Document:

EXECUTION

     

    
      

      

    

    
 

    
       

      GREENWICH
        CAPITAL ACCEPTANCE, INC.,

      Depositor

      

      THORNBURG
        MORTGAGE HOME LOANS, INC.,

      Seller

      

      WELLS
        FARGO BANK, N.A.,

      Master
        Servicer and

      Securities
        Administrator

      

      and

      

      LASALLE
        BANK NATIONAL ASSOCIATION,

      Trustee
        and Custodian

      

       

      POOLING
        AND SERVICING AGREEMENT

       

      Dated
        as
        of August 1, 2007

       

      __________________________________

       

      Thornburg
        Mortgage Securities Trust 2007-4

       

      Mortgage
        Loan Pass-Through Certificates, Series 2007-4

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Table
        of Contents

       

      Page

       

      
        	
                ARTICLE
                  I DEFINITIONS; DECLARATION OF TRUST

              	
                5

              
	 	 
	
                SECTION
                  1.01. Defined Terms.

              	
                5

              
	
                SECTION
                  1.02. Accounting.

              	
                42

              
	 	 
	
                ARTICLE
                  II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                  CERTIFICATES

              	
                42

              
	 	 
	
                SECTION
                  2.01. Conveyance of Mortgage Loans.

              	
                42

              
	
                SECTION
                  2.02. Acceptance by Trustee.

              	
                46

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

              	
                47

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

              	
                50

              
	
                SECTION
                  2.05. [Reserved].

              	
                51

              
	
                SECTION
                  2.06. Representations and Warranties of the Depositor.

              	
                51

              
	
                SECTION
                  2.07. Issuance of Certificates.

              	
                53

              
	
                SECTION
                  2.08. Representations and Warranties of the Seller.

              	
                53

              
	
                SECTION
                  2.09. Covenants of the Seller.

              	
                54

              
	 	 
	
                ARTICLE
                  III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

              	
                55

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

              	
                55

              
	
                SECTION
                  3.02. REMIC-Related Covenants.

              	
                56

              
	
                SECTION
                  3.03. Monitoring of Servicers.

              	
                56

              
	
                SECTION
                  3.04. Fidelity Bond.

              	
                58

              
	
                SECTION
                  3.05. Power to Act; Procedures.

              	
                58

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

              	
                59

              
	
                SECTION
                  3.07. Release of Mortgage Files.

              	
                59

              
	
                SECTION
                  3.08. Documents, Records and Funds in Possession of Master Servicer
                  To Be
                  Held for Trust.

              	
                60

              
	
                SECTION
                  3.09. Standard Hazard Insurance and Flood Insurance
                  Policies.

              	
                61

              
	
                SECTION
                  3.10. Presentment of Claims and Collection of Proceeds.

              	
                62

              
	
                SECTION
                  3.11. Maintenance of the Primary Insurance Policies.

              	
                62

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

              	
                63

              
	
                SECTION
                  3.13. Realization Upon Defaulted Mortgage Loans.

              	
                63

              
	
                SECTION
                  3.14. Additional Compensation to the Master Servicer.

              	
                63

              
	
                SECTION
                  3.15. REO Property.

              	
                63

              
	
                SECTION
                  3.16. Assessments of Compliance and Attestation Reports.

              	
                64

              
	
                SECTION
                  3.17. Annual Compliance Statement.

              	
                67

              
	
                SECTION
                  3.18. Sarbanes-Oxley Certification.

              	
                67

              
	
                SECTION
                  3.19. Reports Filed with Securities and Exchange
                  Commission.

              	
                68

              
	
                SECTION
                  3.20. Additional Information.

              	
                74

              
	
                SECTION
                  3.21. Intention of the Parties and Interpretation.

              	
                74

              
	
                SECTION
                  3.22. Indemnification.

              	
                74

              

      

       

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

       

      
        	
                SECTION
                  3.23. Amendments to Master Servicing Guide and Correspondent Sellers
                  Guide.

              	
                75

              
	
                SECTION
                  3.24. UCC.

              	
                75

              
	
                SECTION
                  3.25. Optional and Required Purchases of Certain Mortgage
                  Loans.

              	
                75

              
	
                SECTION
                  3.26. Realization upon Troubled Mortgage Loans.

              	
                77

              
	
                SECTION
                  3.27. Closing Certificate and Opinion.

              	
                77

              
	
                SECTION
                  3.28. Liabilities of the Master Servicer.

              	
                77

              
	
                SECTION
                  3.29. Merger or Consolidation of the Master Servicer.

              	
                77

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

              	
                77

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

              	
                78

              
	
                SECTION
                  3.32. Master Servicer Not to Resign.

              	
                80

              
	
                SECTION
                  3.33. Successor Master Servicer.

              	
                80

              
	
                SECTION
                  3.34. Sale and Assignment of Master Servicing.

              	
                80

              
	
                SECTION
                  3.35. Reporting Requirements of the Commission.

              	
                81

              
	 	 
	
                ARTICLE
                  IV ACCOUNTS

              	
                81

              
	 	 
	
                SECTION
                  4.01. Servicing Accounts.

              	
                81

              
	
                SECTION
                  4.02. Distribution Account.

              	
                82

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

              	
                84

              
	 	 
	
                ARTICLE
                  V FLOW OF FUNDS

              	
                87

              
	 	 
	
                SECTION
                  5.01. Distributions.

              	
                87

              
	
                SECTION
                  5.02. [Reserved].

              	
                91

              
	
                SECTION
                  5.03. Allocation of Realized Losses.

              	
                91

              
	
                SECTION
                  5.04. Statements.

              	
                93

              
	
                SECTION
                  5.05. Remittance Reports; Advances.

              	
                96

              
	
                SECTION
                  5.06. Compensating Interest Payments.

              	
                96

              
	
                SECTION
                  5.07. [Reserved].

              	
                97

              
	
                SECTION
                  5.08. [Reserved].

              	
                97

              
	
                SECTION
                  5.09. [Reserved].

              	
                97

              
	
                SECTION
                  5.10. Recoveries.

              	
                97

              
	 	 
	
                ARTICLE
                  VI THE CERTIFICATES

              	
                97

              
	 	 
	
                SECTION
                  6.01. The Certificates.

              	
                97

              
	
                SECTION
                  6.02. Registration of Transfer and Exchange of
                  Certificates.

              	
                98

              
	
                SECTION
                  6.03. Mutilated, Destroyed, Lost or Stolen Certificates.

              	
                104

              
	
                SECTION
                  6.04. Persons Deemed Owners.

              	
                104

              
	
                SECTION
                  6.05. Appointment of Paying Agent.

              	
                104

              
	 	 
	
                ARTICLE
                  VII DEFAULT

              	
                105

              
	 	 
	
                SECTION
                  7.01. Event of Default.

              	
                105

              
	
                SECTION
                  7.02. Trustee to Act.

              	
                107

              
	
                SECTION
                  7.03. Waiver of Event of Default.

              	
                108

              
	
                SECTION
                  7.04. Notification to Certificateholders.

              	
                109

              

      

       

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

       

      
        	 	 
	
                ARTICLE
                  VIII THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

              	
                109

              
	 	 
	
                SECTION
                  8.01. Duties of Trustee and Securities Administrator.

              	
                109

              
	
                SECTION
                  8.02. Certain Matters Affecting the Trustee and the Securities
                  Administrator.

              	
                111

              
	
                SECTION
                  8.03. Trustee and the Securities Administrator Not Liable for
                  Certificates, Mortgage Loans or Additional Collateral.

              	
                112

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

              	
                113

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

              	
                113

              
	
                SECTION
                  8.06. Eligibility Requirements for Trustee and Securities
                  Administrator.

              	
                114

              
	
                SECTION
                  8.07. Resignation or Removal of Trustee and Securities
                  Administrator.

              	
                114

              
	
                SECTION
                  8.08. Successor Trustee and Successor Securities
                  Administrator.

              	
                116

              
	
                SECTION
                  8.09. Merger or Consolidation of Trustee or Securities
                  Administrator.

              	
                116

              
	
                SECTION
                  8.10. Appointment of Co-Trustee or Separate Trustee.

              	
                116

              
	
                SECTION
                  8.11. Limitation of Liability.

              	
                118

              
	
                SECTION
                  8.12. Trustee May Enforce Claims Without Possession of
                  Certificates.

              	
                118

              
	
                SECTION
                  8.13. Suits for Enforcement.

              	
                119

              
	
                SECTION
                  8.14. Waiver of Bond Requirement.

              	
                119

              
	
                SECTION
                  8.15. Waiver of Inventory, Accounting and Appraisal
                  Requirement.

              	
                119

              
	
                SECTION
                  8.16. Appointment of Custodians.

              	
                119

              
	 	 
	
                ARTICLE
                  IX REMIC ADMINISTRATION

              	
                120

              
	 	 
	
                SECTION
                  9.01. REMIC Administration.

              	
                120

              
	
                SECTION
                  9.02. Prohibited Transactions and Activities.

              	
                122

              
	
                SECTION
                  9.03. Tax Treatment of the Class ES Certificates.

              	
                122

              
	 	 
	
                ARTICLE
                  X TERMINATION

              	
                122

              
	 	 
	
                SECTION
                  10.01. Termination.

              	
                122

              
	
                SECTION
                  10.02. Additional Termination Requirements.

              	
                124

              
	 	 
	
                ARTICLE
                  XI DISPOSITION OF TRUST ASSETS

              	
                124

              
	 	 
	
                SECTION
                  11.01. Disposition of Trust Assets.

              	
                124

              
	 	 
	
                ARTICLE
                  XII MISCELLANEOUS PROVISIONS

              	
                125

              
	 	 
	
                SECTION
                  12.01. Amendment.

              	
                125

              
	
                SECTION
                  12.02. Recordation of Agreement; Counterparts.

              	
                126

              
	
                SECTION
                  12.03. Limitation on Rights of Certificateholders.

              	
                126

              
	
                SECTION
                  12.04. Governing Law; Jurisdiction.

              	
                127

              
	
                SECTION
                  12.05. Notices.

              	
                127

              
	
                SECTION
                  12.06. Severability of Provisions.

              	
                128

              
	
                SECTION
                  12.07. Article and Section References.

              	
                128

              
	
                SECTION
                  12.08. Notice to the Rating Agencies.

              	
                128

              
	
                SECTION
                  12.09. Further Assurances.

              	
                129

              
	
                SECTION
                  12.10. Benefits of Agreement.

              	
                129

              
	
                SECTION
                  12.11. Acts of Certificateholders.

              	
                130

              
	
                SECTION
                  12.12. Successors and Assigns.

              	
                130

              

      

       

      
        
           

        

        
          iii

          
            

          

        

        
           

        

      

       

      
        	
                SECTION
                  12.13. Derivatives Transactions.

              	
                130

              

      

      

      EXHIBITS
        AND SCHEDULES:

       

      
        	
                Exhibit
                  A

              	
                Form
                  of Senior Certificate

              	
                A-1

              
	
                Exhibit
                  B

              	
                [Reserved]

              	
                B-1

              
	
                Exhibit
                  C

              	
                Form
                  of Class A-R Certificate

              	
                C-1

              
	
                Exhibit
                  D-1

              	
                Form
                  of Subordinate Certificate

              	
                D-1-1

              
	
                Exhibit
                  D-2

              	
                Form
                  of Class ES Certificate 

              	
                D-2-1

              
	
                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 Certificate 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

              	
                Form
                  of ERISA Representation

              	
                I-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 Class A-R Certificate Pursuant to Section
                  6.02(e)

              	
                L-1

              
	
                Exhibit
                  M

              	
                [Reserved]

              	
                M-1

              
	
                Exhibit
                  N

              	
                List
                  of Servicers and Servicing Agreements

              	
                N-1

              
	
                Exhibit
                  O

              	
                [Reserved]

              	
                O-1

              
	
                Exhibit
                  P

              	
                [Reserved]

              	
                P-1

              
	
                Exhibit
                  Q

              	
                Servicing
                  Criteria

              	
                Q-1

              
	
                Exhibit
                  R

              	
                Additional
                  Form 10-D Disclosure

              	
                R-1

              
	
                Exhibit
                  S

              	
                Additional
                  Form 10-K Disclosure

              	
                S-1

              
	
                Exhibit
                  T

              	
                Form
                  8-K Disclosure Information

              	
                T-1

              
	
                Exhibit
                  U

              	
                Form
                  of Additional Disclosure Notification

              	
                U-1

              

      

       

      
        	
                Schedule
                  I

              	
                Mortgage
                  Loan Schedule

              
	
                Schedule
                  II

              	
                Group
                  1 Mortgage Loan Schedule

              
	
                Schedule
                  III

              	
                Group
                  2 Mortgage Loan Schedule

              
	
                Schedule
                  IV

              	
                Group
                  3 Mortgage Loan Schedule

              

      

      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

      This
        Pooling and Servicing Agreement is dated as of August 1, 2007 (the “Agreement”),
        among
        GREENWICH CAPITAL ACCEPTANCE, INC., a Delaware corporation, as depositor
        (the
“Depositor”),
        THORNBURG MORTGAGE HOME LOANS, 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
        LASALLE BANK NATIONAL ASSOCIATION, a national banking association, as trustee
        (in such capacity, the “Trustee”)
        and
        custodian (in such capacity, the “Custodian”).

       

      PRELIMINARY
        STATEMENT:

       

      Pursuant
        to this Agreement, the Depositor intends to cause the issuance and sale of
        the
        Trust’s Mortgage Pass-Through Certificates, Series 2007-4 (the “Certificates”)
        representing in the aggregate the entire beneficial ownership of the Trust,
        the
        primary assets of which are the Mortgage Loans (as defined below).

       

      On
        or
        prior to the Closing Date, the Depositor acquired the Mortgage Loans from
        the
        Seller pursuant to the Mortgage Loan Purchase Agreement (as defined below).
        On
        the Closing Date, the Depositor will sell the Mortgage Loans and certain
        other
        property to the Trust and receive in consideration therefor the Certificates
        evidencing the entire beneficial ownership of the Trust.

