Document:

GREENWICH
        CAPITAL ACCEPTANCE, INC.,

      Depositor

      

      GREENWICH
        CAPITAL FINANCIAL PRODUCTS, INC.,

      Seller

      

      WELLS
        FARGO BANK, N.A.,

      Master
        Servicer and Securities Administrator

      

      and

      

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY,

      Trustee
        and a Custodian

      

       

      POOLING
        AND SERVICING AGREEMENT

       

      Dated
        as
        of March 1, 2007

       

       

       

      __________________________________

       

      RBSGC
        Mortgage Loan Trust 

      Mortgage
        Loan Pass-Through Certificates, Series 2007-B

       

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Table
        of Contents

       

      
        	 	 	
                Page

              
	 	 	 
	
                ARTICLE
                  I

              	
                DEFINITIONS;
                  DECLARATION OF TRUST

              	
                9

              
	 	 	 
	
                SECTION
                  1.01.

              	
                Defined
                  Terms.

              	
                9

              
	
                SECTION
                  1.02.

              	
                Accounting.

              	
                56

              
	 	 	 
	
                ARTICLE
                  II

              	
                CONVEYANCE
                  OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

              	
                56

              
	 	 	 
	
                SECTION
                  2.01.

              	
                Conveyance
                  of Mortgage Loans.

              	
                56

              
	
                SECTION
                  2.02.

              	
                Acceptance
                  by Trustee.

              	
                63

              
	
                SECTION
                  2.03.

              	
                Repurchase
                  or Substitution of Mortgage Loans by the Originators and the
                  Seller.

              	
                65

              
	
                SECTION
                  2.04.

              	
                Representations
                  and Warranties of the Seller with Respect to the Mortgage
                  Loans.

              	
                69

              
	
                SECTION
                  2.05.

              	
                [Reserved]

              	
                70

              
	
                SECTION
                  2.06.

              	
                Representations
                  and Warranties of the Depositor.

              	
                70

              
	
                SECTION
                  2.07.

              	
                Issuance
                  of Certificates.

              	
                72

              
	
                SECTION
                  2.08.

              	
                Representations
                  and Warranties of the Seller.

              	
                72

              
	
                SECTION
                  2.09.

              	
                Covenants
                  of the Seller.

              	
                74

              
	 	 	 
	
                ARTICLE
                  III

              	
                ADMINISTRATION
                  AND MASTER SERVICING OF THE MORTGAGE LOANS

              	
                74

              
	 	 	 
	
                SECTION
                  3.01.

              	
                Master
                  Servicer to Service and Administer the Mortgage Loans.

              	
                74

              
	
                SECTION
                  3.02.

              	
                REMIC-Related
                  Covenants.

              	
                75

              
	
                SECTION
                  3.03.

              	
                Monitoring
                  of Servicers.

              	
                76

              
	
                SECTION
                  3.04.

              	
                Fidelity
                  Bond.

              	
                77

              
	
                SECTION
                  3.05.

              	
                Power
                  to Act; Procedures.

              	
                78

              
	
                SECTION
                  3.06.

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              	
                79

              
	
                SECTION
                  3.07.

              	
                Release
                  of Mortgage Files.

              	
                79

              
	
                SECTION
                  3.08.

              	
                Documents,
                  Records and Funds in Possession of Master Servicer to be Held for
                  Trust
                  Fund.

              	
                80

              
	
                SECTION
                  3.09.

              	
                Standard
                  Hazard Insurance and Flood Insurance Policies.

              	
                81

              
	
                SECTION
                  3.10.

              	
                Presentment
                  of Claims and Collection of Proceeds.

              	
                81

              
	
                SECTION
                  3.11.

              	
                [Reserved]

              	
                81

              
	
                SECTION
                  3.12.

              	
                Trustee
                  to Retain Possession of Certain Insurance Policies and
                  Documents.

              	
                81

              
	
                SECTION
                  3.13.

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              	
                82

              
	
                SECTION
                  3.14.

              	
                Additional
                  Compensation to the Master Servicer.

              	
                82

              
	
                SECTION
                  3.15.

              	
                REO
                  Property.

              	
                82

              
	
                SECTION
                  3.16.

              	
                Assessments
                  of Compliance and Attestation Reports.

              	
                83

              

      

       

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

       

      
        	
                SECTION
                  3.17.

              	
                Annual
                  Compliance Statement.

              	
                85

              
	
                SECTION
                  3.18.

              	
                Enforcement
                  of Regulation AB Deliverables.

              	
                86

              
	
                SECTION
                  3.19.

              	
                Sarbanes-Oxley
                  Certification.

              	
                86

              
	
                SECTION
                  3.20.

              	
                Reports
                  Filed with Securities and Exchange Commission.

              	
                87

              
	
                SECTION
                  3.21.

              	
                Additional
                  Information.

              	
                93

              
	
                SECTION
                  3.22.

              	
                Intention
                  of the Parties and Interpretation.

              	
                93

              
	
                SECTION
                  3.23.

              	
                Indemnification.

              	
                93

              
	
                SECTION
                  3.24.

              	
                [Reserved]

              	
                94

              
	
                SECTION
                  3.25.

              	
                [Reserved]

              	
                94

              
	
                SECTION
                  3.26.

              	
                [Reserved]

              	
                94

              
	
                SECTION
                  3.27.

              	
                [Reserved]

              	
                94

              
	
                SECTION
                  3.28.

              	
                Closing
                  Opinion of Counsel.

              	
                94

              
	
                SECTION
                  3.29.

              	
                [Reserved]

              	
                95

              
	
                SECTION
                  3.30.

              	
                Merger
                  or Consolidation of the Master Servicer.

              	
                95

              
	
                SECTION
                  3.31.

              	
                Indemnification
                  of the Trustee, the Master Servicer and the Securities
                  Administrator.

              	
                95

              
	
                SECTION
                  3.32.

              	
                Limitations
                  on Liability of the Master Servicer and Others; Indemnification
                  of Trustee
                  and Others.

              	
                96

              
	
                SECTION
                  3.33.

              	
                Master
                  Servicer Not to Resign.

              	
                97

              
	
                SECTION
                  3.34.

              	
                Successor
                  Master Servicer.

              	
                98

              
	
                SECTION
                  3.35.

              	
                Sale
                  and Assignment of Master Servicing.

              	
                98

              
	
                SECTION
                  3.36.

              	
                Reporting
                  Requirements of the Commission.

              	
                99

              
	 	 	 
	
                ARTICLE
                  IV

              	
                ACCOUNTS

              	
                99

              
	 	 	 
	
                SECTION
                  4.01.

              	
                Servicing
                  Accounts

              	
                99

              
	
                SECTION
                  4.02.

              	
                Distribution
                  Account.

              	
                100

              
	
                SECTION
                  4.03.

              	
                Permitted
                  Withdrawals and Transfers from the Distribution Account.

              	
                102

              
	
                SECTION
                  4.04.

              	
                [Reserved]

              	
                104

              
	
                SECTION
                  4.05.

              	
                [Reserved]

              	
                104

              
	
                SECTION
                  4.06.

              	
                Prefunding
                  Account.

              	
                104

              
	
                SECTION
                  4.07.

              	
                Capitalized
                  Interest Account.

              	
                105

              
	 	 	 
	
                ARTICLE
                  V

              	
                FLOW
                  OF FUNDS

              	
                106

              
	 	 	 
	
                SECTION
                  5.01.

              	
                Distributions.

              	
                106

              
	
                SECTION
                  5.02.

              	
                [Reserved].

              	
                112

              
	
                SECTION
                  5.03.

              	
                Allocation
                  of Realized Losses.

              	
                112

              
	
                SECTION
                  5.04.

              	
                Statements.

              	
                114

              
	
                SECTION
                  5.05.

              	
                Remittance
                  Reports; Advances.

              	
                117

              
	
                SECTION
                  5.06.

              	
                Compensating
                  Interest Payments.

              	
                118

              
	
                SECTION
                  5.07.

              	
                Recoveries.

              	
                118

              
	 	 	 
	
                ARTICLE
                  VI

              	
                THE
                  CERTIFICATES

              	
                119

              
	 	 	 
	
                SECTION
                  6.01.

              	
                The
                  Certificates.

              	
                119

              

      

       

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

       

      
        	
                SECTION
                  6.02.

              	
                Registration
                  of Transfer and Exchange of Certificates.

              	
                120

              
	
                SECTION
                  6.03.

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              	
                129

              
	
                SECTION
                  6.04.

              	
                Persons
                  Deemed Owners.

              	
                129

              
	
                SECTION
                  6.05.

              	
                Appointment
                  of Paying Agent.

              	
                129

              
	 	 	 
	
                ARTICLE
                  VII

              	
                DEFAULT

              	
                130

              
	 	 	 
	
                SECTION
                  7.01.

              	
                Events
                  of Default.

              	
                130

              
	
                SECTION
                  7.02.

              	
                Trustee
                  to Act.

              	
                132

              
	
                SECTION
                  7.03.

              	
                Waiver
                  of Event of Default.

              	
                133

              
	
                SECTION
                  7.04.

              	
                Notification
                  to Certificateholders.

              	
                134

              
	 	 	 
	
                ARTICLE
                  VIII

              	
                THE
                  TRUSTEE AND THE SECURITIES ADMINISTRATOR

              	
                134

              
	 	 	 
	
                SECTION
                  8.01.

              	
                Duties
                  of the Trustee and the Securities Administrator

              	
                134

              
	
                SECTION
                  8.02.

              	
                Certain
                  Matters Affecting the Trustee and the Securities
                  Administrator.

              	
                136

              
	
                SECTION
                  8.03.

              	
                Trustee
                  and the Securities Administrator Not Liable for Certificates or
                  Mortgage
                  Loans.

              	
                137

              
	
                SECTION
                  8.04.

              	
                Trustee,
                  Custodian, Master Servicer and Securities Administrator May Own
                  Certificates.

              	
                138

              
	
                SECTION
                  8.05.

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

              	
                139

              
	
                SECTION
                  8.06.

              	
                Eligibility
                  Requirements for Trustee and Securities Administrator.

              	
                139

              
	
                SECTION
                  8.07.

              	
                Resignation
                  or Removal of Trustee and Securities Administrator.

              	
                140

              
	
                SECTION
                  8.08.

              	
                Successor
                  Trustee and Successor Securities Administrator.

              	
                141

              
	
                SECTION
                  8.09.

              	
                Merger
                  or Consolidation of Trustee or Securities Administrator.

              	
                142

              
	
                SECTION
                  8.10.

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              	
                142

              
	
                SECTION
                  8.11.

              	
                Limitation
                  of Liability.

              	
                143

              
	
                SECTION
                  8.12.

              	
                Trustee
                  May Enforce Claims Without Possession of Certificates.

              	
                143

              
	
                SECTION
                  8.13.

              	
                Suits
                  for Enforcement.

              	
                144

              
	
                SECTION
                  8.14.

              	
                Waiver
                  of Bond Requirement.

              	
                144

              
	
                SECTION
                  8.15.

              	
                Waiver
                  of Inventory, Accounting and Appraisal Requirement.

              	
                144

              
	
                SECTION
                  8.16.

              	
                Appointment
                  of Custodians.

              	
                145

              
	
                SECTION
                  8.17.

              	
                Closing
                  Opinion of Counsel.

              	
                145

              
	 	 	 
	
                ARTICLE
                  IX

              	
                REMIC
                  ADMINISTRATION

              	
                145

              
	 	 	 
	
                SECTION
                  9.01.

              	
                REMIC
                  Administration.

              	
                145

              
	
                SECTION
                  9.02.

              	
                Prohibited
                  Transactions and Activities.

              	
                147

              
	 	 	 
	
                ARTICLE
                  X

              	
                TERMINATION

              	
                148

              
	 	 	 
	
                SECTION
                  10.01.

              	
                Termination.

              	
                148

              
	
                SECTION
                  10.02.

              	
                Additional
                  Termination Requirements.

              	
                150

              

      

       

      
        
           

        

        
          iii

          
            

          

        

        
           

        

      

       

      
        	
                ARTICLE
                  XI

              	
                [RESERVED]

              	
                150

              
	 	 	 
	
                ARTICLE
                  XII

              	
                MISCELLANEOUS
                  PROVISIONS

              	
                150

              
	 	 	 
	
                SECTION
                  12.01.

              	
                Amendment.

              	
                150

              
	
                SECTION
                  12.02.

              	
                Recordation
                  of Agreement; Counterparts.

              	
                152

              
	
                SECTION
                  12.03.

              	
                Limitation
                  on Rights of Certificateholders.

              	
                152

              
	
                SECTION
                  12.04.

              	
                Governing
                  Law; Jurisdiction.

              	
                153

              
	
                SECTION
                  12.05.

              	
                Notices.

              	
                153

              
	
                SECTION
                  12.06.

              	
                Severability
                  of Provisions.

              	
                154

              
	
                SECTION
                  12.07.

              	
                Article
                  and Section References.

              	
                154

              
	
                SECTION
                  12.08.

              	
                Notices
                  to each Rating Agencies.

              	
                154

              
	
                SECTION
                  12.09.

              	
                Further
                  Assurances.

              	
                155

              
	
                SECTION
                  12.10.

              	
                Benefits
                  of Agreement.

              	
                155

              
	
                SECTION
                  12.11.

              	
                Acts
                  of Certificateholders.

              	
                156

              
	
                SECTION
                  12.12.

              	
                Successors
                  and Assigns.

              	
                156

              
	
                SECTION
                  12.13.

              	
                Provision
                  of Information.

              	
                156

              
	
                SECTION
                  12.14.

              	
                Transfer
                  of Servicing.

              	
                157

              

      

      

      EXHIBITS
        AND SCHEDULES:

       

      
        	
                Exhibit
                  A-1

              	
                Form
                  of Senior Certificate

              	
                A-1

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class 1X Certificate

              	
                A-2

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class 1PO Certificate

              	
                A-3

              
	
                Exhibit
                  B

              	
                Form
                  of Residual Certificate

              	
                B-1

              
	
                Exhibit
                  C

              	
                Form
                  of Subordinate Certificate

              	
                C-1

              
	
                Exhibit
                  D

              	
                Form
                  of Class P Certificate

              	
                D-1

              
	
                Exhibit
                  E

              	
                Form
                  of Reverse of the Certificates

              	
                E-1

              
	
                Exhibit
                  F

              	
                Request
                  for Release

              	
                F-1

              
	
                Exhibit
                  G-1

              	
                Form
                  of Receipt of Mortgage Note

              	
                G-1-1

              
	
                Exhibit
                  G-2

              	
                Form
                  of Interim Certification of Trustee

              	
                G-2-1

              
	
                Exhibit
                  G-3

              	
                Form
                  of Final Certification of Trustee

              	
                G-3-1

              
	
                Exhibit
                  H

              	
                Form
                  of Lost Note Affidavit

              	
                H-1

              
	
                Exhibit
                  I-1

              	
                Form
                  of ERISA Representation for Residual Certificates

              	
                I-1-1

              
	
                Exhibit
                  I-2

              	
                Form
                  of ERISA Representation for ERISA-Restricted Certificates

              	
                I-2-1

              
	
                Exhibit
                  J-1

              	
                Form
                  of Investment Letter [Non-Rule 144A]

              	
                J-1-1

              
	
                Exhibit
                  J-2

              	
                Form
                  of Rule 144A Investment Letter

              	
                J-2-1

              
	
                Exhibit
                  K

              	
                Form
                  of Transferor Certificate

              	
                K-1

              
	
                Exhibit
                  L

              	
                Transfer
                  Affidavit for Residual Certificate Pursuant to Section
                  6.02(e)

              	
                L-1

              
	
                Exhibit
                  M

              	
                List
                  of Servicing Agreements

              	
                M-1

              
	
                Exhibit
                  N-1

              	
                Form
                  of Transfer Certificate (Restricted Global Security to Regulation
                  S
                  Security)

              	
                N-1-1

              
	
                Exhibit
                  N-2

              	
                Form
                  of Transfer Certificate (Regulation S Security to Restricted Global
                  Security)

              	
                N-2-1

              

      

       

      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

       

      
        	
                Exhibit
                  O

              	
                Form
                  of Back-Up Sarbanes-Oxley Certification

              	
                O-1

              
	
                Exhibit
                  P

              	
                Form
                  of Subsequent Transfer Agreement

              	
                P-1

              
	
                Exhibit
                  Q

              	
                Form
                  of Securities Administrator Certification

              	
                Q-1

              
	
                Exhibit
                  R

              	
                Form
                  of Certification Regarding Servicing Criteria to be Addressed in
                  Report on
                  Assessment of Compliance

              	
                R-1

              
	
                Exhibit
                  S

              	
                Transaction
                  Parties

              	
                S-1

              
	
                Exhibit
                  T

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

              	
                T-1

              
	
                Exhibit
                  U

              	
                Form
                  of Additional Disclosure Notification

              	
                U-1

              
	
                Exhibit
                  V

              	
                List
                  of Originators and Purchase Agreements

              	
                V-1

              

      

      

      

      

      Schedule
        I Mortgage
        Loan Schedule

      

      

       

      
        
           

        

        
          v

          
            

          

        

        
           

        

      

      This
        Pooling and Servicing Agreement is dated as of March 1, 2007 (the “Agreement”),
        among
        GREENWICH CAPITAL ACCEPTANCE, INC., a Delaware corporation, as depositor
        (the
“Depositor”),
        GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation, as seller
        (the “Seller”),
        WELLS
        FARGO BANK, N.A., a national banking association, as master servicer (in
        such
        capacity, the “Master
        Servicer”)
        and as
        securities administrator (in such capacity, the “Securities
        Administrator”)
        and
        DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association, as
        trustee
        and a custodian (the “Trustee”).

      

      PRELIMINARY
        STATEMENT:

      

      Through
        this Agreement, the Depositor intends to cause the issuance and sale of the
        RBSGC Mortgage Loan Trust Mortgage Loan Pass-Through Certificates, Series
        2007-B
        (the “Certificates”)
        representing in the aggregate the entire beneficial ownership of the Trust
        Fund,
        the primary assets of which are the Mortgage Loans (as defined
        below).

      

      The
        Depositor intends to sell 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
        27 classes of certificates, designated as (i) the Class 1A1 Certificates,
        (ii)
        the Class 1A2 Certificates, (iii) the Class 1A3 Certificates, (iv) the Class
        1A4
        Certificates, (v) the Class 1A5 Certificates, (vi) the Class 1A6 Certificates,
        (vii) the Class 2A1 Certificates, (viii) the Class 3A1 Certificates, (ix)
        the
        Class 3A2 Certificates, (x) the Class 1X Certificates, (xi) the Class 1PO
        Certificates, (xii) the Class 1B1 Certificates, (xiii) the Class 1B2
        Certificates, (xiv) the Class 1B3 Certificates, (xv) the Class 1B4 Certificates,
        (xvi) the Class 1B5 Certificates, (xvii) the Class 1B6 Certificates, (xviii)
        the
        Class 1B7 Certificates, (xix) the Class 3B1 Certificates, (xx) the Class
        3B2
        Certificates, (xxi) the Class 3B3 Certificates, (xxii) the Class 3B4
        Certificates, (xxiii) the Class 3B5 Certificates, (xxiv) the Class 3B6
        Certificates, (xxv) the Class P Certificates, (xxvi) the Class LT-R Certificates
        and (xxvii) the Class R Certificates.

      

      For
        federal income tax purposes, the Trust Fund (exclusive of the assets held
        in the
        Prefunding Account and the Capitalized Interest Account (the “Excluded
        Trust Property”))
        comprises three REMICs in a tiered REMIC structure: the “Lower-Tier
        REMIC,”
the
        “Middle-Tier
        REMIC,”
and
        the “Upper-Tier
        REMIC.”
Each
        Certificate, other than the Class R and Class LT-R Certificates, shall represent
        ownership of a regular interest in the Upper-Tier REMIC, as described herein.
        The Class R Certificate represents the sole class of residual interest in
        the
        Upper-Tier REMIC and the Middle-Tier REMIC. The Class LT-R Certificate
        represents ownership of the sole class of residual interest in the Lower-Tier
        REMIC.

      

      The
        Lower-Tier REMIC will hold as its assets all of the assets constituting the
        Trust Fund (exclusive of the Excluded Trust Property) and will issue 21
        uncertificated interests, which shall be the “Lower-Tier
        Regular Interests”
and
        one
        certificated residual interest represented by the Class LT-R Certificate,
        which
        will represent the sole residual interest in the Lower-Tier REMIC. 

      

      The
        Middle-Tier REMIC will hold as its assets all of the Lower-Tier Regular
        Interests and shall issue 24 uncertificated interests, 23 of which shall
        be the
“Middle-Tier
        Regular Interests,”
and
        one
        of which, the MT-R Interest, shall be the sole residual interest in the
        Middle-Tier REMIC. 

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      The
        Upper-Tier REMIC shall hold as assets the Middle-Tier Regular Interests and
        shall issue the Certificates, other than the Class LT-R
        Certificate.

      

      For
        purposes of the REMIC Provisions, the startup day for each REMIC created
        hereby
        is the Closing Date. All REMIC regular and residual interests created hereby
        will be retired on or before the Latest Possible Maturity Date.

      

      Lower-Tier
        REMIC

      

      The
        following table sets forth (or describes) the designation, interest rate,
        and
        initial principal balance of each Lower-Tier Regular Interest and the Class
        LT-R
        Certificate:

       

      
        	
                Designation

              	
                Interest
                  

                Rate

              	
                Initial
                  Principal Balance

              	
                Related
                  Mortgage Pool 

                or
                  Loan Subgroup

              
	
                LT1-SG1
                  

              	
                6.00%

              	
                $    162,174,546.91

              	
                Pool
                  1 Subgroup 1

              
	
                LT1-SUB1
                  

              	
                6.00%

              	
                $             94,470.17

              	
                Pool
                  1 Subgroup1

              
	
                LT1-PO1
                  

              	
                0.00%

              	
                $           593,600.00

              	
                Pool
                  1 Subgroup 1

              
	
                LT1-SG2
                  

              	
                6.50%

              	
                $    234,961,488.39

              	
                Pool
                  1 Subgroup 2

              
	
                LT1-SUB2
                  

              	
                6.50%

              	
                $           136,357.46

              	
                Pool
                  1 Subgroup 2

              
	
                LT1-SG3
                  

              	
                7.00%

              	
                $      61,251,567.55

              	
                Pool
                  1 Subgroup 3

              
	
                LT1-SUB3
                  

              	
                7.00%

              	
                $             35,541.09

              	
                Pool
                  1 Subgroup 3

              
	
                LT1-SG4
                  

              	
                7.50%

              	
                $      46,293,521.17

              	
                Pool
                  1 Subgroup 4

              
	
                LT1-SUB4
                  

              	
                7.50%

              	
                $             26,863.85

              	
                Pool
                  1 Subgroup 4

              
	
                LT-1X4

              	
                (1)

              	
                (1)

              	
                Pool
                  1 Subgroup 4

              
	
                LT2-SG
                  

              	
                (2)

              	
                $      26,042,736.86

              	
                Pool
                  2

              
	
                LT2-SUB
                  

              	
                (2)

              	
                $             15,118.55

              	
                Pool
                  2

              
	
                LT3-A1
                  

              	
                (3)

              	
                $      93,575,000.00

              	
                Pool
                  3

              
	
                LT3-A2
                  

              	
                (3)

              	
                $        2,620,000.00

              	
                Pool
                  3

              
	
                LT3-B1
                  

              	
                (3)

              	
                $        1,236,000.00

              	
                Pool
                  3

              
	
                LT3-B2
                  

              	
                (3)

              	
                $           593,000.00

              	
                Pool
                  3

              
	
                LT3-B3
                  

              	
                (3)

              	
                $           296,000.00

              	
                Pool
                  3

              
	
                LT3-B4
                  

              	
                (3)

              	
                $           198,000.00

              	
                Pool
                  3

              
	
                LT3-B5
                  

              	
                (3)

              	
                $           148,000.00

              	
                Pool
                  3

              
	
                LT3-B6
                  

              	
                (3)

              	
                $           148,568.97

              	
                Pool
                  3

              
	
                LT-P

              	
                (4)

              	
                $                  100.00

              	
                N/A

              
	
                LT-R

              	
                (5)

              	
                (5)

              	
                N/A

              
	 	 	 	 

      

       

      
        	 	
                (1)

              	
                The
                  interest rate with respect to any Distribution Date (and the related
                  Accrual Period) for the LT-X4 Interest shall equal to the weighted
                  average
                  of the Stripped Interest Rates for the Premium Mortgage Loans in
                  Pool 1
                  Subgroup 4. The LT-X4 Interest is an interest only interest that
                  does not
                  have a principal balance. For any Distribution Date it shall have
                  a
                  notional balance equal to the aggregate of the Stated Principal
                  Balances
                  of the Premium Loans in Pool 1 Subgroup 4 as of the first day of
                  the
                  related Due Period. 

              

      

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      
        	 	
                (2)

              	
                For
                  any Distribution Date (and the related Accrual Period) each of
                  these
                  Lower-Tier Regular Interests shall accrue interest at a per annum
                  rate
                  equal to the Pool 2 Net WAC.

              

      

      

      
        	 	
                (3)

              	
                For
                  any Distribution Date (and the related Accrual Period) each of
                  these
                  Lower-Tier Regular Interests shall accrue interest at a per annum
                  rate
                  equal to the Pool 3 Net WAC. 

              

      

      

      
        	 	
                (4)

              	
                The
                  LT-P Interest shall not accrue interest but shall be entitled on
                  each
                  Distribution Date to all Prepayment Penalty
                  Amounts.

              

      

      

      
        	 	
                (5)

              	
                The
                  LT-R Certificate is the sole class of residual interests in the
                  Lower-Tier
                  REMIC. It does not have an interest rate or a principal balance.
                  

              

      

      

      On
        each
        Distribution Date, Available Funds for Pool 1 and Pool 2 shall be allocated
        among the Lower-Tier Regular Interests related to Pool 1 and Pool 2 in the
        following order of priority:

      

      
        	 	
                (i)

              	
                First,
                  to the LT1-SUB1, LT1-SUB2, LT1-SUB3, LT1-SUB4, and LT2-SUB Interests
                  as
                  follows:

              

      

      

      
        	 	
                (a)

              	
                to
                  the LT-SUB1 Interest until its principal balance equals one percent
                  of the
                  Subordinate Component for Pool 1 Subgroup 1 for the immediately
                  succeeding
                  Distribution Date;

              

      

      

      
        	 	
                (b)

              	
                to
                  the LT-SUB2 Interest until its principal balance equals one percent
                  of the
                  Subordinate Component for Pool 1 Subgroup 2 for the immediately
                  succeeding
                  Distribution Date;

              

      

      

      
        	 	
                (c)

              	
                to
                  the LT-SUB3 Interest until its principal balance equals one-percent
                  of the
                  Subordinate Component for Pool 1 Subgroup 3 for the immediately
                  succeeding
                  Distribution Date;

              

      

      

      
        	 	
                (d)

              	
                to
                  the LT-SUB4 Interest until its principal balance equals one-percent
                  of the
                  Subordinate Component for Pool 1 Subgroup 4 for the immediately
                  succeeding
                  Distribution Date;

              

      

      

      
        	 	
                (e)

              	
                to
                  the LT2-SUB Interest until its principal balance equals one-percent
                  of the
                  Subordinate Component for Pool 2 for the immediately succeeding
                  Distribution Date;

              

      

      

      
        	 	
                (f)

              	
                to
                  the LT1-SUB1, LT1-SUB2, LT1-SUB3, LT1-SUB4, or LT2-SUB Interests
                  the
                  amount necessary to cause the ratio of the principal balance of
                  each such
                  Lower-Tier Regular Interest to the principal balance of the other
                  such
                  Lower-Tier Regular Interests to equal the ratio of the Subordinate
                  Component for the related Loan Subgroup or Mortgage Pool in the
                  case of
                  the LT2-SUB Interest, to the Subordinate Component related to the
                  other
                  Loan Subgroups, or Mortgage Pool, in the case of the LT2-SUB Interest,
                  for
                  the immediately succeeding Distribution
                  Date;

              

      

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      
        	 	
                (ii)

              	
                Second,
                  concurrently to the LT1-SG1, LT1-SG2, LT1-SG3, LT1-SG4, and LT2-SG
                  Interests until -

              

      

      

      
        	 	
                (a)

              	
                the
                  principal balance of the LT1-SG1 Interest equals the excess of
                  (I) the
                  Non-PO Loan Subgroup Balance for Pool 1 Subgroup 1 for the immediately
                  succeeding Distribution Date, over (II) the principal balance of
                  the LT1-
                  SUB1 Interest for such Distribution Date, after taking into account
                  distributions pursuant to priority (i) above for such Distribution
                  Date;
                  

              

      

      

      
        	 	
                (b)

              	
                the
                  principal balance of the LT1-SG2 Interest equals the excess of
                  (I) the
                  Loan Subgroup Balance for Pool 1 Subgroup 2 for the immediately
                  succeeding
                  Distribution Date, over (II) the principal balance of the LT1-SUB2
                  Interest for such Distribution Date, after taking into account
                  distributions pursuant to priority (i) above for such Distribution
                  Date;

              

      

      

      
        	 	
                (c)

              	
                the
                  principal balance of the LT1-SG3 Interest equals the excess of
                  (I) the
                  Loan Subgroup Balance for Pool 1 Subgroup 3 for the immediately
                  succeeding
                  Distribution Date, over (II) the principal balance of the LT1-SUB3
                  Interest for such Distribution Date, after taking into account
                  distributions pursuant to priority (i) above for such Distribution
                  Date;

              

      

      

      
        	 	
                (d)

              	
                the
                  principal balance of the LT1-SG4 Interest equals the excess of
                  (I) the
                  Loan Subgroup Balance for Pool 1 Subgroup 4 for the immediately
                  succeeding
                  Distribution Date, over (II) the principal balance of the LT1-SUB4
                  Interest for such Distribution Date, after taking into account
                  distributions pursuant to priority (i) above for such Distribution
                  Date;

              

      

      

      
        	 	
                (e)

              	
                the
                  principal balance of the LT2-SG Interest equals the excess of (I)
                  the Pool
                  Balance for Pool 2 for the immediately succeeding Distribution
                  Date, over
                  (II) the principal balance of the LT2-SUB Interest for such Distribution
                  Date, after taking into account distributions pursuant to priority
                  (i)
                  above for such Distribution Date;

              

      

      

      
        	 	
                (iii)

              	
                Third,
                  to the LT-POI Interest, an amount equal to the Class 1PO Principal
                  Distribution Amount for such Distribution
                  Date;

              

      

      

      
        	 	
                (iv)

              	
                Fourth,
                  to make interest distributions on the Lower-Tier Regular Interests
                  related
                  to Pool 1 or Pool 2 at the interest rates shown or described above.
                  

              

      

      

      
        	 	
                (v)

              	
                Fifth,
                  to the LT-P Interest, an amount equal to the Class P Distributable
                  Amount
                  for such Distribution Date (excluding Prepayment Penalty
                  Amounts);

              

      

      

      
        	 	
                (vi)

              	
                Finally,
                  any remaining amounts to the Class LT-R
                  Certificate.

              

      

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      On
        each
        Distribution Date, Available Funds for Pool 3 shall be allocated among the
        Lower-Tier Regular Interests related to Pool 3 in the following order of
        priority:

      

      (i)
        First, as interest at the interest rate described above;

      

      (ii)
        Second, as principal, pro rata among the Lower-Tier Regular Interests related
        to
        Pool 3;

      

      (iii)
        Finally, any remaining amounts, to the Class LT-R Certificate.

      

      On
        each
        Distribution Date, the LT-P Interest shall be entitled to all Prepayment
        Penalty
        Amounts available for distribution on such Distribution Date.

      

      Notwithstanding
        the foregoing, on each Distribution Date, Net Interest Shortfalls, if any,
        for
        any Mortgage Pool, or, in the case of Pool 1, any Loan Subgroup, will reduce
        the
        amount of interest distributable on the related Lower-Tier Regular Interests,
        and Net Interest Shortfalls for any Mortgage Pool or Loan Subgroup shall
        be
        allocated among the Lower-Tier Regular Interests related to such Mortgage
        Pool
        or Loan Subgroup in proportion to the amounts of interest to which those
        Lower-Tier Regular Interests otherwise would have been entitled. 

      

      Realized
        Losses for any Mortgage Pool, or, in the case of Pool 1, any Loan Subgroup,
        shall be applied to reduce the balance of the related Lower-Tier Regular
        Interest in the same manner in which principal is allocated amount such
        Lower-Tier Regular Interests pursuant to priorities (i) through (iii) above.
        

      

      Middle-Tier
        REMIC

      

      The
        following table sets forth (or describes) the designation, interest rate,
        and
        initial principal balance of each Middle-Tier Regular Interest and the MT-R
        Interest:

      
        	
                Designation

              	
                Interest
                  

                Rate

              	
                Initial
                  Principal Balance

              	
                Corresponding
                  Class of 

                Certificates
                  or 

                Component

              
	
                MT-1A1-1

              	
                7.00%

              	
                $   57,733,000.00

              	
                1A1-1

              
	
                MT-1A1-2

              	
                7.50%

              	
                $   43,634,000.00

              	
                1A1-2

              
	
                MT-1A4

              	
                6.50%

              	
                $ 221,462,100.00

              	
                Class
                  1A4

              
	
                MT-1A5

              	
                6.00%

              	
                $ 152,822,000.00

              	
                Class
                  1A5

              
	
                MT-2A1

              	
                (1)

              	
                $   24,546,000.00

              	
                Class
                  2A1

              
	
                MT-3A1

              	
                (2)

              	
                $   93,575,000.00

              	
                Class
                  3A1

              
	
                MT-3A2

              	
                (2)

              	
                $     2,620,000.00

              	
                Class
                  3A2

              
	
                MT-1X

              	
                (3)

              	
                (3)

              	
                Class
                  1X

              
	
                MT-1PO

              	
                0.00%

              	
                $        593,600.00

              	
                Class
                  1PO

              
	
                MT-1B1

              	
                (4)

              	
                $   10,633,000.00

              	
                Class
                  1B1

              
	
                MT-1B2

              	
                (4)

              	
                $     6,114,000.00

              	
                Class
                  1B2

              
	
                MT-1B3

              	
                (4)

              	
                $     4,784,000.00

              	
                Class
                  1B3

              
	
                MT-1B4

              	
                (4)

              	
                $     3,456,000.00

              	
                Class
                  1B4

              
	
                MT-1B5

              	
                (4)

              	
                $     2,392,000.00

              	
                Class
                  1B5

              

      

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      
        	
                MT-1B6

              	
                (4)

              	
                $     1,861,000.00

              	
                Class
                  1B6

              
	
                MT-1B7

              	
                (4)

              	
                $     1,595,111.98

              	
                Class
                  1B7

              
	
                MT-3B1

              	
                (2)

              	
                $     1,236,000.00

              	
                Class
                  3B1

              
	
                MT-3B2

              	
                (2)

              	
                $        593,000.00

              	
                Class
                  3B2

              
	
                MT-3B3

              	
                (2)

              	
                $        296,000.00

              	
                Class
                  3B3

              
	
                MT-3B4

              	
                (2)

              	
                $        198,000.00

              	
                Class
                  3B4

              
	
                MT-3B5

              	
                (2)

              	
                $        148,000.00

              	
                Class
                  3B5

              
	
                MT-3B6

              	
                (2)

              	
                $        148,568.97

              	
                Class
                  3B6

              
	
                MT-P

              	
                (5)

              	
                $               100.00

              	
                Class
                  P

              
	
                MT-R

              	
                (6)

              	
                (6)

              	
                N/A

              

      

      

      

      
        	 	
                (1)

              	
                For
                  any Distribution Date (and the related Accrual Period) each of
                  these
                  Lower-Tier Regular Interests shall accrue interest at a per annum
                  rate
                  equal to the Pool 2 Net WAC.

              

      

      

      
        	 	
                (2)

              	
                For
                  any Distribution Date (and the related Accrual Period) each of
                  these
                  Lower-Tier Regular Interests shall accrue interest at a per annum
                  rate
                  equal to the Pool 3 Net WAC. 

              

      

      

      
        	 	
                (3)

              	
                For
                  any Distribution Date, the MT-X4 Interest shall be entitled to
                  all amounts
                  distributable with respect tot the LT-X4 Interest..
                  

              

      

      

      
        	 	
                (4)

              	
                For
                  any Distribution Date (and the related Accrual Period), each of
                  these
                  Middle-Tier Regular Interests shall accrue interest at a per annum
                  rate
                  equal to the weighted average of the interest rates on the LT1-SUB1,
                  LT1-SUB2, LT1-SUB3, LT1-SUB4, and LT2-SUB Interests, weighted on
                  the basis
                  of their relative principal balances as of the first day of the
                  related
                  Accrual Period.

              

      

      

      
        	 	
                (5)

              	
                The
                  LT-P Interest shall not accrue interest but shall be entitled on
                  each
                  Distribution Date to all Prepayment Penalty
                  Amounts.

              

      

      

      
        	 	
                (6)

              	
                The
                  MT-R Certificate is the sole class of residual interests in the
                  Middle-Tier REMIC. It does not have an interest rate or a principal
                  balance. 

              

      

      

      On
        each
        Distribution Date, amounts distributed with respect to the Lower-Tier REMIC
        shall be distributed with respect to the Middle-Tier Regular Interests in
        the
        following order of priority:

      

      (i)
        First, as principal on the Middle-Tier Regular Interests until the principal
        balance of each such Middle-Tier Regular Interest equals the Class Principal
        Balance for the Corresponding Class of Certificates (or Component Principal
        Balance of the Corresponding Component) immediately after such Distribution
        Date.

      

      (ii)
        Second, as interest on the Middle-Tier Regular Interests, at the interest
        rates
        described above. 

      

      On
        each
        Distribution Date, the MT-P Interest shall be entitled to all Prepayment
        Penalty
        Amounts passed through on the LT-P Interest and the Class P Distributable
        Amount
        (other than Prepayment Penalty Amounts).

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      

      The
        Certificates

      

      The
        following table sets forth (or describes) the Class designation, Pass-Through
        Rate, and Original Class Principal Balance (or Original Class Notional Balance)
        for each Class of Certificates comprising interests in the Trust Fund created
        hereunder. Each Class of Certificates, other than the Class R and Class LT-R
        Certificates, is hereby designated as representing ownership of regular
        interests in the Upper-Tier REMIC.

      

        
          	 	
                  Original
                    Class Principal Balance or

                  Class
                    Notional Balance

                	
                  Pass-Through

                  Rate

                
	
                  Class
                    1A1

                	
                  $ 101,367,000.00

                	
                  (1)

                
	
                  Class
                    1A2

                	
                  Notional Amount(2)

                	
                  (3)

                
	
                  Class
                    1A3

                	
                  Notional Amount(4)

                	
                  (5)

                
	
                  Class
                    1A4

                	
                  $ 221,462,000.00

                	
                  (6)

                
	
                  Class
                    1A5

                	
                  $ 152,822,000.00

                	
                  6.000000%

                
	
                  Class
                    1A6

                	
                  Notional Amount(7)

                	
                  (8)

                
	
                  Class
                    2A1

                	
                  $   24,546,000.00

                	
                  (9)

                
	
                  Class
                    3A1

                	
                  $   93,575,000.00

                	
                  (10)

                
	
                  Class
                    3A2

                	
                  $     2,620,000.00

                	
                  (10)

                
	
                  Class
                    1X

                	
                  Notional Amount(11)

                	
                  6.000000%

                
	
                  Class
                    1PO

                	
                  $        593,600.00

                	
                  (12)

                
	
                  Class
                    R

                	
                  $               100.00

                	
                  6.500000%

                
	
                  Class
                    1B1

                	
                  $   10,633,000.00

                	
                  (13)

                
	
                  Class
                    1B2

                	
                  $     6,114,000.00

                	
                  (13)

                
	
                  Class
                    1B3

                	
                  $     4,784,000.00

                	
                  (13)

                
	
                  Class
                    1B4

                	
                  $     3,456,000.00

                	
                  (13)

                
	
                  Class
                    1B5

                	
                  $     2,392,000.00

                	
                  (13)

                
	
                  Class
                    1B6

                	
                  $     1,861,000.00

                	
                  (13)

                
	
                  Class
                    1B7

                	
                  $     1,595,111.00

                	
                  (13)

                
	
                  Class
                    3B1

                	
                  $     1,236,000.00

                	
                  (10)

                
	
                  Class
                    3B2

                	
                  $        593,000.00

                	
                  (10)

                
	
                  Class
                    3B3

                	
                  $        296,000.00

                	
                  (10)

                
	
                  Class
                    3B4

                	
                  $        198,000.00

                	
                  (10)

                
	
                  Class
                    3B5

                	
                  $        148,000.00

                	
                  (10)

                
	
                  Class
                    3B6

                	
                  $        148,568.00

                	
                  (10)

                
	
                  Class
                    P

                	
                  $               100.00

                	
                  (14)

                
	
                  Class
                    LT-R

                	
                  (15)

                	
                  (15)

                

        

      

       

      ____________

      
        	 	
                (1)

              	
                On
                  each Distribution Date, the Pass-Through Rate on the Class 1A1
                  Certificates shall be equal to LIBOR plus 0.30% per annum, subject
                  to a
                  minimum Pass-Through Rate of 0.30% per annum and a maximum Pass-Through
                  Rate of 7.000% per annum. Solely for purposes of determining payments
                  of
                  principal and the allocation of Realized Losses, the Class 1A1
                  Certificates will comprise two Components: the 1A1-1 Component
                  and the
                  1A1-2 Component. The 1A1-1 Component and the 1A1-2 Component will
                  each
                  have a component principal balance (initially, each equal to $57,733,000
                  and $43,634,000, respectively) that will be reduced by all amounts
                  actually distributed as principal of such component and all Realized
                  Losses applied in reduction of principal of such component on all
                  prior
                  distribution dates.

              

      

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      
        	 	
                (2)

              	
                The
                  Class 1A2 Certificates will not receive any distributions of principal.
                  Interest will accrue on the Class 1A2 Notional Balance, initially
                  equal to
                  $43,634,000. 

              

      

      

      
        	 	
                (3)

              	
                On
                  each Distribution Date, the Pass-Through Rate on the Class 1A2
                  Certificates will equal the excess of (a) 7.20% per annum over
                  (b) LIBOR,
                  subject to a minimum Pass-Through Rate of 0.50% per annum.
                  

              

      

      

      
        	 	
                (4)

              	
                The
                  Class 1A3 Certificates will not receive any distributions of principal.
                  Interest will accrue on the Class 1A3 Notional Balance, initially
                  equal to
                  $57,733,000.00.

              

      

      

      
        	 	
                (5)

              	
                On
                  each Distribution Date, the Pass-Through Rate on the Class 1A3
                  Certificates will equal the excess of (a) 6.70% per annum over
                  (b) LIBOR,
                  subject to a minimum Pass-Through Rate of 0.00% per annum.
                  

              

      

      

      
        	 	
                (6)

              	
                On
                  each Distribution Date, the Pass-Through Rate on the Class 1A4
                  Certificates will equal the sum of LIBOR plus 0.45%, subject to
                  a minimum
                  Pass-Through Rate of 0.45% per annum and a maximum Pass-Through
                  Rate of
                  6.50% per annum. 

              

      

      

      
        	 	
                (7)

              	
                The
                  Class 1A6 Certificates will not receive any distributions of principal.
                  Interest will accrue on the Class 1A6 Notional Balance, initially
                  equal to
                  $221,462,000.00. 

              

      

      

      
        	 	
                (8)

              	
                On
                  each Distribution Date, the Pass-Through Rate on the Class 1A6
                  Certificates will be equal to the excess of (a) 6.05% per annum
                  over (b)
                  LIBOR, subject to a minimum Pass-Through Rate of 0.00% per annum.
                  

              

      

      

      
        	 	
                (9)

              	
                On
                  each Distribution Date, the Pass-Through Rate on the Class 2A1
                  Certificates shall equal the Pool 2 Net WAC. The
                  Pass-Through Rate for the Class 2A1 Certificates for the initial
                  Accrual
                  Period shall be equal to an annual rate of
                  6.092604%.

              

      

      

      
        	 	
                (10)

              	
                On
                  each Distribution Date, the Pass-Through Rates for the Class 3A1,
                  Class
                  3A2, Class
                  3B1, Class 3B2, Class 3B3, Class 3B4, Class 3B5 and Class 3B6 Certificates
                  shall equal the Pool 3 Net WAC. The Pass-Through Rate for the Pool
                  3
                  Senior Certificates and the Pool 3 Subordinate Certificates for
                  the
                  initial Accrual Period shall be equal to an annual rate of
                  5.460696%.

              

      

      

      
        	 	
                (11)

              	
                The
                  Class 1X Certificates will not receive any distributions of principal.
                  Interest will accrue on the Class 1X Notional Balance, initially
                  equal to
                  $813,668.00. For purposes of the REMIC Provisions, the Class 1X
                  Certificates shall be entitled on any Distribution Date to all
                  amounts
                  distributable in respect of the MT-X4 interest in the Lower-Tier
                  REMIC.

              

      

      

      
        	 	
                (12)

              	
                The
                  Class 1PO Certificates are principal-only certificates and will
                  not be
                  entitled to distributions of interest.

              

      

      

      
        	 	
                (13)

              	
                The
                  Class 1B1, Class 1B2, Class 1B3, Class 1B4, Class 1B5, Class 1B6
                  and Class
                  1B7 Certificates shall have a Pass-Through Rate equal to the weighted
                  average of (1) a per annum rate calculated as the quotient expressed
                  as a
                  percentage of (a) the sum of (i) the product of (x) 6.00% and (y)
                  the
                  related Subordinate Component for Pool 1 Subgroup 1 for such Distribution
                  Date, (ii) the product of (x) 6.50% and (y) the related Subordinate
                  Component for Pool 1 Subgroup 2 for such Distribution Date, (iii)
                  the
                  product of (x) 7.00% and (y) the related Subordinate Component
                  for Pool 1
                  Subgroup 3 for such Distribution Date and (iv) the product of (x)
                  7.50%
                  and (y) the related Subordinate Component for Pool 1 Subgroup 4
                  for such
                  Distribution Date, divided
                  by
                  (b) the aggregate of the subgroup subordinate amounts relating
                  to each
                  Loan Subgroup for that Distribution Date and (2) the weighted average
                  of
                  the Net Loan Rates of the Pool 2 Mortgage Loans, in each case weighted
                  on
                  the basis of the related Subordinate Component. The Pass-Through
                  Rate for
                  the Pool 1-2 Subordinate Certificates for the initial Accrual Period
                  shall
                  be equal to an annual rate of 6.471591%.

              

      

      

      
        	 	
                (14)

              	
                The
                  Class P Certificates are principal-only certificates and (a) will
                  not be
                  entitled to distributions of interest and (b) are entitled to receive
                  the
                  “Class P Distributable Amount.”

              

      

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      
        	 	
                (15)

              	
                For
                  purposes of the REMIC provisions, the Class LT-R Certificate represents
                  ownership of the sole residual interest in the Lower-Tier REMIC
                  and does
                  not have a principal balance or a pass-through
                  rate.

              

      

      

      ARTICLE
        I

       

      DEFINITIONS;
        DECLARATION OF TRUST

      

      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. All calculations of interest described herein
        shall
        be made on the basis of an assumed 360-day year consisting of twelve 30-day
        months unless otherwise indicated in this Agreement. 

      

      “Accepted
        Master Servicing Practices”:
        With
        respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
        servicing practices of prudent mortgage servicing institutions that master
        service mortgage loans of the same type and quality as such Mortgage Loan
        in the
        jurisdiction where the related Mortgaged Property is located, to the extent
        applicable to the Trustee (as successor Master Servicer) or the Master Servicer
        (except in its capacity as successor to any Servicer), or (y) as provided
        in the
        Servicing Agreements, to the extent applicable to the Servicers, but in no
        event
        below the standard set forth in clause (x).

      

      “Account”:
        The
        Distribution Account, the Servicing Account or the Prefunding Account, as
        the
        context requires.

      

      “Accrual
        Period”:
        With
        respect to each Distribution Date and the Class 1A5, Class 2A1, Class 3A1,
        Class 3A2, Class 1X and Class R Certificates, the Subordinate Certificates
        and
        each Lower-Tier Regular Interest, the calendar month immediately preceding
        the
        month in which that Distribution Date occurs. With respect to each Distribution
        Date and the LIBOR Certificates, the period beginning with the prior
        Distribution Date (or the 25th day of the preceding calendar month, in the
        case
        of the first Distribution Date) and ending on the day immediately preceding
        such
        Distribution Date. Interest on the Certificates and each Lower-Tier Regular
        Interest shall be calculated based on an assumption that each month has 30
        days
        and each year has 360 days. 

      

      “Additional
        Disclosure Notification”:
        As
        defined in Section 3.20(a)(ii).

      

      “Additional
        Form 10-D Disclosure”:
        As
        defined in Section 3.20(a)(1).

      

      “Additional
        Form 10-K Disclosure”:
        As
        defined in Section 3.20(b)(i).

      

      “Advance”:
        With
        respect to any Distribution Date and any Mortgage Loan or REO Property, any
        advance made by the Master Servicer (including, without limitation, the Trustee
        in its capacity as successor Master Servicer) in respect of such Distribution
        Date pursuant to Section 5.05 or by any Servicer in accordance with the related
        Servicing Agreement for such Distribution Date.

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      

      “Adverse
        REMIC Event”:
        Either
        (i) the loss of status as a REMIC, within the meaning of Section 860D of
        the
        Code, for any group of assets identified as a REMIC in the Preliminary Statement
        to this Agreement, or (ii) the imposition of any tax, including the tax imposed
        under Section 860F(a)(1) on prohibited transactions and the tax imposed under
        Section 860G(d) on certain contributions to a REMIC, on any REMIC created
        hereunder to the extent such tax would be payable from assets held as part
        of
        the Trust Fund. 

      

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

      

      “Aggregate
        Collateral Balance”:
        With
        respect to any date of determination (other than the Closing Date), an amount
        equal to the aggregate Stated Principal Balance of the Mortgage Loans
plus
        the
        amount, if any, then on deposit in the Prefunding Account. With respect to
        the
        Closing Date, an amount equal to the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the Initial Cut-off Date plus
        the
        amount on deposit in the Prefunding Account on the Initial Closing
        Date.

      

      “Aggregate
        Subsequent Transfer Amount”:
        With
        respect to any Subsequent Transfer Date, the aggregate Stated Principal Balance
        as of the applicable Subsequent Cut-off Date of the Subsequent Mortgage Loans
        conveyed on such Subsequent Transfer Date, as listed on the revised Mortgage
        Loan Schedule delivered pursuant to Section 2.01(b); provided,
        however,
        that
        such amount shall not exceed the amount on deposit in the Prefunding Account
        as
        of such Subsequent Transfer Date.

      

      “Agreement”:
        This
        Pooling and Servicing Agreement dated as of March 1, 2007, as amended,
        supplemented and otherwise modified from time to time.

      

      “Applicable
        Credit Support Percentage”:
        As
        defined in Section 5.01(d).

      

      “Apportioned
        Principal Balance”:
        With
        respect to any Distribution Date, Pool 1 or Pool 2 or any Loan Subgroup in
        Pool
        1, as applicable, and for any Class of Pool 1-2 Subordinate Certificates,
        an
        amount equal to the Class Principal Balance of such Class immediately prior
        to
        such Distribution Date multiplied by a fraction, the numerator of which is
        the
        related Subordinate Component for such date and the denominator of which
        is the
        sum of the related Subordinate Components (in the aggregate) for such
        date.

      

      “Asset
        Balance”:
        With
        respect to any Distribution Date, the aggregate of the Stated Principal
        Balances, as of the first day of the related Due Period, of the Mortgage
        Loans
        that were Outstanding Mortgage Loans on that day, plus
        the
        amount on deposit, if any, in the Prefunding Account.

      

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

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      

      “Available
        Funds”:
        With
        respect to any Distribution Date and any Mortgage Pool or Loan Subgroup,
        an
        amount equal to (i) the sum, without duplication, of (a) the aggregate
        of the Monthly Payments received on or prior to the related Determination
        Date
        (but not including Monthly Payments due in future Due Periods but received
        by
        the related Determination Date) in respect of the Mortgage Loans in that
        Mortgage Pool or Loan Subgroup, (b) Net Liquidation Proceeds, Insurance
        Proceeds (including from primary mortgage insurance policies), Principal
        Prepayments (excluding
        Prepayment Penalty
        Amounts),
        Recoveries and other unscheduled recoveries of principal and interest in
        respect
        of the Mortgage Loans in that Mortgage Pool or Loan Subgroup received during
        the
        related Prepayment Period, (c) the aggregate of any amounts received in respect
        of REO Properties for such Distribution Date in respect of the Mortgage Loans
        in
        that Mortgage Pool or Loan Subgroup, (d) the aggregate of any amounts of
        Interest Shortfalls (excluding for such purpose all shortfalls as a result
        of
        Relief Act Reductions) paid by the Servicer pursuant to the Servicing Agreement
        and Compensating Interest Payments deposited in the Distribution Account
        for
        that Distribution Date in respect of the Mortgage Loans in that Mortgage
        Pool or
        Loan Subgroup, (e) the aggregate of the Purchase Prices, Substitution
        Adjustments Repurchase Prices and other amounts collected for purchases pursuant
        to Section 2.03 or substitutions pursuant to Section 2.03 deposited in the
        Distribution Account during the related Prepayment Period in respect of the
        Mortgage Loans in that Mortgage Pool or Loan Subgroup, (f) the aggregate of
        any Advances made by any Servicer and Advances made by the Master Servicer
        for
        that Distribution Date in respect of the Mortgage Loans in that Mortgage
        Pool or
        Loan Subgroup, (g) the aggregate of any Advances made by the Trustee (as
        successor Master Servicer) for that Distribution Date pursuant to Section
        7.02
        hereof in respect of the Mortgage Loans in that Mortgage Pool or Loan Subgroup,
        (h) the Termination Price allocated to such Mortgage Pool or Loan Subgroup
        on the Distribution Date on which the Trust Fund is terminated pursuant to
        Section 10.01 and (i) with respect to the Distribution Date in the month
        immediately following the end of the Prefunding Period, any amounts remaining
        in
        the Prefunding Account (other than investment earnings thereon); minus
        (ii) the
        sum of (u) the Expense Fees for such Distribution Date in respect of the
        Mortgage Loans in that Mortgage Pool or Loan Subgroup, (v) amounts in
        reimbursement for Advances previously made in respect of the Mortgage Loans
        in
        that Mortgage Pool or Loan Subgroup and other amounts as to which the Servicers,
        the Trustee, the Securities Administrator, the Custodians and the Master
        Servicer n are entitled to be reimbursed pursuant to Section 4.03, (w) the
        amount payable to the Trustee, the Master Servicer, the Custodians or the
        Securities Administrator pursuant to Section 8.05, Section 3.30(b) and Section
        3.31(c) in respect of Mortgage Loans in such Mortgage Pool or Loan Subgroup
        or
        if not related to a Mortgage Loan, allocated to each Mortgage Pool or Loan
        Subgroup on a pro
        rata
        basis
        and (x) amounts deposited in the Distribution Account in error in respect
        of the
        Mortgage Loans in that Mortgage Pool or Loan Subgroup.

      

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

      

      “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 6.02
        hereof). On the Closing Date, all Classes of the Certificates other than
        the
        Physical Certificates shall be Book-Entry Certificates.

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      

      “Business
        Day”:
        Any
        day other than a Saturday, a Sunday or (a) a day on which banking or savings
        institutions in the State of California, the State of Maryland, the State
        of
        Minnesota, the State of New York or in the city in which the Corporate Trust
        Office of the Trustee or the Securities Administrator is located or (b) with
        respect to any Servicer Remittance Date or any Servicer reporting date, the
        States specified in the definition of “Business Day” in the related Servicing
        Agreement, are authorized or obligated by law or executive order to be
        closed.

      

      “Call
        Option”:
        The
        right to terminate this Agreement and the Trust Fund pursuant to the second
        paragraph of Section 10.01(a) hereof.

      

      “Call
        Option Date”:
        As
        defined in Section 10.01(a) hereof.

      

      “Capitalized
        Interest Account”:
        The account established and maintained by the Securities Administrator pursuant
        to Section 4.07. Such account shall not be an asset of any REMIC.

      

      “Capitalized
        Interest Requirement”:
        With respect to the first Distribution Date, an amount equal to the interest
        payments on the Subsequent Mortgage Loans that would have been remitted by
        the
        Master Servicer or the Securities Administrator to the Distribution Account
        pursuant to Section 4.02(a), had such Subsequent Mortgage Loans been assets
        of
        the Trust Fund as of the Closing Date and had such interest payments been
        remitted to the Master Servicer by the related Servicer.

      

      “Certificate”:
        Any
        Regular Certificate, Residual Certificate or Class P Certificate.

      

      “Certificate
        Notional Balance”:
        With
        respect to each Certificate of a particular Class of Interest-Only Certificates
        and any date of determination, the product of (i) the Class Notional Balance
        of
        such Class and (ii) the applicable Percentage Interest of such Certificate.
        

      

      “Certificate
        Owner”:
        With
        respect to each Book-Entry Certificate, any beneficial owner thereof and
        with
        respect to each Physical Certificate, the Certificateholder
        thereof.

      

      “Certificate
        Principal Balance”:
        With
        respect to each Certificate of a particular Class (other than any Interest-Only
        Certificate and the Class LT-R Certificates) and any date of determination,
        the
        product of (i) the Class Principal Balance of such Class and (ii) the applicable
        Percentage Interest of such Certificate.

      

      “Certificate
        Register”
and
        “Certificate
        Registrar”:
        The
        register maintained and registrar appointed pursuant to Section 6.02 hereof,
        which initially shall be the Securities Administrator.

      

      “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; provided
        that
        solely for the purposes of taking any action or giving any consent pursuant
        to
        this Agreement, any Certificate registered in the name of the Depositor,
        the
        Trustee, the Master Servicer, the Securities Administrator, a Servicer or
        any
        Affiliate of any such entity shall be deemed not to be outstanding in
        determining whether the requisite percentage necessary to effect any such
        consent has been obtained, except that, in determining whether the Trustee
        shall
        be protected in relying upon any such consent, only Certificates which a
        Responsible Officer of the Trustee knows to be so owned shall be
        disregarded.

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      

      “Certification
        Parties”:
        As
        defined in Section 3.19.

      

      “Certifying
        Person”:
        As
        defined in Section 3.19.

      

      “Class”:
        Collectively, Certificates that 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
        1A1 Component”
or
        “Component”:
        Each
        of the 1A1-1 Component and 1A1-2 Component, as the context may
        require.

      

      “Class
        1A2 Notional Balance”:
        With
        respect to any Distribution Date, the Component Principal Balance of the
        1A1-1
        Component, before giving effect to distributions on such Distribution
        Date.

      

      “Class
        1A3 Notional Balance”:
        With
        respect to any Distribution Date, the Component Principal Balance of the
        1A1-2
        Component, before giving effect to distributions on such Distribution
        Date.

      

      “Class
        1A6 Notional Balance”:
        With
        respect to any Distribution Date, an amount equal to the Class Principal
        Balance
        of the Class 1A4 Certificates, before giving effect to distributions on such
        Distribution Date. 

      

      “Class
        1X Notional Balance”:
        With
        respect to any Distribution Date, an amount equal to the product of (x) the
        aggregate Stated Principal Balance, as of the Due Date in the month immediately
        preceding the month of such Distribution Date (or for the initial Distribution
        Date, as of the Initial Cut-off Date), of the Pool 1 Mortgage Loans with
        a Net
        Loan Rate greater than 7.50% in Pool 1 Subgroup 4; and (y) the quotient of
        (i)
        the excess, if any, of (a) the weighted average of the Net Loan Rates on
        the
        Mortgage Loans in Pool 1 Subgroup 4 (including the portion of any Subsequent
        Mortgage Loans included in Pool 1 Subgroup 4) over (b) 7.50%, and (ii) 6.00%.
        

      

      “Class
        LT-R Interest”:
        As
        described in the Preliminary Statement.

      

      “Class
        Notional Balance”:
        With
        respect to any Class of Interest-Only Certificates and any Distribution Date,
        the Class 1A2 Notional Balance, the Class 1A3 Notional Balance, the Class
        1A6
        Notional Balance or the Class 1X Notional Balance, as applicable.

      

      “Class
        P Distributable Amount”:
        With
        respect to each Distribution Date, all Prepayment Penalty Amounts in respect
        of
        the Mortgage Loans received by the Servicer for the related Prepayment Period
        plus, on the first Distribution Date after which no Mortgage Loan is subject
        to
        payment of a Prepayment Penalty Amount, $100.

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      

      “Class
        Principal Balance”:
        With
        respect to any Distribution Date and any Class of Regular Certificates, the
        Original Class Principal Balance thereof as reduced by the sum of (x) all
        amounts actually distributed in respect of principal of that Class on all
        prior
        Distribution Dates, (y) all Realized Losses, if any, actually allocated to
        that
        Class on all prior Distribution Dates and (z) (i) in the case of any Class
        of
        Pool 1-2 Subordinate Certificates, any amounts allocated to such Class in
        reduction of its Class Principal Balance for payment of PO Deferred Amounts
        and
        (ii) in the case of any Class of Subordinate Certificates, any applicable
        Writedown Amount; provided,
        however,
        that
        pursuant to Section 5.07, the Class Principal Balance of a Class of Certificates
        may be increased up to the amount of Realized Losses previously allocated
        to
        such Class, in the event that there is a Recovery on a related Mortgage Loan,
        and the Certificate Principal Balance of any individual Certificate of such
        Class will be increased by its pro
        rata
        share of
        the increase to such Class. 

      

      “Class
        Subordination Percentage”:
        With
        respect to (a) each Class of Pool 1-2 Subordinate Certificates and any
        Distribution Date, the percentage equivalent of a fraction, the numerator
        of
        which is the Class Principal Balance of such Class immediately before such
        Distribution Date and the denominator of which is the aggregate of the Class
        Principal Balances of all Classes of Pool 1-2 Senior Certificates and Pool
        1-2
        Subordinate Certificates immediately before such Distribution Date; and (b)
        each
        class of Pool 3 Subordinate Certificates and any Distribution Date, the
        percentage equivalent of a fraction, the numerator of which is the Class
        Principal Balance of such Class immediately before such Distribution Date
        and
        the denominator of which is the aggregate of the Class Principal Balances
        of all
        Classes of Certificates relating to pool 3 immediately before such Distribution
        Date. 

      

      “Close
        of Business”:
        As
        used herein, with respect to any Business Day and location, 5:00 p.m. at
        such
        location.

      

      “Closing
        Date”:
        March
        29, 2007.

      

      “CMC”:
        Central Mortgage Company, in its capacity as a servicer of certain of the
        Mortgage Loans as set forth in the Mortgage Loan Schedule hereto, and its
        successors in interest and assigns. 

      

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

      

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

      

      “Compensating
        Interest Payment”:
        With
        respect to any Distribution Date, an amount equal to the amount, if any,
        by
        which (x) the aggregate amount of any Interest Shortfalls (excluding for
        such
        purpose all shortfalls as a result of Relief Act Reductions) required to
        be paid
        by the Servicer pursuant to the Servicing Agreement with respect to such
        Distribution Date, exceeds (y) the aggregate amount actually paid by the
        Servicer in respect of such shortfalls. 

