return
                  Amount for any Valuation Date, reference shall be made to the S&P
                  Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                  the Moody’s Second Trigger Credit Support Amount, in each case for such
                  Valuation Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                  above.

              

      

       

      
        	(ii)  	
                Eligible
                  Collateral.
                  

              

      

       

      On
        any
        date, the following items will qualify as “Eligible
        Collateral”
(for
        the avoidance of doubt, all Eligible Collateral to be denominated in
        USD):

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

       

      
        	
                 

                ISDA
                  Collateral Asset Definition
                  (ICAD) Code 

              	 	
                Remaining
                  Maturity in Years

              	 	
                S&P
                  

                Valuation
                  

                Percentage

              	 	
                Moody’s

                First
                  Trigger Valuation
                  Percentage

              	 	
                Moody’s

                Second
                  Trigger

                Valuation

                Percentage

              
	 	 	 	 	 	 	 	 	 
	
                (A)  
                  US-CASH

              	 	
                N/A

              	 	
                100%

              	 	
                100%

              	 	
                100%

              
	 	 	 	 	 	 	 	 	 
	
                (B)   US-TBILL

                US-TNOTE

                US-TBOND

              	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                1
                  or less

              	 	
                98.9%

              	 	
                100%

              	 	
                100%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 1 but not more than 2

              	 	
                98.0%

              	 	
                100%

              	 	
                99%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 2 but not more than 3

              	 	
                97.4%

              	 	
                100%

              	 	
                98%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 3 but not more than 5

              	 	
                95.5%

              	 	
                100%

              	 	
                97%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 5 but not more than 7

              	 	
                93.7%

              	 	
                100%

              	 	
                96%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 7 but not more than 10

              	 	
                92.5%

              	 	
                100%

              	 	
                94%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 10 but not more than 20

              	 	
                91.1%

              	 	
                100%

              	 	
                90%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 20

              	 	
                88.6%

              	 	
                100%

              	 	
                88%

              
	 	 	 	 	 	 	 	 	 
	
                (C) 
                   US-GNMA

                US-FNMA

                US-FHLMC

              	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                1
                  or less

              	 	
                98.5%

              	 	
                100%

              	 	
                99%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 1 but not more than 2

              	 	
                97.7%

              	 	
                100%

              	 	
                99%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 2 but not more than 3

              	 	
                97.3%

              	 	
                100%

              	 	
                98%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 3 but not more than 5

              	 	
                94.5%

              	 	
                100%

              	 	
                96%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 5 but not more than 7

              	 	
                93.1%

              	 	
                100%

              	 	
                93%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 7 but not more than 10

              	 	
                90.7%

              	 	
                100%

              	 	
                93%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 10 but not more than 20

              	 	
                87.7%

              	 	
                100%

              	 	
                89%

              
	 	 	 	 	 	 	 	 	 
	 	 	
                More
                  than 20

              	 	
                84.4%

              	 	
                100%

              	 	
                87%

              

      

      

       

      The
        ISDA
        Collateral Asset Definition (ICAD) Codes used in this Paragraph 13(b)(ii)
        are
        taken from the Collateral Asset Definitions (First Edition June 2003) as
        published and copyrighted in 2003 by the International Swaps and Derivatives
        Association, Inc.

       

      
        	(iii)  	
                Other
                  Eligible Support. 

              

      

       

      The
        following items will qualify as “Other
        Eligible Support”
        for the
        party specified: 

       

      Not
        applicable.

       

      
        	(iv)  	
                Threshold.

              

      

       

      
        	(A)  	
                “Independent
                  Amount”
                  means zero with respect to Party A and Party
                  B.

              

      

       

      
        	(B)  	
                “Threshold”
                  means, with respect to Party A and any Valuation Date, zero if
                  (i) a
                  Collateral Event has occurred and has been continuing (x) for at
                  least 30
                  days or (y) since this Annex was executed, or (ii) a S&P Required
                  Ratings Downgrade Event has occurred and is continuing; otherwise,
                  infinity.

              

      

       

        “Threshold”
        means,
        with respect to Party B and any Valuation Date, infinity.

       

      
        	(C)  	
                “Minimum
                  Transfer Amount” means
                  USD 100,000 with respect to Party A and Party B;
                  provided,
                  however,
                  that if the aggregate Certificate Principal Balance of the Certificates
                  and the aggregate principal balance of the Notes rated by S&P is at
                  the time of any transfer less than USD 50,000,000, the “Minimum
                  Transfer Amount”
                  shall be USD 50,000.

              

      

       

      
        	(D)  	
                Rounding:
                  The Delivery Amount will be rounded up to the nearest integral
                  multiple of
                  USD 10,000. The Return Amount will be rounded down to the nearest
                  integral
                  multiple of USD 1,000.

              

      

       

      
        	(c)  	
                Valuation
                  and Timing.

              

      

       

      
        	(i)  	
                “Valuation
                  Agent”
                  means Party A. All calculations by the Valuation Agent must be
                  made in
                  accordance with standard market
                  practice.

              

      

       

      
        	(ii)  	
                “Valuation
                  Date” means
                  each Local Business Day on which any of the S&P Credit Support Amount,
                  the Moody’s First Trigger Credit Support Amount, or the Moody’s Second
                  Trigger Credit Support Amount is greater than
                  zero.

              

      

       

      
        	(iii)  	
                “Valuation
                  Time” means
                  the close of business in the city of the Valuation Agent on the
                  Local
                  Business Day immediately preceding the Valuation Date or date of
                  calculation, as applicable; provided
                  that the calculations of Value and Exposure will be made as of
                  approximately the same time on the same date.

              

      

       

      
        	(iv)  	
                “Notification
                  Time” means
                  11:00 a.m., New York time, on a Local Business Day.
                  

              

      

       

      
        	(v)  	
                External
                  Verification.
                  Notwithstanding anything to the contrary in the definitions of
                  Valuation
                  Agent or Valuation Date, at any time at which Party A (or, to the
                  extent
                  applicable, its Credit Support Provider) does not have a long-term
                  unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                  the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                  the S&P Value of Posted Credit Suppport on each Valuation Date based
                  on internal marks and (B) verify such calculations with external
                  marks
                  monthly by obtaining on the last Local Business Day of each calendar
                  month
                  two external marks for each Transaction to which this Annex relates
                  and
                  for all Posted Credit Suport; such verification of the Secured
                  Party’s
                  Exposure shall be based on the higher of the two external marks.
                  Each
                  external mark in respect of a Transaction shall be obtained from
                  an
                  independent Reference Market-maker that would be eligible and willing
                  to
                  enter into such Transaction in the absence of the current derivative
                  provider, provided
                  that an external mark may not be obtained from the same Reference
                  Market-maker more than four times in any 12-month period. The Valuation
                  Agent shall obtain these external marks directly or through an
                  independent
                  third party, in either case at no cost to Party B. The Valuation
                  Agent
                  shall calculate on each Valuation Date (for purposes of this paragraph,
                  the last Local Business Day in each calendar month referred to
                  above shall
                  be considered a Valuation Date) the Secured Party’s Exposure based on the
                  greater of the Valuation Agent’s internal marks and the external marks
                  received. If the S&P Value on any such Valuation Date of all Posted
                  Credit Support then held by the Secured Party is less than the
                  S&P
                  Credit Support Amount on such Valuation Date (in each case as determined
                  pursuant to this paragraph), Party A shall, within three Local
                  Business
                  Days of such Valuation Date, Transfer to the Secured Party Eligible
                  Credit
                  Support having an S&P Value as of the date of Transfer at least equal
                  to such deficiency. 

              

      

       

      
        	(vi)  	
                Notice
                  to S&P.
                  At
                  any time at which Party A (or, to the extent applicable, its Credit
                  Support Provider) does not have a long-term unsubordinated and
                  unsecured
                  debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                  provide to S&P not later than the Notification Time on the Local
                  Business Day following each Valuation Date its calculations of
                  the Secured
                  Party’s Exposure and the S&P Value of any Eligible Credit Support or
                  Posted Credit Support for that Valuation Date. The Valuation Agent
                  shall
                  also provide to S&P any external marks received pursuant to the
                  preceding paragraph.

              

      

       

      
        	(d)  	
                Conditions
                  Precedent and Secured Party’s Rights and
                  Remedies.
                  The following Termination Events will be a “Specified
                  Condition”
                  for the party specified (that party being the Affected Party if
                  the
                  Termination Event occurs with respect to that party): With respect
                  to
                  Party A: any Additional Termination Event with respect to which
                  Party A is
                  the sole Affected Party. With respect to Party B:
                  None.

              

      

       

      
        	(e)  	
                Substitution.

              

      

       

      
        	(i)  	
                “Substitution
                  Date”
                  has the meaning specified in Paragraph
                  4(d)(ii).

              

      

       

      
        	(ii)  	
                Consent.
                  If
                  specified here as applicable, then the Pledgor must obtain the
                  Secured
                  Party’s consent for any substitution pursuant to Paragraph 4(d):
                  Inapplicable.

              

      

       

      
        	(f)  	
                Dispute
                  Resolution.

              

      

       

      
        	(i)  	
                “Resolution
                  Time”
                  means 11:00 a.m. New York time on the Local Business Day following
                  the
                  date on which the notice of the dispute is given under Paragraph
                  5.

              

      

       

      
        	(ii)  	
                Value.
                  Notwithstanding anything to the contrary in Paragraph 12, for the
                  purpose
                  of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger
                  Value, and Moody’s Second Trigger Value, on any date, of Eligible
                  Collateral other than Cash will be calculated as follows:
                  

              

      

       

      For
        Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
        the
        sum of (A) the product of (1)(x) the bid price at the Valuation Time for
        such
        securities on the principal national securities exchange on which such
        securities are listed, or (y) if such securities are not listed on a national
        securities exchange, the bid price for such securities quoted at the Valuation
        Time by any principal market maker for such securities selected by the Valuation
        Agent, or (z) if no such bid price is listed or quoted for such date, the
        bid
        price listed or quoted (as the case may be) at the Valuation Time for the
        day
        next preceding such date on which such prices were available and (2) the
        applicable Valuation Percentage for such Eligible Collateral, and (B) the
        accrued interest on such securities (except to the extent Transferred to
        the
        Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
        referred to in the immediately preceding clause (A)) as of such
        date.

       

      
        	(iii)  	
                Alternative.
                  The provisions of Paragraph 5 will
                  apply.

              

      

       

      
        	(g)  	
                Holding
                  and Using Posted
                  Collateral.

              

      

       

      
        	(i)  	
                Eligibility
                  to Hold Posted Collateral; Custodians.  Party
                  B (or any Custodian) will be entitled to hold Posted Collateral
                  pursuant
                  to Paragraph 6(b). 

              

      

       

      Party
        B
        may appoint as Custodian (A) the entity then serving as Trustee or (B) any
        entity other than the entity then serving as Trustee if such other entity
        (or,
        to the extent applicable, its parent company or credit support provider)
        shall
        then have a long-term unsecured and unsubordinated debt rating of at least
“A+”
by S&P and at least “A1” by Moody’s.

       

      Initially,
        the Custodian
        for
        Party B is: the Trustee of the Trust.

       

      
        	(ii)  	
                Use
                  of Posted Collateral. The
                  provisions of Paragraph 6(c)(i) will not apply to Party B, but
                  the
                  provisions of Paragraph 6(c)(ii) will apply to Party B.
                  

              

      

       

      
        	(h)  	
                Distributions
                  and Interest Amount.

              

      

       

      
        	(i)  	
                Interest
                  Rate.
                  The “Interest
                  Rate”
                  will be the actual interest rate earned on Posted Collateral in
                  the form
                  of Cash that is held by Party B or its Custodian. Posted Collateral
                  in the
                  form of Cash shall be invested in such overnight (or redeemable
                  within two
                  Local Business Days of demand) interest-bearing Permitted Investments
                  rated at least AAAm or AAAm-G by S&P and Prime-1 by Moody’s or Aaa by
                  Moody’s as directed by Party A (unless (x) an Event of Default or an
                  Additional Termination Event has occurred with respect to which
                  Party A is
                  the defaulting or sole Affected Party or (y) an Early Termination
                  Date has
                  been designated, in which case such investment shall be held uninvested).
                  Gains incurred in respect of any investment of Posted Collateral
                  in the
                  form of Cash in Permitted Investments as directed by Party A shall
                  be for
                  the account of Party A. Party A directs the Custodian to deposit
                  any
                  Posted Collateral that is in the form of Cash into an account that
                  satisfies the criteria in the second preceding sentence and that
                  earns
                  interest at prevailing rates.

              

      

       

      
        	(ii)  	
                Transfer
                  of Interest Amount.
                  The Transfer of the Interest Amount will be made on the second
                  Local
                  Business Day following the end of each calendar month and on any
                  other
                  Local Business Day on which Posted Collateral in the form of Cash
                  is
                  Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                  however,
                  that the obligation of Party B to Transfer any Interest Amount
                  to Party A
                  shall be limited to the extent that Party B has earned and received
                  such
                  funds and such funds are available to Party B.

              

      

       

      
        	(iii)  	
                Alternative
                  to Interest Amount.
                  The provisions of Paragraph 6(d)(ii) will
                  apply.

              

      

       

      
        	(i)  	
                Additional
                  Representation(s).
                  There are no additional representations by either
                  party.

              

      

       

      
        	(j)  	
                Other
                  Eligible Support and Other Posted Support.

              

      

       

      
        	(i)  	
                “Value”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable. 

              

      

       

      
        	(ii)  	
                “Transfer”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable.

              

      

       

      
        	(k)  	
                Demands
                  and Notices.All
                  demands, specifications and notices under this Annex will be made
                  pursuant
                  to the Notices Section of this Agreement, except that any demand,
                  specification or notice shall be given to or made at the following
                  addresses, or at such other address as the relevant party may from
                  time to
                  time designate by giving notice (in accordance with the terms of
                  this
                  paragraph) to the other party:

              

      

       

      If
        to
        Party A, at the address specified pursuant to the Notices Section of this
        Agreement.

       

      If
        to
        Party B, at the address specified pursuant to the Notices Section of this
        Agreement. 

       

      If
        to
        Party B’s Custodian, at such address as will be provided from time to
        time.

       

      
        	(l)  	
                Address
                  for Transfers.
                  Each Transfer hereunder shall be made to the address specified
                  below or to
                  an address specified in writing from time to time by the party
                  to which
                  such Transfer will be made.

              

      

       

      Party
        A account details:

       

      For
        the
        account of The Royal Bank of Scotland Financial Markets Fixed Income and
        Interest Rate Derivative Operations, London SWIFT RBOSGB2RTCM with JPMorgan
        Chase Bank, New York CHASUS33, ABA # 021000021

      Account
        Number 400930153

       

      Party
        B’s Custodian account details for holding collateral:

       

      Deutsche
        Bank National Trust Company

      ABA
        021-001-033

      A/C
        #
        01419663

      A/C
        Name
        NYLTD Funds Control - Stars West

      Ref:
        Soundview 2007-NS1 Cap/Swap- Collateral Account

      Attn:
        GC07V1

      

      
        	(m)  	
                Other
                  Provisions.

              

      

       

      
        	(i)  	
                Collateral
                  Account.
                  Party B shall open and maintain a segregated account, which shall
                  be an
                  Eligible Account, and hold, record and identify all Posted Collateral
                  in
                  such segregated account.

              

      

       

      
        	(ii)  	
                Agreement
                  as to Single Secured Party and Single Pledgor.
                  Party A and Party B hereby agree that, notwithstanding anything
                  to the
                  contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                  means only Party B, (b) the term “Pledgor” as used in this Annex means
                  only Party A, (c) only Party A makes the pledge and grant in Paragraph
                  2,
                  the acknowledgement in the final sentence of Paragraph 8(a) and
                  the
                  representations in Paragraph 9.

              

      

       

      
        	(iii)  	
                Calculation
                  of Value.
                  Paragraph 4(c) is hereby amended by deleting the word “Value” and
                  inserting in lieu thereof “S&P Value, Moody’s First Trigger Value,
                  Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended by (A)
                  deleting the words “a Value” and inserting in lieu thereof “an S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                  (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                  Paragraph 5 (flush language) is hereby amended by deleting the
                  word
                  “Value” and inserting in lieu thereof “S&P Value, Moody’s First
                  Trigger Value, and Moody’s Second Trigger Value”. Paragraph 5(i) (flush
                  language) is hereby amended by deleting the word “Value” and inserting in
                  lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s
                  Second Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the
                  word “the Value, if” and inserting in lieu thereof “any one or more of the
                  S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                  Value, as the case may be”. Paragraph 5(ii) is hereby amended by (1)
                  deleting the first instance of the words “the Value” and inserting in lieu
                  thereof “any one or more of the S&P Value, Moody’s First Trigger
                  Value, and Moody’s Second Trigger Value” and (2) deleting the second
                  instance of the words “the Value” and inserting in lieu thereof “such
                  disputed S&P Value, Moody’s First Trigger Value, or Moody’s Second
                  Trigger Value”. Each of Paragraph 8(b)(iv)(B) and Paragraph 11(a) is
                  hereby amended by deleting the word “Value” and inserting in lieu thereof
                  “least of the S&P Value, Moody’s First Trigger Value, and Moody’s
                  Second Trigger Value”. 

              

      

       

      
        	(iv)  	
                Form
                  of Annex. Party
                  A and Party B hereby agree that the text of Paragraphs 1 through
                  12,
                  inclusive, of this Annex is intended to be the printed form of
                  ISDA Credit
                  Support Annex (Bilateral Form - ISDA Agreements Subject to New
                  York Law
                  Only version) as published and copyrighted in 1994 by the International
                  Swaps and Derivatives Association,
                  Inc.

              

      

       

      
        	(v)  	
                Events
                  of Default.
                  Paragraph 7 will not apply to cause any Event of Default to exist
                  with
                  respect to Party B except that Paragraph 7(i) will apply to Party
                  B solely
                  in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                  Support Annex. Notwithstanding anything to the contrary in Paragraph
                  7,
                  any failure by Party A to comply with or perform any obligation
                  to be
                  complied with or performed by Party A under the Credit Support
                  Annex shall
                  only be an Event of Default if (A) a
                  Required Ratings Downgrade Event has occurred and been continuing
                  for 30
                  or more Local Business Days, and (B) such failure is not remedied
                  on or
                  before the third Local Business Day after notice of such failure
                  is given
                  to Party A.