       

      The
        Depositor intends to sell and deliver to the Seller or its designee the
        Certificates, to be issued hereunder in multiple classes, which in the aggregate
        will evidence the entire beneficial ownership interest in the Trust. The
        Certificates will consist of fourteen classes of certificates, designated
        as (i)
        the Class 1A-1 Certificates, (ii) the Class 1A-2 Certificates, (iii) the
        Class
        2A-1 Certificates, (iv) the Class 2A-2 Certificates, (v) the Class 3A-1
        Certificates, (vi) the Class 3A-2 Certificates, (vii) the Class A-R Certificate,
        (viii) the Class B-1 Certificates, (ix) the Class B-2 Certificates, (x) the
        Class B-3 Certificates, (xi) the Class B-4 Certificates, (xii) the Class
        B-5
        Certificates, (xiii) the Class B-6 Certificates and (xiv) the Class ES
        Certificates.

       

      For
        federal income tax purposes, the Trust Fund (exclusive of the Additional
        Collateral and the Class ES Distributable Amount, collectively the “Excluded
        Trust Assets”)
        is
        comprised of two REMICs in a tiered REMIC structure - the lower tier REMIC
        (the
“Lower
        Tier REMIC”)
        and
        the upper tier REMIC (the “Upper
        Tier REMIC”).
        The
        Lower Tier REMIC will hold as its assets all of the assets constituting the
        Trust Fund (exclusive of the Excluded Trust Assets) and will issue interests
        (the “Lower
        Tier Regular Interests”)
        (which
        will be uncertificated and will represent the regular interests in the Lower
        Tier REMIC) and a residual interest (the “Class LT-R Interest”) which will also
        be uncertificated and which will represent the sole class of residual interest
        in the Lower Tier REMIC. The Trustee will hold the Lower Tier Regular Interests
        as assets of the Upper Tier REMIC. The Certificates, other than the Class
        A-R
        Certificate, will represent “regular interests” in the Upper Tier REMIC, and the
        Class A-R Certificate, will represent the sole class of “residual interest” in
        the Upper Tier REMIC as well as ownership of the Class LT-R Interest.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      

        For
          purposes of the REMIC Provisions, the startup day 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 specifies the Class designation, interest rate, principal
          amount
          and Corresponding Classes of Certificates for each class of Lower Tier
          Regular
          Interests:

         

        
          	
                  Lower
                    Tier 

                  Class
                    Designation

                	 	
                   

                  Lower
                    Tier

                  Interest
                    Rate

                	 	
                  Initial
                    Class 

                  Principal
                    Amount

                	 	
                  Related
                    Loan Group

                
	
                  Class
                    LT-Group 1

                	 	
                  (1)

                	 	
                  (4)

                	 	
                  1

                
	
                  Class
                    LT-Group 1 SCA

                	 	
                  (1)

                	 	
                  (5)

                	 	
                  1

                
	
                  Class
                    LT-Group 2

                	 	
                  (2)

                	 	
                  (6)

                	 	
                  2

                
	
                  Class
                    LT-Group 2 SCA

                	 	
                  (2)

                	 	
                  (7)

                	 	
                  2

                
	
                  Class
                    LT-Group 3

                	 	
                  (3)

                	 	
                  (8)

                	 	
                  3

                
	
                  Class
                    LT-Group 3 SCA

                	 	
                  (3)

                	 	
                  (9)

                	 	
                  3

                
	
                  Class
                    LT-R

                	 	
                  (10)

                	 	
                  (10)

                	 	
                  N/A

                

        

        __________________

         

        
          	
                  (1)

                	
                  The
                    interest rate for any Distribution Date (and the related Accrual
                    Period)
                    for each of these Lower-Tier Regular Interests will be a per
                    annum rate
                    equal to the Net WAC for Loan Group 1.

                

        

         

        
          	
                  (2)

                	
                  The
                    interest rate for any Distribution Date (and the related Accrual
                    Period)
                    for each of these Lower-Tier Regular Interests will be a per
                    annum rate
                    equal to the Net WAC for Loan Group
                    2.

                

        

         

        
          	
                  (3)

                	
                  The
                    interest rate for any Distribution Date (and the related Accrual
                    Period)
                    for each of these Lower-Tier Regular Interests will be a per
                    annum rate
                    equal to the Net WAC for Loan Group 3.

                

        

         

        
          	
                  (4)

                	
                  An
                    amount equal to the excess of (i) the Loan Group Balance for
                    Loan Group 1
                    for the first Distribution Date over (ii) the product of (a)
                    1.00%
                    multiplied by (ii) the Subordinate Component for Loan Group 1
                    for the
                    first Distribution Date.

                

        

         

        
          	
                  (5)

                	
                  An
                    amount equal to the product of (i) 1.00% multiplied by (ii) the
                    Subordinate Component for Loan Group 1 for the first Distribution
                    Date.

                

        

         

        
          	
                  (6)

                	
                  An
                    amount equal to the excess of (i) the Loan Group Balance for
                    Loan Group 2
                    for the first Distribution Date over (ii) the product of (a)
                    1.00%
                    multiplied by (ii) the Subordinate Component for Loan Group 2
                    for the
                    first Distribution Date.

                

        

         

        
          	
                  (7)

                	
                  An
                    amount equal to the product of (i) 1.00% multiplied by (ii) the
                    Subordinate Component for Loan Group 2 for the first Distribution
                    Date.

                

        

         

        
          	
                  (8)

                	
                  An
                    amount equal to the excess of (i) the Loan Group Balance for
                    Loan Group 3
                    for the first Distribution Date over (ii) the product of (a)
                    1.00%
                    multiplied by (ii) the Subordinate Component for Loan Group 3
                    for the
                    first Distribution Date.

                

        

         

        
          	
                  (9)

                	
                  An
                    amount equal to the product of (i) 1.00% multiplied by (ii) the
                    Subordinate Component for Loan Group 3 for the first Distribution
                    Date.

                

        

         

         

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

      

    

     

    

      
        	
                (10)

              	
                The
                  Class LT-R Interest is the sole residual interest in the Lower
                  Tier REMIC.
                  It does not have a principal amount or an interest rate.
                  

              

      

       

      On
        each
        Distribution Date, the Available Funds for Loan Group 1, Loan Group 2 and
        Loan
        Group 3, as applicable, shall be distributed as interest with respect to
        the
        Lower Tier Regular Interests related to such Loan Group based on the interest
        rates described above, adjusted to reflect any Net Prepayment Interest
        Shortfalls for the related Loan Group for such Distribution Date.

       

      On
        each
        Distribution Date, the remaining Available Funds for Loan Group 1, Loan Group
        2
        and Loan Group 3, as applicable, shall be distributed as principal with respect
        to the Lower Tier Regular Interests as follows:

       

      (a) First,
        from the remaining Available Funds for Loan Group 1, to
        the Class LT-Group 1 SCA Interest until its principal balance equals one
        percent
        of the Subordinate Component for Loan Group 1 for the immediately succeeding
        Distribution Date;

       

      (b) Second,
        from the remaining Available Funds for Loan Group 2, to
        the Class LT-Group 2 SCA Interest until its principal balance equals one
        percent
        of the Subordinate Component for Loan Group 2 for the immediately succeeding
        Distribution Date;

       

      (c) Third,
        from the remaining Available Funds for Loan Group 3, to
        the Class LT-Group 3 SCA Interest until its principal balance equals one
        percent
        of the Subordinate Component for Loan Group 3 for the immediately succeeding
        Distribution Date;

       

      (d) Fourth,
        to Class LT-Group 1 SCA, Class LT-Group 2 SCA and Class LT-Group 3 SCA
from
        the remaining Available Funds from the applicable Loan Group, the minimum
        amount
        necessary to cause the ratio of the principal balance of such Lower-Tier
        REMIC
        Interest to the principal balance of each other such Lower-Tier REMIC Interests
        to equal the ratio of the Subordinate Component related to such interest
        to the
        Subordinate Component related to the other such Lower-Tier REMIC Interest,
        computed in each instance for the immediately succeeding Distribution
        Date;
        

       

      (e) Fifth,
        from the remaining Available Funds, to the Class LT-Group 1 Interest until
        the
        sum of its balance and that of the Class LT-Group 1 SCA, after taking into
        account distributions made pursuant to priorities (a) and (d) above for such
        Distribution Date, equals the Loan Group Balance for Loan Group 1 for the
        immediately succeeding Distribution Date;

       

      (f) Sixth,
        from the remaining Available Funds, to the Class LT-Group 2 Interest until
        the
        sum of its balance and that of the Class LT-Group 2 SCA, after taking into
        account distributions made pursuant to priorities (b) and (d) above for such
        Distribution Date, equals the Loan Group Balance for Loan Group 2 for the
        immediately succeeding Distribution Date;

       

      (g) Seventh,
        from the remaining Available Funds, to the Class LT-Group 3 Interest until
        the
        sum of its balance and that of the Class LT-Group 3 SCA, after taking into
        account distributions made pursuant to priorities (c) and (d) above for such
        Distribution Date, equals the Loan Group Balance for Loan Group 3 for the
        immediately succeeding Distribution Date;

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      (h) Finally,
        to the Class LT-R Interest. 

       

      On
        each
        Distribution Date, Realized Losses shall be allocated among the Lower Tier
        Regular Interests in the same manner that principal is distributed among
        the
        Lower Tier Regular Interests.

       

      Upper
        Tier REMIC

       

      The
        following table sets forth (or describes) the Class designation, Pass-Through
        Rate and Original Class Certificate Principal Balance for each Class of
        Certificates comprising one or more regular interests in the REMIC created
        hereunder, each of which, except for the Class A-R Certificate and the Class
        ES
        Certificate, is hereby designated a REMIC regular interest in the Upper Tier
        REMIC for purposes of the REMIC Provisions:

       

      
        	
                Class

              	 	
                Original
                  Class Certificate Principal Balance or Class

                Certificate
                  Notional Balance

              	 	
                Pass-Through

                Rate

              
	
                Class
                  1A-1

              	 	
                $306,173,000.00         
                                                 
                  

              	 	
                (1)

              
	
                Class
                  1A-2

              	 	
                $34,019,000.00                
                                          
                  

              	 	
                (1)

              
	
                Class
                  2A-1

              	 	
                $487,667,000.00                                         
                  

              	 	
                (1)

              
	
                Class
                  2A-2

              	 	
                $54,185,000.00                                         
                  

              	 	
                (1)

              
	
                Class
                  3A-1

              	 	
                $445,243,000.00                                         
                  

              	 	
                (1)

              
	
                Class
                  3A-2

              	 	
                $49,471,000.00                                         
                  

              	 	
                (1)

              
	
                Class
                  A-R

              	 	
                $            100.00                                         
                  

              	 	
                (1)

              
	
                Class
                  B-1

              	 	
                $24,522,000.00                                         
                  

              	 	
                (2)

              
	
                Class
                  B-2

              	 	
                $15,145,000.00                                         
                  

              	 	
                (2)

              
	
                Class
                  B-3

              	 	
                $10,097,000.00                                         
                  

              	 	
                (2)

              
	
                Class
                  B-4

              	 	
                $5,048,000.00                                         
                  

              	 	
                (2)

              
	
                Class
                  B-5

              	 	
                $2,885,000.00                                         
                  

              	 	
                (2)

              
	
                Class
                  B-6

              	 	
                $7,932,898.00                                         
                  

              	 	
                (2)

              
	
                Class
                  ES

              	 	
                (3)                                             
                  

              	 	
                (3)

              

      

      ____________

      
        	 	
                (1)

              	
                Calculated
                  pursuant to the definition of “Pass-Through
                  Rate.”

              

      

       

      
        	 	
                (2)

              	
                Calculated
                  pursuant to the definition of “Subordinate Certificate Pass-Through
                  Rate.”

              

      

       

      (3) The
        Class
        ES Certificates are interest-only certificates and for each Distribution
        Date
        the Class ES Certificates shall receive the Class ES Distributable Amount.
        The
        Class ES Certificates evidence an interest in the Trust Fund, but shall not
        evidence an interest in any REMIC created thereby.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      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 a Servicer), or (y) as provided in
        the
        applicable Servicing Agreement, to the extent applicable to any Servicer,
        but in
        no event below the standard set forth in clause (x).

       

      “Account”:
        The
        Distribution Account and each Servicing Account, as the context
        requires.

       

      “Accrual
        Period”:
        With
        respect to each Distribution Date and any Class of Certificates and any Class
        of
        Lower Tier Regular Interests, the calendar month prior to the month of such
        Distribution Date. Interest for such Lower Tier Regular Interests and such
        Classes will be calculated based upon a 360-day year consisting of twelve
        30-day
        months in each Accrual Period.

       

      “Accrued
        Interest Amount”:
        For
        any Distribution Date and for any Undercollateralized Group, an amount equal
        to
        one month’s interest on the applicable Principal Deficiency Amount at the Net
        WAC of the applicable Loan Group, plus any interest accrued on such
        Undercollateralized Group remaining unpaid from prior Distribution
        Dates.

       

      “Additional
        Collateral”:
        With
        respect to any Additional Collateral Mortgage Loan, the marketable securities
        or
        other assets subject to a security interest pursuant to the related pledge
        agreement.

       

      “Additional
        Collateral Mortgage Loan”:
        Each
        Mortgage Loan identified as such in the Mortgage Loan Schedule and as to
        which
        Additional Collateral is then required to be provided as security
        therefor.

       

      “Additional
        Disclosure Notification”:
        As
        defined in Section 3.19(a).

       

      “Additional
        Form 10-D Disclosure”:
        As
        defined in Section 3.19(a).

       

      “Additional
        Form 10-K Disclosure”:
        As
        defined in Section 3.19(b).

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      “Adjustable
        Rate Mortgage Loans”:
        The
        Mortgage Loans identified as such and as set forth on Schedule II
        hereto.

       

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

       

      “Advance”:
        As to
        any Mortgage Loan or REO Property, any advance made by the Master Servicer
        (including the Trustee in its capacity as successor Master Servicer) in respect
        of any Distribution Date pursuant to Section 5.05.

       

      “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
        Subordinate Percentage”:
        As to
        any Distribution Date, the percentage equivalent of a fraction, the numerator
        of
        which is the aggregate of the Class Certificate Principal Balances of the
        Classes of Subordinate Certificates and the denominator of which is the Pool
        Balance for such Distribution Date.