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      

      “Component”
or
        “Class
        1A1 Component”:
        Each
        of the 1A1-1 Component and 1A1-2 Component, as the context may
        require.

      

      “Component
        Principal Balance”:
        With
        respect to any Distribution Date and any Class 1A1 Component, the Original
        Component Principal Balance thereof as reduced by the sum of (x) all amounts
        actually distributed in respect of principal of that Component on all prior
        Distribution Dates and (y) all Realized Losses, if any, actually allocated
        to
        that Component on all prior Distribution Dates; provided,
        however,
        that
        pursuant to Section 5.07, the Component Principal Balance of a Class 1A1
        Component may be increased up to the amount of Realized Losses previously
        allocated to such Component, in the event that there is a Recovery on a related
        Mortgage Loan, and the Component Certificate Principal Balance of any individual
        Certificate related to such Component will be increased by its pro
        rata
        share of
        the increase to such Component.

      

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

      

      “Cooperative
        Corporation”:
        The
        entity that holds title (fee or an acceptable leasehold estate) to the real
        property and improvements constituting the Cooperative Property and which
        governs the Cooperative Property, which Cooperative Corporation must qualify
        as
        a Cooperative Housing Corporation under Section 216 of the Code.

      

      “Cooperative
        Loan”:
        Any
        Mortgage Loan secured by Cooperative Shares and a Proprietary
        Lease.

      

      “Cooperative
        Loan Documents”:
        With
        respect to any Cooperative Loan, (i) the Cooperative Shares, together with
        a
        stock power in blank; (ii) the original or a copy of the executed Security
        Agreement and the assignment of the Security Agreement in blank; (iii) the
        original or a copy of the executed Proprietary Lease and the original assignment
        of the Proprietary Lease endorsed in blank; (iv) the original, if available,
        or
        a copy of the executed Recognition Agreement and, if available, the original
        assignment of the Recognition Agreement (or a blanket assignment of all
        Recognition Agreements) endorsed in blank; (v) the executed UCC-1 financing
        statement with evidence of recording thereon, which has been filed in all
        places
        required to perfect the security interest in the Cooperative Shares and the
        Proprietary Lease; and (vi) executed UCC amendments (or copies thereof) or
        other
        appropriate UCC financing statements required by state law, evidencing a
        complete and unbroken line from the mortgagee to the Trustee with evidence
        of
        recording thereon (or in a form suitable for recordation).

      

      “Cooperative
        Property”:
        The
        real property and improvements owned by the Cooperative Corporation, that
        includes the allocation of individual dwelling units to the holders of the
        Cooperative Shares of the Cooperative Corporation.

      

      “Cooperative
        Shares”:
        Shares
        issued by a Cooperative Corporation.

      

      “Cooperative
        Unit”:
        A
        single family dwelling located in a Cooperative Property.

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      

      “Corporate
        Trust Office”:
        With
        respect to the Trustee, 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, Attention: GC070B, RBSGC Mortgage Loan Trust 2007-B,
        or
        at such other address as the Trustee may designate from time to time by notice
        to the Certificateholders, the Depositor, the Master Servicer, the Securities
        Administrator and the Seller. With respect to the Securities Administrator
        and
        the Certificate Registrar and (i) presentment of Certificates for registration
        of transfer, exchange or final payment, Wells Fargo Bank, N.A., Sixth Street
        and
        Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust,
        RBSGC Mortgage Loan Trust 2007-B, and (ii) for all other purposes, P.O. Box
        98,
        Columbia, Maryland 21046 (or for overnight deliveries, 9062 Old Annapolis
        Road,
        Columbia, Maryland 21045), Attention: Corporate Trust, RBSGC Mortgage Loan
        Trust
        2007-B.

      

      “Corresponding
        Class”:
        With
        respect to each class of Lower-Tier Interests, the Class or Classes of
        Certificates so designated in the Preliminary Statement. 

      

      “Custodian”:
        Each
        of Deutsche Bank National Trust Company and Wells Fargo Bank, N.A., and their
        respective successors in interest and assigns acting as a custodian of the
        Mortgage Files.

      

      “Cut-off
        Date”:
        The
        Initial Cut-off Date or the Subsequent Cut-off Date, as applicable.

      

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

      

      “Cut-off
        Date Collateral Balance”:
        With
        respect to any Distribution Date, the sum of (i) the aggregate Stated Principal
        Balance of all Initial Mortgage Loans as of the Initial Cut-off Date and
        (ii)
        the Prefunded Amount.

      

      “Cut-off
        Date Principal Balance”:
        With
        respect to any Mortgage Loan, the principal balance thereof remaining to
        be
        paid, after application of all scheduled principal payments due on or before
        the
        applicable Cut-off Date whether or not received as of the applicable Cut-off
        Date (or as of the applicable date of substitution with respect to a Qualified
        Substitute Mortgage Loan).

      

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

      

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

      

      “Definitive
        Certificates”:
        Any
        Certificate evidenced by a Physical Certificate and any Certificate issued
        in
        lieu of a Book-Entry Certificate pursuant to Section 6.02(c) or (d)
        hereof.

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      

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

      

      “Delinquent”:
        Any
        Mortgage Loan with respect to which the Monthly Payment due on a Due Date
        is not
        made.

      

      “Depositor”:
        Greenwich Capital Acceptance, Inc., a Delaware corporation, or any successor
        in
        interest or assign.

      

      “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.

      

      “Designated
        Rate”:
        With
        respect to Pool 1 Subgroup 1, 6.00% per annum. With respect to Pool 1 Subgroup
        2, 6.50% per annum. With respect to Pool 1 Subgroup 3, 7.00% per annum. With
        respect to Pool 1 Subgroup 4, 7.50% per annum.

      

      “Determination
        Date”:
        With
        respect to any Distribution Date and each Mortgage Loan, the date each month,
        as
        set forth in the applicable Servicing Agreement, on which the related Servicer
        determines the amount of all funds required to be remitted to the Master
        Servicer on the Servicer Remittance Date with respect to such Mortgage Loan.
        

      

      “Discount
        Mortgage Loan”:
        With
        respect to Pool 1 Subgroup 1, each Mortgage Loan having a Net Loan Rate less
        than the Designated Rate for that Loan Subgroup.

      

      “Disqualified
        Organization”:
        A
“disqualified organization” defined in Section 860E(e)(5) of the Code, or any
        other Person so designated by the Securities Administrator based upon an
        Opinion
        of Counsel provided to the Securities Administrator by nationally recognized
        counsel acceptable to the Securities Administrator that the holding of an
        ownership interest in a Residual Certificate by such Person may cause the
        Trust
        Fund or any Person having an ownership interest in any Class of Certificates
        (other than such Person) to incur liability for any federal tax imposed under
        the Code that would not otherwise be imposed but for the transfer of an
        ownership interest in the Residual Certificate to such Person.

      

      “Distribution
        Account”:
        The
        trust account or accounts created and maintained by the Securities Administrator
        pursuant to Section 4.02 hereof for the benefit of the Certificateholders
        and
        designated “Distribution Account, Wells Fargo Bank, N.A., as Securities
        Administrator, on behalf of Deutsche Bank National Trust Company, as Trustee,
        in
        trust for the registered Holders of RBSGC Mortgage Loan Trust Mortgage Loan
        Pass-Through Certificates, Series 2007-B” and which must be an Eligible
        Account.

      

      “Distribution
        Account Income”:
        With
        respect to any Distribution Date, any interest or other investment income
        earned
        on funds deposited in the Distribution Account during the month of such
        Distribution Date.

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      

      “Distribution
        Date”:
        The
        25th
        day of
        each month, or, if such day is not a Business Day, the next Business Day,
        commencing in April 2007.

      

      “Distribution
        Date Statement”:
        As
        defined in Section 5.04(a) hereof.

      

      “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, 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 in the highest short term
        rating
        category of each Rating Agency 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 (to
        the
        limits established by it), the uninsured deposits in which account are otherwise
        secured such that, as evidenced by an Opinion of Counsel delivered to the
        Securities Administrator and the Trustee and to each Rating Agency, the Trustee
        on behalf of the Certificateholders will have a claim with respect to the
        funds
        in the account or a perfected first priority security interest against the
        collateral (which shall be limited to Permitted Investments) securing those
        funds that is superior to claims of any other depositors or creditors of
        the
        depository institution with which such account is maintained;

      

      (iii) a
        trust
        account or accounts maintained with the trust department of a federal or
        state
        chartered depository institution, national banking association or trust company
        acting in its fiduciary capacity; or 

      

      (i) an
        account otherwise acceptable to each Rating Agency without reduction or
        withdrawal of its then current ratings of the Certificates as evidenced by
        a
        letter from such Rating Agency to the Securities Administrator and the Trustee.
        Eligible Accounts may bear interest.

      

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

      

      “ERISA-Restricted
        Certificates”:
        (i)
        the Privately-Offered B Certificates, the Class P Certificates and the Residual
        Certificates and (ii) any
        other Certificate that is not rated at least “BBB-” (or its equivalent) by at
        least one Rating Agency upon acquisition or (iii) in general, any Certificate
        that does not satisfy the applicable rating requirement under the Underwriter’s
        Exemption.

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      

      “ERISA-Qualifying
        Underwriting”:
        A best
        efforts or firm commitment underwriting or private placement that meets the
        requirements of an Underwriter’s Exemption.

      

      “Event
        of Default”:
        In
        respect of a Servicer, as defined in the Servicing Agreement. In respect
        of the
        Master Servicer, one or more of the events (howsoever described) set forth
        in
        Section 7.01 hereof as an event or events upon the occurrence and continuation
        of which the Master Servicer may be terminated.

      

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

      

      “Expense
        Fee”:
        With
        respect to any Mortgage Loan, the Servicing Fee. 

      

      “Expense
        Fee Rate”:
        With respect to any Mortgage Loan, the per annum rate at which the Expense
        Fee
        accrues for such Mortgage Loan.

      

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

      

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

      

      “Final
        Distribution Date”:
        The
        Distribution Date occurring in April 2037. 

      

      “Final
        Recovery Determination”:
        With
        respect to any defaulted Mortgage Loan or any REO Property (other than a
        Mortgage Loan or REO Property purchased by the Seller pursuant to or
        contemplated by Section 2.03, 3.25 and 10.01), a determination made by the
        related Servicer, and reported to the Trustee, that all Insurance Proceeds,
        Liquidation Proceeds and other payments or recoveries which the related Servicer
        expects to be finally recoverable in respect thereof have been so
        recovered.

      

      “Fitch”:
        Fitch
        Ratings, Inc., or any successor thereto.

      

      “Form
        8-K Disclosure Information”:
        As
        defined in Section 3.19(c).

      

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

      

      “GCFP”:
        Greenwich Capital Financial Products, Inc., and its successors in interest
        and
        assigns.

      

      “GMACM”:
        GMAC
        Mortgage, LLC, in its capacity as a servicer of certain of the Mortgage Loans
        as
        set forth in the Mortgage Loan Schedule hereto, and its successors in interest
        and assigns. 

      

      “Holder”
or
        “Certificateholder”:
        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; provided
        that
        solely for the purposes of taking any action or giving any consent pursuant
        to
        this Agreement, any Certificate registered in the name of the Depositor,
        the
        Trustee, the Master Servicer, the Securities Administrator, a Servicer or
        any
        Affiliate of any such entity shall be deemed not to be outstanding in
        determining whether the requisite percentage necessary to effect any such
        consent has been obtained, except that, in determining whether the Trustee
        shall
        be protected in relying upon any such consent, only Certificates which a
        Responsible Officer of the Trustee knows to be so owned shall be
        disregarded.

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      

      “Indemnified
        Persons”:
        The Trustee (individually in its corporate capacity and in all capacities
        hereunder), the Master Servicer, the Depositor, the Custodians, the Securities
        Administrator (in all capacities hereunder) and their respective officers,
        directors, agents and employees and, with respect to the Trustee, any separate
        co-trustee and its officers, directors, agents and employees.

      

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

      

      “Independent
        Contractor”:
        Either
        (i) any Person that would be an “independent contractor” with respect to any
        REMIC formed hereby 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 no
        REMIC formed hereby receives or derives any income from such Person and provided
        that the relationship between such Person and the applicable REMIC is at
        arm’s
        length, all within the meaning of Treasury Regulation Section 1.856-4(b)(5),
        or
        (ii) any other Person 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. 

      

      “Initial
        Cut-off Date”:
        With
        respect to any Initial Mortgage Loan, the Close of Business in New York City
        on
        March 1, 2007.

      

      “Initial
        LIBOR Rate”:
        5.32%.

      
        
           

        

        
          20

          
            

          

        

        
           

        

      

      

      “Initial
        Mortgage Loan”:
        Any of
        the Initial Pool 1 Mortgage Loans, Initial Pool 2 Mortgage Loans or Initial
        Pool
        3 Mortgage Loans conveyed to the Trust Fund on the Closing Date pursuant
        to
        Section 2.01 hereof, which Mortgage Loans shall be listed on the Mortgage
        Loan Schedule delivered pursuant to this Agreement.

      

      “Initial
        Pool 1 Mortgage Loans”:
        Any of
        the Pool 1 Mortgage Loans with a Cut-off Date of the Initial Cut-off Date
        and
        which are included in the Trust Fund as of the Closing Date. The aggregate
        Stated Principal Balance of the Initial Pool 1 Mortgage Loans is equal to
        $505,567,956.59.

      

      “Initial
        Pool 1 Subgroup 1 Mortgage Loans”:
        Any of
        the Pool 1 Subgroup 1 Mortgage Loans with a Cut-off Date of the Initial Cut-off
        Date and which are included in the Trust Fund as of the Closing Date. The
        aggregate Stated Principal Balance of the Initial Pool 1 Subgroup 1 Mortgage
        Loans is equal to $162,862,617.08.

      

      “Initial
        Pool 1 Subgroup 2 Mortgage Loans”:
        Any of
        the Pool 1 Subgroup 2 Mortgage Loans with a Cut-off Date of the Initial Cut-off
        Date and which are included in the Trust Fund as of the Closing Date. The
        aggregate Stated Principal Balance of the Initial Pool 1 Subgroup 2 Mortgage
        Loans is equal to $235,097,845.85.

      

      “Initial
        Pool 1 Subgroup 3 Mortgage Loans”:
        Any of
        the Pool 1 Subgroup 3 Mortgage Loans with a Cut-off Date of the Initial Cut-off
        Date and which are included in the Trust Fund as of the Closing Date. The
        aggregate Stated Principal Balance of the Initial Pool 1 Subgroup 3 Mortgage
        Loans is equal to $61,287,108.64.

      

      “Initial
        Pool 1 Subgroup 4 Mortgage Loans”:
        Any of
        the Pool 1 Subgroup 4 Mortgage Loans with a Cut-off Date of the Initial Cut-off
        Date and which are included in the Trust Fund as of the Closing Date. The
        aggregate Stated Principal Balance of the Initial Pool 1 Subgroup 4 Mortgage
        Loans is equal to $46,320,385.02.

      

      “Initial
        Pool 2 Mortgage Loans”:
        Any of
        the Pool 2 Mortgage Loans with a Cut-off Date of the Initial Cut-off Date
        and
        which are included in the Trust Fund as of the Closing Date. The aggregate
        Stated Principal Balance of the Initial Pool 2 Mortgage Loans is equal to
        $26,057,855.41.

      

      “Initial
        Pool 3 Mortgage Loans”:
        Any of
        the Pool 3 Mortgage Loans with a Cut-off Date of the Initial Cut-off Date
        and
        which are included in the Trust Fund as of the Closing Date. The aggregate
        Stated Principal Balance of the Initial Pool 3 Mortgage Loans is equal to
        $98,814,568.97.

      

      “Insurance
        Proceeds”:
        With
        respect to any Mortgage Loan, proceeds of any title policy, hazard policy
        or
        other insurance policy covering a Mortgage Loan, to the extent such proceeds
        are
        not to be applied to the restoration of the related Mortgaged Property or
        released to the related Mortgagor in accordance with the related Servicing
        Agreement.

      

      “Interest
        Distributable Amount”:
        With
        respect to any Distribution Date and each Class of Certificates (other than
        the
        Class 1PO Certificates and Class LT-R Certificates) and each Component, the
        sum
        of (i) the Monthly Interest Distributable Amount for that Class or
        Component and (ii) the Unpaid Interest Shortfall Amount for that Class or
        Component.

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

      

      “Interest-Only
        Certificate”:
        Any
        Class 1A2, Class 1A3, Class 1A6 or Class 1X Certificate.

      

      “Interest
        Shortfall”:
        With
        respect to any Distribution Date and each Mortgage Loan that during the related
        Prepayment Period was the subject of a Principal Prepayment or a reduction
        of
        its Monthly Payment under the Relief Act, an amount determined as
        follows:

      

      (a) Principal
        Prepayments in part received during the relevant Prepayment
        Period:
        the
        difference between (i) one month’s interest at the applicable Net Loan Rate for
        such Mortgage Loan on the amount of such prepayment and (ii) the amount of
        interest for the calendar month of such prepayment (adjusted to the applicable
        Net Loan Rate) received at the time of such prepayment; and

      

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

      

      (c) any
        Relief Act Reductions for such Distribution Date.

      

      “Latest
        Possible Maturity Date”:
        As
        determined as of the Cut-off Date, the Distribution Date following the fifth
        anniversary of the scheduled maturity date of the Mortgage Loan having the
        latest scheduled maturity date as of the Cut-off Date.

      

      “LIBOR”:
        With
        respect to the first Accrual Period, the Initial LIBOR Rate. With respect
        to
        each subsequent Accrual Period, a per annum rate determined on the LIBOR
        Determination Date in the following manner by the Securities Administrator
        on
        the basis of the “Interest Settlement Rate” set by the BBA for one-month United
        States dollar deposits, as such rates appear on the Telerate Page 3750, as
        of
        11:00 a.m. (London time) on such LIBOR Determination Date.

      

      (a) If
        on
        such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
        appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
        Telerate Page 3750 is not available on such date, the Securities Administrator
        will obtain such rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.”
If such rate is not published for such LIBOR Determination Date, LIBOR for
        such
        date will be the most recently published Interest Settlement Rate. In the
        event
        that the BBA no longer sets an Interest Settlement Rate, the rate for such
        date
        will be determined on the basis of the rates at which one-month U.S. dollar
        deposits are offered by the Reference Banks at approximately 11:00 am (London
        time) on such date to prime banks in the London interbank market. In such
        event,
        the Securities Administrator will request the principal London office of
        each of
        the Reference Banks to provide a quotation of its rate. If at least two such
        quotations are provided, the rate for that date will be the arithmetic mean
        of
        the quotations (rounded upwards if necessary to the nearest whole multiple
        of
        1/16%). If fewer than two quotations are provided as requested, the rate
        for
        that date will be the arithmetic mean of the rates quoted by major banks
        in New
        York City, selected by the Securities Administrator (after consultation with
        the
        Depositor), at approximately 11:00 a.m. (New York City time) on such date
        for
        one-month U.S. dollar loan to leading European banks.

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

      

      (b) The
        establishment of LIBOR by the Securities Administrator and the Securities
        Administrator’s subsequent calculation of the Pass-Through Rate applicable to
        the LIBOR Certificates for the relevant Accrual Period, in the absence of
        manifest error, will be final and binding.

      

      “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.

      

      “LIBOR
        Certificates”:
        The
        Class 1A1, Class 1A2, Class 1A3, Class 1A4 and Class 1A6
        Certificates.

      

      “LIBOR
        Determination Date”:
        The
        second LIBOR Business Day immediately preceding the commencement of each
        Accrual
        Period for the LIBOR Certificates.

      

      “Liquidated
        Mortgage Loan”:
        With
        respect to any Distribution Date, any Mortgage Loan in respect of which the
        Servicer has determined, as of the end of the related Prepayment Period,
        that
        all Liquidation Proceeds that it expects to recover with respect to the
        liquidation of such 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
        hereunder. 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 10.01 hereof or the applicable provisions of the related
        Servicing Agreement.

      

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

      

      “Liquidation
        Proceeds”:
        With
        respect to any Mortgage Loan, the amount (other than amounts received in
        respect
        of the rental of any REO Property prior to REO Disposition) received by the
        Servicer as proceeds from the liquidation of such Mortgage Loan, as determined
        in accordance with the applicable provisions of the related Servicing Agreement,
        other than Recoveries; provided
        that
        with respect to any Mortgage Loan or REO Property repurchased, substituted
        or
        sold pursuant to or as contemplated hereunder, or pursuant to the applicable
        provisions of the applicable Servicing Agreement, “Liquidation Proceeds” shall
        also include amounts realized in connection with such repurchase, substitution
        or sale.

      
        
           

        

        
          23

          
            

          

        

        
           

        

      

      

      “Loan
        Rate”:
        With
        respect to each Mortgage Loan, the annual rate at which interest accrues
        on such
        Mortgage Loan from time to time in accordance with the provisions of the
        related
        Mortgage Note.

      

      “Loan
        Subgroup”:
        Any of
        Pool 1 Subgroup 1, Pool 1 Subgroup 2, Pool 1 Subgroup 3 or Pool 1 Subgroup
        4, as
        the context requires.

      

      “Loan
        Subgroup Balance”:
        With
        respect to Pool 1 and each Loan Subgroup, the aggregate of the Stated Principal
        Balances of the Mortgage Loans in such Loan Subgroup that were Outstanding
        Mortgage Loans at the time of determination.

      

      “Loan-to-Value
        Ratio”:
        With
        respect to each Mortgage Loan and any date of determination, a fraction,
        expressed as a percentage, the numerator of which is the Principal Balance
        of
        the Mortgage Loan at such date of determination and the denominator of which
        is
        the Value of the related Mortgaged Property.

      

      “Lost
        Note Affidavit”:
        With
        respect to any Mortgage Loan as to which the original Mortgage Note has been
        lost or destroyed and has not been replaced, an affidavit from the Seller
        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
        Fund against any loss, cost or liability resulting from the failure to deliver
        the original Mortgage Note) in the form of Exhibit H hereto.

      

      “Lower-Tier
        Regular Interest”:
        Any
        one of the interests in the Lower-Tier REMIC, as described in the Preliminary
        Statement.

      

      “Lower-Tier
        REMIC”:
        As
        described in the Preliminary Statement.

      

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

      

      “Master
        Servicer”:
        Wells
        Fargo Bank, N.A., or any successor Master Servicer appointed as herein
        provided.

      

      “Master
        Servicing Fee”:
        Not
        applicable.

      

      “Master
        Servicing Fee Rate”:
        Not
        applicable. 

      

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

      

      “MERS
        Mortgage Loan”:
        Any
        Mortgage Loan registered with MERS on the MERS System.

      

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

      

      “MIN”:
        The
        Mortgage Identification Number for any MERS Mortgage Loan.

      
        
           

        

        
          24

          
            

          

        

        
           

        

      

      

      “MOM
        Loan”:
        Any
        Mortgage Loan as to which MERS is acting as mortgagee, solely as nominee
        for the
        originator of such Mortgage Loan and its successors in interest and
        assigns.

      

      “Monthly
        Interest Distributable Amount”:
        With
        respect to each Class of Certificates (other than the Class P, Class 1PO
        and
        Class LT-R Certificates) and any Distribution Date, the amount of interest
        accrued during the related Accrual Period on the Class Principal Balance
        or
        Class Notional Balance, as applicable, immediately prior to that Distribution
        Date; provided,
        however,
        that
        the amount so accrued shall be reduced by the Net Interest Shortfalls, if
        any,
        allocated to such Class of Certificates. Net Interest Shortfalls for any
        Mortgage Pool and, with respect to Pool 1, any Loan Subgroup, shall be
        apportioned among each Class of Senior Certificates related to such Mortgage
        Pool or Loan Subgroup and the related Subordinate Certificates based on,
        in the
        case of each Class of related Senior Certificates, the amount of interest
        accrued in the related Accrual Period at the applicable Pass-Through Rate,
        and
        in the case of each Class of related Subordinate Certificates, the interest
        accrued in the related Accrual Period at the applicable Pass-Through Rate
        determined solely with reference to its Apportioned Principal Balance for
        the
        Mortgage Pool or Loans Subgroup to which the Net Interest Shortfall relates.
        In
        addition, for purposes of compliance with the REMIC Provisions, (A) the Monthly
        Interest Distributable Amount for each Class of Subordinate Certificates
        shall
        be calculated by reducing the related Pass-Through Rate by a per annum rate
        equal to (i) 12 times the Subordinate Class Expense Share for such Class
        divided
        by
        (ii) the
        Class Principal Balance of such Class as of the beginning of the related
        Accrual
        Period and (B) such Class shall be deemed to bear interest at such Pass-Through
        Rate as so reduced for federal income tax purposes.

      

      “Monthly
        Payment”:
        With
        respect to any Mortgage Loan, the scheduled monthly payment of principal
        and/or
        interest on such Mortgage Loan that is payable by the related Mortgagor from
        time to time under the related Mortgage Note, determined, for the purposes
        of
        this Agreement: (a) after giving effect to 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 Servicers
        pursuant to the applicable provisions of the Servicing Agreements; 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 any successor in interest. 

      

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

      

      “Mortgage
        File”:
        The
        mortgage documents listed in Section 2.01 hereof 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 (including Cooperative Loans) transferred and assigned to the
        Trustee pursuant to Section 2.01 or Section 2.03 hereof 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.

      
        
           

        

        
          25

          
            

          

        

        
           

        

      

      

      “Mortgage
        Loan Purchase Agreement”:
        The
        Mortgage Loan Purchase Agreement between the Seller and the Depositor, dated
        as
        of March 1, 2007, regarding the transfer of the Mortgage Loans by the Seller
        (including the Seller’s rights and interests in the Servicing Agreements) to or
        at the direction of the Depositor.

      

      “Mortgage
        Loan Schedule”:
        As of
        any date, the list of Mortgage Loans included in the Trust Fund on such date,
        attached hereto as Schedule I. The Mortgage Loan Schedule shall be prepared
        by
        the Seller and shall set forth the following information with respect to
        each
        Mortgage Loan:

      

      
        	 	
                (i)

              	
                the
                  Mortgage Loan identifying number;

              

      

      

      
        	 	
                (ii)

              	
                the
                  state and five-digit ZIP code of the Mortgaged
                  Property;

              

      

      

      
        	 	
                (iii)

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

              

      

      

      
        	 	
                (iv)

              	
                a
                  code indicating whether the Residential Dwelling constituting the
                  Mortgaged Property is (a) a detached single family dwelling, (b)
                  a
                  dwelling in a planned unit development, (c) a condominium unit,
                  (d) a two-
                  to four-unit residential property, (e) a townhouse (f) a cooperative
                  or
                  (g) other type of Residential
                  Dwelling;

              

      

      

      
        	 	
                (v)

              	
                if
                  the related Mortgage Note permits the borrower to make Monthly
                  Payments of
                  interest only for a specified period of time, (a) the original
                  number of
                  such specified Monthly Payments and (b) the remaining number of
                  such
                  Monthly Payments as of the Cut-off
                  Date;

              

      

      

      
        	 	
                (vi)

              	
                the
                  original months to maturity;

              

      

      

      
        	 	
                (vii)

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

              

      

      

      
        	 	
                (viii)

              	
                the
                  Loan-to-Value Ratio at origination;

              

      

      

      
        	 	
                (ix)

              	
                the
                  Loan Rate in effect immediately following the Cut-off
                  Date;

              

      

      

      
        	 	
                (x)

              	
                the
                  date on which the first Monthly Payment is or was due on the Mortgage
                  Loan;

              

      

      

      
        	 	
                (xi)

              	
                the
                  stated maturity date;

              

      

      

      
        	 	
                (xii)

              	
                the
                  Servicing Fee Rate;

              

      

      

      
        	 	
                (xiii)

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

              

      

      

      
        	 	
                (xiv)

              	
                the
                  original principal balance of the Mortgage
                  Loan;

              

      

       

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

       

      
        	 	
                (xv)

              	
                the
                  Stated Principal Balance of the Mortgage Loan on the Cut-off Date,
                  and a
                  code indicating the purpose of the Mortgage Loan (i.e.,
                  purchase financing, rate/term refinancing, cash-out
                  refinancing);

              

      

      

      
        	 	
                (xvi)

              	
                the
                  Value of the Mortgaged Property;

              

      

      

      
        	 	
                (xvii)

              	
                the
                  sale price of the Mortgaged Property, if
                  applicable;

              

      

      

      
        	 	
                (xviii)

              	
                the
                  product code;

              

      

      

      
        	 	
                (xix)

              	
                the
                  Servicer that is servicing each Mortgage Loan;

              

      

      

      
        	 	
                (xx)

              	
                the
                  Custodian’s name, if there is more than one
                  Custodian;

              

      

      

      
        	 	
                (xxi)

              	
                the
                  Expense Fee Rate therefor; and

              

      

      

      
        	 	
                (xxii)

              	
                the
                  respective Mortgage Pool.

              

      

      

      Information
        set forth in clauses (ii) and (iii) above regarding each Mortgagor and the
        related Mortgaged Property shall be confidential and the Trustee, the Securities
        Administrator and the Master Servicer shall not disclose such information
        except
        to the extent disclosure may be required by any law or regulatory or
        administrative authority; provided,
        however,
        that
        the Trustee, the Securities Administrator and the Master Servicer may disclose
        on a confidential basis any such information to its agents, attorneys and
        any
        auditors in connection with the performance of its responsibilities
        hereunder.

      

      The
        Mortgage Loan Schedule, as in effect from time to time, shall also set forth
        the
        following information with respect to the Mortgage Loans in the aggregate
        and by
        Mortgage Pool (and, in the case of Pool 1, by Loan Subgroup) 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 Loan Rate of the
        Mortgage Loans; and (4) the weighted average remaining months to maturity
        of the Mortgage Loans. The Mortgage Loan Schedule shall be amended from time
        to
        time by the Seller in accordance with the provisions of this
        Agreement.

      

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

      

      “Mortgage
        Pool”:
        Any of
        Pool 1, Pool 2 or Pool 3, as the context requires.

      

      “Mortgaged
        Property”:
        Either
        of (x) the fee simple or leasehold interest in real property, together with
        improvements thereto including any exterior improvements to be completed
        within
        120 days of disbursement of the related Mortgage Loan proceeds, or (y) in
        the
        case of a Cooperative Loan, the related Cooperative Shares and Proprietary
        Lease, securing the indebtedness of the Mortgagor under the related Mortgage
        Loan.

      

      “Mortgagor”:
        The
        obligor on a Mortgage Note.

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

      

      “Net
        Interest Shortfall”:
        With
        respect to any Distribution Date, the excess of the Interest Shortfalls,
        if any,
        for such Distribution Date over the sum of (i) Interest Shortfalls paid by
        the
        Servicers under the Servicing Agreements with respect to such Distribution
        Date
        and (ii) Compensating Interest Payments made with respect to such Distribution
        Date.

      

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

      

      “Net
        Loan 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
        Loan
        Rate for such Mortgage Loan minus
        the
        Expense Fee Rate. For purposes of determining whether any Qualified Substitute
        Mortgage Loan in Pool 1 Subgroup 1 is a Discount Mortgage Loan or a Non-Discount
        Mortgage Loan and for purposes of calculating the applicable PO Percentage
        and
        applicable Non-PO Percentage, each Qualified Substitute Mortgage Loan shall
        be
        deemed to have a Net Loan Rate equal to the Net Loan Rate of the Deleted
        Mortgage Loan for which it is substituted. 

      

      “Net
        Realized Losses”:
        With
        respect to any Class of Certificates and any Distribution Date, the excess
        of
        (i) the amount of Realized Losses previously allocated to that Class over
        (ii)
        the amount of any increases to the Class Principal Balance of that Class
        pursuant to Section 5.07 due to Recoveries.

      

      “Net
        WAC”:
        With
        respect to the first Distribution Date only, the product of (i) the weighted
        average of the Net Loan Rates of the Initial Mortgage Loans as of the Initial
        Cut-off Date, weighted on the basis of their Stated Principal Balances on
        such
        date, multiplied by (ii) the quotient of (a) the aggregate of Stated Principal
        Balances of the Initial Mortgage Loans on the Initial Cut-off Date divided
        by
        (b) the sum or the aggregate of the Stated Principal Balances of the Initial
        Mortgage Loans as of the Initial Cut-off Date and the amount on deposit in
        the
        Prefunding Account on such date. With respect to each succeeding Distribution
        Date, the weighted average of the Net Loan Rates of the Mortgage Loans as
        of the
        first day of the related Due Period, weighted on the basis of their Stated
        Principal Balances at the beginning of the related Due Period.

      

      “Nonrecoverable”:
        A
        determination by the Master Servicer or a Servicer in respect of a delinquent
        Mortgage Loan that if it were to make an Advance or an advance of a delinquent
        Monthly Payment, respectively, in respect thereof, such amount would not
        be
        recoverable from any collections or other recoveries (including Liquidation
        Proceeds) on such Mortgage Loan.

      

      “Non-Discount
        Mortgage Loan”:
        With
        respect to any Mortgage Loan in Pool 1 Subgroup 1, each Mortgage Loan in
        such
        Loan Subgroup having a Net Loan Rate equal to or in excess of the Designated
        Rate for such Loan Subgroup. With respect to any Mortgage Loan in Pool 1
        Subgroup 2, Pool 1 Subgroup 2, Pool 1 Subgroup 3 or Pool 1 Subgroup 4, each
        Mortgage Loan in the applicable Loan Subgroup. 

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

      

      “Non-PO
        Loan Subgroup Balance”:
        With
        respect to Pool 1 Subgroup 1 and any Distribution Date, the sum of (i) the
        aggregate of the Stated Principal Balances of the Non-Discount Mortgage Loans
        in
        Pool 1 Subgroup 1 as of the first day of the related Due Period and (ii)
        the
        aggregate of the Non-PO Portions of each Discount Mortgage Loan in Pool 1
        Subgroup 1 as of the first day of the related Due Period.

      

      “Non-PO
        Percentage”:
        With
        respect to (1) any Discount Mortgage Loan in Pool 1 Subgroup 1, the fraction,
        expressed as a percentage, equal to the Net Loan Rate of such Mortgage Loan
        divided by the Designated Rate for Pool 1 Subgroup 1 and (2) any Mortgage
        Loan
        other than a Discount Mortgage loan in Pool 1 Subgroup 1 or any Mortgage
        Loan in
        Pool 1 Subgroup 2, Pool 1 Subroup 3 or Pool 1 Subgroup 4, 100%.

      

      “Non-PO
        Portion”:
        With
        respect to any Discount Mortgage Loan, the product of the Stated Principal
        Balance of such Discount Mortgage Loan and the Non-PO Percentage for such
        Discount Mortgage Loan.

      

      “Non-PO
        Recoveries”:
        For
        each Distribution Date and each Loan Subgroup, the excess of (i) the amount
        of
        Recoveries for such Loan Subgroup for such Distribution Date over (ii) the
        amount of PO Recoveries for such Loan Subgroup for such Distribution
        Date.

      

      “Notional
        Certificate”:
        Any
        Class 1A2, Class 1A3, Class 1A6 or Class 1X Certificate.

      

      “Offered
        Certificates”:
        The
        Class 1A1, Class 1A2, Class 1A3, Class 1A4, Class 1A5, Class 1A6, Class 2A1,
        Class 3A1, Class 3A2, Class 1B1, Class 1B2, Class 1B3, Class 1B4, Class 3B1,
        Class 3B2, Class 3B3, Class 1PO, Class 1X and Class R Certificates.

      

      “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 Seller, the Master Servicer 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 any Servicer, acceptable to the Trustee
        or the
        Securities Administrator, as applicable, except that any opinion of counsel
        relating to (a) the qualification of any REMIC created hereunder as a REMIC
        or
        (b) compliance with the REMIC Provisions must be an opinion of Independent
        counsel.

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

      

      “Original
        Applicable Credit Support Percentage”:
        With
        respect to (i) each Class of Pool 1-2 Subordinate Certificates, the
        corresponding percentage set forth below opposite its Class
        designation:

       

      
        	
                Class
                  1B1

              	
                5.80%

              
	
                Class
                  1B2

              	
                3.80%

              
	
                Class
                  1B3

              	
                2.65%

              
	
                Class
                  1B4

              	
                1.75%

              
	
                Class
                  1B5

              	
                1.10%

              
	
                Class
                  1B6

              	
                0.65%

              
	
                Class
                  1B7

              	
                0.30%

              

      

       

      and
        (ii)
        each Class of Pool 3 Subordinate Certificates, the corresponding percentage
        set
        forth below opposite its Class designation:

       

      
        	
                Class
                  3B1

              	
                2.65%

              
	
                Class
                  3B2

              	
                1.40%

              
	
                Class
                  3B3

              	
                0.80%

              
	
                Class
                  3B4

              	
                0.50%

              
	
                Class
                  3B5

              	
                0.30%

              
	
                Class
                  3B6

              	
                0.15%

              

      

       

      “Original
        Capitalized Interest Amount”:
        $2,000.00.

      

      “Original
        Class Notional Balance”:
        With
        respect to the Interest-Only Certificates, the corresponding aggregate Class
        Notional Balance set forth for each such Class in the Preliminary Statement.
        

      

      “Original
        Class Principal Balance”:
        With
        respect to each Class of Certificates, other than the Interest-Only Certificates
        and the Class LT-R Certificates, the corresponding aggregate amount set forth
        opposite the Class designation of such Class in the Preliminary
        Statement.

      

      “Original
        Component Principal Balance”:
        With
        respect to each Class 1A1 Component, the corresponding aggregate amount set
        forth opposite the Class designation of the Class 1A1 Certificates in the
        Preliminary Statement.

      

      “Originator”:
        Each
        party listed as an “Originator” on Exhibit V hereto or any other originator
        contemplated by Item 1110 (§229.1110) of Regulation AB.

      

      “OTS”:
        The
        Office of Thrift Supervision.

      

      “Outstanding
        Mortgage Loan”:
        As of
        any Due Date, a Mortgage Loan with a Stated Principal Balance greater than
        zero
        that was not the subject of a prepayment in full prior to such Due Date and
        that
        did not become a Liquidated Mortgage Loan prior to such Due Date.

      

      “Overcollateralization
        Amount”:
        With
        respect to each Distribution Date and any Loan Subgroup, the excess of (i)
        the
        aggregate Non-PO Loan Subgroup Balance of that Loan Subgroup over (ii) the
        aggregate Class Principal Balance of the Pool 1-2 Senior Certificates (other
        than the Class 1PO Certificates) related to that Loan Subgroup.

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

      

      “Ownership
        Interest”:
        With
        respect 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 each Class of Certificates entitled to distributions of interest
        and
        any Distribution Date, the rate set forth or described in the Preliminary
        Statement.

      

      “Paying
        Agent”:
        Any
        paying agent appointed pursuant to Section 6.05 hereof, initially, the
        Securities Administrator.

      

      “PCAOB”:
        The
        Public Company Accounting Oversight Board.

      

      “Percentage
        Interest”:
        With
        respect to any Certificate other than a Class R or Class LT-R Certificate,
        a
        fraction, expressed as a percentage, the numerator of which is the Original
        Class Principal Balance or Original Class Notional Balance, as applicable,
        represented by such Certificate and the denominator of which is the Original
        Class Principal Balance or Original Class Notional Balance, as applicable,
        of
        the related Class. With respect to the Class R and Class LT-R Certificates,
        100%.

      

      “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 Master 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, the Securities Administrator or the Master Servicer
        or
        their agents 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 its ultimate
        parent
        has a short-term uninsured debt rating in one of the two highest available
        rating categories of each Rating Agency and (B) any other demand or time
        deposit
        or deposit which is fully insured by the FDIC;

      

      (iii) repurchase
        obligations with respect to any security described in clause (i) above and
        entered into with a depository institution or trust company (acting as
        principal) rated A or higher by each Rating Agency;

      

      (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, the District
        of
        Columbia or any State thereof and that are rated by each Rating Agency in
        its
        highest long-term unsecured rating categories at the time of such investment
        or
        contractual commitment providing for such investment;

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

      

      (v) commercial
        paper (including both non-interest-bearing discount obligations and
        interest-bearing obligations) that is rated by each Rating Agency in its
        highest
        short-term unsecured debt rating available at the time of such
        investment;

      

      (vi) any
        mutual fund, money market fund, common trust fund or other pooled investment
        vehicle, including any such fund that is managed by the Securities Administrator
        or any affiliate of the Securities Administrator or for which the Securities
        Administrator or any of its affiliates acts as an adviser, as long as such
        fund
        is rated in at least the second highest rating category by each Rating Agency
        rating such fund or vehicle; and the Securities Administrator may trade with
        itself or an affiliate when purchasing or selling Permitted Investments;
        and

      

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

      

      provided,
        however,
        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, partnership, limited liability company, joint venture,
        association, joint stock company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

      

      “PHH”:
        PHH
        Mortgage Corporation, in its capacity as a servicer of certain of the Mortgage
        Loans as set forth in the Mortgage Loan Schedule hereto, and its successors
        in
        interest and assigns. 

      

      “Physical
        Certificates”:
        The
        Class P, Class R and Class LT-R Certificates.

      

      “PO
        Deferred Amount”:
        With
        respect to Pool 1 and Pool 2 and any Distribution Date prior to the Senior
        Credit Support Depletion Date, the sum of (1) the applicable PO Percentage
        of
        the principal portion of Realized Losses on each Discount Mortgage Loan in
        Pool
        1 Subgroup 1 allocated to the Class 1PO Certificates on that date and (2)
        all
        amounts previously allocated to the Class 1PO Certificates in respect of
        those
        losses and not distributed to the Class 1PO Certificates on prior Distribution
        Dates. On or after the Senior Credit Support Depletion Date, the PO Deferred
        Amount shall be zero.

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

      

      “PO
        Percentage”:
        With
        respect to any Discount Loan, 100% minus the Non-PO Percentage for that Discount
        Mortgage Loan, and with respect to any Non-Discount Loan, 0%.

      

      “PO
        Principal Distribution Amount”:
        With
        respect to Pool 1 Subgroup 1 and any Distribution Date, the sum of (a) the
        applicable PO Percentage of each portion of scheduled payment of principal
        collected or advanced on the related Mortgage Loans by the related Servicer
        in
        respect of the related Due Period, (b) the applicable PO Percentage of that
        portion of the Purchase Price, representing principal of any repurchased
        Mortgage Loan in that Loan Subgroup, deposited to the Distribution Account
        during the related Prepayment Period, (c) the applicable PO Percentage of
        the principal portion of any related Substitution Adjustments deposited in
        the
        Distribution Account during the related Prepayment Period, (d) the
        applicable PO Percentage of the principal portion of all Insurance Proceeds
        received during the related Prepayment Period with respect to Mortgage Loans
        in
        such Loan Subgroup that are not yet Liquidated Mortgage Loans, (e) the
        applicable PO Percentage of the principal portion of all Net Liquidation
        Proceeds received during the related Prepayment Period with respect to
        Liquidated Mortgage Loans in such Loan Subgroup, (f) the applicable PO
        Percentage of all Principal Prepayments in part or in full on Mortgage Loans
        in
        such Loan Subgroup applied by the Servicer during the related Prepayment
        Period,
        (g) the applicable PO Percentage of all Recoveries related to such Loan Subgroup
        received during the calendar month preceding the month of that Distribution
        Date
        and (h) on the Distribution Date on which the Trust Fund is to be
        terminated pursuant to Section 10.01 hereof, the applicable PO Percentage
        of
        that portion of the Termination Price in respect of principal for such Loan
        Subgroup.

      

      “PO
        Recovery”:
        With
        respect to Recoveries on Discount Mortgage Loans, any Distribution Date and
        the
        Class 1PO Certificates, an amount equal to the lesser of (a) the PO Percentage
        of each Recovery on each Discount Mortgage Loan in Pool 1 Subgroup 1 and
        (b) the
        PO Deferred Amount for that Distribution Date.

      

      “Pool
        Balance”:
        With
        respect to each Mortgage Pool and any Distribution Date, the aggregate of
        the
        Stated Principal Balances, as of the Close of Business on the first day of
        the
        month preceding the month in which such Distribution Date occurs, of the
        Mortgage Loans in such Mortgage Pool that were Outstanding Mortgage Loans
        on
        that day, plus,
        with
        respect to Pool 1 and Pool 2, the amount on deposit, if any, in the Prefunding
        Account allocable to such Mortgage Pool. 

      

      “Pool
        Collateral Balance”:
        With
        respect to each Mortgage Pool and any date of determination, the applicable
        Pool
        Balance plus, in the case of Pool 1 and Pool 2, the amount, if any, then
        on
        deposit in the Prefunding Account, with respect to such Mortgage Pool;
provided
        that
        with respect to Pool 1 and Pool 2, the Pool Collateral Balance as of the
        Initial
        Cut-off Date will include the Pool 1 Prefunded Amount or Pool 2 Prefunded
        Amount, as applicable.

      

      “Pool
        1”:
        The
        aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule
        as
        being included in Pool 1.

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

      

      “Pool
        1 Certificates”
        or “Pool
        1 Senior Certificates”:
        The Class 1A1, Class 1A2, Class 1A3, Class 1A4, Class 1A5, Class 1A6, Class
        1PO,
        Class 1X and Class R Certificates.

      

      “Pool
        1 Mortgage Loan”:
        A
        Mortgage Loan that is identified as such on the Mortgage Loan Schedule and
        that
        has an original term to maturity equal to or less than 360 months but greater
        than 180 months.

      

      “Pool
        1 Prefunded Amount”:
        The
        amount deposited in the Prefunding Account on the Initial Closing Date to
        purchase Subsequent Pool 1 Mortgage Loans, which amount shall equal
        $247,111.37.

      

      “Pool
        1 Senior Certificates”
        or “Pool
        1 Certificates”:
        The Class 1A1, Class 1A2, Class 1A3, Class 1A4, Class 1A5, Class 1A6, Class
        1PO,
        Class 1X and Class R Certificates.

      

      “Pool
        1 Subgroup 1”:
        As of
        the Cut-off Date, consists of (a) 100% of the principal balance of each Pool
        1
        Mortgage Loan with a Net Loan Rate equal to or less than 6.00% per annum,
        and

      

      (b)
        a
        portion of each Pool 1 Mortgage Loan with a Net Loan Rate greater than 6.00%
        per
        annum and equal to or less than 6.50% per annum, equal to:

       

      
        	
                The
                  Stated Principal Balance of such Pool 1 

                Mortgage
                  Loan

              	
                x 

              	
                (

              	
                6.50%
                  - Net Loan Rate

              	
                )

              
	
                0.50%

              

      

       

      “Pool
        1 Subgroup 1 Certificates”:
        The
        Class 1A5 and Class 1PO Certificates.

      

      “Pool
        1 Subgroup 2”:
        As of
        the Cut-off Date, consists of (a) a portion of each Pool 1 Mortgage Loan
        with a
        Net Loan Rate greater than 6.00% per annum and equal to or less than 6.50%
        per
        annum, equal to:

       

      
        	
                The
                  Stated Principal Balance of such Pool 1 

                Mortgage
                  Loan

              	
                x 

              	
                1-

              	
                (

              	
                6.50%
                  - Net Loan Rate

              	
                )

              
	
                0.50%

              

      

       

      and

      

      (b)
        a
        portion of each Pool 1 Mortgage Loan with a Net Loan Rate greater than 6.50%
        per
        annum and equal to or less than 7.00% per annum, equal to:

       

      
        	
                The
                  Stated Principal Balance of such Pool 1 

                Mortgage
                  Loan

              	
                x 

              	
                (

              	
                7.00%
                  - Net Loan Rate

              	
                )

              
	
                0.50%

              

      

       

      “Pool
        1 Subgroup 2 Certificates”:
        The
        Class 1A4, Class 1A6 and Class R Certificates.

      

      “Pool
        1 Subgroup 3”:
        As of
        the Cut-off Date, consists of (a) a portion of each Pool 1 Mortgage Loan
        with a
        Net Loan Rate greater than 6.50% per annum and equal to or less than 7.00%
        per
        annum, equal to:

      
        
           

        

        
          34

          
            

          

        

        
           

        

      

       

      
        	
                The
                  Stated Principal Balance of such Pool 1 

                Mortgage
                  Loan

              	
                x 

              	
                1-

              	
                (

              	
                7.000%
                  - Net Loan Rate

              	
                )

              
	
                0.50%

              

      

       

      and

      

      (b)
        a
        portion of each Pool 1 Mortgage Loan with a Net Loan Rate greater than 7.00%
        per
        annum and equal to or less than 7.50% per annum, equal to:

       

      
        	
                The
                  Stated Principal Balance of such Pool 1 

                Mortgage
                  Loan

              	
                x 

              	
                (

              	
                7.50%
                  - Net Loan Rate

              	
                )

              
	
                0.50%

              

      

       

      “Pool
        1 Subgroup 3 Certificates”:
        The
        Class 1A3 Certificates.

      

      “Pool
        1 Subgroup 3 Component”:
        The
        1A1-1 Component.

      

      “Pool
        1 Subgroup 4”:
        As of
        the Cut-off Date, consists of (a) a portion of each Mortgage Loan with a
        Net
        Loan Rate greater than 7.00% per annum and equal to or less than 7.50% per
        annum, equal to:

       

      
        	
                The
                  Stated Principal Balance of such Pool 1 

                Mortgage
                  Loan

              	
                x 

              	
                1-

              	
                (

              	
                7.50%
                  - Net Loan Rate

              	
                )

              
	
                0.75%

              

      

       

      and

      

      (b)
        100%
        of the principal balance of each Pool 1 Mortgage Loan with a Net Loan Rate
        greater than 7.50% per annum.

      

      “Pool
        1 Subgroup 4 Certificates”:
        The
        Class 1A2 and Class 1X Certificates.

      

      “Pool
        1 Subgroup 4 Component”:
        The
        1A1-2 Component.

      

      “Pool
        1-2 Aggregate Collateral Balance”:
        With
        respect to any Distribution Date, the aggregate of the Stated Principal Balances
        of the Pool 1 Mortgage Loans and the Pool 2 Mortgage Loans as of the Due
        Date in
        the month preceding the month of that Distribution Date and any amounts on
        deposit in the Prefunding Account.

      

      “Pool
        1-2 Senior Certificates”:
        The
        Class 1A1, Class 1A2, Class 1A3, Class 1A4, Class 1A5, Class 1A6, Class 2A1,
        Class 1PO, Class 1X and Class R Certificates.

      

      “Pool
        1-2 Subordinate Certificates”:
        The
        Class 1A1, Class 1B2, Class 1B3, Class 1B4, Class 1B5, Class 1B6 and Class
        1B7
        Certificates.

      

      “Pool
        2”:
        The
        aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule
        as
        being included in Pool 2.

      

      “Pool
        2 Certificates”
        or “Pool
        2 Senior Certificates”:
        The Class 2A1 Certificates.

      
        
           

        

        
          35

          
            

          

        

        
           

        

      

      

      “Pool
        2 Mortgage Loan”:
        A
        Mortgage Loan that is identified as such on the Mortgage Loan Schedule and
        that
        has an original term to maturity equal to 180 months.

      

      “Pool
        2 Net WAC”:
        With
        respect to any Distribution Date, the weighted average of the Net Loan Rates
        of
        the Pool 2 Mortgage Loans as of the first day of the related Due Period,
        weighted on the basis of their Stated Principal Balances as of the first
        day of
        the related Due Period.

      

      “Pool
        2 Prefunded Amount”:
        The
        amount deposited in the Prefunding Account on the Initial Closing Date to
        purchase Subsequent Pool 2 Mortgage Loans, which amount shall equal
        $45,990.46.

      

      “Pool
        2 Senior Certificates”
        or “Pool
        2 Certificates”:
        The Class 2A1 Certificates.

      

      “Pool
        3”:
        The
        aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule
        as
        being included in Pool 3.

      

      “Pool
        3 Certificates”
        or “Pool
        3 Senior Certificates”:
        The Class 3A1 and Class 3A2 Certificates.

      

      “Pool
        3 Mortgage Loan”:
        A
        Mortgage Loan that is identified as such on the Mortgage Loan Schedule and
        that
        was originated by U.S. Central. 

      

      “Pool
        3 Net WAC”:
        With
        respect to any Distribution Date, the weighted average of the Net Loan Rates
        of
        the Pool 3 Mortgage Loans as of the first day of the related Due Period,
        weighted on the basis of their Stated Principal Balances as of the first
        day of
        the related Due Period.

      

      “Pool
        3 Pool Balance”:
        With
        respect to any Distribution Date, the aggregate of the Stated Principal Balances
        of the Pool 3 Mortgage Loans as of the Due Date in the month preceding the
        month
        of such Distribution Date.

      

      “Pool
        3 Senior Certificates”
        or “Pool
        3 Certificates”:
        The Class 3A1 and Class 3A2 Certificates.

      

      “Pool
        3 Subordinate Certificates”:
        The
        Class 3B1, Class 3B2, Class 3B3, Class 3B4, Class 3B5 and Class 3B6
        Certificates.

      

      “Pool
        Principal Deficiency Amount”:
        With
        respect to any Distribution Date and any Undercollateralized Pool, the excess,
        if any, of the aggregate Class Principal Balance of the Pool 1-2 Senior
        Certificates (other than the Class 1PO Certificates and the Interest-Only
        Certificates) related to such Undercollateralized Pool immediately prior
        to such
        Distribution Date over the aggregate Principal Balance of the Pool 1 Mortgage
        Loans and the Pool 2 Mortgage Loans (less, in the case of Pool 1 Subgroup
        1, the
        applicable PO Percentage of each Discount Mortgage Loan).

      

      “Prefunded
        Amount”:
        The
        amount deposited in the Prefunding Account on the Closing Date, which shall
        equal $293,101.83.

      
        
           

        

        
          36

          
            

          

        

        
           

        

      

      

      “Prefunding
        Account”:
        The
        separate Eligible Account created and maintained by the Securities Administrator
        pursuant to Section 4.06 in the name of the Trustee for the benefit of the
        Certificateholders of the Pool 1 Certificates, the Pool 2 Certificates and
        the
        Pool 1-2 Subordinate Certificates and designated “Prefunding Account, Wells
        Fargo Bank, N.A., as Securities Administrator, on behalf of Deutsche Bank
        National Trust Company, as Trustee, in trust for the registered Holders of
        RBSGC
        Mortgage Loan Trust Mortgage Loan Pass-Through Certificates, Series 2007-B.”
Funds in the Prefunding Account shall be held in trust for the
        Certificateholders of the Pool 1 Certificates, the Pool 2 Certificates and
        the
        Pool 1-2 Subordinate Certificates for the uses and purposes set forth in
        this
        Agreement and shall not be a part of any REMIC created hereunder; provided,
        however,
        that
        any investment income earned from Permitted Investments made with funds in
        the
        Prefunding Account shall be for the account of the Depositor.

      

      “Prefunding
        Period”:
        The
        period from the Closing Date until the earliest of (i) the date on which
        the
        amount on deposit in the Prefunding Account is reduced to less than $100,000,
        (ii) an Event of Default occurs or (iii) April 30, 2007.

      

      “Premium
        Mortgage Loan”:
        Any
        Pool 1 Mortgage Loan having a Net Loan Rate greater than 7.50%.

      

      “Premium
        Proceeds”:
        The
        amount by which the Termination Price paid in connection with the termination
        pursuant to Section 10.01 hereof exceeds the sum of (i) accrued and unpaid
        interest and unpaid principal on the Certificates, (ii) any unreimbursed
        Servicing Advances and Advances and any unpaid Servicing Fees and Master
        Servicing Fees and any additional compensation due and owing to the Master
        Servicer pursuant to Section 3.14 and (iii) all other amounts, if any, then
        due
        and owing to the Trustee, the Master Servicer and the Securities Administrator
        under this Agreement.

      

      “Prepayment
        Penalty Amount”:
        With
        respect to any Mortgage Loan and each Distribution Date, all premiums or
        charges, if any, paid by Mortgagors under the related Mortgage Notes as a
        result
        of full or partial Principal Prepayments collected and deposited into the
        Distribution Account during the immediately preceding Prepayment Period under
        the terms of the related Servicing Agreement for distribution to the Holders
        of
        the Class P Certificates.

      

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

      

      “Principal
        Balance”:
        With
        respect 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 Principal Balance of such Mortgage Loan
        after
        the applicable Cut-off Date. 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. With respect
        to
        any REO Property and any day, the Principal Balance of the related Mortgage
        Loan
        immediately prior to such Mortgage Loan becoming REO Property.

      

      “Principal
        Deficiency Amount”:
        Each
        of a Subgroup Principal Deficiency Amount and a Pool Principal Deficiency
        Amount, as the context may require.

      
        
           

        

        
          37

          
            

          

        

        
           

        

      

      

      “Principal
        Distribution Amount”:
        With
        respect to any Distribution Date and (i) Pool 2 and each Loan Subgroup in
        Pool
        1, the sum of (a) the applicable Non-PO Percentage of each portion of
        scheduled payment of principal collected or advanced on the related Mortgage
        Loans by the related Servicer in respect of the related Due Period, (b) the
        applicable Non-PO Percentage of portion of the Purchase Price, representing
        principal of any repurchased Mortgage Loan in Pool 2 or such Loan Subgroup
        in
        Pool 1, as applicable, deposited to the Distribution Account during the related
        Prepayment Period, (c) the applicable Non-PO Percentage of the principal
        portion of any related Substitution Adjustments with respect to Pool 2 or
        such
        Loan Subgroup in Pool 1, as applicable, deposited in the Distribution Account
        during the related Prepayment Period, (d) the applicable Non-PO Percentage
        of the principal portion of all Insurance Proceeds received during the related
        Prepayment Period with respect to Mortgage Loans in Pool 2 or such Loan Subgroup
        in Pool 1, as applicable, that are not yet Liquidated Mortgage Loans,
        (e) the applicable Non-PO Percentage of the principal portion of all Net
        Liquidation Proceeds received during the related Prepayment Period with respect
        to Liquidated Mortgage Loans in Pool 2 or such Loan Subgroup in Pool 1, as
        applicable,, (f) the applicable Non-PO Percentage of Principal Prepayments
        in part or in full on Mortgage Loans in Pool 2 or such Loan Subgroup in Pool
        1,
        as applicable, applied by the related Servicer during the related Prepayment
        Period, (g) the applicable Non-PO Percentage of all Recoveries related to
        Pool 2
        or such Loan Subgroup in Pool 1, as applicable, received during the Prepayment
        Period and (h) on the Distribution Date on which the Trust Fund is to be
        terminated pursuant to Section 10.01 hereof, the applicable Non-PO Percentage
        of
        the portion of the Termination Price in respect of principal for Pool 2 or
        such
        Loan Subgroup in Pool 1, as applicable; and (ii) Pool 3, the sum of (a) each
        portion of scheduled payment of principal collected or advanced (before taking
        into account any Deficient Valuations or Debt Service Reductions) on such
        Pool 3
        Mortgage Loan by the related Servicer in the related Due Period, (b) if the
        Pool
        3 Mortgage Loan is repurchased, the principal portion of the related Purchase
        Price, deposited in the Distribution Account during the related Prepayment
        Period, (c) the principal portion of any related Substitution Adjustment
        amount
        for such Pool 3 Mortgage Loan deposited in the Distribution Account during
        the
        related Prepayment Period, (d) if the Pool 3 Mortgage loan is not yet a
        liquidated mortgage loan, the principal portion of all insurance proceeds
        for
        the mortgage loan received during the related Prepayment Period, (e) if the
        Pool
        3 Mortgage Loan is a Liquidated Mortgage Loan, the principal portion of all
        Net
        Liquidation Proceeds for such Pool 3 Mortgage Loan received during the related
        Prepayment Period, other than Recoveries and (f) the principal portion of
        all
        partial and full Principal Prepayments of such Pool 3 Mortgage Loan received
        during the related Prepayment Period and all Recoveries, if any, for such
        Distribution Date.

      

      “Principal
        Prepayment”:
        Any
        payment of principal made by the Mortgagor on a Mortgage Loan that is received
        in advance of its scheduled Due Date and that 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.

      

      “Private
        Certificates”:
        The
        Class 1B5, Class 1B6, Class 1B7, Class 3B4, Class 3B5, Class 3B6, Class P
        and
        Class LT-R Certificates.

      

      “Private
        Placement Memorandum”:
        The
        Private Placement Memorandum dated March 28, 2007, relating to the initial
        sale
        of the Class 1B5, Class 1B6, Class 1B7, Class 3B4, Class 3B5 and Class 3B6
        Certificates.

      
        
           

        

        
          38

          
            

          

        

        
           

        

      

      

      “Privately-Offered
        B Certificates”:
        The
        Class 1B5, Class 1B6, Class 1B7, Class 3B4, Class 3B5 and Class 3B6
        Certificates.

      

      “Pro
        Rata Share”:
        With
        respect to any Distribution Date and any Class of Subordinate Certificates,
        the
        portion of the Subordinate Principal Distribution Amount allocable to such
        Class, equal to the product of the (a) Subordinate Principal Distribution
        Amount
        on such date and (b) a fraction, the numerator of which is the related Class
        Principal Balance of that Class and the denominator of which is the aggregate
        of
        the Class Principal Balances of all the Classes of Subordinate
        Certificates.

      

      “Proprietary
        Lease”:
        With
        respect to any Cooperative Unit, a lease or occupancy agreement between a
        Cooperative Corporation and a holder of related Cooperative Shares.

      

      “Prospectus”:
        The
        Prospectus Supplement, together with the accompanying prospectus, dated March
        26, 2007, relating to the Offered Certificates.

      

      “Prospectus
        Supplement”:
        That
        certain prospectus supplement dated March 28, 2007, relating to the initial
        offering of the Offered Certificates.

      

      “Purchase
        Agreement”:
        Each
        mortgage loan purchase agreement and/or assignment agreement relating to
        the
        acquisition by the Seller of the Mortgage Loans and between the related
        Originator and the Seller, listed on Exhibit V hereto.

      

      “Purchase
        Price”:
        With
        respect to any Mortgage Loan or REO Property to be purchased pursuant to
        or as
        contemplated by Section 2.03 hereof, and as confirmed by an Officers’
Certificate from the Seller to the Trustee and the Securities Administrator,
        an
        amount equal to the sum of (i) 100% of the Principal Balance thereof as of
        the date of purchase (or such other price as is provided in Section 10.01),
        plus
        (ii) in the case of (x) a Mortgage Loan, accrued interest on such
        Principal Balance at the applicable Loan Rate (or if the related Servicer
        is
        repurchasing such Mortgage Loan, the Loan Rate minus the applicable Servicing
        Fee Rate) from the Due Date as to which interest was last covered by a payment
        by the Mortgagor 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 Principal Balance at the applicable Loan Rate (or if the
        related Servicer is repurchasing such Mortgage Loan, the Loan Rate minus
        the
        applicable Servicing Fee Rate) from the Due Date as to which interest was
        last
        covered by a payment by the Mortgagor 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 and Liquidation Proceeds that as of the date of purchase had been
        distributed as or to cover REO Imputed Interest, plus (iii) any
        unreimbursed Servicing Advances and any unpaid Expense Fees allocable to
        such
        Mortgage Loan or REO Property, plus (iv) in the case of a Mortgage Loan
        required to be purchased pursuant to Section 2.03 hereof, expenses reasonably
        incurred or to be incurred by the Trustee in respect of the breach or defect
        giving rise to the purchase obligation and plus (v) any costs and damages
        incurred by the Trust Fund in connection with any violation by such Mortgage
        Loan of any predatory- or abusive-lending laws.