              

      

       

      
        	(vi)  	
                Expenses.
                  Notwithstanding anything to the contrary in Paragraph 10, the Pledgor
                  will
                  be responsible for, and will reimburse the Secured Party for, all
                  transfer
                  and other taxes and other costs involved in any Transfer of Eligible
                  Collateral.

              

      

       

      
        	(vii)  	
                Withholding.
                  Paragraph 6(d)(ii) is hereby amended by inserting immediately after
“the
                  Interest Amount” in the fourth line thereof the words “less any applicable
                  withholding taxes.”

              

      

       

      
        	(viii)  	
                [Reserved]

              

      

       

      (ix)  
         Additional
        Definitions.
        As used
        in this Annex:

       

      “Collateral
        Event” means
        that no Relevant Entity has credit ratings at least equal to the Approved
        Ratings Threshold.

       

      “DV01”
        means,
        with respect to a Transaction and any date of determination, the estimated
        change in the Secured Party’s Transaction Exposure with respect to such
        Transaction that would result from a one basis point change in the relevant
        swap
        curve on such date, as determined by the Valuation Agent in good faith and
        in a
        commercially reasonable manner. The Valuation Agent shall, upon request of
        Party
        B, provide to Party B a statement showing in reasonable detail such
        calculation.

       

      “Exposure”
        has the
        meaning specified in Paragraph 12, except that after the word “Agreement” the
        words “(assuming, for this purpose only, that Part 1(f) of the Schedule is
        deleted)” shall be inserted. 

       

      “Local
        Business Day”
means,
        for purposes of this Annex: any day on which (A) commercial banks are open
        for
        business (including dealings in foreign exchange and foreign currency deposits)
        in New York and the location of Party A, Party B and any Custodian, and (B)
        in
        relation to a Transfer of Eligible Collateral, any day on which the clearance
        system agreed between the parties for the delivery of Eligible Collateral
        is
        open for acceptance and execution of settlement instructions (or in the case
        of
        a Transfer of Cash or other Eligible Collateral for which delivery is
        contemplated by other means a day on which commercial banks are open for
        business (including dealings in foreign exchange and foreign deposits) in
        New
        York and the location of Party A, Party B and any Custodian. 

       

      “Moody’s
        First Trigger Event” means
        that no Relevant Entity has credit ratings from Moody’s at least equal to the
        Moody’s First Trigger Ratings Threshold.

       

      “Moody’s
        First Trigger Credit Support Amount” means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)

              	
                for
                  any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                  and has been continuing (x) for at least 30 Local Business Days
                  or (y)
                  since this Annex was executed and (II) it is not the case that
                  a Moody’s
                  Second Trigger Event has occurred and been continuing for at least
                  30
                  Local Business Days, an amount equal to the greater of (a) zero
                  and (b)
                  the sum of (i) the Secured Party’s Exposure for such Valuation Date and
                  (ii) the sum, for each Transaction to which this Annex relates,
                  of

              

      

       

      the
        lesser of (x) the product of the Moody’s First Trigger DV01 Multiplier and DV01
        for such Transaction and such Valuation Date and (y) the product of (i) Moody’s
        First Trigger Notional Amount Multiplier, (ii) the Scale Factor and (iii)
        the
        Notional Amount for such Transaction for the Calculation Period (each as
        defined
        in the related Confirmation) which includes such Valuation Date; or

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II)        
         the
        Threshold for Party A such Valuation Date.

       

      “Moody’s
        First Trigger DV01 Multiplier”
        means
        15.

       

      “Moody’s
        First Trigger Value”
        means,
        on any date and with respect to any Eligible Collateral other than Cash,
        the bid
        price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
        Valuation Percentage for such Eligible Collateral set forth in Paragraph
        13(b)(ii).

       

      “Moody’s
        First Trigger Notional Amount Multiplier”
        means
        2%.

       

      “Moody’s
        Second Trigger Event” means
        that no Relevant Entity has credit ratings from Moody’s at least equal to the
        Moody’s Second Trigger Ratings Threshold.

       

      “Moody’s
        Second Trigger Credit Support Amount”
        means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)

              	
                for
                  any Valuation Date on which it is the case that a Moody’s Second Trigger
                  Event has occurred and been continuing for at least 30 Local Business
                  Days, an amount equal to the greatest of (a) zero, (b) the aggregate
                  amount of the next payment due to be paid by Party A under each
                  Transaction to which this Annex relates, and (c) the sum of (x)
                  the
                  Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                  Transaction to which this Annex relates, of

              

      

       

      (1)
        if
        such Transaction is not a Transaction-Specific Hedge, 

       

      the
        lesser of (i) the product of the Moody’s Second Trigger DV01 Multiplier and DV01
        for such Transaction and such Valuation Date and (ii) the product of (a)
        the
        Moody’s Second Trigger Notional Amount Multiplier, (b) the Scale Factor and (c)
        and the Notional Amount for such Transaction for the Calculation Period which
        includes such Valuation Date; or

       

      (2)
        if
        such Transaction is a Transaction-Specific Hedge, 

       

      the
        lesser of (i) the product of the Moody’s Second Trigger Transaction-Specific
        Hedge DV01 Multiplier and DV01 for such Transaction and such Valuation Date
        and
        (ii) the product of (a) the Moody’s Second Trigger Transaction-Specific Hedge
        Notional Amount Multiplier, (b) the Scale Factor and (c) the Notional Amount
        for
        such Transaction for the Calculation Period (each as defined in the related
        Confirmation) which includes such Valuation Date; or

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II)          the
        Threshold for Party A for such Valuation Date.

       

      “Moody’s
        Second Trigger DV01 Multiplier”
        means
        50.

       

      “Moody’s
        Second Trigger Transaction-Specific Hedge DV01
        Multiplier”
        means
        65.

       

      “Moody’s
        Second Trigger Transaction-Specific Hedge Notional Amount
        Multiplier”
        means
        10%.

       

      “Moody’s
        Second Trigger Value”
        means,
        on any date and with respect to any Eligible Collateral other than Cash,
        the bid
        price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
        Valuation Percentage for such Eligible Collateral set forth in Paragraph
        13(b)(ii).

       

      “Moody’s
        Second Trigger Notional Amount Multiplier”
        means
        8%.

       

      “Remaining
        Weighted Average Maturity” means,
        with respect to a Transaction, the expected weighted average maturity for
        such
        Transaction as determined by the Valuation Agent. 

       

      “S&P
        Credit Support Amount”
        means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)
                  

              	
                for
                  any Valuation Date on which (i) an S&P Rating Threshold Event has
                  occurred and been continuing for at least 30 days, or (ii) a S&P
                  Required Ratings Downgrade Event has occurred and is continuing,
                  an amount
                  equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                  Valuation Date and (2) the sum, for each Transaction to which this
                  Annex
                  relates, of the product of (i) the Volatility Buffer for such Transaction,
                  (ii) the Scale Factor and (iii) the Notional Amount of such Transaction
                  for the Calculation Period of such Transaction (each as defined
                  in the
                  related Confirmation) which includes such Valuation Date,
                  or

              

      

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II)        
         the
        Threshold for Party A for such Valuation Date.

       

      “S&P
        Rating Threshold Event”
        means,
        on any date, no Relevant Entity has credit ratings from S&P which equal or
        exceed the S&P Approved Ratings Threshold.

       

      “S&P
        Value”
        means,
        on any date and with respect to any Eligible Collateral other than Cash,
        the
        product of (A) the bid price obtained by the Valuation Agent for such Eligible
        Collateral and (B) the S&P Valuation Percentage for such Eligible Collateral
        set forth in paragraph 13(b)(ii).

       

      “Transaction
        Exposure”
        means,
        for any Transaction, Exposure determined as if such Transaction were the
        only
        Transaction between the Secured Party and the Pledgor.

       

      “Transaction-Specific
        Hedge” means
        any
        Transaction that is (i) an interest rate swap in respect of which (x) the
        notional amount of the interest rate swap is “balance guaranteed” or (y) the
        notional amount of the interest rate swap for any Calculation Period (as
        defined
        in the related Confirmation) otherwise is not a specific dollar amount that
        is
        fixed at the inception of the Transaction, (ii) an interest rate cap, (iii)
        an
        interest rate floor or (iv) an interest rate swaption.

       

      “Valuation
        Percentage”
        shall
        mean, for purposes of determining the S&P Value, Moody’s First Trigger
        Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
        or Posted Collateral, the applicable S&P Valuation Percentage, Moody’s First
        Trigger Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for
        such Eligible Collateral or Posted Collateral, respectively, in each case
        as set
        forth in Paragraph 13(b)(ii).

       

      “Value”
        shall
        mean, in respect of any date, the related S&P Value, the related Moody’s
        First Trigger Value, and the related Moody’s Second Trigger Value.

       

      “Volatility
        Buffer”
        means,
        for any Transaction, the related percentage set forth in the following table.
        

       

      

        
          	
                  The
                    higher of the S&P credit rating of (i) Party A and (ii) the Credit
                    Support Provider of Party A, if applicable

                	 	
                  Remaining
                    Weighted Average Maturity 

                  up
                    to 3 years

                	 	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 5 years

                	 	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 10 years

                	 	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 30 years

                
	
                  “A-2”
                    or higher

                	 	
                  2.75%

                	 	
                  3.25%

                	 	
                  4.00%

                	 	
                  4.75%

                
	
                  “A-3”

                	 	
                  3.25%

                	 	
                  4.00%

                	 	
                  5.00%

                	 	
                  6.25%

                
	
                  “BB+”
                    or
                    lower

                	 	
                  3.50%

                	 	
                  4.50%

                	 	
                  6.75%

                	 	
                  7.50%

                

        

      

      

       

      

       

      

       

      [Remainder
        of this page intentionally left blank]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        
          IN
            WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
            representatives as of the date of the Agreement.

           

        

        
          	
                  The Royal Bank of Scotland plc 

                  By: Greenwich Capital Markets, Inc., its
                    agent

                	 	
                  Deutsche
                    Bank National Trust Company, not in its individual capacity,
                    but solely as
                    Trustee on behalf of Soundview Home Loan Trust, Asset-Backed
                    Certificates,
                    Series 2007-NS1

                	 
	 	 	 	 	 	 
	 	 	 	 	
                	 	 	 
	By:	 	 	 	By: 	 	 	 
	 	Name:	 	 	 	Name:	 	 
	 	Title:	 	 	 	Title:	 	 
	 	
                  Date:

                	 	 	 	
                  Date:

                	 	 

        

      

       

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        Q

       

      FORM
        OF
        INTEREST RATE SWAP AGREEMENT

       

       

      
        	 	
                

              
	 	 
	 	
                Financial
                  Markets

                280
                  Bishopsgate

                London
                  EC2M 4RB

              

      

      

        
          	
                  Memorandum

                	
                  March
                    8, 2007

                

        

        

        
          	
                  To:

                	
                  Deutsche
                    Bank National Trust Company, not in its individual capacity,
                    but solely as
                    

                  Supplemental
                    Interest Trust Trustee on behalf of the Supplemental Interest
                    Trust with
                    respect 

                  to
                    the Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates,
                    Series
                    2007-NS1 

                  (“Party
                    B”)

                
	 	 
	 	
                  Deutsche
                    Bank National Trust Company

                  1761
                    East Saint Andrew Place

                  Santa
                    Ana, CA 92705

                  Tel:
                    (714) 247-6000

                  Fax:
                    (714) 244-6478

                

        

        
          	 	 

        

        
          	
                  From:

                   

                   

                   

                   

                	
                  The
                    Royal Bank of Scotland plc (“Party
                    A”)

                  c/o
                    RBS Financial Markets

                  Level
                    7, 135 Bishopsgate

                  London
                    EC2M 3UR

                  Attn:
                    Head of Legal, Financial Markets 

                  Tel:
                    44 207 085 5000

                  Fax:
                    44 207 085 8411

                
	 	 
	
                  Copy
                    To:

                	
                  Greenwich
                    Capital Markets, Inc.

                  600
                    Steamboat Road

                  Greenwich,
                    CT 06830

                  Attn:
                    Legal Department - Derivatives Documentation

                  Tel.:
                    203-618-2576

                  Fax:
                    203-618-2533/34

                
	 	 
	
                  Our
                    Reference Number:

                	
                  D16221894

                

        

        

        The
          purpose of this long-form confirmation (“Confirmation”)
          is to
          confirm the terms and conditions of the current Transaction entered into
          on the
          Trade Date specified below (the “Transaction”)
          between
          Party A and
          Deutsche Bank National Trust Company, not individually, but solely as trustee
          (the “Supplemental
          Interest Trust Trustee”)
          on
          behalf of the supplemental interest trust with respect to the Soundview
          Home
          Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1 (the
“Supplemental
          Interest Trust”)
          created under the Pooling and Servicing Agreement, dated as of February
          1, 2007,
          among Financial Asset Securities Corp. (the “Depositor”),
          Nationstar Mortgage, LLC. (the
          “Servicer”)
          and
          Deutsche Bank National Trust Company (as “Trustee”)
          (the
“Pooling
          and Servicing Agreement”).
          This
          Confirmation evidences a complete and binding agreement between you and
          us to
          enter into the Transaction on the terms set forth below and replaces any
          previous agreement between us with respect to the subject matter hereof.
          This
          Confirmation constitutes a “Confirmation”
          and also
          constitutes a “Schedule”
          as
          referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit
          Support
          Annex to the Schedule. 

        

        1.            
          This
          Confirmation shall supplement, form a part of, and be subject to an agreement
          in
          the form of the ISDA Master Agreement (Multicurrency - Cross Border) as
          published and copyrighted in 1992 by the International Swaps and Derivatives
          Association, Inc. (the “ISDA
          Master Agreement”),
          as if
          Party A and Party B had executed an agreement in such form on the date
          hereof,
          with a Schedule as set forth in Item 3 of this Confirmation, and an ISDA
          Credit
          Support Annex (Bilateral Form - ISDA Agreements Subject to New York Law
          Only
          version) as published and copyrighted in 1994 by the International Swaps
          and
          Derivatives Association, Inc., with Paragraph 13 thereof as set forth in
          Annex A
          hereto (the “Credit
          Support Annex”).
          For
          the avoidance of doubt, the Transaction described herein shall be the sole
          Transaction governed by such ISDA Master Agreement. In the event of any
          inconsistency among any of the following documents, the relevant document
          first
          listed shall govern: (i) this Confirmation, exclusive of the provisions
          set
          forth in Item 3 hereof and Annex A hereto; (ii) the provisions set forth
          in Item
          3 hereof, which are incorporated by reference into the Schedule; (iii)
          the
          Credit Support Annex; (iv) the Definitions; and (v) the ISDA Master
          Agreement.

        

        Each
          reference herein to a “Section” (unless specifically referencing the Pooling and
          Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
          a reference to a Section of the ISDA Master Agreement; each herein reference
          to
          a “Part” will be construed as a reference to the provisions herein deemed
          incorporated in a Schedule to the ISDA Master Agreement; each reference
          herein
          to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
          Support Annex.

        

        
          	
                  2.

                	
                  The
                    terms of the particular Transaction to which this Confirmation
                    relates are
                    as follows:

                

        

         

        
          
            	
                    Type
                      of Transaction:

                  	
                    Interest
                      Rate Swap

                  
	 	 
	
                    Notional
                      Amount:

                  	
                    With
                      respect to any Calculation Period, the amount set forth for
                      such period on
                      Schedule A attached hereto.

                  
	 	 
	
                    Scale
                      Factor:

                  	
                    250

                  
	 	 
	
                    Trade
                      Date:

                  	
                    March
                      6, 2007

                  
	 	 
	
                    Effective
                      Date:

                  	
                    November
                      25, 2007

                  
	 	 
	
                    Termination
                      Date:

                  	
                    February
                      25, 2012, subject to adjustment in accordance with the Business
                      Day
                      Convention; provided, however, that for the purpose of determining
                      the
                      final Fixed Rate Payer Period End Date, Termination Date shall
                      be subject
                      to No Adjustment.

                  
	 	 
	
                    Fixed
                      Amounts:

                  	 
	 	 
	
                    Fixed
                      Rate Payer:

                  	
                    Party
                      B

                  
	 	 
	
                    Fixed
                      Rate Payer

                  	 
	
                    Period
                      End Dates:

                  	
                    The
                      25th calendar day of each month during the Term of this Transaction,
                      commencing December 25, 2007, and ending on the Termination
                      Date, with No
                      Adjustment.

                  
	
                     

                  	 
	
                    Fixed
                      Rate Payer

                  	 
	
                    Payment
                      Dates:

                  	
                    The
                      25th calendar day of each month during the Term of this Transaction,
                      commencing December 25, 2007, and ending on the Termination
                      Date, subject
                      to adjustment in accordance with the Business Day
                      Convention.

                  
	 	 
	
                    Fixed
                      Rate:

                  	
                    5.200000%

                  
	 	 
	
                    Fixed
                      Amount:

                  	
                    To
                      be determined in accordance with the following formula:

                  
	 	 
	
                     

                  	
                    250*Fixed
                      Rate*Notional Amount*Fixed Rate Day Count Fraction

                  
	 	 
	
                    Fixed
                      Rate Day 

                  	 
	
                    Count
                      Fraction:

                  	
                    30/360

                  
	 	 
	
                    Floating
                      Amounts:

                  	 
	 	 
	
                    Floating
                      Rate Payer:

                  	
                    Party
                      A

                  
	 	 
	
                    Floating
                      Rate Payer

                  	 
	
                    Period
                      End Dates:

                  	
                    The
                      25th calendar day of each month during the Term of this Transaction,
                      commencing December 25, 2007, and ending on the Termination
                      Date, subject
                      to adjustment in accordance with the Business Day
                      Convention.

                  
	 	 
	
                    Floating
                      Rate Payer 

                  	 
	
                    Payment
                      Dates:

                  	
                    The
                      25th calendar day of each month during the Term of this Transaction,
                      commencing December 25, 2007, and ending on the Termination
                      Date, subject
                      to adjustment in accordance with the Business Day
                      Convention.