       

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

       

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

       

      “Apportioned
        Principal Balance”:
        As to
        any Class of Subordinate Certificates, a Loan Group and any Distribution
        Date,
        the Class Certificate Principal Balance of such Class immediately prior to
        such
        Distribution Date multiplied by a fraction, the numerator of which is the
        Subordinate Component for the related Loan Group for such date and the
        denominator of which is the sum of the Subordinate Components (in the
        aggregate).

       

      “Assignment”:
        As 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.

       

      “Available
        Funds”:
        As to
        any Distribution Date and any Loan Group, an amount equal to (i) the sum,
        without duplication, of (a) the aggregate of the related Monthly Payments
        received on or prior to the related Determination Date (excluding Monthly
        Payments due in future Due Periods but received by the related Determination
        Date) in respect of the Mortgage Loans in that Loan Group, (b) Net
        Liquidation Proceeds, Insurance Proceeds, Principal Prepayments (but not
        including Prepayment Penalty Amounts), Recoveries and other unscheduled
        recoveries of principal and interest in respect of the Mortgage Loans in
        that
        Loan Group received during the related Prepayment Period, (c) the aggregate
        of
        any amounts received in respect of related REO Properties for such Distribution
        Date, (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 Servicers pursuant to the related Servicing Agreements and Compensating
        Interest Payments deposited in the Distribution Account for such Distribution
        Date in respect of the Mortgage Loans in that Loan Group, (e) the aggregate
        of the Purchase Prices, Substitution Adjustments and amounts collected for
        purchases pursuant to Sections 2.03 or 3.25 deposited in the Distribution
        Account during the related Prepayment Period in respect of the Mortgage Loans
        in
        that Loan Group, (f) the aggregate of any Advances made by the Servicers
        and the Master Servicer for such Distribution Date in respect of the Mortgage
        Loans in that Loan Group, (g) the aggregate of any Advances made by the
        Trustee (as successor Master Servicer) for such Distribution Date pursuant
        to
        Section 7.02 hereof in respect of the Mortgage Loans in that Loan Group and
        (h) the Termination Price allocated to such Loan Group on the Distribution
        Date on which the Trust is terminated; minus
        (ii) the sum of (w) the Expense Fees for such Distribution Date in
        respect of the Mortgage Loans in that Loan Group, (x) amounts in reimbursement
        for Advances previously made in respect of the Mortgage Loans in that Loan
        Group
        and other amounts as to which the Servicers, the Trustee, the Securities
        Administrator and the Master Servicer are entitled to be reimbursed pursuant
        to
        Section 4.03, (y) the amount payable from funds of the Trust to the Trustee,
        the
        Master Servicer, the Custodian or the Securities Administrator pursuant to
        Section 8.05, Section 3.30 and Section 3.31(c) in respect of Mortgage Loans
        in
        that Loan Group or if not related to a Mortgage Loan, allocated to each Loan
        Group on a pro
        rata
        basis
        and (z) amounts deposited in the Distribution Account in error, in respect
        of
        Mortgage Loans in that Loan Group, in each case without
        duplication.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

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

       

      “Base
        Value”:
        With
        respect to any Mortgage Loan for which Additional Collateral has been pledged,
        the value of the Additional Collateral as determined with respect to that
        Mortgage Loan in accordance with the applicable underwriting
        guidelines.

       

      “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.

       

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

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

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

       

      “Certificate
        Group”:
        Any of
        Certificate Group 1, Certificate Group 2 or Certificate Group 3, as the context
        requires.

       

      “Certificate
        Group 1”:
        At any
        time, the Group 1 Certificates.

       

      “Certificate
        Group 2”:
        At any
        time, the Group 2 Certificates.

       

      “Certificate
        Group 3”:
        At any
        time, the Group 3 Certificates.

       

      “Certificate
        Notional Balance”:
        Not
        applicable.

       

      “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 given Class and any date of determination,
        the
        product of (i) the Class Certificate 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.

       

      “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.

       

      “Certification
        Parties”:
        As
        defined in Section 3.18.

       

      “Certifying
        Person”:
        As
        defined in Section 3.18.

       

      “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
        1A-1 Certificate”:
        Any of
        the Class 1A-1 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
        the
        ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
        representing the right to distributions as set forth herein and
        therein.

       

      “Class
        1A-2 Certificate”:
        Any of
        the Class 1A-2 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
        the
        ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
        representing the right to distributions as set forth herein and
        therein.

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      “Class
        2A-1 Certificate”:
        Any of
        the Class 2A-1 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
        the
        ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
        representing the right to distributions as set forth herein and
        therein.

       

      “Class
        2A-2 Certificate”:
        Any of
        the Class 2A-2 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
        the
        ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
        representing the right to distributions as set forth herein and
        therein.

       

      “Class
        3A-1 Certificate”:
        Any of
        the Class 3A-1 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
        the
        ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
        representing the right to distributions as set forth herein and
        therein.

       

      “Class
        3A-2 Certificate”:
        Any of
        the Class 3A-2 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
        the
        ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
        representing the right to distributions as set forth herein and
        therein.

       

      “Class
        A-R Certificate”:
        The
        Class A-R Certificate as designated on the face thereof, executed by the
        Securities Administrator, and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit C-1, evidencing
        the ownership of the sole class of “residual interests” in the Upper Tier REMIC
        created hereunder as well as ownership of the Class LT-R Interest and
        representing the right to distributions as set forth herein.

       

      “Class
        B-1 Certificate”:
        Any of
        the Class B-1 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit D-1, evidencing
        the ownership of a “regular interest” in the Upper Tier REMIC created hereunder
        and representing the right to distributions as set forth herein and
        therein.

       

      “Class
        B-2 Certificate”:
        Any of
        the Class B-2 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit D-1, evidencing
        the ownership of a “regular interest” in the Upper Tier REMIC created hereunder
        and representing the right to distributions as set forth herein and
        therein.

       

      “Class
        B-3 Certificate”:
        Any of
        the Class B-3 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit D-1, evidencing
        the ownership of a “regular interest” in the Upper Tier REMIC created hereunder
        and representing the right to distributions as set forth herein and
        therein.

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      “Class
        B-4 Certificate”:
        Any of
        the Class B-4 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit D-1, evidencing
        the ownership of a “regular interest” in the Upper Tier REMIC created hereunder
        and representing the right to distributions as set forth herein and
        therein.

       

      “Class
        B-5 Certificate”:
        Any of
        the Class B-5 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit D-1, evidencing
        the ownership of a “regular interest” in the Upper Tier REMIC created hereunder
        and representing the right to distributions as set forth herein and
        therein.

       

      “Class
        B-6 Certificate”:
        Any of
        the Class B-6 Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit D-1, evidencing
        the ownership of a “regular interest” in the Upper Tier REMIC created hereunder
        and representing the right to distributions as set forth herein and
        therein.

       

      “Class
        Certificate Notional Balance”:
        Not
        applicable.

       

      “Class
        Certificate Principal Balance”:
        As to
        any Distribution Date, with respect to any Class of Certificates, the Original
        Class Certificate Principal Balance 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) in the case of the Subordinate
        Certificates, any applicable Writedown Amount; provided,
        however,
        that
        pursuant to Section 5.10, the Class Certificate 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 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
        ES Certificate”:
        Any of
        the Class ES Certificates as designated on the face thereof, executed by
        the
        Securities Administrator and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed as Exhibit D-2, evidencing an
        interest in the Trust Fund but not in any REMIC created thereby.

       

      “Class
        ES Distributable Amount”:
        With
        respect to each Distribution Date and each Mortgage Loan serviced by Thornburg
        and sub-serviced by Cenlar FSB, an amount equal to one month’s interest at the
        Excess Servicing Fee Rate on the Stated Principal Balance of such Mortgage
        Loan
        as of the Due Date in the month of such Distribution Date (prior to giving
        effect to any scheduled payments due on such Mortgage Loan on such Due
        Date).

       

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

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      “Class
        Subordination Percentage”:
        With
        respect to each Class of Subordinate Certificates and any Distribution Date,
        the
        percentage equivalent of a fraction the numerator of which is the Class
        Certificate Principal Balance of such Class immediately before such Distribution
        Date and the denominator of which is the aggregate of the Class Certificate
        Principal Balances of all Classes of Certificates 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”:
        August
        31, 2007.

       

      “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 Servicers pursuant
        to the related Servicing Agreement with respect to such Distribution Date,
        exceeds (y) the aggregate amount actually paid by the Servicers in respect
        of
        such shortfalls; provided,
        that
        such amount, to the extent payable by the Master Servicer, shall not exceed
        the
        aggregate Master Servicing Fee that would be payable to the Master Servicer
        in
        respect of such Distribution Date without giving effect to any Compensating
        Interest Payment.
        

       

      “Converted
        Mortgage Loan”:
        Any
        Mortgage Loan as to which the Mortgagor thereunder has exercised its right
        under
        the related Mortgage Note to convert the adjustable Loan Rate thereon to
        a fixed
        Loan Rate.

       

      “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”:
        As 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 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) 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).

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      “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.

       

      “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 135 South LaSalle Street, Suite 1511, Chicago,
        IL 60603, Attention: Global Securities and Trust Services, Thornburg 2007-4,
        or
        at such other address as the Trustee may designate from time to time by notice
        to the Certificateholders, the Depositor 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, National Association, Sixth Street and Marquette Avenue,
        Minneapolis, Minnesota 55479, Attention: Corporate Trust, Thornburg Mortgage
        Securities Trust 2007-4, 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, Thornburg Mortgage Securities
        Trust
        2007-4.

       

      “Correspondent
        Sellers Guide”:
        The
        Seller’s Correspondent Sellers Guide, revised July 23, 2007, effective July 30,
        2007 and as revised and/or amended from time to time.

       

      “Corresponding
        Class”:
        Not
        Applicable.

       

      “Custodian”:
        LaSalle Bank National Association, and its successors acting as custodian
        of the
        Mortgage Files.

       

      “Cut-Off
        Date”:
        With
        respect to any Mortgage Loan other than a Qualified Substitute Mortgage Loan,
        the Close of Business in New York City on August 1, 2007. With respect to
        any
        Qualified Substitute Mortgage Loan, the date designated as such on the Mortgage
        Loan Schedule (as amended).

       

      “Cut-Off
        Date Aggregate Principal Balance”:
        The
        aggregate of the Cut-Off Date Principal Balances of the Mortgage Loans in
        each
        Loan Group.

       

      “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
        Cut-Off Date whether or not received as of the 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.

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      “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.

       

      “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 by the succeeding Due Date.

       

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

       

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

       

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

       

      “Determination
        Date”:
        For
        any Distribution Date and each Mortgage Loan, the date each month, as set
        forth
        in the related 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 the Mortgage Loans it is servicing.
        

       

      “Disqualified
        Organization”:
        A
“disqualified organization” defined in Section 860E(e)(5) of the
        Code.

       

      “Distribution
        Account”:
        The
        trust account or accounts created and maintained by the Securities Administrator
        pursuant to Section 4.02 hereof which shall be entitled “Distribution Account,
        Wells Fargo Bank, N.A., as Securities Administrator for LaSalle Bank National
        Association, as Trustee, in trust for the registered Holders of Thornburg
        Mortgage Securities Trust 2007-4, Mortgage Pass-Through Certificates, Series
        2007-4” and which must be an Eligible Account.

       

      “Distribution
        Account Income”:
        As 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.

       

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

       

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

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      “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 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 

       

      (iii) 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.

       

      “Employee
        Loan”:
        Any
        Mortgage Loan identified as such in the Mortgage Loan Schedule and which
        was
        originated by the Seller, which provides for an increase in the Loan Rate
        thereof in the event of the change of employment of the Mortgagor
        thereunder.

       

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

       

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

       

      “ERISA-Restricted
        Certificates”:
        (i)
        The Residual Certificate, the Class B-4, Class B-5, Class B-6 and Class ES
        Certificates, (ii) any Non-Offered Certificate until it has been subject
        to an
        ERISA-Qualifying Underwriting and (iii) any Certificate that does not satisfy
        the applicable rating requirement under the Underwriter’s
        Exemption.

       

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

       

      “Event
        of Default”:
        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.

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

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

       

      “Excess
        Servicing Fee Rate”:
        With
        respect to any Mortgage Loan serviced by Thornburg, the excess, if any, of
        the
        applicable Servicing Fee Rate over the Sub-Servicing Fee Rate.

       

      “Expense
        Fee”:
        With
        respect to any Mortgage Loan, the sum of (w) the Retained Interest, if any,
        (x)
        the Master Servicing Fee and (y) the related Servicing Fee with respect to
        the
        related Servicer.

       

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

       

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

       

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

       

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

       

      “Five-Year
        Hybrid Mortgage Loans”:
        The
        Mortgage Loans identified as such and as set forth on Schedule II
        hereto.

       

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

       

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

       

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

       

      “Group
        1 Certificates”:
        The
        Class 1A-1 Certificates, Class 1A-2 Certificates and Class A-R
        Certificates.

       

      “Group
        1 Mortgage Loan”:
        A
        Mortgage Loan that is identified as such on the Mortgage Loan
        Schedule.

       

      “Group
        2 Certificates”:
        The
        Class 2A-1 Certificates and Class 2A-2 Certificates.

       

      “Group
        2 Mortgage Loan”:
        A
        Mortgage Loan that is identified as such on the Mortgage Loan
        Schedule.

       

      “Group
        3 Certificates”:
        The
        Class 3A-1 Certificates and Class 3A-2 Certificates.

       

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      “Group
        3 Mortgage Loan”:
        A
        Mortgage Loan that is identified as such on the Mortgage Loan
        Schedule.

       

      “Indemnified
        Persons”:
        The
        Trustee (individually in its corporate capacity and in all capacities
        hereunder), the Master Servicer, the Seller, the Depositor and the Securities
        Administrator (in all capacities hereunder) and their 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 of the Securities and Exchange Commission’ Regulation S-X.
        When used with respect to any other specified Person, any such Person who
        (a) is
        in fact independent of the Depositor and its Affiliates, (b) does not have
        any
        direct financial interest in or any material indirect financial interest
        in the
        Depositor or any Affiliate thereof, (c) is not connected with the Depositor
        or
        any Affiliate thereof 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.

       

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

       

      “Initial
        Certificate Notional Balance”:
        Not
        applicable.

       

      “Initial
        Certificate Principal Balance”:
        With
        respect to any Certificate other than the Class ES Certificates, the amount
        designated “Initial Certificate Principal Balance” on the face
        thereof.