      

      “Qualified
        Institutional Buyer”:
        As
        defined in Rule 144A of the Securities Act. 

      
        
           

        

        
          39

          
            

          

        

        
           

        

      

      

      “Qualified
        Substitute Mortgage Loan”:
        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 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 Principal Balance of the Deleted
        Mortgage Loan as of the Due Date in the calendar month during which the
        substitution occurs, (ii) have a remaining term to maturity not greater than
        (and not more than one year less than) that of the Deleted Mortgage Loan,
        (iii)
        be current as of the date of substitution, (iv) 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, (v) have been underwritten or
        re-underwritten in accordance with the same or substantially similar
        underwriting criteria and guidelines as the Deleted Mortgage Loan, (vi) is
        of
        the same or better credit quality as the Deleted Mortgage Loan, (vii) conform
        to
        each representation and warranty set forth in Section 2.04 hereof applicable
        to
        the Deleted Mortgage Loan and (viii) have a Loan Rate not less than the Loan
        Rate of the Deleted Mortgage Loan. In the event that one or more mortgage
        loans
        are substituted for one or more Deleted Mortgage Loans, the amounts described
        in
        clause (i) hereof shall be determined on the basis of aggregate principal
        balances, the terms described in clause (ii) hereof shall be determined on
        the
        basis of weighted average remaining term to maturity and the Loan-to-Value
        Ratio
        described in clause (iv) 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 (vii) hereof must be
        satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate,
        as
        the case may be. Any Mortgage Loan substituted for a Discount Mortgage Loan
        shall for all purposes of this Agreement be treated as having the same interest
        rate as the Mortgage Loan it replaced, except that any excess interest shall
        be
        paid to the Class 1X Certificates.

      

      “Rating
        Agency”:
        Each
        of Fitch, S&P and Moody’s and any respective successors thereto. If any
        rating agency or its successor shall no longer be in existence, “Rating Agency”
shall include such nationally recognized statistical rating agency or agencies,
        or other comparable Person or Persons, as shall have been designated by the
        Depositor, notice of which designation shall be given to the Trustee and
        the
        Master Servicer.

      

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

      

      “Recognition
        Agreement”:
        With
        respect to any Cooperative Loan, an agreement between the related Cooperative
        Corporation and the originator of such Mortgage Loan to establish the rights
        of
        such originator in the related Cooperative Property.

      

      “Reconstitution
        Agreement”:
        Each
        of the reconstitution agreements dated as of March 1, 2007, among the Seller,
        the Depositor and the related Servicer and acknowledged by the Master Servicer
        and the Trustee, reconstituting the Servicing Agreements.

      

      “Record
        Date”:
        With
        respect to each Distribution Date and the LIBOR Certificates, the Business
        Day
        preceding such Distribution Date. With respect to each Distribution Date
        and any
        Certificates that are not LIBOR Certificates, the last Business Day of the
        calendar month immediately preceding the month in which such Distribution
        Date
        occurs.
        

      
        
           

        

        
          40

          
            

          

        

        
           

        

      

      

      “Recovery”:
        With
        respect to any Distribution Date and a Mortgage Loan that became a Liquidated
        Mortgage Loan in the month preceding the month prior to that Distribution
        Date
        and with respect to which the related Realized Loss was allocated to one
        or more
        Classes of Certificates, an amount received in respect of such Liquidated
        Mortgage Loan during the prior calendar month, net of any reimbursable
        expenses.

      

      “Reference
        Bank”:
        A
        leading bank engaged in transactions in Eurodollar deposits in the international
        Eurocurrency market, which shall not control, be controlled by, or be under
        common control with, the Securities Administrator and shall have an established
        place of business in London. Until all of the LIBOR Certificates are paid
        in
        full, the Securities Administrator will at all times retain at least four
        Reference Banks for the purpose of determining LIBOR with respect to each
        LIBOR
        Determination Date. The Securities Administrator initially shall designate
        the
        Reference Banks (after consultation with the Depositor). If any such Reference
        Bank should be unwilling or unable to act as such or if the Securities
        Administrator should terminate its appointment as Reference Bank, the Securities
        Administrator shall promptly appoint or cause to be appointed another Reference
        Bank (after consultation with the Depositor). The Securities Administrator
        shall
        have no liability or responsibility to any Person for (i) the selection of
        any
        Reference Bank for purposes of determining LIBOR or (ii) any inability to
        retain
        at least four Reference Banks which is caused by circumstances beyond its
        reasonable control.

      

      “Refinancing
        Mortgage Loan”:
        Any
        Mortgage Loan originated in connection with the refinancing of an existing
        mortgage loan.

      

      “Regular
        Certificate”:
        Any
        Certificate other than the Class R and Class LT-R 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 clarifications and interpretations as have been provided by the Commission
        in the adopting release (Asset-Backed Securities, Securities Act Release
        No.
        33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
        Commission, or as may be provided by the Commission or its staff from time
        to
        time.

      

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

      

      “Regulation
        S Global Security”:
        The
        meaning specified in Section 6.01.

      

      “Relevant
        Servicing Criteria”:
        The
        Servicing Criteria applicable to each party, as set forth on Exhibit R attached
        hereto. Multiple parties can have responsibility for the same Relevant Servicing
        Criteria. With respect to a Servicing Function Participant engaged by the
        Master
        Servicer, the Securities Administrator, the Trustee, the Custodians or the
        Servicers, the term “Relevant Servicing Criteria” may refer to a portion of the
        Relevant Servicing Criteria applicable to such parties. 

      
        
           

        

        
          41

          
            

          

        

        
           

        

      

      

      “Relief
        Act”:
        The
        Servicemembers Civil Relief Act, as amended, or any similar state or local
        law.

      

      “Relief
        Act Reductions”:
        With
        respect to any Distribution Date and any Mortgage Loan as 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, if any, by which (i) interest collectible on that 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 Loan 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
        Opinion”:
        An
        Independent Opinion of Counsel, to the effect that the proposed action described
        therein would not cause an Adverse REMIC Event.

      

      “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.

      

      “Remittance
        Report”:
        The
        Master Servicer’s Remittance Report to the Securities Administrator providing
        information with respect to each Mortgage Loan which is provided no later
        than
        the second Business Day following each Determination Date and which shall
        contain such information as may be agreed upon by the Master Servicer and
        the
        Securities Administrator and which shall be sufficient to enable the Securities
        Administrator to prepare the related Distribution Date Statement.

      

      “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 Servicers in respect of an REO Property
        pursuant to the Servicing Agreements.

      

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

      

      “REO
        Imputed Interest”:
        With
        respect 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 Loan Rate for such REO Property on the Principal Balance of
        such
        REO Property (or, in the case of the first such calendar month, of the related
        Mortgage Loan if appropriate) as of the Close of Business on the Due 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 hereof that is allocable to such REO Property)
        or
        otherwise, net of any portion of such amounts (i) payable pursuant to the
        applicable provisions of the relevant Servicing Agreement in respect of the
        proper operation, management and maintenance of such REO Property or (ii)
        payable or reimbursable to the applicable Servicer pursuant to the applicable
        provisions of the related Servicing Agreement for unpaid Master Servicing
        Fees
        and 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.

      
        
           

        

        
          42

          
            

          

        

        
           

        

      

      

      “REO
        Property”:
        A
        Mortgaged Property acquired by a Servicer on behalf of the Trust Fund through
        foreclosure or deed-in-lieu of foreclosure in accordance with the applicable
        provisions of the Servicing Agreements.

      

      “Reportable
        Event”:
        As
        defined in Section 3.19(c).

      

      “Repurchase
        Price”:
        As
        defined in the related Purchase Agreement.

      

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

      

      “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 condominium project, (iv) a manufactured home, (v) a cooperative unit or
        (vi)
        a detached one-family dwelling in a planned unit development, none of which
        is a
        mobile home.

      

      “Residual
        Certificate”:
        Each
        of the Class R and Class LT-R Certificates.

      

      “Responsible
        Officer”:
        When
        used with respect to the Trustee, any director, any vice president, any
        assistant vice president, any associate assigned to the Corporate Trust Office
        (or similar group) 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.

      

      “Restricted
        Classes”:
        As
        defined in Section 5.01(d).

      

      “Restricted
        Global Security”:
        As
        defined in Section 6.01.

      

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

      

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

      
        
           

        

        
          43

          
            

          

        

        
           

        

      

      

      “Sarbanes-Oxley
        Certification”:
        A
        written certification signed by an officer of the Master Servicer that complies
        with (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and
        (ii)
        Exchange Act Rules 13a-14(d) and 15d-14(d), as in effect from time to time;
        provided
        that if,
        after the Closing Date (a) the Sarbanes-Oxley Act of 2002 is amended, (b)
        the
        Rules referred to in clause (ii) are modified or superseded by any subsequent
        statement, rule or regulation of the Commission or any statement of a division
        thereof, or (c) any future releases, rules and regulations are published
        by the
        Securities and Exchange Commission from time to time pursuant to the
        Sarbanes-Oxley Act of 2002, which in any such case affects the form or substance
        of the required certification and results in the required certification being,
        in the reasonable judgment of the Master Servicer, materially more onerous
        than
        the form of the required certification as of the Closing Date, the
        Sarbanes-Oxley Certification shall be as agreed to by the Master Servicer,
        the
        Depositor and the Seller following a negotiation in good faith to determine
        how
        to comply with any such new requirements.

      

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

      

      “Securities
        Administrator”:
        Wells
        Fargo Bank, N.A. and its successors in interest and assigns, or any successor
        securities administrator appointed as herein provided.

      

      “Security
        Agreement”:
        With
        respect to any Cooperative Loan, the agreement between the owner of the related
        Cooperative Shares and the originator of the related Mortgage Note that defines
        the terms of the security interest in such Cooperative Shares and the related
        Proprietary Lease.

      

      “Seller”:
        GCFP,
        in its capacity as seller under this Agreement.

      

      “Senior
        Certificate”:
        Any of
        the Class 1A1, Class 1A2, Class 1A3, Class 1A4, Class 1A5, Class 1A6, Class
        2A1,
        Class 3A1, Class 3A2, Class 1PO, Class 1X and Class R Certificates.

      

      “Senior
        Certificate Group”:
        Any of
        (a) the Class 1A1, Class 1A2, Class 1A3, Class 1A4, Class 1A5, Class 1A6,
        Class
        1PO, Class 1X and Class R Certificates with respect to Pool 1; (b) the Class
        2A1
        Certificates with respect to Pool 2, and (c) the Class 3-A-1 and Class 3-A-2
        Certificates with respect to Pool 3.

      

      “Senior
        Certificateholder”:
        Any
        Holder of a Senior Certificate.

      

      “Senior
        Credit Support Depletion Date”:
        The
        date on which the Class Principal Balance of each Class of related Subordinate
        Certificates has been reduced to zero.

      

      “Senior
        Percentage”:
        With
        respect to each Distribution Date and (i) Pool 1 and Pool 2 and, with respect
        to
        Pool 1, each Loan Subgroup, the percentage equivalent of a fraction (which
        shall
        not be greater than 100%), the numerator of which is the aggregate of the
        Class
        Principal Balances and Component Principal Balances of the Class or Classes
        of
        Senior Certificates (other than the Class 1PO Certificates and any Interest-Only
        Certificates) and Components relating to that Mortgage Pool or Loan Subgroup,
        as
        applicable, immediately prior to such Distribution Date and the denominator
        of
        which is the Stated Principal Balance of all Mortgage Loans in the related
        Mortgage Pool or Loan Subgroup, as applicable (other than, in the case of
        Pool 1
        Subgroup 1, the PO Percentage of any Discount Mortgage Loans), as of the
        Due
        Date in the month immediately preceding the month of such Distribution Date;
        provided,
        however,
        that on
        any Distribution Date after a Senior Termination Date has occurred with respect
        to the Senior Certificates related to such Mortgage Pool or Loan Subgroup,
        the
        Senior Percentage for the related Mortgage Pool or Loan Subgroup will be
        equal
        to 0% and; provided,
        further, that
        on
        any Distribution Date after a Senior Termination Date has occurred with respect
        to the Senior Certificates related to three Loan Subgroups, or has occurred
        with
        respect to Pool 1 or Pool 2, the Senior Percentage of the Mortgage Pool or
        Loan
        Subgroup related to the remaining Senior Certificates (other than the Class
        1PO
        Certificates and any Interest-Only Certificates) and Components is the
        percentage equivalent of a fraction, the numerator of which is the aggregate
        of
        the Class Principal Balances and Component Principal Balances of the remaining
        Class or Classes of Senior Certificates (other than the Class 1PO Certificates
        and any Interest-Only Certificates) and Components immediately prior to such
        date and the denominator of which is the aggregate of the Class Principal
        Balances and Component Principal Balances of all Classes of Certificates
        (other
        than the Class 1PO Certificates and any Interest-Only Certificates) immediately
        prior to such date and (ii) Pool 3, the percentage equivalent of a fraction,
        the
        numerator of which is the aggregate of the Class Principal Balances of the
        Class
        or Classes of Pool 3 Senior Certificates immediately prior to such date and
        the
        denominator of which is the Stated Principal Balance of all Pool 3 Mortgage
        Loans as of the Due Date in the month immediately preceding the month of
        such
        Distribution Date.

      
        
           

        

        
          44

          
            

          

        

        
           

        

      

      

      “Senior
        Prepayment Percentage”:
        With
        respect to each Loan Subgroup and any Distribution Date before the Distribution
        Date in April 2012, 100%. Except as provided herein, the Senior Prepayment
        Percentage for each Mortgage Pool and, with respect to Pool 1, each Loan
        Subgroup for any Distribution Date occurring on or after the tenth anniversary
        of the first Distribution Date will be as follows: (i) from April 2012
        through March 2013, the related Senior Percentage plus 70% of the related
        Subordinate Percentage for that Distribution Date; (ii) from April
        2013 through
        March 2014, the related Senior Percentage plus 60% of the related Subordinate
        Percentage for that Distribution Date; (iii) from April 2014 through
        March 2015, the related Senior Percentage plus 40% of the related Subordinate
        Percentage for that Distribution Date; (iv) from April 2015 through
        March 2016, the related Senior Percentage plus 20% of the related Subordinate
        Percentage for that Distribution Date; and (v) from and after April 2016,
        the related Senior Percentage for that Distribution Date; provided,
        however, that
        there shall be no reduction in the Senior Prepayment Percentage for any Mortgage
        Pool and, with respect to Pool 1, any Loan Subgroup unless the Step Down
        Conditions are satisfied on that Distribution Date; and provided,
        further,
        that if
        on any Distribution Date occurring on or after the Distribution Date in April
        2012, the Senior Percentage for any Mortgage Pool and, with respect to Pool
        1,
        any Loan Subgroup exceeds the initial Senior Percentage for such Mortgage
        Pool
        or Loan Subgroup, as applicable, the related Senior Prepayment Percentage
        for
        that Distribution Date will again equal 100%.

      

      “Senior
        Principal Distribution Amount”:
        With
        respect to any Distribution Date and (i) each of Pool 1 and Pool 2 and, with
        respect to Pool 1, each Loan Subgroup, the sum of: 

      
        
           

        

        
          45

          
            

          

        

        
           

        

      

      

      (1) the
        related Senior Percentage of all amounts described in clauses (i) (a) through
        (d) and clause (h) of the definition of “Principal Distribution Amount” with
        respect to such Mortgage Pool or Loan Subgroup for such Distribution Date;
        

      

      (2) with
        respect to each Mortgage Loan in such Mortgage Pool or Loan Subgroup which
        became a Liquidated Mortgage Loan during the related Prepayment Period, the
        lesser of

      

      
        	 	
                (x)

              	
                the
                  Non-PO Percentage of the related Senior Percentage (or in the case
                  of any
                  Loan Subgroup, the portion of) the Stated Principal Balance of
                  that
                  Mortgage Loan; and

              

      

      

      
        	 	
                (y)

              	
                the
                  Non-PO Percentage of the related Senior Prepayment Percentage of
                  the
                  amount of (or in the case of any Loan Subgroup, the portion of)
                  the Net
                  Liquidation Proceeds allocable to principal received with respect
                  to that
                  Mortgage Loan; and 

              

      

      

      (3) the
        related Senior Prepayment Percentage of the amounts described in clauses
        (i) (f)
        and (g) of the definition of “Principal Distribution Amount” with respect to
        such Mortgage Pool or Loan Subgroup and for such Distribution Date.

      

      and
        (ii)
        Pool 3, the sum of:

      

      (1) the
        Senior Percentage of all amounts described in clauses (ii) (a) through (d)
        and
        clause (h) of the definition of “Principal Distribution Amount” with respect to
        such Mortgage Pool for such Distribution Date; 

      

      (2) with
        respect to each Mortgage Loan in such Mortgage Pool which became a Liquidated
        Mortgage Loan during the related Prepayment Period, the lesser of

      

      
        	 	
                (x)

              	
                the
                  related Senior Percentage of the Stated Principal Balance of such
                  Mortgage
                  Loan; and

              

      

      

      
        	 	
                (y)

              	
                the
                  related Senior Prepayment Percentage of the amount of the Net Liquidation
                  Proceeds allocable to principal received on such Mortgage Loan;
                  and
                  

              

      

      

      (3) the
        related Senior Prepayment Percentage of the amounts described in clauses
        (ii)
        (f) and (g) of the definition of “Principal Distribution Amount” with respect to
        such Mortgage Pool and for such Distribution Date.

      

      “Senior
        Termination Date”:
        For
        each Senior Certificate Group, the Distribution Date on which the aggregate
        of
        the Class Principal Balances of the related Senior Certificates and Component
        Principal Balances is reduced to zero.

      

      “Servicer”:
        Each
        of CMC, GMACM, PHH, U.S. Central and Wells Fargo Bank, N.A.

      
        
           

        

        
          46

          
            

          

        

        
           

        

      

      

      “Servicer
        Remittance Date”:
        With
        respect to each Mortgage Loan, the 18th
        day of
        each month, or if such 18th
        day is
        not a Business Day, either the immediately preceding or the immediately
        succeeding Business Day, in each case as provided in the related Servicing
        Agreement.

      

      “Servicing
        Account”:
        Any
        account established and maintained for the benefit of the Trust Fund by a
        Servicer with respect to the related Mortgage Loans and any REO Property,
        pursuant to the terms of the respective Servicing Agreement.

      

      “Servicing
        Advances”:
        With
        respect to any Servicer and the Master Servicer (including the Trustee in
        its
        capacity as successor Master Servicer), all customary, reasonable and necessary
        “out of pocket” costs and expenses (including reasonable attorneys’ fees and
        expenses) incurred by such Servicers in the performance of its servicing
        obligations under the related Servicing Agreement or by the Master Servicer
        (including the Trustee in its capacity as successor Master Servicer) in the
        performance of its obligations hereunder, 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 and
        (iv)
        any other expenses permitted to be reimbursed as Servicing Advances under
        the
        related Servicing Agreement, as applicable.

      

      “Servicing
        Agreement”:
        Each
        reconstituted servicing agreement or assignment, assumption and recognition
        agreement set forth on Exhibit M hereto and relating to a Servicer and the
        servicing of the related Mortgage Loans by or on behalf of such Servicer,
        as the
        same may be amended from time to time.

      

      “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 Servicer and each Mortgage Loan serviced by or on behalf
        of such
        Servicer and for any calendar month, the fee payable to such Servicer determined
        pursuant to the applicable Servicing Agreement.

      

      “Servicing
        Fee Rate”:
        With
        respect to each Mortgage Loan, the per annum rate of 0.250%.

      

      “Servicing
        Function Participant”:
        Any
        Subservicer or Subcontractor of a Servicer, the Master Servicer, a Custodian
        and
        the Securities Administrator, respectively.

      

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

      

      “Sponsor”:
        Greenwich Capital Financial Products, Inc., in its capacity as sponsor under
        this Agreement.

      

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

      
        
           

        

        
          47

          
            

          

        

        
           

        

      

      

      “Stated
        Principal Balance”:
        With
        respect to any Mortgage Loan: (a) as of the Distribution Date in April 2007,
        the
        Cut-off Date Principal Balance of such Mortgage Loan,  (b) thereafter as of
        any date of determination up to and including the Distribution Date on which
        the
        proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
        would be distributed, the Cut-off Date Principal Balance of such Mortgage
        Loan
minus,
        in the
        case of each Mortgage Loan, the sum of (i) the principal portion of each
        Monthly Payment due on a Due Date subsequent to the Cut-off Date, whether
        or not
        received, (ii) all Principal Prepayments received after the Cut-off Date,
        to the extent distributed pursuant to Section 5.01 before such date of
        determination and (iii) all Liquidation Proceeds and Insurance Proceeds
        applied by the Servicer as recoveries of principal in accordance with the
        applicable provisions of the Servicing Agreement, to the extent distributed
        pursuant to Section 5.01 before such date of determination; and (c) as of
        any date of determination 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; provided
        that
        such
        Stated Principal Balance shall be increased by the amount of any Deferred
        Interest added to the outstanding Principal Balance of such Mortgage Loan
        pursuant to the terms of the related Mortgage Note. With respect to any REO
        Property: (x) as of any date of determination up to and 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 5.01 before such date of determination; and (y) as
        of any date of determination 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.

      

      “Step
        Down Conditions”:
        With
        respect to any Distribution Date on which any decrease in any Senior Prepayment
        Percentage may apply and (a) Pool 1 and Pool 2, (i) the outstanding Principal
        Balance of all Pool 1 and Pool 2 Mortgage Loans 60 days or more Delinquent
        (including related Mortgage Loans in REO and foreclosure) (averaged over
        the
        preceding six month period), as a percentage of the aggregate of the Class
        Principal Balances of the Classes of Pool 1-2 Subordinate Certificates on
        such
        Distribution Date, does not equal or exceed 50% and (ii) cumulative
        Realized Losses with respect to all of the Pool 1 and Pool 2 Mortgage Loans
        do
        not exceed:

      

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the fifth anniversary until the
                  sixth
                  anniversary of the first Distribution Date, 30% of the aggregate
                  Class
                  Principal Balance of the related Pool 1-2 Subordinate Certificates
                  as of
                  the Closing Date,

              

      

      

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the sixth anniversary until the
                  seventh
                  anniversary of the first Distribution Date, 35% of the aggregate
                  Class
                  Principal Balance of the related Pool 1-2 Subordinate Certificates
                  as of
                  the Closing Date,

              

      

      

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the seventh anniversary until
                  the eighth
                  anniversary of the first Distribution Date, 40% of the aggregate
                  Class
                  Principal Balance of the related Pool 1-2 Subordinate Certificates
                  as of
                  the Closing Date,

              

      

       

      
        
           

        

        
          48

          
            

          

        

        
           

        

      

       

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the eighth anniversary until
                  the ninth
                  anniversary of the first Distribution Date, 45% of the aggregate
                  Class
                  Principal Balance of the related Pool 1-2 Subordinate Certificates
                  as of
                  the Closing Date, and

              

      

      

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the ninth anniversary of the
                  first
                  Distribution Date, 50% of the aggregate Class Principal Balance
                  of the
                  related Pool 1-2 Subordinate Certificates as of the Closing
                  Date.

              

      

      

      and
        (b)
        Pool 3, (i) the outstanding Principal Balance of all Pool 3 Mortgage Loans
        60
        days or more Delinquent (including related Mortgage Loans in REO and
        foreclosure) (averaged over the preceding six month period), as a percentage
        of
        the aggregate of the Class Principal Balances of the Classes of Pool 3
        Subordinate Certificates on such Distribution Date, does not equal or exceed
        50%
        and (ii) cumulative Realized Losses with respect to all of the Pool 3
        Mortgage Loans do not exceed:

      

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the fifth anniversary until the
                  sixth
                  anniversary of the first Distribution Date, 30% of the aggregate
                  Class
                  Principal Balance of the related Pool 3 Subordinate Certificates
                  as of the
                  Closing Date,

              

      

      

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the sixth anniversary until the
                  seventh
                  anniversary of the first Distribution Date, 35% of the aggregate
                  Class
                  Principal Balance of the related Pool 3 Subordinate Certificates
                  as of the
                  Closing Date,

              

      

      

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the seventh anniversary until
                  the eighth
                  anniversary of the first Distribution Date, 40% of the aggregate
                  Class
                  Principal Balance of the related Pool 3 Subordinate Certificates
                  as of the
                  Closing Date,

              

      

      

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the eighth anniversary until
                  the ninth
                  anniversary of the first Distribution Date, 45% of the aggregate
                  Class
                  Principal Balance of the related Pool 3 Subordinate Certificates
                  as of the
                  Closing Date, and

              

      

      

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the ninth anniversary of the
                  first
                  Distribution Date, 50% of the aggregate Class Principal Balance
                  of the
                  related Pool 3 Subordinate Certificates as of the Closing
                  Date.

              

      

      

      “Stripped
        Interest Rate”:
        For
        any Pool 1 Subgroup 4 Mortgage Loan, the excess, if any, of the net loan
        rate of
        such Mortgage Loan over the Designated Rate for such Loan Subgroup.

      

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

      
        
           

        

        
          49

          
            

          

        

        
           

        

      

      

      “Subgroup
        Principal Deficiency Amount”:
        With
        respect to any Distribution Date and any Undercollateralized Subgroup, the
        excess, if any, of the aggregate Class Principal Balance of the Pool 1 Senior
        Certificates (other than the Class 1PO Certificates and the Interest-Only
        Certificates) and the Component Principal Balance of any Class 1A1 Component
        related to such Undercollateralized Subgroup immediately prior to such
        Distribution Date over the aggregate Principal Balance of the Pool 1 Mortgage
        Loans in that Loan Subgroup (less, in the case of Pool 1 Subgroup 1, the
        applicable PO Percentage of each Discount Mortgage Loan).

      

      “Subordinate
        Certificate”:
        Any of
        the Class 1B1, Class 1B2, Class 1B3, Class 1B4, Class 1B5, Class 1B6, Class
        1B7,
        Class 3B1, Class 3B2, Class 3B3, Class 3B4, Class 3B5 or Class 3B6
        Certificates.

      

      “Subordinate
        Class Expense Share”:
        For
        each Class of Subordinate Certificates and each Accrual Period, the Subordinate
        Class Expense Share shall be allocated in reverse order of their respective
        numerical Class designations (beginning with the Class of Subordinate
        Certificates with the highest numerical Class designation) and will be an
        amount
        equal to (i) the sum of, without duplication, (a) the amounts paid to the
        Trustee from the Trust Fund during such Accrual Period pursuant to Section
        8.05
        hereof to the extent such amounts were paid for ordinary or routine expenses
        and
        were not taken into account in computing the Net Loan Rate of any Mortgage
        Loan
        and (b) amounts described in clause (y) of the definition of Available Funds
        herein to the extent such amounts were paid for ordinary or routine expenses
        and
        were not taken into account in computing the Net Loan Rate of any Mortgage
        Loan
minus
        (ii)
        amounts taken into account under clause (i) of this definition in determining
        the Subordinate Class Expense Share of any Class of Subordinate Certificates
        having a higher numeric designation. In no event, however, shall the Subordinate
        Class Expense Share for any Class of Subordinate Certificates and any Accrual
        Period exceed the product of (i) (a) the lesser of the Pass-Through Rate
        for
        such Class or the applicable Adjusted Cap Rate, divided
        by
        (b) 12
        and (ii) the Class Principal Balance of such Class of Subordinate Certificates
        as of the beginning of the related Accrual Period.

      

      “Subordinate
        Component”:
        With
        respect to any Distribution Date and Pool 1 and Pool 2 and, with respect
        to Pool
        1, each Loan Subgroup, the excess of the aggregate Stated Principal Balances
        of
        the Mortgage Loans in the related Mortgage Pool or Loan Subgroup (less,
        in the
        case of Pool 1 Subgroup 1, the PO Percentage of any Discount Mortgage Loan),
        as
        of the first day of the month preceding the month in which such Distribution
        Date occurs, over the aggregate of the Class Principal Balances of the related
        Senior Certificates (other than the Class 1PO Certificates and any Interest-Only
        Certificates) and Components immediately prior to such Distribution Date.
        In the
        case of Pool 1, the designation “1,” “2,” “3” and “4” appearing after the
        corresponding Loan Subgroup designation is used to indicate a Subordinate
        Component allocable to Pool 1 Subgroup 1, Pool 1 Subgroup 2, Pool 1 Subgroup
        3
        and Pool 1 Subgroup 4, respectively.

      

      “Subordinate
        Percentage”:
        With
        respect to any Distribution Date and (i) Pool 1 and Pool 2, and, in the case
        of
        Pool 1, any Loan Subgroup, the difference between 100% and the related Senior
        Percentage for such Mortgage Pool (or if a Senior Termination Date with respect
        to Pool 2 has occurred, for such Loan Subgroup in Pool 1) on such Distribution
        Date; provided,
        however,
        that on
        any Distribution Date after the Senior Termination Date has occurred with
        respect to either Pool 1 or Pool 2 (or if a Senior Termination Date has occurred
        with respect to Pool 2, on any Distribution Date after the Senior Termination
        Date has occurred with respect to three Loan Subgroups in Pool 1), the related
        Subordinate Percentage will represent the entire interest of the Pool 1-2
        Subordinate Certificates in the Pool 1 and Pool 2 Mortgage Loans (other than
        the
        PO Percentage of each Discount Mortgage Loan) and will be equal to the
        difference between 100% and the related Senior Percentage for such distribution
        date; and (ii) Pool 3, the difference between 100% and the related Senior
        Percentage for such Mortgage Pool for such Distribution Date.

      
        
           

        

        
          50

          
            

          

        

        
           

        

      

      

      “Subordinate
        Prepayment Percentage”:
        With
        respect to any Distribution Date and Pool 1 and Pool 2 and, in the case of
        Pool
        1, any Loan Subgroup in Pool 1, the difference between 100% and the related
        Senior Prepayment Percentage for that date. For any Distribution Date and
        pool
        3, the difference between 100% and the related Senior Prepayment Percentage
        for
        pool 3 for that Date.

      

      “Subordinate
        Principal Distribution Amount”:
        With
        respect to any Distribution Date and (A) Pool 1 and Pool 2 and, in the case
        of
        Pool 1, any Loan Subgroup in Pool 1, an amount equal to the sum of:

      

      (1) the
        related Subordinate Percentage of all amounts described in clauses (i) (a)
        through (d) and (h) of the definition of “Principal Distribution Amount” for
        such Mortgage Pool or Loan Subgroup and Distribution Date;

      

      (2) with
        respect to each Mortgage Loan in such Mortgage Pool or Loan Subgroup that
        became
        a Liquidated Mortgage Loan during the related Prepayment Period, the applicable
        Non-PO Percentage of the amount of the Net Liquidation Proceeds allocable
        to
        principal received with respect thereto remaining after application thereof
        pursuant to clause (i) (2) of the definition of “Senior Principal Distribution
        Amount” for such Mortgage Pool or Loan Subgroup and Distribution Date, up to the
        applicable Non-PO Percentage of the related Subordinate Percentage of the
        Stated
        Principal Balance of such Mortgage Loan; and

      

      (3) the
        related Subordinated Prepayment Percentage of all amounts described in clause
        (i) (f) and (g) of the definition of “Principal Distribution Amount” for such
        Mortgage Pool or Loan Subgroup and Distribution Date;

      

      provided,
        however,
        that on
        any Distribution Date after the Senior Termination Date has occurred with
        respect to Pool 1 or Pool 2 (or if a Senior Termination Date has occurred
        with
        respect to Pool 2, on any Distribution Date after the Senior Termination
        Date
        has occurred with respect to three Loan Subgroups in Pool 1), the related
        Subordinate Principal Distribution Amount shall not be calculated by Mortgage
        Pool or Loan Subgroup, as applicable, but will equal the amount calculated
        pursuant to the formula set forth above based on the Subordinate Percentage
        or
        Subordinate Prepayment Percentage, as applicable, for the Pool 1-2 Subordinate
        Certificates for such Distribution Date with respect to all of the Mortgage
        Loans that are not Discount Mortgage Loans (as opposed to the mortgage loans
        in
        the related Mortgage Pool or Loan Subgroup, as applicable); and

      

      (B)
        Pool
        3, an amount equal to the sum of:

      
        
           

        

        
          51

          
            

          

        

        
           

        

      

      

      (1) the
        related Subordinate Percentage of all amounts described in clauses (ii) (a)
        through (d) and (h) of the definition of “Principal Distribution Amount” for
        such Mortgage Pool and Distribution Date;

      

      (2) with
        respect to each Mortgage Loan in such Mortgage Pool that became a Liquidated
        Mortgage Loan during the related Prepayment Period, the applicable Non-PO
        Percentage of the amount of the Net Liquidation Proceeds allocable to principal
        received with respect thereto remaining after application thereof pursuant
        to
        clause (ii) (2) of the definition of “Senior Principal Distribution Amount” for
        such Mortgage Pool and Distribution Date, up to the related Subordinate
        Percentage of the Stated Principal Balance of such Mortgage Loan;
        and

      

      (3) the
        related Subordinated Prepayment Percentage of all amounts described in clause
        (ii) (f) and (g) of the definition of “Principal Distribution Amount” for such
        Mortgage Pool and Distribution Date.

      

      “Subsequent
        Cut-off Date”:
        With
        respect to each Subsequent Mortgage Loan, the date specified in the related
        Subsequent Transfer Agreement for such Subsequent Mortgage Loan.

      

      “Subsequent
        Mortgage Loan”:
        Any
        Mortgage Loan, other than an Initial Mortgage Loan, conveyed to the Trust
        Fund
        pursuant to Section 2.01 hereof and a Subsequent Transfer Agreement, which
        Mortgage Loan shall be listed on the revised Mortgage Loan Schedule delivered
        pursuant to this Agreement and on Schedule A to such Subsequent Transfer
        Agreement. When used with respect to a single Subsequent Transfer Date,
        Subsequent Mortgage Loan shall mean a Subsequent Mortgage Loan conveyed to
        the
        Trust Fund on that Subsequent Transfer Date.

      

      “Subsequent
        Pool 1 Mortgage Loan”:
        A
        Subsequent Mortgage Loan that will be identified as a Pool 1 Mortgage Loan
        on
        the revised Mortgage Loan Schedule and that has an original term to maturity
        equal to or less than 360 months but greater than 180 months.

      

      “Subsequent
        Pool 2 Mortgage Loan”:
        A
        Subsequent Mortgage Loan that will be identified as a Pool 2 Mortgage Loan
        on
        the revised Mortgage Loan Schedule and that has an original term to maturity
        equal to 180 months.

      

      “Subsequent
        Transfer Agreement”:
        A
        Subsequent Transfer Agreement substantially in the form of Exhibit P hereto,
        executed and delivered by and among the Depositor, the Seller and the Trustee
        and acknowledged by the Servicer, as provided in Section 2.01(b)
        hereof.

      

      “Subsequent
        Transfer Date”:
        With
        respect to any Subsequent Transfer Agreement, the date the related Subsequent
        Mortgage Loans are transferred to the Trust Fund pursuant to the related
        Subsequent Transfer Agreement.

      

      “Subservicer”:
        Any
        Person that services Mortgage Loans on behalf of a Servicer, the Master
        Servicer, the Securities Administrator or a Custodian, and is responsible
        for
        the performance (whether directly or through subservicers or Subcontractors)
        of
        servicing functions required to be performed under this Agreement, any related
        Servicing Agreement or any subservicing agreement that are identified in
        Item
        1122(d) of Regulation AB.

      
        
           

        

        
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      “Substitution
        Adjustment”:
        As
        defined in Section 2.03(g) 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 on behalf
        of
        each of the REMICs created hereunder under the REMIC Provisions, together
        with
        any and all other information reports or returns that may be required to
        be
        furnished to the Certificateholders or filed with the Internal Revenue Service
        or any other governmental taxing authority under any applicable provisions
        of
        federal, state or local tax laws.

      

      “Telerate
        Page 3750”:
        The
        display currently so designated as “Page 3750” on the Bridge Telerate Service
        (or such other page selected by the Securities Administrator as may replace
        Page
        3750 on that service for the purpose of displaying daily comparable rates
        on
        prices).

      

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

      

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

      

      “Transfer”:
        Any
        direct or indirect transfer or sale of any Ownership Interest in a Residual
        Certificate.

      

      “Transfer
        Affidavit”:
        As
        defined in Section 6.02(e)(ii) hereof.

      

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

      

      “Trust
        Fund”:
        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, such Trust Fund 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 required to be maintained pursuant to
        this
        Agreement and any proceeds thereof, (iv) the Depositor’s rights under the
        Mortgage Loan Purchase Agreement (including any security interest created
        thereby); (v) the Distribution Account (subject to the last sentence of
        this definition), 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; (vi) all right, title and
        interest of the Seller in and to each Servicing Agreement, (vii)  the
        Prefunding Account and the Capitalized Interest Account and (viii) all
        proceeds of the foregoing. Notwithstanding the foregoing, however, the Trust
        Fund specifically excludes (1) all payments and other collections of
        interest and principal due on the Mortgage Loans on or before the applicable
        Cut-off Date and principal received before the applicable Cut-off Date (except
        any principal collected as part of a payment due after the applicable Cut-off
        Date) and (2) all income and gain realized from Permitted Investments of
        funds on deposit in the Distribution Account.

      
        
           

        

        
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      “Trustee”:
        Deutsche Bank National Trust Company, not in its individual capacity but
        solely
        as trustee, a national banking association, its successors in interest and
        assigns, or any successor trustee appointed as herein provided.

      

      “Trustee
        Fee”:
        The
        annual on-going fee as agreed to by the Trustee and the Master Servicer and
        payable by the Master Servicer on behalf of the Trust Fund to the Trustee
        from
        the Master Servicer’s own funds pursuant to the terms of the separate fee letter
        agreement between the Trustee and the Master Servicer.

      

      “Trustee
        Fee Rate”:
        Not
        applicable. 

      

      “Undercollateralized
        Pool”:
        With
        respect to any Distribution Date and Pool 1 and Pool 2, as applicable, as
        to
        which the aggregate Class Principal Balance of the related classes of Pool
        1-2
        Senior Certificates (other than the Class 1PO Certificates and any Interest-Only
        Certificates), after giving effect to distributions pursuant to Section 5.01(a)
        on such date, is greater than the aggregate Principal Balance of the Pool
        1
        Mortgage Loans and the Pool 2 Mortgage Loans (and with respect to Pool 1,
        net of
        the PO Percentage of the Discount Mortgage Loans) for such Distribution
        Date.

      

      “Undercollateralized
        Subgroup”:
        With
        respect to any Distribution Date and any Loan Subgroup or Loan Subgroups,
        as
        applicable, as to which the aggregate Class Principal Balance of the related
        classes of Pool 1 Senior Certificates (other than the Class 1PO Certificates
        and
        any Interest-Only Certificates) and the Component Principal Balance of any
        related Component, after giving effect to distributions pursuant to Section
        5.01(a) on such date, is greater than the aggregate Principal Balance of
        the
        Pool 1 Mortgage Loans in such Loan Subgroup or Loan Subgroups (and with respect
        to Pool 1 Subgroup 1, net of the PO Percentage of the Discount Mortgage Loans)
        for such Distribution Date.

      

      “Underwriter”:
        Greenwich Capital Markets, Inc.

      

      “Underwriter’s
        Exemption”:
        Prohibited Transaction Exemption 90-59 (Exemption Application No. D-8374),
        as
        amended by Prohibited Transaction Exemption 97-34 (Exemption Application
        Nos.
        D-10245 and D-10246), as amended by Prohibited Transaction Exemption 2000-58
        (Exemption Application No. D-10829) and as amended by Prohibited Transaction
        Exemption 2007-5 (Exemption Application No. D-11370) (or any successor thereto),
        or any substantially similar administrative exemption granted by the U.S.
        Department of Labor.

      

      “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 on such Mortgaged Property.

      

      “United
        States Person”
or
        “U.S.
        Person”:
        The
        term shall have the meaning set forth in Section 7701(a)(30) of the Code or
        successor provisions.

      

      “Unpaid
        Interest Shortfall Amount”:
        With
        respect to each Class of Certificates (other than the Class 1PO and Class
        P
        Certificates) and each Component and (i) the first Distribution Date, zero,
        and (ii) any Distribution Date after the first Distribution Date, the amount,
        if
        any, by which (1)(a) the Monthly Interest Distributable Amount for that Class
        or
        Component for the immediately preceding Distribution Date exceeds (b) the
        aggregate amount distributed on that Class or Component in respect of such
        Monthly Interest Distributable Amount on the preceding Distribution Date
        plus
        (2) any such shortfalls remaining unpaid from prior Distribution
        Dates.

      
        
           

        

        
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      “U.S.
        Central”:
        U.S.
        Central Federal Credit Union, in its capacity as a servicer of certain of
        the
        Mortgage Loans as set forth in the Mortgage Loan Schedule hereto, and its
        successors in interest and assigns. 

      

      “Upper
        Tier REMIC”:
        As
        described in the Preliminary Statement.

      

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

      

      (i) the
        value
        of such Mortgaged Property 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; 

      

      provided,
        however,
        that in
        the case of a Refinancing Mortgage Loan, such value of the Mortgaged Property
        is
        based solely upon the value determined by an appraisal made for the originator
        of such Refinancing Mortgage Loan at the time of origination by an appraiser
        who
        met the minimum requirements of Fannie Mae and Freddie Mac.

      

      “Voting
        Rights”:
        The
        portion of the voting rights of all of the Certificates which is allocated
        to
        any Certificate. 95% of the voting rights shall be allocated among the Classes
        of Regular Certificates (other than the Interest-Only Certificates and the
        Class
        R Certificate), pro
        rata,
        based
        on a fraction, expressed as a percentage, the numerator of which is the Class
        Principal Balance of such Class and the denominator of which is the aggregate
        of
        the Class Principal Balances then outstanding, 1% of the voting rights shall
        be
        allocated to the Holder of the Class 1X Certificates, 1% of the voting rights
        shall be allocated to the Holder of the Class 1A2 Certificates, 1% of the
        voting
        rights shall be allocated to the Holder of the Class 1A3 Certificates, 1%
        of the
        voting rights shall be allocated to the Holder of the Class 1A6 Certificates,
        and 1% of the voting rights shall be allocated to the Holder of the Class
        R
        Certificate; provided,
        however,
        that
        when none of the Regular Certificates is outstanding, 100% of the voting
        rights
        shall be allocated to the Holder of the Class R Certificate. The voting rights
        allocated to a Class of Certificates shall be allocated among all Holders
        of
        such Class, pro
        rata,
        based
        on a fraction the numerator of which is the Certificate Principal Balance
        or
        Certificate Notional Balance, as applicable, of each Certificate of such
        Class
        and the denominator of which is the Class Principal Balance or Class Notional
        Balance, as applicable, of such Class; provided,
        however,
        that
        any Certificate registered in the name of the Master Servicer, the Securities
        Administrator or the Trustee or any of its affiliates shall not be included
        in
        the calculation of Voting Rights. No voting rights shall be allocated to
        the
        Class P or the Class LT-R Certificates.

      
        
           

        

        
          55

          
            

          

        

        
           

        

      

      

      “Wells
        Fargo”:
        Wells
        Fargo Bank, N.A., in its capacity as a servicer of certain of the Mortgage
        Loans
        as set forth in the Mortgage Loan Schedule hereto, and its successors in
        interest and assigns. 

      

      “Writedown
        Amount”:
        The
        reduction described in Section 5.03(c).

      

      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.

      

      ARTICLE
        II

       

      CONVEYANCE
        OF MORTGAGE LOANS;

      ORIGINAL
        ISSUANCE OF CERTIFICATES

      

      SECTION
        2.01. Conveyance
        of Mortgage Loans.

      

      (a) The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey to the Trustee without recourse
        for the benefit of the Certificateholders all the right, title and interest
        of
        the Depositor, including any security interest therein for the benefit of
        the
        Depositor, in and to (i) each Initial Mortgage Loan identified on the Mortgage
        Loan Schedule, including the related Cut-off Date Principal Balance, all
        interest due thereon after the Initial Cut-off Date and all collections in
        respect of interest and principal due after the Initial Cut-off Date; (ii)
        all
        the Depositor’s right, title and interest in and to the Distribution Account and
        all amounts from time to time credited to and to the proceeds of the
        Distribution Account; (iii) any real property that secured each such Initial
        Mortgage Loan and that has been acquired by foreclosure or deed in lieu of
        foreclosure; (iv) the Depositor’s interest in any insurance policies in respect
        of the Mortgage Loans; (v) all proceeds of any of the foregoing; (vi) any
        such
        amounts as may be deposited into and held by the Securities Administrator
        in the
        Prefunding Account and the Capitalized Interest Account and (vii) all other
        assets included or to be included in the Trust Fund. Such assignment includes
        all interest and principal due to the Depositor or the Master Servicer after
        the
        Initial Cut-off Date with respect to the Initial Mortgage Loans. In exchange
        for
        such transfer and assignment, the Depositor shall receive the
        Certificates.

      

      It
        is
        agreed and understood by the Depositor, the Seller and the Trustee that it
        is
        not intended that any Mortgage Loan be included in the Trust Fund that is
        a
“High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, effective
        as of November 27, 2003, or The Home Loan Protection Act of New Mexico,
        effective as of January 1, 2004, or that is a “High Cost Home Mortgage Loan” as
        defined in the Massachusetts Predatory Home Loan Practices Act, effective
        as of
        November 7, 2004, or that is an “Indiana High Cost Home Mortgage Loan” as
        defined in the Indiana High Cost Home Loan Act, effective as of January 1,
        2005.

      
        
           

        

        
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      Concurrently
        with the execution and delivery of this Agreement, the Depositor does hereby
        assign to the Trustee all of its rights and interest under the Mortgage Loan
        Purchase Agreement, including all rights of the Seller under the Servicing
        Agreements to the extent assigned in the Mortgage Loan Purchase Agreement.
        The
        Trustee hereby accepts such assignment, and shall be entitled to exercise
        all
        rights of the Depositor under the Mortgage Loan Purchase Agreement and all
        rights of the Seller under each Servicing Agreement as if, for such purpose,
        it
        were the Depositor or the Seller, as applicable, including the Seller’s right to
        enforce remedies for breaches of representations and warranties and delivery
        of
        the Mortgage Loan documents. The foregoing sale, transfer, assignment, set-over,
        deposit and conveyance does not and is not intended to result in creation
        or
        assumption by the Trustee of any obligation of the Depositor, the Seller
        or any
        other Person in connection with the Mortgage Loans or any other agreement
        or
        instrument relating thereto except as specifically set forth
        herein.

      

      In
        connection with such transfer and assignment, the Seller, on behalf of the
        Depositor, does hereby deliver on the Closing Date, unless otherwise specified
        in this Section 2.01, to, and deposit with the Trustee, or the related Custodian
        as its designated agent, the following documents or instruments with respect
        to
        each Mortgage Loan (a “Mortgage File”) so transferred and assigned:

      

      (i) the
        original Mortgage Note, endorsed either on its face or by allonge attached
        thereto in blank or in the following form: “Pay to the order of Deutsche Bank
        National Trust Company, as Trustee for RBSGC Mortgage Loan Trust Mortgage
        Loan
        Pass-Through Certificates, Series 2007-B, 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;

      

      (ii) except
        as
        provided below, for each Mortgage Loan that is not a MERS Mortgage Loan,
        the
        original Mortgage, and in the case of each MERS Mortgage Loan, the original
        Mortgage, noting the presence of the MIN for that Mortgage Loan and either
        language indicating that the Mortgage Loan is a MOM Loan if the Mortgage
        Loan is
        a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the
        original Mortgage and the assignment to MERS, in each case 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 certified copy of such Mortgage or power
        of
        attorney, as the case may be, together with an Officer’s Certificate of the
        Seller certifying that the copy of such Mortgage delivered to the Trustee
        (or
        the related Custodian on its behalf) is a true copy and that the original
        of
        such Mortgage has been forwarded to the public recording office, or, in the
        case
        of a Mortgage that has been lost, a copy thereof (certified as provided for
        under the laws of the appropriate jurisdiction) and a written Opinion of
        Counsel
        (delivered at the Seller’s expense) acceptable to the Trustee and the Depositor
        that an original recorded Mortgage is not required to enforce the Trustee’s
        interest in the Mortgage Loan;

      

      (iii) the
        original or copy of each assumption, modification or substitution agreement,
        if
        any, relating to the Mortgage Loans, or, as to any assumption, modification
        or
        substitution agreement which cannot be delivered on or prior to the Closing
        Date
        because of a delay caused by the public recording office where such assumption,
        modification or substitution agreement has been delivered for recordation,
        a
        photocopy of such assumption, modification or substitution agreement, pending
        delivery of the original thereof, together with an Officer’s Certificate of the
        Seller certifying that the copy of such assumption, modification or substitution
        agreement delivered to the Trustee (or its custodian) on behalf of the Trust
        Fund is a true copy and that the original of such agreement has been forwarded
        to the public recording office;

      
        
           

        

        
          57

          
            

          

        

        
           

        

      

      

      (iv) in
        the
        case of each Mortgage Loan that is not a MERS Mortgage Loan, an original
        Assignment, in form and substance acceptable for recording. The Mortgage
        shall
        be assigned to “Deutsche Bank National Trust Company, as Trustee for RBSGC
        Mortgage Loan Trust Mortgage Loan Pass-Through Certificates, Series 2007-B,
        without recourse;”

      

      (v) in
        the
        case of each Mortgage Loan that is not a MERS Mortgage Loan, an original
        copy of
        any intervening Assignment showing a complete chain of assignments, or, in
        the
        case of an intervening Assignment that has been lost, a written Opinion of
        Counsel (delivered at the Seller’s expense) acceptable to the Trustee that such
        original intervening Assignment is not required to enforce the Trustee’s
        interest in the Mortgage Loans;

      

      (vi) the
        original or a certified copy of lender’s title insurance policy;
        and

      

      (vii) with
        respect to any Cooperative Loan, the Cooperative Loan Documents.

      

      In
        connection with the assignment of any MERS Mortgage Loan, the Seller agrees
        that
        it will take (or shall cause the applicable Servicer to take), at the expense
        of
        the Seller (with the cooperation of the Depositor, the Trustee and the Master
        Servicer), such actions as are necessary to cause the MERS® System to indicate
        that such Mortgage Loans have been assigned by the Seller to the Trustee
        in
        accordance with this Agreement (or any Subsequent Transfer Agreement) for
        the
        benefit of the Certificateholders by including (or deleting, in the case
        of
        Mortgage Loans that are repurchased in accordance with this Agreement) in
        such
        computer files the information required by the MERS® System to identify the
        series of the Certificates issued in connection with the transfer of such
        Mortgage Loans to the RBSGC Mortgage Loan Trust 2007-B. Notwithstanding anything
        herein to the contrary, the Master Servicer and Securities Administrator
        are not
        responsible for monitoring any MERS Mortgage Loans.

      

      With
        respect to each Cooperative Loan, the Seller, on behalf of the Depositor,
        does
        hereby deliver to the Trustee (or the related Custodian) the related Cooperative
        Loan Documents and the Seller shall take (or cause the applicable Servicer
        to
        take), at the expense of the Seller (with the cooperation of the Depositor,
        the
        Trustee and the Master Servicer) such actions as are necessary under applicable
        law (including but not limited to the relevant UCC) in order to perfect the
        interest of the Trustee in the related Mortgaged Property.

      
        
           

        

        
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      Assignments
        of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage
        Loan (other than a Cooperative Loan) shall be recorded; provided, however,
        that
        such assignments need not be recorded if, in the Opinion of Counsel (which
        must
        be from Independent Counsel and not at the expense of the Trust Fund or the
        Trustee) acceptable to the Trustee, each Rating Agency, recording in such
        states
        is not required to protect the Trust Fund’s interest in the related Mortgage
        Loans; provided, further, notwithstanding the delivery of any Opinion of
        Counsel, each assignment of Mortgage shall be submitted for recording by
        the
        Seller (or the Seller will cause the applicable Servicer to submit each such
        assignment for recording), at the cost and expense of the Seller, in the
        manner
        described above, at no expense to the Trust Fund or Trustee, upon the earliest
        to occur of (1) reasonable direction by the Majority Certificateholders,
        (2) the
        occurrence of a bankruptcy or insolvency relating to the Seller or the
        Depositor, or (3) with respect to any one Assignment of Mortgage, the occurrence
        of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under
        the
        related Mortgage. Subject to the preceding sentence, as soon as practicable
        after the Closing Date (but in no event more than three months thereafter
        except
        to the extent delays are caused by the applicable recording office), the
        Seller
        shall properly record (or the Seller will cause the applicable Servicer to
        properly record), at the expense of the Seller (with the cooperation of the
        Depositor, the Trustee and the Master Servicer), in each public recording
        office
        where the related Mortgages are recorded, each assignment referred to in
        Section
        2.01(v) above with respect to a Mortgage Loan that is not a MERS Mortgage
        Loan.

      

      The
        Trustee agrees to execute and deliver (or cause the related Custodian to
        execute
        and deliver) to the Depositor (and to the Trustee if delivered by the Custodian)
        on or prior to the Closing Date an acknowledgment of receipt of the original
        Mortgage Note (with any exceptions noted), substantially in the form attached
        as
        Exhibit G-1 hereto.

      

      If
        the
        original lender’s title insurance policy, or a certified copy thereof, was not
        delivered pursuant to Section 2.01(vi) above, the Seller shall deliver or
        cause
        to be delivered to the Trustee the original or a copy of a written commitment
        or
        interim binder or preliminary report of title issued by the title insurance
        or
        escrow company, with the original or a certified copy thereof to be delivered
        to
        the Trustee, promptly upon receipt thereof, but in any case within 175 days
        of
        the Closing Date. The Seller shall deliver or cause to be delivered to the
        Trustee, promptly upon receipt thereof, any other documents constituting
        a part
        of a Mortgage File received with respect to any Mortgage Loan sold to the
        Depositor by the Seller, including, but not limited to, any original documents
        evidencing an assumption or modification of any Mortgage Loan.

      

      For
        (a)
        Initial Mortgage Loans (if any) that have been prepaid in full after the
        Initial
        Cut-off Date and prior to the Closing Date or (b) Subsequent Mortgage Loans
        (if
        any) that have been prepaid in full after the applicable Subsequent Cut-off
        Date
        and prior to the applicable Transfer Date, in lieu of the Seller delivering
        the
        above documents, the Seller shall cause the applicable Servicer to deliver
        to
        the Trustee, or to the related Custodian on behalf of the Trustee, prior
        to the
        first Distribution Date, an Officer’s Certificate which shall include a
        statement to the effect that all amounts received in connection with such
        prepayment that are required to be deposited in the Distribution Account
        have
        been so deposited. All original documents that are not delivered to the Trustee
        (or to the related Custodian on behalf of the Trustee) on behalf of the Trust
        Fund shall be held by the Master Servicer or the applicable Servicer in trust
        for the Trustee, for the benefit of the Trust Fund and the
        Certificateholders.

      
        
           

        

        
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      The
        Depositor herewith delivers to the Trustee an executed copy of the Mortgage
        Loan
        Purchase Agreement.

      

      (b) The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey to the Trustee without recourse
        for the benefit of the Certificateholders all the right, title and interest
        of
        the Depositor, including any security interest therein for the benefit of
        the
        Depositor, in and to each Subsequent Mortgage Loan included on the Mortgage
        Loan
        Schedule, including the related Cut-off Date Principal Balance, all interest
        due
        thereon after the Subsequent Cut-off Date and all collections in respect
        of
        interest and principal due after the Subsequent Cut-off Date; (ii) all the
        Depositor’s right, title and interest in and to the Distribution Account and all
        amounts from time to time credited to and the proceeds of the Distribution
        Account; (iii) any real property that secured each such Subsequent Mortgage
        Loan
        and that has been acquired by foreclosure or deed in lieu of foreclosure;
        (iv)
        the Depositor’s interest in any insurance policies in respect of the Subsequent
        Mortgage Loans; (v) all proceeds of any of the foregoing; and (vi) all other
        assets included or to be included in the Trust Fund. Such assignment includes
        all interest and principal due to the Depositor after the Subsequent Cut-off
        Date with respect to the Subsequent Mortgage Loans.

      

      Upon
        three Business Days’ prior written notice to the Trustee, the Master Servicer,
        the Securities Administrator, the related Servicer and the Rating Agencies,
        on
        any Business Day designated by the Depositor during the Prefunding Period,
        the
        Depositor, the Seller and the Trustee shall complete, execute and deliver
        (and
        the Depositor shall cause the related Servicer to complete, execute and deliver)
        a Subsequent Transfer Agreement so long as no Rating Agency has provided
        notice
        that the execution and delivery of such Subsequent Transfer Agreement will
        result in a reduction or withdrawal of the ratings assigned to the Certificates
        on the Closing Date.

      

      The
        transfer of Subsequent Mortgage Loans and the other property and rights relating
        to them on a Subsequent Transfer Date is subject to the satisfaction of each
        of
        the following conditions:

      

      (i) each
        Subsequent Mortgage Loan conveyed on such Subsequent Transfer Date satisfies
        the
        representations and warranties applicable to it under this Agreement and
        under
        the applicable Reconstitution Agreement as of the applicable Subsequent Transfer
        Date; provided,
        however,
        that
        with respect to a breach of a representation and warranty with respect to
        a
        Subsequent Mortgage Loan, the obligation under Section 2.03 of this Agreement
        of
        the Seller or Originator, as applicable, to cure, repurchase or replace such
        Subsequent Mortgage Loan shall constitute the sole remedy against the Seller
        or
        Originator, as applicable, respecting such breach available to
        Certificateholders, the Depositor or the Trustee;

      

      (ii) the
        Trustee and the Rating Agencies are provided with an Opinion of Counsel or
        Opinions of Counsel, at the expense of the Depositor, with respect to the
        qualification of each REMIC created pursuant to this Agreement as a REMIC,
        to be
        delivered as provided pursuant to this Section 2.01(b);

      

      (iii) the
        Rating Agencies and the Trustee are provided with an Opinion of Counsel or
        Opinions of Counsel, at the expense of the Depositor, with respect to the
        characterization of the transfer of the Subsequent Mortgage Loans conveyed
        on
        such Subsequent Transfer Date as a sale, to be delivered as provided pursuant
        to
        this Section 2.01(b);

      
        
           

        

        
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      (iv) the
        execution and delivery of such Subsequent Transfer Agreement or conveyance
        of
        the related Subsequent Mortgage Loans does not result in a reduction or
        withdrawal of any ratings assigned to the Certificates on the Closing Date
        by
        the Rating Agencies;

      

      (v) each
        Subsequent Mortgage Loan may not be 30 or more days contractually delinquent
        as
        of its Subsequent Transfer Date;

      

      (vi) each
        Subsequent Mortgage Loan may not have a final maturity date later than December
        2036;

      

      (vii) the
        remaining term to stated maturity of each Subsequent Mortgage Loan will not
        exceed 30 years;

      

      (viii) each
        Subsequent Mortgage Loan will have an LTV ratio not greater than
        100.0%;

      

      (ix) each
        Subsequent Mortgage Loan will have a Stated Principal Balance not greater
        than
        $1,000,000;

      

      (x) each
        Subsequent Mortgage Loan will have a first payment date no later than March
        1,
        2007;

      

      (xi) each
        Subsequent Mortgage Loan will be a fixed rate mortgage loan;

      

      (xii) each
        Subsequent Mortgage Loan will have a Loan Rate of at least 6.375%;

      

      (xiii) no
        Subsequent Mortgage Loan will be subject to the Home Ownership and Equity
        Protection Act of 1994 or any comparable state or local law; 

      

      (xiv) each
        Subsequent Mortgage Loan will be a valid, existing and enforceable first
        lien on
        the Mortgaged Property;

      

      (xv) the
        aggregate pool of Subsequent Mortgage Loans is acceptable to the Rating Agencies
        by a prior written communication;

      

      (xvi) each
        Subsequent Mortgage Loan will have been originated generally in accordance
        with
        underwriting criteria substantially similar to the underwriting guidelines
        used
        by each Originator in the origination of the Initial Mortgage
        Loans;

      

      (xvii) following
        the conveyance of such Subsequent Mortgage Loans to the Trust Fund, the Mortgage
        Loans, including the Subsequent Mortgage Loans, will have the following
        characteristics as of their respective Subsequent Cut-off Dates:

      
        
           

        

        
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      with
        respect to Pool 1:

      

      (1) a
        weighted average loan rate of not less than 6.743% per annum;

      

      (2) a
        weighted average remaining term to stated maturity of no more than 356
        months;

      

      (3) a
        weighted average original LTV ratio of not more than 72.36%;

      

      (4) a
        weighted average credit score of not less than 729; and

      

      (5) no
        more
        than 22.42% of the Pool 1 Mortgage Loans, by Cut-off Date Collateral Balance,
        will relate to non-owner occupied properties.

      

      with
        respect to Pool 2:

      

      (1) a
        weighted average loan rate of not less than 6.342% per annum;

      

      (2) a
        weighted average remaining term to stated maturity of no more than 177
        months;

      

      (3) a
        weighted average original LTV ratio of not more than 63.65%;

      

      (4) a
        weighted average credit score of not less than 743; and

      

      (5) no
        more
        than 28.15% of the Pool 2 Mortgage Loans, by Cut-off Date Collateral Balance,
        will relate to non-owner occupied properties.

      

      (xviii) neither
        the Seller nor the Depositor shall be insolvent or shall be rendered insolvent
        as a result of such transfer;

      

      (xix) no
        Event
        of Default has occurred hereunder;

      

      (xx) the
        Depositor shall have delivered to the Trustee an Officer’s Certificate
        confirming the satisfaction of each of these conditions precedent;
        and

      

      (xxi) each
        Mortgage Loan constitutes a “qualified mortgage” within the meaning of Section
        860G(a)(3) of the Code.

      

      Notwithstanding
        the foregoing, the aggregate characteristics of the Subsequent Mortgage Loans
        at
        the end of the Prefunding Period shall be substantially the same as the
        aggregate characteristics of the Initial Mortgage Loans as of the Initial
        Cut-off Date.

      

      Upon
        (1)
        delivery to the Trustee by the Depositor of the Opinions of Counsel referred
        to
        in this Section 2.01(b), (2) delivery to the Trustee by the Depositor of
        a
        revised Mortgage Loan Schedule reflecting the Subsequent Mortgage Loans conveyed
        on such Subsequent Transfer Date and the related Subsequent Mortgage Loans
        and
        (3) delivery to the Trustee by the Depositor of an Officer’s Certificate
        confirming the satisfaction of each of the conditions precedent set forth
        above
        in this Section 2.01(b), the Securities Administrator shall remit to the
        Depositor the Aggregate Subsequent Transfer Amount related to the Subsequent
        Mortgage Loans transferred by the Depositor on such Subsequent Transfer Date
        from funds in the Prefunding Account.