                  
	 	 
	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA

                  
	 	 
	
                    Floating
                      Amount:

                  	
                    To
                      be determined in accordance with the following formula:

                  
	 	 
	
                     

                  	
                    250*Floating
                      Rate Option*Notional Amount*Floating Rate Day Count
                      Fraction

                  
	 	 
	
                    Designated
                      Maturity:

                  	
                    One
                      month

                  
	 	 
	
                    Floating
                      Rate Day 

                  	 
	
                    Count
                      Fraction:

                  	
                    Actual/360

                  
	 	 
	
                    Additional
                      Floating Amount:

                  	
                    USD
                      2,600,000, to be paid by Party A on the Effective Date. Party
                      B hereby
                      instructs Party A to pay the Additional Floating Amount to
                      Greenwich
                      Capital Financial Products, Inc. The Parties agree, for convenience
                      and
                      ease of administration, the payment of the Additional Floating
                      Amount will
                      be netted with the payment of the Fixed Amounts in the confirmations
                      between the Parties with reference numbers IRG16221895.2A/.2B
                      and
                      IRG16221898.2A/.2B.

                  
	 	 
	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation Period.

                  
	 	 
	
                    Business
                      Days:

                  	
                    New
                      York

                  
	 	 
	
                    Business
                      Day Convention:

                  	
                    Following

                  
	 	 
	
                    Calculation
                      Agent:

                  	
                    Party
                      A

                  

          

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
          	
                  3.

                	
                  Provisions
                    Deemed Incorporated in a Schedule to the ISDA Master
                    Agreement:

                

        

        

        
          	
                  Part
                    1.

                	
                  Termination
                    Provisions.

                

        

        

        For
          the
          purposes of this Agreement:-

        

        (a)           
          “Specified
          Entity”
          will not
          apply to Party A or Party B for any purpose. 

        

        
          	
                  (b)

                	
                  “Specified
                    Transaction”
                    will have the meaning specified in Section
                    14.

                

        

        

        
          	
                  (c)

                	
                  Events
                    of Default.

                

        

        

        The
          statement below that an Event of Default will apply to a specific party
          means
          that upon the occurrence of such an Event of Default with respect to such
          party,
          the other party shall have the rights of a Non-defaulting Party under Section
          6
          of this Agreement; conversely, the statement below that such event will
          not
          apply to a specific party means that the other party shall not have such
          rights.

        

        	(i)  	
                The
                  “Failure
                  to Pay or Deliver”
                  provisions of Section 5(a)(i) will apply to Party A and will apply
                  to
                  Party B; provided,
                  however,
                  that Section 5(a)(i) is hereby amended by replacing the word “third” with
                  the word “second”; provided,
                  further,
                  that notwithstanding anything to the contrary in Section 5(a)(i),
                  any
                  failure by Party A to comply with or perform any obligation to
                  be complied
                  with or performed by Party A under the Credit Support Annex shall
                  not
                  constitute an Event of Default under Section 5(a)(i) unless (A)
                  a Required
                  Ratings Downgrade Event has occurred and been continuing for 30
                  or more
                  Local Business Days and (B) such failure is not remedied on or
                  before the
                  third Local Business Day after notice of such failure is given
                  to Party
                  A.

              

        

        	(ii)  	
                The
                  “Breach
                  of Agreement”
                  provisions of Section 5(a)(ii) will apply to Party A and will not
                  apply to
                  Party B.

              

        

        	(iii)  	
                The
                  “Credit
                  Support Default”
                  provisions of Section 5(a)(iii) will apply to Party A and will
                  not apply
                  to Party B except that Section 5(a)(iii)(1) will apply to Party
                  B solely
                  in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                  Support Annex; provided,
                  however,
                  that notwithstanding anything to the contrary in Section 5(a)(iii)(1),
                  any
                  failure by Party A to comply with or perform any obligation to
                  be complied
                  with or performed by Party A under the Credit Support Annex shall
                  not
                  constitute an Event of Default under Section 5(a)(iii) unless (A)
                  a
                  Required Ratings Downgrade Event has occurred and been continuing
                  for 30
                  or more Local Business Days and (B) such failure is not remedied
                  on or
                  before the third Local Business Day after notice of such failure
                  is given
                  to Party A.

              

        

        	(iv)  	
                The
                  “Misrepresentation”
                  provisions of Section 5(a)(iv) will apply to Party A and will not
                  apply to
                  Party B. 

              

        

        	(v)  	
                The
                  “Default
                  under Specified Transaction”
                  provisions of Section 5(a)(v) will apply to Party A and will not
                  apply to
                  Party B.

              

        

        	(vi)  	
                The
                  “Cross
                  Default”
                  provisions of Section 5(a)(vi) will apply to Party A and will not
                  apply to
                  Party B. For purposes of Section 5(a)(vi), solely with respect
                  to Party
                  A:

              

        

        “Specified
          Indebtedness” will have the meaning specified in Section 14, except that such
          term shall not include obligations in respect of deposits received in the
          ordinary course of Party A’s banking business.

        

        “Threshold
          Amount” means with respect to Party A an amount equal to three percent (3%) of
          the shareholders’ equity of Party A or, if applicable, the Eligible Guarantor,
          in either case, as shown in the most recent annual audited financial statements
          of such entity. 

        

        	(vii)  	
                The
                  “Bankruptcy”
                  provisions of Section 5(a)(vii) will apply to Party A and will
                  apply to
                  Party B except that the provisions of Section 5(a)(vii)(2), (6)
                  (to the
                  extent that such provisions refer to any appointment contemplated
                  or
                  effected by the Pooling and Servicing Agreement or any appointment
                  to
                  which Party B has not become subject), (7) and (9) will not apply
                  to Party
                  B; provided
                  that, with respect to Party B only, Section 5(a)(vii)(4) is hereby
                  amended
                  by adding after the words “against it” the words “(excluding any
                  proceeding or petition instituted or presented by Party A or its
                  Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by deleting the
                  words “to (7) inclusive” and inserting lieu thereof “, (3), (4) as
                  amended, (5), (6) as amended, or (7)”. For purposes of Section
                  5(a)(vii)(6), the only relevant appointments are the appointments
                  of (i)
                  Deutsche Bank National Trust Company, as the Supplemental Interest
                  Trust
                  Trustee, Cap Trustee and Trustee, in each case in accordance with
                  the
                  Pooling and Servicing Agreement, (ii) Nationstar Mortgage, LLC,
                  as
                  Servicer, and (iii) any successor to Deutsche Bank National Trust
                  Company
                  or Nationstar Mortgage, LLC that is appointed in accordance with
                  the
                  Pooling and Servicing Agreement.

              

        

        	(viii)  	
                The
                  “Merger
                  Without Assumption”
                  provisions of Section 5(a)(viii) will apply to Party A and will
                  apply to
                  Party B.

              

        

        (d)         
           Termination
          Events.

        

        The
          statement below that a Termination Event will apply to a specific party
          means
          that upon the occurrence of such a Termination Event, if such specific
          party is
          the Affected Party with respect to a Tax Event, the Burdened Party with
          respect
          to a Tax Event Upon Merger (except as noted below) or the non-Affected
          Party
          with respect to a Credit Event Upon Merger, as the case may be, such specific
          party shall have the right to designate an Early Termination Date in accordance
          with Section 6 of this Agreement; conversely, the statement below that
          such an
          event will not apply to a specific party means that such party shall not
          have
          such right; provided,
          however,
          with
          respect to “Illegality” the statement that such event will apply to a specific
          party means that upon the occurrence of such a Termination Event with respect
          to
          such party, either party shall have the right to designate an Early Termination
          Date in accordance with Section 6 of this Agreement.

        

        (i)          
           The
          “Illegality”
          provisions of Section 5(b)(i) will apply to Party A and will apply to Party
          B.

        

        
          	 	
                  (ii)

                	
                  The
                    “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party A except that,
                    for
                    purposes of the application of Section 5(b)(ii) to Party A, Section
                    5(b)(ii) is hereby amended by deleting the words “(x) any action taken by
                    a taxing authority, or brought in a court of competent jurisdiction,
                    on or
                    after the date on which a Transaction is entered into (regardless
                    of
                    whether such action is taken or brought with respect to a party
                    to this
                    Agreement) or (y)”, and the “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party B.
                    

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    “Tax
                    Event Upon Merger”
                    provisions of Section 5(b)(iii) will apply to Party A and will
                    apply to
                    Party B, provided
                    that Party A shall not be entitled to designate an Early Termination
                    Date
                    by reason of a Tax Event upon Merger in respect of which it is
                    the
                    Affected Party.

                

        

        

        
          	 	
                  (iv)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) will not apply to Party A and
                    will not
                    apply to Party B.

                

        

        

        
          	
                  (e)

                	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) will not apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        (f)         
            Payments
          on Early Termination.
          For the
          purpose of Section 6(e) of this Agreement:

        

        (i)          
           Market
          Quotation will apply, provided,
          however,
          that in
          the event that Party A is the Defaulting Party or the sole Affected Party
          with
          respect to a Tax Event upon Merger or an Additional Termination Event,
          the
          following provisions will apply:

        

        
          	 	
                  (A)
                    

                	
                  The
                    definition of Market Quotation in Section 14 shall be deleted
                    in its
                    entirety and replaced with the
                    following:

                

        

        

        “Market
          Quotation” means,
          with respect to one or more Terminated Transactions, a Firm Offer which
          is (1)
          made by a Reference Market-maker that is an Eligible Replacement, (2) for
          an
          amount that would be paid to Party B (expressed as a negative number) or
          by
          Party B (expressed as a positive number) in consideration of an agreement
          between Party B and such Reference Market-maker to enter into a Replacement
          Transaction, and (3) made on the basis that Unpaid Amounts in respect of
          the
          Terminated Transaction or group of Transactions are to be excluded but,
          without
          limitation, any payment or delivery that would, but for the relevant Early
          Termination Date, have been required (assuming satisfaction of each applicable
          condition precedent) after that Early Termination Date is to be included.
          The
          party making the determination (or its agent) will request each Reference
          Market-maker to provide its quotation to the extent reasonably practicable
          as of
          the same day and time (without regard to different time zones) on or as
          soon as
          reasonably practicable before the Latest Settlement Amount Determination
          Day (as
          defined below). The day and time as of which those quotations are to be
          obtained
          will be selected in good faith by the party obliged to make a determination
          under Section 6(e), and, if each party is so obliged, after consultation
          with
          the other. 

        

        
          	 	
                  (B)

                	
                  The
                    definition of Settlement Amount shall be deleted in its entirety
                    and
                    replaced with the following:

                

        

        

        “Settlement
          Amount”
          means,
          with respect to any Early Termination Date, an amount (as determined by
          Party B)
          equal to: 

        

        
          	 	
                  (a)

                	
                  If
                    a Market Quotation for the relevant Terminated Transaction or
                    group of
                    Terminated Transactions is accepted by Party B so as to become
                    legally
                    binding on or before the day falling ten Local Business Days
                    after the day
                    on which the Early Termination Date is designated, or such later
                    day as
                    Party B may specify in writing to Party A, but in either case
                    no later
                    than one Local Business Day prior to the Early Termination Date
                    (such day,
                    the “Latest Settlement Amount Determination Day”), the Termination
                    Currency Equivalent of the amount (whether positive or negative)
                    of such
                    Market Quotation; 

                

        

        

        
          	 	
                  (b)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    has been accepted by Party B so as to become legally binding
                    and one or
                    more Market Quotations from
                    Approved Replacements have
                    been made and remain capable of becoming legally binding upon
                    acceptance,
                    the Settlement Amount shall equal the Termination Currency Equivalent
                    of
                    the amount (whether positive or negative) of the lowest of such
                    Market
                    Quotations (for the avoidance of doubt, the lowest of such Market
                    Quotations shall be the lowest Market Quotation of
                    such Market Quotations
                    expressed as a positive number or, if any of such Market Quotations
                    is
                    expressed as a negative number, the Market Quotation expressed
                    as a
                    negative number with the largest absolute value);
                    or

                

        

        

        
          	 	
                  (c)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    is
                    accepted by Party B so as to become legally binding and no Market
                    Quotation from an Approved Replacement remains capable of becoming
                    legally
                    binding upon acceptance, the Settlement Amount shall equal Party
                    B’s Loss
                    (whether positive or negative and without reference to any Unpaid
                    Amounts)
                    for the relevant Terminated Transaction or group of Terminated
                    Transactions.

                

        

        

        
          	 	
                  (C)

                	
                  If
                    Party B requests Party A in writing to obtain Market Quotations,
                    Party A
                    shall use its reasonable efforts to do so before the Latest Settlement
                    Amount Determination Day.

                

        

        

        
          	 	
                  (D)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    shall be
                    deleted in its entirety and replaced with the
                    following:

                

        

        

        “(3)
          Second
          Method and Market Quotation.
          If the
          Second Method and Market Quotation apply, (I) Party B shall pay to Party
          A an
          amount equal to the absolute value of the Settlement Amount in respect
          of the
          Terminated Transactions, (II) Party B shall pay to Party A the Termination
          Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
          A
          shall pay to Party B the Termination Currency Equivalent of the Unpaid
          Amounts
          owing to Party B; provided,
          however,
          that
          (x) the amounts payable under the immediately preceding clauses (II) and
          (III)
          shall be subject to netting in accordance with Section 2(c) of this Agreement
          and (y) notwithstanding any other provision of this Agreement, any amount
          payable by Party A under the immediately preceding clause (III) shall not
          be
          netted-off against any amount payable by Party B under the immediately
          preceding
          clause (I).”

         

        
          	 	
                  (E)

                	
                  At
                    any time on or before the Latest Settlement Amount Determination
                    Day at
                    which two or more Market Quotations from Approved Replacements
                    remain
                    capable of becoming legally binding upon acceptance, Party B
                    shall be
                    entitled to accept only the lowest of such Market Quotations
                    (for the
                    avoidance of doubt, the lowest of such Market Quotations shall
                    be the
                    lowest Market Quotation of such Market Quotations expressed as
                    a positive
                    number or, if any of such Market Quotations is expressed as a
                    negative
                    number, the Market Quotation expressed as a negative number with
                    the
                    largest absolute value).

                

        

        

        (ii)      
              The
          Second Method will apply.

        

        (g)           “Termination
          Currency”
          means
          USD.

        

        (h)        
            Additional
          Termination Events.
          Additional Termination Events will apply as provided in Part 5(c).

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          2.    Tax
          Matters.

        

        (a)         
           Tax
          Representations. 

        

        
          	 	
                  (i)

                	
                  Payer
                    Representations.
                    For the purpose of Section 3(e) of this Agreement:
                    

                

        

         

        (A)        
           Party
          A
          makes the following representation(s):

        

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
          be made
          by it to the other party under this Agreement. In making this representation,
          it
          may rely on: the accuracy of any representations made by the other party
          pursuant to Section 3(f) of this Agreement; (ii) the satisfaction of the
          agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and
          the
          accuracy and effectiveness of any document provided by the other party
          pursuant
          to Section 4(a)(i) or 4(a)(iii) of this Agreement; and (iii) the satisfaction
          of
          the agreement of the other party contained in Section 4(d) of this Agreement,
          provided
          that it
          shall not be a breach of this representation where reliance is placed on
          clause
          (ii) and the other party does not deliver a form or document under Section
          4(a)(iii) by reason of material prejudice to its legal or commercial
          position.

        
          	 	 	 

        

        (B)          Party
          B
          makes the following representation(s):

        

        None.

        

        (ii)        
            Payee
          Representations.
          For the
          purpose of Section 3(f) of this Agreement: 

         

        (A)         
           Party
          A
          makes the following representation(s):

        

        	(i)  	
                Party
                  A is a tax resident of the United
                  Kingdom;

              

         

        	(ii)  	
                Party
                  A is a "foreign person" within the meaning of the applicable U.S.
                  Treasury
                  Regulations concerning information reporting and backup withholding
                  tax
                  (as in effect on January 1, 2001), unless Party A provides written
                  notice
                  to Party B that it is no longer a foreign person;
                  

              

         

        	(iii)  	
                in
                  respect of each Transaction Party A enters into through an office
                  or
                  discretionary agent in the United States or which otherwise is
                  allocated
                  (in whole or part) for United States federal income tax purposes
                  to such
                  United States trade or business, each payment received or to be
                  received
                  by Party A under such Transaction (or portion thereof, if applicable)
                  will
                  be effectively connected with its conduct of a trade or business
                  in the
                  United States; and

              

         

        	(iv)  	
                in
                  respect of all other Transactions or portions thereof, no such
                  payment
                  received or to be received by Party A in connection with this Agreement
                  is
                  attributable to a trade or business carried on by it through a
                  permanent
                  establishment in the United States.

              

         

        
          	 	 	 

        

        (B)           Party
          B
          makes the following representation(s):

        

        None. 

        

        
          	
                  (b)

                	
                  Tax
                    Provisions.

                

        

        

        
          	 	
                  (i)

                	
                  Gross
                    Up.
                    Section 2(d)(i)(4) shall not apply to Party B as X, and Section
                    2(d)(ii)
                    shall not apply to Party B as Y, in each case such that Party
                    B shall not
                    be required to pay any additional amounts referred to
                    therein.

                

        

        

        
          	 	
                  (ii)

                	
                  Indemnifiable
                    Tax.
                    The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                    entirety and replaced with the
                    following:

                

        

        

        “Indemnifiable
          Tax”
          means,
          in relation to payments by Party A, any Tax and, in relation to payments
          by
          Party B, no Tax. 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          3.  Agreement
          to Deliver Documents.  

        

        (a)          
           For
          the
          purpose of Section 4(a)(i), tax forms, documents, or certificates to be
          delivered are:

        

        
          	
                  Party
                    required to deliver document

                	 	
                  Form/Document/

                  Certificate

                	 	
                  Date
                    by which to

                  be
                    delivered

                
	 	 	 	 	 
	
                  Party
                    A

                	 	
                  A
                    correct, complete and duly executed U.S. Internal Revenue Service
                    Form
                    (W-8BEN, W-8ECI, W-9 or other applicable form (or successor thereto)),
                    together with appropriate attachments, that eliminates U.S. federal
                    withholding and backup withholding Tax on payments to Party A
                    under this
                    Agreement.