       

      “Initial
        Loan Group 1 Balance”:
        $356,409,047.41.

      

      “Initial
        Loan Group 2 Balance”:
        $567,682,015.20.

      

      “Initial
        Loan Group 3 Balance”:
        $518,296,936.27.

      

      “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 ES Certificates), the sum of (i) the Monthly Interest Distributable
        Amount for that Class and (ii) the Unpaid Interest Shortfall Amount for
        that Class.

       

      “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 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

       

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      (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.

       

      “Item
        1122 Responsible Party”:
        As
        defined in Section 3.22.

       

      “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.

       

      “Liquidated
        Mortgage Loan”:
        As to
        any Distribution Date, any Mortgage Loan in respect of which the related
        Servicer or the Master Servicer has determined, in accordance with the servicing
        procedures specified herein, 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 Servicers,
        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
        related 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 (i)
        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 related Servicing Agreement, “Liquidation Proceeds” shall also
        include amounts realized in connection with such repurchase, substitution
        or
        sale and (ii) with respect to a defaulted Additional Collateral Mortgage
        Loan,
“Liquidation Proceeds” shall also include the amount realized on the related
        Additional Collateral.

       

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

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

       

      “Loan
        Group Balance”:
        As to
        each Loan Group 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
        Loan Group that were Outstanding Mortgage Loans on such date.

       

      “Loan
        Group 1”:
        At any
        time, the Group 1 Mortgage Loans in the aggregate and any REO Properties
        acquired in respect thereof.

       

      “Loan
        Group 2”:
        At any
        time, the Group 2 Mortgage Loans in the aggregate and any REO Properties
        acquired in respect thereof.

       

      “Loan
        Group 3”:
        At any
        time, the Group 3 Mortgage Loans in the aggregate and any REO Properties
        acquired in respect thereof.

       

      “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-to-Collateral
        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 less the Base Value of any
        related Additional Collateral and the denominator of which is the Value of
        the
        related Mortgaged Property.

       

      “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
        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”:
        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.

       

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      “Master
        Servicing Fee”:
        As to
        any Distribution Date and each related Mortgage Loan, an amount equal to
        the
        product of the applicable Master Servicing Fee Rate and the outstanding
        Principal Balance of such Mortgage Loan as of the first day of the related
        Due
        Period. The Master Servicing Fee for any Mortgage Loan shall be payable in
        respect of any Distribution Date solely from the interest portion of the
        Monthly
        Payment or other payment or recovery with respect to such Mortgage
        Loan.

       

      “Master
        Servicing Fee Rate”:
        0.0100% per annum.

       

      “Master
        Servicing Guide”:
        Wells
        Fargo Conduit and Norwest Conduit Servicing Guide, dated January 1997, as
        amended through January 31, 2006. 

       

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

       

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

       

      “MERS
        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.

       

      “Modifiable
        Mortgage Loan”:
        Any
        Mortgage Loan which, at the option of the Mortgagor and in accordance with
        the
        terms of the related Mortgage Note, may have the related Mortgage Rate modified
        to any adjustable rate or hybrid product offered at the time by the related
        originator.

       

      “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 and assigns.

       

      “Monthly
        Interest Distributable Amount”:
        With
        respect to each Class of Certificates (other than the Class ES Certificates)
        and
        any Distribution Date, the amount of interest accrued during the related
        Accrual
        Period at the related Pass-Through Rate on the Class Certificate Principal
        Balance or Class Certificate Notional Balance, as applicable, of that Class
        immediately prior to such Distribution Date.

       

      “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 (i) any Debt Service Reduction
        and
        (ii) any reduction in the amount of interest collectible from the related
        Mortgagor pursuant to the Relief Act; (b) without giving effect to any extension
        granted or agreed to by the related Servicer pursuant to the applicable
        provisions of the related Servicing Agreement; and (c) on the assumption
        that
        all other amounts, if any, due under such Mortgage Loan are paid when
        due.

       

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

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

       

      “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(d) 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.

       

      “Mortgage
        Loan Purchase Agreement”:
        The
        Mortgage Loan Purchase Agreement between the Seller and the Depositor, dated
        as
        of August 1, 2007, regarding the transfer of the Mortgage Loans by the Seller
        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
                    Mortgagor’s name;

                

        

         

        
          	 	
                  (iii)

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

                

        

         

        
          	 	
                  (iv)

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

                

        

         

        
          	 	
                  (v)

                	
                  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;

                

        

         

        
          	 	
                  (vi)

                	
                  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;

                

        

         

        
          	 	
                  (vii)

                	
                  the
                    original months to maturity;

                

        

         

        
          	 	
                  (viii)

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

                

        

         

        
          
             

          

          
            20

            
              

            

          

          
             

          

        

        
          	 	
                  (ix)

                	
                  the
                    Loan-to-Value Ratio at origination;

                

        

         

        
          	 	
                  (x)

                	
                  the
                    value of any Additional Collateral at
                    origination;

                

        

         

        
          	 	
                  (xi)

                	
                  the
                    Loan-to-Collateral Value Ratio at
                    origination;

                

        

         

        
          	 	
                  (xii)

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

                

        

         

        
          	 	
                  (xiii)

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

                

        

         

        
          	 	
                  (xiv)

                	
                  the
                    stated maturity date;

                

        

         

        
          	 	
                  (xv)

                	
                  the
                    Master Servicing Fee Rate and the Servicing Fee Rate, if
                    any;

                

        

         

        
          	 	
                  (xvi)

                	
                  whether
                    such loan is an Additional Collateral Mortgage Loan or an Employee
                    Loan;

                

        

         

        
          	 	
                  (xvii)

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

                

        

         

        
          	 	
                  (xviii)

                	
                  the
                    original principal balance of the Mortgage
                    Loan;

                

        

         

        
          	 	
                  (xix)

                	
                  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);

                

        

         

        
          	 	
                  (xx)

                	
                  the
                    Index and Gross Margin specified in related Mortgage
                    Note;

                

        

         

        
          	 	
                  (xxi)

                	
                  the
                    next Adjustment Date, if
                    applicable;

                

        

         

        
          	 	
                  (xxii)

                	
                  the
                    Maximum Loan Rate, if applicable;

                

        

         

        
          	 	
                  (xxiii)

                	
                  the
                    Value of the Mortgaged Property;

                

        

         

        
          	 	
                  (xxiv)

                	
                  the
                    sale price of the Mortgaged Property, if
                    applicable;

                

        

         

        
          	 	
                  (xxv)

                	
                  the
                    product code;

                

        

         

        
          	 	
                  (xxvi)

                	
                  Expense
                    Fee Rate therefor;

                

        

         

        
          	 	
                  (xxvii)

                	
                  the
                    Servicer that is servicing such Mortgage Loan and the originator
                    of such
                    Mortgage Loan; and

                

        

         

        
          	 	
                  (xxviii)

                	
                  the
                    respective Loan Group.

                

        

         

      

      Information
        set forth in clauses (ii) and (iii) above regarding each Mortgagor and the
        related Mortgaged Property shall be confidential and the Trustee (or 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 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.

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

      

      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
        Loan Group 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.

       

      “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.

       

      “Net
        Interest Shortfall”:
        With
        respect to any Distribution Date, the excess of the Interest Shortfall, if
        any,
        for such Distribution Date over the sum of (i) Interest Shortfalls paid by
        the
        Servicers under the related 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, Master Servicing Fee, related Servicing
        Fees and any other accrued and unpaid servicing fees received and retained
        in
        connection with the liquidation of such Mortgage Loan or Mortgaged Property,
        and
        any related Retained Interest.

       

      “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 related Servicing Fee Rate, Master
        Servicing Fee Rate and Retained Rate, if any.

       

      “Net
        WAC”:
        With
        respect to each Loan Group and any Distribution Date, the weighted average
        of
        the Net Loan Rates of the Mortgage Loans in that Loan Group, as of the first
        day
        of the month preceding the month in which such Distribution Date occurs (or,
        in
        the case of the first Distribution Date, as of the Cut-Off Date), weighted
        on
        the basis of their related Stated Principal Balances as of the first day
        of the
        month prior to the month of that Distribution Date (or, in the case of the
        first
        Distribution Date, as of the Cut-off Date).

       

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

      “Non-Offered
        Certificates”:
        The
        Class 1A-2, Class 2A-2, Class B-1, Class B-2 and Class B-3
        Certificates.

       

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

       

      “Notional
        Certificate”:
        Not
        applicable.

       

      “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.

       

      “One-Month
        LIBOR”:
        The
        average of interbank offered rates for one month U.S. dollar deposits in
        the
        London market based on quotations of major banks.

       

      “One-Month
        LIBOR Indexed”:
        Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on
        the
        basis of the One-Month LIBOR index.

       

      “One-Year
        CMT”:
        The
        weekly average yield on United States Treasury securities adjusted to a constant
        maturity of one year as published by the Federal Reserve Board in Statistical
        Release H.15(519).

       

      “One-Year
        CMT Indexed”:
        Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on
        the
        basis of the One-Year CMT Index. 

       

      “One-Year
        LIBOR”:
        The
        average of interbank offered rates for one-year U.S. dollar deposits in the
        London market based on quotations of major banks.

       

      “One-Year
        LIBOR Indexed”:
        Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on
        the
        basis of the One-Year LIBOR index.

       

      “Opinion
        of Counsel”:
        A
        written opinion of counsel, who may, without limitation, be a salaried counsel
        for the Depositor or the Seller, 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.

       

      
        
           

        

        
          23

          
            

          

        

        
           

        

      

      “Original
        Applicable Credit Support Percentage”:
        With
        respect to each Class of Subordinate Certificates, the corresponding percentage
        set forth below opposite its Class designation:

       

      
        	
                Class
                  B-1

              	
                4.55%

              
	
                Class
                  B-2

              	
                2.85%

              
	
                Class
                  B-3

              	
                1.80%

              
	
                Class
                  B-4

              	
                1.10%

              
	
                Class
                  B-5

              	
                0.75%

              
	
                Class
                  B-6

              	
                0.55%

              

      

       

      “Original
        Class Certificate Notional Balance”:
        Not
        applicable. 

       

      “Original
        Class Certificate Principal Balance”:
        With
        respect to each Class of Certificates (other than the Class ES Certificates),
        the corresponding aggregate amount set forth opposite the Class designation
        of
        such Class in the Preliminary Statement. 

       

      “Original
        Subordinated Principal Balance”:
        The
        aggregate of the Original Class Certificate Principal Balances of the Classes
        of
        Subordinate Certificates.

       

      “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.

       

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

       

      “Pass-Through
        Rate”:
        With
        respect to each Class of Certificates and any Distribution Date, the rate
        set
        forth below:

       

      
        	 	
                (i)

              	
                The
                  Pass-Through Rate for the Class 1A-1 and Class 1A-2 Certificates
                  with
                  respect to any Distribution Date shall be equal to the Net WAC
                  for Loan
                  Group 1.

              

      

       

      
        	 	
                (ii)

              	
                The
                  Pass-Through Rate for the Class 2A-1 and Class 2A-2 Certificates
                  with
                  respect to any Distribution Date shall be equal to the Net WAC
                  for Loan
                  Group 2.

              

      

       

      
        	 	
                (iii)

              	
                The
                  Pass-Through Rate for the Class 3A-1 and Class 3A-2 Certificates
                  with
                  respect to any Distribution Date shall be equal to the Net WAC
                  for Loan
                  Group 3.

              

      

       

      
        	 	
                (iv)

              	
                The
                  Pass-Through Rate for the Class A-R Certificates with respect to
                  any
                  Distribution Date will be equal to the Net WAC for Loan Group
                  1.

              

      

       

      
        
           

        

        
          24

          
            

          

        

        
           

        

      

      
        	 	
                (v)

              	
                The
                  Pass-Through Rate for the Class B-1, Class B-2, Class B-3, Class
                  B-4,
                  Class B-5 and Class B-6 Certificates with respect to any Distribution
                  Date
                  shall be equal to the Subordinate Certificate Pass-Through
                  Rate.

              

      

       

      “Paying
        Agent”:
        Any
        paying agent appointed pursuant to Section 6.05 hereof.

       

      “PCAOB”:
        The
        Public Company Accounting Oversight Board.

       

      “Percentage
        Interest”:
        With
        respect to any Certificate other than a Residual Certificate or a Class ES
        Certificate, a fraction, expressed as a percentage, the numerator of which
        is
        the Initial Certificate Principal Balance or Initial Certificate Notional
        Balance, as applicable, represented by such Certificate and the denominator
        of
        which is the Original Class Certificate Principal Balance or Original Class
        Certificate Notional Balance, as applicable, of the related Class. With respect
        to the Residual Certificate, 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 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 the Rating Agencies;

       

      (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;

       

      (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;

       

      
        
           

        

        
          25

          
            

          

        

        
           

        

      

      (vi) units
        of
        money market funds (which may be 12b-1 funds, as contemplated by the Commission
        under the Investment Company Act of 1940) registered under the Investment
        Company Act of 1940 including funds managed or advised by the Trustee, the
        Master Servicer or an affiliate thereof having the highest applicable rating
        from each Rating Agency; and

       

      (vii) if
        previously confirmed in writing to the Securities Adminsitrator, 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 rating 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.

       

      “Physical
        Certificates”:
        The
        Residual Certificate and the Class ES Certificates.

       

      “Pool
        Balance”:
        As to
        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 all Loan Groups that
        were Outstanding Mortgage Loans on that day.

       

      “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 by the applicable Servicer
        during the immediately preceding Prepayment Period, but only to the extent
        required to be remitted to the Master Servicer on the applicable Servicer
        Remittance Date under the terms of the related Servicing Agreement.

       

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

       

      “Primary
        Insurance Policy”:
        Mortgage guaranty insurance, if any, on an individual Mortgage Loan, as
        evidenced by a policy or certificate.

       

      “Principal
        Balance”:
        As to
        any Mortgage Loan, other than a Liquidated Mortgage Loan, and any day, the
        related Cut-Off Date Principal Balance, minus
        all
        collections credited against the Principal Balance of such Mortgage Loan
        after
        the 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. As to any REO Property
        and
        any day, the Principal Balance of the related Mortgage Loan immediately prior
        to
        such Mortgage Loan becoming REO Property.