      
        
           

        

        
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      The
        Securities Administrator shall not be required to investigate or otherwise
        verify compliance with the conditions set forth in the preceding paragraph,
        except for its own receipt of documents specified above, and shall be entitled
        to rely on the required Officer’s Certificate.

      

      (c) The
        Depositor shall have the right to receive any and all loan-level information
        regarding the characteristics and performance of the Mortgage Loans upon
        request, and to publish, disseminate or otherwise utilize such information
        in
        its discretion, subject to applicable laws and regulations.

      

      SECTION
        2.02. Acceptance
        by Trustee.

      

      The
        Trustee hereby accepts its appointment as a Custodian hereunder and acknowledges
        the receipt, 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, of the documents referred to in Section 2.01 above
        and
        all other assets included in the definition of “Trust Fund” and declares that,
        in its capacity as a Custodian, 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 further agrees, for the benefit of the Certificateholders, to review
        (or
        cause each Custodian to review) each Mortgage File delivered to it (or each
        such
        Custodian) and to certify and deliver to the Depositor, the Seller and each
        Rating Agency an interim certification in substantially the form attached
        hereto
        as Exhibit G-2, within 90 days after the Closing Date (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 five Business 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 relate to such Mortgage Loan and (iii) based on its
        examination and only as to the foregoing, the information set forth in the
        Mortgage Loan Schedule that corresponds to items (i), (ii) and (xiii) of
        the
        Mortgage Loan Schedule accurately reflects information set forth in the Mortgage
        File. It is herein acknowledged that, in conducting such review, neither
        the
        Trustee nor a Custodian on its behalf shall be under any duty or obligation
        to
        inspect, review or examine any such documents, instruments, certificates
        or
        other papers to determine that they are genuine, enforceable, 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.

      

      No
        later
        than 180 days after the Closing Date, the Trustee shall deliver (or cause
        each
        Custodian to deliver) to the Depositor and the Seller a final certification
        in
        the form annexed hereto as Exhibit G-3 evidencing the completeness of the
        Mortgage Files, with any applicable exceptions noted thereon.

      
        
           

        

        
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      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 finds any document
        or
        documents constituting a part of a Mortgage File to be missing or not conforming
        to the requirements set forth herein, at the conclusion of its review the
        Trustee (or each Custodian as its designated agent) shall promptly notify
        the
        Seller and the Depositor. In addition, upon the discovery by the Seller or
        the
        Depositor (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
        Seller in the Mortgage Loan Purchase Agreement in respect of any Mortgage
        Loan
        that materially adversely affects such Mortgage Loan or the interests of
        the
        related Certificateholders in such Mortgage Loan, the party discovering such
        breach shall give prompt written notice to the other parties to this
        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 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.

      

      The
        Trustee (or each Custodian on its behalf) shall execute and deliver to the
        Depositor on or prior to each Subsequent Transfer Date an acknowledgment
        of
        receipt of the original Mortgage Note (with any exceptions noted), substantially
        in the form attached as Exhibit G-1 hereto. 

      

      The
        Trustee (or each Custodian on its behalf) shall, for the benefit of the
        Certificateholders, review each Mortgage File delivered to it for the Subsequent
        Mortgage Loans and certify and deliver to the Depositor, the Seller and each
        Rating Agency an interim certification in substantially the form attached
        hereto
        as Exhibit G-2, within 45 days after each Subsequent Transfer Date that,
        as to
        each Subsequent Mortgage Loan listed in the Mortgage Loan Schedule (other
        than
        any Subsequent Mortgage Loan paid in full or any Subsequent 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 relate to such Subsequent Mortgage Loan and (iii) based
        on its examination and only as to the foregoing, the information set forth
        in
        the Mortgage Loan Schedule that corresponds to items (i), (ii) and (iii)
        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
        and
        each Custodian on its behalf are under no duty or obligation to inspect,
        review
        or examine any such documents, instruments, certificates or other papers
        to
        determine that they are genuine, enforceable, 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.

      
        
           

        

        
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      No
        later
        than 90 days after each Subsequent Transfer Date, the Trustee or each Custodian
        on behalf of the Trustee shall deliver to the Depositor and the Seller a
        final
        certification in the form annexed hereto as Exhibit G-3 (or a substantially
        similar form) evidencing the completeness of the Mortgage Files, with any
        applicable exceptions noted thereon.

      

      If,
        in
        the course of such review of the Mortgage Files relating to the Subsequent
        Mortgage Loans, the related Custodian finds any document constituting a part
        of
        a Mortgage File which does not meet the requirements of Section 2.01(b),
        the Trustee shall cause the related Custodian to list such as an exception
        in
        the Final Certification; provided,
        however,
        that
        the Trustee shall not make any determination as to whether (i) any
        endorsement is sufficient to transfer all right, title and interest of the
        party
        so endorsing, as noteholder or assignee thereof, in and to that Mortgage
        Note or
        (ii) any assignment is in recordable form or is sufficient to effect the
        assignment of and transfer to the assignee thereof under the mortgage to
        which
        the assignment relates. The Seller or Originator, as applicable, shall cure
        any
        such defect or repurchase or substitute for any such Mortgage Loan in accordance
        with this Section 2.02.

      

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

      

      (a) Upon
        its
        discovery or receipt of written notice of any materially defective document
        in,
        or that a document is missing from, a Mortgage File or of the breach by the
        related Originator of any representation, warranty or covenant under the
        related
        Purchase 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 Trustee shall promptly notify such Originator of
        such
        defect, missing document or breach and request that such Originator deliver
        such
        missing document or cure such defect or breach within 90 days from the date
        that
        the related Originator was notified of such missing document, defect or breach,
        and if such Originator does not deliver such missing document or cure such
        defect or breach in all material respects during such period, the Trustee
        shall
        enforce such Originator’s obligation under the related Purchase Agreement and
        cause such Originator to repurchase that Mortgage Loan from the Trust Fund
        at
        the Repurchase Price (as defined in the related Purchase Agreement) on or
        prior
        to the Determination Date following the expiration of such 90 day period.
        It is
        understood and agreed that the obligation of the related Originator to cure
        or
        to repurchase or to substitute for (or, with respect to any costs and damages
        incurred by the Trust Fund in connection with any violation of any
        anti-predatory or anti-abusive lending laws, indemnify 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 such Originator respecting such omission,
        defect or breach available to the Trustee on behalf of the
        Certificateholders.

      

      (b) Upon
        actual discovery or receipt of written notice that a document does not comply
        with the requirements of Section 2.01 hereof, or that a document is missing
        from, a Mortgage File or of the breach by the Seller of any representation,
        warranty or covenant under the Mortgage Loan Purchase Agreement or in
        Section 2.04 or Section 2.08 hereof in respect of any Mortgage Loan which
        materially adversely affects the value of that Mortgage Loan or the interest
        therein of the Certificateholders, the Trustee (or each Custodian on behalf
        of
        the Trustee) shall promptly notify the Seller of such noncompliance, missing
        document or breach and request that the Seller deliver such missing document
        or
        cure such noncompliance or breach within 90 days from the date that the Seller
        was notified of such missing document, noncompliance or breach, and if the
        Seller does not deliver such missing document or cure such noncompliance
        or
        breach in all material respects during such period, the Trustee shall enforce
        the Seller’s obligation under the Mortgage Loan Purchase Agreement and cause the
        Seller to repurchase that 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) below); provided,
        however,
        that, in
        connection with any such breach that could not reasonably have been cured
        within
        such 90 day period, if the Seller shall have commenced to cure such breach
        within such 90 day period, the Seller shall be permitted to proceed thereafter
        diligently and expeditiously to cure the same within the additional period
        provided under the Mortgage Loan Purchase Agreement; and, provided
        further,
        that,
        in the case of the breach of any representation, warranty or covenant made
        by
        the Seller in Section 2.04 hereof, the Seller shall be obligated to cure
        such
        breach or purchase the affected Mortgage Loans for the Purchase Price or,
        if the
        Mortgage Loan or the related Mortgaged Property acquired with respect thereto
        has been sold, then the Seller shall pay, in lieu of the Purchase Price,
        any
        excess of the Purchase Price over the Net Liquidation Proceeds received upon
        such sale. 

      
        
           

        

        
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      (c) The
        Purchase Price or Repurchase Price (as defined in the related Purchase
        Agreement) for a Mortgage Loan purchased or repurchased under this Section
        2.03
        or such other amount due shall be deposited in the Distribution Account on
        or
        prior to the next Determination Date after the Seller’s or the related
        Originator’s obligation to repurchase such Mortgage Loan arises. The Trustee,
        upon receipt of written certification from the Seller or the related Originator
        of the related deposit in the Distribution Account, shall cause the related
        Custodian to release to the Seller or the related Originator, as applicable,
        the
        related Mortgage File and shall execute and deliver such instruments of transfer
        or assignment, in each case without recourse, as the Seller or the related
        Originator, as applicable, shall furnish to it and as shall be necessary
        to vest
        in the Seller or the related Originator, as applicable, any Mortgage Loan
        released pursuant hereto and the Trustee and the related Custodian shall
        have no
        further responsibility with regard to such Mortgage File (it being understood
        that the Trustee and the related Custodian 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 Seller
        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) below. It is understood and agreed that the obligation
        of the
        Seller to cure or to repurchase or to substitute for (or, with respect to
        any
        costs and damages incurred by the Trust Fund in connection with any violation
        of
        any anti-predatory or anti-abusive lending laws, indemnify 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 Seller respecting such omission,
        defect or breach available to the Trustee on behalf of the
        Certificateholders.

      

      (d) Notwithstanding
        anything to the contrary set forth above, with respect to any breach by the
        Seller of a representation or warranty made by the Seller herein or in the
        Mortgage Loan Purchase Agreement that materially and adversely affects the
        value
        of a Mortgage Loan or the Mortgage Loans or the interest therein of the
        Certificateholders, if the Seller would not be in breach of such representation
        or warranty but for a breach by the Originator of a representation and warranty
        made by such Originator in the related Servicing Agreement, then the Originator
        thereunder, in the manner and to the extent set forth therein, and not the
        Seller, shall be required to remedy such breach. In
        addition to such repurchase or substitution obligation, the Seller shall
        indemnify the Trust Fund and hold it harmless against any losses, damages,
        penalties, fines, forfeitures, reasonable and necessary legal fees and related
        costs, judgments, and other costs and expenses resulting from any claim,
        demand,
        defense or assertion based on or grounded upon, or resulting from, a breach
        of
        the Seller’s representations and warranties contained in Section
        2.04.

      
        
           

        

        
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      The
        Trustee shall enforce the obligations of the Seller under the Mortgage Loan
        Purchase Agreement including, without limitation, any obligation of the Seller
        to purchase a Mortgage Loan on account of missing or defective documentation
        or
        on account of a breach of a representation, warranty or covenant as described
        in
        this Section 2.03(d) 

      

      (e) If
        pursuant to the provisions of Section 2.03(b), the Seller repurchases or
        otherwise removes from the Trust Fund a Mortgage Loan that is a MERS Mortgage
        Loan, the Seller shall take (or shall cause the applicable Servicer to take),
        at
        the expense of the Seller (with the cooperation of the Depositor, the Trustee
        and the Master Servicer), such actions as are necessary either (i) cause
        MERS to
        execute and deliver an Assignment of Mortgage in recordable form to transfer
        the
        Mortgage from MERS to the Seller and shall cause such Mortgage to be removed
        from registration on the MERS® System in accordance with MERS’ rules and
        regulations or (ii) cause MERS to designate on the MERS® System the Seller or
        its designee as the beneficial holder of such Mortgage Loan.

      

      (f) [Reserved]

      

      (g) Any
        substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage
        Loans
        made pursuant to Section 2.03(a) above must be effected prior to the last
        Business Day that is within two years after the Closing Date. With respect
        to
        any Deleted Mortgage Loan for which the Seller substitutes a Qualified
        Substitute Mortgage Loan or Loans, such substitution shall be effected by
        the
        Seller delivering to the related Custodian on behalf of the Trustee, for
        such
        Qualified Substitute Mortgage Loan or Loans, the Mortgage Note, the Mortgage,
        the Assignment to the Trustee, and such other documents and agreements, with
        all
        necessary endorsements thereon, as are required by Section 2.01 hereof, together
        with an Officers’ Certificate stating 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;
        provided,
        however,
        that, in
        the case of any Qualified Substitute Mortgage Loan that is a MERS Mortgage
        Loan,
        the Seller shall provide such documents and take such other action with respect
        to such Qualified Substitute Mortgage Loans as are required pursuant to Section
        2.01 hereof. The Custodians on behalf of the Trustee shall acknowledge receipt
        for such Qualified Substitute Mortgage Loan or Loans and, within five Business
        Days thereafter, shall review such documents as specified in Section 2.02
        hereof
        and deliver to the related Servicer, with respect to such Qualified Substitute
        Mortgage Loan or Loans, a certification substantially in the form attached
        hereto as Exhibit G-2, with any exceptions noted thereon. Within 180 days
        of the
        date of substitution, the Custodians on behalf of the Trustee shall deliver
        to
        the Seller and the Master Servicer a certification substantially in the form
        of
        Exhibit G-3 hereto with respect to such Qualified Substitute Mortgage Loan
        or
        Loans, with any 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 Seller. 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 Depositor or the Seller, as the
        case
        may be, shall thereafter be entitled to retain all amounts subsequently received
        in respect of such Deleted Mortgage Loan. The Seller shall give or cause
        to be
        given written 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, the Master Servicer and the
        Securities Administrator. Upon such substitution, such Qualified Substitute
        Mortgage Loan or Loans shall constitute part of the Trust Fund and shall
        be
        subject in all respects to the terms of this Agreement and, in the case of
        a
        substitution effected by the Seller, the Mortgage Loan Purchase Agreement,
        including, in the case of a substitution effected by the Seller all
        representations and warranties thereof included in the Mortgage Loan Purchase
        Agreement and all representations and warranties thereof set forth in Section
        2.04 hereof, in each case as of the date of substitution.

      
        
           

        

        
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      For
        any
        month in which the Seller substitutes one or more Qualified Substitute Mortgage
        Loans for one or more Deleted Mortgage Loans, the Seller shall determine,
        and
        provide written certification to the Trustee and the Seller as to the amount
        (each, a “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 principal balance thereof as of the date of substitution, together with
        one
        month’s interest on such principal balance at the applicable Net Loan Rate. On
        or prior to the next Determination Date after the Seller’s obligation to
        repurchase the related Deleted Mortgage Loan arises, the Seller will deliver
        or
        cause to be delivered to the Securities Administrator for deposit in the
        Distribution Account an amount equal to the related Substitution Adjustment,
        if
        any, and each Custodian, on behalf of the Trustee, upon receipt of the related
        Qualified Substitute Mortgage Loan or Loans and a written certification from
        the
        Seller of its remittance of the deposit to the Distribution Account, shall
        release to the Seller the related Mortgage File or Files and shall execute
        and
        deliver such instruments of transfer or assignment, in each case without
        recourse, as the Seller shall deliver to it and as shall be necessary to
        vest
        therein any Deleted Mortgage Loan released pursuant hereto.

      

      In
        addition, the Seller shall obtain at its own expense and deliver to the Trustee
        an Opinion of Counsel to the effect that such substitution (either specifically
        or as a class of transactions) will not cause an Adverse REMIC Event. If
        such
        Opinion of Counsel cannot be delivered, then such substitution may only be
        effected at such time as the required Opinion of Counsel can be
        given.

      

      (h) Upon
        discovery by the Seller, the Master Servicer, the Depositor or the Trustee
        that
        any Mortgage Loan does not constitute a “qualified mortgage” within the meaning
        of Section 860G(a)(3) of the Code, the party discovering such fact shall
        within
        two Business Days give written notice thereof to the other parties. In
        connection therewith, the Seller shall repurchase or, subject to the limitations
        set forth in Section 2.03(e), 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.
        Any such repurchase or substitution shall be made in the same manner as set
        forth in Section 2.03(b) above, if made by the Seller. The Trustee shall
        reconvey to the Seller the Mortgage Loan to be released pursuant hereto in
        the
        same manner, and on the same terms and conditions, as it would a Mortgage
        Loan
        repurchased for breach of a representation or warranty.

      
        
           

        

        
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      (i) Notwithstanding
        the foregoing, to the extent that any fact, condition or event with respect
        to a
        Mortgage Loan constitutes a breach of both (i) a representation or warranty
        of
        the applicable Originator under the applicable Purchase Agreement and (ii)
        a
        representation or warranty of the Seller under this Agreement, in each case,
        which materially adversely affects the value of such Mortgage Loan or the
        interest therein of the Certificateholders, the Trustee shall first request
        that
        the Originator cure such breach or repurchase such Mortgage Loan and if the
        Originator fails to cure such breach or repurchase such Mortgage Loan within
        60
        days of receipt of such request from the Trustee, the Trustee shall then
        request
        that the Seller cure such breach or repurchase such Mortgage Loans.

      

      SECTION
        2.04. Representations
        and Warranties of the Seller with Respect to the Mortgage Loans.

      

      The
        Seller hereby makes the following representations and warranties to the Trustee
        on behalf of the Certificateholders as of the Closing Date with respect to
        the
        Initial Mortgage Loans and as of the applicable Subsequent Transfer Date
        with
        respect to any Subsequent Mortgage Loan:

      

      (i) 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 at
        origination have been complied with;

      

      (ii) No
        Mortgage Loan is (a)(1) subject to the provisions of the Home Ownership and
        Equity Protection Act of 1994 as amended (“HOEPA”) or (2) has an annual
        percentage rate (“APR”) or total points and fees that are equal to or exceeds
        the HOEPA thresholds (as defined in 12 C.F.R. 226.32 (a)(1)(i) and (ii)),
        (b) a
“high cost” mortgage loan, “covered” mortgage loan, “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 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 then current Standard & Poor’s LEVELS® Glossary Revised,
        Appendix E). In addition, no Mortgage Loan originated on or after October
        1,
        2002, through March 6, 2003, is governed by the Georgia Fair Lending
        Act;

      

      (iii) With
        respect to each representation and warranty with respect to any Mortgage
        Loan
        made by the Originator in the Purchase Agreement that is made as of the related
        Closing Date (as defined in the Purchase Agreement), to the best of the Seller’s
        knowledge, no event has occurred since the related Closing Date (as defined
        in
        the Purchase Agreement) that would render such representations and warranties
        to
        be untrue in any material respect as of the Closing Date.

      
        
           

        

        
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      With
        respect to the representations and warranties in this Section 2.04 that are
        made
        to the best of the Seller’s knowledge or as to which the Seller has no
        knowledge, if it is discovered by the Depositor, the Seller, the Master Servicer
        or the Trustee that the substance of such representation and warranty is
        inaccurate and such inaccuracy materially and adversely affects the value
        of the
        related Mortgage Loan or the interest therein of the Certificateholders then,
        notwithstanding the Seller’s lack of knowledge with respect to the substance of
        such representation and warranty being inaccurate at the time the representation
        or warranty was made, such inaccuracy shall be deemed a breach of the applicable
        representation or warranty.

      

      It
        is
        understood and agreed that the representations and warranties in this Section
        2.04 shall survive delivery of the Mortgage Files to the Trustee and shall
        inure
        to the benefit of the Certificateholders notwithstanding any restrictive
        or
        qualified endorsement or assignment. Upon discovery by any of the Depositor,
        the
        Seller, the Master Servicer or the Trustee of a breach of any of the foregoing
        representations and warranties which materially and adversely affects the
        value
        of any Mortgage Loan or the interests therein of the Certificateholders,
        the
        party discovering such breach shall give prompt written notice to the other
        parties, and in no event later than two Business Days from the date of such
        discovery. It is understood and agreed that the obligations of the Seller
        set
        forth in Section 2.03(b) hereof to cure, substitute for or repurchase (or,
        with
        respect to any costs and damages incurred by the trust fund in connection
        with
        any violation of any anti-predatory or anti-abusive lending laws, indemnify
        for)
        a related Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement
        constitute the sole remedies available to the Certificateholders or to the
        Trustee on their behalf respecting a breach of the representations and
        warranties incorporated in this Section 2.04.

      

      SECTION
        2.05. [Reserved]

      

      SECTION
        2.06. Representations
        and Warranties of the Depositor.

      

      The
        Depositor represents and warrants to the Trust Fund 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 an 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 Fund 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;

      
        
           

        

        
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      (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 Fund;

      

      (iv) the
        Depositor has not transferred the Mortgage Loans to the Trustee on behalf
        of the
        Trust Fund 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 certificate 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 hereby, 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 certificate 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.

      
        
           

        

        
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      SECTION
        2.07. Issuance
        of Certificates.

      

      The
        Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
        to it or to the related Custodian of the Mortgage Files, subject to the
        provisions of Sections 2.01 and 2.02 hereof, 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 Securities Administrator, pursuant to the written request of
        the
        Depositor executed by an officer of the Depositor, has caused to be 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. Representations
        and Warranties of the Seller.

      

      The
        Seller hereby represents and warrants to the Trustee on behalf of the
        Certificateholders that, as of the Closing Date or as of such date specifically
        provided herein:

      

      (i) The
        Seller is duly organized, validly existing and in good standing and has the
        power and authority to own its assets and to transact the business in which
        it
        is currently engaged. The Seller is duly qualified to do business and is
        in good
        standing in each jurisdiction in which the character of the business transacted
        by it or properties owned or leased by it requires such qualification and
        in
        which the failure to so qualify would have a material adverse effect on (a)
        its
        business, properties, assets or condition (financial or other), (b) the
        performance of its obligations under this Agreement, or (c) the value or
        marketability of the Mortgage Loans.

      

      (ii) The
        Seller has the power and authority to make, execute, deliver and perform
        this
        Agreement and to consummate all of the transactions contemplated hereunder
        and
        has taken all necessary action to authorize the execution, delivery and
        performance of this Agreement which is part of its official records. When
        executed and delivered, this Agreement will constitute the Seller’s legal, valid
        and binding obligations enforceable in accordance with its terms, except
        as
        enforcement of such terms may be limited by (1) bankruptcy, insolvency,
        reorganization, receivership, moratorium or similar laws affecting the
        enforcement of creditors’ rights generally and the rights of creditors of
        federally insured financial institutions and by the availability of equitable
        remedies, (2) general equity principles (regardless of whether such enforcement
        is considered in a proceeding in equity or at law) or (3) public policy
        considerations underlying the securities laws, to the extent that such policy
        considerations limit the enforceability of the provisions of this Agreement
        which purport to provide indemnification from securities laws
        liabilities.

      
        
           

        

        
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      (iii) The
        Seller holds all necessary licenses, certificates and permits from all
        governmental authorities necessary for conducting its business as it is
        currently conducted. It is not required to obtain the consent of any other
        party
        or any consent, license, approval or authorization from, or registration
        or
        declaration with, any governmental authority, bureau or agency in connection
        with the execution, delivery, performance, validity or enforceability of
        this
        Agreement, except for such consents, licenses, approvals or authorizations,
        or
        registrations or declarations as shall have been obtained or filed, as the
        case
        may be, prior to the Closing Date.

      

      (iv) The
        execution, delivery and performance of this Agreement by the Seller will
        not
        conflict with or result in a breach of, or constitute a default under, any
        provision of any existing law or regulation or any order or decree of any
        court
        applicable to the Seller or any of its properties or any provision of its
        articles of incorporation, charter or by-laws, or constitute a material breach
        of, or result in the creation or imposition of any lien, charge or encumbrance
        upon any of its properties pursuant to any mortgage, indenture, contract
        or
        other agreement to which it is a party or by which it may be bound.

      

      (v) No
        certificate of an officer, written statement or written report delivered
        pursuant to the terms hereof of the Seller contains any untrue statement
        of a
        material fact or omits to state any material fact necessary to make the
        certificate, statement or report not misleading.

      

      (vi) The
        transactions contemplated by this Agreement are in the ordinary course of
        the
        Seller’s business.

      

      (vii) The
        Seller is not insolvent, nor will the Seller be made insolvent by the transfer
        of the Mortgage Loans to the Depositor, nor is the Seller aware of any pending
        insolvency of the Seller.

      

      (viii) The
        Seller is not in violation of, and the execution and delivery of this Agreement
        by the Seller and its performance and compliance with the terms of this
        Agreement will not constitute a violation with respect to, any order or decree
        of any court, or any order or regulation of any federal, state, municipal
        or
        governmental agency having jurisdiction, which violation would materially
        and
        adversely affect the Seller’s financial condition (financial or otherwise) or
        operations, or materially and adversely affect the performance of any of
        its
        duties hereunder.

      

      (ix) There
        are
        no actions or proceedings against the Seller, or pending or, to its knowledge,
        threatened, before any court, administrative agency or other tribunal; nor,
        to
        the Seller’s knowledge, are there any investigations (i) that, if determined
        adversely, would prohibit the Seller from entering into this Agreement, (ii)
        seeking to prevent the consummation of any of the transactions contemplated
        by
        this Agreement or (iii) that, if determined adversely, would prohibit or
        materially and adversely affect the Seller’s ability to perform any of its
        respective obligations under, or the validity or enforceability of, this
        Agreement.

      
        
           

        

        
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      (x) The
        Seller did not transfer the Mortgage Loans to the Depositor with any intent
        to
        hinder, delay or defraud any of its creditors.

      

      (xi) The
        Seller acquired title to the Mortgage Loans in good faith, without notice
        of any
        adverse claims.

      

      (xii) The
        transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by
        the Seller to the Depositor are not subject to the bulk transfer laws or
        any
        similar statutory provisions in effect in any applicable
        jurisdiction.

      

      SECTION
        2.09. Covenants
        of the Seller. 

      

      The
        Seller hereby covenants that, except for the transfer hereunder, the Seller
        will
        not sell, pledge, assign or transfer to any other Person, or grant, create,
        incur, assume or suffer to exist any lien on any Mortgage Loan, or any interest
        therein; the Seller will notify the Trustee, as assignee of the Depositor,
        and
        the Master Servicer of the existence of any lien on any Mortgage Loan
        immediately upon discovery thereof, and the Seller will defend the right,
        title
        and interest of the Trustee, as assignee of the Depositor, in, to and under
        the
        Mortgage Loans, against all claims of third parties claiming through or under
        the Seller; provided,
        however,
        that
        nothing in this Section 2.09 shall prevent or be deemed to prohibit the Seller
        from suffering to exist upon any of the Mortgage Loans any liens for municipal
        or other local taxes and other governmental charges if such taxes or
        governmental charges shall not at the time be due and payable or if the Seller
        shall currently be contesting the validity thereof in good faith by appropriate
        proceedings and shall have set aside on its books adequate reserves with
        respect
        thereto. The Seller shall, within 30 days after the Closing Date, provide
        the
        Master Servicer, the Securities Administrator, Trustee, the Servicers and
        the
        Depositor a complete list of each party to the RBSGC Mortgage Loan Trust
        2007-B
        transaction. 

      

      ARTICLE
        III

       

      ADMINISTRATION
        AND MASTER SERVICING OF THE MORTGAGE LOANS

      

      SECTION
        3.01. Master
        Servicer to Service and Administer the Mortgage Loans.

      

      The
        Master Servicer shall supervise, monitor and oversee the obligation of the
        Servicers to service and administer their respective Mortgage Loans in
        accordance with the terms of the applicable Servicing Agreement and shall
        have
        full power and authority to do any and all things which it may deem necessary
        or
        desirable in connection with such master servicing and administration. In
        performing its obligations hereunder, the Master Servicer shall act in a
        manner
        consistent with Accepted Master Servicing Practices. Furthermore, the Master
        Servicer shall oversee and consult with each Servicer as necessary from
        time-to-time to carry out the Master Servicer’s obligations hereunder, shall
        receive, review and evaluate all reports, information and other data provided
        to
        the Master Servicer by each Servicer and shall cause each Servicer to perform
        and observe the covenants, obligations and conditions to be performed or
        observed by such Servicer under the applicable Servicing Agreement. The Master
        Servicer shall independently and separately monitor each Servicer’s servicing
        activities with respect to each related Mortgage Loan, reconcile the results
        of
        such monitoring with such information provided in the previous sentence on
        a
        monthly basis and coordinate corrective adjustments to the Servicers’ and Master
        Servicer’s records, and provide such reconciled and corrected information to the
        Securities Administrator to enable it to prepare the statements specified
        in
        Section 5.04 and any other information and statements required of the Securities
        Administrator hereunder.

      
        
           

        

        
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      The
        Trustee shall furnish the Servicers and the Master Servicer with any limited
        powers of attorney and other documents in form acceptable to the Trustee,
        necessary or appropriate to enable the Servicers and the Master Servicer
        to
        service and administer the related Mortgage Loans and REO Property, which
        limited powers of attorney shall provide that the Trustee will not be liable
        for
        the actions or omissions of the Servicers or Master Servicer in exercising
        such
        powers. 

      

      The
        Master Servicer shall not without the Trustee’s written consent (i) initiate any
        action, suit or proceeding solely under the Trustee’s name without indicating
        the Master Servicer’s representative capacity or (ii) take any action with the
        intent to cause, and which actually does cause, the Trustee to be registered
        to
        do business in any state. The Master Servicer shall indemnify the Trustee
        for
        any and all costs, liabilities and expenses incurred by the Trustee in
        connection with the negligent or willful misuse of such powers of attorney
        by
        the Master Servicer.

      

      The
        Trustee shall provide access to the records and documentation in possession
        of
        the Trustee (including in its capacity as a Custodian hereunder) regarding
        the
        related Mortgage Loans and REO Property and the servicing thereof to the
        Certificateholders, the FDIC, and the supervisory agents and examiners of
        the
        FDIC, such access being afforded only upon reasonable prior written request
        and
        during normal business hours at the office of the Trustee; provided,
        however,
        that,
        unless otherwise required by law, the Trustee shall not be required to provide
        access to such records and documentation if the provision thereof would violate
        the legal right to privacy of any Mortgagor. The Trustee shall allow
        representatives of the above entities to photocopy any of the records and
        documentation and shall provide equipment for that purpose at a charge that
        covers the Trustee’s actual costs.

      

      The
        Trustee, upon written request of the related Servicer or the Master Servicer,
        as
        applicable, shall execute and deliver to the related Servicer and the Master
        Servicer any court pleadings, requests for trustee’s sale or other documents
        necessary or desirable to (i) the foreclosure or trustee’s sale with respect to
        a Mortgaged Property; (ii) any legal action brought to obtain judgment against
        any Mortgagor on the Mortgage Note or Mortgage; (iii) obtain a deficiency
        judgment against the Mortgagor; or (iv) enforce any other rights or remedies
        provided by the Mortgage Note or Mortgage or otherwise available at law or
        equity. 

      

      SECTION
        3.02. REMIC-Related
        Covenants. 

      

      For
        as
        long as each REMIC created hereunder shall exist, the Trustee and the Securities
        Administrator shall act in accordance herewith to treat each such REMIC as
        a
        REMIC, and the Trustee and the Securities Administrator shall comply with
        any
        directions of the Depositor, the related Servicer or the Master Servicer
        to
        assure such continuing treatment. In particular, the Trustee, the Securities
        Administrator and the Master Servicer shall not (a) sell or knowingly permit
        the
        sale of all or any portion of the Mortgage Loans or of any investment of
        deposits in an Account unless such sale is as a result of a repurchase of
        the
        Mortgage Loans or is otherwise permitted pursuant to this Agreement or any
        Servicing Agreement or the Trustee has received a REMIC Opinion prepared
        at the
        expense of the Trust Fund; and (b) other than with respect to a substitution
        pursuant to the Mortgage Loan Purchase Agreement or Section 2.03 or 2.04
        of this
        Agreement or as otherwise provided in this Agreement or any Servicing Agreement,
        as applicable, accept any contribution to any REMIC after the Startup Day
        without receipt of a REMIC Opinion.

      
        
           

        

        
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      SECTION
        3.03. Monitoring
        of Servicers.

      

      (a) The
        Master Servicer shall be responsible for reporting to the Trustee (on behalf
        of
        the Trust Fund) and the Depositor the compliance by each Servicer with its
        duties under the related Servicing Agreement. In the review of each Servicer’s
        activities, the Master Servicer may rely upon an officer’s certificate of the
        Servicer with regard to such Servicer’s compliance with the terms of its
        Servicing Agreement. In the event that the Master Servicer, in its judgment,
        determines that a Servicer should be terminated in accordance with its Servicing
        Agreement, or that a notice should be sent pursuant to such Servicing Agreement
        with respect to the occurrence of an event that, unless cured, would constitute
        grounds for such termination, the Master Servicer shall notify the Depositor
        and
        the Trustee thereof, and the Master Servicer shall issue such notice or take
        such other action as it deems appropriate with Section 3.03(b)
        below.

      

      (b) The
        Master Servicer, for the benefit of the Trust Fund and the Certificateholders,
        shall (acting as agent of the Trust Fund when enforcing the Trust Fund’s rights
        under each Servicing Agreement) (i) enforce the obligations of each Servicer
        under the related Servicing Agreement, and (ii) in the event that a Servicer
        fails to perform its obligations in accordance with the related Servicing
        Agreement, subject to the preceding paragraph, terminate the rights and
        obligations of such Servicer thereunder and act as servicer of the related
        Mortgage Loans or enter into a new Servicing Agreement with a successor Servicer
        selected by the Master Servicer which the Master Servicer shall cause the
        Trustee to acknowledge; provided,
        however,
        it is
        understood and acknowledged by the parties hereto that there will be a period
        of
        transition (not to exceed 90 days) before the actual servicing functions
        can be
        fully transferred to such successor Servicer. Such enforcement, including,
        without limitation, the legal prosecution of claims, termination of 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 Master Servicer,
        in
        its good faith business judgment, would require were it the owner of the
        related
        Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
        at
        its own expense except as provided below, provided
        that the
        Master Servicer shall not be required to prosecute or defend any legal action
        except to the extent that the Master Servicer shall have received reasonable
        indemnity for its costs and expenses in pursuing such action from the Trust
        Fund.

      

      (c) To
        the
        extent that the costs and expenses of the Master Servicer related to any
        termination of a Servicer, appointment of a successor Servicer or the transfer
        and assumption of servicing by the Master Servicer or a successor Servicer
        with
        respect to any Servicing Agreement (including, without limitation, (i) all
        reasonable legal costs and expenses and all due diligence costs and expenses
        associated with an evaluation of the potential termination of the Servicer
        as a
        result of an event of default by such Servicer and (ii) all reasonable costs
        and
        expenses associated with the complete transfer of servicing, including all
        servicing files and all servicing data and the completion, correction or
        manipulation of such servicing data as may be required by the successor servicer
        to correct any errors or insufficiencies in the servicing data or otherwise
        to
        enable the successor servicer to service the Mortgage Loans in accordance
        with
        the related Servicing Agreement) are not fully and timely reimbursed by the
        terminated Servicer, the Master Servicer shall be entitled to reimbursement
        of
        such reasonable costs and expenses from the Distribution Account.

      
        
           

        

        
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      (d) The
        Master Servicer shall require each Servicer to comply with the remittance
        requirements and other obligations set forth in the related Servicing
        Agreement.

      

      (e) If
        the
        Master Servicer acts as Servicer, it will not assume liability for the
        representations and warranties of the predecessor Servicer, if any, that
        it
        replaces or for any errors, acts or omissions of such predecessor Servicer
        occurring prior to the termination of such Servicer; provided,
        however,
        the
        Master Servicer shall not be relieved of its liability, if any, as Master
        Servicer under this Section 3.03(e).

      

      SECTION
        3.04. Fidelity
        Bond.

      

      (a) The
        Master Servicer, at its expense, shall maintain in effect a blanket fidelity
        bond and an errors and omissions insurance policy, affording coverage with
        respect to all directors, officers, employees and other Persons acting on
        such
        Master Servicer’s behalf, and covering errors and omissions in the performance
        of the Master Servicer’s obligations hereunder. The errors and omissions
        insurance policy and the fidelity bond shall be in such form and amount
        generally acceptable for entities serving as master servicers or trustees.
        The
        Master Servicer shall provide the Trustee a copy of such policy and fidelity
        bond upon request.

      

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

      
        
           

        

        
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      SECTION
        3.05. Power
        to Act; Procedures.

      

      The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article X hereof, to do any and all things that it may deem necessary or
        desirable in connection with the master servicing and administration of the
        Mortgage Loans, including but not limited to the power and authority (i)
        to
        execute and deliver, on behalf of the Certificateholders, the Trust Fund
        and the
        Trustee, customary consents or waivers and other instruments and documents,
        (ii)
        to consent to transfers of any Mortgaged Property and assumptions of the
        Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds,
        Liquidation Proceeds and Recoveries and (iv) to effectuate, in its own name,
        on
        behalf the Trust Fund, or in the name of the Trust Fund, foreclosure or other
        conversion of the ownership of the Mortgaged Property securing any Mortgage
        Loan, in each case, in accordance with the provisions of this Agreement and
        the
        Servicing Agreements, as applicable; provided,
        however,
        that
        the Master Servicer shall not (and, consistent with its responsibilities
        under
        Section 3.03, shall not permit any Servicer to) knowingly or intentionally
        take
        any action, or fail to take (or fail to cause to be taken) any action reasonably
        within its control and the scope of duties more specifically set forth herein,
        that, under the REMIC Provisions, if taken or not taken, as the case may
        be,
        would result in an Adverse REMIC Event unless the Master Servicer has received
        an Opinion of Counsel (but not at the expense of the Master Servicer) to
        the
        effect that the contemplated action will not result in an Adverse REMIC Event.
        The Trustee shall furnish the Master Servicer, upon written request from
        a
        Servicing Officer, with any limited powers of attorney empowering the Master
        Servicer or any Servicer to execute and deliver instruments of satisfaction
        or
        cancellation, or of partial or full release or discharge, and to foreclose
        upon
        or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend
        in
        any court action relating to the Mortgage Loans or the Mortgaged Property,
        in
        accordance with the Servicing Agreements and this Agreement, and the Trustee
        shall execute and deliver such other documents, as the Master Servicer may
        request, to enable the Master Servicer to master service and administer the
        Mortgage Loans and carry out its duties hereunder, in each case in accordance
        with Accepted Master Servicing Practices (and the Trustee shall have no
        liability for misuse of any such powers of attorney by the Master Servicer
        or
        any Servicer). In instituting foreclosures or similar proceedings, the Master
        Servicer shall institute such proceedings either in its own name on behalf
        of
        the Trust Fund or in the name of the Trust Fund (or cause a Servicer, pursuant
        to the related Servicing Agreement, to institute such proceedings either
        in the
        name of the Servicer on behalf of the Trust, or in the name of the Trust
        Fund),
        unless otherwise required by law or otherwise appropriate. If the Master
        Servicer or the Trustee has been advised that it is likely that the laws
        of the
        state in which action is to be taken prohibit such action if taken in the
        name
        of the Trust Fund or the Trustee on its behalf or that the Trust Fund or
        the
        Trustee, as applicable, would be adversely affected under the “doing business”
or tax laws of such state if such action is taken in its name, the Master
        Servicer shall join with the Trustee, on behalf of the Trust Fund, in the
        appointment of a co-trustee pursuant to Section 8.10 hereof. In the performance
        of its duties hereunder, the Master Servicer shall be an independent contractor
        and shall not, except in those instances where it is taking action in the
        name
        of the Trustee, be deemed to be the agent of the Trustee on behalf of the
        Trust
        Fund.

      
        
           

        

        
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      SECTION
        3.06. Due-on-Sale
        Clauses; Assumption Agreements.

      

      To
        the
        extent provided in the applicable Servicing Agreement and to the extent Mortgage
        Loans contain enforceable due-on-sale clauses, the Master Servicer shall
        cause
        the Servicers to enforce such clauses in accordance with the applicable
        Servicing Agreement. If applicable law prohibits the enforcement of a
        due-on-sale clause or such clause is otherwise not enforced in accordance
        with
        the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
        is
        assumed, the original Mortgagor may be released from liability in accordance
        with the applicable Servicing Agreement.

      

      SECTION
        3.07. Release
        of Mortgage Files.

      

      (a) Upon
        becoming aware of the payment in full of any Mortgage Loan, or the receipt
        by
        any Servicer of a notification that payment in full has been escrowed in
        a
        manner customary for such purposes for payment to Certificateholders on the
        next
        Distribution Date, the applicable Servicer will, if required under the related
        Servicing Agreement, promptly furnish to the applicable Custodian, on behalf
        of
        the Trustee, two copies of a certification substantially in the form of Exhibit
        F hereto signed by a Servicing Officer or in a mutually agreeable electronic
        format which will, in lieu of a signature on its face, originate from a
        Servicing Officer (which certification shall include a statement to the effect
        that all amounts received in connection with such payment that are required
        to
        be deposited in the related Servicing Account maintained by the applicable
        Servicer pursuant to Section 4.01 or by the applicable Servicer pursuant
        to its
        Servicing Agreement have been or will be so deposited) and shall request
        that
        the Trustee (or the related Custodian, on behalf of the Trustee) deliver
        to the
        applicable Servicer the related Mortgage File. Upon receipt of such
        certification and request, the Trustee (or the applicable Custodian, on behalf
        of the Trustee), shall promptly release the related Mortgage File to the
        applicable Servicer and the Trustee (and the Custodians) shall have no further
        responsibility with regard to such Mortgage File. Upon any such payment in
        full,
        each Servicer is authorized, to give, as agent for the Trustee, as the mortgagee
        under the Mortgage that secured the Mortgage Loan, an instrument of satisfaction
        (or assignment of mortgage without recourse) regarding the Mortgaged Property
        subject to the Mortgage, which instrument of satisfaction or assignment,
        as the
        case may be, shall be delivered to the Person or Persons entitled thereto
        against receipt therefor of such payment, it being understood and agreed
        that no
        expenses incurred in connection with such instrument of satisfaction or
        assignment, as the case may be, shall be chargeable to the related Servicing
        Account.

      

      (b) From
        time
        to time and as appropriate for the servicing or foreclosure of any Mortgage
        Loan
        and in accordance with the applicable Servicing Agreement, the Trustee shall
        execute such documents as shall be prepared and furnished to the Trustee
        by a
        Servicer or the Master Servicer (in form reasonably acceptable to the Trustee)
        and as are necessary to the prosecution of any such proceedings. The Trustee
        (or
        the related Custodian, on behalf of the Trustee), shall, upon the request
        of a
        Servicer or the Master Servicer, and upon delivery to the Trustee (or the
        related Custodian, on behalf of the Trustee) of two copies of a request for
        release signed by a Servicing Officer substantially in the form of Exhibit
        F (or
        in a mutually agreeable electronic format which will, in lieu of a signature
        on
        its face, originate from a Servicing Officer), release the related Mortgage
        File
        held in its possession or control to the Servicer or the Master Servicer,
        as
        applicable. Such trust receipt shall obligate the Servicer or the Master
        Servicer to return the Mortgage File to the Trustee (or the related Custodian
        on
        behalf of the Trustee) when the need therefor by the Servicer or the Master
        Servicer no longer exists unless the Mortgage Loan shall be liquidated, in
        which
        case, upon receipt of a certificate of a Servicing Officer similar to that
        hereinabove specified, the Mortgage File shall be released by the Trustee
        (or
        the related Custodian, on behalf of the Trustee), to the Servicer or the
        Master
        Servicer.

      
        
           

        

        
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      SECTION
        3.08. Documents,
        Records and Funds in Possession of Master Servicer to be Held for Trust
        Fund.

      

      (a) The
        Master Servicer shall transmit and each Servicer (to the extent required
        by the
        related Servicing Agreement) shall transmit to the Trustee (or applicable
        Custodian) such documents and instruments coming into the possession of the
        Master Servicer or such Servicer from time to time as are required by the
        terms
        hereof or, in the case of the Servicers, by the applicable Servicing Agreement,
        to be delivered to the Trustee (or applicable Custodian). Any funds received
        by
        the Master Servicer or by a Servicer in respect of any Mortgage Loan or which
        otherwise are collected by the Master Servicer or by a Servicer as Liquidation
        Proceeds, Insurance Proceeds or Recoveries in respect of any Mortgage Loan
        shall
        be held for the benefit of the Trust Fund and the Certificateholders, subject
        to
        the Master Servicer’s right to retain or withdraw from the Distribution Account
        the Master Servicing Fee, any additional compensation due and owing to the
        Master Servicer pursuant to Section 3.14 and any other amounts provided in
        this
        Agreement, and to the right of each Servicer to retain its Servicing Fee
        and any
        other amounts as provided in the applicable Servicing Agreement. The Master
        Servicer shall, and (to the extent provided in the applicable Servicing
        Agreement) shall cause each Servicer to, provide access to information and
        documentation regarding the Mortgage Loans to the Trustee, its agents and
        accountants at any time upon reasonable request and during normal business
        hours, and to Certificateholders that are savings and loan associations,
        banks
        or insurance companies, the Office of Thrift Supervision, the FDIC and the
        supervisory agents and examiners of such Office and Corporation or examiners
        of
        any other federal or state banking or insurance regulatory authority if so
        required by applicable regulations of the Office of Thrift Supervision or
        other
        regulatory authority, such access to be afforded without charge but only
        upon
        reasonable request in writing and during normal business hours at the offices
        of
        the Master Servicer designated by it. In fulfilling such a request the Master
        Servicer shall not be responsible for determining the sufficiency of such
        information.

      

      (b) All
        Mortgage Files and funds collected or held by, or under the control of, the
        Master Servicer, in respect of any Mortgage Loans, whether from the collection
        of principal and interest payments or from Liquidation Proceeds, Insurance
        Proceeds or Recoveries, shall be held by the Master Servicer for and on behalf
        of the Trust Fund and the Certificateholders and shall be and remain the
        sole
        and exclusive property of the Trust Fund; provided,
        however,
        that
        the Master Servicer and each Servicer shall be entitled to setoff against,
        and
        deduct from, any such funds any amounts that are properly due and payable
        to the
        Master Servicer or such Servicer under this Agreement or the applicable
        Servicing Agreement.

      
        
           

        

        
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      SECTION
        3.09. Standard
        Hazard Insurance and Flood Insurance Policies.

      

      (a) For
        each
        Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
        enforce
        any obligation of the Servicers under the related Servicing Agreements to
        maintain or cause to be maintained standard fire and casualty insurance and,
        where applicable, flood insurance, all in accordance with the provisions
        of the
        related Servicing Agreements. It is understood and agreed that such insurance
        shall be with insurers meeting the eligibility requirements set forth in
        the
        applicable Servicing Agreement and that no earthquake or other additional
        insurance is to be required of any Mortgagor or to be maintained on property
        acquired in respect of a defaulted loan, other than pursuant to such applicable
        laws and regulations as shall at any time be in force and as shall require
        such
        additional insurance.

      

      (b) Pursuant
        to Sections 4.01 and 4.02, any amounts collected by any Servicer or the Master
        Servicer under any insurance policies (other than amounts to be applied to
        the
        restoration or repair of the property subject to the related Mortgage or
        released to the Mortgagor in accordance with the applicable Servicing Agreement)
        shall be deposited into the Distribution Account, subject to withdrawal pursuant
        to Sections 4.02 and 4.03. Any cost incurred by the Master Servicer or any
        Servicer in maintaining any such insurance if the Mortgagor defaults in its
        obligation to do so shall be added to the amount owing under the Mortgage
        Loan
        where the terms of the Mortgage Loan so permit; provided,
        however,
        that
        the addition of any such cost shall not be taken into account for purposes
        of
        calculating the distributions to be made to Certificateholders and shall
        be
        recoverable by the Master Servicer or such Servicer pursuant to Sections
        4.02
        and 4.03.

      

      SECTION
        3.10. Presentment
        of Claims and Collection of Proceeds.

      

      The
        Master Servicer shall (to the extent provided in the applicable Servicing
        Agreement) cause the related Servicer to prepare and present on behalf of
        the
        Trustee, the Trust Fund and the Certificateholders all claims under the
        Insurance Policies and take such actions (including the negotiation, settlement,
        compromise or enforcement of the insured’s claim) as shall be necessary to
        realize recovery under such policies. Any proceeds disbursed to the Master
        Servicer (or disbursed to a Servicer and remitted to the Master Servicer)
        in
        respect of such policies, bonds or contracts shall be promptly deposited
        in the
        Distribution Account upon receipt, except that any amounts realized that
        are to
        be applied to the repair or restoration of the related Mortgaged Property
        as a
        condition precedent to the presentation of claims on the related Mortgage
        Loan
        to the insurer under any applicable Insurance Policy need not be so deposited
        (or remitted).

      

      SECTION
        3.11. [Reserved]

      

      SECTION
        3.12. Trustee
        to Retain Possession of Certain Insurance Policies and
        Documents.

      

      The
        Trustee (or the applicable Custodian, as directed by the Trustee), shall
        retain
        possession and custody of the originals (to the extent available) of any
        certificate of insurance if applicable and available, and any certificates
        of
        renewal as to the foregoing as may be issued from time to time as contemplated
        by this Agreement and which come into its possession. Until all amounts
        distributable in respect of the Certificates have been distributed in full
        and
        the Master Servicer otherwise has fulfilled its obligations under this
        Agreement, the Trustee (or its Custodian, if any, as directed by the Trustee)
        shall also retain possession and custody of each Mortgage File in accordance
        with and subject to the terms and conditions of this Agreement. The Master
        Servicer shall promptly deliver or cause to be delivered to the Trustee (or
        the
        applicable Custodian, as directed by the Trustee), upon the execution or
        receipt
        thereof the originals of any certificates of insurance, any certificates
        of
        renewal, and such other documents or instruments that constitute portions
        of the
        Mortgage File that come into the possession of the Master Servicer from time
        to
        time.

      
        
           

        

        
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      SECTION
        3.13. Realization
        Upon Defaulted Mortgage Loans.

      

      The
        Master Servicer shall cause each Servicer (to the extent required under the
        related Servicing Agreement) to foreclose upon, repossess or otherwise
        comparably convert the ownership of Mortgaged 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,
        all
        in accordance with the applicable Servicing Agreement.

      

      SECTION
        3.14. Additional
        Compensation to the Master Servicer. 

      

      The
        Master Servicer shall be entitled to receive the Master Servicing Fee and,
        pursuant to Section 4.02(c), certain income and gain realized from any
        investment of funds in the Distribution Account shall be for the benefit
        of the
        Master Servicer as additional compensation. Servicing compensation in the
        form
        of assumption fees, if any, late payment charges, as collected, if any, or
        otherwise (but, unless otherwise specifically permitted in the applicable
        Servicing Agreement, not including any Prepayment Penalty Amounts) shall
        be
        retained by the applicable Servicer, or the Master Servicer, and shall not
        be
        deposited in the related Servicing Account or the Distribution
        Account. The
        Master Servicer shall be required to pay all expenses incurred by it in
        connection with its activities hereunder and shall not be entitled to
        reimbursement therefor except as provided in this Agreement. The amount of
        the
        aggregate compensation payable as set forth in this Section 3.14 plus the
        Master
        Servicing Fee due to the Master Servicer in respect of any Distribution Date
        shall be reduced in accordance with Section 5.06.

      

      SECTION
        3.15. REO
        Property.

      

      (a) In
        the
        event the Trust Fund (or the Trustee, on behalf of the Trust), acquires
        ownership of any REO Property in respect of any related Mortgage Loan, the
        deed
        or certificate of sale shall be issued to the Trust Fund, or if required
        under
        applicable law, to the Trustee, or to its nominee, on behalf of the Trust
        Fund.
        The Master Servicer shall, to the extent provided in the applicable Servicing
        Agreement, cause the applicable Servicer to sell any REO Property as
        expeditiously as possible (and in no event later than three years after
        acquisition) and in accordance with the provisions of this Agreement and
        the
        related Servicing Agreement, as applicable. Pursuant to its efforts to sell
        such
        REO Property, the Master Servicer shall cause the applicable Servicer to
        protect
        and conserve such REO Property in the manner and to the extent required by
        the
        applicable Servicing Agreement, in accordance with the REMIC Provisions and
        in a
        manner that does not result in a tax on “net income from foreclosure property”
or cause such REO Property to fail to qualify as “foreclosure property” within
        the meaning of Section 860G(a)(8) of the Code.

      
        
           

        

        
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      (b) The
        Master Servicer shall, to the extent required by the related Servicing
        Agreement, cause the applicable Servicer to deposit all funds collected and
        received in connection with the operation of any REO Property in the related
        Servicing Account.

      

      (c) The
        Master Servicer and the applicable Servicer, upon the final disposition of
        any
        REO Property, shall be entitled to reimbursement for any related unreimbursed
        Advances and other unreimbursed advances as well as any unpaid Servicing
        Fees
        from Liquidation Proceeds received in connection with the final disposition
        of
        such REO Property; provided
        that any
        such unreimbursed Advances as well as any unpaid Servicing Fees may be
        reimbursed or paid, as the case may be, prior to final disposition, out of
        any
        net rental income or other net amounts derived from such REO
        Property.

      

      (d) To
        the
        extent provided in the related Servicing Agreement, the Liquidation Proceeds
        from the final disposition of the REO Property, net of any payment to the
        Master
        Servicer and the applicable Servicer as provided above shall be deposited
        in the
        related Servicing Account on or prior to the applicable Determination Date
        in
        the month following receipt thereof and be remitted by wire transfer in
        immediately available funds to the Master Servicer for deposit into the
        Distribution Account on the next succeeding Servicer Remittance
        Date.

      

      SECTION
        3.16. Assessments
        of Compliance and Attestation Reports.

      

      (a) Assessments
        of Compliance.

      

      (i) By
        March
        10 (with a 5 calendar day cure period) of each year, commencing in March
        2008,
        the Master Servicer, the Securities Administrator and the Trustee, in its
        capacity as a Custodian, each at its own expense, shall furnish, and each
        such
        party shall cause any Servicing Function Participant engaged by it to furnish
        or
        otherwise make available, each at its own expense, to the Securities
        Administrator and the Depositor (provided
        that the
        Master Servicer shall furnish copies of each such report received by it from
        the
        Servicers to the Depositor), a report on an assessment of compliance with
        the
        Relevant Servicing Criteria that contains (A) a statement by such party of
        its
        responsibility for assessing compliance with the Relevant Servicing Criteria,
        (B) a statement that such party used the Servicing Criteria to assess compliance
        with the Relevant Servicing Criteria, (C) such party’s assessment of compliance
        with the Relevant Servicing Criteria as of and for the fiscal year covered
        by
        the Form 10-K required to be filed pursuant to Section 3.19(b) and for each
        fiscal year thereafter, whether or not a Form 10-K is required to be filed,
        including, if there has been any material instance of noncompliance with
        the
        Relevant Servicing Criteria, a discussion of each such failure and the nature
        and status thereof, and (D) a statement that a registered public accounting
        firm
        has issued an attestation report on such party’s assessment of compliance with
        the Relevant Servicing Criteria as of and for such period. 

      
        
           

        

        
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      (ii) No
        later
        than the end of each fiscal year for the Trust Fund for which a Form 10-K
        is
        required to be filed, the Master Servicer and the Trustee, in its capacity
        as a
        Custodian, shall each forward to the Securities Administrator and the Depositor
        the name of each Servicing Function Participant engaged by it and what Relevant
        Servicing Criteria will be addressed in the report on assessment of compliance
        prepared by such Servicing Function Participant (provided,
        however,
        that
        the Master Servicer need not provide such information to the Securities
        Administrator so long as the Master Servicer and Securities Administrator
        are
        the same Person). When the Master Servicer, the Trustee, in its capacity
        as a
        Custodian, and the Securities Administrator (or any Servicing Function
        Participant engaged by them) submit their assessments to the Securities
        Administrator, such parties will also at such time include the assessment
        (and
        attestation pursuant to subsection (b) of this Section 3.16) of each Servicing
        Function Participant engaged by it.

      

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

      

      (iv) The
        Master Servicer shall include all annual reports on assessment of compliance
        received by it from each Servicer (or the Subservicer on its behalf) with
        its
        own assessment of compliance to be submitted to the Securities Administrator
        pursuant to this Section.

      

      (v) In
        the
        event the Master Servicer, the Securities Administrator, the Trustee, in
        its
        capacity as a Custodian, or any Servicing Function Participant engaged by
        such
        party is terminated, assigns its rights and obligations under or resigns
        pursuant to the terms of this Agreement, or any other applicable agreement,
        as
        the case may be, such party shall provide a report on assessment of compliance
        pursuant to this Section 3.16(a) or to such other applicable agreement with
        respect to the period of time it was subject to this Agreement or any applicable
        subservicing agreement, notwithstanding any such termination, assignment
        or
        resignation.

      

      (b) Attestation
        Reports.

      

      (i) By
        March
        10 (with a 5 calendar day cure period) of each year, commencing in March
        2008,
        the Master Servicer, the Securities Administrator and the Trustee, in its
        capacity as a Custodian, each at its own expense, shall cause, and each such
        party shall cause any Servicing Function Participant engaged by it to cause,
        each at its own expense, a registered public accounting firm (which may also
        render other services to the Master Servicer and the Trustee, in its capacity
        as
        a Custodian, the Securities Administrator, or such other Servicing Function
        Participants, as the case may be) and that is a member of the American Institute
        of Certified Public Accountants to furnish a report to the Securities
        Administrator and the Depositor, to the effect that (i) it has obtained a
        report
        on assessment of compliance with the Relevant Servicing Criteria from the
        management of such party, which includes an assertion that such party has
        complied with the Relevant Servicing Criteria, and (ii) on the basis of an
        examination conducted by such firm in accordance with standards for attestation
        engagements issued or adopted by the PCAOB, it is expressing an opinion as
        to
        whether such party’s compliance with the Relevant Servicing Criteria was fairly
        stated in all material respects, or it cannot express an overall opinion
        regarding such party’s assessment of compliance with the Relevant Servicing
        Criteria. In the event that an overall opinion cannot be expressed, such
        registered public accounting firm shall state in such report why it was unable
        to express such an opinion. Such report must be available for general use
        and
        not contain restricted use language. 

      
        
           

        

        
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      (ii) Promptly
        after receipt of each such assessment of compliance and attestation report
        the
        Securities Administrator shall confirm that each assessment submitted pursuant
        to subsection (a) of this Section 3.16 is coupled with an attestation meeting
        the requirements of this Section and notify the Depositor of any
        exceptions.

      

      (iii) The
        Master Servicer shall include each such attestation furnished to it by the
        Servicer with its own attestation to be submitted to the Securities
        Administrator pursuant to this Section. 

      

      (iv) In
        the
        event the Master Servicer, the Securities Administrator, the Trustee, in
        its
        capacity as a Custodian, a Servicer or any Servicing Function Participant
        engaged by such party is terminated, assigns its rights and duties under
        or
        resigns pursuant to the terms of this Agreement, or any applicable custodial
        agreement, servicing agreement or subservicing agreement, as the case may
        be,
        such party shall cause a registered public accounting firm to provide an
        attestation pursuant to this Section 3.16(b) with respect to the period of
        time
        it was subject to this Agreement or any applicable subservicing agreement,
        notwithstanding any such termination, assignment or resignation.

      

      (v) The
        Trustee’s obligation in its capacity as a Custodian to provide assessments of
        compliance and attestations under this Section 3.16 shall terminate upon
        the
        filing of a Form 15 suspension notice on behalf of the Trust Fund.
        Notwithstanding the foregoing, after the occurrence of such event, and
provided
        that the
        Depositor is not otherwise provided with such reports or copies of such reports,
        the Master Servicer and the Securities Administrator shall be obligated to
        provide a copy of such reports, by March 31 of each year, to the
        Depositor.

      

      SECTION
        3.17. Annual
        Compliance Statement.

      

      The
        Master Servicer and the Securities Administrator shall deliver (and the Master
        Servicer and Securities Administrator shall cause any Servicing Function
        Participant engaged by it to deliver) to the Depositor and the Securities
        Administrator on or before March 10 (with a 5 calendar day cure period) of
        each
        year, commencing in March 2008, an Officer’s Certificate stating, as to the
        signer thereof, that (A) a review of such party’s activities during the
        preceding calendar year or portion thereof and of such party’s performance under
        this Agreement, or such other applicable agreement in the case of a Servicing
        Function Participant, has been made under such officer’s supervision and (B) to
        the best of such officer’s knowledge, based on such review, such party has
        fulfilled all its obligations under this Agreement, or such other applicable
        agreement in the case of a Servicing Function Participant, in all material
        respects throughout such year or portion thereof, or, if there has been a
        failure to fulfill any such obligation in any material respect, specifying
        each
        such failure known to such officer and the nature and status
        thereof.

      
        
           

        

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

      

      In
        the
        event the Master Servicer, the Securities Administrator or any Servicing
        Function Participant engaged by parties is terminated or resigns pursuant
        to the
        terms of this Agreement, or any applicable agreement in the case of a Servicing
        Function Participant, as the case may be, such party shall provide an Officer’s
        Certificate pursuant to this Section 3.17 with respect to the period of time
        it
        was subject to this Agreement or any other applicable agreement, as the case
        may
        be.

      

      SECTION
        3.18. Enforcement
        of Regulation AB Deliverables.

      

      If
        a
        Servicer or any Servicing Function Participant engaged by it fails to deliver
        any certifications, assessments, attestations or statements of compliance
        to the
        Securities Administrator within the time specified in the related Servicing
        Agreement, the Securities Administrator shall notify such Servicer or any
        such
        Servicing Function Participant in writing of such failure, with a copy of
        such
        notice to be delivered to the Seller and the Depositor. If at the end of
        the
        applicable cure period the applicable Servicer or any Servicing Function
        Participant has failed to deliver any of the required certifications,
        assessments, attestations or statements of compliance, the Securities
        Administrator shall notify the Seller and the Depositor of such failure to
        deliver the required certifications, assessments, attestations or statements
        of
        compliance pursuant to the related Servicing Agreement.

      

      SECTION
        3.19. Sarbanes-Oxley
        Certification.

      

      Each
        Form
        10-K shall include a Sarbanes-Oxley Certification, required to be included
        therewith pursuant to the Sarbanes-Oxley Act. The Securities Administrator
        and
        the Master Servicer shall provide, and each such party shall cause any Servicing
        Function Participant engaged by it to provide, to the Person who signs the
        Sarbanes-Oxley Certification (the “Certifying
        Person”),
        by
        March 10 (with a 5 calendar day cure period) of each year in which the Trust
        Fund is subject to the reporting requirements of the Exchange Act and otherwise
        within a reasonable period of time upon request, a certification (each, a
        “Back-Up
        Certification”)
        in the
        form of Exhibit O hereto upon which the Certifying Person, the entity for
        which
        the Certifying Person acts as an officer, and such entity’s officers, directors
        and Affiliates (collectively with the Certifying Person, “Certification
        Parties”)
        can
        reasonably rely. A senior officer of the Master Servicer in charge of the
        master
        servicing function shall serve as the Certifying Person on behalf of the
        Trust
        Fund. Such officer of the Certifying Person can be contacted by e-mail at
        cts.sec.notifications@wellsfargo.com or by facsimile at 410-715-2380. In
        the
        event any such party or any Servicing Function Participant engaged by such
        party
        is terminated or resigns pursuant to the terms of this Agreement, or any
        applicable subservicing agreement, as the case may be, such party shall provide
        a Back-Up Certification to the Certifying Person pursuant to this Section
        3.19
        with respect to the period of time it was subject to this Agreement or any
        applicable subservicing agreement, as the case may be. Notwithstanding the
        foregoing, (i) the Master Servicer and the Securities Administrator shall
        not be
        required to deliver a Back-Up Certification to each other if both are the
        same
        Person and the Master Servicer is the Certifying Person and (ii) the Master
        Servicer shall not be obligated to sign the Sarbanes-Oxley Certification
        in the
        event that it does not receive any Back-Up Certification required to be
        furnished to it pursuant to this section or any Servicing
        Agreement.