                	 	
                  Upon
                    the execution and delivery of this Agreement and upon reasonable
                    request.

                
	 	 	 	 	 
	
                  Party
                    B

                	 	
                  Any
                    form or document required or reasonably requested to allow the
                    other party
                    to make payments to Party B under the Agreement without any deduction
                    or
                    withholding for or on account of any Tax, or with such deduction
                    or
                    withholding at a reduced rate, which may include tax forms relating
                    to the
                    beneficial owner of payments to Party B under the Agreement from
                    time to
                    time. 

                	 	
                  Upon
                    the execution and delivery of this Agreement and at any time
                    that the last
                    such document delivered becomes incorrect or
                    out-of-date.

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (b)         
           For
          the
          purpose of Section 4(a)(ii), other documents to be delivered are:

        

        
          	
                  Party
                    required to deliver document

                	 	
                  Form/Document/

                  Certificate

                	 	
                  Date
                    by which to

                  be
                    delivered

                	 	
                  Covered
                    by Section 3(d) Representation

                
	 	 	 	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	 	
                  Any
                    documents required by the receiving party to evidence the authority
                    of the
                    delivering party or its Credit Support Provider, if any, for
                    it to execute
                    and deliver the Agreement, this Confirmation, and any Credit
                    Support
                    Documents to which it is a party, and to evidence the authority
                    of the
                    delivering party or its Credit Support Provider to perform its
                    obligations
                    under the Agreement, this Confirmation and any Credit Support
                    Document, as
                    the case may be

                	 	
                  Upon
                    the execution and delivery of this Agreement

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	 	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    the
                    Agreement, this Confirmation, and any relevant Credit Support
                    Document, as
                    the case may be

                	 	
                  Upon
                    the execution and delivery of this Agreement

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    A

                	 	
                  Annual
                    Report of Party A containing consolidated financial statements
                    certified
                    by independent certified public accountants and prepared in accordance
                    with generally accepted accounting principles in the country
                    in which
                    Party A is organized

                	 	
                  Promptly
                    upon becoming publicly available, if not available on Party A’s
                    website

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    A

                	 	
                  Interim
                    Financial Statements of Party A containing unaudited, consolidated
                    financial statements of Party A’s reporting period prepared in accordance
                    with generally accepted accounting principles in the country
                    in which
                    Party A is organized

                	 	
                  Promptly
                    upon becoming publicly available, if not available on Party A’s
                    website.

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    A and 

                  Party
                    B

                	 	
                  Opinion(s)
                    of counsel satisfactory to the other party

                	 	
                  Upon
                    the execution and delivery of this Agreement

                	 	
                  No

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          4.     Miscellaneous. 

        

        
          	
                  (a)

                	
                  Address
                    for Notices:
                    For the purposes of Section 12(a) of this
                    Agreement:

                

        

        

        Address
          for notices or communications to Party A and Party B shall be those set
          forth on
          the first page of the Confirmation:

        

        (b)         
           Process
          Agent.
          For the
          purpose of Section 13(c):

        

        Party
          A
          appoints as its Process Agent: Not applicable.

        

        Party
          B
          appoints as its Process Agent: Not applicable.

        

        
          	
                  (c)

                	
                  Offices.
                    The provisions of Section 10(a) will apply to this
                    Agreement.

                

        

        

        
          	
                  (d)

                	
                  Multibranch
                    Party.
                    For the purpose of Section 10(c) of this
                    Agreement:

                

        

        

        Party
          A
          is not a Multibranch Party.

        

        
          	 	
                  Party
                    B is not a Multibranch Party.

                

        

        

        
          	
                  (e)

                	
                  Calculation
                    Agent.
                    The Calculation Agent is Party A.

                

        

        

        (f)           Credit
          Support Document. 

         

        
          	 	
                  Party
                    A:

                	
                  The
                    Credit Support Annex, and any guarantee in support of Party A’s
                    obligations under this Agreement.

                

        

        

        Party
          B:                
 The
          Credit Support Annex, solely in respect of Party B’s obligations under Paragraph
          3(b) of the Credit Support Annex.

        

        
          	
                  (g)

                	
                  Credit
                    Support Provider.

                

        

        

        Party
          A:               
 The
          guarantor under any guarantee in support of Party A’s obligations under this
          Agreement.

        

        Party
          B:                
 None.

        

        
          	
                  (h)

                	
                  Governing
                    Law.
                    The parties to this Agreement hereby agree that the law of the
                    State of
                    New York shall govern their rights and duties in whole, without
                    regard to
                    the conflict of law provisions thereof other than New York General
                    Obligations Law Sections 5-1401 and 5-1402.

                

        

        

        
          	
                  (i)

                	
                  Netting
                    of Payments.
                    The parties agree that subparagraph (ii) of Section 2(c) will
                    apply to
                    each Transaction hereunder. 

                

        

        

        
          	
                  (j)

                	
                  Affiliate.“Affiliate”
                    shall have the meaning assigned thereto in Section 14; provided,
                    however,
                    that Party B shall be deemed to have no Affiliates for purposes
                    of this
                    Agreement, including for purposes of Section
                    6(b)(ii).

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          5.   Others
          Provisions.

        

        
          	
                  (a)

                	
                  Definitions.
                    Unless
                    otherwise specified in a Confirmation, this Agreement and each
                    Transaction
                    under this Agreement are subject to the 2000 ISDA Definitions
                    as published
                    and copyrighted in 2000 by the International Swaps and Derivatives
                    Association, Inc. (the “Definitions”),
                    and will be governed in all relevant respects by the provisions
                    set forth
                    in the Definitions, without regard to any amendment to the Definitions
                    subsequent to the date hereof. The provisions of the Definitions
                    are
                    hereby incorporated by reference in and shall be deemed a part
                    of this
                    Agreement, except that (i) references in the Definitions to a
“Swap
                    Transaction” shall be deemed references to a “Transaction” for purposes of
                    this Agreement, and (ii) references to a “Transaction” in this Agreement
                    shall be deemed references to a “Swap Transaction” for purposes of the
                    Definitions. Each term capitalized but not defined in this Agreement
                    shall
                    have the meaning assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

         

        (b)         
           Amendments
          to ISDA Master Agreement.

        

        
          	 	
                  (i)

                	
                  Single
                    Agreement.
                    Section 1(c) is hereby amended by the adding the words “including, for the
                    avoidance of doubt, the Credit Support Annex” after the words “Master
                    Agreement”. 

                

        

        

        
          	 	
                  (ii)

                	
                  [Reserved]

                

        

        

        
          	 	
                  (iii)

                	
                  Change
                    of Account.
                    Section 2(b) is hereby amended by the addition of the following
                    after the
                    word “delivery” in the first line
                    thereof:

                

        

         

        “to
          another account in the same legal and tax jurisdiction as the original
          account”.

        

        
          	 	
                  (iv)

                	
                  Representations.
                    Section 3 is hereby amended by adding at the end thereof the
                    following
                    subsection (g): 

                

        

        

        
          	 	
                  “(g)

                	
                  Relationship
                    Between Parties. 

                

        

        

        
          	 	
                  (1)

                	
                  Nonreliance.
                    (i) It is not relying on any statement or representation of the
                    other
                    party regarding the Transaction (whether written or oral), other
                    than the
                    representations expressly made in this Agreement or the Confirmation
                    in
                    respect of that Transaction and (ii) it has consulted with its
                    own legal,
                    regulatory, tax, business, investment, financial and accounting
                    advisors
                    to the extent it has deemed necessary, and it has made its own
                    investment,
                    hedging and trading decisions based upon its own judgment and
                    upon any
                    advice from such advisors as it has deemed necessary and not
                    upon any view
                    expressed by the other party.

                

        

         

        
          	 	
                  (2)

                	
                  Evaluation
                    and Understanding. (i) It has the capacity to evaluate (internally
                    or
                    through independent professional advice) the Transaction and
                    has made its
                    own decision to enter into the Transaction and (ii) It understands
                    the
                    terms, conditions and risks of the Transaction and is willing
                    and able to
                    accept those terms and conditions and to assume those risks,
                    financially
                    and otherwise. 

                

        

        

        
          	 	
                  (3)

                	
                  Purpose.
                    It is entering into the Transaction for the purposes of managing
                    its
                    borrowings or investments, hedging its underlying assets or liabilities
                    or
                    in connection with a line of business.

                

        

        

        
          	 	
                  (4)

                	
                  Status
                    of Parties. The other party is not acting as an agent, fiduciary
                    or
                    advisor for it in respect of the Transaction.

                

        

        

        
          	 	
                  (5)

                	
                  Eligible
                    Contract Participant. It is an “eligible contract participant” as defined
                    in Section 1(a)(12) of the Commodity Exchange Act, as
                    amended.”

                

        

        

        
          	 	
                  (v)

                	
                  Transfer
                    to Avoid Termination Event.
                    Section 6(b)(ii) is hereby amended by (i) deleting the words
“or if a Tax
                    Event Upon Merger occurs and the Burdened Party is the Affected
                    Party,”
                    and (ii) by deleting the words “to transfer” and inserting the words “to
                    effect a Permitted Transfer” in lieu
                    thereof.

                

        

        

        
          	 	
                  (vi)

                	
                  Jurisdiction.
                    Section
                    13(b) is hereby amended by: (i) deleting in the second line of
                    subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                    end of subparagraph 1 and inserting “.” in lieu thereof, and (iii)
                    deleting the final paragraph
                    thereof.

                

        

        

        
          	 	
                  (vii)

                	
                  Local
                    Business Day.
                    The definition of Local Business Day in Section 14 is hereby
                    amended by
                    the addition of the words “or any Credit Support Document” after “Section
                    2(a)(i)” and the addition of the words “or Credit Support Document” after
                    “Confirmation”. 

                

        

        

        
          	
                  (c)

                	
                  Additional
                    Termination Events.
                    The following Additional Termination Events will
                    apply:

                

        

        

        (i)            First
          Rating Trigger Collateral.
          If (A)
          it is not the case that a Moody’s Second Trigger Ratings Event has occurred and
          been continuing for 30 or more Local Business Days and (B) Party
          A
          has failed to comply with or perform any obligation to be complied with
          or
          performed by Party A in accordance with the Credit Support Annex, then
          an
          Additional Termination Event shall have occurred with respect to Party
          A and
          Party A shall be the sole Affected Party with respect to such Additional
          Termination Event. 

        

        (ii)         
           Second
          Rating Trigger Replacement.
          If (A) a
          Required Ratings Downgrade Event has occurred and been continuing for 30
          or more
          Local Business Days and (B) (i) at least one Eligible Replacement has made
          a
          Firm Offer to be the transferee of all of Party A’s rights and obligations under
          this Agreement (and such Firm Offer remains an offer that will become legally
          binding upon such Eligible Replacement upon acceptance by the offeree)
          and/or
          (ii) an Eligible Guarantor has made a Firm Offer to provide an Eligible
          Guarantee (and such Firm Offer remains an offer that will become legally
          binding
          upon such Eligible Guarantor immediately upon acceptance by the offeree),
          then
          an Additional Termination Event shall have occurred with respect to Party
          A and
          Party A shall be the sole Affected Party with respect to such Additional
          Termination Event. 

        

        
          	 	
                  (iii)

                	
                  Amendment
                    of the Pooling and Servicing Agreement.
                    If, without the prior written consent of Party A where such consent
                    is
                    required under the Pooling and Servicing Agreement (such consent
                    not to be
                    unreasonably withheld), an amendment is made to the Pooling and
                    Servicing
                    Agreement which amendment could reasonably be expected to have
                    a material
                    adverse effect on the interests of Party A (excluding, for the
                    avoidance
                    of doubt, any amendment to the Pooling and Servicing Agreement
                    that is
                    entered into solely for the purpose of appointing a successor
                    depositor,
                    servicer, trustee or other service provider) under this Agreement,
                    an
                    Additional Termination Event shall have occurred with respect
                    to Party B
                    and Party B shall be the sole Affected Party with respect to
                    such
                    Additional Termination Event. 

                

        

        

        
          	 	
                  (iv)

                	
                  Regulation
                    AB. If
                    (i) the Depositor still has a reporting obligation with respect
                    to the
                    Transaction hereunder pursuant to Regulation AB and (ii) Party
                    A has not,
                    within the applicable time period specified in Part 5(e)(ii)(a)
                    below
                    after a Swap Disclosure Event, complied with any of the provisions
                    set
                    forth in Part 5(e)(ii) below, then an Additional Termination
                    Event shall
                    have occurred with respect to Party A and Party A shall be the
                    sole
                    Affected Party with respect to such Additional Termination
                    Event.

                

        

        

        
          	 	
                  (v)

                	
                  Optional
                    Termination of Securitization.
                    An
                    Additional Termination Event shall occur upon the notice to
                    Certificateholders of an Optional Termination becoming unrescindable
                    in
                    accordance with Article X of the Pooling and Servicing Agreement
                    (such
                    notice, the “Optional
                    Termination Notice”).
                    With respect to such Additional Termination Event: (A) Party
                    B shall be
                    the sole Affected Party; (B) notwithstanding anything to the
                    contrary in
                    Section 6(b)(iv) or Section 6(c)(i), the final Distribution Date
                    specified
                    in the Optional Termination Notice is hereby designated as the
                    Early
                    Termination Date for this Additional Termination Event in respect
                    of all
                    Affected Transactions; (C) Section 2(a)(iii)(2) shall not be
                    applicable to
                    any Affected Transaction in
                    connection with the Early Termination Date resulting from this
                    Additional
                    Termination Event; notwithstanding anything to the contrary in
                    Section
                    6(c)(ii), payments and deliveries under Section 2(a)(i) or Section
                    2(e) in
                    respect of the Terminated Transactions resulting from this Additional
                    Termination Event will be required to be made through and including
                    the
                    Early Termination Date designated
                    as a result of this Additional Termination Event; provided,
                    for the avoidance of doubt, that any such payments or deliveries
                    that are
                    made on or prior to such Early Termination Date will not be treated
                    as
                    Unpaid Amounts in determining the amount payable in respect of
                    such Early
                    Termination Date; (D) notwithstanding anything to the contrary
                    in Section
                    6(d)(i), (I) if, no later than 4:00 pm New York City time on
                    the day that
                    is four Business Days prior to the final Distribution Date specified
                    in
                    the Optional Termination Notice, the Servicer (as “Terminator”)
                    requests the amount of the Estimated Swap Termination Payment,
                    Party A
                    shall provide to the Terminator in writing (which may be done
                    in
                    electronic format) the amount of the Estimated Swap Termination
                    Payment no
                    later than 2:00 pm New York City time on the following Business
                    Day and
                    (II) if the Terminator provides written notice (which may be
                    done in
                    electronic format) to Party A no later than two Business Days
                    prior to the
                    final Distribution Date specified in the Optional Termination
                    Notice that
                    all requirements of the Optional Termination have been met, then
                    Party A
                    shall, no later than one Business Day prior to the final Distribution
                    Date
                    specified in the Optional Termination Notice, make the calculations
                    contemplated by Section 6(e) of the ISDA Master Agreement (as
                    amended
                    herein) and provide to the Terminator in writing (which may be
                    done in
                    electronic format) the amount payable by either Party B or Party
                    A in
                    respect of the related Early Termination Date in
                    connection with this Additional Termination Event; provided,
                    however,
                    that the amount payable by Party B, if any, in respect of the
                    related
                    Early Termination Date shall be the lesser of (x) the amount
                    calculated to
                    be due from Party B pursuant to Section 6(e) and (y) the Estimated
                    Swap
                    Termination Payment; and (E) notwithstanding anything to the
                    contrary in
                    this Agreement, any amount due from Party B to Party A in respect
                    of this
                    Additional Termination Event will be payable on the final Distribution
                    Date specified in the Optional Termination Notice and any amount
                    due from
                    Party A to Party B in respect of this Additional Termination
                    Event will be
                    payable one Business Day prior to the final Distribution Date
                    specified in
                    the Optional Termination Notice. 

                

        

        

        The
          Terminator shall be an express third party beneficiary of this Agreement
          as if a
          party hereto to the extent of the Terminator’s rights specified herein.

        

        
          	
                  (d)

                	
                  Required
                    Ratings Downgrade Event.
                    In
                    the event that no Relevant Entity has credit ratings at least
                    equal to the
                    Required Ratings Threshold (such event, a “Required
                    Ratings Downgrade Event”),
                    then Party A shall, as soon as reasonably practicable and so
                    long as a
                    Required Ratings Downgrade Event is in effect, at its own expense,
                    using
                    commercially reasonable efforts, procure either (A) a Permitted
                    Transfer
                    or (B) an Eligible Guarantee from an Eligible Guarantor.
                    

                

        

        

        (e)        
            Compliance
          with Regulation AB.
          

         

        (i)          
           It
          shall
          be a swap disclosure event (“Swap
          Disclosure Event”)
          if, at
          any time after the date hereof while the Depositor has reporting obligations
          with respect to this Transaction pursuant to Regulation AB, the Depositor
          or
          Greenwich Capital Financial Products, Inc. (the “Sponsor”)
          notifies Party A that the aggregate “significance percentage” (calculated in
          accordance with the provisions of Item 1115 of Regulation AB) of all derivative
          instruments provided by Party A and any of its affiliates to Party B
          (collectively, the “Aggregate
          Significance Percentage”)
          is 9%
          or more.