       

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

      “Principal
        Deficiency Amount”:
        For
        any Distribution Date and for any Undercollateralized Group, the excess,
        if any,
        of the aggregate Class Certificate Principal Balance of such Undercollateralized
        Group immediately prior to such Distribution Date over the sum of the Principal
        Balances of the Mortgage Loans in the related Loan Group immediately prior
        to
        such Distribution Date.

       

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

       

      “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 B-4, Class B-5, Class B-6 and Class ES Certificates.

       

      “Private
        Placement Memorandum”:
        The
        Private Placement Memorandum dated August 30, 2007, relating to the Class
        B-4,
        Class B-5 and Class B-6 Certificates.

       

      “Pro
        Rata
        Share”:
        As 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 Certificate
        Principal Balance of that Class and the denominator of which is the aggregate
        of
        the Class Certificate Principal Balances of all the Classes of Subordinate
        Certificates.

       

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

      “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 July
        30,
        2007, relating to the Class 1A-1, Class 2-A1, Class 3A-1, Class 3A-2 and
        Class
        A-R Certificates.

       

      “Prospectus
        Supplement”:
        That
        certain Prospectus Supplement, dated August 30, 2007, as supplemented by
        the
        supplement dated August 30, 2007, relating to the initial offering and sale
        of
        the Class 1A-1, Class 2-A1, Class 3A-1, Class 3A-2 and Class A-R
        Certificates.

       

      “Purchase
        Price”:
        With
        respect to any Mortgage Loan or REO Property to be purchased pursuant to
        or as
        contemplated by Section 2.03, Section 3.25 or Section 10.01 hereof, and as
        confirmed by an Officers’ Certificate from the Seller to the Trustee, 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 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 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, any costs and damages incurred by the Trust
        in
        connection with any violation by such Mortgage Loan of any predatory- or
        abusive-lending laws.

       

      “Qualified
        Insurer”:
        A
        mortgage guaranty insurance company duly qualified as such under the laws
        of the
        state of its principal place of business and each state having jurisdiction
        over
        such insurer in connection with the insurance policy issued by such insurer,
        duly authorized and licensed in such states to transact a mortgage guaranty
        insurance business in such states and to write the insurance provided by
        the
        insurance policy issued by it, so long as the claims paying ability of which
        is
        acceptable to each Rating Agency for pass-through certificates having the
        same
        ratings as the Certificates rated by each Rating Agency as of the Closing
        Date.
        Any replacement insurer with respect to a Mortgage Loan must have at least
        as
        high a claims paying ability rating as the insurer it replaces had on the
        Closing Date.

       

      “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 maximum loan rate not less than the
        Maximum Loan Rate of the Deleted Mortgage Loan, (iii)  have a gross margin
        equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (iv)
        have the same Index as the Deleted Mortgage Loan, (v) have its next adjustment
        date not more than two months after the next Adjustment Date of the Deleted
        Mortgage Loan, (vi) have a remaining term to maturity not greater than (and
        not
        more than one year less than) that of the Deleted Mortgage Loan, (vii) be
        current as of the date of substitution, (viii) have a Loan-to-Value Ratio
        and a Loan-to-Collateral Value Ratio as of the date of substitution equal
        to or
        lower than the Loan-to-Value Ratio and the Loan-to-Collateral Value Ratio,
        respectively, of the Deleted Mortgage Loan as of such date, (ix) have been
        underwritten or re-underwritten in accordance with the same or substantially
        similar underwriting criteria and guidelines as the Deleted Mortgage Loan,
        (x)
        is of the same or better credit quality as the Deleted Mortgage Loan and
        (xi) conform to each representation and warranty set forth in Section 2.04
        hereof applicable to 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 (vi) hereof
        shall be determined on the basis of weighted average remaining term to maturity,
        the Loan-to-Value Ratio and Loan-to-Collateral Value Ratio described in clause
        (viii) 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 (x) hereof must be satisfied as to each
        Qualified Substitute Mortgage Loan or in the aggregate, as the case may
        be.

       

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

      “Rating
        Agency”:
        Each
        of Moody’s and S&P and any respective successors thereto. If Moody’s,
        S&P or their respective successors 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.

       

      “Record
        Date”:
        With
        respect to each Distribution Date and all Classes of Certificates, the last
        Business Day of the calendar month preceding the month in which such
        Distribution Date occurs.

       

      “Recovery”:
        With
        respect to any Distribution Date and a Mortgage Loan that became a Liquidated
        Mortgage Loan in a month preceding the related Prepayment Period to such
        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 related Prepayment Period, net
        of
        any reimbursable expenses.

       

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

       

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

      “Regular
        Certificate”:
        Any
        Class 1A-1, Class 1A-2, Class 2A-1, Class 2A-2, Class 3A-1, Class 3A-2, Class
        B-1, Class B-2, Class B-3, Class B-4, Class B-5 or Class B-6
        Certificate.

       

      “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.

       

      “Relevant
        Servicing Criteria”:
        The
        Servicing Criteria applicable to each party, as set forth on Exhibit Q attached
        hereto and any similar exhibit set forth in each Servicing Agreement in respect
        of each Servicer. 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 (in its capacity
        as Custodian) or each Servicer, the term “Relevant Servicing Criteria” may refer
        to a portion of the Relevant Servicing Criteria applicable to such
        parties.

       

      “Relief
        Act”:
        The
        Servicemembers Civil Relief Act or 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.

       

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

      “REO
        Account”:
        The
        account or accounts maintained by a Servicer in respect of an REO Property
        pursuant to the related Servicing Agreement.

       

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

       

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

       

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

       

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

       

      “Reporting
        Servicer”: As
        defined in Section 3.19(b).

       

      “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”:
        The
        Class A-R Certificate.

       

      “Responsible
        Officer”:
        When
        used with respect to the Trustee or the Securities Administrator, 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.

       

      
        
           

        

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

       

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

       

      “Retained
        Interest”:
        As to
        any Employee Loans originated by Thornburg and each Distribution Date, interest
        accrued on the Principal Balance thereof at the Retained Rate.

       

      “Retained
        Interest Holder”:
        With
        respect to each Employee Loan, the Seller or any successor in interest by
        assignment or otherwise.

       

      “Retained
        Rate”:
        As of
        the Cut-off Date, and for each Due Period thereafter, 0.00% per annum;
provided,
        however,
        if the
        related Mortgagor of the Employee Loan ceases to be an employee or a director
        of
        Thornburg or its Affiliates, the amount of the increase in the per annum
        rate
        set forth in the related Mortgage Note.

       

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

       

      “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).

       

      “Sarbanes-Oxley
        Certification”:
        A
        written certification covering the activities of all Servicing Function
        Participants (excluding the Custodian) and the Servicers and 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., or its successor in interest, 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.

       

      
        
           

        

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

       

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

       

      “Senior
        Certificate Group”:
        Any of
        (a) the Class 1A-1, Class 1A-2 and Class A-R Certificates with respect to
        Loan
        Group 1, (b) the Class 2A-1 and Class 2A-2 Certificates with respect to Loan
        Group 2 and (c) the Class 3A-1 and Class 3A-2 Certificates with respect to
        Loan
        Group 3.

       

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

       

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

       

      “Senior
        Percentage”:
        With
        respect to each Loan Group and any Distribution Date, the percentage equivalent
        of a fraction the numerator of which is the aggregate of the Class Certificate
        Principal Balances of the Class or Classes of Senior Certificates relating
        to
        that Loan Group immediately prior to such Distribution Date and the denominator
        of which is the Loan Group Balance in the related Loan Group for such
        Distribution Date provided,
        however,
        that on
        any Distribution Date after a Senior Termination Date has occurred with respect
        to a Loan Group, the Senior Percentage for that Loan Group will be equal
        to 0%
        and; provided,
        further, that
        on
        any Distribution Date after a Senior Termination Date has occurred with respect
        to two Loan Groups, the Senior Percentage of the remaining Senior Certificates
        is the percentage equivalent of a fraction, the numerator of which is the
        aggregate of the Certificate Principal Balances of remaining Class of Senior
        Certificates immediately prior to such date and the denominator of which
        is the
        aggregate of the Certificate Principal Balances of all Classes of Certificates,
        immediately prior to such date. 

       

      “Senior
        Prepayment Percentage”:
        With
        respect to each Loan Group any Distribution Date before September 2014, 100%.
        Except as provided herein, the Senior Prepayment Percentage for each of Loan
        Group for any Distribution Date occurring on or after September 2014 as follows:
        (i) from September 2014 through August 2015, the related Senior Percentage
        plus 70% of the related Subordinate Percentage for such Distribution Date;
        (ii) from September 2015 through August 2016, the related Senior Percentage
        plus 60% of the related Subordinate Percentage for such Distribution Date;
        (iii) from September 2016 through August 2017, the related Senior
        Percentage plus 40% of the related Subordinate Percentage for such Distribution
        Date; (iv) from September 2017 through
        August 2018, the related Senior Percentage plus 20% of the related Subordinate
        Percentage for such Distribution Date; and (v) from and after September
        2018, the related Senior Percentage for such Distribution Date; provided,
        however, that
        there shall be no reduction in the Senior Prepayment Percentage for any Loan
        Group on a Distribution Date, unless the Step Down Conditions are satisfied
        with
        respect to such Distribution Date; and provided,
        further,
        that if
        on any Distribution Date occurring on or after the Distribution Date in
        September 2014, the Senior Percentage for any Loan Group exceeds the initial
        Senior Percentage for such Loan Group, the related Senior Prepayment Percentage
        for such Distribution Date will again equal 100%.

       

      
        
           

        

        
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      Notwithstanding
        the above, (i) if on any Distribution Date prior to September 2010 the Two
        Times
        Test is satisfied, the Senior Prepayment Percentage for each Loan Group will
        equal the related Senior Percentage for such Distribution Date plus 50% of
        an
        amount equal to 100% minus the related Senior Percentage for such Distribution
        Date and (ii) if
        on any
        Distribution Date in or after September 2010 the Two Times Test is satisfied,
        the Senior Prepayment Percentage for each Loan Group will equal the related
        Senior Percentage for such Distribution Date.

       

      “Senior
        Principal Distribution Amount”:
        With
        respect to each Loan Group and any Distribution Date, the sum of: 

       

      (1) the
        related Senior Percentage of all amounts described in clauses (a) through
        (d) of
        the definition of “Principal Distribution Amount” for such Distribution
        Date;

       

      (2) with
        respect to each Mortgage Loan in that Loan Group 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 that
                  Mortgage
                  Loan; and

              

      

       

      
        	 	
                (y)

              	
                the
                  related Senior Prepayment Percentage of the amount 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 clause (f)
        of
        the definition of “Principal Distribution Amount;”

       

      provided,
        however,
        that on
        any Distribution Date after a Senior Termination Date has occurred with respect
        to two Loan Groups, the Senior Principal Distribution Amount for the remaining
        Senior Certificate Group will be calculated pursuant to the above formula
        based
        on all the Mortgage Loans rather than the Mortgage Loans in the related Loan
        Group only.

       

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

       

      “Servicer”:
        Each
        of the several primary servicers of the Mortgage Loans as set forth and as
        individually defined in Exhibit N hereto and any successors thereto or
        replacement therefor. 

       

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

       

      
        
           

        

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

       

      “Servicing
        Account”:
        Any
        account established and maintained for the benefit of the Master Servicer
        or the
        Trust 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 or 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 any Servicer or the Master Servicer in the performance
        of
        its servicing 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) compliance
        with the obligations under Article III hereof or the related Servicing
        Agreements.

       

      “Servicing
        Agreement”:
        The
        servicing agreements relating to the Mortgage Loans as set forth in Exhibit
        N
        hereto, servicing arrangements for any Mortgage Loans under the Seller’s
        Correspondent Sellers Guide, and any other servicing agreement entered into
        between a successor servicer and the Seller or the Trustee on behalf of the
        Trust pursuant to the terms hereof.

       

      “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 such Servicer
        and
        for any calendar month, the fee payable to such Servicer determined pursuant
        to
        the related Servicing Agreement.

       

      “Servicing
        Fee Rate”:
        With
        respect to each Mortgage Loan, the per annum servicing fee rate set forth
        on the
        Mortgage Loan Schedule.

       

      “Servicing
        Function Participant”:
        Any
        Sub-Servicer or Subcontractor, other than each Servicer, the Master Servicer,
        the Trustee, the Custodian and the Securities Administrator, in each case
        that
        is participating in the servicing function within the meaning of Regulation
        AB.

       

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

       

      “Seven-Year
        Hybrid Mortgage Loans”:
        The
        Mortgage Loans set forth on Schedule III hereto.

       

      
        
           

        

        
          35

          
            

          

        

        
           

        

      

      “Significant
        Modification”:
        As
        defined in Section 3.25.

       

      “Significant
        Modification Loan”:
        As
        defined in Section 3.25.

       

      “Significant
        Modification Loan Schedule”:
        With
        respect to each Distribution Date, a schedule prepared by the Master Servicer
        pursuant to Section 3.25 listing each Modifiable Mortgage Loan that has become
        a
        Significant Modification Loan during the immediately preceding Due Period,
        and
        the Purchase Price for each such Significant Modification Mortgage
        Loan.

       

      “Six-Month
        LIBOR”:
        The
        average of interbank offered rates for six-month U.S. dollar deposits in
        the
        London market based on quotations of major banks.

       

      “Six-Month
        LIBOR Indexed”:
        Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on
        the
        basis of the Six-Month LIBOR index.