      
        
           

        

        
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      SECTION
        3.20. Reports
        Filed with Securities and Exchange Commission.

      

      The
        Securities Administrator shall reasonably cooperate with the Depositor in
        connection with the Trust Fund’s satisfying the reporting requirements under the
        Exchange Act.

      

      (a) Reports
        Filed on Form 10-D. 

      

      (i) Within
        15
        days after each Distribution Date (subject to permitted extensions under
        the
        Exchange Act), the Securities Administrator shall prepare and file on behalf
        of
        the Trust Fund any Form 10-D required by the Exchange Act, in form and substance
        as required by the Exchange Act. The Securities Administrator shall file
        each
        Form 10-D with a copy of the related Distribution Date Statement attached
        thereto. Any disclosure in addition to the Distribution Date Statement that
        is
        required to be included on Form 10-D (“Additional
        Form 10-D Disclosure”)
        shall
        be reported by the responsible parties set forth on Exhibit T to the Securities
        Administrator and Depositor and directed and approved by the Depositor pursuant
        to the following paragraph and the Securities Administrator will have no
        duty or
        liability for any failure hereunder to determine or prepare any Additional
        Form
        10-D Disclosure, except as set forth in the next paragraph.

      

      (ii) As
        set
        forth on Exhibit R hereto, within 5 calendar days after the related Distribution
        Date, (i) the parties to the RBSGC Mortgage Loan Trust 2007-B transaction
        shall
        be required to provide to the Securities Administrator, the Depositor and
        McKee
        Nelson LLP, to the extent known by a responsible officer thereof, in
        EDGAR-compatible form (which may be Word or Excel documents easily convertible
        to EDGAR format), or in such other form as otherwise agreed upon by the
        Securities Administrator and such party, the form and substance of any
        Additional Form 10-D Disclosure, if applicable, together with an Additional
        Disclosure Notification in the form of Exhibit T hereto (an “Additional
        Disclosure Notification”)
        and
        (ii) the Depositor will approve, as to form and substance, or disapprove,
        as the
        case may be, the inclusion of the Additional Form 10-D Disclosure on Form
        10-D.
        The Seller will be responsible for any reasonable fees and expenses assessed
        or
        incurred by the Securities Administrator in connection with including any
        Additional Form 10-D Disclosure in Form 10-D pursuant to this
        paragraph.

      
        
           

        

        
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      (iii) After
        preparing the Form 10-D, the Securities Administrator shall, no later than
        10
        calendar days after the Distribution Date, forward electronically a copy
        of the
        Form 10-D to the Depositor and its counsel. Within two Business Days after
        receipt of such copy, but no later than the 12th
        calendar
        day after the Distribution Date (or the next succeeding Business Day), the
        Depositor shall notify the Securities Administrator in writing of any changes
        to
        or approval of such Form 10-D. In the absence of receipt of any written changes
        or approval, the Securities Administrator shall be entitled to assume that
        such
        Form 10-D is in final form and the Securities Administrator may proceed with
        the
        execution and filing of Form 10-D. A duly authorized representative of the
        Master Servicer shall sign each Form 10-D. If a Form 10-D cannot be filed
        on
        time or if a previously filed Form 10-D needs to be amended, the Securities
        Administrator will follow the procedures set forth in subsection (d)(ii)
        of this
        Section 3.19. Promptly (but no later than 1 Business Day) after filing with
        the
        Commission, the Securities Administrator will make available on its internet
        website a final executed copy of each Form 10-D filed by the Securities
        Administrator. Each party to this Agreement acknowledges that the performance
        by
        the Master Servicer and the Securities Administrator of their respective
        duties
        under this Section 3.19(a) related to the timely preparation, execution and
        filing of Form 10-D is contingent upon such parties strictly observing all
        applicable deadlines in the performance of their duties under this Section
        3.19(a). Neither the Master Servicer nor the Securities Administrator shall
        have
        any liability for any loss, expense, damage, claim arising out of or with
        respect to any failure to properly prepare, execute and/or timely file such
        Form
        10-D, where such failure results from the Securities Administrator’s inability
        or failure to receive, on a timely basis, any information from any other
        party
        hereto needed to prepare, arrange for execution or file such Form 10-D, and
        for
        any erroneous, inaccurate or incomplete information or certification provided
        to
        the Securities Administrator, not resulting from its own negligence, bad
        faith
        or willful misconduct.

      

      (iv) Form
        10-D
        requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” At the date of the filing of each
        report on Form 10-D with respect to the Trust Fund, the Depositor shall be
        deemed to represent to the Securities Administrator that, as of such date,
        the
        Depositor has filed all such required reports during the preceding 12 months
        and
        that it has been subject to such filing requirement for the past 90 days.
        The
        Depositor shall notify the Securities Administrator in writing, no later
        than
        the fifth calendar day after the related Distribution Date with respect to
        the
        filing of a report on Form 10-D if the answer to the questions should be
“no.”
The Securities Administrator shall be entitled to rely on such representations
        in preparing, executing and/or filing any such report.

      

      (b) Reports
        Filed on Form 10-K.

      

      (i) On
        or
        prior to the 90th day after the end of each fiscal year of the Trust Fund
        in
        which a Form 10-K is required to be filed or such earlier date as may be
        required by the Exchange Act (the “10-K
        Filing Deadline”)
        (it
        being understood that the fiscal year for the Trust Fund ends on December
        31st
        of each
        year), commencing in March 2008, the Securities Administrator shall prepare
        and
        file on behalf of the Trust Fund a Form 10-K, in form and substance as required
        by the Exchange Act. Each such Form 10-K shall include the following items,
        in
        each case to the extent they have been delivered to the Securities Administrator
        within the applicable time frames set forth in this Agreement and the Servicing
        Agreements, (i) an annual compliance statement for each Servicer, the Master
        Servicer, the Securities Administrator and any Servicing Function Participant
        engaged by such parties (each, with the Custodians, a “Reporting
        Servicer”)
        as
        described under Section 3.17 and in such other agreement, (ii)(A) the annual
        reports on assessment of compliance with servicing criteria for each Reporting
        Servicer, as described under Section 3.16(a), and (B) if any Reporting
        Servicer’s report on assessment of compliance with servicing criteria described
        under Section 3.16(a) identifies any material instance of noncompliance,
        disclosure identifying such instance of noncompliance, or if any Reporting
        Servicer’s report on assessment of compliance with servicing criteria described
        under Section 3.16(a) is not included as an exhibit to such Form 10-K,
        disclosure that such report is not included and an explanation why such report
        is not included, (iii)(A) the registered public accounting firm attestation
        report for each Reporting Servicer, as described under Section 3.16(b), and
        (B)
        if any registered public accounting firm attestation report described under
        Section 3.16(b) identifies any material instance of noncompliance, disclosure
        identifying such instance of noncompliance, or if any such registered public
        accounting firm attestation report is not included as an exhibit to such
        Form
        10-K, disclosure that such report is not included and an explanation why
        such
        report is not included, and (iv) a Sarbanes-Oxley Certification as described
        in
        Section 3.19; provided,
        however,
        that
        the Securities Administrator, at its discretion, may omit from the Form 10-K
        any
        annual compliance statement, assessment of compliance or attestation report
        that
        is not required to be filed with such Form 10-K pursuant to Regulation AB.
        Any
        disclosure or information in addition to (i) through (iv) above that is required
        to be included on Form 10-K (“Additional
        Form 10-K Disclosure”)
        shall
        be reported by the responsible parties set forth on Exhibit T to the Depositor
        and Securities Administrator and directed and approved by the Depositor pursuant
        to the following paragraph and the Securities Administrator will have no
        duty or
        liability for any failure hereunder to determine or prepare any Additional
        Form
        10-K Disclosure, except as set forth in the next paragraph.

      
        
           

        

        
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      (ii) As
        set
        forth on Exhibit U hereto, no later than March 10 (with a 5 calendar day
        cure
        period) of each year that the Trust Fund is subject to the Exchange Act
        reporting requirements, commencing in 2008, (i) the parties to the RBSGC
        Mortgage Loan Trust 2007-B transaction shall be required to provide to the
        Securities Administrator and the Depositor, to the extent known by a responsible
        officer thereof, in EDGAR-compatible form (which may be Word or Excel documents
        easily convertible to EDGAR format), or in such other form as otherwise agreed
        upon by the Securities Administrator and such party, the form and substance
        of
        any Additional Form 10-K Disclosure, if applicable, together with an Additional
        Disclosure Notification and (ii) the Depositor will approve, as to form and
        substance, or disapprove, as the case may be, the inclusion of the Additional
        Form 10-K Disclosure on Form 10-K. The Seller will be responsible for any
        reasonable fees and expenses assessed or incurred by the Securities
        Administrator in connection with including any Additional Form 10-K Disclosure
        in Form 10-K pursuant to this paragraph.

      
        
           

        

        
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      (iii) After
        preparing the Form 10-K, the Securities Administrator shall forward
        electronically a copy of the Form 10-K to the Depositor and McKee Nelson
        LLP.
        Within three Business Days after receipt of such copy, but no later than
        March
        25th,
        the
        Depositor shall notify the Securities Administrator in writing of any changes
        to
        or approval of such Form 10-K. In the absence of receipt of any written changes
        or approval, the Securities Administrator shall be entitled to assume that
        such
        Form 10-K is in final form and the Securities Administrator may proceed with
        the
        execution and filing of the Form 10-K. A senior officer of the Master Servicer
        in charge of the master servicing function shall sign each Form 10-K. If
        a Form
        10-K cannot be filed on time or if a previously filed Form 10-K needs to
        be
        amended, the Securities Administrator will follow the procedures set forth
        in
        subsection (d)(ii) of this Section 3.19. Promptly (but no later than 1 Business
        Day) after filing with the Commission, the Securities Administrator will
        make
        available on its internet website a final executed copy of each Form 10-K
        filed
        by the Securities Administrator. The parties to this Agreement acknowledge
        that
        the performance by the Master Servicer and the Securities Administrator of
        its
        duties under this Section 3.20(b) related to the timely preparation, execution
        and filing of Form 10-K is contingent upon such parties (and any Servicing
        Function Participant) strictly observing all applicable deadlines in the
        performance of their duties under this Section 3.20(b), Section 3.19, Section
        3.17, Section 3.16(a) and Section 3.16(b). Neither the Master Servicer nor
        the
        Securities Administrator shall have any liability for any loss, expense,
        damage
        or claim arising out of or with respect to any failure to properly prepare,
        execute and/or timely file such Form 10-K, where such failure results from
        the
        Securities Administrator’s inability or failure to receive, on a timely basis,
        any information from any other party hereto needed to prepare, arrange for
        execution or file such Form 10-K, and for any erroneous, inaccurate or
        incomplete information or certification provided to the Securities Administrator
        not resulting from its own negligence, bad faith or willful
        misconduct.

      

      (iv) Form
        10-K
        requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” At the date of the filing of each
        report on Form 10-K with respect to the Trust Fund, the Depositor shall be
        deemed to represent to the Securities Administrator that, as of such date,
        the
        Depositor has filed all such required reports during the preceding 12 months
        and
        that it has been subject to such filing requirement for the past 90 days.
        The
        Depositor shall notify the Securities Administrator in writing, no later
        than
        March 15th with respect to the filing of a report on Form 10-K, if the answer
        to
        the questions should be “no.” The Securities Administrator shall be entitled to
        rely on such representations in preparing, executing and/or filing any such
        report.

      

      (c) Reports
        Filed on Form 8-K.

      
        
           

        

        
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      (i) Within
        four (4) Business Days after the occurrence of an event requiring disclosure
        on
        Form 8-K (each such event, a “Reportable
        Event”),
        and
        if requested by the Depositor, the Securities Administrator shall prepare
        and
        file on behalf of the Trust Fund a Form 8-K, as required by the Exchange
        Act,
provided
        that the
        Depositor shall file the initial Form 8-K in connection with the issuance
        of the
        Certificates. Any disclosure or information related to a Reportable Event
        or
        that is otherwise required to be included in Form 8-K (“Form
        8-K Disclosure Information”)
        shall
        be reported by the responsible parties set forth on Exhibit T to the Depositor
        and Securities Administrator and directed and approved by the Depositor pursuant
        to the following paragraph and the Securities Administrator will have no
        duty or
        liability for any failure hereunder to determine or prepare any Form 8-K
        Disclosure Information or any Form 8-K, except as set forth in the next
        paragraph.

      

      (ii) As
        set
        forth on Exhibit R hereto, for so long as the Trust Fund is subject to the
        Exchange Act reporting requirements, no later than noon New York City time
        on
        the 2nd Business Day after the occurrence of a Reportable Event (i) the parties
        to the RBSGC Mortgage Loan Trust 2007-B transaction shall be required to
        provide
        to the Securities Administrator and the Depositor, to the extent known by
        a
        responsible officer thereof, in EDGAR-compatible form (which may be Word
        or
        Excel documents easily convertible to EDGAR format), or in such other form
        as
        otherwise agreed upon by the Securities Administrator and such party, the
        form
        and substance of any Form 8-K Disclosure Information in the form of Exhibit
        T
        hereto, if applicable, together with an Additional Disclosure Notification
        and
        (ii) the Depositor will approve, as to form and substance, or disapprove,
        as the
        case may be, the inclusion of the Form 8-K Disclosure Information. The Seller
        will be responsible for any reasonable fees and expenses assessed or incurred
        by
        the Securities Administrator in connection with including any Form 8-K
        Disclosure Information in Form 8-K pursuant to this paragraph. 

      

      (iii) After
        preparing the Form 8-K, the Securities Administrator shall forward
        electronically a copy of the Form 8-K to the Depositor by noon New York City
        time on the 3rd
        Business
        Day after the occurrence of a Reportable Event. Promptly, but no later than
        the
        close of business on the third Business Day after the Reportable Event, the
        Depositor shall notify the Securities Administrator in writing of any change
        to
        or approval of such Form 8-K. In the absence of receipt of any written changes
        or approval, the Securities Administrator shall be entitled to assume that
        such
        Form 8-K is in final form and
        the
        Securities Administrator
        may
        proceed with the execution and filing of the Form 8-K. A duly authorized
        representative of the Master Servicer shall sign each Form 8-K. If a Form
        8-K
        cannot be filed on time or if a previously filed Form 8-K needs to be amended,
        the Securities Administrator will follow the procedures set forth in subsection
        (d)(ii) of this Section 3.19. Promptly (but no later than 1 Business Day)
        after
        filing with the Commission, the Securities Administrator will, make available
        on
        its internet website a final executed copy of each Form 8-K filed by the
        Securities Administrator. The parties to this Agreement acknowledge that
        the
        performance by the Master Servicer and the Securities Administrator of their
        respective duties under this Section 3.19(c) related to the timely preparation,
        execution and filing of Form 8-K is contingent upon such parties strictly
        observing all applicable deadlines in the performance of their duties under
        this
        Section 3.19(c). Neither the Securities Administrator nor the Master Servicer
        shall have any liability for any loss, expense, damage, claim arising out
        of or
        with respect to any failure to properly prepare, execute and/or timely file
        such
        Form 8-K, where such failure results from the Securities Administrator’s
        inability or failure to receive, on a timely basis, any information from
        any
        other party hereto needed to prepare, arrange for execution or file such
        Form
        8-K, not resulting from its own negligence, bad faith or willful
        misconduct.

      
        
           

        

        
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      (d) Suspension
        of Reporting; Amendments; Late Filings.

      

      (i) On
        or
        prior to January 30 of the first year in which the Trust Fund is able to
        do so
        under applicable law, the Securities Administrator shall prepare and file
        a Form
        15 Suspension Notification relating to the automatic suspension of reporting
        in
        respect of the Trust Fund under the Exchange Act. 

      

      (ii) In
        the
        event that the Securities Administrator is unable to timely file with the
        Commission all or any required portion of any Form 8-K, 10-D or 10-K required
        to
        be filed by this Agreement because required disclosure information was either
        not delivered to it or delivered to it after the delivery deadlines set forth
        in
        this Agreement or for any other reason, the Securities Administrator will
        promptly notify the Depositor and McKee Nelson LLP either via mail, e-mail
        or
        telephone. In the case of Form 10-D and 10-K, the parties to this Agreement
        will
        cooperate to prepare and file a Form 12b-25 and a 10-D/A and 10-K/A, as
        applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form
        8-K, the Securities Administrator shall, upon receipt of all required Form
        8-K
        Disclosure Information and upon the approval and direction of the Depositor,
        include such disclosure information on the next Form 10-D. In the event that
        the
        Securities Administrator has actual knowledge or has received notice that
        any
        previously filed Form 8-K, 10-D or 10-K needs to be amended in connection
        with
        any Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure
        or any
        Additional Form 8-K Disclosure Information or any amendment to such disclosure
        (other than for the purpose of restating any Distribution Date Statement),
        the
        Securities Administrator will electronically notify the Depositor and McKee
        Nelson LLP and such other parties to the transaction as are affected by such
        amendment and such parties will cooperate to prepare any necessary 8-K/A,
        10-D/A
        or 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or
        10-K
        shall be signed by a duly authorized representative of the Master Servicer.
        Any
        Form 10-K amendment shall be signed by a senior officer of the Master Servicer
        in charge of the master servicing function. The parties to this Agreement
        acknowledge that the performance by the Master Servicer and the Securities
        Administrator of their respective duties under this Section 3.20(d) related
        to
        the timely preparation, execution and filing of Form 15, a Form 12b-25 or
        any
        amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
        performing its duties under this Section. Neither the Master Servicer nor
        the
        Securities Administrator shall have any liability for any loss, expense,
        damage,
        claim arising out of or with respect to any failure to properly prepare,
        execute
        and/or timely file any such Form 15, Form 12b-25 or any amendments to Forms
        8-K,
        10-D or 10-K, where such failure results from the Securities Administrator’s
        inability or failure to obtain or receive, on a timely basis, any information
        from any other party hereto needed to prepare, arrange for execution or file
        such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, and
        for
        any erroneous, inaccurate or incomplete information or certification provided
        to
        the Securities Administrator not resulting from its own negligence, bad faith
        or
        willful misconduct.

      
        
           

        

        
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      (e) Not
        later
        than March 15 of each year (beginning in 2008) (or, if such day is not a
        Business Day, the immediately preceding Business Day), the Securities
        Administrator shall sign the Securities Administrator Certification (in the
        form
        attached hereto as Exhibit Q) for the benefit of the Depositor and its officers,
        directors and affiliates.

      

      Any
        notice or notification required to be delivered by the Securities Administrator
        to the Depositor pursuant to this Section 3.20 may be delivered via facsimile
        to
        (203) 618-2596 or telephonically by calling (203) 422-4284, and any notice
        or notification required to be delivered by the Securities Administrator
        to
        McKee Nelson LLP pursuant to this Section 3.19, may be delivered via e-mail
        to
        RBSGC@mckeenelson.com.

      

      SECTION
        3.21. Additional
        Information.

      

      Each
        of
        the parties agrees to provide to the Securities Administrator such additional
        information related to such party as the Securities Administrator may reasonably
        request, including evidence of the authorization of the person signing any
        certification or statement, financial information and reports, and such other
        information related to such party or its performance hereunder.

      

      SECTION
        3.22. Intention
        of the Parties and Interpretation.

      

      Each
        of
        the parties acknowledges and agrees that the purpose of Section 3.16 through
        Section 3.23 of this Agreement is to facilitate compliance by the Securities
        Administrator and the Depositor with the provisions of Regulation AB promulgated
        by the Commission under the Exchange Act (17 C.F.R. §§ 229.1100 -
        229.1123), as such may be amended from time to time and subject to such
        clarification and interpretive advice as may be issued by the staff of the
        Commission from time to time. Therefore, each of the parties agrees that
        (a) the
        obligations of the parties hereunder shall be interpreted in such a manner
        as to
        accomplish that purpose, (b) the parties’ obligations hereunder will be
        supplemented and modified as necessary to be consistent with any such
        amendments, interpretive advice or guidance, convention or consensus among
        active participants in the asset-backed securities markets, advice of counsel,
        or otherwise in respect of the requirements of Regulation AB, (c) the parties
        shall comply with the reasonable requests made by the Securities Administrator
        or the Depositor for delivery of such additional or different information
        as the
        Securities Administrator or the Depositor may determine in good faith is
        necessary to comply with the provisions of Regulation AB, and (d) no amendment
        of this Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
        provisions of Regulation AB.

      

      SECTION
        3.23. Indemnification. 

      

      Each
        party required to deliver an assessment of compliance and attestation report
        pursuant to Section 3.16 or any additional disclosure pursuant to Section
        3.20
        and including the Depositor, the Master Servicer, the Securities Administrator,
        the Trustee in its capacity as a Custodian and any Servicing Function
        Participant engaged by such party, respectively (each, an “Item
        1122 Responsible Party”),
        shall
        indemnify and hold harmless the Securities Administrator, the Master Servicer
        and the Depositor, respectively, and each of their directors, officers,
        employees, agents, and affiliates from and against any and all claims, losses,
        damages, penalties, fines, forfeitures, reasonable legal fees and related
        costs,
        judgments and other costs and expenses arising out of or based upon (a) any
        breach by such Item 1122 Responsible Party of any of its obligations hereunder
        relating to its obligations as an Item 1122 Responsible Party, including
        particularly its obligations to provide any assessment of compliance,
        attestation report or compliance statement required under Section 3.16(a),
        3.16(b) or 3.17, respectively, or any information, data or materials required
        to
        be included in any Exchange Act report, (b) any material misstatement or
        omission in (x) any compliance certificate delivered by it, or by any Servicing
        Function Participant engaged by it, pursuant to this Agreement, (y) any
        assessment or (except in the case of the Trustee, in its capacity as a
        Custodian) attestation delivered by or on behalf of it, or by any Servicing
        Function Participant engaged by it, pursuant to this Agreement, or (z) any
        Additional Form 10-D Disclosure, Additional Form 10-K Disclosure or Form
        8-K
        Disclosure Information concerning such party and provided by it, or (c) the
        negligence, bad faith or willful misconduct of such Item 1122 Responsible
        Party
        in connection with its performance hereunder relating to its obligations
        as an
        Item 1122 Responsible Party. If the indemnification provided for herein is
        unavailable or insufficient to hold harmless the Master Servicer, the Securities
        Administrator, the Depositor or the Seller, as the case may be, then each
        Item
        1122 Responsible Party agrees that it shall contribute to the amount paid
        or
        payable by the Securities Administrator, the Master Servicer and the Depositor,
        as applicable, as a result of any claims, losses, damages or liabilities
        incurred by the Securities Administrator, the Master Servicer or the Depositor
        in such proportion as is appropriate to reflect the relative fault of the
        Securities Administrator, the Master Servicer or the Depositor on the one
        hand
        and such Item 1122 Responsible Party on the other. This indemnification shall
        survive the termination of this Agreement or the termination of any party
        to
        this Agreement.

      
        
           

        

        
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      SECTION
        3.24. [Reserved]

      

      SECTION
        3.25. [Reserved]

      

      SECTION
        3.26. [Reserved]

      

      SECTION
        3.27. [Reserved]

      

      SECTION
        3.28. Closing
        Opinion of Counsel.

      

      On
        or
        before the Closing Date, the Master Servicer shall cause to be delivered
        to the
        Depositor, the Seller, the Trustee and Greenwich Capital Markets, Inc. an
        Opinion of Counsel, dated the Closing Date, in form and substance reasonably
        satisfactory to the Depositor, Greenwich Capital Markets, Inc., and the Seller
        as to the due authorization, execution and delivery of this Agreement by
        the
        Master Servicer and the enforceability thereof. 

      
        
           

        

        
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      SECTION
        3.29. [Reserved]

      

      SECTION
        3.30. Merger
        or Consolidation of the Master Servicer.

      

      (a) The
        Master Servicer will keep in full force and effect its existence, rights
        and
        franchises as a national banking association under the laws of the jurisdiction
        of its incorporation, and will obtain and preserve its qualification to do
        business as a foreign corporation in each jurisdiction in which such
        qualification is or shall be necessary to protect the validity and
        enforceability of this Agreement, the Certificates or any of the Mortgage
        Loans
        and to perform its duties under this Agreement.

      

      (b) Any
        Person into which the Master Servicer may be merged or consolidated, or any
        corporation resulting from any merger or consolidation to which the Master
        Servicer shall be a party, or any Person succeeding to the business of the
        Master Servicer, shall be the successor of the Master Servicer hereunder,
        without the execution or filing of any paper or further act on the part of
        any
        of the parties hereto, anything herein to the contrary
        notwithstanding.

      

      SECTION
        3.31. Indemnification
        of the Trustee, the Master Servicer and the Securities
        Administrator.

      

      (a) In
        addition to any indemnity required pursuant to Section 3.23 hereof, the Master
        Servicer agrees to indemnify the Indemnified Persons for, and to hold them
        harmless against, any loss, liability or expense (except as otherwise provided
        herein with respect to expenses) (including reasonable legal fees and
        disbursements of counsel) incurred on their part that may be sustained in
        connection with, arising out of, or relating to this Agreement or the
        Certificates (i) related to the Master Servicer’s failure to perform its duties
        in compliance with this Agreement (except as any such loss, liability or
        expense
        shall be otherwise reimbursable pursuant to this Agreement) or (ii) incurred
        by
        reason of the Master Servicer’s willful misfeasance, bad faith or gross
        negligence in the performance of duties hereunder or by reason of reckless
        disregard of obligations and duties hereunder, provided,
        in each
        case, that with respect to any such claim or legal action (or pending or
        threatened claim or legal action), an Indemnified Person shall have given
        the
        Master Servicer and the Depositor written notice thereof promptly after such
        Indemnified Person shall have with respect to such claim or legal action
        knowledge thereof. The Indemnified Person’s failure to give such notice shall
        not affect the Indemnified Person’s right to indemnification hereunder. This
        indemnity shall survive the resignation or removal of the Trustee, the Master
        Servicer or the Securities Administrator and the termination of this
        Agreement.

      

      (b) The
        Trust
        Fund will indemnify any Indemnified Person for any loss, liability or expense
        of
        any Indemnified Person not otherwise indemnified by the Master Servicer as
        referred to in Subsection (a) above or Subsection (c) below.

      

      (c) In
        addition to any indemnity required pursuant to Section 3.23 hereof, the
        Securities Administrator agrees to indemnify the Indemnified Persons (other
        than
        the Securities Administrator) for, and to hold them harmless against, any
        loss,
        liability or expense (except as otherwise provided herein with respect to
        expenses) (including reasonable legal fees and disbursements of counsel)
        incurred on their part (i) in connection with, arising out of, or relating
        to
        the Securities Administrator’s failure to file any Exchange Act report which the
        Securities Administrator is responsible for filing in accordance with Section
        3.20, (ii) by reason of the Securities Administrator’s negligence or willful
        misconduct in the performance of such obligations pursuant to Section 3.20
        or
        (iii) by reason of the Securities Administrator’s reckless disregard of such
        obligations pursuant to Section 3.20, provided,
        in each
        case, that with respect to any such claim or legal action (or pending or
        threatened claim or legal action), an Indemnified Person shall have given
        the
        Securities Administrator written notice thereof promptly after such Indemnified
        Person shall have with respect to such claim or legal action knowledge thereof.
        The Indemnified Person’s failure to give such notice shall not affect the
        Indemnified Person’s right to indemnification hereunder. This indemnity shall
        survive the resignation or removal of the Trustee, the Master Servicer or
        the
        Securities Administrator and the termination of this Agreement.

      
        
           

        

        
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      SECTION
        3.32. Limitations
        on Liability of the Master Servicer and Others; Indemnification of Trustee
        and
        Others.

      

      Subject
        to the obligation of the Master Servicer to indemnify the Indemnified Persons
        pursuant to Section 3.31:

      

      (a) The
        Master Servicer has undertaken to perform only such duties as are specifically
        set forth in this Agreement. Neither the Master Servicer nor any of the
        directors, officers, employees or agents of the Master Servicer shall be
        under
        any liability to the Indemnified Persons, the Depositor, the Trust Fund or
        the
        Certificateholders for taking any action or for refraining from taking any
        action in good faith pursuant to this Agreement, or for errors in judgment;
        provided,
        however,
        that
        this provision shall not protect the Master Servicer or any such Person against
        any breach of warranties or representations made herein or any liability
        which
        would otherwise be imposed by reason of such Person’s willful misfeasance, bad
        faith or gross negligence in the performance of duties or by reason of reckless
        disregard of obligations and duties hereunder.

      

      (b) The
        Master Servicer and any director, officer, employee or agent of the Master
        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.

      

      (c) The
        Master Servicer, the Trustee (in its individual corporate capacity and as
        Trustee), the Custodians (including for such purpose, the Trustee acting
        in its
        capacity as a Custodian) and any director, officer, employee or agent of
        the
        Master Servicer, the Trustee or the Custodians shall be indemnified by the
        Trust
        Fund and held harmless thereby against any loss, liability or expense (except
        as
        otherwise provided herein with respect to expenses) (including reasonable
        legal
        fees and disbursements of counsel) incurred on their part that may be sustained
        in connection with, arising out of, or relating to, this Agreement, the
        Certificates or the Servicing Agreements or the transactions contemplated
        hereby
        or thereby (except, with respect to the Master Servicer, to the extent that
        the
        Master Servicer is indemnified by the related Servicer thereunder), other
        than
        (i) with respect to the Master Servicer only, any such loss, liability or
        expense related to the Master Servicer’s failure to perform its duties in
        compliance with this Agreement or (ii) with respect to the Master Servicer
        or
        Custodians only, any such loss, liability or expense incurred by reason of
        the
        Master Servicer’s or the applicable Custodian’s willful misfeasance, bad faith
        or gross negligence in the performance of its own duties hereunder or by
        reason
        of reckless disregard of its own obligations and duties hereunder or under
        a
        custodial agreement.

      
        
           

        

        
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      (d) The
        Master Servicer shall not be under any obligation to appear in, prosecute
        or
        defend any legal action that is not incidental to its duties under this
        Agreement and that in its opinion may involve it in any expense or liability;
        provided,
        however,
        the
        Master Servicer may in its discretion, undertake any such action which it
        may
        deem necessary or desirable with respect to this Agreement and the rights
        and
        duties of the parties hereto and the interests of the Trust Fund and the
        Certificateholders hereunder. In such event, the legal expenses and costs
        of
        such action and any liability resulting therefrom shall be expenses, costs
        and
        liabilities of the Trust Fund, and the Master Servicer shall be entitled
        to be
        reimbursed therefor out of the Distribution Account as provided by Section
        4.03.
        Nothing in this Subsection 3.32(d) shall affect the Master Servicer’s obligation
        to supervise, or to take such actions as are necessary to enforce, the servicing
        and administration of the Mortgage Loans pursuant to Sections 3.01 and
        3.03.

      

      (e) In
        taking
        or recommending any course of action pursuant to this Agreement, unless
        specifically required to do so pursuant to this Agreement, the Master Servicer
        shall not be required to investigate or make recommendations concerning
        potential liabilities which the Trust Fund might incur as a result of such
        course of action by reason of the condition of the Mortgaged Properties but
        shall give notice to the Trustee if it has notice of such potential
        liabilities.

      

      (f) The
        Master Servicer shall not be liable for any acts or omissions of the Servicers,
        except as otherwise expressly provided herein.

      

      SECTION
        3.33. Master
        Servicer Not to Resign. 

      

      Except
        as
        provided in Section 3.35, the Master Servicer shall not resign from the
        obligations and duties hereby imposed on it except upon a determination that
        any
        such duties hereunder are no longer permissible under applicable law and
        such
        impermissibility cannot be cured. Any such determination permitting the
        resignation of the Master Servicer shall be evidenced by an Independent Opinion
        of Counsel (delivered at the expense of the Master Servicer) to such effect
        delivered to the Trustee. No such resignation by the Master Servicer shall
        become effective until the Trustee or a successor to the Master Servicer
        reasonably satisfactory to the Trustee shall have assumed the responsibilities
        and obligations of the Master Servicer in accordance with Section 7.02 hereof.
        The Trustee shall notify each Rating Agency of the resignation of the Master
        Servicer.

      

      If,
        at
        any time, Wells Fargo Bank, N.A., as Master Servicer resigns under this Section
        3.33, or sells or assigns its rights and obligations under Section 3.31,
        or is
        removed as Master Servicer pursuant to Section 7.01, then at such time Wells
        Fargo Bank, N.A. also shall resign (and shall be entitled to resign) as
        Securities Administrator, Administrator, Paying Agent and Certificate Registrar
        under this Agreement. No such resignation by Wells Fargo Bank, N.A. as
        Securities Administrator, Administrator, Paying Agent or Certificate Registrar
        under this Agreement shall become effective until a successor Securities
        Administrator, successor Administrator, successor Paying Agent and successor
        Certificate Registrar reasonably satisfactory to the Depositor shall have
        assumed the responsibilities and obligations of the Securities Administrator,
        Administrator, Paying Agent and Certificate Registrar in accordance with
        this
        Agreement. The Securities Administrator shall notify each Rating Agency of
        the
        resignation of Wells Fargo Bank, N.A. as the Securities Administrator,
        Administrator, Paying Agent and Certificate Registrar. 

      
        
           

        

        
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      SECTION
        3.34. Successor
        Master Servicer.

      

      In
        connection with the appointment of any successor master servicer or the
        assumption of the duties of the Master Servicer, the Trustee may make such
        arrangements for the compensation of such successor master servicer out of
        payments on the Mortgage Loans as the Trustee and such successor master servicer
        shall agree which in no case shall exceed the Master Servicing Fee and any
        additional compensation due and owing to the Master Servicer pursuant to
        Section
        3.14. If the successor master servicer does not agree that the proposed
        compensation is fair, such successor master servicer shall obtain two quotations
        of market compensation from third parties actively engaged in the servicing
        of
        single-family mortgage loans; provided,
        however,
        that
        each Rating Agency shall confirm in writing that any appointment of a successor
        Master Servicer (other than the Trustee) will not result in a downgrade in
        the
        then current rating of any Class of Certificates.

      

      SECTION
        3.35. Sale
        and Assignment of Master Servicing.

      

      The
        Master Servicer may sell and assign its rights and delegate its duties and
        obligations in their entirety as Master Servicer under this Agreement, with
        the
        written consent of the Depositor, which consent shall not be unreasonably
        withheld or delayed, and provided, further,
        that:
        (i) the purchaser or transferee accepting such assignment and delegation
        (a)
        shall be a Person which shall be qualified to service mortgage loans for
        Fannie
        Mae or Freddie Mac; (b) shall have a net worth of not less than $10,000,000
        (unless otherwise approved by each Rating Agency pursuant to clause (ii)
        below);
        (c) shall be reasonably satisfactory to the Depositor (as evidenced in writing
        signed by the Depositor); and (d) shall execute and deliver to the Trustee
        an
        agreement, in form and substance reasonably satisfactory to the Trustee,
        which
        contains an assumption by such Person of the due and punctual performance
        and
        observance of each covenant and condition to be performed or observed by
        it as
        master servicer under this Agreement, any custodial agreement from and after
        the
        effective date of such agreement; (ii) each Rating Agency shall be given
        prior
        written notice of the identity of the proposed successor to the Master Servicer
        and each Rating Agency’s ratings of the Certificates in effect immediately prior
        to such assignment, sale and delegation will not be downgraded, qualified
        or
        withdrawn as a result of such assignment, sale and delegation, as evidenced
        by a
        letter to such effect delivered to the Master Servicer and the Trustee; and
        (iii) the Master Servicer assigning and selling the master servicing shall
        deliver to the Trustee and the Depositor an Officer’s Certificate and an
        Independent Opinion of Counsel, (delivered at the Master Servicer’s expense)
        each stating that all conditions precedent to such action under this Agreement
        have been completed and such action is permitted by and complies with the
        terms
        of this Agreement. No such assignment or delegation shall affect any liability
        of the Master Servicer arising prior to the effective date thereof.

      
        
           

        

        
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      SECTION
        3.36. Reporting
        Requirements of the Commission.

      

      To
        the
        extent that, following the Closing Date, the content of Forms 8-K, 10-D,
        10-K,
        15 or other Forms required by the Exchange Act and the Rules and Regulations
        of
        the Commission and the time by which such Forms are required to be filed,
        differs from the provisions of this Agreement, the Master Servicer and the
        Securities Administrator hereby agree that each shall reasonably cooperate
        to
        amend the provisions of this Agreement (in accordance with Section 12.01)
        in
        order to comply with such amended reporting requirements and such amendment
        of
        this Agreement. Notwithstanding the foregoing, neither the Master Servicer
        nor
        the Securities Administrator shall be obligated to enter into any amendment
        pursuant to this Section that adversely affects its obligations or immunities
        under this Agreement.

      

      ARTICLE
        IV

       

      ACCOUNTS

      

      SECTION
        4.01. Servicing
        Accounts

      

      (a) The
        Master Servicer shall enforce the obligation of each Servicer to establish
        and
        maintain one or more custodial accounts (the “Servicing
        Accounts”)
        in
        accordance with the applicable Servicing Agreement, with records to be kept
        with
        respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts
        shall be deposited within 48 hours (or as of such other time specified in
        the
        related Servicing Agreement) of receipt all collections of principal and
        interest on any Mortgage Loan and with respect to any REO Property received
        by a
        Servicer, including Principal Prepayments, Prepayment Penalty Amounts, Insurance
        Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s
        own funds (less, in the case of each Servicer, the applicable servicing
        compensation, in whatever form and amounts as permitted by the applicable
        Servicing Agreement) and all other amounts to be deposited in each such
        Servicing Account. The Servicer is hereby authorized to make withdrawals
        from
        and deposits to the related Servicing Account for purposes required or permitted
        by this Agreement and the applicable Servicing Agreement. For the purposes
        of
        this Agreement, Servicing Accounts shall also include such other accounts
        as the
        Servicer maintains for the escrow of certain payments, such as taxes and
        insurance, with respect to certain Mortgaged Properties. Each Servicing
        Agreement sets forth the criteria for the segregation, maintenance and
        investment of each related Servicing Account, the contents of which are
        acceptable to the parties hereto as of the date hereof and changes to which
        shall not be made unless such changes are made in accordance with the provisions
        of Section 12.01 hereof. 

      

      (b) [Reserved];

      

      (c) To
        the
        extent provided in the related Servicing Agreement and subject to this Article
        IV, on or before each Servicer Remittance Date, each Servicer shall withdraw
        or
        shall cause to be withdrawn from the related Servicing Account and shall
        immediately remit or cause to be remitted to the Securities Administrator
        for
        deposit into the Distribution Account amounts representing the following
        collections and payments (other than with respect to principal of or interest
        on
        the Mortgage Loans due on or before the Initial Cut-off Date, or, in the
        case of
        Subsequent Mortgage Loans, on or before the applicable Subsequent Cut-off
        Date)
        with respect to each of the Mortgage Loans it is servicing:

      
        
           

        

        
          99

          
            

          

        

        
           

        

      

      

      (i) Monthly
        Payments on the Mortgage Loans received or any related portion thereof advanced
        by the Servicers pursuant to the Servicing Agreements which were due on or
        before the related Due Date, net of the amount thereof comprising the Servicing
        Fees and Lender Paid Mortgage Insurance Fees, if any;

      

      (ii) Principal
        Prepayments in full and any Liquidation Proceeds received by the Servicers
        with
        respect to such Mortgage Loans in the related Prepayment Period, with interest
        to the date of prepayment or liquidation, net of the amount thereof comprising
        the Servicing Fees and any Recoveries received in the related Prepayment
        Period;

      

      (iii) Principal
        Prepayments in part received by the Servicers for such Mortgage Loans in
        the
        related Prepayment Period; 

      

      (iv) Prepayment
        Penalty Amounts, if any; and

      

      (v) any
        amount to be used as a delinquency advance or to pay any Interest Shortfalls,
        in
        each case, as required to be paid under the Servicing Agreement. 

      

      (d) Withdrawals
        may be made from a Servicing Account only to make remittances as provided
        in
        Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or the Servicer
        for Advances which have been recovered by subsequent collection from the
        related
        Mortgagor; to remove amounts deposited in error; to remove fees, charges
        or
        other such amounts deposited on a temporary basis; or to clear and terminate
        the
        account at the termination of this Agreement in accordance with Section 10.01,
        or as otherwise provided in the Servicing Agreement. As provided in Sections
        4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer may be
        retained by them and need not be remitted to the Securities
        Administrator.

      

      SECTION
        4.02. Distribution
        Account.

      

      (a) The
        Securities Administrator shall establish and maintain in the name of the
        Trustee, for the benefit of the Trust Fund, the Certificateholders, the
        Distribution Account as a segregated, non-interest bearing trust account
        or
        accounts, each of which shall be an Eligible Account (the “Distribution
        Account”).
        The
        Distribution Account shall constitute a trust account of the Trust Fund
        segregated on the books of the Securities Administrator and held by the
        Securities Administrator in trust in its Corporate Trust Office, and the
        Distribution Account and the funds deposited therein shall not be subject
        to,
        and shall be protected from, all claims, liens, and encumbrances of any
        creditors or depositors of the Securities Administrator or the Master Servicer
        (whether made directly, or indirectly through a liquidator or receiver of
        the
        Trustee, the Securities Administrator or the Master Servicer). All Permitted
        Investments shall mature or be subject to redemption or withdrawal on or
        before,
        and shall be held until, the immediately succeeding Distribution Date. The
        Securities Administrator, Trustee or their affiliates are permitted to receive
        additional compensation that could be deemed to be in their economic
        self-interest for (i) serving as investment adviser, administrator, 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.
        The Master Servicer and the Securities Administrator shall, promptly upon
        receipt from any Servicer on the related Servicer Remittance Date deposit
        in the
        Distribution Account as identified by the Master Servicer or the Securities
        Administrator and as received by the Master Servicer or the Securities
        Administrator, the following amounts:

      
        
           

        

        
          100

          
            

          

        

        
           

        

      

      

      (i) any
        amounts withdrawn from a Servicing Account pursuant to Section 4.01(c) and
        the
        Servicing Agreements and remitted to the Securities Administrator; 

      

      (ii) any
        amounts required to be deposited in the Distribution Account by the Master
        Servicer with respect to the Mortgage Loans pursuant to this Agreement,
        including (a) Advances and any Compensating Interest Payments required to
        be
        made by the Master Servicer to the extent required but not made by the Servicer
        and (b) the amount of any Insurance Proceeds or Liquidation Proceeds received
        by
        or on behalf of the Master Servicer which were not deposited in a Servicing
        Account;

      

      (iii) any
        Insurance Proceeds, Liquidation Proceeds or Recoveries received by or on
        behalf
        of the Master Servicer which were not deposited in a Servicing Account;

      

      (iv) the
        Purchase Price with respect to any Mortgage Loans purchased by the Seller
        or an
        Originator under this Agreement or the related Purchase Agreement, as
        applicable, any Substitution Adjustments pursuant to Section 2.03 of this
        Agreement and all proceeds of any Mortgage Loans or property acquired with
        respect thereto purchased by the Terminator pursuant to Section
        10.01;

      

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

      

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

      

      (b) All
        amounts deposited to the Distribution Account shall be held by the Securities
        Administrator in the name of the Trustee in trust for the benefit of the
        Trust
        Fund and the Certificateholders in accordance with the terms and provisions
        of
        this Agreement. The requirements for crediting the Distribution Account shall
        be
        exclusive, it being understood and agreed that, without limiting the generality
        of the foregoing, payments in the nature of (i) late payment charges or
        assumption fees, tax service fees, statement account charges or payoff-charges,
        substitution, satisfaction, release and other like fees and charges and (ii)
        the
        items enumerated in Subsections 4.03(a)(i) through (viii) with respect to
        the
        Securities Administrator, need not be remitted by the Servicers to the Master
        Servicer to the Distribution Account. In the event that the Master Servicer
        shall deposit or cause to be deposited to the Distribution Account any amount
        not required to be credited thereto, the Securities Administrator, upon receipt
        of a written request therefor signed by a Servicing Officer of the Master
        Servicer, shall promptly transfer such amount to the Master Servicer, any
        provision herein to the contrary notwithstanding.

      
        
           

        

        
          101

          
            

          

        

        
           

        

      

      

      (c) The
        amount at any time credited to the Distribution Account shall, if invested,
        be
        invested at the direction of the Master Servicer, in the name of the Trustee,
        or
        its nominee, for the benefit of the Certificateholders, in Permitted Investments
        as follows. All Permitted Investments shall mature or be subject to redemption
        or withdrawal on or before, and shall be held until, the Business Day prior
        to
        the next succeeding Distribution Date (except that if such Permitted Investment
        is an obligation of the Master Servicer, then such Permitted Investment shall
        mature not later than such applicable Distribution Date). Any and all investment
        earnings from such Permitted Investments shall be paid to the Master Servicer,
        and the risk of loss of moneys resulting from such investments shall be borne
        by
        and be the risk of the Master Servicer. The Master Servicer shall deposit
        the
        amount of any such loss in the Distribution Account within two Business Days
        of
        receipt of notification of such loss but not later than the next succeeding
        Distribution Date. 

      

      SECTION
        4.03. Permitted
        Withdrawals and Transfers from the Distribution Account. 

      

      (a) The
        Securities Administrator shall, from time to time, withdraw or transfer funds
        from the Distribution Account to a Servicer, to the Master Servicer, to the
        Trustee or to itself for the following purposes:

      

      (i) to
        reimburse the Master Servicer or any Servicer for any Advance of its own
        funds
        or of such Servicer’s own funds, the right of the Master Servicer or a Servicer
        to reimbursement pursuant to this subclause (i) being limited to amounts
        received on a particular Mortgage Loan (including, for this purpose, the
        Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds and
        the
        Termination Price) which represent late payments or recoveries of the principal
        of or interest on such Mortgage Loan respecting which such Advance was
        made;

      

      (ii) to
        reimburse the Master Servicer or any Servicer from Insurance Proceeds or
        Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended
        by the Master Servicer or such Servicer in good faith in connection with
        the
        restoration of the related Mortgaged Property which was damaged by an Uninsured
        Cause or in connection with the liquidation of such Mortgage Loan;

      

      (iii) to
        reimburse the Master Servicer or any Servicer from Insurance Proceeds relating
        to a particular Mortgage Loan for insured expenses incurred with respect
        to such
        Mortgage Loan and to reimburse the Master Servicer or such Servicer from
        Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses
        incurred with respect to such Mortgage Loan; 

      

      (iv) to
        pay
        the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds
        or Insurance Proceeds received in connection with the liquidation of any
        Mortgage Loan, the amount which it or such Servicer would have been entitled
        to
        receive under subclause (viii) of this Subsection 4.03(a) as servicing
        compensation on account of each defaulted scheduled payment on such Mortgage
        Loan if paid in a timely manner by the related Mortgagor;

      
        
           

        

        
          102

          
            

          

        

        
           

        

      

      

      (v) to
        pay
        the Master Servicer or any Servicer from the Purchase Price for any Mortgage
        Loan, the amount which it or such Servicer would have been entitled to receive
        under subclause (viii) of this Subsection (a) as servicing
        compensation;

      

      (vi) to
        reimburse the Master Servicer or any Servicer for servicing related advances
        of
        funds, the right to reimbursement pursuant to this subclause being limited
        to
        amounts received on the related Mortgage Loan (including, for this purpose,
        the
        Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which
        represent late recoveries of the payments for which such servicing advances
        were
        made;

      

      (vii) to
        reimburse the Master Servicer or any Servicer for any Advance or advance,
        after
        a Realized Loss has been allocated with respect to the related Mortgage Loan
        if
        the Advance or advance has not been reimbursed pursuant to clauses (i) and
        (vi);

      

      (viii) to
        pay
        the Master Servicer its monthly Master Servicing Fee and any investment income
        and gain and other additional servicing compensation payable pursuant to
        Section
        3.14;

      

      (ix) to
        reimburse the Master Servicer or the Securities Administrator for any expenses
        recoverable by the Master Servicer or the Securities Administrator pursuant
        to
        Sections 3.03 and 3.32;

      

      (x) to
        reimburse or pay any Servicer any such amounts as are due thereto under the
        related Servicing Agreement and have not been retained by or paid to such
        Servicer, to the extent provided in the related Servicing
        Agreement;

      

      (xi) to
        reimburse the Trustee and the Securities Administrator for expenses, costs
        and
        liabilities incurred by or reimbursable to it from funds of the Trust Fund
        pursuant to Sections 3.31, 3.32 or 8.05, and to reimburse the Trustee for
        any
        fees, costs and expenses incurred by or reimbursable to it pursuant to Section
        2.03(a), 7.01(b), 8.02, 8.05 or 8.07, to the extent not otherwise reimbursed
        to
        it;

      

      (xii) to
        pay to
        the Master Servicer all investment earnings on amounts on deposit in the
        Distribution Account to what it is entitled under Section 4.02(c);

      

      (xiii) [Reserved];

      

      (xiv) [Reserved];

      

      (xv) [Reserved];

      

      (xvi) [Reserved];

      

      (xvii) to
        remove
        amounts deposited in error; and

      

      (xviii) to
        clear
        and terminate the Distribution Account pursuant to Section 10.01.

      
        
           

        

        
          103

          
            

          

        

        
           

        

      

      

      (b) In
        addition, on or before the Business Day immediately preceding each Distribution
        Date, the Master Servicer shall deposit in the Distribution Account (or remit
        to
        the Securities Administrator for deposit therein) any Advances or Compensating
        Interest Payments, to the extent required to be made but not made by a Servicer
        and required to be made by the Master Servicer hereunder with respect to
        the
        Mortgage Loans.

      

      (c) The
        Securities Administrator or the Master Servicer shall keep and maintain separate
        accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of
        accounting for any payments or reimbursements from the Distribution Account
        pursuant to subclauses (i) through (viii), inclusive and (xi) or with respect
        to
        any such amounts which would have been covered by such subclauses had the
        amounts not been retained by the Master Servicer without being deposited
        in the
        Distribution Account under Section 4.02(b).

      

      (d) In
        order
        to comply with its duties under the USA PATRIOT Act of 2001, the Securities
        Administrator shall obtain and verify certain information and documentation
        from
        the other parties hereto, including, but not limited to, each such party's
        name,
        address and other identifying information.

      

      (e) On
        each
        Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw
        funds on deposit in the Distribution Account to the extent of the aggregate
        Available Funds and distribute such amounts to the Holders of the Certificates
        and any other parties entitled thereto in accordance with Section
        5.01.

      

      SECTION
        4.04. [Reserved]

      

      SECTION
        4.05. [Reserved]

      

      SECTION
        4.06. Prefunding
        Account.

      

      On
        or
        prior to the Closing Date, the Securities Administrator shall establish and
        maintain, on behalf of the Certificateholders, the Prefunding Account. On
        the
        Closing Date the Depositor shall remit the Prefunded Amount to the Securities
        Administrator for deposit in the Prefunding Account. From the Prefunded Amount,
        the Pool 1 Prefunded Amount and
        the Pool 2 Prefunded Amount shall
        be
        applied to the purchase of Subsequent Mortgage Loans for Pool 1 and Pool
        2,
        respectively. On each Subsequent Transfer Date, upon satisfaction of the
        conditions for such Subsequent Transfer Date set forth in Section 2.01(b),
        with respect to the related Subsequent Transfer Agreement, the Securities
        Administrator shall remit to the Depositor the applicable Aggregate Subsequent
        Transfer Amount as payment of the purchase price for the related Subsequent
        Mortgage Loans.

      

      If
        any
        funds remain in the Prefunding Account at the end of the Prefunding Period,
        to
        the extent that they represent earnings on the amounts originally deposited
        into
        the Prefunding Account, the Securities Administrator shall distribute them
        to
        the order of the Depositor. The remaining funds shall be transferred to the
        Distribution Account to be included as part of principal distributions to
        the
        Certificates on the Distribution Date in the month following the end of the
        Prefunding Period.

      
        
           

        

        
          104

          
            

          

        

        
           

        

      

      

      Each
        institution at which the Prefunding Account is maintained shall either hold
        such
        funds on deposit uninvested or shall invest the funds therein in Permitted
        Investments as directed in writing by the Depositor, which shall mature not
        later than the Business Day immediately preceding a Subsequent Transfer Date
        and
        shall not be sold or disposed of prior to its maturity. In the absence of
        direction, such funds shall be invested in the Wells Fargo Advantage Prime
        Investment Money Market Fund or comparable investment vehicle, or remain
        uninvested. All such Permitted Investments shall be made in the name of the
        Trustee, for the benefit of the Certificateholders. All income and gain net
        of
        any losses realized from any such balances or investment of funds on deposit
        in
        the Prefunding Account shall be for the benefit of the Depositor and shall
        be
        remitted to it monthly. The amount of any net investment losses in the
        Prefunding Account shall promptly be deposited by the Depositor in the
        Prefunding Account. The Securities Administrator in its fiduciary capacity
        shall
        not be liable for the amount of any loss incurred in respect of any investment
        or lack of investment of funds held in the Prefunding Account (other than
        as
        provided in this Section 4.06) and made in accordance with this
        Section 4.06.

      

      SECTION
        4.07. Capitalized
        Interest Account.

      

      On
        or
        prior to the Closing Date, the Securities Administrator shall establish and
        maintain, on behalf of the Certificateholders, the Capitalized Interest Account.
        The Capitalized Interest Account shall be an Eligible Account. On the Closing
        Date, the Seller shall deposit in the Capitalized Interest Account the Original
        Capitalized Interest Amount. On the Business Day preceding any Distribution
        Date
        occurring during the Prefunding Period, the Securities Administrator shall
        withdraw from the Capitalized Interest Account an amount equal to the
        Capitalized Interest Requirement (based on a monthly report provided to the
        Securities Administrator by the Master Servicer no later than such Business
        Day)
        for deposit into the Certificate Account for distribution to Certificateholders
        in accordance with Article V on such Distribution Date. Amounts on deposit
        in
        the Capitalized Interest Account shall be invested in a money market or common
        trust fund as described in paragraph (vii) of the definition of “Permitted
        Investments” set forth in Article I. All investment income and other gain on
        such investments shall be for the benefit of the Seller and shall be subject
        to
        withdrawal on order of the Seller from time to time. The amount of any losses
        incurred in respect of any such investments shall be paid by the Seller by
        a
        deposit into the Capitalized Interest Account of its own funds, immediately
        as
        realized. Amounts may be released from the Capitalized Interest Account and
        paid
        to the depositor at any time, if permitted by S&P as evidenced in a written
        confirmation from such Rating Agency. At the end of the Prefunding Period,
        all
        amounts, if any, on deposit in the Capitalized Interest Account shall be
        withdrawn by the Securities Administrator and distributed to the Seller and
        the
        Capitalized Interest Account shall be terminated.

      
        
           

        

        
          105

          
            

          

        

        
           

        

      

      

      ARTICLE
        V

       

      FLOW
        OF FUNDS

      

      SECTION
        5.01. Distributions. 

      

      (a) On
        each
        Distribution Date and after making any withdrawals from the Distribution
        Account
        pursuant to Section 4.03(a), the Securities Administrator, as Paying Agent,
        shall withdraw funds on deposit in the Distribution Account to the extent
        of
        Available Funds for each Mortgage Pool (and, in the case of Pool 1, for each
        Loan Subgroup) for such Distribution Date and, based on the Distribution
        Date
        Statement, make the following disbursements and transfers as set forth
        below:

      

      (i) the
        Available Funds for Pool 1 and Pool 2 shall be distributed on each Distribution
        Date (other than on the Distribution Date following the optional purchase
        of the
        Mortgage Loans by the Terminator) in the following order of
        priority:

      

      
        	 	
                (A)

              	
                concurrently,
                  as follows:

              

      

      

      
        	 	
                (a)

              	
                from
                  the Available Funds allocable to Pool 1 Subgroup 1, to the Class
                  1A5
                  Certificates, the related Interest Distributable
                  Amount;

              

      

      

      
        	 	
                (b)

              	
                from
                  the Available Funds allocable to Pool 1 Subgroup 2, to the Class
                  1A4,
                  Class 1A6 and Class R Certificates, pro
                  rata (based
                  on the Interest Distributable Amounts to which each such Class
                  is
                  entitled), the related Interest Distributable
                  Amount;

              

      

      

      
        	 	
                (c)

              	
                from
                  the Available Funds allocable to Pool 1 Subgroup 3, to the Class
                  1A3
                  Certificates and the 1A1-1 Component, pro
                  rata (based
                  on the Interest Distributable Amounts to which each such Class
                  or
                  Component is entitled), the related Interest Distributable
                  Amount;

              

      

      

      
        	 	
                (d)

              	
                from
                  the Available Funds allocable to Pool 1 Subgroup 4, to the Class
                  1A2 and
                  Class 1X Certificates and the 1A1-2 Component, pro
                  rata (based
                  on the Interest Distributable Amounts to which each such Class
                  or
                  Component is entitled), the related Interest Distributable Amount;
                  and
                  

              

      

      

      
        	 	
                (e)

              	
                from
                  the Available Funds allocable to Pool 2, to the Class 2A1 Certificates,
                  the related Interest Distributable
                  Amount;

              

      

       

      
        
           

        

        
          106

          
            

          

        

        
           

        

      

       

      
        	 	
                (B)

              	
                concurrently,
                  as follows:

              

      

      

      
        	 	
                (a)

              	
                from
                  the Available Funds allocable to Pool 1 Subgroup 1, to the Class
                  1PO
                  Certificates, the PO Principal Distribution Amount;
                  

              

      

      

      
        	 	
                (b)

              	
                an
                  amount equal to the Senior Principal Distribution Amount for Pool
                  1
                  Subgroup 1, to the Class 1A5 Certificates, until the Class Principal
                  Balance thereof has been reduced to
                  zero;

              

      

      

      
        	 	
                (c)

              	
                an
                  amount equal to the Senior Principal Distribution Amount for Pool
                  1
                  Subgroup 2, to the Class R and Class 1A4 Certificates, in that
                  order,
                  until their respective Class Principal Balances have been reduced
                  to
                  zero;

              

      

      

      
        	 	
                (d)

              	
                an
                  amount equal to the Senior Principal Distribution Amount for Pool
                  1
                  Subgroup 3, to the 1A1-1 Component, until the Component Principal
                  Balance
                  thereof has been reduced to zero;

              

      

      

      
        	 	
                (e)

              	
                an
                  amount equal to the Senior Principal Distribution Amount for Pool
                  1
                  Subgroup 4, to the 1A1-2 Component, until the Component Principal
                  Balance
                  thereof has been reduced to zero;
                  and

              

      

      

      
        	 	
                (f)

              	
                an
                  amount equal to the Senior Principal Distribution Amount for Pool
                  2, to
                  the Class 2A1 Certificates, until the Class Principal Balance thereof
                  has
                  been reduced to zero;

              

      

      

      (ii) if
        such
        Distribution Date is prior to the Senior Credit Support Depletion Date for
        Pool
        1, to the Class 1PO Certificates, to the extent of amounts otherwise available
        to pay the Subordinate Principal Distribution Amount for the Pool 1-2
        Subordinate Certificates, the related PO Deferred Amount; provided,
        however,
        that
        any amounts distributed pursuant to this subclause (ii) shall not cause a
        further reduction on the Class Principal Balance of the Class 1PO Certificates;
        

      

      (iii) the
        Available Funds for Pool 1 and Pool 2 remaining after giving effect to the
        distributions specified in subsections (i) and (ii) above shall be distributed
        to the Certificateholders on any Distribution Date on or prior to the Senior
        Credit Support Depletion Date in the following order of priority:

      

      
        	 	
                (A)

              	
                to
                  the Class 1B1 Certificates, the related Interest Distributable
                  Amount for
                  that date;

              

      

       

      
        
           

        

        
          107

          
            

          

        

        
           

        

      

       

      
        	 	
                (B)

              	
                to
                  the Class 1B1 Certificates, an amount allocable to principal equal
                  to
                  their Pro Rata Share for such Distribution Date, until the Class
                  Principal
                  Balance of such Class has been reduced to
                  zero;

              

      

      

      
        	 	
                (C)

              	
                to
                  the Class 1B2 Certificates, the related Interest Distributable
                  Amount for
                  that date;

              

      

      

      
        	 	
                (D)

              	
                to
                  the Class 1B2 Certificates, an amount allocable to principal equal
                  to
                  their Pro Rata Share for such Distribution Date, until the Class
                  Principal
                  Balance of such Class has been reduced to
                  zero;

              

      

      

      
        	 	
                (E)

              	
                to
                  the Class 1B3 Certificates, the related Interest Distributable
                  Amount for
                  that date;

              

      

      

      
        	 	
                (F)

              	
                to
                  the Class 1B3 Certificates, an amount allocable to principal equal
                  to
                  their Pro Rata Share for such Distribution Date, until the Class
                  Principal
                  Balance of such Class has been reduced to
                  zero;

              

      

      

      
        	 	
                (G)

              	
                to
                  the Class 1B4 Certificates, the related Interest Distributable
                  Amount for
                  that date;

              

      

      

      
        	 	
                (H)

              	
                to
                  the Class 1B4 Certificates, an amount allocable to principal equal
                  to
                  their Pro Rata Share for such Distribution Date, until the Class
                  Principal
                  Balance of such Class has been reduced to
                  zero;

              

      

      

      
        	 	
                (I)

              	
                to
                  the Class 1B5 Certificates, the related Interest Distributable
                  Amount for
                  that date;

              

      

      

      
        	 	
                (J)

              	
                to
                  the Class 1B5 Certificates, an amount allocable to principal equal
                  to
                  their Pro Rata Share for such Distribution Date, until the Class
                  Principal
                  Balance of such Class has been reduced to
                  zero;

              

      

      

      
        	 	
                (K)

              	
                to
                  the Class 1B6 Certificates, the related Interest Distributable
                  Amount for
                  that date; 

              

      

      

      
        	 	
                (L)

              	
                to
                  the Class 1B6 Certificates, an amount allocable to principal equal
                  to
                  their Pro Rata Share for such Distribution Date, until the Class
                  Principal
                  Balance of such Class has been reduced to zero;

              

      

      

      
        	 	
                (M)

              	
                to
                  the Class 1B7 Certificates, the related Interest Distributable
                  Amount for
                  that date; and

              

      

      

      
        	 	
                (N)

              	
                to
                  the Class 1B7 Certificates, an amount allocable to principal equal
                  to
                  their Pro Rata Share for such Distribution Date, until the Class
                  Principal
                  Balance of such Class has been reduced to zero;
                  and

              

      

      

      
        
           

        

        
          108

          
            

          

        

        
           

        

      

      (iv) the
        Available Funds for Pool 1 and Pool 2 remaining after giving effect to the
        distributions specified in subsections (i) through (iii) above shall be
        distributed to the Certificateholders in the following order of
        priority:

      

      
        	 	
                (A)

              	
                to
                  the Class R Certificate, any remaining Available Funds allocable
                  to Pool 1
                  and Pool 2, other than any portion thereof in respect of Premium
                  Proceeds
                  allocable to Pool 1 and Pool 2, then remaining;
                  and

              

      

      

      
        	 	
                (B)

              	
                on
                  the final Distribution Date, to the Class LT-R Certificate, the
                  Premium
                  Proceeds allocable to Pool 1 and Pool
                  2.