         

        (ii)        
           Upon
          the
          occurrence of a Swap Disclosure Event while the Depositor has reporting
          obligations with respect to this Transaction pursuant to Regulation AB,
          Party A,
          at its own cost and expense (and without any expense or liability to the
          Depositor, the Sponsor, the Underwriters, the Depositor, the Trustee or
          the
          Issuing Entity), shall take one of the following actions:

         

        (a)         
           provide
          to the Sponsor and the Depositor: (i) if the Aggregate Significance Percentage
          is 9% or more, but less than 10%, within thirty (30) days, either, at the
          sole
          discretion of Party A, the information required under Item 1115(b)(1) or
          Item
          1115(b)(2) of Regulation AB, (ii) if the Aggregate Significance Percentage
          is
          10% or more, but less than 20%, within five (5) Business Days, either,
          at the
          sole discretion of Party A, the information required under Item 1115(b)(1)
          or
          Item 1115(b)(2) of Regulation AB, (iii) if the Aggregate Significance Percentage
          is 19% or more, but less than 20%,, within thirty (30) days, the information
          required under Item 1115(b)(2) of Regulation AB or (iv) if the Aggregate
          Significance Percentage is 20% or more, within five (5) Business Days,
          the
          information required under Item 1115(b)(2) of Regulation AB; or

         

        (b)          transfer
          in a Permitted Transfer (provided that a Permitted Transfer pursuant to
          this
          subclause (b) shall not require satisfaction of the Rating Agency Condition)
          its
          obligations under the Transaction to a counterparty with the Approved Ratings
          Thresholds (or which satisfies the Rating Agency Condition), that (x) provides
          the information specified in clause (a) above to the Depositor and Sponsor
          and
          (y) enters into documentation substantially similar to the documentation
          then in
          place between Party A and Party B. For purposes of this subclause (b),
          the
          parties agree that National Westminster Bank Plc (“NatWest”)
          shall
          be an acceptable replacement for Party A, so long as NatWest is able to
          provide
          the information required under subclause (a) above and satisfy the requirements
          of this subclause (b).

         

        (iii)        
           For so long as the Aggregate Significance Percentage is 10% or more the
          Depositor has reporting obligations with respect to this Transaction, Party
          A
          shall provide any updates to the information provided pursuant to clause
          (ii)(a)
          above to the Sponsor and the Depositor within five (5) Business Days following
          the availability thereof (but in no event more than 6 months after the
          end of
          each of Party A’s fiscal year for any annual update and when available for any
          interim update).

         

        (iv)       
           All
          information provided pursuant to clause (ii) shall be in a form suitable
          for
          conversion to the format required for filing by the Depositor with the
          Commission via the Electronic Data Gathering and Retrieval System (EDGAR).
          The
          parties hereto acknowledge that electronic files in Adobe Acrobat format
          will be
          deemed to satisfy the requirements of this Part 5(e)(iv). In addition,
          any such
          information, if audited, shall be accompanied by any necessary auditor’s
          consents or, if such information is unaudited, shall be accompanied by
          an
          appropriate agreed-upon procedures letter from Party A’s accountants. If
          permitted by Regulation AB, any such information may be provided by reference
          to
          or incorporation by reference from reports filed pursuant to the Exchange
          Act.

         

        (v)        
           The
          Sponsor and the Depositor each shall be an express third party beneficiary
          of
          this Agreement with respect to Party A’s undertakings under this Part 5(e)
          only.

         

        
          	
                  (f)

                	
                  Transfers. 

                

        

         

        (i)          
           Section
          7
          is hereby amended to read in its entirety as follows:

         

        “Except
          with respect to any Permitted Transfer pursuant to Section 6(b)(ii), Part
          5(d),
          Part 5(e)(ii)(b) or Part 5(f), neither Party A nor Party B is permitted
          to
          assign, novate or transfer (whether by way of security or otherwise) as
          a whole
          or in part any of its rights, obligations or interests under the Agreement
          or
          any Transaction unless (a) the prior written consent of the other party
          is
          obtained and (b) the Rating Agency Condition has been satisfied with respect
          to
          S&P. At any time at which no Relevant Entity has credit ratings at least
          equal to the Approved Ratings Threshold, Party A may make a Permitted
          Transfer.”

         

        
          	 	
                  (ii)

                	
                  If
                    an Eligible Replacement has made a Firm Offer (which remains
                    an offer that
                    will become legally binding upon acceptance by Party B) to be
                    the
                    transferee pursuant to a Permitted Transfer, Party B shall, at
                    Party A’s
                    written request and at Party A’s expense, take any reasonable steps
                    required to be taken by Party B to effect such transfer.
                    

                

        

         

        
          	
                  (g)

                	
                  Non-Recourse.
                    Party A acknowledges and agrees that, notwithstanding any provision
                    in
                    this Agreement to the contrary, the obligations of Party B hereunder
                    are
                    limited recourse obligations of Party B, payable solely from
                    the
                    Supplemental Interest Trust and the proceeds thereof, in accordance
                    with
                    the priority of payments and other terms of the Pooling and Servicing
                    Agreement and that Party A will not have any recourse to any
                    of the
                    directors, officers, employees, shareholders or affiliates of
                    the Party B
                    with respect to any claims, losses, damages, liabilities, indemnities
                    or
                    other obligations asserted against Party B in connection with
                    any
                    transactions contemplated hereby. In the event that the Supplemental
                    Interest Trust and the proceeds thereof, funded in accordance
                    with the
                    priority of payments and other terms of the Pooling and Servicing
                    Agreement, should be insufficient to satisfy all claims outstanding
                    and
                    following the realization of the account held by the Supplemental
                    Interest
                    Trust and the proceeds thereof, any claims against or obligations
                    of Party
                    B under the ISDA Master Agreement or any other confirmation thereunder
                    still outstanding shall be extinguished and thereafter not revive.
                    The
                    Supplemental Interest Trust Trustee shall not have liability
                    for any
                    failure or delay in making a payment hereunder to Party A due
                    to any
                    failure or delay in receiving amounts in the account held by
                    the
                    Supplemental Interest Trust from the Trust created pursuant to
                    the Pooling
                    and Servicing Agreement. This provision will survive the termination
                    of
                    this Agreement.

                

        

        

        
          	
                  (h)

                	
                  Timing
                    of Payments
                    by Party B upon Early Termination.
                    Notwithstanding anything to the contrary in Section 6(d)(ii),
                    to the
                    extent that all or a portion (in either case, the “Unfunded Amount”) of
                    any amount that is calculated as being due in respect of any
                    Early
                    Termination Date under Section 6(e) from Party B to Party A will
                    be paid
                    by Party B from amounts other than any upfront payment paid to
                    Party B by
                    an Eligible Replacement that has entered a Replacement Transaction
                    with
                    Party B, then such Unfunded Amount shall be due on the next subsequent
                    Distribution Date following the date on which the payment would
                    have been
                    payable as determined in accordance with Section 6(d)(ii), and
                    on any
                    subsequent Distribution Dates until paid in full (or if such
                    Early
                    Termination Date is the final Distribution Date, on such final
                    Distribution Date); provided,
                    however,
                    that if the date on which the payment would have been payable
                    as
                    determined in accordance with Section 6(d)(ii) is a Distribution
                    Date,
                    such payment will be payable on such Distribution
                    Date.

                

        

        

        
          	
                  (i)

                	
                  Rating
                    Agency Notifications. Notwithstanding
                    any other provision of this Agreement, no Early Termination Date
                    shall be
                    effectively designated hereunder by Party B and no transfer of
                    any rights
                    or obligations under this Agreement shall be made by either party
                    unless
                    each Swap Rating Agency has been given prior written notice of
                    such
                    designation or transfer. 

                

        

        

        
          	
                  (j)

                	
                  No
                    Set-off.
                    Except as expressly provided for in Section 2(c), Section 6 or
                    Part
                    1(f)(i)(D) hereof, and notwithstanding any other provision of
                    this
                    Agreement or any other existing or future agreement, each party
                    irrevocably waives any and all rights it may have to set off,
                    net, recoup
                    or otherwise withhold or suspend or condition payment or performance
                    of
                    any obligation between it and the other party hereunder against
                    any
                    obligation between it and the other party under any other agreements.
                    Section 6(e) shall be amended by deleting the following sentence:
“The
                    amount, if any, payable in respect of an Early Termination Date
                    and
                    determined pursuant to this Section will be subject to any
                    Set-off.”.

                

        

         

        
          	
                  (k)

                	
                  Amendment.
                    Notwithstanding any provision to the contrary in this Agreement,
                    no
                    amendment of either this Agreement or any Transaction under this
                    Agreement
                    shall be permitted by either party unless each of the Swap Rating
                    Agencies
                    has been provided prior written notice of the same and such amendment
                    satisfies the Rating Agency Condition with respect to
                    S&P.

                

        

        

        
          	
                  (l)

                	
                  Notice
                    of Certain Events or Circumstances.
                    Each Party agrees, upon learning of the occurrence or existence
                    of any
                    event or condition that constitutes (or that with the giving
                    of notice or
                    passage of time or both would constitute) an Event of Default
                    or
                    Termination Event with respect to such party, promptly to give
                    the other
                    Party and to each Swap Rating Agency notice of such event or
                    condition;
                    provided
                    that failure to provide notice of such event or condition pursuant
                    to this
                    Part 5(l) shall not constitute an Event of Default or a Termination
                    Event.

                

        

         

        (m)        
           Proceedings.
          No
          Relevant Entity shall institute against, or cause any other person to institute
          against, or join any other person in instituting against Party B, the
          Supplemental Interest Trust, or the trust formed pursuant to the Pooling
          and
          Servicing Agreement, in any bankruptcy, reorganization, arrangement, insolvency
          or liquidation proceedings or other proceedings under any federal or state
          bankruptcy or similar law for a period of one year (or, if longer, the
          applicable preference period) and one day following payment in full of
          the
          Certificates and any Notes. This provision will survive the termination
          of this
          Agreement. 

        

        
          	
                  (n)

                	
                  Supplemental
                    Interest Trust Trustee Liability Limitations.
                    It
                    is expressly understood and agreed by the parties hereto that
                    (a) this
                    Agreement is executed by Deutsche Bank National Trust Company
                    (“DBNTC”)
                    not in its individual capacity, but solely as Supplemental Interest
                    Trust
                    Trustee under the Pooling and Servicing Agreement in the exercise
                    of the
                    powers and authority conferred and invested in it thereunder;
                    (b) DBNTC
                    has been directed pursuant to the Pooling and Servicing Agreement
                    to enter
                    into this Agreement and to perform its obligations hereunder;
                    (c) each of
                    the representations, undertakings and agreements herein made
                    on behalf of
                    the Supplemental Interest Trust is made and intended not as personal
                    representations of the Supplemental Interest Trust Trustee but
                    is made and
                    intended for the purpose of binding only the Supplemental Interest
                    Trust;
                    and (d) under no circumstances shall DBNTC
                    in its individual capacity be personally liable for any payments
                    hereunder
                    or for the breach or failure of any obligation, representation,
                    warranty
                    or covenant made or undertaken under this
                    Agreement.

                

        

        

        
          	
                  (o)

                	
                  Severability.
                    If
                    any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) in any respect,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided,
                    however,
                    that this severability provision shall not be applicable if any
                    provision
                    of Section 2, 5, 6, or 13 (or any definition or provision in
                    Section 14 to
                    the extent it relates to, or is used in or in connection with
                    any such
                    Section) shall be so held to be invalid or unenforceable.
                    

                

        

        

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition. 

        

        
          	
                  (p)

                	
                  Party
                    B as Agent. Party
                    A acknowledges that Party B is acting as the Supplemental Interest
                    Trust
                    Trustee for the Supplemental Interest Trust under the Pooling
                    and
                    Servicing Agreement to carry out certain functions on behalf
                    of the
                    Supplemental Interest Trust. 

                

        

         

        
          	
                  (q)

                	
                  [Reserved]

                

        

         

        
          	
                  (r)

                	
                  Consent
                    to Recording.
                    Each party hereto consents to the monitoring or recording, at
                    any time and
                    from time to time, by the other party of any and all communications
                    between trading, marketing, and operations personnel of the parties
                    and
                    their Affiliates, waives any further notice of such monitoring
                    or
                    recording, and agrees to notify such personnel of such monitoring
                    or
                    recording. 

                

        

        

        
          	
                  (s)

                	
                  Waiver
                    of Jury Trial.
                    Each party waives any right it may have to a trial by jury in
                    respect of
                    any suit, action or proceeding relating to this Agreement or
                    any Credit
                    Support Document. 

                

        

        

        
          	
                  (t)

                	
                  Form
                    of ISDA Master Agreement. Party
                    A and Party B hereby agree that the text of the body of the ISDA
                    Master
                    Agreement is intended to be the printed form of the ISDA Master
                    Agreement
                    (Multicurrency - Crossborder) as published and copyrighted in
                    1992 by the
                    International Swaps and Derivatives Association,
                    Inc.

                

        

        

        
          	
                  (u)

                	
                  Payment
                    Instructions.
                    Party A hereby agrees that, unless notified in writing by Party
                    B of other
                    payment instructions, any and all amounts payable by Party A
                    to Party B
                    under this Agreement shall be paid to the account specified in
                    Item 4 of
                    this Confirmation, below. 

                

        

        

        
          	
                  (v)

                	
                  Additional
                    representations.

                

        

        

        
          	 	
                  (i)

                	
                  Representations
                    of Party A.
                    Party A represents to Party B on the date on which Party A enters
                    into
                    each Transaction that:--

                

        

         

        Party
          A’s
          obligations under this Agreement rank pari
          passu
          with all
          of Party A’s other unsecured, unsubordinated obligations except those
          obligations preferred by operation of law.

        

        
          	 	
                  (ii)

                	
                  Capacity.
                    Party A represents to Party B on the date on which Party A enters
                    into
                    this Agreement that it is entering into the Agreement and the
                    Transaction
                    as principal and not as agent of any person.

                

        

         

        
          	
                  (w)

                	
                  Acknowledgements.

                

        

        

        
          	 	
                  (i)

                	
                  Substantial
                    financial transactions.
                    Each party hereto is hereby advised and acknowledges as of the
                    date hereof
                    that the other party has engaged in (or refrained from engaging
                    in)
                    substantial financial transactions and has taken (or refrained
                    from
                    taking) other material actions in reliance upon the entry by
                    the parties
                    into the Transaction being entered into on the terms and conditions
                    set
                    forth herein and in the Pooling and Servicing Agreement relating
                    to such
                    Transaction, as applicable. This paragraph shall be deemed repeated
                    on the
                    trade date of each Transaction.

                

        

         

        
          	 	
                  (ii)

                	
                  Bankruptcy
                    Code.
                    Subject to Part 5(m), without limiting the applicability if any,
                    of any
                    other provision of the U.S. Bankruptcy Code as amended (the “Bankruptcy
                    Code”) (including without limitation Sections 362, 546, 556, and 560
                    thereof and the applicable definitions in Section 101 thereof),
                    the
                    parties acknowledge and agree that all Transactions entered into
                    hereunder
                    will constitute “forward contracts” or “swap agreements” as defined in
                    Section 101 of the Bankruptcy Code or “commodity contracts” as defined in
                    Section 761 of the Bankruptcy Code, that the rights of the parties
                    under
                    Section 6 of this Agreement will constitute contractual rights
                    to
                    liquidate Transactions, that any margin or collateral provided
                    under any
                    margin, collateral, security, pledge, or similar agreement related
                    hereto
                    will constitute a “margin payment” as defined in Section 101 of the
                    Bankruptcy Code, and that the parties are entities entitled to
                    the rights
                    under, and protections afforded by, Sections 362, 546, 556, and
                    560 of the
                    Bankruptcy Code.

                

        

         

        (x)         
           Agency
          Role of Greenwich Capital Markets, Inc.
          In
          connection with this Agreement, Greenwich Capital Markets, Inc. has acted
          as
          agent on behalf of The Royal Bank of Scotland plc. Greenwich Capital Markets,
          Inc. has not guaranteed and is not otherwise responsible for the obligations
          of
          The Royal Bank of Scotland plc under this Agreement.

        

        (y)           [Reserved]

        

        (z)         
           Additional
          Definitions. 

         

        As
          used
          in this Agreement, the following terms shall have the meanings set forth
          below,
          unless the context clearly requires otherwise: 

         

        “Approved
          Ratings Threshold”
          means
          each of the S&P Approved Ratings Threshold and the Moody’s First Trigger
          Ratings Threshold.

        

        “Approved
          Replacement” means,
          with respect to a Market Quotation, an entity making such Market Quotation,
          which entity would satisfy conditions (a), (b) and (c) of the definition
          of
          Permitted Transfer (as determined by Party B in its sole discretion, acting
          in a
          commercially reasonable manner) if such entity were a Transferee, as defined
          in
          the definition of Permitted Transfer.

        

        “Eligible
          Guarantee”
          means an
          unconditional and irrevocable guarantee of all present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of Party
          A or
          an Eligible Replacement to Party B under this Agreement that is provided
          by an
          Eligible Guarantor as principal debtor rather than surety and that is directly
          enforceable by Party B, the form and substance of which guarantee are subject
          to
          the Rating Agency Condition with respect to S&P, and either (A) a law firm
          has given a legal opinion confirming that none of the guarantor’s payments to
          Party B under such guarantee will be subject to Tax
          collected by withholding or
          (B)
          such guarantee provides that, in the event that any of such guarantor’s payments
          to Party B are subject to Tax collected by withholding, such guarantor
          is
          required to pay such additional amount as is necessary to ensure that the
          net
          amount actually received by Party B (free and clear of any Tax collected
          by
          withholding) will equal the full amount Party B would have received had
          no such
          withholding been required.

        

        “Eligible
          Guarantor” means
          an
          entity that (A) has credit ratings at least equal to the Approved Ratings
          Threshold or (B) has credit ratings at least equal to the Required Ratings
          Threshold, provided,
          for the
          avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor
          with
          credit ratings below the Approved Ratings Threshold will not cure or prevent
          the
          occurrence of a Collateral Event (as defined in the Credit Support Annex).
          

        

        “Eligible
          Replacement”
          means an
          entity (i) that has credit ratings at least equal to the Approved Ratings
          Threshold, (ii) has credit ratings at least equal to the Required Ratings
          Threshold, provided,
          for the
          avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor
          with
          credit ratings below the Approved Ratings Threshold will not cure or prevent
          the
          occurrence of a Collateral Event (as defined in the Credit Support Annex),
          or
          (iii) the present and future obligations (for the avoidance of doubt, not
          limited to payment obligations) of which entity to Party B under this Agreement
          are guaranteed pursuant to an Eligible Guarantee provided by an Eligible
          Guarantor.