       

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

       

      “Stated
        Principal Balance”:
        With
        respect to any Mortgage Loan: (a) as of the Distribution Date in September
        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 outstanding principal balance of such Mortgage
        Loan as of the Cut-Off Date, as shown in the Mortgage Loan Schedule,
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 applicable Servicer as recoveries of principal in accordance
        with
        the applicable provisions of the related 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. 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, 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”:
        As of
        any Distribution Date on which any decrease in any Senior Prepayment Percentage
        may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60
        days
        or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged
        over the preceding six month period, as a percentage of the aggregate of
        the
        Class Certificate Principal Balances of the Classes of Subordinate Certificates
        on such Distribution Date, does not equal or exceed 50% and (ii) cumulative
        Realized Losses with respect to all of the Mortgage Loans do not
        exceed:

       

      
        
           

        

        
          36

          
            

          

        

        
           

        

      

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the seventh anniversary until
                  the eighth
                  anniversary of the first Distribution Date, 30% of the aggregate
                  Certificate Principal Balance of the 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, 35% of the aggregate
                  Certificate Principal Balance of the Subordinate Certificates as
                  of the
                  Closing Date,

              

      

       

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the ninth anniversary until the
                  tenth
                  anniversary of the first Distribution Date, 40% of the aggregate
                  Certificate Principal Balance of the Subordinate Certificates as
                  of the
                  Closing Date,

              

      

       

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the tenth anniversary until the
                  eleventh
                  anniversary of the first Distribution Date, 45% of the aggregate
                  Certificate Principal Balance of the Subordinate Certificates as
                  of the
                  Closing Date, and

              

      

       

      
        	 	
                ·

              	
                for
                  any Distribution Date on or after the eleventh anniversary of the
                  first
                  Distribution Date, 50% of the aggregate Certificate Principal Balance
                  of
                  the Subordinate Certificates as of the Closing
                  Date.

              

      

       

      “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 Sub-Servicer of any Servicer),
        the Master Servicer, the Trustee or the Securities Administrator.

       

      “Subordinate
        Certificate”:
        Any
        one of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 or Class
        B-6
        Certificates.

       

      “Subordinate
        Certificate Pass-Through Rate”:
        With
        respect to each Class of Subordinate Certificates and any Distribution Date,
        the
        per annum rate equal to the weighted average (weighted on the basis of the
        related Subordinate Component) of the Net WACs for Loan Group 1, Loan Group
        2
        and Loan Group 3.

       

      “Subordinate
        Component”:
        With
        respect to each Loan Group and any Distribution Date, the excess of the related
        Loan Group Balance for such Distribution Date over the aggregate Class
        Certificate Principal Balance of the related Senior Certificate Group
        immediately preceding such Distribution Date. The designation “1,” “2” or “3”
appearing after the corresponding Loan Group designation is used to indicate
        a
        Subordinate Component allocable to Loan Group 1, Loan Group 2 and Loan Group
        3,
        respectively.

       

      “Subordinate
        Percentage”:
        With
        respect to each Loan Group and any Distribution Date, the difference between
        100% and the related Senior Percentage for such Loan Group and Distribution
        Date; provided,
        however,
        that on
        any Distribution Date occurring after a Senior Termination Date has occurred
        with respect to two Loan Groups, the Subordinate Percentage will represent
        the
        entire interest of the Subordinate Certificates in the Mortgage Loans and
        will
        equal the difference between 100% and the related Senior Percentage for such
        Distribution Date.

       

      
        
           

        

        
          37

          
            

          

        

        
           

        

      

      “Subordinate
        Prepayment Percentage”:
        With
        respect to each Loan Group and any Distribution Date, the difference between
        100% and the related Senior Prepayment Percentage for such Distribution
        Date.

       

      “Subordinate
        Principal Distribution Amount”:
        With
        respect to each Loan Group and any Distribution Date, an amount equal to
        the sum
        of:

       

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

       

      (2) with
        respect to each Mortgage Loan in such Loan Group that became a Liquidated
        Mortgage Loan during the related Prepayment Period, the amount of the Net
        Liquidation Proceeds allocated to principal received with respect thereto
        remaining after application thereof pursuant to clause (2) of the definition
        of
“Senior Principal Distribution Amount” for such Loan Group 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
        (f) of the definition of “Principal Distribution Amount” for such Loan Group and
        Distribution Date;

       

      provided,
        however,
        that on
        any Distribution Date occurring after a Senior Termination Date has occurred
        with respect to two Loan Groups, the Subordinate Principal Distribution Amount
        will not be calculated by Loan Group but will equal the amount calculated
        pursuant to the formula set forth above based on the applicable Subordinate
        Percentage or Subordinate Prepayment Percentage, as applicable, for such
        Distribution Date with respect to all the Mortgage Loans rather than the
        Mortgage Loans in the related Loan Group only.

       

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

       

      “Sub-Servicing
        Fee”:
        With
        respect to each Mortgage Loan sub-serviced by Cenlar FSB, an amount equal
        to
        one-twelfth the product of (i) the Sub-Servicing Fee Rate and (ii) the Stated
        Principal Balance of such Mortgage Loan as of the first day of the related
        month

       

      “Sub-Servicing
        Fee Rate”:
        With
        respect to any Mortgage Loan, sub-serviced by Cenlar FSB and serviced by
        Thornburg on behalf of the Trust Fund, the “Cenlar Subservicing Fee Rate” as
        defined in the Sub-Servicing Acknowledgement Agreement dated as of August
        1,
        2007 between Thornburg, as Servicer, and Cenlar FSB, as
        Sub-Servicer.

       

      
        
           

        

        
          38

          
            

          

        

        
           

        

      

      “Substitution
        Adjustment”:
        As
        defined in Section 2.03(d) 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 Master Servicer as may replace Page 3750
        on
        that service for the purpose of displaying daily comparable rates on
        prices).

       

      “10-K
        Filing Deadline”:
        As
        defined in Section 3.19(b).

       

      “Ten-Year
        Hybrid Mortgage Loans”:
        The
        Mortgage Loans set forth on Schedule IV hereto.

       

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

       

      “Thornburg”:
        Thornburg Mortgage Home Loans, Inc., a Delaware corporation, and its successors
        and assigns.

       

      “Three-Year
        Hybrid Mortgage Loans”:
        The
        Mortgage Loans identified as such and as set forth on Schedule II
        hereto.

       

      “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”:
        Thornburg Mortgage Securities Trust 2007-4, a common law trust created under
        the
        Agreement and governed under New York State law. 

       

      “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
        (but not including any Prepayment Penalty Amounts), (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 Depositor's security interest
        in the
        Additional Collateral, (vi) 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, (vii) all right, title
        and
        interest of the Depositor in and to each security or pledge agreement in
        respect
        of Additional Collateral and (viii) all right, title and interest of the
        Seller in and to each of the Servicing Agreements. 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 Cut-Off Date and principal received before the Cut-Off Date (except
        any principal collected as part of a payment due after the Cut-Off Date),
        (2)
        all income and gain realized from Permitted Investments of funds on deposit
        in
        the Distribution Account, (3) any Prepayment Penalty Amounts and (4) any
        Retained Interest.

       

      
        
           

        

        
          39

          
            

          

        

        
           

        

      

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

       

      “Trustee
        Fee”:
        The
        annual on-going fee payable by the Master Servicer on behalf of the Trust
        to the
        Trustee from the Master Servicer Fee pursuant to the terms of the separate
        fee
        letter agreement between the Trustee and the Master Servicer relating to
        the
        Thornburg Mortgage Securities Trust 2007-4.

       

      “Two
        Times Test”:
        As to
        any Distribution Date, (i) the Aggregate Subordinate Percentage is at least
        two
        times the Aggregate Subordinate Percentage as of the Closing Date; (ii) the
        aggregate of the Principal Balances of all Mortgage Loans Delinquent 60 days
        or
        more (including Mortgage Loans in REO and foreclosure), averaged over the
        preceding six-month period, as a percentage of the aggregate of the Class
        Certificate Principal Balances of the Subordinate Certificates, does not
        equal
        or exceed 50%; and (iii) on or after the Distribution Date in September 2010,
        cumulative Realized Losses do not exceed 30% of the Original Subordinated
        Principal Balance, or prior to the Distribution Date in September 2010,
        cumulative Realized Losses do not exceed 20% of the Original Subordinated
        Principal Balance.

       

      “Undercollateralized
        Group”:
        With
        respect to any Distribution Date, any Group 1 Certificates, Group 2 Certificates
        or Group 3 Certificates as to which the aggregate Class Certificate Principal
        Balance thereof, after giving effect to distributions pursuant to Section
        5.01(a) on such date, is greater than the Loan Group Balance of the related
        Loan
        Group for such Distribution Date. 

       

      “Underwriter’s
        Exemption”:
        Prohibited Transaction Exemption 90-59 (Exemption Application No. D-8374),
        as
        amended by PTE 97-34 (Exemption Application No. D-10245 and D-10246) and
        by PTE
        2000-58 (Exemption Application No. D-10829) and PTE 2002-41 (Exemption
        Application No. D-11077), as amended (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.

       

      
        
           

        

        
          40

          
            

          

        

        
           

        

      

      “United
        States Person”
or
        “U.S.
        Person”:
        A
        citizen or resident of the United States, a corporation, partnership or other
        entity treated as a corporation or partnership for federal income tax purposes
        (other than a partnership that is not treated as a U.S. Person pursuant to
        any
        applicable Treasury regulations) created or organized in, or under the laws
        of,
        the United States, any state thereof or the District of Columbia, or an estate
        the income of which from sources without the United States is includible
        in
        gross income for United States federal income tax purposes regardless of
        its
        connection with the conduct of a trade or business within the United States,
        or
        a trust if a court within the United States is able to exercise primary
        supervision over the administration of the trust and one or more United States
        persons have authority to control all substantial decisions of the trust.
        The
        term “United States” shall have the meaning set forth in Section 7701 of
        the Code or successor provisions.

       

      “Unpaid
        Interest Shortfall Amount”:
        With
        respect to each Class of Certificates 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 for the immediately preceding Distribution Date exceeds (b) the
        aggregate amount distributed on that Class in respect of such Monthly Interest
        Distributable Amount on the preceding Distribution Date plus (2) any such
        shortfalls remaining unpaid from prior Distribution Dates.

       

      “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. 99% of the voting rights shall be allocated among the Classes
        of Certificates (other than the Class A-R Certificates), pro
        rata,
        based
        on a fraction, expressed as a percentage, the numerator of which is the Class
        Certificate Principal Balance of such Class and the denominator of which
        is the
        aggregate of the Class Certificate Principal Balances then outstanding and
        1% of
        the voting rights shall be allocated to the Holder of the Class A-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 A-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 of each Certificate of such Class and the
        denominator of which is the Class Certificate Principal Balance or Class
        Certificate Notional Balance of such Class; provided,
        however,
        that
        any Certificate registered in the name of the Master Servicer, the Securities
        Administrator, the Trustee or any of their respective affiliates shall not
        be
        included in the calculation of Voting Rights; provided,
        further,
        the
        Class ES Certificates shall have no voting rights.

       

      
        
           

        

        
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      “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.

       

      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 Mortgage Loan (other than the right to receive
        any
        Retained Interest or any Prepayment Penalty Amounts) identified on the Mortgage
        Loan Schedule, including the related Cut-Off Date Principal Balance, all
        interest due thereon after the Cut-Off Date and all collections in respect
        of
        interest and principal due after the 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 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)
        the
        Depositor’s security interest in the Additional Collateral; (vi) all proceeds of
        any of the foregoing; 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 Cut-Off Date with respect to the
        Mortgage Loans.

       

      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 the Servicing Agreements 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.

       

      
        
           

        

        
          42

          
            

          

        

        
           

        

      

      In
        addition, with respect to any Additional Collateral Mortgage Loan, the Depositor
        does hereby transfer, assign, set-over and otherwise convey to the Trustee
        without recourse (except as provided herein) (i) its rights as assignee under
        any security agreements, pledge agreements or guarantees relating to the
        Additional Collateral supporting any Additional Collateral Mortgage Loan,
        (ii)
        its security interest in and to any Additional Collateral and (iii) its right
        to
        receive payments in respect of any Additional Collateral Mortgage Loan pursuant
        to the related Servicing Agreement.

       

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

       

      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 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 LaSalle
                  Bank National Association, as Trustee for Thornburg Mortgage Securities
                  Trust 2007-4, without recourse”, or with respect to any lost Mortgage
                  Note, an original Lost Note Affidavit stating that the original
                  mortgage
                  note was lost, misplaced or destroyed, together with a copy of
                  the related
                  mortgage note; provided,
                  however,
                  that such substitutions of Lost Note Affidavits for original Mortgage
                  Notes may occur only with respect to Mortgage Loans the aggregate
                  Cut-Off
                  Date Principal Balance of which is less than or equal to 2% of
                  the Cut-Off
                  Date Aggregate Principal Balance;

              

      

       

      
        	 	
                (ii)

              	
                originals
                  or copies of any guarantee, security agreement or pledge agreement
                  relating to any Additional Collateral, if applicable, and executed
                  in
                  connection with the Mortgage Note, assigned to the Trustee on behalf
                  of
                  the Trust;

              

      

       

      
        	 	
                (iii)

              	
                except
                  as provided below, for each Mortgage Loan that is not a MERS Mortgage
                  Loan, the original Mortgage, or a copy thereof certified by the
                  public
                  recording office in which such Mortgage has been recorded, 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, 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;

              

      

       

      
        
           

        

        
          43

          
            

          

        

        
           

        

      

      
        	 	
                (iv)

              	
                the
                  original or a 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 is a true copy and that the original of such
                  agreement
                  has been forwarded to the public recording
                  office;

              

      

       

      
        	 	
                (v)

              	
                in
                  the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                  an
                  original Assignment of Mortgage, in form and substance acceptable
                  for
                  recording. The Mortgage shall be assigned to “LaSalle Bank National
                  Association, as Trustee for Thornburg Mortgage Securities Trust
                  2007-4,
                  without recourse” or in blank;

              

      

       

      
        	 	
                (vi)

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

              

      

       

      
        	 	
                (vii)

              	
                the
                  original or a copy of lender’s title insurance policy;
                  and

              

      

       

      
        	 	
                (viii)

              	
                with
                  respect to any Cooperative Loan, the Cooperative Loan
                  Documents.

              

      

      
        
           

        

        
          44

          
            

          

        

        
           

        

      

      

      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 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 Thornburg Mortgage
        Securities Trust 2007-4.

       

      With
        respect to each Cooperative Loan the Seller, on behalf of the Depositor does
        hereby deliver to the Trustee (or Custodian) the related Cooperative Loan
        Documents and the Seller 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 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.

       

      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 or the Trustee)
        acceptable to the Trustee, each Rating Agency and the Master Servicer, recording
        in such states is not required to protect the Trust’s interest in the related
        Mortgage Loans; provided,
        however,
        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 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 to the Depositor 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 copy thereof, was required to be
        but was not delivered pursuant to Section 2.01(vii) 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 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 and required to be delivered to the Trustee, including,
        but not limited to, any original documents evidencing an assumption or
        modification of any Mortgage Loan. 