              

      

      

      (v) the
        Available Funds for Pool 3 shall be distributed on each Distribution Date
        (other
        than on the Distribution Date following the optional purchase of the Mortgage
        Loans by the Terminator) in the following order of priority:

      

      
        	 	
                (A)

              	
                to
                  the Class 3A1 and Class 3A2 Certificates, pro
                  rata (based
                  on the Interest Distributable Amounts to which each such Class
                  is
                  entitled), the related Interest Distributable
                  Amount;

              

      

      

      
        	 	
                (B)

              	
                an
                  amount equal to the Senior Principal Distribution Amount for Pool
                  3, to
                  the Class 3A1 and Class 3A2 Certificates, pro
                  rata
                  (based on their respective Class Principal Balances), until their
                  respective Class Principal Balances have been reduced to
                  zero;

              

      

      

      
        	 	
                (C)

              	
                to
                  the Class R Certificate, any remaining Available Funds allocable
                  to Pool
                  3, other than any portion thereof in respect of Premium Proceeds
                  allocable
                  to Pool 3, then remaining; and

              

      

      

      
        	 	
                (D)

              	
                on
                  the final Distribution Date, to the Class LT-R Certificate, the
                  Premium
                  Proceeds allocable to Pool 3.

              

      

      

      On
        the
        Distribution Date following the optional purchase of the Mortgage Loans by
        the
        Terminator pursuant to Section 10.01, Available Funds for each Mortgage Pool
        and, in the case of Pool 1, each Loan Subgroup, shall be applied in the amounts
        and in the order specified above.

      

      (b) Amounts
        to be paid to the Holders of a Class of Certificates shall be payable with
        respect to all Certificates of that Class, pro
        rata,
        based
        on the Certificate Principal Balance or Certificate Notional Balance, as
        applicable, of each Certificate of that Class.

      

      (c) Notwithstanding
        the priority and allocation set forth in Section 5.01(a)(iii) above, if (i)
        with
        respect to any Class of Pool 1-2 Subordinate Certificates on any Distribution
        Date the sum of the related Class Subordination Percentages of such Class
        and of
        all other Classes of Pool 1-2 Subordinate Certificates which have a higher
        numerical Class designation than such Class or (ii) with respect to any Class
        of
        Pool 3 Subordinate Certificates on any Distribution Date the sum of the related
        Class Subordination Percentages of such Class and of all other Classes of
        Pool 3
        Subordinate Certificates which have a higher numerical Class designation
        than
        such Class (each, an “Applicable
        Credit Support Percentage”)
        is
        less than the Original Applicable Credit Support Percentage for such Class,
        no
        distribution of Principal Prepayments will be made to any such Classes (the
        “Restricted
        Classes”)
        and
        the amount of such Principal Prepayment otherwise distributable to the
        Restricted Classes shall be distributed to any related Classes of Subordinate
        Certificates having lower numerical Class designations than such Class,
pro
        rata,
        based
        on the Class Principal Balances of the respective Classes immediately prior
        to
        such Distribution Date and shall be distributed in the sequential order provided
        in Section 5.01(a)(iii) above.

      
        
           

        

        
          109

          
            

          

        

        
           

        

      

      

      (d) On
        each
        Distribution Date, the Securities Administrator shall distribute to the Holder
        of the Class P Certificate, the Class P Distributable Amount.

      

      (e) (i) 
        Notwithstanding the priority and allocation set forth in Section 5.01(a)(iii),
        with respect to any Loan Subgroup, on each Distribution Date prior to the
        related Senior Credit Support Depletion Date but after the date on which
        the
        aggregate Class Principal Balance of each Class of the Pool 1 Senior
        Certificates (other than the Class 1PO Certificates and any Interest-Only
        Certificates) and any Class 1A1 Component related to a Loan Subgroup have
        been
        reduced to zero, 100% of the Principal Prepayments on the Pool 1 Mortgage
        Loans
        (other than the PO Percentage of such Principal Prepayments on any Discount
        Mortgage Loans) in that Loan Subgroup otherwise distributable on each Class
        of
        Pool 1-2 Subordinate Certificates pursuant to Section 5.01(a)(iii), in reverse
        order of priority, shall be distributed as principal to the Pool 1 Senior
        Certificates (other than the Class 1PO Certificates and any Interest-Only
        Certificates) and any Class 1A1 Components related to the other Loan Subgroups
        remaining outstanding in the amounts provided in the next succeeding sentence.
        Such amounts shall be allocated to the other Loan Subgroups pro
        rata,
        based on
        aggregate Class Principal Balance of the related Pool 1 Senior Certificates
        and
        aggregate Component Principal Balance of any related Class 1A1 Components,
        and
        paid to the Pool 1 Senior Certificates in such Loan Subgroup or Subgroups
        in the
        same priority as such Certificates would receive other distributions of
        principal pursuant to Section 5.01(a).

      

      (ii) Notwithstanding
        the priority and allocation set forth in Section 5.01(a)(iii), with respect
        to
        Pool 1 and Pool 2, on each Distribution Date prior to the related Senior
        Credit
        Support Depletion Date but after the date on which the aggregate Class Principal
        Balance of each Class of the Pool 1-2 Senior Certificates (other than the
        Class
        1PO Certificates and any Interest-Only Certificates) related to a Mortgage
        Pool
        have been reduced to zero, 100% of the Principal Prepayments on the Pool
        1
        Mortgage Loans and the pool 2 Mortgage Loans (other than the PO Percentage
        of
        such Principal Prepayments on any Discount Mortgage Loans) in that Mortgage
        Pool
        otherwise distributable on each Class of Pool 1-2 Subordinate Certificates
        pursuant to Section 5.01(a)(iii), in reverse order of priority, shall be
        distributed as principal to the Pool 1-2 Senior Certificates (other than
        the
        Class 1PO Certificates and any Interest-Only Certificates) related to the
        other
        Mortgage Pool remaining outstanding in the amounts provided in the next
        succeeding sentence. Such amounts shall be allocated to the other Mortgage
        Pool
pro
        rata,
        based on
        aggregate Class Principal Balance of the related Pool 1-2 Senior Certificates,
        and paid to the Pool 1-2 Senior Certificates in such Mortgage Pool in the
        same
        priority as such Certificates would receive other distributions of principal
        pursuant to Section 5.01(a).

      
        
           

        

        
          110

          
            

          

        

        
           

        

      

      

      (iii) On
        any
        Distribution Date on which the Pool 1 Senior Certificates (other than the
        Class
        1PO Certificates and any Interest-Only Certificates) and the Class 1A1
        Components related to a Loan Subgroup or Loan Subgroups constitute an
        Undercollateralized Subgroup, all amounts otherwise distributable as Available
        Funds on the Pool 1-2 Subordinate Certificates, in reverse order of priority
        (or, following the related Senior Credit Support Depletion Date, such other
        amounts described in the immediately following sentence), shall be distributed
        as principal to the Pool 1 Senior Certificates (other than the Class 1PO
        Certificates and any Interest-Only Certificates) and the Class 1A1 Components
        of
        such Undercollateralized Subgroup pursuant to Section 5.01(a), first,
        up to
        the sum of the Accrued Interest Amount and the related Principal Deficiency
        Amount for the related Undercollateralized Subgroup (such distribution, a
        “Subgroup
        Undercollateralization Distribution”)
        and
second,
        to pay
        to the Pool 1-2 Subordinate Certificates in the same order and priority as
        provided in Section 5.01(a)(iii). In the event that the Pool 1 Senior
        Certificates (other than the Class 1PO Certificates and any Interest-Only
        Certificates) and the Class 1A1 Components related to a Loan Subgroup constitute
        an Undercollateralized Subgroup on any Distribution Date following the related
        Senior Credit Support Depletion Date, Subgroup Undercollateralization
        Distributions will be made from any Available Funds for a Loan Subgroup not
        related to an Undercollateralized Subgroup remaining after all required amounts
        have been distributed to the related Class of Pool 1 Senior Certificates
        (other
        than the Class 1PO Certificates and any Interest-Only Certificates) and Class
        1A1 Components. Subgroup Undercollateralization Distributions shall be applied
        first
        to pay
        accrued but unpaid interest, if any, and second
        to pay
        principal in the same priority and allocation provided in Section
        5.01(a).

      

      (iv) On
        any
        Distribution Date on which the Pool 1-2 Senior Certificates (other than the
        Class 1PO Certificates and any Interest-Only Certificates) constitute an
        Undercollateralized Pool, all amounts otherwise distributable as Available
        Funds
        on the Pool 1-2 Subordinate Certificates, in reverse order of priority (or,
        following the related Senior Credit Support Depletion Date, such other amounts
        described in the immediately following sentence), shall be distributed as
        principal to the Pool 1-2 Senior Certificates (other than the Class 1PO
        Certificates and any Interest-Only Certificates) of such Undercollateralized
        Pool pursuant to Section 5.01(a), first,
        up to
        the sum of the Accrued Interest Amount and the related Principal Deficiency
        Amount for the related Undercollateralized Pool (such distribution, a
“Pool
        Undercollateralization Distribution”)
        and
second,
        to pay
        to the Pool 1-2 Subordinate Certificates in the same order and priority as
        provided in Section 5.01(a)(iii). In the event that the Pool 1-2 Senior
        Certificates (other than the Class 1PO Certificates and any Interest-Only
        Certificates) related to a Mortgage Pool constitute an Undercollateralized
        Pool
        on any Distribution Date following the related Senior Credit Support Depletion
        Date, Pool Undercollateralization Distributions will be made from any Available
        Funds for a Mortgage Pool not related to an Undercollateralized Pool remaining
        after all required amounts have been distributed to the related Class of
        Pool
        1-2 Senior Certificates (other than the Class 1PO Certificates and any
        Interest-Only Certificates). Pool Undercollateralization Distributions shall
        be
        applied first
        to pay
        accrued but unpaid interest, if any, and second
        to pay
        principal in the same priority and allocation provided in Section
        5.01(a).

      
        
           

        

        
          111

          
            

          

        

        
           

        

      

      

      (f) Distributions
        on Physical Certificates.
        The
        Securities Administrator 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 hereof respecting the final distribution), in
        the
        case of Certificateholders of the Physical 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 of
        a Class
        shall be made in proportion to the Percentage Interests evidenced by the
        Certificates of that Class held by such Certificateholders.

      

      (g) Distributions
        on Book-Entry Certificates.
        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 Securities Administrator, the Depositor or the
        Seller
        shall have any responsibility therefor.

      

      SECTION
        5.02. [Reserved].

      

      SECTION
        5.03. Allocation
        of Realized Losses. 

      

      (a) On
        or
        prior to each Distribution Date, the Securities Administrator shall aggregate
        the loan-level information provided by the Master Servicer with respect to
        the
        total amount of Realized Losses, if any, with respect to the Mortgage Loans
        in
        each Mortgage Pool and, with respect to Pool 1, each Loan Subgroup for the
        related Distribution Date and include such information in the Distribution
        Date
        Statement.

      

      (b) On
        each
        Distribution Date, Realized Losses in Pool 1 and Pool 2 that occurred during
        the
        related Prepayment Period shall be allocated as follows:

      

      (i) to
        the
        Class 1PO Certificates, the applicable PO Percentage of the principal portion
        of
        any Realized Loss on a Discount Mortgage Loan in Pool 1 Subgroup 1, until
        the
        Class Principal Balance thereof has been reduced to zero;

      

      (ii) on
        each
        Distribution Date prior to the Senior Credit Support Depletion Date,
        distributions in respect of each PO Deferred Amount shall be made on the
        Class
        1PO Certificates in accordance with Section 5.01(a)(ii) above to the extent
        of
        any PO Recoveries and certain other Available Funds remaining after
        distributions in accordance with Section 5.01(a)(i) above. Any distribution
        of
        such PO Recoveries and any other Available Funds in respect of a PO Deferred
        Amount will not reduce the Class Principal Balance of the Class 1PO
        Certificates. No interest will accrue on any PO Deferred Amount. After the
        Senior Credit Support Depletion Date, no distributions will be made in respect
        of any PO Deferred Amount and Realized Losses will be allocated to the Class
        1PO
        Certificates without a right of reimbursement from any other Class of
        Certificates;

      
        
           

        

        
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      (iii) the
        applicable Non-PO Percentage of the principal portion of all Realized Losses
        with respect to the Mortgage Loans in any Loan Subgroup of Pool 1 or in Pool
        2
        will be allocated
        first
        to the
        classes of Pool 1-2 Subordinate Certificates, in the reverse order of their
        numerical Class designations (beginning with the class of Pool 1-2 Subordinate
        Certificates then outstanding with the highest numerical class designation),
        in
        each case until the Class Principal Balances of each such Class is reduced
        to
        zero, second,
        to the
        Pool 1-2 Senior Certificates (other than the Class 1PO and any Interest-Only
        Certificates) relating to all Loan Subgroups, on a pro
        rata
        basis,
        until the Class Principal Balances of each such class has been reduced to
        zero.

      

      (iv) On
        each
        Distribution Date, the Class Principal Balance of the class of Pool 1-2
        Subordinate Certificates then outstanding with the lowest payment priority
        will
        be allocated, as a further Realized Loss, in reduction of its Class Principal
        Balance, the sum of (i) the amount of any Available Fund from Pool 1 (other
        than
        PO Recoveries) distributed on that distribution date to the Class 1PO
        Certificates in reduction of a PO Deferred Amount and (ii) the excess, if
        any,
        of (a) the aggregate of the Class Principal Balances of all classes of Pool
        1-2
        Senior Certificates and Pool 1-2 Subordinate Certificates following all
        distributions and the allocation of Realized Losses from Pool 1 and Pool
        2 on
        that Distribution Date over (b) the Pool 1-2 Aggregate Collateral Balance
        as of
        the first day of the month of that Distribution Date.

      

      (c) The
        Class
        Principal Balance of the Class of Pool 1-2 Subordinate Certificates then
        outstanding with the highest numerical Class designation shall be reduced
        on
        each Distribution Date by the amount, if any, by which the aggregate of the
        Class Principal Balances of all outstanding Classes of Pool 1-2 Certificates
        (after giving effect to the distribution of principal and the allocation
        of
        Realized Losses on such Distribution Date) exceeds the aggregate of the Stated
        Principal Balances of all the Mortgage Loans in Pool 1 and Pool 2 for the
        following Distribution Date.

      

      (d) On
        each
        Distribution Date, Realized Losses in Pool 3 that occurred during the related
        Prepayment Period shall be allocated as follows:

      

      (i) to
        the
        Pool 3 Subordinate Certificates, in reverse order of numerical class
        designations (beginning with the class of Pool 3 Subordinate Certificates
        then
        outstanding with the highest numerical class designation), in each case until
        the Class Principal Balances of the respective Classes of Pool 3 Subordinate
        Certificates have been reduced to zero, and then to all classes of Pool 3
        Senior
        Certificates on a pro
        rata
        basis,
        until the Class Principal Balances of each such Class has been reduced to
        zero;
provided,
        however:,
        that
        all realized losses allocable to the Class 3A1 and Class 3A2 Certificates
        shall
        instead be allocated sequentially,
        first,
        to the
        Class 3A2 Certificates until the Class Principal Balance thereof has been
        reduced to zero and, second,
        to the
        Class 3A1 Certificates, in that order, for so long as such Certificates are
        outstanding.

      
        
           

        

        
          113

          
            

          

        

        
           

        

      

      

      (ii) On
        each
        Distribution Date, the Class Principal Balance of the Class of Pool 3
        Subordinate Certificates then outstanding with the lowest payment priority
        will
        be allocated, as a further Realized Loss, in reduction of its Class Principal
        Balance, the excess, if any, of (a) the aggregate of the Class Principal
        Balances of all Classes of Pool 3 Senior Certificates and Pool 3 Subordinate
        Certificates following all distributions and the allocation of Realized Losses
        from Pool 3 on that Distribution Date over (b) the Pool 3 Pool Balance as
        of the
        first day of the month of that Distribution Date.

      

      (iii) On
        each
        Distribution Date, the interest portion of Realized Losses from Pool 3 will
        reduce the amount available for distribution on the related Distribution
        Date to
        the Class of Pool 3 Subordinate Certificates with the highest numerical class
        designation which is outstanding on such date and, when the Pool 3 Subordinate
        Certificates have been reduced to zero, to all classes of Pool 3 Senior
        Certificates, on a pro
        rata
        basis.

      

      (e) The
        Class
        Principal Balance of the Class of Pool 3 Subordinate Certificates then
        outstanding with the highest numerical Class designation shall be reduced
        on
        each Distribution Date by the amount, if any, by which the aggregate of the
        Class Principal Balances of all outstanding Classes of Pool 3 Certificates
        (after giving effect to the distribution of principal and the allocation
        of
        Realized Losses on such Distribution Date) exceeds the aggregate of the Stated
        Principal Balances of all the Mortgage Loans in Pool 3 for the following
        Distribution Date.

      

      (f) Any
        Realized Loss allocated to a Class of Certificates or any reduction in the
        Class
        Principal Balance of a Class of Certificates pursuant to Section 5.03(b),
        (c),
        (d) or (e) shall be allocated among the Certificates of such Class, pro
        rata,
        in
        proportion to their respective Certificate Principal Balances.

      

      (g) Any
        allocation of Realized Losses to a Certificate or any reduction in the
        Certificate Principal Balance of a Certificate pursuant to Section 5.03(b),
        (c),
        (d) or (e) shall be accomplished by reducing the Certificate Principal Balance
        thereof immediately following the distributions made on the related Distribution
        Date in accordance with the definition of “Certificate Principal
        Balance.”

      

      SECTION
        5.04. Statements. 

      

      (a) On
        each
        Distribution Date, the Securities Administrator shall make available to the
        Trustee, each Certificateholder, the Seller, the Master Servicer and each
        Rating
        Agency, a statement based, as applicable, on loan-level information obtained
        from the Master Servicer and, if applicable, each Servicer (the “Distribution
        Date Statement”)
        as to
        the distributions to be made or made, as applicable, on such Distribution
        Date.
        The Distribution Date Statement shall include the following information,
        in each
        case, with respect to such Distribution Date: 

      

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

      

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

      
        
           

        

        
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      (iii) the
        Senior Percentage for the Senior Certificates and Components, the Senior
        Prepayment Percentage for the Senior Certificates and Components, the
        Subordinate Percentage and the Subordinate Prepayment Percentage with respect
        to
        each Mortgage Pool and each Loan Subgroup for the following Distribution
        Date;

      

      (iv) the
        aggregate amount of servicing compensation received by the Servicers during
        the
        related Due Period and such other customary information as the Securities
        Administrator deems necessary or desirable, or which a Certificateholder
        reasonably requests, to enable Certificateholders to prepare their tax
        returns;

      

      (v) the
        aggregate amount of Advances for the related Due Period and the amount of
        unreimbursed Advances;

      

      (vi) the
        Asset
        Balance for such Distribution Date; 

      

      (vii) the
        Pool
        Balances, the Loan Subgroup Balances, the Pool 1-2 Aggregate Collateral Balance,
        the Non-PO Loan Subgroup Balance and related Net WAC for each Mortgage Pool
        and
        each Loan Subgroup at the Close of Business at the end of the related Due
        Period;

      

      (viii) [Reserved];

      

      (ix) [Reserved];

      

      (x) [Reserved];

      

      (xi) for
        each
        Mortgage Pool and each Loan Subgroup, the number, weighted average remaining
        term to maturity and weighted average Loan Rate of the related Mortgage Loans
        as
        of the related Due Date;

      

      (xii) the
        number and aggregate unpaid principal balance of Mortgage Loans, in the
        aggregate and for each Mortgage Pool and each Loan Subgroup, (a) 30 to 59
        days Delinquent, (b) 60 to 89 days Delinquent, (c) 90 or more days Delinquent,
        (d) as to which foreclosure proceedings have been commenced and (e) in
        bankruptcy, in each case as of the close of business on the last day of the
        preceding calendar month, in each case, using the OTS method;

      

      (xiii) the
        book
        value (if available) of any REO Property as of the Close of Business on the
        last
        Business Day of the calendar month preceding the Distribution Date, and,
        cumulatively, the total number and cumulative principal balance of all REO
        Properties in each Mortgage Pool and each Loan Subgroup as of the Close of
        Business of the last day of the preceding Due Period;

      

      (xiv) the
        aggregate amount of Principal Prepayments with respect to each Mortgage Pool
        and
        each Loan Subgroup made during the related Prepayment Period;

      

      (xv) the
        aggregate amount of Realized Losses incurred during the related Due Period
        for
        each Mortgage Pool and each Loan Subgroup and the cumulative amount of Realized
        Losses and the amount of Realized Losses, if any, allocated to each Class
        of
        Certificates and Components or after giving effect to any distribution made
        thereon, on such Distribution Date;

      
        
           

        

        
          115

          
            

          

        

        
           

        

      

      

      (xvi) the
        Class
        Principal Balance or Class Notional Balance, as applicable, of each Class
        of
        Certificates and the Apportioned Principal Balances of the Subordinate
        Certificates after giving effect to any distributions made thereon, on such
        Distribution Date;

      

      (xvii) the
        Monthly Interest Distributable Amount and the Interest Distributable Amount
        in
        respect of each Class of Certificates and Components, for such Distribution
        Date
        and the respective portions thereof, if any, remaining unpaid following the
        distributions made in respect of such Certificates and Components on such
        Distribution Date;

      

      (xviii) the
        aggregate amount of any Net Interest Shortfalls and the Unpaid Interest
        Shortfall Amount for such Distribution Date;

      

      (xix) the
        Available Funds with respect to each Mortgage Pool and each Loan
        Subgroup;

      

      (xx) the
        Pass-Through Rate for each Class of Certificates for such Distribution Date;
        

      

      (xxi) the
        aggregate Principal Balance of Mortgage Loans purchased hereunder by the
        Seller
        during the related Due Period, and indicating the relevant section of the
        Servicing Agreement, or the Section of this Agreement, as applicable, requiring
        or allowing the purchase of each such Mortgage Loan;

      

      (xxii) the
        amount of any Principal Deficiency Amounts or Accrued Interest Amounts paid
        to
        an Undercollateralized Pool or an Undercollateralized Subgroup or amounts
        paid
        pursuant to Section 5.01(e)(i) or 5.01(e)(ii); 

      

      (xxiii) current
        and cumulative Recoveries allocable to each Mortgage Pool and each Loan
        Subgroup;

      

      (xxiv) current
        and cumulative PO Recoveries allocable to Pool 1 Subgroup 1;

      

      (xxv) the
        amount of any Class P Distributable Amount for such Distribution
        Date;

      

      (xxvi) the
        amount on deposit in the Prefunding Account in the aggregate and for each
        of
        Pool 1 and Pool 2 (including a breakdown of amounts released during the prior
        calendar month in respect of Aggregate Subsequent Transfer Amounts or amounts
        included in Available Funds on the Distribution Date in the month following
        the
        end of the Prefunding Period) and the amount of funds remaining in the
        Capitalized Interest Account (after giving effect to distributions on such
        Distribution Date); and

      
        
           

        

        
          116

          
            

          

        

        
           

        

      

      

      (xxvii) the
        aggregate Principal Balance and number of Subsequent Mortgage Loans purchased
        in
        the Prefunding Period.

      

      The
        Securities Administrator shall make the Distribution Date Statement (and,
        at its
        option, any additional files containing the same information in an alternative
        format) available each month to Certificateholders and the other parties
        to this
        Agreement via the Securities Administrator’s internet website. The Securities
        Administrator’s internet website shall initially be located at “www.ctslink.com.”
        Assistance in using the website can be obtained by calling the Securities
        Administrator’s customer service desk at (301) 815-6600. 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 Securities Administrator shall have the right to change the way
        such
        reports are distributed in order to make such distribution more convenient
        and/or more accessible to the parties, and the Securities Administrator shall
        provide timely and adequate notification to all parties regarding any such
        change.

      

      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 Initial
        Cut-off Date.

      

      In
        addition to the information listed above, such Distribution Date Statement
        or
        the report on Form 10-D for such Distribution Date shall also include any
        other
        information required by Item 1121 (§ 229.1121) of Regulation AB.

      

      (b) Within
        a
        reasonable period of time after the end of each calendar year, the Securities
        Administrator 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
        and
        such other customary information which a Certificateholder reasonably requests
        to prepare its tax returns. Such obligation of the Securities Administrator
        shall be deemed to have been satisfied to the extent that substantially
        comparable information shall be prepared and furnished by the Securities
        Administrator to Certificateholders pursuant to any requirements of the Code
        as
        are in force from time to time.

      

      (c) On
        each
        Distribution Date, the Securities Administrator shall supply an electronic
        tape
        to Bloomberg Financial Markets, Inc. in a format acceptable to Bloomberg
        Financial Markets, Inc. on a monthly basis, and shall supply an electronic
        tape
        to Loan Performance and Intex Solutions in a format acceptable to Loan
        Performance and Intex Solutions on a monthly basis.

      

      SECTION
        5.05. Remittance Reports; Advances. 

      

      (a) No
        later
        than the 10th
        calendar
        day of each month, the Master Servicer shall deliver to the Securities
        Administrator by telecopy or electronic mail (or by such other means as the
        Master Servicer and the Securities Administrator may agree from time to time)
        the Remittance Report with respect to the related Distribution Date. No later
        than the Close of Business New York time on the fifth Business Day prior
        to the
        related Distribution Date, the Master Servicer shall deliver or cause to
        be
        delivered to the Securities Administrator in addition to the information
        provided on the Remittance Report, such other loan-level information reasonably
        available to it with respect to the Mortgage Loans as the Securities
        Administrator may reasonably require to perform the calculations necessary
        to
        make the distributions contemplated by Section 5.01. The Securities
        Administrator shall have no duty or obligation to calculate, recompute or
        verify
        any information in any Remittance Report or other loan level information
        that it
        receives from a Servicer.

      
        
           

        

        
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      (b) If
        the
        Monthly Payment on a Mortgage Loan that was due on a related Due Date and
        is
        delinquent, other than as a result of application of the Relief Act, and
        for
        which the related Servicer was required to make an advance pursuant to the
        related Servicing Agreement, exceeds the amount on deposit in the Distribution
        Account which will be used for an advance with respect to such Mortgage Loan,
        the Master Servicer shall, on the Business Day immediately preceding the
        related
        Distribution Date, deposit in the Distribution Account an amount equal to
        such
        deficiency, net of the Servicing Fee and the Master Servicing Fee, for such
        Mortgage Loan except to the extent the Master Servicer determines any such
        Advance to be Nonrecoverable from Liquidation Proceeds, Insurance Proceeds
        or
        future payments on the Mortgage Loan for which such Advance was made. Subject
        to
        the foregoing, the Master Servicer shall continue to make such Advances through
        the date that such Servicer is required to do so under its Servicing Agreement.
        If the Master Servicer determines that an Advance is Nonrecoverable, it shall,
        on or prior to the related Distribution Date, present an Officer’s Certificate
        to the Securities Administrator and the Trustee (i) stating that the Master
        Servicer elects not to make a Advance in a stated amount and (ii) detailing
        the
        reason it deems the advance to be Nonrecoverable.

      

      SECTION
        5.06. Compensating Interest Payments.

      

      The
        amount of the Master Servicing Fee and any additional compensation due and
        owing
        to the Master Servicer pursuant to Section 3.14 in respect of any Distribution
        Date shall be reduced (but not below zero) by the amount of any Compensating
        Interest Payment for such Distribution Date, but only to the extent that
        Interest Shortfalls relating to such Distribution Date are required to be
        paid
        but are not actually paid by the Servicers on the Servicer Remittance Date.
        Such
        amount shall not be treated as an Advance and shall not be reimbursable to
        the
        Master Servicer.

      

      SECTION
        5.07. Recoveries. 

      

      With
        respect to any Class of Certificates or any Component to which a Realized
        Loss
        has been allocated (including any such Class or Component for which the related
        Class Principal Balance or Component Principal Balance, as applicable, has
        been
        reduced to zero), the Class Principal Balance of such Class or the Component
        Principal Balance of such Component, as applicable, will be increased by
        the
        amount of related Recoveries collected with regard to the related Mortgage
        Pool (and, with respect to Pool 1, the related Loan Subgroup)
        allocated to such Class or such Component for such Distribution Date as
        follows:

      
        
           

        

        
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      (i) first,
        the
        Class Principal Balance of each Class of Senior Certificates related to the
        Mortgage Pool (and, with respect to Pool 1, the related Loan Subgroup) from
        which the Recovery was collected (and, with respect to the Class 1A1
        Certificates, the related Class 1A1 Component), will be increased, pro
        rata
        up to
        the Net Realized Losses for such Class or Component for such Distribution
        Date,
        and

      

      (ii) second,
        the
        Class Principal Balance of each Class of related Subordinate Certificates
        will
        be increased in order of seniority, up to the Net Realized Losses for each
        such
        Class for such Distribution Date.

      

      ARTICLE
        VI

       

      THE
        CERTIFICATES

      

      SECTION
        6.01. The
        Certificates.

      

      The
        Certificates shall be substantially in the form annexed hereto as Exhibit
        A-1
        through E. Each of the Certificates shall, on original issue, be executed
        by the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar upon the written order of the Depositor concurrently with the sale
        and
        assignment to the Trustee of the Trust Fund. Each Class of the Regular
        Certificates (other than the Interest-Only Certificates and the Class P
        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 in excess thereof; in the case of the
        Interest-Only Certificates, a minimum notional amount of $100,000 and integral
        dollar multiples of $1 in excess thereof; provided,
        that,
        all such Certificates must be purchased in minimum total investments of at
        least
        $100,000. The Class P Certificates shall be issued in a minimum Percentage
        Interest of 5% and in integral percentage of multiples of 1% in excess thereof.
        The Class R and Class LT-R Certificates will each be issued as a single
        certificate in physical form. 

      

      The
        Certificates shall be executed on behalf of the Trust Fund by manual or
        facsimile signature on behalf of the Securities Administrator 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 be binding, 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. Each Certificate shall, on original issue, be authenticated
        by the
        Certificate Registrar upon the order of the Depositor. 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 Certificate
        Registrar 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. At any time
        and
        from time to time after the execution and delivery of this Agreement, the
        Depositor may deliver Certificates executed by the Securities Administrator
        to
        the Certificate Registrar for authentication and the Certificate Registrar
        shall
        authenticate and deliver such Certificates as provided in this Agreement
        and not
        otherwise. Subject to Section 6.02(c), the Senior Certificates (other than
        the
        Residual Certificates) and the Subordinate Certificates shall be Book-Entry
        Certificates. The Residual Certificates and the Class P Certificates shall
        be
        Physical Certificates.

      
        
           

        

        
          119

          
            

          

        

        
           

        

      

      

      The
        Privately-Offered B Certificates shall be offered and sold (i) to Qualified
        Institutional Buyers, and shall be issued initially in the form of one or
        more
        permanent global Certificates in definitive, fully registered form with the
        applicable legends set forth in Exhibit C (each, a “Restricted
        Global Security”)
        or
        (ii) outside the United States in reliance on Regulation S under the Securities
        Act, and shall be issued initially in the form of one or more permanent global
        Certificates in definitive, fully registered form without interest coupons
        with
        the applicable legends set forth in Exhibit C hereto (each, a “Regulation
        S Global Security”),
        which
        shall be deposited on behalf of the subscribers for such Certificates
        represented thereby with the Securities Administrator, as custodian for DTC
        and
        registered in the name of a nominee of DTC, duly executed by the Securities
        Administrator and authenticated by the Certificate Registrar as hereinafter
        provided. The aggregate principal amounts of the Restricted Global Securities
        or
        Regulation S Global Securities, as applicable, may from time to time be
        increased or decreased by adjustments made on the records of the Certificate
        Registrar and DTC or its nominee, as the case may be, as hereinafter
        provided.

      

      The
        Class
        P Certificates shall be offered and sold either (i) to Qualified Institutional
        Buyers, and shall be issued initially in the form of one or more permanent
        global Certificates in definitive, fully registered form with the applicable
        legends set forth in Exhibit D or (ii) outside the United States in reliance
        on
        Regulation S under the Securities Act, and shall be issued initially in the
        form
        of one or more permanent global Certificates in definitive, fully registered
        form without interest coupons with the applicable legends set forth in Exhibit
        D
        which shall be registered in the name Greenwich Capital Markets, Inc., duly
        executed by the Securities
        Administrator
        and
        authenticated by the Certificate Registrar as hereinafter provided. The
        aggregate principal amount of the Class P Certificates may from time to time
        be
        increased or decreased by adjustments made on the records of the Certificate
        Registrar as hereinafter provided.

      

      SECTION
        6.02. Registration
        of Transfer and Exchange of Certificates. 

      

      (a) The
        Certificate Registrar shall cause to be kept 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 Securities Administrator
        is hereby appointed, and the Securities Administrator hereby accepts its
        appointment as, initial Certificate Registrar on behalf of the Trustee, 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 the Corporate
        Trust
        Office of the Certificate Registrar maintained for such purpose pursuant
        to the
        foregoing paragraph, the Securities Administrator on behalf of the Trust
        Fund
        shall execute, and the Certificate Registrar shall authenticate and deliver,
        in
        the name of the designated transferee or transferees, one or more new
        Certificates of the same aggregate Percentage Interest.

      
        
           

        

        
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      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
        Securities Administrator shall execute on behalf of the Trust Fund, and the
        Certificate Registrar shall 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 Certificate Registrar) be duly endorsed by, or be accompanied
        by
        a written instrument of transfer satisfactory to the Certificate Registrar
        duly
        executed by, the Holder thereof or his attorney duly authorized in
        writing.

      

      (b) Except
        as
        provided in paragraph (c) or (d) 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
        Securities Administrator or the Certificate Registrar 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 Certificate
        Registrar, the Paying Agent and the Trustee shall for all purposes deal with
        the
        Depository as representative of the Certificate Owners of such 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, the Paying Agent and the Certificate Registrar 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, the Paying Agent, the Certificate Registrar and their respective
        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 one or more 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
        (x)
        the Depository or the Depositor advises the Certificate Registrar in writing
        that the Depository is no longer willing or able to discharge properly its
        responsibilities as Depository and (y) the Certificate Registrar or the
        Depositor is unable to locate a qualified successor, upon surrender to the
        Certificate Registrar of the Book-Entry Certificates by the Depository,
        accompanied by registration instructions from the Depository for registration,
        the Securities Administrator shall at the Seller’s expense execute on behalf of
        the Trust Fund and authenticate definitive, fully registered certificates
        (the
“Definitive
        Certificates”).
        Neither the Depositor nor the Certificate Registrar 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 Paying Agent and
        the
        Depositor shall recognize the Holders of the Definitive Certificates as
        Certificateholders hereunder.

      
        
           

        

        
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      (d) No
        transfer, sale, pledge or other disposition of any Privately-Offered B
        Certificate, other than a Private Certificate sold in an offshore transaction
        in
        reliance on Regulation S, 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.
        Any
        Private Certificates sold to an “accredited investor” under Rule 501(a)(1), (2),
        (3) or (7) under the Securities Act shall be issued only in the form of one
        or
        more Definitive Certificates and the records of the Certificate Registrar
        (and
        solely in the case of the Privately-Offered B Certificates, DTC or its nominee)
        shall be adjusted to reflect the transfer of such Definitive Certificates.
        In
        the event of any transfer of any Private Certificate in the form of a Definitive
        Certificate, (i) the transferee shall certify (A) such transfer is made to
        a
        Qualified Institutional Buyer in reliance upon Rule 144A (as evidenced by
        an
        investment letter delivered to the Certificate Registrar, in substantially
        the
        form attached hereto as Exhibit J-2) under the Securities Act, or (B) such
        transfer is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or
        (7) under the Securities Act (as evidenced by an investment letter delivered
        to
        the Certificate Registrar, in substantially the form attached hereto as Exhibit
        J-1, and, if so required by the Certificate Registrar and the Depositor,
        a
        written Opinion of Counsel (which may be in-house counsel) acceptable to
        and in
        form and substance reasonably satisfactory to the Certificate Registrar and
        the
        Depositor, delivered to the Certificate Registrar and the Depositor stating
        that
        such transfer may be made pursuant to an exemption, including a description
        of
        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 Trust Fund, the Trustee, the Certificate Registrar, the
        Master
        Servicer, the Securities Administrator or the Depositor) or (ii) the Certificate
        Registrar shall require the transferor to execute a transferor certificate
        and
        the transferee to execute an investment letter acceptable to and in form
        and
        substance reasonably satisfactory to the Depositor and the Certificate Registrar
        certifying to the Depositor and the Certificate Registrar the facts surrounding
        such transfer, which investment letter shall not be an expense of the Trust
        Fund, the Trustee, the Certificate Registrar, the Master Servicer, the
        Securities Administrator or the Depositor. Each Holder of a Private Certificate
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee, the Certificate Registrar, the Securities Administrator, the Seller
        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.

      

      In
        the
        case of a Privately-Offered B Certificate that is a Book-Entry Certificate,
        for
        purposes of the preceding paragraph, the representations set forth in the
        investment letter in clause (i) shall be deemed to have been made to the
        Certificate Registrar by the transferee’s acceptance of such Privately-Offered B
        Certificate that is also a Book-Entry Certificate (or the acceptance by a
        Certificate Owner of the beneficial interest in such Certificate).

      
        
           

        

        
          122

          
            

          

        

        
           

        

      

      

      If
        any
        Certificate Owner that is required under this Section 6.02(d) to transfer
        its
        Privately-Offered B Certificate that are Book-Entry Certificates in the form
        of
        Definitive Certificates, (i) notifies the Securities Administrator of such
        transfer or exchange and (ii) transfers such Book-Entry Certificates to the
        Securities Administrator, in its capacity as such, through the book-entry
        facilities of the Depository, then the Securities Administrator, on behalf
        of
        the Trust Fund, shall decrease the balance of such Book-Entry Certificates,
        and
        thereupon, the Securities Administrator shall execute, authenticate and deliver
        to such Certificate Owner or its designee one or more Definitive Certificates
        in
        authorized denominations and with a like aggregate Certificate Principal
        Balance.

      

      Subject
        to the provisions of this Section 6.02(d) governing registration of transfer
        and
        exchange Privately-Offered B Certificate (i) held as Definitive
        Certificates may be transferred in the form of Book-Entry Certificates in
        reliance on Rule 144A (to one or more Qualified Institutional Buyers) or
        Regulation S under the Securities Act that are acquiring such Definitive
        Certificates, their own accounts for or for the accounts of other Qualified
        Institutional Buyers and (ii) held as Definitive Certificates by a
        Qualified Institutional Buyer or an investor under Regulation S for its own
        account or for the account of another Qualified Institutional Buyer or
        Regulation S investor may be exchanged for Book-Entry Certificates, in each
        case
        upon surrender of such Certificates for registration of transfer or exchange
        at
        the offices of the Securities Administrator maintained for such purpose.
        Whenever any such Certificates are so surrendered for transfer or exchange,
        either the Securities Administrator shall increase the balance of the related
        Book-Entry Certificates or the Securities Administrator shall execute,
        authenticate and deliver the Book-Entry Certificates for which such Certificates
        were transferred or exchanged, as necessary and appropriate. No Holder of
        any
        such Definitive Certificates other than a Qualified Institutional Buyer or
        a
        Regulation S investor holding such Certificates for its own account or for
        the
        account of another Qualified Institutional Buyer or Regulation S investor
        may
        exchange such Certificates for Book-Entry Certificates. Further, any Certificate
        Owner of such Book-Entry Certificates other than any such Qualified
        Institutional Buyers or Regulation S investors shall notify the Securities
        Administrator of its status as such and shall transfer such Book-Entry
        Certificate to the Securities Administrator, through the book-entry facilities
        of the Depository, whereupon, and also upon surrender to the Securities
        Administrator of such Book-Entry Certificates by the Depository, (which
        surrender the Securities Administrator shall use reasonable efforts to cause
        to
        occur), the Securities Administrator shall execute, authenticate and deliver
        to
        such Certificate Owner or such Certificate Owner’s nominee one or more
        Definitive Certificates in authorized denominations and with a like aggregate
        Certificate Principal Balance.

      

      None
        of
        the Depositor, the Seller, the Securities Administrator, the Certificate
        Registrar or the Trustee is obligated to register or qualify the Private
        Certificates under the Securities Act or any other securities laws or to
        take
        any action not otherwise required under this Agreement to permit the transfer
        of
        such Certificates without registration or qualification. Any Certificateholder
        desiring to effect the transfer of a Private Certificate shall, and does
        hereby
        agree to, indemnify the Trustee, the Seller, the Securities Administrator,
        the
        Depositor and the Certificate Registrar 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.

      
        
           

        

        
          123

          
            

          

        

        
           

        

      

      

      No
        transfer of an ERISA-Restricted Certificate in the form of a Definitive
        Certificate shall be made unless the Certificate Registrar shall have received
        either (i) a representation from the transferee of such Certificate, acceptable
        to and in form and substance satisfactory to the Certificate Registrar and
        the
        Depositor (such requirement is satisfied only by the Certificate Registrar’s
        receipt of a representation letter from the transferee substantially in the
        form
        of Exhibit I-1 or I-2, as applicable, hereto), to the effect that such
        transferee is not an employee benefit plan subject to Section 406 of ERISA
        or a
        plan or arrangement subject to Section 4975 of the Code (a “Plan”),
        nor a
        person acting on behalf of any such plan or arrangement nor using the assets
        of
        any such plan or arrangement to effect such transfer or (ii) if such Certificate
        has been the subject of an ERISA-Qualifying Underwriting, and the purchaser
        is
        an insurance company, a representation that the purchaser is an insurance
        company which is purchasing such Certificates with funds contained in an
        “insurance company general account” (as such term is defined in Section V(e) of
        Prohibited Transaction Class Exemption 95-60 (“PTCE
        95-60”)
        and
        that the purchase and holding of such Certificates are covered under Sections
        I
        and III of PTCE 95-60 or (iii) an Opinion of Counsel satisfactory to the
        Certificate Registrar, which Opinion of Counsel shall not be an expense of
        the
        Trustee, the Certificate Registrar, the Master Servicer, the Securities
        Administrator, the Depositor or the Trust Fund, addressed to the Certificate
        Registrar, to the effect that the purchase and holding of such ERISA-Restricted
        Certificate in the form of a Definitive Certificate will not result in a
        non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
        of
        the Code and will not subject the Trustee, the Certificate Registrar, the
        Master
        Servicer, the Servicers, the Securities Administrator or the Depositor to
        any
        obligation in addition to those expressly undertaken in this Agreement or
        to any
        liability. Notwithstanding anything else to the contrary herein, any purported
        transfer of an ERISA-Restricted Certificate in the form of a Definitive
        Certificate to an employee benefit plan subject to ERISA or Section 4975
        of the
        Code without the delivery to the Certificate Registrar of an Opinion of Counsel
        satisfactory to the Certificate Registrar as described above shall be void
        and
        of no effect.

      

      In
        the
        case of an ERISA-Restricted Certificate that is a Book-Entry Certificate,
        for
        purposes of clauses (i) or (ii) of the first sentence of the preceding
        paragraph, such representations shall be deemed to have been made to the
        Certificate Registrar by the transferee’s acceptance of such ERISA-Restricted
        Certificate that is also a Book-Entry Certificate (or the acceptance by a
        Certificate Owner of the beneficial interest in such Certificate).

      

      If
        any
        ERISA-Restricted Certificate, or any interest therein, is acquired or held
        in
        violation of the provisions of the preceding paragraph, 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 an
        ERISA-Restricted Certificate, or interest therein, was effected in violation
        of
        the provisions of the preceding paragraph shall indemnify to the extent
        permitted by law and hold harmless the Depositor and the Certificate Registrar
        from and against any and all liabilities, claims, costs or expenses incurred
        by
        such parties as a result of such acquisition or holding.

      

      To
        the
        extent permitted under applicable law (including, but not limited to, ERISA),
        the Certificate Registrar shall be under no liability to any Person for any
        registration of transfer of any ERISA-Restricted Certificate that is in fact
        not
        permitted by this Section or for making any payments due on such 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 transfer was registered by
        the
        Certificate Registrar in accordance with the foregoing requirements.

      
        
           

        

        
          124

          
            

          

        

        
           

        

      

      

      To
        the
        extent permitted under applicable law (including, but not limited to, ERISA),
        none of the Trustee, the Certificate Registrar or the Depositor shall have
        any
        liability to any Person for any registration of transfer of any ERISA-Restricted
        Certificate that is in fact not permitted by this Section 6.02(d) or for
        the
        Paying Agent making any payments due on such 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 transfer was registered by the Certificate
        Registrar in accordance with the foregoing requirements. In addition, none
        of
        the Trustee, the Certificate Registrar or the Depositor shall be required
        to
        monitor, determine or inquire as to compliance with the transfer restrictions
        with respect to any ERISA-Restricted Certificate in the form of a Book-Entry
        Certificate, and none of the Trustee, the Certificate Registrar or the Depositor
        shall have any liability for transfers of Book-Entry Certificates or any
        interests therein made in violation of the restrictions on transfer described
        in
        the Prospectus Supplement or Private Placement Memorandum, as applicable,
        and
        this Agreement.

      

      (e) 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 who acquires such Ownership Interest in a
        Residual Certificate for its own account and not in the capacity as trustee,
        nominee or agent for another Person and shall promptly notify the Certificate
        Registrar and the Trustee of any change or impending change in its status
        as
        such a Permitted Transferee.

      

      (ii) No
        Ownership Interest in a Residual Certificate may be registered on the Closing
        Date and no Ownership Interest in a Residual Certificate may thereafter be
        transferred, and the Certificate Registrar shall not register the Transfer
        of a
        Residual Certificate unless, in addition to the certificates required to
        be
        delivered under subsection (d) above, the Trustee and the Certificate Registrar
        shall have been furnished with an affidavit (“Transfer
        Affidavit”)
        of the
        initial owner of such Residual Certificate or proposed transferee of a Residual
        Certificate in the form attached hereto as Exhibit L.

      

      (iii) In
        connection with any proposed transfer of any Ownership Interest in a Residual
        Certificate, the Trustee and the Certificate Registrar shall as a condition
        to
        registration of the transfer, require delivery to them of a Transferor
        Certificate in the form of Exhibit K hereto from the proposed transferor
        to the
        effect that the transferor (a) has no knowledge the proposed Transferee is
        not a
        Permitted Transferee acquiring an Ownership Interest in such Residual
        Certificate for its own account and not in a capacity as trustee, nominee,
        or
        agent for another Person, and (b) has not undertaken the proposed transfer
        in
        whole or in part to impede the assessment or collection of tax.

      
        
           

        

        
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      (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 such 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. None of the Trustee, the Certificate Registrar or the Depositor
        shall have any liability to any Person for any registration of Transfer of
        a
        Residual Certificate that is in fact not permitted by this Section or for
        the
        Paying Agent making any distributions due on such Residual Certificate to
        the
        Holder thereof or taking any other action with respect to such Holder within
        the
        provisions of this Agreement so long as the Trustee and the Certificate
        Registrar received the documents specified in clause (iii). The Certificate
        Registrar shall be entitled to recover from any Holder of such 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 Certificate Registrar shall be
        distributed and delivered by the Certificate Registrar to the last 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
        Certificate Registrar 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
        Certificate Registrar to the previous Holder of such Residual Certificate
        that
        is a Permitted Transferee, except that in the event that the Certificate
        Registrar 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 Certificate Registrar 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 the Certificate Registrar and they shall not be liable to any Person
        having
        an Ownership Interest in such 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
        Securities Administrator 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 Certificate
        Registrar, in form and substance satisfactory to the Certificate Registrar,
        (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 ratings of the Certificates and (ii) an Opinion of
        Counsel to the effect that such removal will not cause the REMIC created
        hereunder to fail to qualify as a REMIC.

      
        
           

        

        
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      (f) Notwithstanding
        any provision to the contrary herein, so long as a Restricted Global Security
        or
        Regulation S Global Security, as applicable, representing any Privately-Offered
        B Certificates remains outstanding and is held by or on behalf of the
        Depository, transfers of a Restricted Global Security or Regulation S Global
        Security, as applicable, representing the Certificates, in whole or in part,
        shall only be made in accordance with Section 6.01 and this Section
        6.02(f).

      

      (i) Subject
        to clauses (ii) and (iii) of this Section 6.02(f), transfers of a Restricted
        Global Security or Regulation S Global Security, as applicable, representing
        any
        Privately-Offered B Certificates shall be limited to transfers of such a
        Restricted Global Security or Regulation S Global Security, as applicable,
        in
        whole, but not in part, to nominees of the Depository or to a successor of
        the
        Depository or such successor’s nominee.

      

      (ii) Restricted
        Global Security to Regulation S Global Security.
        If a
        holder of a beneficial interest in a Restricted Global Security deposited
        with
        or on behalf of the Depository wishes at any time to exchange its interest
        in
        such Restricted Global Security for an interest in a Regulation S Global
        Security, or to transfer its interest in such Restricted Global Security
        to a
        Person who wishes to take delivery thereof in the form of an interest in
        a
        Regulation S Global Security, such holder, provided such holder is not a
        U.S.
        Person, may, subject to the rules and procedures of the Depository, exchange
        or
        cause the exchange of such interest for an equivalent beneficial interest
        in the
        Regulation S Global Security. Upon receipt by the Certificate Registrar,
        of (A)
        instructions from the Depository directing the Certificate Registrar, to
        cause
        to be credited a beneficial interest in a Regulation S Global Security in
        an
        amount equal to the beneficial interest in such Restricted Global Security
        to be
        exchanged but not less than the minimum denomination applicable to such
        Certificateholders’ held through a Regulation S Global Security, (B) a written
        order given in accordance with the Depository’s procedures containing
        information regarding the participant account of the Depository and, in the
        case
        of a transfer pursuant to and in accordance with Regulation S, the Euroclear
        or
        Clearstream account to be credited with such increase and (C) a certificate
        in
        the form of Exhibit N-1 hereto given by the holder of such beneficial interest
        stating that the exchange or transfer of such interest has been made in
        compliance with the transfer restrictions applicable to the Global Securities,
        including that the holder is not a U.S. Person and pursuant to and in accordance
        with Regulation S, the Certificate Registrar shall reduce the principal amount
        of the Restricted Global Security and increase the principal amount of the
        Regulation S Global Security by the aggregate principal amount of the beneficial
        interest in the Restricted Global Security to be exchanged, and shall instruct
        Euroclear or Clearstream, as applicable, concurrently with such reduction,
        to
        credit or cause to be credited to the account of the Person specified in
        such
        instructions a beneficial interest in the Regulation S Global Security equal
        to
        the reduction in the principal amount of the Restricted Global
        Security.

      
        
           

        

        
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      (iii) Regulation
        S Global Security to Restricted Global Security.
        If a
        holder of a beneficial interest in a Regulation S Global Security deposited
        with
        or on behalf of the Depository wishes at any time to transfer its interest
        in
        such Regulation S Global Security to a Person who wishes to take delivery
        thereof in the form of an interest in a Restricted Global Security, such
        holder
        may, subject to the rules and procedures of the Depository, exchange or cause
        the exchange of such interest for an equivalent beneficial interest in a
        Restricted Global Security. Upon receipt by the Certificate Registrar of
        (A)
        instructions from the Depository directing the Certificate Registrar to cause
        to
        be credited a beneficial interest in a Restricted Global Security in an amount
        equal to the beneficial interest in such Regulation S Global Security to
        be
        exchanged but not less than the minimum denomination applicable to such
        Certificateholder’s Certificates held through a Restricted Global Security, to
        be exchanged, such instructions to contain information regarding the participant
        account with the Depository to be credited with such increase, and (B) a
        certificate in the form of Exhibit N-2 hereto given by the holder of such
        beneficial interest and stating, among other things, that the Person
        transferring such interest in such Regulation S Global Security reasonably
        believes that the Person acquiring such interest in a Restricted Global Security
        is a Qualified Institutional Buyer within the meaning of Rule 144A, is obtaining
        such beneficial interest in a transaction meeting the requirements of Rule
        144A
        and in accordance with any applicable securities laws of any State of the
        United
        States or any other jurisdiction, then the Certificate Registrar will reduce
        the
        principal amount of the Regulation S Global Security and increase the principal
        amount of the Restricted Global Security by the aggregate principal amount
        of
        the beneficial interest in the Regulation S Global Security to be transferred
        and the Certificate Registrar shall instruct the Depository, concurrently
        with
        such reduction, to credit or cause to be credited to the account of the Person
        specified in such instructions a beneficial interest in the Restricted Global
        Security equal to the reduction in the principal amount of the Regulation
        S
        Global Security.

      

      (iv) Other
        Exchanges.
        In the
        event that a Restricted Global Security or Regulation S Global Security,
        as
        applicable, is exchanged for Certificates in definitive registered form without
        interest coupons, such Certificates may be exchanged for one another only
        in
        accordance with such procedures as are substantially consistent with the
        provisions above (including certification requirements intended to insure
        that
        such transfers comply with Rule 144A, comply with Rule 501(a)(1), (2), (3)
        or
        (7) or are to non U.S. Persons in compliance with Regulation S under the
        Securities Act, as the case may be) and as may be from time to time adopted
        by
        the Depositor and the Certificate Registrar. 

      

      (v) Restrictions
        on U.S. Transfers.
        Transfers of interests in the Regulation S Global Security to U.S. persons
        (as
        defined in Regulation S) shall be limited to transfers made pursuant to the
        provisions of Section 6.02(f)(iii).

      

      (g) 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.

      
        
           

        

        
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      All
        Certificates surrendered for registration of transfer or exchange shall be
        cancelled by the Certificate Registrar and disposed of pursuant to its standard
        procedures.

      

      SECTION
        6.03. Mutilated, Destroyed, Lost or Stolen Certificates.

      

      If
        (i)
        any mutilated Certificate is surrendered to the Trustee or the Certificate
        Registrar or the Trustee 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 Certificate Registrar and the Depositor
        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, the Depositor or the Certificate
        Registrar that such Certificate has been acquired by a bona fide purchaser,
        the
        Securities Administrator shall execute on behalf of the Trust Fund and the
        Certificate Registrar shall 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, the Depositor 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 Depositor 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
        Fund, as if originally issued, whether or not the lost, stolen or destroyed
        Certificate shall be found at any time.

      

      SECTION
        6.04. Persons Deemed Owners.

      

      The
        Depositor, the Trustee, the Certificate Registrar, the Paying Agent and any
        agent of the Depositor, the Trustee, the Certificate Registrar or the 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 5.01 hereof and for all other
        purposes whatsoever, and none of the Trust Fund, the Depositor, the Trustee,
        the
        Certificate Registrar, the Paying Agent or any agent of any of them shall
        be
        affected by notice to the contrary.

      

      SECTION
        6.05. Appointment of Paying Agent.

      

      (a) The
        Trustee may appoint a Paying Agent (which may be the Trustee) for the purpose
        of
        making distributions to Certificateholders hereunder. The Trustee hereby
        appoints the Securities Administrator as the initial Paying Agent. The duties
        of
        the Paying Agent may include the obligation (i) to withdraw funds from the
        Distribution Account pursuant to Section 4.03 hereof 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 incorporated
        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.

      

      (b) The
        Securities Administrator, as Paying Agent, shall hold all sums, if any, held
        by
        it for payment to the Certificateholders in trust for the benefit of the
        Certificateholders entitled thereto until such sums shall be paid to such
        Certificateholders and shall comply with all requirements of the Code regarding
        the withholding of payments in respect of federal income taxes due from
        Certificate Owners and otherwise comply with the provisions of this Agreement
        applicable to it.

      
        
           

        

        
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      ARTICLE
        VII

       

      DEFAULT

      

      SECTION
        7.01. Events of Default. 

      

      (a) If
        any
        one of the following events (each, an “Event
        of Default”)
        shall
        occur and be continuing: 

      

      (i) the
        failure by the Master Servicer to (A) make any Advance on the Business Day
        immediately preceding the related Distribution Date or (B) to deposit in
        the
        Distribution Account any deposit required to be made under the terms of this
        Agreement, and in either case such failure continues unremedied for a period
        of
        one Business Day after the date upon which written notice of such failure,
        requiring the same to be remedied, shall have been given to the Master Servicer
        (or, if applicable, such shorter time period as is provided in the penultimate
        sentence of Section 7.01(c)); or

      

      (ii) the
        failure by the Master Servicer duly to observe or perform, in any material
        respect, any other covenants, obligations or agreements of the Master Servicer
        as set forth in this Agreement, which failure continues unremedied for a
        period
        of 60 days, in each case after the date (A) on which written notice of such
        failure, requiring the same to be remedied, shall have been given to the
        Master
        Servicer by the Trustee or to the Master Servicer and the Trustee by Holders
        of
        Certificates evidencing at least 25% of the Voting Rights or (B) on which
        a
        Servicing Officer of the Master Servicer has actual knowledge of such failure
        (or, in the case of a breach of its obligation beyond any applicable cure
        period
        to provide an assessment of compliance, an attestation report or a
        Sarbanes-Oxley Certification pursuant to Sections 3.16 and 3.19, respectively);
        or

      

      (iii) the
        entry
        against the Master 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; or 

      

      (iv) the
        Master 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 Master 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 Master Servicer and such decree or order shall
        have remained in force undischarged, unbonded or unstayed for a period of
        60
        days; or the Master 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;

      
        
           

        

        
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      (b) then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied within the applicable grace period, the Trustee shall, at the written
        direction of the Holders of Certificates evidencing Voting Rights aggregating
        not less than 51%, or at its option may, by notice then given in writing
        to the
        Master Servicer, terminate all of the rights and obligations of the Master
        Servicer as servicer under this Agreement. Any such notice to the Master
        Servicer shall also be given to each Rating Agency, the Depositor and the
        Seller. On or after the receipt by the Master Servicer (and by the Trustee
        if
        such notice is given by the Holders) of such written notice, all authority
        and
        power of the Master 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 and the Trustee is hereby authorized and empowered to execute
        and
        deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise,
        any
        and all documents and other instruments, and to do or accomplish all other
        acts
        or things necessary or appropriate to effect the purposes of such notice
        of
        termination, whether to complete the transfer and endorsement of each Mortgage
        Loan and related documents or otherwise. The Master Servicer agrees to cooperate
        with the Trustee in effecting the termination of the responsibilities and
        rights
        of the Master Servicer hereunder, including, without limitation, the delivery
        to
        the Trustee of all documents and records requested by it to enable it to
        assume
        the Master Servicer's functions under this Agreement within ten Business
        Days
        subsequent to such notice and the transfer within one Business Day subsequent
        to
        such notice to the Trustee for the administration by it of all cash amounts
        that
        shall at the time be held by the Master Servicer and to be deposited by it
        in
        the Distribution Account, any REO Account or any Servicing Account or that
        have
        been deposited by the Master Servicer in such accounts or thereafter received
        by
        the Master Servicer with respect to the Mortgage Loans or any REO Property
        received by the Master Servicer. All reasonable costs and expenses (including
        attorneys' fees) incurred in connection with transferring the Master Servicer's
        duties and the Mortgage Files to the successor Master Servicer and amending
        this
        Agreement to reflect such succession as Master Servicer pursuant to this
        Section
        shall be paid by the predecessor Master Servicer (or if the predecessor Master
        Servicer is the Trustee, the terminated Master Servicer) upon presentation
        of
        reasonable documentation of such costs and expenses. The termination of the
        rights and obligations of the Master Servicer shall not affect any liability
        it
        may have incurred prior to such termination. To the extent that such costs
        and
        expenses of the Trustee are not fully and timely reimbursed by the predecessor
        Master Servicer, the Trustee shall be entitled to reimbursement of such costs
        and expenses from the Distribution Account.

      
        
           

        

        
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      (c) The
        Securities Administrator shall not later than the close of business on the
        Business Day immediately preceding the related Distribution Date notify the
        Trustee in writing of the Master Servicer’s failure to make any Advance required
        to be made under this Agreement on such date and the amount of such Advance.
        By
        no later than 10:00 A.M. (Chicago time) on the relevant Distribution Date,
        the
        Securities Administrator shall notify the Trustee of the continuance of such
        failure or that the Master Servicer has made the Advance, as the case may
        be.
        Notwithstanding the terms of the Event of Default described in clause (i)
        of
        Section 7.01(a), the Trustee, upon receipt of written notice on the Distribution
        Date from the Securities Administrator of the continuance of the failure
        of the
        Master Servicer to make an Advance or deposit funds to the Distribution Account,
        shall, by notice in writing to the Master Servicer, which may be delivered
        by
        telecopy, immediately suspend all of the rights and obligations of the Master
        Servicer thereafter arising under this Agreement, but without prejudice to
        any
        rights it may have as a Certificateholder or to reimbursement of outstanding
        Advances or other amounts for which the Master Servicer was entitled to
        reimbursement as of the date of suspension, and the Trustee, subject to the
        cure
        provided for in this paragraph, if available, shall act as provided in Section
        7.02 to carry out the duties of the Master Servicer, including the obligation
        to
        make any Advance the nonpayment of which is described in clause (i)(A) of
        Section 7.01(a). Any such action taken by the Trustee must be prior to the
        distribution on the relevant Distribution Date, and shall have all of the
        rights
        incidental thereto. If the Master Servicer shall within two Business Days
        following such suspension remit to the Trustee the amount of any Advance
        the
        nonpayment of which by the Master Servicer is described in clause (i)(A)
        of
        Section 7.01(a), together with all other amounts necessary to reimburse the
        Trustee for actual, necessary and reasonable costs incurred by the Trustee
        because of action taken pursuant to this subsection (including interest on
        any
        Advance or other amounts paid by the Trustee (from and including the respective
        dates thereof) at a per annum rate equal to the prime rate for U.S. money
        center
        commercial banks as published in the Wall Street Journal), then the Trustee,
        subject to the last two sentences of this paragraph, may at its sole discretion
        permit the Master Servicer to resume its rights and obligations as Master
        Servicer hereunder. If the Master Servicer shall fail to remit such amounts
        to
        the Trustee within such two Business Days after the Distribution Date, then
        an
        Event of Default shall occur and such notice of suspension shall be deemed
        to be
        a notice of termination without any further action on the part of the Trustee.
        The Master Servicer agrees that if it fails to make a required Advance by
        10:00
        A.M. (Chicago time) on the related Distribution Date on more than two occasions
        in any 12 month period, the Trustee shall be under no obligation to permit
        the
        Master Servicer to resume its rights and obligations as Master Servicer
        hereunder, and notwithstanding the cure period provided in Section
        7.01(a)(i)(A), an Event of Default shall be deemed to have occurred on the
        relevant Distribution Date. 

      

      SECTION
        7.02. Trustee to Act.