        

        “Estimated
          Swap Termination Payment”
          means,
          with respect to an Early Termination Date, an amount determined by Party
          A in
          good faith and in a commercially reasonable manner as the maximum payment
          that
          could be owed by Party B to Party A in respect of such Early Termination
          Date
          pursuant to Section 6(e) of the ISDA Master Agreement, taking into account
          then
          current market conditions.

        

        “Firm
          Offer”
          means
          (A) with respect to an Eligible Replacement, a quotation from such Eligible
          Replacement (i) in an amount equal to the actual amount payable by or to
          Party B
          in consideration of an agreement between Party B and such Eligible Replacement
          to replace Party A as the counterparty to this Agreement by way of novation
          or,
          if such novation is not possible, an agreement between Party B and such
          Eligible
          Replacement to enter into a Replacement Transaction (assuming that all
          Transactions hereunder become Terminated Transactions), and (ii) that
          constitutes an offer by such Eligible Replacement to replace Party A as
          the
          counterparty to this Agreement or enter a Replacement Transaction that
          will
          become legally binding upon such Eligible Replacement upon acceptance by
          Party
          B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
          Guarantor to provide an Eligible Guarantee that will become legally binding
          upon
          such Eligible Guarantor upon acceptance by the offeree.

        

        “Moody’s”
          means
          Moody’s Investors Service, Inc., or any successor thereto. 

        

        “Moody’s
          First Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating or counterparty rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

        

        “Moody’s
          Second Trigger Ratings Event” means
          that no
          Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
          Second Trigger Ratings Threshold. 

        

        “Moody’s
          Second Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
          or counterparty rating from Moody’s of “A3”.

        

        “Permitted
          Transfer” means
          a
          transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
          Part
          5(e)(ii)(b), Part 5(f) or the second sentence of Section 7 (as amended
          herein)
          to a transferee (the “Transferee”)
          of all,
          but not less than all, of Party A’s rights, liabilities, duties and obligations
          under this Agreement, with respect to which transfer each of the following
          conditions is satisfied: (a) the Transferee is an Eligible Replacement;
          (b)
          Party A and the Transferee are both “dealers in notional principal contracts”
within the meaning of Treasury regulations section 1.1001-4; (c) as of
          the date
          of such transfer the Transferee would not be required to withhold or deduct
          on
          account of Tax from any payments under this Agreement or would be required
          to
          gross up for such Tax under Section 2(d)(i)(4); (d) an Event of Default
          or
          Termination Event would not occur as a result of such transfer; (e) pursuant
          to
          a written instrument (the “Transfer
          Agreement”),
          the
          Transferee acquires and assumes all rights and obligations of Party A under
          the
          Agreement and the relevant Transaction; (f) Party B shall have determined,
          in
          its sole discretion, acting in a commercially reasonable manner, that such
          Transfer Agreement is effective to transfer to the Transferee all, but
          not less
          than all, of Party A’s rights and obligations under the Agreement and all
          relevant Transactions; (g) Party A will be responsible for any costs or
          expenses
          incurred in connection with such transfer (including any replacement cost
          of
          entering into a replacement transaction); (h) either (A) Moody’s has been given
          prior written notice of such transfer and the Rating Agency Condition is
          satisfied with respect to S&P or (B) each Swap Rating Agency has been given
          prior written notice of such transfer and such transfer is in connection
          with
          the assignment and assumption of this Agreement without modification of
          its
          terms, other than party names, dates relevant to the effective date of
          such
          transfer, tax representations (provided that the representations in Part
          2(a)(i)
          are not modified) and any other representations regarding the status of
          the
          substitute counterparty of the type included in Part 5(b)(iv) or Part 5(v),
          notice information and account details; and (i) such transfer otherwise
          complies
          with the terms of the Pooling and Servicing Agreement.

         

        “Rating
          Agency Condition”
          means,
          with respect to any particular proposed act or omission to act hereunder
          and
          each Swap Rating Agency specified in connection with such proposed act
          or
          omission, that the party acting or failing to act must consult with each
          of the
          specified Swap Rating Agencies and receive from each such Swap Rating Agency
          a
          prior written confirmation that the proposed action or inaction would not
          cause
          a downgrade or withdrawal of the then-current rating of any Certificates
          or
          Notes.

        

        “Relevant
          Entity” means
          Party A and, to the extent applicable, a guarantor under an Eligible
          Guarantee.

        

        “Replacement
          Transaction”
          means,
          with respect to any Terminated Transaction or group of Terminated Transactions,
          a transaction or group of transactions that (i) would have the effect of
          preserving for Party B the economic equivalent of any payment or delivery
          (whether the underlying obligation was absolute or contingent and assuming
          the
          satisfaction of each applicable condition precedent) by the parties under
          Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
          Transactions that would, but for the occurrence of the relevant Early
          Termination Date, have been required after that Date, and (ii) has terms
          which
          are substantially the same as this Agreement, including, without limitation,
          rating triggers, Regulation AB compliance, and credit support documentation,
          save for the exclusion of provisions relating to Transactions that are
          not
          Terminated Transaction, as determined by Party B in its sole discretion,
          acting
          in a commercially reasonable manner.

        

        “Required
          Ratings Downgrade Event”
          shall
          have the meaning assigned thereto in Part 5(d).

        

        “Required
          Ratings Threshold” means
          each of the S&P Required Ratings Threshold and the Moody’s Second Trigger
          Ratings Threshold.

        

        “S&P”
          means
          Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
          Inc., or any successor thereto. 

        

        “S&P
          Approved Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a short-term unsecured and unsubordinated debt rating
          from
          S&P of “A-1”, or, if such entity does not have a short-term unsecured and
          unsubordinated debt rating from S&P, a long-term unsecured and
          unsubordinated debt rating from S&P of “A+”.

        

        “S&P
          Required Ratings Downgrade Event”
          means
          that no Relevant Entity has credit ratings at least equal to the S&P
          Required Ratings Threshold.

        

        “S&P
          Required Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          S&P of “BBB+”.

        

        “Swap
          Rating Agencies”
          means,
          with respect to any date of determination, each of S&P and Moody’s, to the
          extent that each such rating agency is then providing a rating for any
          of the
          Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
          (the “Certificates”) or any notes backed by the Certificates (the
“Notes”).

        

        4.           
           Account
          Details and Settlement Information:  

        

          
            	
                    Payments
                      to Party A:

                  	
                    For
                      the account of The Royal Bank of Scotland Financial Markets
                      Fixed Income
                      and

                    Interest
                      Rate Derivative Operations, London SWIFT RBOSGB2RTCM 

                    with
                      JPMorgan Chase Bank, New York CHASUS33, ABA # 021000021

                  
	 	
                    Account
                      Number 400930153

                  
	 	 
	
                    Payments
                      to Party B:

                  	
                    Deutsche
                      Bank National Trust Company

                  
	 	
                    ABA
                      # 021001033

                  
	 	
                    Account
                      #: 01419663

                  
	 	
                    Account
                      Name: NYLTD Funds Control/Stars West

                  
	 	
                    Ref:
                      Soundview 2007-NS1 Swap GC07V1

                  
	 	 
	
                    Payments
                      to Greenwich Capital 

                  	
                    JPMorgan
                      Chase Bank, New York

                  
	
                    Financial
                      Products, Inc. of the

                  	
                    ABA
                      # 021-0000-21

                  
	
                    Additional
                      Floating Amount:

                  	
                    Acct
                      name: Greenwich Capital Financial Products

                  
	 	
                    Acct
                      number: 140-0-95961

                  

          

        

         

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        [Remainder
          of this page intentionally left blank.]

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        We
          are
          very pleased to have executed this Transaction with you and we look forward
          to
          completing other transactions with you in the near future.

        

        
          
            Very
              truly yours,

             

            THE
              ROYAL BANK OF SCOTLAND PLC

            By:
              Greenwich Capital Markets, Inc., its agent

             

            
              	By	 	 	 
	 	Name:	 	 
	 	Title: 	 	 

            

             

              

            Accepted
              and confirmed as of the Trade Date written above:

            

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not
                in
                its individual capacity, but solely as Supplemental

              Interest
                Trust Trustee on behalf of the Supplemental Interest Trust with respect
                to the
                Soundview Home Loan Trust

              2007-NS1,
                Asset-Backed Certificates, Series 2007-NS1

               

            

            
              
                	By	 	 	 
	 	Name:	 	 
	 	Title: 	 	 

              

               

            

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

        SCHEDULE
          A

        

        (all
          such
          dates subject to No Adjustment with respect to Fixed Rate Payer Period
          End Dates
          and adjustment in accordance with the Following Business Day Convention
          with
          respect to Floating Rate Payer Period End Dates)

        

        
          	
                  From
                    and including

                	 	
                  To
                    but excluding

                	 	
                  Notional
                    Amount (USD)

                
	 	 	 	 	 
	
                  11/25/07
                    

                	 	
                  12/25/07
                    

                	 	
                  2,150,676.82

                
	
                  12/25/07
                    

                	 	
                  01/25/08
                    

                	 	
                  2,074,386.61

                
	
                  01/25/08
                    

                	 	
                  02/25/08
                    

                	 	
                  2,000,845.92

                
	
                  02/25/08
                    

                	 	
                  03/25/08
                    

                	 	
                  1,929,954.26

                
	
                  03/25/08
                    

                	 	
                  04/25/08
                    

                	 	
                  1,861,614.83

                
	
                  04/25/08
                    

                	 	
                  05/25/08
                    

                	 	
                  1,795,734.44

                
	
                  05/25/08
                    

                	 	
                  06/25/08
                    

                	 	
                  1,732,223.32

                
	
                  06/25/08
                    

                	 	
                  07/25/08
                    

                	 	
                  1,670,995.03

                
	
                  07/25/08
                    

                	 	
                  08/25/08
                    

                	 	
                  1,611,966.32

                
	
                  08/25/08
                    

                	 	
                  09/25/08
                    

                	 	
                  1,555,057.01

                
	
                  09/25/08
                    

                	 	
                  10/25/08
                    

                	 	
                  1,494,818.74

                
	
                  10/25/08
                    

                	 	
                  11/25/08
                    

                	 	
                  586,552.42

                
	
                  11/25/08
                    

                	 	
                  12/25/08
                    

                	 	
                  548,104.34

                
	
                  12/25/08
                    

                	 	
                  01/25/09
                    

                	 	
                  517,283.29

                
	
                  01/25/09
                    

                	 	
                  02/25/09
                    

                	 	
                  499,324.28

                
	
                  02/25/09
                    

                	 	
                  03/25/09
                    

                	 	
                  484,238.77

                
	
                  03/25/09
                    

                	 	
                  04/25/09
                    

                	 	
                  469,754.75

                
	
                  04/25/09
                    

                	 	
                  05/25/09
                    

                	 	
                  455,766.50

                
	
                  05/25/09
                    

                	 	
                  06/25/09
                    

                	 	
                  442,202.91

                
	
                  06/25/09
                    

                	 	
                  07/25/09
                    

                	 	
                  429,050.64

                
	
                  07/25/09
                    

                	 	
                  08/25/09
                    

                	 	
                  416,296.81

                
	
                  08/25/09
                    

                	 	
                  09/25/09
                    

                	 	
                  403,928.96

                
	
                  09/25/09
                    

                	 	
                  10/25/09
                    

                	 	
                  391,935.03

                
	
                  10/25/09
                    

                	 	
                  11/25/09
                    

                	 	
                  359,421.04

                
	
                  11/25/09
                    

                	 	
                  12/25/09
                    

                	 	
                  347,903.23

                
	
                  12/25/09
                    

                	 	
                  01/25/10
                    

                	 	
                  337,455.28

                
	
                  01/25/10
                    

                	 	
                  02/25/10
                    

                	 	
                  327,820.69

                
	
                  02/25/10
                    

                	 	
                  03/25/10
                    

                	 	
                  318,459.26

                
	
                  03/25/10
                    

                	 	
                  04/25/10
                    

                	 	
                  309,363.27

                
	
                  04/25/10
                    

                	 	
                  05/25/10
                    

                	 	
                  300,525.23

                
	
                  05/25/10
                    

                	 	
                  06/25/10
                    

                	 	
                  291,937.88

                
	
                  06/25/10
                    

                	 	
                  07/25/10
                    

                	 	
                  283,594.12

                
	
                  07/25/10
                    

                	 	
                  08/25/10
                    

                	 	
                  275,487.10

                
	
                  08/25/10
                    

                	 	
                  09/25/10
                    

                	 	
                  267,610.12

                
	
                  09/25/10
                    

                	 	
                  10/25/10
                    

                	 	
                  259,956.69

                
	
                  10/25/10
                    

                	 	
                  11/25/10
                    

                	 	
                  252,520.50

                
	
                  11/25/10
                    

                	 	
                  12/25/10
                    

                	 	
                  245,295.42

                
	
                  12/25/10
                    

                	 	
                  01/25/11
                    

                	 	
                  238,275.48

                
	
                  01/25/11
                    

                	 	
                  02/25/11
                    

                	 	
                  231,454.90

                
	
                  02/25/11
                    

                	 	
                  03/25/11
                    

                	 	
                  224,828.03

                
	
                  03/25/11
                    

                	 	
                  04/25/11
                    

                	 	
                  218,389.42

                
	
                  04/25/11
                    

                	 	
                  05/25/11
                    

                	 	
                  212,133.73

                
	
                  05/25/11
                    

                	 	
                  06/25/11
                    

                	 	
                  206,055.81

                
	
                  06/25/11
                    

                	 	
                  07/25/11
                    

                	 	
                  200,150.62

                
	
                  07/25/11
                    

                	 	
                  08/25/11
                    

                	 	
                  194,413.29

                
	
                  08/25/11
                    

                	 	
                  09/25/11
                    

                	 	
                  188,839.08

                
	
                  09/25/11
                    

                	 	
                  10/25/11
                    

                	 	
                  183,423.36

                
	
                  10/25/11
                    

                	 	
                  11/25/11
                    

                	 	
                  178,161.06

                
	
                  11/25/11
                    

                	 	
                  12/25/11
                    

                	 	
                  173,049.55

                
	
                  12/25/11
                    

                	 	
                  01/25/12
                    

                	 	
                  168,083.44

                
	
                  01/25/12
                    

                	 	
                  02/25/12
                    

                	 	
                  163,258.63

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Annex
          A

        

        Paragraph
          13 of the Credit Support Annex

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      

        

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the
          Schedule to the

        ISDA
          Master Agreement

        dated
          as
          of March 8, 2007 between

        The
          Royal
          Bank of Scotland plc (hereinafter referred to as “Party
          A”
          or
“Pledgor”)

        and

        

        Deutsche
          Bank National Trust Company, not in its individual capacity, but solely
          as
          Supplemental Interest Trust

        Trustee
          (the “Supplemental
          Interest Trust Trustee”)
          on
          behalf of the Supplemental Interest Trust (the 

        “Supplemental
          Interest Trust”)
          with
          respect to the Soundview Home Loan Trust 2007-NS1, Asset-Backed 

        Certificates,
          Series 2007-NS1

        (hereinafter
          referred to as “Party
          B”
          or
“Secured
          Party”).

        

        For
          the
          avoidance of doubt, and notwithstanding anything to the contrary that may
          be
          contained in the Agreement, this Credit Support Annex shall relate solely
          to the
          Transaction documented in the Confirmation dated March 8, 2007, between
          Party A
          and Party B, Reference Number D16221894.

        

         

        Paragraph
          13. Elections and Variables.

         

        
          	(a)  	
                  Security
                    Interest for “Obligations”.
                    The term “Obligations”
                    as
                    used in this Annex includes the following additional
                    obligations:

                

        

         

        With
          respect to Party A: not applicable.

         

        With
          respect to Party B: not applicable.

         

        
          	(b)  	
                  Credit
                    Support Obligations.

                

        

         

        
          	(i)  	
                  Delivery
                    Amount, Return Amount and Credit Support
                    Amount.

                

        

         

        
          	(A)  	
                  “Delivery
                    Amount”
                    has the meaning specified in Paragraph 3(a) as amended (I) by
                    deleting the
                    words “upon a demand made by the Secured Party on or promptly following
                    a
                    Valuation Date” and inserting in lieu thereof the words “not later than
                    the close of business on each Valuation Date” and (II) by deleting in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Value as of that Valuation Date of all Posted
                    Credit Support held by the Secured Party.” and inserting in lieu thereof
                    the following:

                

        

         

        The
          “Delivery
          Amount”
          applicable to the Pledgor for any Valuation Date will equal the greatest
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P Credit Support Amount for such Valuation
                    Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                    Credit Support held by the Secured Party,

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party, and
                    

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                    such Valuation Date of all Posted Credit Support held by the
                    Secured
                    Party.

                

        

         

        
          	(B)  	
                  “Return
                    Amount”
                    has the meaning specified in Paragraph 3(b) as amended by deleting
                    in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                    thereof the following:

                

        

         

        The
          “Return
          Amount”
          applicable to the Secured Party for any Valuation Date will equal the least
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P Value as of such Valuation Date of all
                    Posted Credit Support held by the Secured Party exceeds (b) the
                    S&P
                    Credit Support Amount for such Valuation Date,

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s Second Trigger Credit Support Amount for such Valuation
                    Date.

                

        

         

        
          	(C)  	
                  “Credit
                    Support Amount”
                    shall not apply. For purposes of calculating any Delivery Amount
                    or Return
                    Amount for any Valuation Date, reference shall be made to the
                    S&P
                    Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                    the Moody’s Second Trigger Credit Support Amount, in each case for such
                    Valuation Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                    above.

                

        

         

        
          	(ii)  	
                  Eligible
                    Collateral.
                    