       

      
        
           

        

        
          45

          
            

          

        

        
           

        

      

      For
        Mortgage Loans (if any) that have been prepaid in full after the Cut-off
        Date
        and prior to the Closing Date, the Seller, in lieu of delivering the above
        documents, herewith delivers to the Trustee, or to the Custodian on behalf
        of
        the Trustee, 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 on behalf of the
        Trust
        shall be held by the Master Servicer or the applicable Servicer in trust
        for the
        Trustee, for the benefit of the Trust and the Certificateholders.

       

      Upon
        discovery or receipt of notice of any materially defective document in, or
        that
        a document is missing from, a Mortgage File, the Seller shall have 90 days
        to
        cure such defect or deliver such missing document to the Trustee. If the
        Seller
        does not cure such defect or deliver such missing document within such time
        period, the Seller shall either repurchase or substitute for such Mortgage
        Loan
        in accordance with Section 2.03 hereof.

       

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

       

      SECTION
        2.02. Acceptance
        by Trustee.

       

      The
        Trustee hereby accepts its appointment as 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 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
        each Mortgage File delivered to it 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 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), (iii), (xiii), (xiv) and (xviii) of the Mortgage Loan Schedule
        (to
        the extent such items are required to be delivered to it as part of the Mortgage
        Files pursuant to Section 2.01) accurately reflects information set forth
        in the
        Mortgage File. It is herein acknowledged that, in conducting such review,
        the
        Trustee is under no duty or obligation to inspect, review or examine any
        such
        documents, instruments, certificates or other papers to determine that they
        are
        genuine, 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 180 days after the Closing Date, the Trustee shall 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.

       

      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 the Custodian as its designated agent) shall promptly notify
        the
        Seller, the Depositor and the Master Servicer. 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 in trust for the
        benefit of the Certificateholders and that such property not be part of the
        Depositor’s estate or property of the Depositor in the event of any insolvency
        by the Depositor. In the event that such conveyance is deemed to be, or to
        be
        made as security for, a loan, the parties intend that the Depositor shall
        be
        deemed to have granted and does hereby grant to the Trustee a first priority
        perfected security interest in all of the Depositor’s right, title and interest
        in and to the Mortgage Loans, the related Mortgage Notes and the related
        documents, and that this Agreement shall constitute a security agreement
        under
        applicable law.

       

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

       

      (a) Upon
        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 the Custodian as its designated agent)
        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 Schedule III to the Mortgage Loan Purchase Agreement, 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. The Purchase Price for the
        repurchased Mortgage Loan or such other amount due shall be deposited in
        the
        Distribution Account on or prior to the next Determination Date after the
        Seller’s obligation to repurchase such Mortgage Loan arises. The Trustee, upon
        receipt of written certification from the Securities Administrator of the
        related deposit in the Distribution Account, shall release to the Seller
        the
        related Mortgage File and shall execute and deliver such instruments of transfer
        or assignment, in each case without recourse, as the Seller shall furnish
        to it
        and as shall be necessary to vest in the Seller any Mortgage Loan released
        pursuant hereto and the Trustee shall have no further responsibility with
        regard
        to such Mortgage File (it being understood that the Trustee shall have no
        responsibility for determining the sufficiency of such assignment for its
        intended purpose). In lieu of repurchasing any such Mortgage Loan as provided
        above, the 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)
        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.

       

      
        
           

        

        
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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(a).

       

      Any
        costs
        and expenses incurred by the Trustee enforcing the obligations of the Seller
        under this Section 2.03(a) shall be reimbursable to the Trustee from amounts
        on
        deposit in the Distribution Account.

       

      (b) If
        pursuant to the provisions of Section 2.03(a), the Seller repurchases or
        otherwise removes from the Trust Fund a Mortgage Loan that is a MERS Mortgage
        Loan, the Seller 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 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.

       

      
        
           

        

        
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      (c) [Reserved].

       

      (d) 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. As to any Deleted
        Mortgage Loan for which the Seller substitutes a Qualified Substitute Mortgage
        Loan or Mortgage Loans, such substitution shall be effected by the Seller
        delivering to the Trustee, for such Qualified Substitute Mortgage Loan or
        Mortgage 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 (subject to the exceptions
        provided therein), 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 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
        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. 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.

       

      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 the Trustee, upon receipt of the related Qualified Substitute Mortgage
        Loan or Loans and an acknowledgment from the Securities Administrator of
        its
        receipt 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.

       

      
        
           

        

        
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      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 (a) any federal tax to be imposed
        on the Trust Fund, including without limitation, any federal tax imposed
        on
“prohibited transactions” under Section 860F(a)(l) of the Code or on
“contributions after the startup date” under Section 860G(d)(l) of the Code, or
        (b) any REMIC created hereunder to fail to qualify as a REMIC at any time
        that
        any Certificate is outstanding. 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.

       

      (e) Upon
        discovery by the Seller, the Master Servicer, a Servicer or the Trustee that
        any
        Mortgage Loan does not constitute a “qualified mortgage” within the meaning of
        Section 860G(a)(3) of the Code, the party discovering such fact shall within
        two
        Business Days give written notice thereof to the other parties. In connection
        therewith, the Seller shall repurchase or, subject to the limitations set
        forth
        in Section 2.03(d), substitute one or more Qualified Substitute Mortgage
        Loans
        for the affected Mortgage Loan within 90 days of the earlier of discovery
        or
        receipt of such notice with respect to such affected Mortgage Loan. Any such
        repurchase or substitution shall be made in the same manner as set forth
        in
        Section 2.03(a) 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.

       

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

       

      The
        Seller hereby represents and warrants to the Trustee for the benefit of the
        Certificateholders that the representations and warranties made by the Seller
        pursuant to Schedule III to the Mortgage Loan Purchase Agreement are hereby
        being made to the Trustee and are true and correct as of the Closing
        Date.

       

      With
        respect to the representations and warranties incorporated 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.

       

      
        
           

        

        
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      Within
        90
        days of its discovery or its receipt of notice of any such missing or materially
        defective documentation or any such breach of a representation or warranty,
        the
        Seller shall promptly deliver such missing document or cure such defect or
        breach in all material respects or, in the event such defect or breach cannot
        be
        cured, the Seller shall repurchase the affected Mortgage Loan or cause the
        removal of such Mortgage Loan from the Trust Fund and substitute for it one
        or
        more Qualified Substitute Mortgage Loans, in either case, in accordance with
        Section 2.03 hereof.

       

      It
        is
        understood and agreed that the representations and warranties incorporated
        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(a) hereof to cure, substitute for or
        repurchase 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 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 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;

       

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

       

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

       

      (vi) the
        Depositor is not in violation of its 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 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 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 Trust and 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 as a corporation
        under the laws of the State of Delaware and is and will remain in compliance
        with the laws of each state in which any Mortgaged Property is located to
        the
        extent necessary to fulfill its obligations hereunder;

       

      (ii) the
        Seller has the power and authority to hold each Mortgage Loan, to sell each
        Mortgage Loan, to execute, deliver and perform, and to enter into and
        consummate, all transactions contemplated by this Agreement. The Seller has
        duly
        authorized the execution, delivery and performance of this Agreement, has
        duly
        executed and delivered this Agreement and this Agreement, assuming due
        authorization, execution and delivery by the other parties hereto, constitutes
        a
        legal, valid and binding obligation of the Seller, enforceable against it
        in
        accordance with its terms except as the enforceability thereof may be limited
        by
        bankruptcy, insolvency or reorganization or other similar laws in relation
        to
        the rights of creditors generally;

       

      (iii) the
        execution and delivery of this Agreement by the Seller and the performance
        of
        and compliance with the terms of this Agreement will not violate the Seller’s
        articles of incorporation or by-laws or constitute a default under or result
        in
        a material breach or acceleration of, any material contract, agreement or
        other
        instrument to which the Seller is a party or which may be applicable to the
        Seller or its assets;

       

      (iv) 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 over the Seller or its assets, which
        violation might have consequences that would materially and adversely affect
        the
        condition (financial or otherwise) or the operation of the Seller or its
        assets
        or might have consequences that would materially and adversely affect the
        performance of its obligations and duties hereunder;

       

      
        
           

        

        
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      (v) the
        Seller does not believe, nor does it have any reason or cause to believe,
        that
        it cannot perform each and every covenant contained in this
        Agreement;

       

      (vi) the
        Seller has good, marketable and indefeasible title to the Mortgage Loans,
        free
        and clear of any and all liens, pledges, charges or security interests of
        any
        nature encumbering the Mortgage Loans and upon the payment of the purchase
        price
        under the Mortgage Loan Purchase Agreement by the Depositor, the Depositor
        will
        have good and marketable title to the Mortgage Notes and Mortgage Loans,
        free
        and clear of all liens or encumbrances;

       

      (vii) the
        Mortgage Loans are not being transferred by the Seller with any intent to
        hinder, delay or defraud any creditors of the Seller;

       

      (viii) there
        are
        no actions or proceedings against, or investigations known to it of, the
        Seller
        before any court, administrative or other tribunal (A) that might prohibit
        its
        entering into this Agreement, (B) seeking to prevent the sale of the Mortgage
        Loans or the consummation of the transactions contemplated by this Agreement
        or
        (C) that might prohibit or materially and adversely affect the performance
        by
        the Seller of its obligations under, or validity or enforceability of, this
        Agreement;

       

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

       

      (x) the
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Seller, and the transfer, assignment and
        conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
        to the
        Mortgage Loan Purchase Agreement are not subject to the bulk transfer or
        any
        similar statutory provisions.

       

      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 Trust, 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.

       

      
        
           

        

        
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      ARTICLE
        III

       

      ADMINISTRATION
        AND 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, where
        applicable, the Correspondent Sellers Guide and the Master Servicing Guide,
        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
        and,
        where applicable, the Master Servicing Guide. 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 based on such reconciled and corrected information, prepare
        the
        statements specified in Section 5.04 and any other information and statements
        required hereunder. The Master Servicer shall reconcile the results of its
        Mortgage Loan monitoring with the actual remittances of the Servicers to
        the
        related Servicing Accounts pursuant to the applicable Servicing
        Agreements.

       

      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.

       

      
        
           

        

        
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      The
        Trustee shall provide access to the records and documentation in possession
        of
        the Trustee (including in its capacity as 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 the written request of the Master Servicer, 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 the
        Trustee has received a REMIC Opinion prepared at the expense of the Trust;
        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, as applicable, accept any contribution to any
        REMIC
        after the Startup Day without receipt of a REMIC Opinion.

       

      SECTION
        3.03. Monitoring
        of Servicers.

       

      (a) The
        Master Servicer shall be responsible for reporting to the Trustee (on behalf
        of
        the Trust) 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.

       

      
        
           

        

        
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      (b) The
        Master Servicer, for the benefit of the Trust and the Certificateholders,
        shall
        (acting as agent of the Trust when enforcing the Trust’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 in paragraph (c) 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.

       

      (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 with respect to any Servicing
        Agreement (including, without limitation, (i) all 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 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 costs and expenses from the Distribution
        Account.

       

      (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 Servicer, if any, that it
        replaces.

       

      (f) With
        respect to Additional Collateral Mortgage Loans, the Master Servicer shall
        have
        no duty or obligation to supervise, monitor or oversee the activities of
        each
        Servicer under its Servicing Agreement with respect to Additional Collateral,
        except (a) with respect to any instances where a Servicer, in the course
        of
        fulfilling its obligations under the related Servicing Agreement seeks
        directions, instructions, consents or waivers from the Master Servicer with
        respect to any item of Additional Collateral, or (b) upon the occurrence
        of the
        following events (i) in the case of a final liquidation of any Mortgaged
        Property secured by Additional Collateral, the Master Servicer shall enforce
        the
        obligation of the Servicer under the related Servicing Agreement to liquidate
        such Additional Collateral as required by such Servicing Agreement, and (ii)
        if
        the Master Servicer assumes the obligations of such Servicer as successor
        Servicer under the related Servicing Agreement pursuant to this Section 3.03,
        as
        successor Servicer, it shall be bound to service and administer the Additional
        Collateral in accordance with the provisions of such Servicing
        Agreement.

       

      
        
           

        

        
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      (g) If
        a
        Servicing Agreement requires the approval of the Master Servicer for a
        modification to a Mortgage Loan, the Master Servicer shall approve such
        modification if, based upon its receipt of written notification from the
        related
        Servicer outlining the terms of such modification and appropriate supporting
        documentation, the Master Servicer determines that the modification is permitted
        under the terms of the related Servicing Agreement and that any conditions
        to
        such modification set forth in related Servicing Agreement have been satisfied.
        If a Servicing Agreement requires approval or consent of the Trustee for
        a
        modification, the Trustee shall approve or consent to such modification if
        the
        Master Servicer makes such a determination and in reliance thereon.

       

      (h) If
        a
        Servicing Agreement requires the oversight and monitoring of loss mitigation
        measures with respect to the related Mortgage Loans, the Master Servicer
        will
        monitor any loss mitigation procedure or recovery action related to a defaulted
        Mortgage Loan (to the extent it receives notice of such from the related
        Servicer) and confirm that such loss mitigation procedure or recovery action
        is
        initiated, conducted and concluded in accordance with any timeframes and
        any
        other requirements set forth in the related Servicing Agreement, and the
        Master
        Servicer shall notify the Depositor in any case in which the Master Servicer
        believes that the related Servicer is not complying with such timeframes
        and/or
        other requirements.

       

      SECTION
        3.04. Fidelity
        Bond.

       

      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.

       

      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 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, or in the name of the Trust, 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 related
        Servicing Agreement, 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 applicable Servicing Agreement 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 or in the name of the Trust (or cause the related Servicer, pursuant
        to the related Servicing Agreement, to institute such proceedings either
        in the
        name of such Servicer on behalf of the Trust or in the name of the Trust),
        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 or the Trustee on its behalf or that the Trust 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, 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.

       

      
        
           

        

        
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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 Servicer will, if required under the applicable Servicing
        Agreement, promptly furnish to the 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 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
        Custodian, on behalf of the Trustee), shall promptly release the related
        Mortgage File to the applicable Servicer and the Trustee (and the Custodian,
        if
        applicable) 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.