      

      (a) From
        and
        after the date the Master Servicer (and the Trustee, if notice is sent by
        the
        Holders) receives a notice of termination pursuant to Section 7.01, the Trustee
        shall be the successor in all respects to the Master 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 Master Servicer by the terms and provisions
        hereof arising on and after its succession, including the obligation to make
        Advances. As compensation therefor, the Trustee shall be entitled to such
        compensation as the Master 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 Master 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 $15,000,000 as the successor to the Master Servicer
        hereunder in the assumption of all or any part of the responsibilities, duties
        or liabilities of the Master Servicer hereunder; provided
        that the
        appointment of any such successor Master Servicer shall not result in the
        qualification, reduction or withdrawal of the ratings assigned to the
        Certificates by each Rating Agency as evidenced by a letter to such effect
        from
        each Rating Agency. Pending appointment of a successor to the Master Servicer
        hereunder, unless the Trustee is prohibited by law from so acting, 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 Master Servicer would otherwise have received hereunder.
        The appointment of a successor Master Servicer shall not affect any liability
        of
        the predecessor Master Servicer which may have arisen under this Agreement
        prior
        to its termination as Master Servicer to pay any deductible under an insurance
        policy pursuant to Section 3.09 or to indemnify the Trustee pursuant to Section
        3.30), nor shall any successor Master Servicer be liable for any acts or
        omissions of the predecessor Master Servicer (except with respect to the
        making
        of Advances the defaulting Master Servicer was required to make but did not
        make) or for any breach by such Master 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. 

      
        
           

        

        
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      (b) Any
        successor, including the Trustee, to the Master Servicer as Master Servicer
        shall during the term of its service as Master 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 Master Servicer hereunder
        and
        a Fidelity Bond in respect of its officers, employees and agents to the same
        extent as the Master Servicer is so required pursuant to Section 3.04.

      

      (c) Notwithstanding
        anything else herein to the contrary, in no event shall the Trustee be liable
        for any servicing fee or for any differential in the amount of the servicing
        fee
        paid hereunder and the amount necessary to induce any successor Master Servicer
        to act as successor Master Servicer under this Agreement and the transactions
        set forth or provided for herein.

      

      SECTION
        7.03. Waiver of Event of Default.

      

      The
        Majority Certificateholders may, on behalf of all Certificateholders, by
        notice
        in writing to the Trustee, direct the Trustee to waive any events permitting
        removal of the Master Servicer under this Agreement, provided,
        however,
        that
        the Majority Certificateholders may not waive an event that results in a
        failure
        to make any required distribution on a Certificate without the consent of
        the
        Holder of such Certificate. Upon any waiver of an Event of Default, such
        event
        shall cease to exist and any Event of Default 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 event 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 each Rating Agency.

      
        
           

        

        
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      SECTION
        7.04. Notification to Certificateholders.

      

      (a) Upon
        any
        termination or appointment of a successor to the Master Servicer pursuant
        to
        this Article VII or Section 3.31, the Trustee shall give prompt written notice
        thereof to the Securities Administrator, to each Rating Agency and to the
        Certificateholders at their respective addresses appearing in the Certificate
        Register.

      

      (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 an Event of Default of
        which
        a Responsible Officer of the Trustee becomes aware of the occurrence of such
        an
        event, the Trustee shall transmit by mail to all Certificateholders notice
        of
        such occurrence unless such Event of Default shall have been waived or
        cured.

      

      ARTICLE
        VIII

       

      THE
        TRUSTEE AND THE SECURITIES ADMINISTRATOR

      

      SECTION
        8.01. Duties
        of the Trustee and the Securities Administrator

      

      The
        Trustee, prior to the occurrence of an Event of Default and after the curing
        or
        waiver of all Events of Default which may have occurred, and the Securities
        Administrator each undertake to perform such duties and only such duties
        as are
        specifically set forth in this Agreement. If an Event of Default has occurred
        (which has not been cured or waived) of which a Responsible Officer has actual
        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, unless the Trustee is acting as successor Master Servicer,
        in
        which case it shall use the same degree of care and skill as the Master Servicer
        hereunder with respect to the exercise of the rights and powers of the Master
        Servicer hereunder.

      

      The
        Trustee and the Securities Administrator, upon receipt of all resolutions,
        certificates, statements, opinions, reports, documents, orders or other
        instruments furnished to the Trustee and the Securities Administrator, which
        are
        specifically required to be furnished pursuant to any provision of this
        Agreement, shall examine them to determine whether they conform to the
        requirements of this Agreement; provided,
        however,
        that
        neither the Trustee nor the Securities Administrator will be responsible
        for the
        accuracy or content of any such resolutions, certificates, statements, opinions,
        reports, documents or other instruments. If any such instrument is found
        not to
        conform to the requirements of this Agreement in a material manner the Trustee
        and the Securities Administrator shall take such action as it deems appropriate
        to have the instrument corrected. If the instrument is not corrected to the
        satisfaction of the Trustee or the Securities Administrator, as applicable,
        the
        Trustee or the Securities Administrator, as applicable, shall provide notice
        thereof to the Certificateholders and will, at the expense of the Trust Fund,
        which expense shall be reasonable given the scope and nature of the required
        action, take such further action as directed by the Certificateholders.

      
        
           

        

        
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      On
        each
        Distribution Date, the Securities Administrator, as Paying Agent, shall make
        monthly distributions and the final distribution to the Certificateholders
        from
        funds in the Distribution Account as provided in Sections 5.01 and 10.01
        herein.

      

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

      

      (i) prior
        to
        the occurrence of an Event of Default, and after the curing of all such Events
        of Default which may have occurred, the duties and obligations of the Trustee
        and the Securities Administrator shall be determined solely by the express
        provisions of this Agreement, neither the Trustee nor the Securities
        Administrator shall be liable except for the performance of such of its duties
        and obligations as are specifically set forth in this Agreement, no implied
        covenants or obligations shall be read into this Agreement against the Trustee
        or the Securities Administrator and, in the absence of bad faith on the part
        of
        the Trustee or the Securities Administrator, respectively, the Trustee or
        the
        Securities Administrator may conclusively rely, as to the truth of the
        statements and the correctness of the opinions expressed therein, upon any
        certificates or opinions furnished to the Trustee or the Securities
        Administrator, respectively, and conforming to the requirements of this
        Agreement;

      

      (ii) neither
        the Trustee nor the Securities Administrator shall be liable for an error
        of
        judgment made in good faith by a Responsible Officer of the Trustee or an
        officer of the Securities Administrator, respectively, unless it shall be
        proved
        that the Trustee or the Securities Administrator, respectively, was negligent
        in
        ascertaining or investigating the facts related thereto;

      

      (iii) neither
        the Trustee nor the Securities Administrator shall be personally liable with
        respect to any action taken, suffered or omitted to be taken by it in good
        faith
        in accordance with the consent or at the direction of Holders of Certificates
        as
        provided herein relating to the time, method and place of conducting any
        remedy
        pursuant to this Agreement, or exercising or omitting to exercise any trust
        or
        power conferred upon the Trustee or the Securities Administrator, respectively,
        under this Agreement; and

      

      (iv) the
        Trustee shall not be charged with knowledge of any Event of Default or a
        Document Transfer Event or any other event or matter that may require it
        to take
        action or omit to take action hereunder unless a Responsible Officer of the
        Trustee at the Corporate Trust Office receives written notice of such Event
        of
        Default or Document Transfer Event.

      

      Neither
        the Trustee nor the Securities Administrator shall be required to expend
        or risk
        its own funds or otherwise incur financial or other 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 indemnity satisfactory to it against such risk or liability is not
        assured to it, and none of the provisions contained in this Agreement shall
        in
        any event require the Trustee or the Securities Administrator to perform,
        or be
        responsible for the manner of performance of, any of the obligations of the
        Master Servicer under this Agreement, except during such time, if any, as
        the
        Trustee shall be the successor to, and be vested with the rights, duties,
        powers
        and privileges of, the Master Servicer in accordance with the terms of this
        Agreement.

      
        
           

        

        
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      SECTION
        8.02. Certain Matters Affecting the Trustee and the Securities
        Administrator.

      

      Except
        as
        otherwise provided in Section 8.01 hereof:

      

      (i) the
        Trustee and the Securities Administrator may request and conclusively rely
        upon,
        and shall be fully 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 and the Securities Administrator may
        prescribe;

      

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

      

      (iii) neither
        the Trustee nor the Securities Administrator shall be under any obligation
        to
        exercise any of the rights or powers vested in it by this Agreement, or to
        institute, conduct or defend any litigation hereunder or in relation hereto,
        at
        the request, order or direction of any of the Certificateholders pursuant
        to the
        provisions of this Agreement, unless such Certificateholders shall have offered
        to the Trustee or the Securities Administrator, respectively, reasonable
        security or indemnity satisfactory to it 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) neither
        the Trustee nor the Securities Administrator shall be personally liable for
        any
        action taken, suffered or omitted by it in good faith and believed by it
        to be
        authorized or within the discretion or rights or powers conferred upon it
        by
        this Agreement;

      

      (v) neither
        the Securities Administrator nor, prior to the occurrence of an Event of
        Default
        and after the curing or waiver of all Events of Default which may have occurred,
        the Trustee shall be bound to make any investigation into the facts or matters
        stated in any resolution, certificate, statement, instrument, opinion, report,
        notice, request, consent, order, approval, bond or other paper or 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 or the Securities
        Administrator of the costs, expenses or liabilities likely to be incurred
        by it
        in the making of such investigation is, in the opinion of the Trustee or
        the
        Securities Administrator, as applicable, not reasonably assured to the Trustee
        or the Securities Administrator by the security afforded to it by the terms
        of
        this Agreement, the Trustee or the Securities Administrator, as applicable,
        may
        require reasonable indemnity against such cost, expense, liability or payment
        of
        such estimated expenses from the Certificateholders as a condition to such
        proceeding. If the Master Servicer fails to reimburse the Trustee or the
        Securities Administrator in respect of the reasonable expense of every such
        examination relating to the Master Servicer, the Trustee or the Securities
        Administrator shall be reimbursed by the Trust Fund;

      
        
           

        

        
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      (vi) the
        Trustee shall not be accountable, shall have no liability and makes no
        representation as to any acts or omissions hereunder of the Securities
        Administrator or the Master Servicer until such time as the Trustee may be
        required to act as the Master Servicer pursuant to Section 7.02 hereof and
        thereupon only for the acts or omissions of the Trustee as a successor Master
        Servicer; 

      

      (vii) the
        Trustee and the Securities Administrator may execute any of the trusts or
        powers
        hereunder or perform any duties hereunder either directly or by or through
        agents, nominees, attorneys or a custodian, and shall not be responsible
        for any
        willful misconduct or negligence on the part of any agent, nominee, attorney
        or
        custodian appointed by the Trustee or the Securities Administrator in good
        faith;

      

      (viii) the
        right
        of the Trustee or the Securities Administrator to perform any discretionary
        act
        enumerated in this Agreement shall not be construed as a duty, and neither
        the
        Trustee nor the Securities Administrator shall be answerable for other than
        its
        negligence or willful misconduct in the performance of such act;
        and

      

      (ix) in
        order
        to comply with laws, rules, regulations and executive orders in effect from
        time
        to time applicable to the banking institutions, including those relating
        to the
        funding of terrorism and money laundering (“Applicable Law”), the Trustee and
        the Securities Administrator are required to obtain, verify and record certain
        information relating to certain individuals and certain entities which maintain
        a business relationship with the Trustee and the Securities Administrator.
        Accordingly, each of the parties agrees to provide the Trustee and the
        Securities Administrator 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 and the Securities Administrator to comply with Applicable
        Law.

      

      It
        is
        expressly understood and agreed that the Trustee shall be entitled to all
        the
        rights, protections, immunities and indemnities set forth herein with respect
        to
        the Reconstitution Agreements and the Servicing Agreements, as well as any
        actions taken or omitted by the Trustee pursuant to the terms thereof, as
        if
        such rights, protections, immunities and indemnities were specifically set
        forth
        therein.

      

      

      SECTION
        8.03. Trustee
        and the Securities Administrator Not Liable for Certificates or Mortgage
        Loans.

      

      The
        recitals contained herein and in the Certificates (other than the authentication
        of the Securities Administrator on the Certificates) shall be taken as the
        statements of the Depositor or the Seller, and neither the Trustee nor the
        Securities Administrator assumes responsibility for the correctness of the
        same.
        Neither the Trustee nor the Securities Administrator makes representations
        or
        warranties as to the validity or sufficiency of this Agreement or of the
        Certificates (other than with respect to the Securities Administrator the
        signature and authentication of the Securities Administrator on the
        Certificates) or of any Mortgage Loan or related document or of MERS or the
        MERS
        System. The Trustee shall not be accountable for the use or application by
        the
        Master Servicer or the Securities Administrator, or for the use or application
        of any funds paid to the Master Servicer in respect of related Mortgage Loans
        or
        deposited in or withdrawn from the Distribution Account by the Master Servicer
        or the Securities Administrator. Neither the Trustee nor the Securities
        Administrator shall at any 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 Fund 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 Master Servicer pursuant to Section 7.02 hereof);
        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 Master Servicer pursuant to Section 7.02 hereof); the compliance
        by the Depositor or the Seller 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 Master Servicer or any loss resulting therefrom,
        it
        being understood that the Trustee shall remain responsible for any Trust
        Fund
        property that it may hold in its individual capacity and the Securities
        Administrator shall remain responsible for any Trust Fund property that it
        may
        hold in its individual capacity; the acts or omissions of the Master Servicer
        (other than as to the Securities Administrator, if it is also the Master
        Servicer, and as to the Trustee, if the Trustee shall assume the duties of the
        Master Servicer pursuant to Section 7.02 hereof, and then only for the acts
        or
        omissions of the Trustee as the successor Master Servicer), or any acts or
        omissions of, the Servicer or any Mortgagor; any action of the Master Servicer
        (other than as to the Securities Administrator, if it is the Master Servicer,
        and as to the Trustee, if the Trustee shall assume the duties of the Master
        Servicer pursuant to Section 7.02 hereof), or in the case of the Trustee
        the
        Securities Administrator or the Servicer taken in the name of the Trustee;
        the
        failure of the Master Servicer or the Servicer to act or perform any duties
        required of it as agent or on behalf of the Trustee or the Trust Fund hereunder;
        or any action by the Trustee taken at the instruction of the Master Servicer
        (other than if the Trustee shall assume the duties of the Master Servicer
        pursuant to Section 7.02 hereof, and then only for the actions of the Trustee
        as
        the successor Master Servicer); 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, if so required pursuant to Section 2.01 of
        this
        Agreement. 

      
        
           

        

        
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      SECTION
        8.04. Trustee,
        Custodian, Master Servicer and Securities Administrator May Own
        Certificates.

      

      The
        Trustee, the Custodians, the Master Servicer and the Securities Administrator
        in
        their respective individual capacities, or in any capacity other than as
        Trustee, Custodian, Master Servicer or Securities Administrator hereunder,
        may
        become the owner or pledgee of any Certificates with the same rights they
        would
        have if they were not Trustee, a Custodian, Master Servicer or Securities
        Administrator, as applicable, and may otherwise deal with the parties
        hereto.

      
        
           

        

        
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      SECTION
        8.05. Trustee’s and Securities Administrator’s Fees and Expenses.

      

      The
        Trustee (including in its capacity as a Custodian) shall be compensated by
        the
        Master Servicer out of its own funds for the Trustee’s services hereunder on
        behalf of the Trust Fund in the amount agreed upon by the Master Servicer
        and
        the Trustee. The Securities Administrator shall be compensated by the Master
        Servicer out of its own funds for the Securities Administrator’s services
        hereunder. In addition, the Trustee and the Securities Administrator will
        be
        entitled to recover from the Distribution Account pursuant to Section 4.03(a)
        all reasonable out-of-pocket expenses, disbursements and advances and the
        expenses of the Trustee (including for such purpose, any fees and expenses
        relating to its capacity as a Custodian hereunder) and the Securities
        Administrator, respectively, including without limitation, in connection
        with
        any filing that the Securities Administrator is required to make under Section
        3.20 hereof, any Event of Default, any breach of this Agreement or any claim
        or
        legal action (including any pending or threatened claim or legal action)
        incurred or made by the Trustee or the Securities Administrator, respectively,
        in the performance of its duties or the administration of the trusts hereunder
        (including, but not limited to, the performance of its duties under Section
        2.03
        hereof) (including the reasonable compensation, expenses and disbursements
        of
        its counsel), except any such expense, disbursement or advance as may arise
        from
        its negligence or intentional misconduct or which is specifically designated
        herein as the responsibility of the Depositor, the Seller, the Master Servicer,
        the Certificateholders or the Trust Fund hereunder or thereunder. If funds
        in
        the Distribution Account are insufficient therefor, the Trustee, the Custodians
        and the Securities Administrator shall recover such expenses from future
        collections on the Mortgage Loans or as otherwise agreed by the
        Certificateholders. Such compensation and reimbursement obligation shall
        not be
        limited by any provision of law in regard to the compensation of a trustee
        of an
        express trust. 

      

      SECTION
        8.06. Eligibility Requirements for Trustee and Securities
        Administrator.

      

      The
        Trustee and Securities Administrator hereunder shall at all times (i) be
        an
        institution whose accounts are insured by the FDIC, (ii) 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, each having a combined capital and surplus of at least $50,000,000
        and
        (except with respect to the initial Trustee) a minimum long-term debt rating
        in
        the third highest rating category by each Rating Agency and in each Rating
        Agency’s two highest short-term rating categories, and subject to supervision or
        examination by federal or state authority and (iii) in the case of the Trustee,
        not be an Affiliate of any Servicer. 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 office 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 Fund will not be a taxable entity under the
        laws of
        such state. In case at any time the Trustee or the Securities Administrator
        shall cease to be eligible in accordance with the provisions of this Section
        8.06, the Trustee or the Securities Administrator, as applicable shall resign
        immediately in the manner and with the effect specified in Section 8.07
        hereof.

      
        
           

        

        
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      SECTION
        8.07. Resignation or Removal of Trustee and Securities
        Administrator.

      

      The
        Trustee and Securities Administrator (including the Securities Administrator
        as
        Certificate Registrar) may at any time resign and be discharged from the
        obligations hereby created by giving written notice thereof to the Depositor,
        the Seller, the Master Servicer and each Rating Agency. Upon receiving such
        notice of resignation of the Trustee, the Depositor shall promptly appoint
        a
        successor Trustee that meets the requirements in Section 8.06; in the case
        of
        notice of resignation of the Securities Administrator, the Trustee (in
        consultation with the Depositor) shall promptly appoint a successor Securities
        Administrator that meets the requirements in Section 8.06, in each case,
        by
        written instrument, with a copy of such written instrument delivered to (i)
        each
        of the resigning Trustee or Securities Administrator, as applicable and (ii)
        the
        successor Trustee or successor Securities Administrator, as applicable. If
        no
        successor Trustee or successor Securities Administrator, as applicable, shall
        have been so appointed and having accepted appointment within 30 days after
        the
        giving of such notice of resignation, the resigning Trustee or Securities
        Administrator may petition any court of competent jurisdiction for the
        appointment of a successor Trustee or Securities Administrator, as
        applicable.

      

      If
        at any
        time the Trustee or the Securities Administrator (a) shall cease to be eligible
        in accordance with the provisions of Section 8.06 hereof and shall fail to
        resign after written request therefor by the Depositor or if at any time
        the
        Trustee or the Securities Administrator, (b) shall be legally unable to act,
        or
        shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or
        the
        Securities Administrator, as applicable, or of its property shall be appointed,
        or any public officer shall take charge or control of the Trustee or the
        Securities Administrator, as applicable, or of its property or affairs for
        the
        purpose of rehabilitation, conservation or liquidation, or (iii) if the Trustee
        (in its capacity as a Custodian) or the Securities Administrator fails to
        provide an assessment of compliance or an attestation report required under
        Section 3.16 within 15 calendar days of March 1 of each calendar year in
        which
        Exchange Act reports are required or (d) shall fail to file any Form 10-D
        or
        Form 10-K when due pursuant to Section 3.20 hereof (other than as a result
        of
        the failure of the Depositor to sign and return to the Trustee such Form
        10-D or
        Form 10-K within the time limitations of Section 3.20 or any other party
        to
        deliver information in a timely manner as set forth in Section 3.20) then
        the
        Depositor may remove the Trustee or the Trustee may remove the Securities
        Administrator, as applicable. If the Depositor or the Trustee removes the
        Trustee or the Securities Administrator, respectively under the authority
        of the
        immediately preceding sentence, the Depositor or the Trustee shall promptly
        appoint a successor Trustee or successor Securities Administrator, in each
        case
        that meets the requirements of Section 8.06, by written instrument, with
        a copy
        of such written instrument delivered to (i) the Trustee or the Securities
        Administrator, as applicable, so removed, (ii) the successor Trustee or
        successor Securities Administrator, as applicable and (iii) the Master
        Servicer.

      
        
           

        

        
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      The
        Majority Certificateholders may at any time remove the Trustee or the Securities
        Administrator by written instrument or instruments delivered to the Depositor
        and the Trustee; the Depositor or the Trustee shall thereupon use its best
        efforts to appoint a successor Trustee or successor Securities Administrator,
        as
        applicable, in accordance with this Section.

      

      Any
        resignation or removal of the Trustee or the Securities Administrator and
        appointment of a successor Trustee or a successor Securities Administrator,
        pursuant to any of the provisions of this Section 8.07 shall not become
        effective until acceptance of appointment by the successor Trustee or a
        successor Securities Administrator, as applicable, as provided in Section
        8.08
        hereof. If the Trustee or the Securities Administrator is removed pursuant
        to
        this Section 8.07, it shall be reimbursed any outstanding and unpaid fees
        and
        expenses, and if removed under the authority of the immediately preceding
        paragraph, the Trustee or the Securities Administrator shall also be reimbursed
        any outstanding and unpaid costs and expenses.

      

      Notwithstanding
        anything to the contrary contained herein, in the event that the Master Servicer
        resigns or is removed as Master Servicer hereunder, the Securities Administrator
        shall have the right to resign immediately as Securities Administrator by
        giving
        written notice to the Depositor and the Trustee, with a copy to each Rating
        Agency.

      

      SECTION
        8.08. Successor Trustee and Successor Securities Administrator.

      

      Any
        successor Trustee or successor Securities Administrator appointed as provided
        in
        Section 8.07 hereof shall execute, acknowledge and deliver to the Depositor,
        the
        Seller and the Master Servicer and to its predecessor Trustee or predecessor
        Securities Administrator, as applicable, an instrument accepting such
        appointment hereunder, and thereupon the resignation or removal of the
        predecessor Trustee or predecessor Securities Administrator, as applicable,
        shall become effective, and such successor Trustee or successor Securities
        Administrator, without any further act, deed or conveyance, shall become
        fully
        vested with all the rights, powers, duties and obligations of its predecessor
        hereunder, with like effect as if originally named as Trustee or Securities
        Administrator. The Depositor, the Seller, the Master Servicer and the
        predecessor Trustee or predecessor Securities Administrator, as applicable,
        shall execute and deliver such instruments and do such other things as may
        reasonably be required for fully and certainly vesting and confirming in
        the
        successor Trustee or successor Securities Administrator, as applicable, all
        such
        rights, powers, duties and obligations.

      

      No
        successor Trustee or successor Securities Administrator shall accept appointment
        as provided in this Section 8.08 unless at the time of such acceptance such
        successor Trustee or successor Securities Administrator shall be eligible
        under
        the provisions of Section 8.06 hereof and the appointment of such successor
        Trustee or successor Securities Administrator shall not result in a downgrading
        of the Senior Certificates by each Rating Agency, as evidenced by a letter
        from
        each Rating Agency.

      

      Upon
        acceptance of appointment by a successor Trustee or successor Securities
        Administrator, as applicable, as provided in this Section 8.08, the successor
        Trustee or successor Securities Administrator shall mail notice of such
        appointment of a successor Trustee or Securities Administrator hereunder
        to all
        Holders of Certificates at their addresses as shown in the Certificate Register
        and to each Rating Agency.

      
        
           

        

        
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      SECTION
        8.09. Merger or Consolidation of Trustee or Securities
        Administrator.

      

      Any
        entity into which the Trustee or the Securities Administrator may be merged
        or
        converted or with which it may be consolidated, or any entity resulting from
        any
        merger, conversion or consolidation to which the Trustee or the Securities
        Administrator shall be a party, or any entity succeeding to the corporate
        trust
        business of the Trustee or the Securities Administrator, shall be the successor
        of the Trustee or the Securities Administrator, as applicable, hereunder,
        provided
        such
        entity shall be eligible under the provisions of Section 8.06 and 8.08 hereof,
        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
        Fund
        or any Mortgaged Property may at the time be located, the Depositor and the
        Trustee acting jointly shall have the power, and the Trustee shall, and shall
        instruct the Depositor to, at the expense of the Trust Fund, 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 Fund, and to vest in such
        Person or Persons, in such capacity and for the benefit of the
        Certificateholders, such title to the Trust Fund, or any part thereof, and,
        subject to the other provisions of this Section 8.10, such powers, duties,
        obligations, rights and trusts as the Master Servicer and the Trustee may
        consider necessary or desirable. No co-trustee or separate trustee hereunder
        shall be required to meet the terms of eligibility as a successor Trustee
        under
        Section 8.06 hereof, and no notice to Certificateholders of the appointment
        of
        any co-trustee or separate trustee shall be required under Section 8.08
        hereof.

      

      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 Master Servicer hereunder), the
        Trustee
        shall be incompetent or unqualified to perform such act or acts, in which
        event
        such rights, powers, duties and obligations (including the holding of title
        to
        the Trust Fund 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

      

      
        
           

        

        
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      (iii) the
        Depositor and the Trustee, acting jointly may at any time accept the resignation
        of 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.

      

      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 Securities Administrator, not in its individual
        capacity but solely as Securities Administrator on behalf of the Trust Fund,
        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
        Securities Administrator 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 Fund.

      

      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 (for the avoidance of doubt, in
        its
        individual capacity and as Trustee on behalf of the Trust Fund), its agents
        and
        counsel, be for the ratable benefit or the Certificateholders in respect
        of
        which such judgment has been recovered.

      

      (b) The
        Trustee shall afford the Seller, the Depositor and each Certificateholder
        upon
        reasonable notice during normal business hours at its Corporate Trust Office
        or
        other office designated by the Trustee, 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 and any requesting Certificateholder with its most recent audited
        financial statements. The Trustee shall cooperate fully with the Seller,
        the
        Depositor and such Certificateholder and shall, subject to the first sentence
        of
        this Section 8.12(b), make available to the Seller, 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 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.

      
        
           

        

        
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      (c) The
        Securities Administrator shall afford the Seller, the Depositor, the Trustee
        and
        each Certificateholder upon reasonable notice during normal business hours
        at
        its offices at 9062 Old Annapolis Road, Columbia, Maryland 21045 or other
        office
        designated by the Securities Administrator, access to all records maintained
        by
        the Securities Administrator in respect of its duties hereunder and access
        to
        officers of the Securities Administrator responsible for performing such
        duties.
        The Securities Administrator shall cooperate fully with the Seller, the
        Depositor, the Trustee and such Certificateholder and shall, subject to the
        first sentence of this Section 8.12(c), make available to the Seller, the
        Depositor and such Certificateholder for review and copying such books,
        documents or records as may be reasonably requested with respect to the
        Securities Administrator’s duties hereunder. The Seller, the Depositor, the
        Trustee and the Certificateholders shall not have any responsibility or
        liability for any action or failure to act by the Securities Administrator
        and
        are not obligated to supervise the performance of the Securities Administrator
        under this Agreement or otherwise.

      

      SECTION
        8.13. Suits for Enforcement.

      

      In
        case
        an Event of Default or a default by the Depositor hereunder shall occur and
        be
        continuing, the Trustee may proceed to protect and enforce its rights and
        the
        rights of the Certificateholders under this Agreement, as the case may be,
        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 Fund, 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 Fund, or any part thereof,
        may be located that the Trustee file any inventory, accounting or appraisal
        of
        the Trust Fund with any court, agency or body at any time or in any manner
        whatsoever.

      
        
           

        

        
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      SECTION
        8.16. Appointment of Custodians.

      

      The
        Trustee may, and at the direction of the Depositor shall, appoint one or
        more
        custodians to hold all or a portion of the related Mortgage Files as agent
        for
        the Trustee, by entering into a custodial agreement. The custodian may at
        any
        time be terminated and a substitute custodian appointed therefor by the Trustee.
        Subject to this Article VIII, the Trustee agrees to comply with the terms
        of
        each custodial agreement and to enforce the terms and provisions thereof
        against
        the custodian for the benefit of the Certificateholders having an interest
        in
        any Mortgage File held by such custodian. Each custodian shall be a depository
        institution or trust company subject to supervision by federal or state
        authority, shall have combined capital and surplus of at least $15,000,000
        and
        shall be qualified to do business in the jurisdiction in which it holds any
        Mortgage File. The Seller shall pay from its own funds, without any right
        to
        reimbursement, the fees, costs and expenses of each custodian (including
        the
        costs of custodian’s counsel).

      

      SECTION
        8.17. Closing Opinion of Counsel.

      

      On
        or
        before the Closing Date, the Securities Administrator shall cause to be
        delivered to the Depositor, the Seller and Greenwich Capital Markets, Inc.
        an
        Opinion of Counsel, dated the Closing Date, in form and substance reasonably
        satisfactory to the Depositor, Greenwich Capital Markets, Inc., and the Seller
        as to the due authorization, execution and delivery of this Agreement by
        the
        Securities Administrator and the enforceability thereof. 

      

      ARTICLE
        IX

       

      REMIC
        ADMINISTRATION

      

      SECTION
        9.01. REMIC
        Administration.

      

      (a) As
        set
        forth in the Preliminary Statement to this Agreement, 3 REMIC elections shall
        be
        made by the Trust Fund. The Trustee shall sign and the Securities Administrator
        shall file such elections 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 in each
        REMIC
        created hereunder and the related residual interest shall be as designated
        in
        the Preliminary Statement. Following the Closing Date, the Securities
        Administrator shall apply to the Internal Revenue Service for an employer
        identification number for each REMIC created hereunder by means of a Form
        SS-4
        or other acceptable method and shall file a Form 8811 with the Internal Revenue
        Service.

      

      (b) The
        Closing Date is hereby designated as the “Startup Day” of each REMIC created
        hereunder within the meaning of section 860G(a)(9) of the Code. The latest
        possible maturity date for purposes of Treasury Regulation 1.860G-1(a)(4)
        for
        each interest in any REMIC created hereby shall be the Latest Possible Maturity
        Date.

      

      (c) Except
        as
        provided in subsection (d) of this Section 9.01, the Securities Administrator
        shall pay any and all tax related expenses (not including taxes) of each
        REMIC
        created hereunder, including but not limited to any professional fees or
        expenses related to audits or any administrative or judicial proceedings
        with
        respect to any such REMIC that involve the Internal Revenue Service or state
        tax
        authorities, but only to the extent that (i) such expenses are ordinary or
        routine expenses, including expenses of a routine audit but not expenses
        of
        litigation (except as described in (ii)); or (ii) such expenses or liabilities
        (including taxes and penalties) are attributable to the negligence or willful
        misconduct of the Securities Administrator in fulfilling its duties hereunder
        (including the Securities Administrator’s duties as tax return
        preparer).

      
        
           

        

        
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      (d) The
        Securities Administrator shall prepare and file, and the Trustee shall sign
        all
        of the federal and state tax and information returns of each REMIC created
        hereunder (collectively, the “Tax
        Returns”)
        as the
        direct representative. The expenses of preparing and filing such Tax Returns
        shall be borne by the Securities Administrator. Notwithstanding the foregoing,
        the Securities Administrator shall have no obligation to prepare, file or
        otherwise deal with partnership tax information or returns. In the event
        that
        partnership tax information or returns are required by the Internal Revenue
        Service, the Seller, at its own cost and expense, will prepare and file all
        necessary returns. The Internal Revenue Service has issued OID regulations
        under
        Sections 1271 to 1275 of the Code generally addressing the treatment of debt
        instruments issued with original issue discount. Under those regulations,
        debt
        issued to one Person generally is aggregated in determining if there is OID.
        Because certain Classes of Regular Certificates are expected to be issued
        to one
        Person (which intends to continue to hold the Regular Certificates indefinitely
        and, in any case, for at least 30 days), the Securities Administrator, on
        behalf
        of the Trust Fund and upon receipt of written direction from the Depositor,
        will
        determine the existence and amount of any OID as if those Classes of Regular
        Certificates were one debt instrument and based solely on information provided
        by the Depositor to the Securities Administrator.

      

      (e) The
        Securities Administrator shall perform on behalf of each REMIC created hereunder
        all reporting and other tax compliance duties that are the responsibility
        of
        each 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 Securities Administrator, shall provide (i) to
        the
        Treasury or other governmental authority such information as is necessary
        for
        the application of any tax relating to the transfer of a Residual Certificate
        to
        any disqualified organization and (ii) to the Certificateholders such
        information or reports as are required by the Code or REMIC Provisions.

      

      (f) Each
        of
        the Master Servicer, Trustee and the Securities Administrator (to the extent
        that the affairs of the REMICs are within such Person’s control and the scope of
        its specific responsibilities under the Agreement) and the Holders of
        Certificates shall take any action or cause any REMIC created hereunder to
        take
        any action necessary to create or maintain the status of any REMIC created
        hereunder 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 Securities
        Administrator or the Holder of a 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 result in an Adverse REMIC Event unless
        the
        Trustee and the Securities Administrator 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 result in an Adverse REMIC Event. In addition,
        prior to taking any action with respect to any REMIC created hereunder or
        the
        assets therein, or causing any such REMIC to take any action which is not
        expressly permitted under the terms of this Agreement, any Holder of the
        Residual Certificate will consult with the Trustee, the Master Servicer,
        the
        Securities Administrator or their respective designees, in writing, with
        respect
        to whether such action could cause an Adverse REMIC Event to occur with respect
        to any such REMIC, and no such Person shall take any such action or cause
        any
        REMIC created hereunder to take any such action as to which the Securities
        Administrator has advised it in writing that an Adverse REMIC Event could
        occur.

      
        
           

        

        
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      (g) Each
        Holder of a Residual Certificate shall pay when due any and all taxes imposed
        on
        any REMIC created hereunder in which it owns the residual interest by federal
        or
        state governmental authorities. To the extent that such Trust Fund taxes
        are not
        paid by such Residual Certificateholder, the Securities Administrator shall
        pay
        any remaining REMIC taxes out of current or future amounts otherwise
        distributable to such Holder 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 such REMIC, as the case may
        be.

      

      (h) The
        Securities Administrator 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) None
        of
        the Trustee, the Master Servicer or the Securities Administrator shall enter
        into any arrangement by which any REMIC created hereunder will receive a
        fee or
        other compensation for services.

      

      SECTION
        9.02. Prohibited
        Transactions and Activities.

      

      None
        of
        the Depositor, the Master 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 the REMICs created hereunder pursuant to Article
        X of this Agreement, (iv) a substitution pursuant to Article II hereof or
        (v) a
        repurchase of Mortgage Loans as contemplated hereunder, nor acquire any assets
        for any REMIC created hereunder, nor sell or dispose of any investments in
        the
        Distribution Account for gain, nor accept any contributions to any REMIC
        created
        hereunder after the Closing Date, unless the Depositor and the Trustee have
        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 result in an Adverse REMIC Event.

      
        
           

        

        
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      ARTICLE
        X

       

      TERMINATION

      

      SECTION
        10.01. Termination.

      

      (a) The
        respective obligations and responsibilities of the Seller, the Depositor,
        the
        Master Servicer, the Securities Administrator and the Trustee created hereby
        (other than the obligation of the Securities Administrator, as Paying Agent,
        to
        make certain payments to Certificateholders after the Final Distribution
        Date
        and the obligation of the Master Servicer to send certain notices as hereinafter
        set forth) shall terminate upon notice to the Trustee and the Securities
        Administrator upon the earliest of (i) the Distribution Date on which the
        Class Principal Balance of each Class of Certificates has been reduced to
        zero,
        (ii) the final payment or other liquidation of the last Mortgage Loan,
        (iii) the optional purchase of the Mortgage Loans by the Terminator as
        described in the following paragraph and (iv) the Latest Possible Maturity
        Date. 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.

      

      Following
        the date on which the aggregate of the Stated Principal Balances 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 Cut-off Date Collateral Balance
        (the
“Call
        Option Date”),
        the
        Master Servicer (in such context, the “Terminator”)
        may,
        at its option, terminate this Agreement with regard to the Mortgage Loans
        by
        purchasing, on the next succeeding Distribution Date, all of the outstanding
        Mortgage Loans and REO Properties at a price equal to (A) the greater of
        (i) 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) and the appraised value of the REO Properties
        and
        (ii) the fair market value of the Mortgage Loans and REO Properties (as
        determined and as agreed upon by (x) the Terminator and (y) the Holders of
        a
        majority in Percentage Interest of the Class LT-R Certificates, in their
        good
        faith business judgment 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 Certificateholders pursuant to Section 10.01(b)), plus, (B) in each
        case,
        accrued and unpaid interest thereon at the weighted average of the Loan Rates
        through the end of the Due Period preceding the Final Distribution Date,
        plus
        any unreimbursed Servicing Advances and Advances and any unpaid Master Servicing
        Fees and Servicing Fees allocable to such Mortgage Loans and REO Properties
        and
        all amounts, if any, then due and owing to the Trustee, the Master Servicer
        and
        the Securities Administrator under this Agreement (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 Class Principal Balance of, each Class of Certificates issued pursuant
        to
        this Agreement. The fair market value of the Mortgage Loans and REO Properties
        shall be required to be made and agreed upon by the Master Servicer, if it
        is
        Terminator, and the Holders of a majority in Percentage Interest of the Class
        LT-R Certificates as provided in (ii) above in their good faith business
        judgment, and such determination shall take into consideration an appraisal
        of
        the value of the Mortgage Loans and REO Properties conducted by an independent
        appraiser mutually agreed upon by the Master Servicer, if it is the Terminator,
        the Holders of a majority in Percentage Interest of the Class LT-R Certificates
        and the Terminator in their reasonable discretion, such appraisal to be obtained
        by the Holders of a majority in Percentage Interest of the Class LT-R
        Certificates at their expense, 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 fair market value determination.

      
        
           

        

        
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      (b) Notice
        of
        any termination pursuant to the second paragraph of Section 10.01(a), 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 Certificate Registrar 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 Master Servicer by letter to the
        Certificateholders mailed not earlier than the 10th
        day and
        not later than the 19th
        day of
        the month immediately 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 Certificate Registrar 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 Certificate Registrar therein specified. The Trustee shall give such
        notice to the Securities Administrator, the Master Servicer and the Certificate
        Registrar at the time such notice is given to Holders of the Certificates.
        Upon
        any such termination, the duties of the Certificate Registrar with respect
        to
        the Certificates shall terminate and the Trustee shall terminate, or request
        the
        Securities Administrator to terminate, the Distribution Account and any other
        account or fund maintained with respect to the Certificates, subject to the
        Trustee’s obligation hereunder to hold all amounts payable to Certificateholders
        in trust without interest pending such payment.

      

      (c) Upon
        presentation and surrender of the Certificates, the Securities Administrator,
        as
        Paying Agent, 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 5.01 hereof for such Distribution Date.

      

      (d) In
        the
        event that all Certificateholders shall not surrender their Certificates
        for
        final payment and cancellation on or before such Final Distribution Date,
        the
        Securities Administrator 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 account for the
        benefit of such Certificateholders, and within six months, the Trustee 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 Master
        Servicer shall be entitled to all unclaimed funds and other assets which
        remain
        subject hereto, and the Securities Administrator and the Trustee upon transfer
        of such funds shall be discharged of any responsibility for such funds, and
        the
        Certificateholders shall look to the Master Servicer for payment.

      
        
           

        

        
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      SECTION
        10.02. Additional
        Termination Requirements.

      

      (a) In
        the
        event the purchase option provided in Section 10.01 is exercised, the Trust
        Fund shall be terminated in accordance with the following additional
        requirements:

      

      (i) The
        Trustee at the direction of the Securities Administrator shall sell any
        remaining assets of the Trust Fund to Wells Fargo Bank, N.A. or its designee,
        for cash and, within 90 days of such sale, shall distribute to (or credit
        to the
        account of) the Certificateholders the proceeds of such sale together with
        any
        cash on hand (less amounts retained to meet claims) in complete liquidation
        of
        the Trust Fund, and each REMIC created hereunder; and

      

      (ii) The
        Securities Administrator shall attach a statement to the final federal income
        tax return for each REMIC created hereunder stating that pursuant to Treasury
        Regulation §1.860F-1, the first day of the 90 day liquidation period for such
        REMIC was the date on which the Trustee sold the assets of the Trust Fund
        and
        shall satisfy all requirements of a qualified liquidation under Section 860F
        of
        the Code and any regulations thereunder as evidenced by an Opinion of Counsel
        delivered to the Trustee and the Securities Administrator obtained at the
        expense of the Seller.

      

      (b) By
        their
        acceptance of Certificates, the Holders thereof hereby agree to appoint the
        Trustee and the Securities Administrator as their attorneys in fact to undertake
        the foregoing steps.

      

      ARTICLE
        XI

       

      [RESERVED]

      

      ARTICLE
        XII

       

      MISCELLANEOUS
        PROVISIONS

      

      SECTION
        12.01. Amendment.

      

      This
        Agreement may be amended from time to time by the Seller, the Depositor,
        the
        Master Servicer, the Securities Administrator and the Trustee 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, (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, or
        (iv)
        to conform the terms hereof to the description thereof provided in the
        Prospectus or the Private Placement Memorandum, as applicable; provided,
        however,
        that
        any such action listed in clause (i) through (iii) above shall not
        adversely affect in any material respect the interests of any Certificateholder;
        provided,
        further,
        that
        any such action listed in (i) through (iii) above shall be deemed not to
        adversely affect in any material respect the interests of any Certificateholder,
        if evidenced by (i) written notice to the Depositor, the Seller, the Master
        Servicer, the Securities Administrator and the Trustee from the 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 or (ii) an Opinion of Counsel to the effect that such amendment
        shall not adversely affect in any material respect the interests of any
        Certificateholder, is permitted by the Agreement and all the conditions
        precedent, if any, have been complied with, delivered to the Trustee, the
        Securities Administrator and the Master Servicer.

      
        
           

        

        
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      In
        addition, this Agreement may be amended from time to time by Seller, the
        Depositor, the Master Servicer, the Securities Administrator, 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 Holders
        of
        Certificates; and subject, in the case of any amendment or modification to
        Section 5.01(a) hereof, to the consent of Deutsche Bank National Trust Company,
        as a Custodian; 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 that 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 Holders
        of any Class of Certificates 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 662/3%
        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 Agency.

      

      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 (unless such Person is the Trustee, in which case the Trustee shall
        be
        entitled to be reimbursed for such expenses by the Trust Fund pursuant to
        Section 8.05 hereof), to the effect that such amendment will not result in
        the
        imposition of an Adverse REMIC Event and that the amendment is being made
        in
        accordance with the terms hereof, such amendment is permitted by this Agreement
        and all conditions precedent, if any, have been complied with.

      

      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
        Seller
        (but in no event at the expense of the Securities Administrator or the Trustee),
        otherwise at the expense of the Trust Fund, a copy of such amendment and
        the
        Opinion of Counsel referred to in the immediately preceding paragraph to
        the
        Master Servicer and each Rating Agency.

       

      It
        shall
        not be necessary for the consent of Certificateholders under this
        Section 12.01 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.

      
        
           

        

        
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      The
        Trustee, the Master Servicer and Securities Administrator may, but shall
        not be
        obligated to, enter into any amendment pursuant to this 12.01 Section that
        affects its rights, duties and immunities under this Agreement or
        otherwise.

      

      SECTION
        12.02. 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 Mortgaged Properties
        are situated, and in any other appropriate public recording office or elsewhere,
        such recordation to be effected by the Trustee at the expense of the Trust
        Fund,
        but only upon direction of Certificateholders accompanied by an Opinion of
        Counsel to the effect that such recordation materially and beneficially affects
        the interests of the Certificateholders.

      

      For
        the
        purpose of facilitating the recordation of this Agreement as herein provided
        and
        for other purposes, this Agreement may be executed simultaneously in any
        number
        of counterparts, each of which counterparts shall be deemed to be an original,
        and such counterparts shall together constitute but one and the same
        instrument.

      

      SECTION
        12.03. Limitation
        on Rights of Certificateholders.

      

      The
        death
        or incapacity of any Certificateholder shall not (i) operate to terminate
        this Agreement or the Trust Fund, (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 Fund 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
        Fund, 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 and no direction inconsistent
        with such written request has been given the Trustee by such Certificateholder.
        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 12.03, each and every Certificateholder
        and the Trustee shall be entitled to such relief as can be given either at
        law
        or in equity.

      

      
        
           

        

        
          152

          
            

          

        

        
           

        

      

      

      

      SECTION
        12.04. Governing
        Law; Jurisdiction.

      

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

      

      SECTION
        12.05. 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, or by express delivery service, to (a) in the
        case of the Seller, to Greenwich Capital Financial Products, Inc.,
        600 Steamboat Road, Greenwich, Connecticut 06830, Attention: General
        Counsel (telecopy number (203) 618-2132), or such other address or telecopy
        number as may hereafter be furnished to the Depositor, the Master Servicer,
        the
        Securities Administrator and the Trustee in writing by the Seller, (b) in
        the
        case of the Trustee, to the Corporate Trust Office or such other address
        or
        telecopy number as may hereafter be furnished to the Depositor, the Master
        Servicer, the Securities Administrator and the Seller in writing by the Trustee,
        (c) in the case of the Depositor, to Greenwich Capital
        Acceptance, Inc., 600 Steamboat Road, Greenwich, Connecticut 06830,
        Attention: Legal (telecopy number (203) 618-2132), or such other address or
        telecopy number as may be furnished to the Seller, the Master Servicer, the
        Securities Administrator and the Trustee in writing by the Depositor; and
        (d) in
        the case of the Master Servicer or Securities Administrator, for certificate
        transfer purposes, at its Corporate Trust Office and for all other purposes
        at
        P.O. Box 98, Columbia, Maryland 21046, or for overnight delivery, at 9062
        Old
        Annapolis Road, Columbia, Maryland 21045 (Attention: RBSGC Mortgage Loan
        Trust
        2007-B), Facsimile no.: (410) 715-2380, or such other address or telecopy
        number
        as may be furnished to the Depositor, the Seller and the Trustee in writing
        by
        the Master Servicer or the Securities Administrator, as applicable. Any notice
        required or permitted to be mailed to a Certificateholder shall be given
        by
        first class mail, postage prepaid, at the address of such Holder as shown
        in the
        Certificate Register. Notice of any Event of Default shall be given by telecopy
        and by certified mail. Any notice so mailed within the time prescribed in
        this
        Agreement shall be conclusively presumed to have duly been given when mailed,
        whether or not the Certificateholder receives such notice. A copy of any
        notice
        required to be telecopied hereunder shall also be mailed to the appropriate
        party in the manner set forth above. Any notice required to be delivered
        by the
        Securities Administrator to the Depositor pursuant to Section 3.19 may be
        delivered by the Securities Administrator, notwithstanding any provision
        of this
        Agreement to the contrary, to Greenwich Capital Acceptance, Inc.,
        600 Steamboat Road, Greenwich, Connecticut 06830, Attention: Mark Hagelin
        (telephone number (203) 618-2596; fax number (203) 422-4284; e-mail
        mark.hagelin@gcm.com), or such other address or telecopy number as may be
        furnished to the Securities Administrator in writing by the
        Depositor.

      

      
        
           

        

        
          153

          
            

          

        

        
           

        

      

      

      

      SECTION
        12.06. 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
        12.07. 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
        12.08. Notices
        to each Rating Agencies.

      

      (a) The
        Trustee shall be obligated to use its best reasonable efforts promptly to
        provide notice to each Rating Agency with respect to each of the following
        of
        which a Responsible Officer of the Trustee has actual knowledge:

      

      (i) any
        material change or amendment to this Agreement;

      

      (ii) the
        occurrence of any Event of Default that has not been cured or
        waived;

      

      (iii) the
        resignation or termination of the Master Servicer, a Servicer, the Securities
        Administrator 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 a successor Master Servicer pursuant to Section 7.02
        hereof, any event that would result in the inability of the Trustee to make
        Advances as successor Master Servicer.

       

      (b) The
        Securities Administrator shall promptly furnish to each Rating Agency copies
        of
        the following, unless such documents were made available on the Securities
        Administrator’s website or filed with the SEC:

      

      (i) each
        Distribution Date Statement described in Section 5.04 hereof;

      
        
           

        

        
          154

          
            

          

        

        
           

        

      

      

      (ii) each
        annual statement as to compliance described in Section 3.16 hereof;

      

      (iii) each
        annual assessment of compliance and attestation report described in Section
        3.05
        hereof; and

      

      (iv) each
        notice delivered pursuant to Section 5.05(b) hereof which relates to the
        fact
        that the Master Servicer has not made an Advance.

      

      (c) All
        notices to the Rating Agencies provided for in this Agreement shall be in
        writing and sent by first class mail, telecopy or overnight courier, as
        follows:

      

      If
        to
        S&P, to:

      

      Standard
        & Poor’s Ratings Services,

      a
        division of The McGraw-Hill Companies, Inc.

      55
        Water
        Street

      New
        York,
        New York 10041

      Attention:
        Residential Mortgages

      

      If
        to
        Moody’s, to:

      

      Moody’s
        Investors Service, Inc.

      99
        Church
        Street

      New
        York,
        New York 10007

      Attention:
        Residential Mortgages

      

      If
        to
        Fitch, to:

      

      Fitch
        Ratings, Inc.

      One
        State
        Street Plaza

      New
        York,
        New York 10004

      

      SECTION
        12.09. 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
        12.10. Benefits
        of Agreement.

      

      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.

      
        
           

        

        
          155

          
            

          

        

        
           

        

      

      

      SECTION
        12.11. 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 or the Securities
        Administrator and, when expressly required under this Agreement, to the Master
        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 Fund, if made in the manner provided in this
        Section 12.11.

      

      (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
        Fund
        in reliance thereon, whether or not notation of such action is made upon
        such
        Certificate.

      

      SECTION
        12.12. Successors
        and Assigns.

      

      The
        provisions of this Agreement shall be binding upon and inure to the benefit
        of
        the respective successors and assigns of the parties hereto.

      

      SECTION
        12.13. Provision
        of Information.

      

      For
        so
        long as any of the Certificates of any Class are “restricted securities” within
        the meaning of Rule 144(a)(3) under the Securities Act, the Depositor agrees
        to
        provide to any Certificateholders and to any prospective purchaser of
        Certificates designated by such Holder, upon the request of such Holder or
        prospective purchaser, any information required to be provided to such Holder
        or
        prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
        under the Securities Act. 

       

      The
        Securities Administrator shall provide to any person to whom a Prospectus
        or
        Private Placement Memorandum was delivered by Greenwich Capital Markets,
        Inc.
        (as identified by Greenwich Capital Markets, Inc.), upon the request of such
        person specifying the document or documents requested (and certifying that
        it is
        a Person entitled hereunder), (i) a copy (excluding exhibits) of any report
        on
        Form 8-K, Form 10-D or Form 10-K filed with the Securities and Exchange
        Commission pursuant to this Agreement and (ii) a copy of any other document
        incorporated by reference in the Prospectus or Private Placement Memorandum
        (to
        the extent in the Securities Administrator’s possession). Any reasonable
        out-of-pocket expenses incurred by the Securities Administrator in providing
        copies of such documents shall be reimbursed by the Depositor. 

      
        
           

        

        
          156

          
            

          

        

        
           

        

      

      

      SECTION
        12.14. Transfer of Servicing.

      

      The
        Master Servicer shall not consent to or approve the assignment of the Servicing
        Agreements or the servicing thereunder or the delegation of a substantial
        portion of each Servicer’s rights or duties thereunder unless it shall have
        first received a letter from each Rating Agency to the effect that such action
        on the part of the applicable Servicer will not result in a qualification,
        withdrawal or downgrade of the then-current rating of any of the Certificates.
        The Master Servicer (on behalf of the Trust Fund) shall be entitled to
        conclusively rely upon documents received by it pursuant to clauses (i) and
        (ii)
        above in providing such written approval to the applicable Servicer and shall
        not be 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 with respect to such approval.

      

      [SIGNATURE
        PAGE IMMEDIATELY FOLLOWS]

      

      

      
        
           

        

        
          157

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective officers thereunto duly authorized, all as of the day
        and
        year first above written.

       

      GREENWICH
        CAPITAL ACCEPTANCE, INC.,

       

      as
        Depositor

       

      By: 
        /s/
        Matt Miles                

      Name:
        Matt Miles

      
        	 	 	
                Title:
                  Vice President 

              

      

       

       

      GREENWICH
        CAPITAL FINANCIAL PRODUCTS, INC., as Seller

      
         

        By: 
          /s/
          Matt Miles                

        Name:
          Matt Miles

        
          	 	 	
                  Title:
                    Vice President 

                

        

      

       

       

      WELLS
        FARGO BANK, N.A., 

      as
        Master Servicer

      

      By: /s/
        Graham M. Oglesby            

      Name:
        Graham M. Oglesby

      Title:
        Vice President 

       

       

      WELLS
        FARGO BANK, N.A., 

      as
        Securities Administrator

       

      By: 
        /s/ Graham
        M. Oglesby            
Name:
        Graham M. Oglesby
Title:
        Vice President 

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY, as Trustee and Custodian

       

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

      

      By: 
        /s/
        Melissa Wilman            
Name:
        Melissa Wilman

      
        	 	 	
                Title:
                  Vice President 

              

      

       

       

       

      

      

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

    

    EXHIBIT
      A-1

     

    FORM
      OF SENIOR CERTIFICATE

     

     

     

    
      
         

      

      
        A-2-1

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
      A-2

     

    FORM
      OF CLASS 1X CERTIFICATE

     

    

     

    
      
         

      

      
        A-2-2

        
          

        

      

      
         

      

    

    EXHIBIT
      A-3

     

    FORM
      OF CLASS 1PO CERTIFICATE

     

    

    
      
         

      

      
        A-3-1

        
          

        

      

      
         

      

    

    EXHIBIT
      B

    

    FORM
      OF RESIDUAL CERTIFICATE

     

    

     

    
      
         

      

      
        B-1

        
          

        

      

      
         

      

    

    EXHIBIT
      C

     

    FORM
      OF SUBORDINATE CERTIFICATE

     

    

     

    
      
         

      

      
        C-1

        
          

        

      

      
         

      

    

    EXHIBIT
      D

     

    FORM
      OF CLASS P CERTIFICATE

     

    

     

    

     

    
      
         

      

      
        D-1

        
          

        

      

      
         

      

    

    EXHIBIT
      E

     

    FORM
      OF REVERSE OF THE CERTIFICATES

     

    RBSGC
      MORTGAGE LOAN TRUST 2007-B

    Mortgage
      Loan Pass-Through Certificates, Series 2007-B

    Reverse
      Certificate

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      RBSGC Mortgage Loan Trust Mortgage Loan Pass-Through Certificates, Series 2007-B
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust Fund 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 Certificateholder 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, distributions will be made on the 25th
      day of
      each month, or if the 25th
      day is
      not a Business Day, then on the next succeeding Business Day (the “Distribution
      Date”), commencing on the Distribution Date in April 2007, 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, (i) in the case of a Physical Certificate,
      by
      check or money order mailed to the address of the person entitled thereto as
      it
      appears on the Certificate Register or, upon the request of a Certificateholder,
      by wire transfer as set forth in the Agreement and (ii) in the case of a
      Book-Entry Certificate, to the Depository, which shall credit the amounts of
      such distributions to the accounts of its Depository Participants in accordance
      with its normal procedures. The final distribution on each Certificate shall
      be
      made in like manner, but only upon presentment and surrender of such Certificate
      at the office or agency of the Certificate Registrar 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 of the Certificateholders under
      the
      Agreement at any time, by the Depositor, the Seller, the Master Servicer, the
      Securities Administrator, the Trustee and 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.

     

    
      
         

      

      
        E-1

        
          

        

      

      
         

      

    

    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 office or agency maintained by the Certificate Registrar
      accompanied by a written instrument of transfer in form satisfactory to 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 Fund 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 set forth therein,
      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 Certificate Registrar
      may require payment of a sum sufficient to cover any tax or other governmental
      charge payable in connection therewith.

     

    Subject
      to the terms of the Agreement, each Class of Book-Entry Certificates will be
      registered as being held by the Depository or its nominee and beneficial
      interests will be held by Certificate Owners through the book-entry facilities
      of the Depository or its nominee. The Class 1A1, Class 1A2, Class 1A3, Class
      1A4, Class 1A5, Class 1A6, Class 2A1, Class 3A1, Class 3A2, Class 1PO, Class
      R,
      Class 1B1, Class 1B2, Class 1B3, Class 1B4, Class 3B1, Class 3B2 and Class
      3B3
      Certificates. Certificates will be issued in minimum denominations of $25,000
      and integral dollar multiples of $1 in excess thereof; provided that such
      certificates must be purchased in minimum total investments of at least
      $100,000.

     

    The
      Class
      1A2, Class 1A3, Class 1A6 and Class 1X Certificates will each be issued in
      a
      minimum notional amount of $100,000 and integral multiples of $1 in excess
      thereof. Such 

     

    The
      Class
      P Certificates shall be issued in a minimum Percentage Interest of 5% and in
      integral multiples of 1% in excess thereof.

     

    Each
      of
      the Class LT-R and Class R Certificates shall be issued as a single certificate
      and will be maintained in physical form.

     

    The
      Depositor, the Seller, the Master Servicer, the Securities Administrator, the
      Trustee, the Certificate Registrar and any agent of the foregoing may treat
      the
      Person in whose name this Certificate is registered as the owner hereof for
      all
      purposes, and none of the Depositor, the Seller, the Trustee, the Master
      Servicer, the Securities Administrator, the Certificate Registrar or any agent
      of any of them shall be affected by any notice to the contrary.

     

    On
      any
      Distribution Date following the date on which the aggregate of the Stated
      Principal Balances of the Mortgage Loans on such date is equal to or less than
      10% of the Cut-Off Date Aggregate Principal Balance, the Servicer may, at its
      option, terminate the Agreement by purchasing all of the outstanding Mortgage
      Loans and REO Properties at the Termination Price as provided in the Agreement.
      In the event that the Servicer does not exercise its right of optional
      termination, the obligations and responsibilities created by the Agreement
      will
      terminate upon the earliest of (i) the Distribution Date on which the Class
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      and
      (iii) the Latest Possible Maturity Date.

     

    
      
         

      

      
        E-2

        
          

        

      

      
         

      

    

    To
      the
      extent not defined herein, capitalized terms used herein have the meanings
      assigned to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
         

      

      
        E-3

        
          

        

      

      
         

      

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

     

      
        

      

    

    ____________________________________________________________________________________________________________________________________________________________

    (Please
      print or typewrite name and address including postal ZIP code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

     

    Dated:
      _____________

     

                                                   

    Signature
      by or on behalf of assignor

     

    
      
         

      

      
        E-4

        
          

        

      

      
         

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to__________________________________________________________________________________________________________________________________________________________for
      the account
      of_______________________________________________________________,

    account
      number ________________________, or, if mailed by check, to
      ___________________ ______________________________________________________________________________Applicable
      statements should be mailed to ___________________________________________
      _____________________________________________________________________________.

     

    This
      information is provided by
      _____________________________________________,

    the
      assignee named above, or
      _____________________________________________________,

    as
      its
      agent.

    

    

    
      
         

      

      
        E-5

        
          

        

      

      
         

      

    

    EXHIBIT
      F

     

    REQUEST
      FOR RELEASE 

     

                                       

    Date

     

    [Addressed
      to Trustee

    or,
      if
      applicable, custodian]

     

    In
      connection with the administration of the mortgages held by you as [Trustee]
      [Custodian, on behalf of the Trustee] under a certain Pooling and Servicing
      Agreement dated as of March 1, 2007 among Greenwich Capital Acceptance, Inc.,
      as
      Depositor, Greenwich Capital Financial Products, Inc., as Seller, Wells Fargo
      Bank, N.A., as Master Servicer and Securities Administrator, and Deutsche Bank
      National Trust Company, as Trustee and as a Custodian (the “Pooling and
      Servicing Agreement”), the undersigned [Master Servicer] [Servicer] hereby
      requests a release of the Mortgage File held by you as [Trustee] [Custodian,
      on
      behalf of the Trustee] with respect to the following described Mortgage Loan
      for
      the reason indicated below.

     

    Mortgagor’s
      Name:

     

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    1. Mortgage
      Loan paid in full. (The [Master Servicer] [Servicer] hereby certifies that
      all
      amounts received in connection with the loan have been or will be credited
      to a
      Servicing Account or the Distribution Account (whichever is applicable) pursuant
      to the Pooling and Servicing Agreement.)

     

    2. The
      Mortgage Loan is being foreclosed.

     

    3. Mortgage
      Loan substituted. (The [Master Servicer] [Servicer] hereby certifies that a
      Qualified Substitute Mortgage Loan has been assigned and delivered to you along
      with the related Mortgage File pursuant to the Pooling and Servicing
      Agreement.)

     

    4. Mortgage
      Loan repurchased. (The [Master Servicer] [Servicer] hereby certifies that the
      Purchase Price has been credited to a Servicing Account or the Distribution
      Account (whichever is applicable) pursuant to the Pooling and Servicing
      Agreement.)

     

    5. Other.
      (Describe)

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Pooling and Servicing
      Agreement and will be returned to you within ten (10) days of our receipt of
      the
      Mortgage File, except if the Mortgage Loan has been paid in full, or repurchased
      or substituted for a Qualified Substitute Mortgage Loan (in which case the
      Mortgage File will be retained by us without obligation to return to
      you).

     

    
      
         

      

      
        F-1

        
          

        

      

      
         

      

    

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Pooling and
      Servicing Agreement.

     

    _____________________________________

    [Name
      of
      [Master Servicer] [Servicer]]

     

    By:__________________________________

    Name:

    Title:
      Servicing Officer

    

     

    
      
         

      

      
        F-2

        
          

        

      

      
         

      

    

    EXHIBIT
      G-1

     

    FORM
      OF RECEIPT OF MORTGAGE NOTE

     

    RECEIPT
      OF MORTGAGE NOTE

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Wells
      Fargo Bank, N.A. 

    P.O.
      Box
      98

    Columbia,
      Maryland 21046

     

    
      	 	
              Re:

            	
              RBSGC
                Mortgage Loan Trust 2007-B

            

      	 	 	Mortgage Loan Pass-Through Certificates, Series
              2007-B 

    

     

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 2.01 of the Pooling and Servicing Agreement, dated as of March 1,
      2007, among Greenwich Capital Acceptance, Inc., as Depositor, Greenwich Capital
      Financial Products, Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer
      and Securities Administrator, and Deutsche Bank National Trust Company, as
      Trustee and as a Custodian, we hereby acknowledge receipt of an original
      Mortgage Note with respect to each Mortgage Loan listed on Exhibit 1, with
      any
      exceptions thereto listed on Exhibit 2.