                

        

         

        On
          any
          date, the following items will qualify as “Eligible
          Collateral”
(for
          the avoidance of doubt, all Eligible Collateral to be denominated in
          USD):

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        
          	
                   

                  ISDA
                    Collateral 

                  Asset
                    Definition
                    (ICAD) Code 

                	 	
                  Remaining
                    Maturity in Years

                	 	
                  S&P
                    

                  Valuation
                    

                  Percentage

                	 	
                  Moody’s

                  First
                    Trigger Valuation
                    Percentage

                	 	
                  Moody’s

                  Second
                    Trigger

                  Valuation

                  Percentage

                
	 	 	 	 	 	 	 	 	 
	
                  (A) 
                     US-CASH

                	 	
                  N/A

                	 	
                  100%

                	 	
                  100%

                	 	
                  100%

                
	 	 	 	 	 	 	 	 	 
	
                  (B) 
                     US-TBILL

                  US-TNOTE

                  US-TBOND

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                  1
                    or less

                	 	
                  98.9%

                	 	
                  100%

                	 	
                  100%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 1 but not more than 2

                	 	
                  98.0%

                	 	
                  100%

                	 	
                  99%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 2 but not more than 3

                	 	
                  97.4%

                	 	
                  100%

                	 	
                  98%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 3 but not more than 5

                	 	
                  95.5%

                	 	
                  100%

                	 	
                  97%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 5 but not more than 7

                	 	
                  93.7%

                	 	
                  100%

                	 	
                  96%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 7 but not more than 10

                	 	
                  92.5%

                	 	
                  100%

                	 	
                  94%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 10 but not more than 20

                	 	
                  91.1%

                	 	
                  100%

                	 	
                  90%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 20

                	 	
                  88.6%

                	 	
                  100%

                	 	
                  88%

                
	 	 	 	 	 	 	 	 	 
	
                  (C) 
                     US-GNMA

                  US-FNMA

                  US-FHLMC

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                  1
                    or less

                	 	
                  98.5%

                	 	
                  100%

                	 	
                  99%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 1 but not more than 2

                	 	
                  97.7%

                	 	
                  100%

                	 	
                  99%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 2 but not more than 3

                	 	
                  97.3%

                	 	
                  100%

                	 	
                  98%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 3 but not more than 5

                	 	
                  94.5%

                	 	
                  100%

                	 	
                  96%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 5 but not more than 7

                	 	
                  93.1%

                	 	
                  100%

                	 	
                  93%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 7 but not more than 10

                	 	
                  90.7%

                	 	
                  100%

                	 	
                  93%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 10 but not more than 20

                	 	
                  87.7%

                	 	
                  100%

                	 	
                  89%

                
	 	 	 	 	 	 	 	 	 
	 	 	
                  More
                    than 20

                	 	
                  84.4%

                	 	
                  100%

                	 	
                  87%

                

        

        

         

        The
          ISDA
          Collateral Asset Definition (ICAD) Codes used in this Paragraph 13(b)(ii)
          are
          taken from the Collateral Asset Definitions (First Edition June 2003) as
          published and copyrighted in 2003 by the International Swaps and Derivatives
          Association, Inc.

         

        
          	(iii)  	
                  Other
                    Eligible Support. 

                

        

         

        The
          following items will qualify as “Other
          Eligible Support”
          for the
          party specified: 

         

        Not
          applicable.

         

        
          	(iv)  	
                  Threshold.

                

        

         

        
          	(A)  	
                  “Independent
                    Amount”
                    means zero with respect to Party A and Party
                    B.

                

        

         

        
          	(B)  	
                  “Threshold”
                    means, with respect to Party A and any Valuation Date, zero if
                    (i) a
                    Collateral Event has occurred and has been continuing (x) for
                    at least 30
                    days or (y) since this Annex was executed, or (ii) a S&P Required
                    Ratings Downgrade Event has occurred and is continuing; otherwise,
                    infinity.

                

        

         

          “Threshold”
          means,
          with respect to Party B and any Valuation Date, infinity.

         

        
          	(C)  	
                  “Minimum
                    Transfer Amount” means
                    USD 100,000 with respect to Party A and Party B;
                    provided,
                    however,
                    that if the aggregate Certificate Principal Balance of the Certificates
                    and the aggregate principal balance of the Notes rated by S&P is at
                    the time of any transfer less than USD 50,000,000, the “Minimum
                    Transfer Amount”
                    shall be USD 50,000.

                

        

         

        
          	(D)  	
                  Rounding:
                    The Delivery Amount will be rounded up to the nearest integral
                    multiple of
                    USD 10,000. The Return Amount will be rounded down to the nearest
                    integral
                    multiple of USD 1,000.

                

        

         

        
          	(c)  	
                  Valuation
                    and Timing.

                

        

         

        
          	(i)  	
                  “Valuation
                    Agent”
                    means Party A. All calculations by the Valuation Agent must be
                    made in
                    accordance with standard market
                    practice.

                

        

         

        
          	(ii)  	
                  “Valuation
                    Date” means
                    each Local Business Day on which any of the S&P Credit Support Amount,
                    the Moody’s First Trigger Credit Support Amount, or the Moody’s Second
                    Trigger Credit Support Amount is greater than
                    zero.

                

        

         

        
          	(iii)  	
                  “Valuation
                    Time” means
                    the close of business in the city of the Valuation Agent on the
                    Local
                    Business Day immediately preceding the Valuation Date or date
                    of
                    calculation, as applicable; provided
                    that the calculations of Value and Exposure will be made as of
                    approximately the same time on the same date.

                

        

         

        
          	(iv)  	
                  “Notification
                    Time” means
                    11:00 a.m., New York time, on a Local Business Day.
                    

                

        

         

        
          	(v)  	
                  External
                    Verification.
                    Notwithstanding anything to the contrary in the definitions of
                    Valuation
                    Agent or Valuation Date, at any time at which Party A (or, to
                    the extent
                    applicable, its Credit Support Provider) does not have a long-term
                    unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                    the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                    the S&P Value of Posted Credit Suppport on each Valuation Date based
                    on internal marks and (B) verify such calculations with external
                    marks
                    monthly by obtaining on the last Local Business Day of each calendar
                    month
                    two external marks for each Transaction to which this Annex relates
                    and
                    for all Posted Credit Suport; such verification of the Secured
                    Party’s
                    Exposure shall be based on the higher of the two external marks.
                    Each
                    external mark in respect of a Transaction shall be obtained from
                    an
                    independent Reference Market-maker that would be eligible and
                    willing to
                    enter into such Transaction in the absence of the current derivative
                    provider, provided
                    that an external mark may not be obtained from the same Reference
                    Market-maker more than four times in any 12-month period. The
                    Valuation
                    Agent shall obtain these external marks directly or through an
                    independent
                    third party, in either case at no cost to Party B. The Valuation
                    Agent
                    shall calculate on each Valuation Date (for purposes of this
                    paragraph,
                    the last Local Business Day in each calendar month referred to
                    above shall
                    be considered a Valuation Date) the Secured Party’s Exposure based on the
                    greater of the Valuation Agent’s internal marks and the external marks
                    received. If the S&P Value on any such Valuation Date of all Posted
                    Credit Support then held by the Secured Party is less than the
                    S&P
                    Credit Support Amount on such Valuation Date (in each case as
                    determined
                    pursuant to this paragraph), Party A shall, within three Local
                    Business
                    Days of such Valuation Date, Transfer to the Secured Party Eligible
                    Credit
                    Support having an S&P Value as of the date of Transfer at least equal
                    to such deficiency. 

                

        

         

        
          	(vi)  	
                  Notice
                    to S&P.
                    At
                    any time at which Party A (or, to the extent applicable, its
                    Credit
                    Support Provider) does not have a long-term unsubordinated and
                    unsecured
                    debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                    provide to S&P not later than the Notification Time on the Local
                    Business Day following each Valuation Date its calculations of
                    the Secured
                    Party’s Exposure and the S&P Value of any Eligible Credit Support or
                    Posted Credit Support for that Valuation Date. The Valuation
                    Agent shall
                    also provide to S&P any external marks received pursuant to the
                    preceding paragraph.

                

        

         

        
          	(d)  	
                  Conditions
                    Precedent and Secured Party’s Rights and
                    Remedies.
                    The following Termination Events will be a “Specified
                    Condition”
                    for the party specified (that party being the Affected Party
                    if the
                    Termination Event occurs with respect to that party): With respect
                    to
                    Party A: any Additional Termination Event with respect to which
                    Party A is
                    the sole Affected Party. With respect to Party B:
                    None.

                

        

         

        
          	(e)  	
                  Substitution.

                

        

         

        
          	(i)  	
                  “Substitution
                    Date”
                    has the meaning specified in Paragraph
                    4(d)(ii).

                

        

         

        
          	(ii)  	
                  Consent.
                    If
                    specified here as applicable, then the Pledgor must obtain the
                    Secured
                    Party’s consent for any substitution pursuant to Paragraph 4(d):
                    Inapplicable.

                

        

         

        
          	(f)  	
                  Dispute
                    Resolution.

                

        

         

        
          	(i)  	
                  “Resolution
                    Time”
                    means 11:00 a.m. New York time on the Local Business Day following
                    the
                    date on which the notice of the dispute is given under Paragraph
                    5.

                

        

         

        
          	(ii)  	
                  Value.
                    Notwithstanding anything to the contrary in Paragraph 12, for
                    the purpose
                    of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger
                    Value, and Moody’s Second Trigger Value, on any date, of Eligible
                    Collateral other than Cash will be calculated as follows:
                    

                

        

         

        For
          Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
          the
          sum of (A) the product of (1)(x) the bid price at the Valuation Time for
          such
          securities on the principal national securities exchange on which such
          securities are listed, or (y) if such securities are not listed on a national
          securities exchange, the bid price for such securities quoted at the Valuation
          Time by any principal market maker for such securities selected by the
          Valuation
          Agent, or (z) if no such bid price is listed or quoted for such date, the
          bid
          price listed or quoted (as the case may be) at the Valuation Time for the
          day
          next preceding such date on which such prices were available and (2) the
          applicable Valuation Percentage for such Eligible Collateral, and (B) the
          accrued interest on such securities (except to the extent Transferred to
          the
          Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
          referred to in the immediately preceding clause (A)) as of such
          date.

         

        
          	(iii)  	
                  Alternative.
                    The provisions of Paragraph 5 will
                    apply.

                

        

         

        
          	(g)  	
                  Holding
                    and Using Posted
                    Collateral.

                

        

         

        
          	(i)  	
                  Eligibility
                    to Hold Posted Collateral; Custodians.  Party
                    B (or any Custodian) will be entitled to hold Posted Collateral
                    pursuant
                    to Paragraph 6(b). 

                

        

         

        Party
          B
          may appoint as Custodian (A) the entity then serving as Supplemental Interest
          Trust Trustee or (B) any entity other than the entity then serving as
          Supplemental Interest Trust Trustee if such other entity (or, to the extent
          applicable, its parent company or credit support provider) shall then have
          a
          long-term unsecured and unsubordinated debt rating of at least “A+” by S&P
          and at least “A1” by Moody’s.

         

        Initially,
          the Custodian
          for
          Party B is: the Supplemental Interest Trust Trustee of the Supplemental
          Interest
          Trust.

         

        
          	(ii)  	
                  Use
                    of Posted Collateral. The
                    provisions of Paragraph 6(c)(i) will not apply to Party B, but
                    the
                    provisions of Paragraph 6(c)(ii) will apply to Party B.
                    

                

        

         

        
          	(h)  	
                  Distributions
                    and Interest Amount.

                

        

         

        
          	(i)  	
                  Interest
                    Rate.
                    The “Interest
                    Rate”
                    will be the actual interest rate earned on Posted Collateral
                    in the form
                    of Cash that is held by Party B or its Custodian. Posted Collateral
                    in the
                    form of Cash shall be invested in such overnight (or redeemable
                    within two
                    Local Business Days of demand) interest-bearing Permitted Investments
                    rated at least AAAm or AAAm-G by S&P and Prime-1 by Moody’s or Aaa by
                    Moody’s as directed by Party A (unless (x) an Event of Default or an
                    Additional Termination Event has occurred with respect to which
                    Party A is
                    the defaulting or sole Affected Party or (y) an Early Termination
                    Date has
                    been designated, in which case such investment shall be held
                    uninvested).
                    Gains incurred in respect of any investment of Posted Collateral
                    in the
                    form of Cash in Permitted Investments as directed by Party A
                    shall be for
                    the account of Party A. Party A directs the Custodian to deposit
                    any
                    Posted Collateral that is in the form of Cash into an account
                    that
                    satisfies the criteria in the second preceding sentence and that
                    earns
                    interest at prevailing rates.

                

        

         

        
          	(ii)  	
                  Transfer
                    of Interest Amount.
                    The Transfer of the Interest Amount will be made on the second
                    Local
                    Business Day following the end of each calendar month and on
                    any other
                    Local Business Day on which Posted Collateral in the form of
                    Cash is
                    Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                    however,
                    that the obligation of Party B to Transfer any Interest Amount
                    to Party A
                    shall be limited to the extent that Party B has earned and received
                    such
                    funds and such funds are available to Party B.

                

        

         

        
          	(iii)  	
                  Alternative
                    to Interest Amount.
                    The provisions of Paragraph 6(d)(ii) will
                    apply.

                

        

         

        
          	(i)  	
                  Additional
                    Representation(s).
                    There are no additional representations by either
                    party.

                

        

         

        
          	(j)  	
                  Other
                    Eligible Support and Other Posted Support.

                

        

         

        
          	(i)  	
                  “Value”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable. 

                

        

         

        
          	(ii)  	
                  “Transfer”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	(k)  	
                  Demands
                    and Notices.All
                    demands, specifications and notices under this Annex will be
                    made pursuant
                    to the Notices Section of this Agreement, except that any demand,
                    specification or notice shall be given to or made at the following
                    addresses, or at such other address as the relevant party may
                    from time to
                    time designate by giving notice (in accordance with the terms
                    of this
                    paragraph) to the other party:

                

        

         

        If
          to
          Party A, at the address specified pursuant to the Notices Section of this
          Agreement.

         

        If
          to
          Party B, at the address specified pursuant to the Notices Section of this
          Agreement. 

         

        If
          to
          Party B’s Custodian, at such address as will be provided from time to
          time.

         

        
          	(l)  	
                  Address
                    for Transfers.
                    Each Transfer hereunder shall be made to the address specified
                    below or to
                    an address specified in writing from time to time by the party
                    to which
                    such Transfer will be made.

                

        

         

        Party
          A account details:

         

        For
          the
          account of The Royal Bank of Scotland Financial Markets Fixed Income and
          Interest Rate Derivative Operations, London SWIFT RBOSGB2RTCM with JPMorgan
          Chase Bank, New York CHASUS33, ABA # 021000021

        Account
          Number 400930153

         

        Party
          B’s Custodian account details for holding collateral:

         

        Deutsche
          Bank National Trust Company

        ABA
          021-001-033

        A/C
          #
          01419663

        A/C
          Name
          NYLTD Funds Control - Stars West

        Ref:
          Soundview 2007-NS1 Cap/Swap- Collateral Account

        Attn:
          GC07V1

        

        
          	(m)  	
                  Other
                    Provisions.

                

        

         

        
          	(i)  	
                  Collateral
                    Account.
                    Party B shall open and maintain a segregated account, which shall
                    be an
                    Eligible Account, and hold, record and identify all Posted Collateral
                    in
                    such segregated account.

                

        

         

        
          	(ii)  	
                  Agreement
                    as to Single Secured Party and Single Pledgor.
                    Party A and Party B hereby agree that, notwithstanding anything
                    to the
                    contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                    means only Party B, (b) the term “Pledgor” as used in this Annex means
                    only Party A, (c) only Party A makes the pledge and grant in
                    Paragraph 2,
                    the acknowledgement in the final sentence of Paragraph 8(a) and
                    the
                    representations in Paragraph 9.

                

        

         

        
          	(iii)  	
                  Calculation
                    of Value.
                    Paragraph 4(c) is hereby amended by deleting the word “Value” and
                    inserting in lieu thereof “S&P Value, Moody’s First Trigger Value,
                    Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended by (A)
                    deleting the words “a Value” and inserting in lieu thereof “an S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                    (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    Paragraph 5 (flush language) is hereby amended by deleting the
                    word
                    “Value” and inserting in lieu thereof “S&P Value, Moody’s First
                    Trigger Value, or Moody’s Second Trigger Value”. Paragraph 5(i) (flush
                    language) is hereby amended by deleting the word “Value” and inserting in
                    lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s
                    Second Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the
                    word “the Value, if” and inserting in lieu thereof “any one or more of the
                    S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                    Value, as the case may be”. Paragraph 5(ii) is hereby amended by (1)
                    deleting the first instance of the words “the Value” and inserting in lieu
                    thereof “any one or more of the S&P Value, Moody’s First Trigger
                    Value, and Moody’s Second Trigger Value” and (2) deleting the second
                    instance of the words “the Value” and inserting in lieu thereof “such
                    disputed S&P Value, Moody’s First Trigger Value, or Moody’s Second
                    Trigger Value”. Each of Paragraph 8(b)(iv)(B) and Paragraph 11(a) is
                    hereby amended by deleting the word “Value” and inserting in lieu thereof
                    “least of the S&P Value, Moody’s First Trigger Value, and Moody’s
                    Second Trigger Value”. 

                

        

         

        
          	(iv)  	
                  Form
                    of Annex. Party
                    A and Party B hereby agree that the text of Paragraphs 1 through
                    12,
                    inclusive, of this Annex is intended to be the printed form of
                    ISDA Credit
                    Support Annex (Bilateral Form - ISDA Agreements Subject to New
                    York Law
                    Only version) as published and copyrighted in 1994 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

         

        
          	(v)  	
                  Events
                    of Default.
                    Paragraph 7 will not apply to cause any Event of Default to exist
                    with
                    respect to Party B except that Paragraph 7(i) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex. Notwithstanding anything to the contrary in Paragraph
                    7,
                    any failure by Party A to comply with or perform any obligation
                    to be
                    complied with or performed by Party A under the Credit Support
                    Annex shall
                    only be an Event of Default if (A) a
                    Required Ratings Downgrade Event has occurred and been continuing
                    for 30
                    or more Local Business Days, and (B) such failure is not remedied
                    on or
                    before the third Local Business Day after notice of such failure
                    is given
                    to Party A.

                

        

         

        
          	(vi)  	
                  Expenses.
                    Notwithstanding anything to the contrary in Paragraph 10, the
                    Pledgor will
                    be responsible for, and will reimburse the Secured Party for,
                    all transfer
                    and other taxes and other costs involved in any Transfer of Eligible
                    Collateral.