     

    

                                        DEUTSCHE
      BANK
      NATIONAL TRUST COMPANY,

    as
      Trustee and as a Custodian

     

    

    

    By:                                           

    Name:

    Title:

     

    

     

    Dated:
      

     

    
      
         

      

      
        G-1-1

        
          

        

      

      
         

      

    

    EXHIBIT
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    [To
      be retained in a separate closing binder entitled “RBSGC 2007-B Mortgage Loan
      Schedule” at the Washington DC offices of McKee Nelson LLP]

     

    
      
         

      

      
        G-1-2

        
          

        

      

      
         

      

    

    EXHIBIT
      2

     

    EXCEPTIONS
      REPORT

     

    

     

    [To
      be retained in a separate closing binder entitled “RBSGC 2007-B Mortgage Loan
      Schedule” at the Washington DC offices of McKee Nelson LLP]

     

    

     

    
      
         

      

      
        G-1-3

        
          

        

      

      
         

      

    

    EXHIBIT
      G-2

     

    FORM
      OF INTERIM CERTIFICATION OF TRUSTEE

     

    INTERIM
      CERTIFICATION OF TRUSTEE

     

    [Date]

     

    

     

    
      	
              Greenwich
                Capital Acceptance, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 
	 	 
	
              Greenwich
                Capital Financial Products, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 
	 	 
	
              Standard
                & Poor’s Ratings Services,

              a
                division of The McGraw-Hill Companies, Inc.

              55
                Water Street, 41st
                Floor

              New
                York, New York 10004

            	 
	 	 
	
              Moody’s
                Investors Service, Inc.

              99
                Church Street

              New
                York, New York 10007

            	 
	 	 
	
              Fitch,
                Inc.

              One
                State Street Plaza

              New
                York, New York 10004 

            	 
	 	 
	
              Wells
                Fargo Bank, N.A. 

              P.O.
                Box 98

              Columbia,
                Maryland 21046

            	 

    

    

     

    
      	 	Re: 	RBSGC Mortgage Loan
              Trust
              2007-B 
	 	 	Mortgage Loan Pass-Through
              Certificates, Series 2007-B 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      March 1, 2007 (the “Pooling and Servicing Agreement”), among Greenwich Capital
      Acceptance, Inc., as Depositor, Greenwich Capital Financial Products, Inc.,
      as
      Seller, Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
      and Deutsche Bank National Trust Company, as Trustee and a Custodian, the
      undersigned, as Trustee (or as a Custodian on behalf of the 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 the attached
      schedule):

     

    
      
         

      

      
        G-2-1

        
          

        

      

      
         

      

    

    
      	 	
              (i)

            	
              all
                documents required to be delivered to the Trustee (or to the undersigned
                Custodian, on behalf of the Trustee) pursuant to Section 2.01 of the
                Pooling and Servicing Agreement are in its
                possession;

            

    

     

    
      	 	
              (ii)

            	
              such
                documents have been reviewed by the Trustee (or the undersigned Custodian
                on behalf of the Trustee) and have not been mutilated, damaged or
                torn and
                relate to such Mortgage Loan; and

            

    

     

    
      	 	
              (iii)

            	
              based
                on the Trustee’s (or undersigned Custodian’s) examination and only as to
                the foregoing, the information set forth in the Mortgage Loan Schedule
                that corresponds to items (i), (ii) and (xiii) of the Mortgage Loan
                Schedule accurately reflects information set forth in the Mortgage
                File.
                

            

    

     

    Based
      on
      its review and examination and only as to the foregoing documents, such
      documents appear regular on their face and related to such Mortgage
      Loan.

     

    The
      Trustee (or the undersigned Custodian on behalf of 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 (or the undersigned Custodian on behalf of the Trustee) makes no
      representations as to: (i) the validity, legality, sufficiency, enforceability
      or genuineness of any of the documents contained in each Mortgage File of any
      of
      the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the
      collectibility, insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    Capitalized
      words and phrases used but otherwise not defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing
      Agreement.

     

    

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    as
      Trustee and as a Custodian

     

    By:                             

    Name:
      

    Title:
      

    

     

    
      
         

      

      
        G-2-2

        
          

        

      

      
         

      

    

    EXHIBIT
      G-3

     

    FORM
      OF FINAL CERTIFICATION OF TRUSTEE

     

    FINAL
      CERTIFICATION OF TRUSTEE

     

    [Date]

     

    
      	
              Greenwich
                Capital Acceptance, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 
	 	 
	
              Greenwich
                Capital Financial Products, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 
	 	 
	
              Wells
                Fargo Bank, N.A. 

              P.O.
                Box 98

              Columbia,
                Maryland 21046

            	 

    

    

    
       

      
        	 	Re: 	RBSGC Mortgage Loan
                Trust
                2007-B 
	 	 	Mortgage Loan
                Pass-Through
                Certificates, Series
                2007-B 

      

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      March 1, 2007 (the “Pooling and Servicing Agreement”), among Greenwich Capital
      Acceptance, Inc., as Depositor, Greenwich Capital Financial Products, Inc.,
      as
      Seller, Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
      and Deutsche Bank National Trust Company, as Trustee and as a Custodian, the
      undersigned, as Trustee (or as a Custodian on behalf of the 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 in the attached schedule)
      it has received all documents required to be delivered to the Trustee pursuant
      to Section 2.01 of the Pooling and Servicing Agreement.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (a) such
      documents appear regular on their face and related to such Mortgage Loan, and
      (b) the information set forth in items (i), (ii) and (xiii) of the definition
      of
“Mortgage Loan Schedule” in the Pooling and Servicing Agreement accurately
      reflects the information set forth in each Mortgage File.

     

    The
      Trustee (or the undersigned Custodian on behalf of 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 (or the undersigned Custodian on behalf of the Trustee) makes no
      representations as to: (i) the validity, legality, sufficiency, enforceability
      or genuineness of any of the documents contained in each Mortgage File of any
      of
      the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the
      collectibility, insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    
      
         

      

      
        G-3-1

        
          

        

      

      
         

      

    

    Capitalized
      words and phrases used but not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing
      Agreement.

     

    

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    as
      Trustee and as a Custodian

     

    By:                             

    Name:
      

    Title:
      

     

    

     

    
      
         

      

      
        G-3-2

        
          

        

      

      
         

      

    

    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 Greenwich Capital Financial Products, Inc. (the
“Seller”) and who has personal knowledge of the facts set out in this
      affidavit.

     

    On
      _______________, 200__, _________________________ 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 currently lost
      and
      unavailable after diligent search has been made. The Seller’s records show that
      an amount of principal and interest on said note is still presently outstanding,
      due, and unpaid, and such Seller is still owner and holder in due course of
      said
      lost note.

     

    The
      Seller executes this Affidavit for the purpose of inducing Deutsche Bank
      National Trust Company, as trustee on behalf of RBSGC Mortgage Loan Trust
      2007-B, Mortgage Loan Pass-Through Certificates, Series 2007-B, to accept the
      transfer of the above-described mortgage loan from the Seller.

     

    The
      Seller agrees to indemnify Deutsche Bank National Trust Company and Greenwich
      Capital Acceptance, Inc. and hold each of them harmless for any losses incurred
      by such parties resulting from the fact that the above described 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 _______________.

    

     

    
      
         

      

      
        H-1

        
          

        

      

      
         

      

    

    EXHIBIT
      I-1

     

    FORM
      OF ERISA REPRESENTATION FOR RESIDUAL CERTIFICATES

    

     

    [Date]

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place, 

    Santa
      Ana, California 92705-4934 

    Attention:
      GC0605

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

    
      	 	
              Re:

            	
              RBSGC
                Mortgage Loan Trust 2007-B 

            

      	 	 	Mortgage Loan Pass-Through Certificates, Series
              2007-B, Class [R], [LT-R] 

    

     

    Ladies
      and Gentlemen:

     

    1. The
      undersigned is the ______________________ of _________________ (the
“Transferee”), a [corporation duly organized] and existing under the laws of
      __________, on behalf of which she makes this affidavit.

     

    2.  The
      Transferee either (x) is not an employee benefit plan subject to Section 406
      of
      the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a
      plan or arrangement subject to Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (collectively, a “Plan”) nor a person acting on
      behalf of any such Plan nor using the assets of any such Plan to effect the
      transfer; (y) if the Certificate has been the subject of a best efforts or
      firm
      commitment underwriting or private placement that meets the requirements of
      Prohibited Transaction Exemption 2002-41, and is an insurance company which
      is
      purchasing such Certificates with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”) and that the purchase and
      holding of such Certificates are covered under Section I and III of PTCE 95-60;
      or (z) shall deliver to the Certificate Registrar an opinion of counsel (a
      “Benefit Plan Opinion”) satisfactory to the Certificate Registrar, and upon
      which the Certificate Registrar shall be entitled to rely, to the effect that
      the purchase or holding of such Certificate by the Transferee will not result
      in
      a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of the Code and will not subject the Trustee, the Certificate Registrar, the
      Servicer or the Depositor to any obligation in addition to those undertaken
      by
      such entities in the Pooling and Servicing Agreement, which opinion of counsel
      shall not be an expense of the Trustee, the Certificate Registrar the Depositor
      or the Trust Fund.

     

    
      
         

      

      
        I-1-1

        
          

        

      

      
         

      

    

    3. The
      Transferee hereby acknowledges that under the terms of the Pooling and Servicing
      Agreement dated as of March 1, 2007 (the “Pooling and Servicing Agreement”)
      among Greenwich Capital Acceptance, Inc., as Depositor, Greenwich Capital
      Financial Products, Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer
      and Securities Administrator, and Deutsche Bank National Trust Company, as
      Trustee and as a Custodian, no transfer of any ERISA-Restricted Certificate
      in
      the form of a Definitive Certificate shall be permitted to be made to any person
      unless the Depositor and the Certificate Registrar have received a certificate
      from such transferee in the form hereof.

     

    Capitalized
      words and phrases used but not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing
      Agreement.

     

    IN
      WITNESS WHEREOF, the Transferee has executed this certificate.

     

    

     

    _________________________________

    [Transferee]

     

    By:______________________________

    Name:

    Title:

    

     

    
      
         

      

      
        I-1-2

        
          

        

      

      
         

      

    

    EXHIBIT
      I-2

     

    FORM
      OF ERISA REPRESENTATION

    FOR
      ERISA-RESTRICTED CERTIFICATES

     

    [Date]

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place, 

    Santa
      Ana, California 92705-4934 

    Attention:
      GC0605

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

    
      	 	
              Re:
                

            	
              RBSGC
                Mortgage Loan Trust 2007-B 

            

      	 	 	Mortgage Loan Pass-Through
              Certificates, 

      	 	 	Series 2007-B, ERISA-Restricted
              Certificates 

    

     

    Ladies
      and Gentlemen:

     

    1. The
      undersigned is the ______________________ of _________________ (the
“Transferee”), a [corporation duly organized] and existing under the laws of
      __________, on behalf of which s/he makes this affidavit.

     

    2. The
      Transferee either (x) is not an employee benefit plan subject to Section 406
      of
      the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a
      plan or arrangement subject to Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (collectively, a “Plan”) nor a person acting on
      behalf of any such Plan nor using the assets of any such Plan to effect the
      transfer; (y) if the Certificate has been the subject of a best efforts or
      firm
      commitment underwriting or private placement that meets the requirements of
      Prohibited Transaction Exemption 2002-41, is an insurance company which is
      purchasing such Certificates with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
      holding of such Certificates are covered under Section I and III of PTCE 95-60;
      or (z) shall deliver to the Certificate Registrar an opinion of counsel (a
      “Benefit Plan Opinion”) satisfactory to the Certificate Registrar, and upon
      which the Certificate Registrar shall be entitled to rely, to the effect that
      the purchase or holding of such Certificate by the Transferee will not result
      in
      a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of the Code and will not subject the Trustee, the Certificate Registrar, the
      Servicer or the Depositor to any obligation in addition to those undertaken
      by
      such entities in the Pooling and Servicing Agreement, which opinion of counsel
      shall not be an expense of the Trustee, the Certificate Registrar the Depositor
      or the Trust Fund.

     

    
      
         

      

      
        I-2-1

        
          

        

      

      
         

      

    

    3. The
      Transferee hereby acknowledges that under the terms of the Pooling and Servicing
      Agreement dated as of March 1, 2007 (the “Pooling and Servicing Agreement”)
      among Greenwich Capital Acceptance, Inc., as Depositor, Greenwich Capital
      Financial Products, Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer
      and Securities Administrator, and Deutsche Bank National Trust Company, as
      Trustee and as a Custodian, no transfer of any ERISA-Restricted Certificate
      in
      the form of a Definitive Certificate shall be permitted to be made to any person
      unless the Depositor and the Certificate Registrar have received a certificate
      from such transferee in the form hereof.

     

    Capitalized
      words and phrases used but not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing
      Agreement.

     

    IN
      WITNESS WHEREOF, the Transferee has executed this certificate.

     

    

     

    _________________________________

    [Transferee]

     

    By:______________________________

    Name:

    Title:

    

    
      
         

      

      
        I-2-2

        
          

        

      

      
         

      

    

    EXHIBIT
      J-1

     

    FORM
      OF INVESTMENT LETTER [NON-RULE 144A]

     

    [Date]

     

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place, 

    Santa
      Ana, California 92705-4934 

    Attention:
      GC0605

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

     

    
      	 	
              Re:
                

            	
              RBSGC
                Mortgage Loan Trust 2007-B 

            

      	 	 	Mortgage Loan Pass-Through Certificates, Series
              2007-B 

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the Class [ ] Certificates of the
      above-captioned series (the “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
      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 (f) below), (e) 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 (f) 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.

     

    
      
         

      

      
        J-1-1

        
          

        

      

      
         

      

    

    Capitalized
      words and phrases used but not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing Agreement
      dated as of March 1, 2007 (the “Pooling and Servicing Agreement”) among
      Greenwich Capital Acceptance, Inc., as Depositor, Greenwich Capital Financial
      Products, Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer and
      Securities Administrator, and Deutsche Bank National Trust Company, as Trustee
      and as a Custodian.

     

    Very
      truly yours,

     

    [NAME
      OF TRANSFEREE]

     

    By:                                        

    Authorized
      Officer

     

    

    
      
         

      

      
        J-1-2

        
          

        

      

      
         

      

    

    EXHIBIT
      J-2

    

    FORM
      OF RULE 144A INVESTMENT LETTER

    

     

    [Date]

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place, 

    Santa
      Ana, California 92705-4934 

    Attention:
      GC0605

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

     

    
      	 	
              Re:
                

            	
              RBSGC
                Mortgage Loan Trust 2007-B 

            

      	 	 	Mortgage Loan Pass-Through Certificates, Series
              2007-B 

    

     

    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 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, and (d) 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.

     

    
      
         

      

      
        J-2-1

        
          

        

      

      
         

      

    

    Capitalized
      words and phrases used but not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing Agreement
      dated as of March 1, 2007, relating to the above-referenced
      Certificates, among Greenwich Capital Acceptance, Inc., as Depositor, Greenwich
      Capital Financial Products, Inc., as Seller, Wells Fargo Bank, N.A., as Master
      Servicer and Securities Administrator, and Deutsche Bank National Trust Company,
      as Trustee and as a Custodian.

     

    Very
      truly yours,

     

    [NAME
      OF TRANSFEREE]

     

    

    By:                                        

    Authorized
      Officer

     

    

     

    
      
         

      

      
        J-2-2

        
          

        

      

      
         

      

    

    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:

     

    i. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    ii. 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.

     

    
      

    

    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.

    
      
         

      

      
        J-2-3

        
          

        

      

      
         

      

    

    ___ 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.

     

    iii. 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.

     

    iv. 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.

     

    
      
         

      

      
        J-2-4

        
          

        

      

      
         

      

    

    v. 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.

     

    vi. 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:                                     
      

    
      
         

      

      
        J-2-5

        
          

        

      

      
         

      

    

    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 Buyer’s 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.

     

    
      
         

      

      
        J-2-6

        
          

        

      

      
         

      

    

    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:                                     

    

    

    
      
         

      

      
        J-2-7

        
          

        

      

      
         

      

    

    EXHIBIT
      K

     

    FORM
      OF TRANSFEROR CERTIFICATE

     

    [Date]

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06380

    Attention:
      Corporate Trust, RBSGC Mortgage Loan Trust 2007-B

     

    DB
      Services Tennessee

    648
      Grassmere Park Rd.

    Nashville,
      Tennessee 37211-3658 

    Attention:
      Transfer Unit-RBSGC 2007-B

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

     

    
      	 	
              Re:

            	
              RBSGC
                Mortgage Loan Trust 2007-B 

            

      	 	 	Mortgage Loan Pass-Through Certificates, Series
              2007-B, Class [R], [LT-R] 

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our proposed transfer of an Ownership Interest in the Class
      [R],
      [LT-R] Certificate, we hereby certify that (a) we have no knowledge that the
      proposed Transferee is not a Permitted Transferee acquiring an Ownership
      Interest in such Class [R], [LT-R] Certificate for its own account and not
      in a
      capacity as trustee, nominee, or agent for another Person, and (b) we have
      not
      undertaken the proposed transfer in whole or in part to impede the assessment
      or
      collection of tax.

     

    Very
      truly yours,

     

    [_____________________]

     

    By:
      ______________________________

     

    

    
      
         

      

      
        K-1

        
          

        

      

      
         

      

    

    EXHIBIT
      L

     

    TRANSFER
      AFFIDAVIT FOR RESIDUAL CERTIFICATE

    PURSUANT
      TO SECTION 6.02(e)

     

    RBSGC
      MORTGAGE LOAN TRUST 2007-B

    MORTGAGE
      LOAN PASS-THROUGH CERTIFICATES, 

    SERIES
      2007-B, CLASS [R],
      [LT-R]

    

    
      	
              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 a 100% Ownership Interest in the Class [R], [LT-R]
                Certificate (the “Certificate”) issued pursuant to the Pooling and
                Servicing Agreement, (the “Agreement”) dated as of
                March 1, 2007, relating to the above-referenced Certificates,
                among Greenwich Capital Acceptance, Inc., as Depositor, Greenwich
                Capital
                Financial Products, Inc., as Seller, Wells Fargo Bank, N.A., as Master
                Servicer and Securities Administrator, and Deutsche Bank National
                Trust
                Company, as Trustee and as a Custodian. Capitalized terms used, but
                not
                defined herein, shall have the meanings ascribed to such terms in
                the
                Agreement. The Transferee has authorized the undersigned to make
                this
                affidavit on behalf of the
                Transferee.

            

    

     

    
      	
              2.

            	
              The
                Transferee is, as of the date hereof, and will be, as of the date
                of the
                Transfer, a Permitted Transferee. The Transferee is acquiring its
                Ownership Interest for its own account and not in a capacity as trustee,
                nominee or agent for another party.

            

    

     

    
      	
              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. The Transferee has provided
                financial statements or other financial information requested by
                the
                Transferor in connection with the transfer of the Certificate to
                permit
                the Transferor to assess the financial capability of the Transferee
                to pay
                such taxes.

            

    

     

    
      	
              4.

            	
              The
                Transferee has been advised of, and understands that a tax may be
                imposed
                on a “pass-through entity” holding the Certificate if, at any time during
                the taxable year of the pass-through entity, a Disqualified Organization
                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 not a Disqualified Organization
                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.)

            

    

     

    
      
         

      

      
        L-1

        
          

        

      

      
         

      

    

    
      	
              5.

            	
              The
                Transferee has reviewed the provisions of Section 6.02(e) 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 6.02(e) 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 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
                K to
                the Agreement (a “Transferor
                Certificate”).

            

    

     

    
      	
              7.

            	
              The
                Transferee does not have the intention to impede the assessment or
                collection of any tax legally required to be paid with respect to
                the
                Certificate.

            

      	 	 

      	8. 	The Transferee’s taxpayer identification number is             . 

    

     

    
      	
              9.

            	
              The
                Transferee is aware that the Certificate may be a “noneconomic residual
                interest” within the meaning of the REMIC provisions 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.

            

    

     

    
      
         

      

      
        L-2

        
          

        

      

      
         

      

    

    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  .

            

    

     

    

      
        
           

        

        
          L-3

          
            

          

        

        
           

        

      

    EXHIBIT
      M

     

    LIST
      OF SERVICING AGREEMENTS

     

    
      	
              1.

            	
              Seller’s
                Warranties and Servicing Agreement dated as of January 1, 2007 (WFHM
                2007-PA01) as
                reconstituted pursuant to a Reconstituted Servicing Agreement (Wells
                Fargo—Originated Mortgage Loans) dated as of March 1, 2007, by and between
                Greenwich Capital Financial Products, Inc. (“GCFP”), and Wells Fargo Bank,
                N.A. (“Wells Fargo”), and acknowledged by Wells Fargo as master servicer
                and Deutsche Bank National Trust Company
                (“Deutsche Bank”),
                as trustee.

            

    

     

    
      	
              2.

            	
              Seller’s
                Warranties and Servicing Agreement dated as of January 1, 2007
                (2007-PA01),
                as reconstituted pursuant to a Reconstituted Servicing Agreement
                (Wells
                Fargo—Servicing Acquired Mortgage Loans) dated as of March 1, 2007, by
                and
                between GCFP and Wells Fargo, and acknowledged by Wells
                Fargo
                as master servicer and Deutsche
                Bank,
                as trustee.

            

    

     

    
      	
              3.

            	
              Servicing
                Agreement dated as of January 1, 2006 as reconstituted pursuant to
                a
                Reconstituted Servicing Agreement dated as of March 1, 2007, by and
                among
                GCFP, Greenwich Capital Acceptance, Inc. (“GCA”), and Central Mortgage
                Company, and acknowledged by Wells
                Fargo
                as master servicer and Deutsche
                Bank,
                as trustee.

            

    

     

    
      	
              4.

            	
              Amended
                and Restated Master Flow Sale and Servicing Agreement dated May 1,
                2006
                (Adjustable
                Rate Conventional Mortgage Loans, Group No. 2004-NC1),
                as reconstituted pursuant to a Reconstituted Servicing Agreement
                dated as
                of March 1, 2007, by and among GCFP, GCA, and GMAC Mortgage, LLC,
                and
                acknowledged by Wells
                Fargo
                as master servicer and Deutsche
                Bank,
                as trustee.

            

    

     

    
      	
              5.

            	
              Mortgage
                Loan Flow Purchase, Sale and Servicing Agreement dated as of April
                1,
                2006, as reconstituted pursuant to a Reconstituted Servicing Agreement
                dated as of March 1, 2007, by and among GCFP, PHH Mortgage Corporation,
                and Bishop’s Gate Residential Mortgage Trust and acknowledged by
                Wells
                Fargo
                as master servicer and Deutsche
                Bank,
                as trustee.

            

    

     

    
      	
              6.

            	
              Purchase,
                Warranties and Servicing Agreement, dated as of August 1, 2004, as
                amended
                by that certain Amendment to the Purchase, Warranties and Servicing
                Agreement, dated as of January 12, 2007 (the “Amendment No. 1”), and the
                Term Sheet dated as of August 31, 2006, as reconstituted pursuant
                to a
                Assignment, Assumption and Recognition Agreement dated as of March
                1,
                2007, by and among GCFP, Deutsche
                Bank,
                as trustee, U.S. Central Federal Credit Union and GCA and acknowledged
                by
                Wells
                Fargo
                as master servicer.

            

    

     

    

    
      
        
           

        

        
          M-1

          
            

          

        

        
           

        

      

    

     

     

     

     

     

    
      
         

      

      
        M-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
      N-1

     

    FORM
      OF TRANSFER CERTIFICATE

    (RESTRICTED
      GLOBAL SECURITY

    TO
      REGULATION S GLOBAL SECURITY)

    (Transfers
      pursuant to §§ 6.02 (f) (ii)

                          
      of the Pooling and Servicing
      Agreement)                            

     

    DB
      Services Tennessee

    648
      Grassmere Park Rd.

    Nashville,
      Tennessee 37211-3658 

    Attention:
      Transfer Unit-RBSGC 2007-B

    

    
      	 	
              Re:

            	
              RBSGC
                Mortgage Loan Trust 2007-B

            

      	 	 	Mortgage Loan Pass-Through Certificates, Series
              2007-B 

    

     

    Reference
      is hereby made to the Pooling and Servicing Agreement dated as of March 1,
      2007
      (the “Pooling and Servicing Agreement”) relating to the above referenced
      certificates, among Greenwich Capital Acceptance, Inc., as Depositor, Greenwich
      Capital Financial Products, Inc., as Seller, Wells Fargo Bank, N.A., as Master
      Servicer and Securities Administrator, and Deutsche Bank National Trust Company,
      as Trustee and as a Custodian. Capitalized terms used but not defined herein
      shall have the meanings given them in the Pooling and Servicing
      Agreement.

     

    This
      letter relates to U.S. $____________________________ aggregate principal amount
      of Securities which are held in the form of a Restricted Global Security with
      the Depository in the name of [name of transferor]
      ___________________________________ (the “Transferor”) to effect the transfer of
      the Securities in exchange for an equivalent beneficial interest in a Regulation
      S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Pooling and Servicing Agreement and the private placement
      memorandum dated March 28, 2007, relating to the Securities and in accordance
      with Rule 904 of Regulation S, and that:

     

    a. the
      offer
      of the Securities was not made to a person in the United States; 

     

    b. at
      the
      time the buy order was originated, the transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the transferee was outside the United States;

     

    c. no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

     

    
      
         

      

      
        N-1-1

        
          

        

      

      
         

      

    

    d. the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended (the
“Securities Act”); and

    
       

      e.
        the
        transferee is not a U.S. Person.

    

     

    You
      and
      the Depositor are entitled to rely upon this letter and are irrevocably
      authorized to produce this letter or a copy hereof to any interested party
      in
      any administrative or legal proceedings or official inquiry with respect to
      the
      matters covered hereby. Terms used in this certificate have the meanings set
      forth in Regulation S.

     

    

    

    

                                                                
      

    [Name
      of Transferor]

    

    

    By:
                                                              

    Name:

    Title:

     

    Date:             
        ,
            

    

    
      
         

      

      
        N-1-2

        
          

        

      

      
         

      

    

    EXHIBIT
      N-2

     

    FORM
      OF TRANSFER CERTIFICATE FOR TRANSFER 

    (REGULATION
      S GLOBAL SECURITY

    TO
      RESTRICTED GLOBAL SECURITY)

    (Transfers
      pursuant to §§ 6.02 (f) (iii)

                              of
      the Pooling and Servicing
      Agreement)                          

     

    DB
      Services Tennessee

    648
      Grassmere Park Rd.

    Nashville,
      Tennessee 37211-3658 

    Attention:
      Transfer Unit-RBSGC 2007-B

    

    
      	 	
              Re:

            	
              RBSGC
                Mortgage Loan Trust 2007-B

            

      	 	 	Mortgage Loan Pass-Through Certificates, Series
              2007-B 

    

     

    Reference
      is hereby made to the Pooling and Servicing Agreement dated as of March 1,
      2007
      (the “Pooling and Servicing Agreement”) relating to the above referenced
      certificates, among Greenwich Capital Acceptance, Inc., as Depositor, Greenwich
      Capital Financial Products, Inc., as Seller, Wells Fargo Bank, N.A. as Master
      Servicer and Securities Administrator, and Deutsche Bank National Trust Company,
      as Trustee and as a Custodian. Capitalized terms used but not defined herein
      shall have the meanings given them in the Pooling and Servicing
      Agreement.

     

    This
      letter relates to U.S. $____________________________ aggregate principal amount
      of Securities which are held in the form of a Regulations S Global Security
      in
      the name of [name of transferor] ___________________________________ (the
“Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such Securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Pooling and Servicing
      Agreement and the private placement memorandum dated March 28, 2007, relating
      to
      the Securities and (ii) Rule 144A under the United States Securities Act of
      1933, as amended, to a transferee that the Transferor reasonably believes is
      purchasing the Securities for its own account or an account with respect to
      which the transferee exercises sole investment discretion, the transferee or
      any
      such account is a qualified institutional buyer within the meaning of Rule
      144A,
      in a transaction meeting the requirements of Rule 144A and in accordance with
      any applicable securities laws of any state of the United States or any other
      jurisdiction.

     

                                                                
      

    [Name
      of Transferor]

    

    By:                                                        

    Name:

    Title:

     

    Date:           ,                
      

    
      
         

      

      
        N-2-1

        
          

        

      

      
         

      

    

     

    
      
         

      

      
        N-2-2

        
          

        

      

      
         

      

    

    EXHIBIT
      O

     

    FORM
      OF BACK-UP SARBANES-OXLEY CERTIFICATION

     

    [  ]

    [  ]

    [  ]

    

     

    [_______],
      the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
      the Master Servicer and the Securities Administrator, and each of their
      officers, directors and affiliates that:

     

    (1) I
      have
      reviewed [the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
      report on assessment of the Company’s compliance with the Servicing Criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of
      1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
      report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
      Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
      servicing reports, officer’s certificates and other information relating to the
      servicing of the Mortgage Loans by the Company during 200[ ] that were delivered
      by the Company to any of the Depositor and the Trustee pursuant to the Agreement
      (collectively, the “Company Servicing Information”);

     

    (2) Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the Depositor and the
      Trustee;

     

    (4) I
      am
      responsible for reviewing the activities performed by [_______] as [_______]
      under the [_______] (the “Agreement”), and based on my knowledge [and the
      compliance review conducted in preparing the Compliance Statement] and except
      as
      disclosed in [the Compliance Statement,] the Servicing Assessment or the
      Attestation Report, the Company has fulfilled its obligations under the
      Agreement in all material respects; and

     

    (5) [The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and] [The] [the] Servicing Assessment and Attestation Report required
      to be provided by the Company and [by any Subservicer or Subcontractor] pursuant
      to the Agreement, have been provided to the Depositor, the Master Servicer
      and
      the Securities Administrator. Any material instances of noncompliance described
      in such reports have been disclosed to the Depositor, the Master Servicer and
      the Securities Administrator. Any material instance of noncompliance with the
      Servicing Criteria has been disclosed in such reports.

    
      
         

      

      
        O-1

        
          

        

      

      
         

      

    

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling and Servicing Agreement dated as of March 1, 2007 (the “Pooling and
      Servicing Agreement”) relating to the above referenced certificates, among
      Greenwich Capital Acceptance, Inc., as Depositor, Greenwich Capital Financial
      Products, Inc., as Seller, Wells Fargo Bank, N.A. as Master Servicer and
      Securities Administrator, and Deutsche Bank National Trust Company, as Trustee
      and as a Custodian. Capitalized terms used but not defined herein shall have
      the
      meanings assigned to such terms in the Pooling and Servicing
      Agreement.

    

    

     

     

    [_______]

     

    as
      [_______]

    By:  

    Name:

    Title:

    Date:

    

    

    

      
        
           

        

        
          O-2

          
            

          

        

        
           

        

      

    EXHIBIT
      P

     

    [FORM
      OF SUBSEQUENT TRANSFER AGREEMENT]

     

    
      
         

      

      
        P-1

        
          

        

      

      
         

      

    

    SUBSEQUENT
      TRANSFER AGREEMENT

     

    This
      SUBSEQUENT TRANSFER AGREEMENT dated as of [__________] (this “Subsequent
      Transfer Agreement”), is among GREENWICH CAPITAL ACCEPTANCE, INC., a Delaware
      corporation, as depositor (the “Depositor”), GREENWICH CAPITAL FINANCIAL
      PRODUCTS, INC., a Delaware corporation, as seller (the “Seller”), and DEUTSCHE
      BANK NATIONAL TRUST COMPANY, a national banking association, as trustee (the
      “Trustee”);

     

    WHEREAS,
      the parties hereto are also among the parties to the Pooling and Servicing
      Agreement dated as of March 1, 2007, among the Depositor, the Seller, Wells
      Fargo Bank, N.A., as master servicer and securities administrator, and the
      Trustee, in such capacity as such and as a Custodian (the “Pooling and Servicing
      Agreement”), in relation to the RBSGC Mortgage Loan Trust Mortgage Loan
      Pass-Through Certificates, Series 2007-B;

     

    WHEREAS,
      the Seller desires to sell the Subsequent Mortgage Loans set forth on Schedule
      A
      hereto, including the related Mortgages, to the Depositor and the Depositor
      desires to purchase such Subsequent Mortgage Loans;

     

    WHEREAS,
      the Depositor desires to convey such Subsequent Mortgage Loans to the Trustee,
      for the benefit of the Certificateholders, and the Trustee desires to accept
      such conveyance; and

     

    WHEREAS,
      Sections 2.01(b) of the Pooling and Servicing Agreement provides for the parties
      hereto to enter into this Subsequent Transfer Agreement in accordance with
      the
      terms and conditions of the Pooling and Servicing Agreement;

     

    NOW,
      THEREFORE, in consideration of the premises and for other good and valuable
      consideration the receipt and adequacy of which are hereby
      acknowledged:

     

    1. The
      parties hereto agree as follows:

     

    
      	 	
              (i)

            	
              The
                “Subsequent Transfer Date” with respect to this Subsequent Transfer
                Agreement shall be [__________], and the “Subsequent Cut-off Date” with
                respect to this Subsequent Transfer Agreement shall be the Close
                of
                Business in New York City on
                [__________].

            

    

     

    
      	 	
              (ii)

            	
              The
                “Aggregate Subsequent Purchase Amount” with respect to this Subsequent
                Transfer Agreement shall be $____________ (representing an “Aggregate
                Pool 1 Subsequent Purchase Amount” of $____________
                and an “Aggregate Pool 2 Subsequent Purchase Amount” of $____________),
                provided,
                however,
                that the Aggregate Subsequent Purchase Amount shall not exceed the
                amount
                on deposit in the Prefunding Account. The entire Aggregate Pool 1
                Subsequent Purchase Amount shall be used to purchase Subsequent Mortgage
                Loans for Mortgage Pool 1. The entire Aggregate Pool 2 Subsequent
                Purchase
                Amount shall be used to purchase Subsequent Mortgage Loans for Mortgage
                Pool 2.

            

    

     

    
      
         

      

      
        P-2

        
          

        

      

      
         

      

    

    
      	 	
              (iii)

            	
              In
                case any provision of this Subsequent Transfer Agreement shall be
                invalid,
                illegal or unenforceable, the validity, legality and enforceability
                of the
                remaining provisions or obligations shall not in any way be affected
                or
                impaired thereby.

            

    

     

    
      	 	
              (iv)

            	
              In
                the event of any conflict between the provisions of this Subsequent
                Transfer Agreement and the Pooling and Servicing Agreement, the provisions
                of the Pooling and Servicing Agreement shall prevail. Capitalized
                terms
                used herein and not otherwise defined have the meanings in the Pooling
                and
                Servicing Agreement.

            

    

     

    2. The
      Seller hereby agrees to the following:

     

    
      	 	
              (i)

            	
              The
                Subsequent Mortgage Loans conveyed on the Subsequent Transfer Date
                satisfy
                the pool characteristics for the Trust Fund identified in Section
                2.01(b)
                of the Pooling and Servicing
                Agreement.

            

    

     

    
      	 	
              (ii)

            	
              The
                Seller hereby sells, transfers, assigns, sets over and otherwise
                conveys
                to the Depositor, without recourse, all right title and interest
                in the
                Subsequent Mortgage Loans identified in Schedule A, including all
                interest
                and principal due on or with respect to such Subsequent Mortgage
                Loans
                after the Subsequent Cut-off Date and all interest and principal
                payments
                on such Subsequent Mortgage Loans received prior to the Subsequent
                Cut-off
                Date in respect of installments of interest and principal due thereafter,
                but not including principal and interest due on such Subsequent Mortgage
                Loans prior to the Subsequent Cut-off Date, any insurance policies
                in
                respect of such Subsequent Mortgage Loans and all proceeds of any
                of the
                foregoing.

            

    

     

    
      	 	
              (iii)

            	
              The
                Seller hereby makes the representations and warranties as set forth
                in
                Section 2.04 of the Pooling and Servicing Agreement to the Trustee
                on
                behalf of the Certificateholders and the Certificate Insurer as of
                the
                Subsequent Transfer Date with respect to the Subsequent Mortgage
                Loans.

            

    

     

    
      	 	
              (iv)

            	
              The
                Seller hereby makes the representations and warranties as set forth
                in
                Section 2.08 of the Pooling and Servicing Agreement to the Trustee
                on
                behalf of the Certificateholders and the Certificate Insurer as of
                the
                Subsequent Transfer Date.

            

    

     

    3. The
      Depositor hereby agrees to the following:

     

    
      	 	
              (i)

            	
              The
                Depositor, concurrently with the execution and delivery hereof, does
                hereby transfer, assign, set over and otherwise convey to the Trustee
                without recourse for the benefit of the Certificateholders all the
                right,
                title and interest of the Depositor, including any security interest
                therein for the benefit of the Depositor, in and to each Subsequent
                Mortgage Loan included on the Mortgage Loan Schedule, including the
                related Cut-off Date Principal Balance, all interest due thereon
                after the
                Subsequent Cut-off Date, all collections in respect of interest and
                principal due after the Subsequent Cut-off Date, any insurance proceeds
                in
                respect of such Subsequent Mortgage Loans and all proceeds of any
                of the
                foregoing;

            

    

     

    
      
         

      

      
        P-3

        
          

        

      

      
         

      

    

    
      	 	
              (ii)

            	
              The
                Depositor hereby makes the representations and warranties as set
                forth in
                Section 2.06 of the Pooling and Servicing Agreement to the Trustee
                on
                behalf of the Certificateholders and the Certificate Insurer as of
                the
                Subsequent Transfer Date.

            

    

     

    
      	
              4.

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

            

    

     

    
      	
              5.

            	
              This
                Subsequent Transfer Agreement may be executed in one or more counterparts,
                each of which so executed and delivered shall be deemed an original,
                but
                all such counterparts together shall constitute but one and the same
                instrument.

            

    

     

    

     

    
      
         

      

      
        P-4

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties to this Subsequent Transfer Agreement have caused
      their names to be signed hereto by their respective officers thereunto duly
      authorized as of the day and year first above written.

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC.,

    as
      Depositor

     

    

     

    By:                            

     

    Name:

    Title:

    

    

    GREENWICH
      CAPITAL FINANCIAL PRODUCTS, INC.,

    as
      Seller

     

    

     

    By:                            

     

    Name:

    Title:

    

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    not
      in its individual capacity, but solely as Trustee

    

    

    By:                            

     

    Name:

    Title:

     

    

    
      
         

      

      
        P-5

        
          

        

      

      
         

      

    

    

    SCHEDULE
      A

     

    SUBSEQUENT
      MORTGAGE LOAN SCHEDULE

     

    [To
      be
      retained in a separate closing binder entitled “RBSGC 2007-B Mortgage Loan
      Schedule” at the Washington DC office of McKee Nelson LLP]

    

    
      
         

      

      
        P-6

        
          

        

      

      
         

      

    

    EXHIBIT
      Q

     

    FORM
      OF SECURITIES ADMINISTRATOR CERTIFICATE

    

    
      	 	
              Re:
                

            	
              RBSGC
                Mortgage Loan Trust (the “Trust”)

            

      	 	 	Mortgage Loan Pass-Through Certificates, Series
              2007-B 

    

     

    

    I,
      [identify the certifying individual], a [title] of Wells Fargo Bank, N.A.,
      as
      Securities Administrator of the Trust, hereby certify to Greenwich Capital
      Acceptance, Inc. (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 Securities Administrator,
      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; and

     

    3. Based
      on
      my knowledge, the distribution information required to be provided by the
Securities
      Administrator
      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 March 1, 2007 (the “Pooling and Servicing
      Agreement”) among the Depositor, Greenwich Capital Financial Products, Inc., as
      the seller, Wells Fargo Bank, N.A., as master servicer and as securities
      administrator and Deutsche Bank National Trust Company, as trustee and as a
      custodian .

     

    Wells
      Fargo Bank, N.A.,

    as
      Trustee 

    

    By:___________________________

    [Name]
      

    [Title]

    [Date]

    
      
         

      

      
        Q-1

        
          

        

      

      
         

      

    

    EXHIBIT
      R

     

    SERVICING
      CRITERIA TO BE ADDRESSED 

    IN
      REPORT ON ASSESSMENT OF COMPLIANCE

     

    

    

    The
      assessment of compliance to be delivered by Wells Fargo Bank, N.A. (Wells
      Fargo”), in its capacity as Master Servicer and Securities Administrator shall
      address, at a minimum, the criteria identified below as “Applicable Servicing
      Criteria.”

    

    
      	
              Servicing
                Criteria 

            	
              Applicable
                Servicing Criteria

              for
                Wells Fargo

            
	
              Reference

            	
              Criteria

            	
               

            

    

    
      	
               

            	
              General
                Servicing Considerations

            	
               

            
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	
               

            	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	
              X

            
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	
              X

            
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	
              X

            
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	
              X

            
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	
              X

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 

    

     

    
      
         

      

      
        R-1

        
          

        

      

      
         

      

    

     

    
      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

                for
                  Wells Fargo

              
	
                Reference

              	
                Criteria

              	
                 

              

      

    

    
      	
              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

            
	
               

            	
              Investor
                Remittances and Reporting

            	
              X

            
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	
              X

            
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	
              X

            
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	
              X

            
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	
              X

            
	
               

            	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	 
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's mortgage loans
                (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              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.

            	 

    

     

    
      
         

      

      
        R-2

        
          

        

      

      
         

      

    

     

    
      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

                for
                  Wells Fargo

              
	
                Reference

              	
                Criteria

              	
                 

              

      

    

    
      	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 
	
              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

            
	
               

            	
               

            	
               

            

    

    

    
      
         

      

      
        R-3

        
          

        

      

      
         

      

    

    

     

    The
      assessment of compliance to be delivered by Deutsche Bank National Trust Company
      (“Deutsche Bank”), in its capacity as a Custodian, shall address, at a minimum,
      the criteria identified as below as “Applicable Servicing
      Criteria”:

     

    
      	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Deutsche Bank

            
	
              Reference

            	
              Criteria

            	 
	 	
              General
                Servicing Considerations

            	 

    

    
      	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 
	
              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.

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	 	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 
	
              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.

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 
	
              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.

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 
	
              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.

            	 
	 	
              Investor
                Remittances and Reporting

            	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	 
	
              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.

            	 

    

     

    
      
         

      

      
        R-4

        
          

        

      

      
         

      

    

     

    
       

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Deutsche Bank

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 

      

    

    
      	
              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.

            	 
	
              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.

            	 
	 	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	
              X

            
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan 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 mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 
	
              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.

            	 

    

    

    
      
         

      

      
        R-5

        
          

        

      

      
         

      

    

    EXHIBIT
      S

    

    TRANSACTION
      PARTIES

    Trustee:
      Deutsche Bank National Trust Company

    

    Securities
      Administrator: Wells Fargo Bank, N.A.

    

    Master
      Servicer: Wells Fargo Bank, N.A.

    

    Credit
      Risk Manager: N/A.

    

    PMI
      Insurer(s): N/A.

    

    Yield
      Maintenance Provider: N/A

    

    
      	Servicer(s): 	Wells Fargo Bank, N.A. 

      	 	U.S. Central Credit
              Union 

      	 	PHH Mortgage Corporation 

      	 	Central Mortgage Company 

      	 	GMAC Mortgage
              Corporation 

      	 	 

      	
              Originator(s):

            	
              Wells
                Fargo Bank, N.A.

            

    

    
      	 	
              First
                National Bank of Arizona

            

    

    
      	 	
              Greenpoint
                Mortgage Funding, Inc.

            

    

    
      	 	
              PHH
                Mortgage Corporation

            

    

    
      	 	
              UBS
                Mortgage LLC

            

    

    
      	 	
              U.S.
                Central Credit Union

            

      	 	 

      	Custodian(s): 	Deutsche Bank National Trust
              Company 

      	 	Wells Fargo Bank,
              N.A. 

    

     

    Seller:
      Greenwich Capital Financial Products, Inc.

    
      
         

      

      
        S-1

        
          

        

      

      
         

      

    

    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 3.07. If the Trustee is indicated below as to any item, then the
      Trustee is primarily responsible for obtaining that information.

     

    Under
      Item 1 of Form 10-D: a) items marked “5.04 statement” are required to be
      included in the periodic Distribution Date statement under Section 5.04,
      provided by the Trustee, based upon information provided by the responsible
      party; and b) items marked “Form 10-D report” are required to be in the Form
      10-D report but not the 5.04 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.

    

    

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            

    

    
      	
              Item
                1: Distribution and Pool Performance Information

               

            	 
	
              Information
                included in the [Monthly Statement]

            	
              Servicer

              Master
                Servicer

              Securities
                Administrator

            
	
              Any
                information required by 1121 which is NOT included on the [Monthly
                Statement]

            	
              Depositor

            
	
              Item
                2: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceeding sknown to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            

    

     

    
      
         

      

      
        T-1

        
          

        

      

      
         

      

    

     

     

    
       

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              

      

    

    
      	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Item
                3: Sale of Securities and Use of Proceeds

              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	
              Depositor

            
	
              Item
                4: Defaults Upon Senior Securities

               

              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	
              Securities
                Administrator

              Trustee

            
	
              Item
                5: Submission of Matters to a Vote of Security
                Holders

               

              Information
                from Item 4 of Part II of Form 10-Q

            	
              Securities
                Administrator

              Trustee

            
	
              Item
                6: Significant Obligors of Pool Assets

               

              Item
                1112(b) - Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Item
                7: Significant Enhancement Provider Information

               

              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            

    

     

    
      
         

      

      
        T-2

        
          

        

      

      
         

      

    

     

     

    
       

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              

      

    

    
      	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Item
                8: Other Information

               

              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              Any
                party responsible for the applicable Form 8-K Disclosure
                item

            
	
              Item
                9: Exhibits

            	 
	
              Monthly
                Statement to Certificateholders

            	
              Securities
                Administrator

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            

    

    

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            

    

    
      	
              Item
                1B: Unresolved Staff Comments

               

            	
              Depositor

            
	
              Item
                9B: Other Information

              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Securities
                Administrator

              Depositor

            
	
              Reg
                AB Item 1112(b): Significant Obligors of Pool
                Assets

            	 
	
              Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Reg
                AB Item 1114(b)(2): Credit

              Enhancement
                Provider Financial Information

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            

    

     

     

    
      
         

      

      
        T-3

        
          

        

      

      
         

      

    

     

    
      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              

      

    

    
      	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Reg
                AB Item 1115(b): Derivative Counterparty Financial
                Information

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Reg
                AB Item 1117: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceeding sknown to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Reg
                AB Item 1119: Affiliations and Relationships

            	 
	
              Whether
                (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                of
                the following parties, and (b) to the extent known and material,
                any of
                the following parties are affiliated with one another:

            	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            

    

     

    
      
         

      

      
        T-4

        
          

        

      

      
         

      

    

     

    
      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              

      

    

    
      	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            
	
              Whether
                there are any “outside the ordinary course business arrangements” other
                than would be obtained in an arm’s length transaction between (a) the
                Sponsor (Seller), Depositor or Issuing Entity on the one hand, and
                (b) any
                of the following parties (or their affiliates) on the other hand,
                that
                exist currently or within the past two years and that are material
                to a
                Certificateholder’s understanding of the Certificates:

            	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            

    

     

    
      
         

      

      
        T-5

        
          

        

      

      
         

      

    

     

    
      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              

      

    

    
      	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            
	
              Whether
                there are any specific relationships involving the transaction or
                the pool
                assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                on
                the one hand, and (b) any of the following parties (or their affiliates)
                on the other hand, that exist currently or within the past two years
                and
                that are material:

            	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            

    

    

    

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            

    

    
      	
              Item
                1.01- Entry into a Material Definitive Agreement

               

              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

               

              Examples:
                servicing agreement, custodial agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              All
                parties

            
	
              Item
                1.02- Termination of a Material Definitive Agreement

               

              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

              Examples:
                servicing agreement, custodial agreement.

            	
              All
                parties

            
	
              Item
                1.03- Bankruptcy or Receivership

               

              Disclosure
                is required regarding the bankruptcy or receivership, with respect
                to any
                of the following: 

            	
              Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Depositor/Sponsor
                (Seller)

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Affiliated Servicer

            	
              Servicer

            
	
              ▪
                Other Servicer servicing 20% or more of the pool assets at the time
                of the
                report

            	
              Servicer

            
	
              ▪
                Other material servicers

            	
              Servicer

            

    

     

    
      
         

      

      
        T-6

        
          

        

      

      
         

      

    

     

    
      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              

      

    

    
      	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Significant Obligor

            	
              Depositor

            
	
              ▪
                Credit Enhancer (10% or more)

            	
              Depositor

            
	
              ▪
                Derivative Counterparty

            	
              Depositor

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

               

              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

               

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the monthly statements to the certificateholders.

            	
              Depositor

              Master
                Servicer

              Securities
                Administrator

            
	
              Item
                3.03- Material Modification to Rights of Security
                Holders

               

              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Pooling and Servicing
                Agreement.

            	
              Securities
                Administrator

              Trustee

              Depositor

            
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”.

            	
              Depositor

            
	
              Item
                6.01- ABS Informational and Computational
                Material

            	
              Depositor

            
	
              Item
                6.02- Change of Servicer or Securities Administrator

               

              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers or
                trustee.

            	
              Master
                Servicer/Securities Administrator/Depositor/

              Servicer/Trustee

            
	
              Reg
                AB disclosure about any new servicer or master servicer is also
                required.

            	
              Servicer/Master
                Servicer/Depositor

            
	
              Reg
                AB disclosure about any new Trustee is also required.

            	
              Trustee

            

    

     

    
      
         

      

      
        T-7

        
          

        

      

      
         

      

    

     

    
      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              

      

    

    
      	
              Item
                6.03- Change in Credit Enhancement or External
                Support

              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                

            	
              Depositor/Securities
                Administrator/Trustee

            
	
              Reg
                AB disclosure about any new enhancement provider is also
                required.

            	
              Depositor

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Securities
                Administrator

              Trustee

            
	
              Item
                6.05- Securities Act Updating Disclosure

               

              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	
              Depositor

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	
              Depositor

            
	
              Item
                7.01- Reg FD Disclosure

            	
              All
                parties

            
	
              Item
                8.01- Other Events

               

              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to
                certificateholders.

            	
              Depositor

            
	
              Item
                9.01- Financial Statements and Exhibits

            	
              Responsible
                party for reporting/disclosing the financial statement or
                exhibit

            

    

    

      
        
           

        

        
          T-8

          
            

          

        

        
           

        

      

    EXHIBIT
      U

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    Wells
      Fargo Bank, N.A. as Securities Administrator

    P.O.
      Box
      98

    Columbia,
      Maryland 21046

    Fax:
      (410) 715-2380

    E-mail:
      cts.sec.notifications@wellsfargo.com

     

    Attn:
      Corporate Trust Services - RBSGC MORTGAGE LOAN TRUST 2007-B-SEC REPORT
      PROCESSING

    RE:
      **Additional Form [ ] Disclosure**Required

     

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Sections 3.20(a)(ii), 3.20(b)(ii) and 3.20(c)(ii) of the Pooling
      and Servicing Agreement dated as of March 1, 2007, among Greenwich Capital
      Acceptance, Inc., as Depositor, Greenwich Capital Financial Products, Inc.,
      as
      Seller, Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
      and Deutsche Bank National Trust Company, as Trustee and as a Custodian, the
      undersigned, as [ ], hereby notifies you that certain events have come to our
      attention that [will][may] need to be disclosed on Form [ ].

     

    Description
      of Additional Form [ ] Disclosure:

     

    

     

    

     

    List
      of
      Any Attachments hereto to be included in the Additional Form [ ]
      Disclosure:

     

    

     

    Any
      inquiries related to this notification should be directed to [ ], phone number:
      [ ]; email address: [ ].

     

    [NAME
      OF
      PARTY]

    as
      [role]

     

    

    By:
      __________________

    Name:

    Title

    
      
         

      

      
        U-1

        
          

        

      

      
         

      

    

    EXHIBIT
      V

     

    LIST
      OF ORIGINATORS AND PURCHASE AGREEMENTS

     

    
      	 	
              1.

            	
              Seller’s
                Warranties and Servicing Agreement dated as of January 1, 2007 (WFHM
                2007-PA01) between
                Greenwich Capital Financial Products, Inc. (“GCFP”), and Wells Fargo Bank,
                N.A. (“Wells Fargo”)

            

    

     

    
      	 	
              2.

            	
              Seller’s
                Warranties and Servicing Agreement dated as of December 1, 2006 (WFHM
                2006-W109),
                between GCFP, as purchaser and Wells Fargo, as seller and
                servicer.

            

    

     

    
      	 	
              3.

            	
              [[Central
                Mortgage Company]].

            

    

     

    
      	 	
              4.

            	
              [[Greenpoint
                Mortgage Funding, Inc.]].

            

    

     

    
      	 	
              5.

            	
              Amended
                and Restated Master Flow Sale and Servicing Agreement dated as of
                May 1,
                2006 (Adjustable
                Rate Conventional Mortgage Loans, Group No. 2004-NC1),
                between GCFP and GMAC Mortgage, LLC
                (“GMACM”).

            

    

     

    
      	 	
              6.

            	
              Mortgage
                Loan Flow Purchase, Sale and Servicing Agreement dated as of April
                1,
                2006, between GCFP, PHH Mortgage Corporation (“PHH”), and Bishop’s Gate
                Residential Mortgage Trust (“Bishop’s
                Gate”)

            

    

     

    
      	 	
              7.

            	
              Purchase,
                Warranties and Servicing Agreement, dated as of August 1, 2004
                between U.S.
                Central Federal Credit Union (“U.S. Central”) and GCFP, as amended by that
                certain Amendment to the Purchase, Warranties and Servicing Agreement,
                dated as of January 12, 2007 (the “Amendment No. 1”), and the Term Sheet
                dated as of August 31, 2006, between the U.S. Central and
                GCFP.

            

    

     

    
      
         

      

      
        V-1

        
          

        

      

      
         

      

    

    SCHEDULE
      I

    

    MORTGAGE
      LOAN SCHEDULE

     

    [To
      be
      retained in a Separate Closing Binder entitled “RBSGC 2007-B Mortgage Loan
      Schedule” at the Washington DC Offices of McKee Nelson LLP]Unassociated Document

    Exhibit
      10.1

    

    PROMISSORY
      NOTE

    

      
        	
                $1,613,000.00

              	
                March
                  31, 2007

              

      

    

     

    FOR
      VALUE
      RECEIVED, C2 Global Technologies Inc., a Florida corporation formerly known
      as
      I-Link Incorporated and Acceris Communications Inc. (the “Maker”) promises to
      pay to Counsel Corporation, an Ontario corporation, or its assigns (the
“Payee”), in the lawful money of the United States of America (“Dollars” or “$”)
      the principal sum of One Million Six Hundred and Thirteen Thousand and 00/l00ths
      Dollars ($1,613,000.00) funded from time to time by Payee to Maker, together
      with interest thereon as set forth herein, on or before the Maturity Date as
      provided below and in accordance with the provisions of that certain Loan
      Agreement dated as of January 26, 2004 between the Maker and Payee as the same
      may be amended, modified, extended or restated, the “Loan Agreement.”
Capitalized terms used herein but not defined shall have the meanings ascribed
      to them in the Loan Agreement.

    

    
      	1.  	
              Interest.
                The outstanding principal amount of this Promissory Note (the “Note”),
                together with unpaid interest, shall bear interest at the rate of
                ten
                percent (10%) per annum commencing on the date funded as to principal
                hereunder, namely, 

            

    

    

    
      	·  	
              commencing
                January 2, 2007 in respect of One Hundred Seventy Thousand Dollars
                ($170,000.00) funded on that date, 

            

    

    
      	 	 

    

    
      	·  	
              commencing
                January 11, 2007 in respect of One Million Three Hundred and Eighty
                Eight
                Thousand Dollars ($1,388,000.00) funded on that date,
                

            

    

    
      	 	 

    

    
      	·  	
              commencing
                January 23, 2007 in respect of Ten Thousand Dollars ($10,000.00)
                funded on
                that date, 

            

    

    
      	 	 

    

    
      	·  	
              commencing
                January 29, 2007 in respect of Twenty Thousand Dollars ($20,000.00)
                funded
                on that date, 

            

    

    
      	 	 

    

    
      	·  	
              commencing
                February 26, 2007 in respect of Five Thousand Dollars ($5,000.00)
                funded
                on that date, 

            

    

    
      	 	 

    

    
      	·  	
              commencing
                March 9, 2007 in respect of Ten Thousand Dollars ($10,000.00) funded
                on
                that date, 

            

    

    
      	 	 

    

    
      	·  	
              commencing
                March 14, 2007 in respect of Five Thousand Dollars ($5,000.00) funded
                on
                that date, 

            

    

    
      	 	 

    

    
      	·  	
              commencing
                March 23, 2007 in respect of Five Thousand Dollars ($5,000.00) funded
                on
                that date.

            

    

    

    which
      interest shall accrue and be compounded quarterly and shall result in a
      corresponding increase in the principal amount of the Indebtedness.

    

    2. Time
      and Place of Payment.
      The
      Indebtedness shall be due and payable in full on October 31, 2007 (the “Maturity
      Date”); provided, further, however, that notwithstanding the above, the Maturity
      Date shall be accelerated to the date ten (10) calendar days following closing
      under or conclusion of an equity investment or investments in the Maker by
      a
      third party unrelated to Counsel Corp through the capital markets, whether
      pursuant to a registered offering or unregistered offering or other transaction
      (an “Equity Investment”); provided, further, however, that the Maturity Date
      shall be accelerated with respect only to the portion of the unpaid Indebtedness
      equal to the net amount received by the Maker from any such Equity Investment.
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    3. The
      Indebtedness, including that portion of the Indebtedness represented by this
      Note, is secured pursuant to that Amended and Restated Stock Pledge Agreement
      between the Maker and Payee dated as of January 26, 2004, executed and delivered
      concurrent herewith as the same has been amended, modified, extended or
      restated, the “Stock Pledge Agreement.”

    

    4. Events
      of Default.
      The
      occurrence of any of the following events or conditions shall constitute an
      event of default (each an “Event of Default”):

     

    (a) Maker
      shall fail to pay any of the Indebtedness pursuant to terms of this
      Note;

     

    (b) Maker
      shall fail to comply with any term, obligation, covenant, or condition contained
      in any agreement between Maker and Payee (each, an “Agreement”);

     

    (c) Any
      warranty or representation made to Payee by Maker under any Agreement proves
      to
      have been false when made or furnished;

     

    (d) If
      Maker
      voluntarily files a petition under the federal Bankruptcy Act, as such Act
      may
      from time to time be amended, or under any similar or successor federal statute
      relating to bankruptcy, insolvency, arrangements or reorganizations, or under
      any state bankruptcy or insolvency act, or files an answer in an involuntary
      proceeding admitting insolvency or inability to pay debts, or if Maker is
      adjudged a bankrupt, or if a trustee or receiver is appointed for Maker’s
      property, or if Maker makes an assignment for the benefit of its creditors,
      or
      if there is an attachment, receivership, execution or other judicial seizure,
      then Payee may, at Payee’s option, declare all of the Indebtedness to be
      immediately due and payable without prior notice to Maker, and Payee may invoke
      any remedies permitted by this Note. Any attorneys’ fees and other expenses
      incurred by Payee in connection with Maker’s bankruptcy or any of the other
      events described in this Section 3 shall be additional Indebtedness of Maker
      secured by this Note.

     

    (e) There
      exists a material breach by Maker under (or a termination by any party of)
      a
      material contract of Maker (for purposes of this Section 4 a material contract
      shall mean any contract resulting in revenues of in excess of $10,000 per
      annum);

     

    (f) Maker
      is
      in default under any funded indebtedness, including but not limited to
      indebtedness evidenced by notes or capital leases, of Maker other than the
      amounts loaned pursuant to this Note; or

     

    (g) If
      Maker’s business undergoes a material adverse change in Payee’s reasonable
      opinion.

    

    If
      an
      Event of Default specified in Section 4(d) hereof occurs and is continuing,
      the
      principal amount of the Indebtedness, together with all accrued and unpaid
      interest thereon, shall automatically become and be immediately due and payable,
      without any declaration or other act on the part of Payee.

    

    5. Acceleration.
      Upon an
      Event of Default, the Payee may give written notice to the Maker of the
      occurrence of such Event of Default and Maker shall have the shorter of (i)
      thirty (30) days or (ii) such remedy period as set forth in the applicable
      provisions of Section 4 within which to cure such Event of Default. If the
      Event
      of Default is not cured within the applicable cure period, then, at the option
      of the Payee, Payee may declare the Maker in default (a “Default”) and all sums
      due hereunder shall become immediately due and payable.

    

    Any
      written notification from Payee to Maker hereunder shall be deemed to be written
      notification of an Event of Default, or Default, or rescission of Acceleration
      (as provided below), respectively, only if such notification, communication
      or
      other election shall (a) be clearly and distinctly identified as such a Notice
      of Event of Default, Notice of Default, or Notice of Rescission of Acceleration,
      respectively, and (b) be given by certified mail, return receipt requested
      or
      overnight delivery requiring acknowledgement of receipt, and any communication
      between the parties not so designated and delivered shall not be construed
      or
      deemed to be effective notice under this Section 5.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    6. Waivers.
      The
      Maker hereby waives presentment, demand for payment, notice of dishonor and
      any
      and all other notices or demands in connection with the delivery, acceptance,
      performance, default or enforcement of this Note and hereby consents to any
      waivers or modifications that may be granted or consented to by the Payee of
      this Note. No waiver by the Payee or any breach of any covenant of the Maker
      herein contained or any term or condition hereof shall be construed as a waiver
      of any subsequent breach of the same or of any other covenant, term or condition
      whatsoever.

    

    7. Enforcement.
      In the
      event that any Payee of this Note shall institute any action for the enforcement
      or the collection of this Note, there shall be immediately due and payable,
      in
      addition to the unpaid balance of this Note, all late charges, and all costs
      and
      expenses of such action including reasonable attorney’s fees. The Maker waives
      the right to interpose any setoff, counterclaim or defense of any nature or
      description whatsoever.

    

    8. Replacement
      of Note.
      Upon
      receipt by the Maker of evidence satisfactory to it of the loss, theft,
      destruction or mutilation of this Note, and (in case of loss, theft or
      destruction) of an indemnity reasonably satisfactory to it, and upon
      reimbursement to the Maker of all reasonable expenses incidental thereto, and
      upon surrender and cancellation of this Note if mutilated, the Maker will make
      and deliver a new Note of like tenor in lieu of this Note.

    

    9. Amendments.
      This
      Note may not be changed, modified, amended, or terminated except by a writing
      duly executed by the Maker and the Payee.

    

    10. Governing
      Law.
      This
      Note shall be governed by, and construed in accordance with, the laws of the
      State of New York.

    

    11. Assignment.
      This
      Note may not be assigned, in whole or in part, by operation of law or otherwise,
      by the Maker without the prior written consent of the Payee in its sole and
      absolute discretion, and any purported assignment without the express prior
      written consent of the Payee shall be void ab initio. The Payee may assign
      any
      or all of its rights and interests hereunder to any party. Subject to the
      foregoing, this Note shall be binding upon, and inure to the benefit of, the
      successors and assigns of the Payee and the Maker.

    

    [See
      attached Signature Page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Signature
      Page

    to
      Promissory Note

    dated
      as of March 31, 2007

    

    IN
      WITNESS WHEREOF, the Maker has executed this Promissory Note by its duly
      authorized officer as of the 31st day of March, 2007.

     

    C2
      GLOBAL
      TECHNOLOGIES INC.

    

    By:
      _____________________________

    

    Name:
      ___________________________

    

    Title:
      ____________________________

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