                

        

         

        
          	(vii)  	
                  Withholding.
                    Paragraph 6(d)(ii) is hereby amended by inserting immediately
                    after “the
                    Interest Amount” in the fourth line thereof the words “less any applicable
                    withholding taxes.”

                

        

         

        
          	(viii)  	
                  [Reserved]

                

        

         

        (ix) 
           Additional
          Definitions.
          As used
          in this Annex:

         

        “Collateral
          Event” means
          that no Relevant Entity has credit ratings at least equal to the Approved
          Ratings Threshold.

         

        “DV01”
          means,
          with respect to a Transaction and any date of determination, the estimated
          change in the Secured Party’s Transaction Exposure with respect to such
          Transaction that would result from a one basis point change in the relevant
          swap
          curve on such date, as determined by the Valuation Agent in good faith
          and in a
          commercially reasonable manner. The Valuation Agent shall, upon request
          of Party
          B, provide to Party B a statement showing in reasonable detail such
          calculation.

         

        “Exposure”
          has the
          meaning specified in Paragraph 12, except that after the word “Agreement” the
          words “(assuming, for this purpose only, that Part 1(f) of the Schedule is
          deleted)” shall be inserted. 

         

        “Local
          Business Day”
means,
          for purposes of this Annex: any day on which (A) commercial banks are open
          for
          business (including dealings in foreign exchange and foreign currency deposits)
          in New York and the location of Party A, Party B and any Custodian, and
          (B) in
          relation to a Transfer of Eligible Collateral, any day on which the clearance
          system agreed between the parties for the delivery of Eligible Collateral
          is
          open for acceptance and execution of settlement instructions (or in the
          case of
          a Transfer of Cash or other Eligible Collateral for which delivery is
          contemplated by other means a day on which commercial banks are open for
          business (including dealings in foreign exchange and foreign deposits)
          in New
          York and the location of Party A, Party B and any Custodian. 

         

        “Moody’s
          First Trigger Event” means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s First Trigger Ratings Threshold.

         

        “Moody’s
          First Trigger Credit Support Amount” means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                    and has been continuing (x) for at least 30 Local Business Days
                    or (y)
                    since this Annex was executed and (II) it is not the case that
                    a Moody’s
                    Second Trigger Event has occurred and been continuing for at
                    least 30
                    Local Business Days, an amount equal to the greater of (a) zero
                    and (b)
                    the sum of (i) the Secured Party’s Exposure for such Valuation Date and
                    (ii) the sum, for each Transaction to which this Annex relates,
                    of

                

        

         

        the
          lesser of (x) the product of the Moody’s First Trigger DV01 Multiplier and DV01
          for such Transaction and such Valuation Date and (y) the product of (i)
          Moody’s
          First Trigger Notional Amount Multiplier, (ii) the Scale Factor and (iii)
          the
          Notional Amount for such Transaction for the Calculation Period (each as
          defined
          in the related Confirmation) which includes such Valuation Date; or

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)        
           the
          Threshold for Party A such Valuation Date.

         

        “Moody’s
          First Trigger DV01 Multiplier”
          means
          15.

         

        “Moody’s
          First Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          First Trigger Notional Amount Multiplier”
          means
          2%.

         

        “Moody’s
          Second Trigger Event” means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s Second Trigger Ratings Threshold.

         

        “Moody’s
          Second Trigger Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which it is the case that a Moody’s Second Trigger
                    Event has occurred and been continuing for at least 30 Local
                    Business
                    Days, an amount equal to the greatest of (a) zero, (b) the aggregate
                    amount of the next payment due to be paid by Party A under each
                    Transaction to which this Annex relates, and (c) the sum of (x)
                    the
                    Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                    Transaction to which this Annex relates, of

                

        

         

        (1)
          if
          such Transaction is not a Transaction-Specific Hedge, 

         

        the
          lesser of (i) the product of the Moody’s Second Trigger DV01 Multiplier and DV01
          for such Transaction and such Valuation Date and (ii) the product of (a)
          the
          Moody’s Second Trigger Notional Amount Multiplier, (b) the Scale Factor and (c)
          and the Notional Amount for such Transaction for the Calculation Period
          which
          includes such Valuation Date; or

         

        (2)
          if
          such Transaction is a Transaction-Specific Hedge, 

         

        the
          lesser of (i) the product of the Moody’s Second Trigger Transaction-Specific
          Hedge DV01 Multiplier and DV01 for such Transaction and such Valuation
          Date and
          (ii) the product of (a) the Moody’s Second Trigger Transaction-Specific Hedge
          Notional Amount Multiplier, (b) the Scale Factor and (c) the Notional Amount
          for
          such Transaction for the Calculation Period (each as defined in the related
          Confirmation) which includes such Valuation Date; or 

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)        
           the
          Threshold for Party A for such Valuation Date.

         

        “Moody’s
          Second Trigger DV01 Multiplier”
          means
          50.

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge DV01
          Multiplier”
          means
          65.

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge Notional Amount
          Multiplier”
          means
          10%.

         

        “Moody’s
          Second Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          Second Trigger Notional Amount Multiplier”
          means
          8%.

         

        “Remaining
          Weighted Average Maturity” means,
          with respect to a Transaction, the expected weighted average maturity for
          such
          Transaction as determined by the Valuation Agent. 

         

        “S&P
          Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)
                    

                	
                  for
                    any Valuation Date on which (i) an S&P Rating Threshold Event has
                    occurred and been continuing for at least 30 days, or (ii) a
                    S&P
                    Required Ratings Downgrade Event has occurred and is continuing,
                    an amount
                    equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                    Valuation Date and (2) the sum, for each Transaction to which
                    this Annex
                    relates, of the product of (i) the Volatility Buffer for such
                    Transaction,
                    (ii) the Scale Factor and (iii) the Notional Amount of such Transaction
                    for the Calculation Period of such Transaction (each as defined
                    in the
                    related Confirmation) which includes such Valuation Date, or
                    

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)          the
          Threshold for Party A for such Valuation Date.

         

        “S&P
          Rating Threshold Event”
          means,
          on any date, no Relevant Entity has credit ratings from S&P which equal or
          exceed the S&P Approved Ratings Threshold.

         

        “S&P
          Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the
          product of (A) the bid price obtained by the Valuation Agent for such Eligible
          Collateral and (B) the S&P Valuation Percentage for such Eligible Collateral
          set forth in paragraph 13(b)(ii).

         

        “Transaction
          Exposure”
          means,
          for any Transaction, Exposure determined as if such Transaction were the
          only
          Transaction between the Secured Party and the Pledgor.

         

        “Transaction-Specific
          Hedge” means
          any
          Transaction that is (i) an interest rate swap in respect of which (x) the
          notional amount of the interest rate swap is “balance guaranteed” or (y) the
          notional amount of the interest rate swap for any Calculation Period (as
          defined
          in the related Confirmation) otherwise is not a specific dollar amount
          that is
          fixed at the inception of the Transaction, (ii) an interest rate cap, (iii)
          an
          interest rate floor or (iv) an interest rate swaption.

         

        “Valuation
          Percentage”
          shall
          mean, for purposes of determining the S&P Value, Moody’s First Trigger
          Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
          or Posted Collateral, the applicable S&P Valuation Percentage, Moody’s First
          Trigger Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for
          such Eligible Collateral or Posted Collateral, respectively, in each case
          as set
          forth in Paragraph 13(b)(ii).

         

        “Value”
          shall
          mean, in respect of any date, the related S&P Value, the related Moody’s
          First Trigger Value, and the related Moody’s Second Trigger Value.

         

        “Volatility
          Buffer”
          means,
          for any Transaction, the related percentage set forth in the following
          table.

         

        

          
            	
                    The
                      higher of the S&P credit rating of (i) Party A and (ii) the Credit
                      Support Provider of Party A, if applicable

                  	 	
                    Remaining
                      Weighted Average Maturity 

                    up
                      to 3 years

                  	 	
                    Remaining
                      Weighted Average Maturity

                    up
                      to 5 years

                  	 	
                    Remaining
                      Weighted Average Maturity

                    up
                      to 10 years

                  	 	
                    Remaining
                      Weighted Average Maturity

                    up
                      to 30 years

                  
	
                    “A-2”
                      or higher

                  	 	
                    2.75%

                  	 	
                    3.25%

                  	 	
                    4.00%

                  	 	
                    4.75%

                  
	
                    “A-3”

                  	 	
                    3.25%

                  	 	
                    4.00%

                  	 	
                    5.00%

                  	 	
                    6.25%

                  
	
                    “BB+”
                      or
                      lower

                  	 	
                    3.50%

                  	 	
                    4.50%

                  	 	
                    6.75%

                  	 	
                    7.50%

                  

          

        

         

         

         

        

         

        [Remainder
          of this page intentionally left blank]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
          representatives as of the date of the Agreement.

        
           

          
            	
                    The Royal Bank of Scotland plc 

                    By: Greenwich Capital Markets, Inc., its
                      agent

                  	 	
                    Deutsche
                      Bank National Trust Company, not in its individual capacity,
                      but solely as
                      Supplemental Interest Trust Trustee on behalf of the Supplemental
                      Interest
                      Trust with respect to the Soundview Home Loan Trust 2007-NS1,
                      Asset-Backed
                      Certificates, Series 2007-NS1

                  	 
	 	 	 	 	 	 
	 	 	 	 	
                  	 	 	 
	By:	 	 	 	By: 	 	 	 
	 	Name:	 	 	 	Name:	 	 
	 	Title:	 	 	 	Title:	 	 
	 	
                    Date:

                  	 	 	 	
                    Date:

                  	 	 

          

           

        

        

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        R

       

      

      [RESERVED]

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        S

       

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Master
        Servicer - aggregator of pool assets

      Securities
        Administrator - waterfall calculator (may be the Trustee, or may be the Master
        Servicer)

      Back-up
        Servicer - named in the transaction (in the event a Back up Servicer becomes
        the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        - safe keeper of pool assets

      Paying
        Agent - distributor of funds to ultimate investor 

      Trustee
        -
        fiduciary of the transaction

      Credit
        Risk Manager - the party providing oversight of the Servicer

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “securities administrator” functions,
        while in another transaction, the securities administrator may perform these
        functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key:      
         X
        - obligation

      [X]
        - under consideration for obligation

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Master
                  Servicer

              	
                Trustee

              	
                Custodian

              
	 	
                General
                  Servicing Considerations

              	 	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained. 

              	 	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	
                X

              	 	 
	 	
                Cash
                  Collection and Administration

              	 	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	 	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	
                X

              	
                X

              	 
	 	
                Pool
                  Asset Administration

              	 	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	 	
                 

              	 	
                X

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	 	 	 	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	 	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	 	
                X

              	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        T

       

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the Trustee pursuant
        to Section 4.07(a)(iv). 

      

      Under
        Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.02,
        provided by the Trustee based on information received from the Servicer;
        and b)
        items marked “Form 10-D report” are required to be in the Form 10-D report but
        not the 4.02 statement, provided by the party indicated. Information under
        all
        other Items of Form 10-D is to be included in the Form 10-D report.

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Responsible
                  Party

              
	
                10-D

              	
                Must
                  be filed within 15 days of the Distribution Date.

              
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	
                4.02
                  statement

              
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	
                4.02
                  statement

              
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	
                4.02
                  statement

              
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	
                4.02
                  statement

              
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	
                4.02
                  statement

              
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	
                4.02
                  statement

              
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	
                4.02
                  statement

              
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	
                4.02
                  statement

              
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	
                4.02
                  statement

              
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	
                4.02
                  statement

              
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	
                4.02
                  statement

              
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average remaining term, pool factors and prepayment
                  amounts.

              	
                4.02
                  statement

                 

                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              
	
                (9)
                  Delinquency and loss information for the period. 

                 

                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool
                  assets.

              	
                4.02
                  statement: Servicer

                 

                Form
                  10-D report: Depositor

              
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                4.02
                  statement: Servicer

              
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                Form
                  10-D report; Servicer

              
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                Form
                  10-D report: Servicer

              
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	
                4.02
                  statement

              
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

                [information
                  regarding] any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a prefunding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	
                Form
                  10-D report: Depositor

                 

                Form
                  10-D report: Depositor and Servicer

                 

                 

                 

                 

                 

                Form
                  10-D report: Depositor, and Servicer

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                Updated
                  pool information as required under Item 1121(b).

              	
                Depositor

              
	
                2

              	
                Legal
                  Proceedings

              	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Servicer

                Originator
                  

                Custodian

              	
                 

                 

                 

                Seller

                Depositor

                Trustee

                Depositor

                Servicer

                Depositor

                Custodian

              
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 
	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                 

                 

                Depositor

              
	
                4

              	
                Defaults
                  Upon Senior Securities

              	 
	
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                 

                 

                Trustee

              
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Trustee

              
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                N/A

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                N/A

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Depositor

                Depositor

                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                8

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below

              
	
                9

              	
                Exhibits

              	 
	
                Distribution
                  report

              	
                Trustee

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                Examples:
                  servicing agreement, custodial agreement.

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                All
                  parties to this Agreement

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                Examples:
                  servicing agreement, custodial agreement.

              	
                All
                  parties to this Agreement

              
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Depositor, Servicer or Trustee, with respect to any of the following:
                  

                Sponsor
                  (Seller), Depositor, Servicer, Trustee, Swap Provider, Cap Provicer,
                  Custodian

              	
                Depositor/Servicer/Trustee

              
	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the 4.02 statement

              	
                N/A

              
	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

              	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	
                Party
                  requesting material modification

              
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	
                Depositor

              
	
                5.06

              	
                Change
                  in Shell Company Status

              	 
	
                [Not
                  applicable to ABS issuers]

              	
                Depositor

              
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 
	
                [Not
                  included in reports to be filed under Section 4.07]

              	
                Depositor

              
	
                6.02

              	
                Change
                  of Master Servicer or Trustee

              	 
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers, certificate
                  administrator or trustee. Reg AB disclosure about any new servicer
                  or
                  trustee is also required.

              	
                Trustee
                  or Servicer 

                 

                 

                Depositor

              
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

              	 
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  Reg AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor

              
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	
                Trustee

              
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                All
                  parties to this Agreement

              
	
                8.01

              	
                Other
                  Events

              	 
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	
                Depositor

              
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              
	
                9B

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above

              
	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	
                N/A

              
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                 

                N/A

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Depositor

                Depositor

                Depositor

              
	
                Item
                  1117 - 

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Servicer

                Originator
                  

                Custodian

              	
                 

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Servicer

                Depositor
                  

                Custodian

              
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Servicer

                Originator
                  

                Custodian
                  

                Credit
                  Enhancer/Support Provider, if any

                Significant
                  Obligor, if any

              	
                 

                 

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Servicer

                Depositor
                  

                Custodian
                  

                Depositor

                Depositor

              
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                Each
                  Party participating in the servicing function

              
	
                Item
                  1123 -Servicer Compliance Statement

              	
                Servicer

              

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        I

       

      PREPAYMENT
        CHARGE SCHEDULE

       

      Available
        Upon RequestUnassociated Document

    AMENDMENT
      NUMBER ONE

    

    to
      the

    

    POOLING
      AND SERVICING AGREEMENT

    

    BEAR
      STEARNS ASSET BACKED SECURITIES I TRUST 2007-AQ1, 

    

    Dated
      as
      of January 1, 2007

    

    among

    

    BEAR
      STEARNS ASSET BACKED SECURITIES I LLC,

    as
      Depositor,

    

    EMC
      MORTGAGE CORPORATION,

    as
      Seller
      and Master Servicer,

    

    and

    

    LASALLE
      BANK NATIONAL ASSOCIATION,

    as
      Trustee

    

    This
      AMENDMENT NUMBER ONE is made and entered into this 26th
      day of
      March, 2007, by and among BEAR STEARNS ASSET BACKED SECURITIES I LLC, a Delaware
      limited liability company, as depositor (the “Depositor”), EMC MORTGAGE
      CORPORATION, a Delaware corporation, as seller (in such capacity, the “Seller”)
      and as master servicer (in such capacity, the “Master Servicer ”), and LASALLE
      BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the
      “Trustee”), in connection with the Pooling and Servicing Agreement, dated as of
      January 1, 2007, among the above-mentioned parties (the “Agreement”), and the
      issuance of Bear Stearns Asset Backed Securities I Trust 2007-AQ1, Asset-Backed
      Certificates, Series 2007-AQ1. This amendment is made pursuant to Section 11.01
      of the Agreement.

    

    1. Capitalized
      terms used herein and not defined herein shall have the meanings assigned to
      such terms in the Agreement.

    

    2. The
      definition of Stepdown Date in Section 1.01 of the Agreement is hereby amended
      effective as of the date hereof by deleting it in its entirety and replacing
      it
      with the following:

    

    Stepdown
      Date:
      The
later
      to
      occur of (a) the
      Distribution Date in February 2010 and (b) the first Distribution Date on which
      the Current Specified Enhancement Percentage is greater than or equal to
      50.40%.

    

    3. Except
      as
      amended above, the Agreement shall continue to be in full force and effect
      in
      accordance with its terms.

    

    IN
      WITNESS WHEREOF, the Depositor, the Master Servicer, the Seller and the Trustee
      have caused their names to be signed hereto by their respective officers
      thereunto duly authorized as of the day and year first above
      written.

    

    
      	 	 	 	 	 	 	 	
              BEAR
                STEARNS ASSET BACKED SECURITIES I LLC, 

              as
                Depositor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/ 
Baron
              Silverstein
	 	 	 	 	 	 	 	
              Name:

            	
              Baron
                Silverstein

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                President

            

    

    

    

    
      	 	 	 	 	 	 	 	
              EMC
                MORTGAGE CORPORATION

              as
                Seller and Master Servicer

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/ 
Mark
              Novachek
	 	 	 	 	 	 	 	
              Name:

            	
              Mark
                Novachek

            
	 	 	 	 	 	 	 	
              Title:

            	
              Assistant
                Secretary

            

    

    

    

    
      	 	 	 	 	 	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION

              as
                Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	/s/ 
Susan
              L. Feld
	 	 	 	 	 	 	 	
              Name:

            	
              Susan
                L. Feld

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    

    

    

    

    

    

    

    AMENDMENT
      NUMBER ONE TO BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2007-AQ1 POOLING
      AND
      SERVICING AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]