       

      
        
           

        

        
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      (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 Custodian, on behalf of the Trustee), shall, upon the request of a Servicer
        or the Master Servicer, and delivery to the Trustee (the 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 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 Custodian on behalf
        of
        the Trustee), to the Servicer or the Master Servicer.

       

      SECTION
        3.08. Documents,
        Records and Funds in Possession of Master Servicer To Be Held for
        Trust.

       

      (a) The
        Master Servicer shall transmit and each Servicer (to the extent required
        by the
        related Servicing Agreement) shall transmit to the Trustee (or 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, the applicable Servicing Agreement, to be delivered
        to
        the Trustee (or 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 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 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.

       

      
        
           

        

        
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      (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 and the Certificateholders and shall be and remain the sole
        and
        exclusive property of the Trust; 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.

       

      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 Section 4.01 and 4.02, any amounts collected by the Servicers or the Master
        Servicer, or by any 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 Section 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 Section 4.02
        and
        4.03.

       

      
        
           

        

        
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      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 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. Maintenance
        of the Primary Insurance Policies.

       

      (a) The
        Master Servicer shall not take, or permit any Servicer (to the extent such
        action is prohibited under the applicable Servicing Agreement) to take, any
        action that would result in noncoverage under any applicable Primary Insurance
        Policy of any loss which, but for the actions of such Master Servicer or
        Servicer, would have been covered thereunder. The Master Servicer shall use
        its
        best reasonable efforts to cause each Servicer (to the extent required under
        the
        related Servicing Agreement) to keep in force and effect (to the extent that
        the
        Mortgage Loan requires the Mortgagor to maintain such insurance), primary
        mortgage insurance applicable to each Mortgage Loan (including any lender-paid
        Primary Insurance Policy) in accordance with the provisions of this Agreement
        and the related Servicing Agreement, as applicable. The Master Servicer shall
        not, and shall not permit any Servicer (to the extent required under the
        related
        Servicing Agreement) to, cancel or refuse to renew any such Primary Insurance
        Policy that is in effect at the date of the initial issuance of the Mortgage
        Note and is required to be kept in force hereunder except in accordance with
        the
        provisions of this Agreement and the related Servicing Agreement, as
        applicable.

       

      (b) The
        Master Servicer agrees to cause each Servicer (to the extent required under
        the
        related Servicing Agreement) to present, on behalf of the Trustee, the Trust
        and
        the Certificateholders, claims to the insurer under any Primary Insurance
        Policies and, in this regard, to take such reasonable action as shall be
        necessary to permit recovery under any Primary Insurance Policies respecting
        defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.02, any amounts
        collected by the Servicer under any Primary Insurance Policies shall be
        deposited in the Distribution Account, subject to withdrawal pursuant to
        Section
        4.03.

       

      
        
           

        

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

       

      The
        Trustee (or the Custodian, as directed by the Trustee), shall retain possession
        and custody of the originals (to the extent available and delivered) of any
        Primary Insurance Policies, or 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 Custodian, as directed by the Trustee), upon the
        execution or receipt thereof the originals of any Primary Insurance Policies,
        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.

       

      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. 

       

      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 a 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 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 (or the Trustee on its behalf) 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, or if required under applicable law, to
        the
        Trustee, or to its nominee, on behalf of the Trust. 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 related
        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 (subject to the later
        date
        referred to in Section 3.16(a)(iii)), commencing in March 2008, the Master
        Servicer, the Securities Administrator and the Custodian, each at its own
        expense, shall furnish, and each such party shall cause any Servicing Function
        Participant engaged by it (unless such party has elected to take responsibility
        for assessing compliance with the Relevant Servicing Criteria and providing
        the
        related attestation for any such Subcontractor engaged by it in accordance
        with
        Regulation AB Telephone Interpretation 17.06) to furnish, each at its own
        expense, to the Securities Administrator and the Depositor, a report on an
        assessment of compliance with the Relevant Servicing Criteria that contains
        (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 for which a 10-K is required
        to
        be filed, the Master Servicer and the 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 the Securities Administrator
        are the same Person). When the Master Servicer, the Custodian, and the
        Securities Administrator 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 each comparable report submitted by a Servicer
        and, if applicable, consult with the Master Servicer, the Securities
        Administrator, the Custodian, the Servicers 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 Q and
        on any
        similar exhibit set forth in each Servicing Agreement in respect of each
        Servicer and notify the Depositor of any exceptions. None of such parties
        shall
        be required to deliver any such assessments until March 30 in any given year
        so
        long as it has received written confirmation from the Depositor that a Form
        10-K
        is not required to be filed in respect of the Trust for the preceding calendar
        year which, if the circumstances apply, the Depositor agrees to provide prior
        to
        March 1 of the applicable year; provided that the Custodian shall only be
        required to deliver such an assessment of compliance with respect to any
        fiscal
        year for which a Form 10-K is required to be filed in respect of the Trust.
        The
        Master Servicer shall include all annual reports on assessment of compliance
        received by it with its own assessment of compliance to be submitted to the
        Securities Administrator pursuant to this Section.

      

      In
        the
        event the Master Servicer, the Securities Administrator, the Custodian, any
        Servicer or any Servicing Function Participant engaged by any such party
        is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to,
        the terms of this Agreement, or any applicable custodial agreement, Servicing
        Agreement or sub-servicing agreement, as the case may be, such party (in
        the
        case of a Servicer, to the extent required under the applicable Servicing
        Agreement) shall provide or shall cause such Servicing Function Participant to
        provide for the applicable period preceding such assignment and termination
        a
        report on assessment of compliance pursuant to this Section 3.16(a) or to
        such
        other applicable agreement, notwithstanding any such termination, assignment
        or
        resignation.

      
        
           

        

        
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      (b) Attestation
        Reports.

       

      (i) By
        March
        10 (with a 5 calendar day cure period) of each year (subject to the later
        date
        referred to in Section 3.16(b)(ii)), commencing in March 2008, the Master
        Servicer, the Securities Administrator, the Custodian, each at its own expense,
        shall cause, and each such party shall cause any Servicing Function Participant
        engaged by it to cause (unless such party has elected to take responsibility
        for
        assessing compliance with the Relevant Servicing Criteria and providing the
        related attestation with respect to such Relevant Servicing Criteria for
        any
        such Subcontractor engaged by it in accordance with Regulation AB Telephone
        Interpretation 17.06), each at its own expense, a registered public accounting
        firm (which may also render other services to the Master Servicer, the Trustee,
        in its capacity as 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 representation regarding certain matters from the management of
        such
        party, which includes an assertion that such party has complied with the
        Relevant Servicing Criteria, and (ii) on the basis of an examination conducted
        by such firm in accordance with standards for attestation engagements issued
        or
        adopted by the PCAOB, it is expressing an opinion as to whether such party’s
        compliance with the Relevant Servicing Criteria was fairly stated in all
        material respects, or it cannot express an overall opinion regarding such
        party’s assessment of compliance with the Relevant Servicing Criteria. In the
        event that an overall opinion cannot be expressed, such registered public
        accounting firm shall state in such report why it was unable to express such
        an
        opinion. Such report must be available for general use and not contain
        restricted use language. 

      

      (ii) Promptly
        after receipt of such report from the Master Servicer, the Trustee, in its
        capacity as Custodian, the Securities Administrator, a Servicer or any Servicing
        Function Participant engaged by such parties, (i) the Depositor shall review
        the
        report and, if applicable, consult with such parties as to the nature of
        any
        defaults by such parties, in the fulfillment of any of each such party’s
        obligations hereunder or under any other applicable agreement, and (ii) the
        Securities Administrator shall confirm that each assessment submitted pursuant
        to 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.
        None of the Master Servicer, the Securities Administrator, the Custodian
        or any
        Servicing Function Participant engaged by such parties shall be required
        to
        deliver or cause the delivery of such reports until March 30 in any given
        year
        for so long as it has received written confirmation from the Depositor that
        a
        Form 10-K is not required to be filed in respect of the Trust for preceding
        calendar or fiscal year which, if the circumstances apply, the Depositor
        agrees
        to provide prior to March 1 of the applicable year; provided that the Custodian
        shall only be required to deliver or cause to be delivered such report with
        respect to any fiscal year for which a Form 10-K is required to be filed
        by the
        Trust. The Master Servicer shall include each such attestation furnished
        to it
        with its own attestation to be submitted to the Securities Administrator
        pursuant to this Section.

      

      
        
           

        

        
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      In
        the
        event the Master Servicer, the Securities Administrator, the Custodian, any
        Servicer or any Servicing Function Participant engaged by any 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 sub-servicing agreement, as the case may be, such party (in
        the
        case of a Servicer, to the extent required under the applicable Servicing
        Agreement) shall cause a registered public accounting firm to provide an
        attestation pursuant to this Section 3.16(b) or to such other applicable
        agreement, for the applicable period immediately preceding such termination,
        assignment or resignation, notwithstanding any such termination, assignment
        or
        resignation.

       

      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 any 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 any 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. Promptly
        after receipt of each such Officer’s Certificate, the Depositor shall review
        such Officer’s Certificate and, if applicable, consult with each such party, as
        applicable, as to the nature of any failures by such party, in the fulfillment
        of any of such party’s obligations hereunder or, in the case of any Servicing
        Function Participant, under such other applicable agreement. The Master Servicer
        shall include all annual statements of compliance received by it from each
        Servicer 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 any such party 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 or to such applicable agreement,
        as
        the case may be, notwithstanding any such termination, assignment or
        resignation.

       

      SECTION
        3.18. 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 Master Servicer and the
        Securities Administrator 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 1 (with a ten-calendar day cure period), (or by such other date and
        cure
        period specified in the applicable Servicing Agreement), of each year in
        which
        the Trust is subject to the reporting requirements of the Exchange Act and
        otherwise within a reasonable period of time upon request, a certification,
        if
        applicable in the form provided by the related Servicing Agreement (each,
        a
“Back-Up
        Certification”),
        upon
        which the Certifying Person, the entity for which the Certifying Person acts
        as
        an officer, and such entity’s officers, directors and Affiliates (collectively
        with the Certifying Person, “Certification
        Parties”)
        can
        reasonably rely. The senior officer of the Master Servicer in charge of the
        master servicing function shall serve as the Certifying Person on behalf
        of the
        Trust. 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 sub-servicing agreement, as the case
        may
        be, such party shall provide a Back-Up Certification to the Certifying Person
        pursuant to this Section 3.18 with respect to the period of time it was subject
        to this Agreement or any applicable sub-servicing 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 or custodial agreement.

       

      
        
           

        

        
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      SECTION
        3.19. Reports
        Filed with Securities and Exchange Commission.

       

      (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 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 parties set forth on Exhibit R to the Depositor and the
        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-D Disclosure, except as set forth in the next two paragraphs. 

      

      (ii) As
        set
        forth on Exhibit R hereto, within 5 calendar days after the related Distribution
        Date, (i) the parties to the Thornburg Mortgage Securities Trust 2007-4
        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-D Disclosure, if applicable, together with an Additional
        Disclosure Notification in the form of Exhibit U hereto (an “Additional
        Disclosure Notification”),
        and
        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;
        provided that if the Additional Form 10-D Disclosure relates solely to the
        Depositor, such fees and expenses shall be paid by the
        Depositor.

      
        
           

        

        
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      (iii) After
        preparing the Form 10-D, the Securities Administrator shall forward upon
        request
        electronically a copy of the Form 10-D to the Depositor (provided that such
        Form
        10-D includes any Additional Form 10-D Disclosure). Within two Business Days
        after receipt of such copy, but no later than the 12th
        calendar
        day after the Distribution Date, the Depositor shall notify the Securities
        Administrator in writing (which may be furnished electronically) of any changes
        to or approval of such Form 10-D. In the absence of receipt of any written
        changes or approval, or if the Depositor does not request a copy of a Form
        10-D,
        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 the 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 obtain or receive,
        on a timely basis, any information from any other party hereto needed to
        prepare, arrange for execution or file such Form 10-D, not resulting from
        its
        own negligence, bad faith or willful misconduct.

      

      (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.” The Depositor hereby represents to
        the Securities Administrator that the Depositor has filed all such required
        reports during the preceding 12 months and that it has been subject to such
        filing requirement for the past 90 days. The Depositor shall notify the
        Securities Administrator in writing, no later than the fifth calendar day
        after
        the related Distribution Date with respect to the filing of a report on Form
        10-D if the answer to the questions should be “no.” The Securities Administrator
        shall be entitled to rely on such representations in preparing, executing
        and/or
        filing any such report

      
        
           

        

        
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      (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 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 ends on December
        31st
        of each
        year), commencing in March 2008, the Securities Administrator shall prepare
        and
        file on behalf of the Trust 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 related
        Servicing Agreement, (i) an annual compliance statement for each Servicer,
        the
        Master Servicer, the Securities Administrator and any Servicing Function
        Participant engaged by such parties (each, a “Reporting
        Servicer”)
        as
        described under Section 3.17, (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 each 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 each 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 3.18 (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 determined and prepared by and at the direction of the Depositor pursuant
        to
        the following paragraph and the Securities Administrator will have no duty
        or
        liability for any failure hereunder to determine or prepare any Additional
        Form
        10-K Disclosure, except as set forth in the next two paragraphs. 

      

      (ii) As
        set
        forth on Exhibit S hereto, no later than March 10 (with a 5 calendar day
        cure
        period) of each year that the Trust is subject to the Exchange Act reporting
        requirements, commencing in 2008, (i) the parties to the Thornburg Mortgage
        Securities Trust 2007-4 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; provided that if the Additional
        Form
        10-K Disclosure relates solely to the Depositor, such fees and expenses shall
        be
        paid by the Depositor.

      
        
           

        

        
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      (iii) After
        preparing the Form 10-K, the Securities Administrator shall forward upon
        request
        electronically a copy of the Form 10-K to the Depositor. Within three Business
        Days after receipt of such copy, but no later than March 25th, the Depositor
        shall notify the Securities Administrator in writing (which may be furnished
        electronically) of any changes to or approval of such Form 10-K. In the absence
        of receipt of any written changes or approval, or if the Depositor does not
        request a copy of a Form 10-K, 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 the
        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) 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. The parties to this Agreement acknowledge that the performance by the
        Master Servicer and the Securities Administrator of its duties under this
        Section 3.19(b) related to the timely preparation, execution and filing of
        Form
        10-K is contingent upon such parties (the Custodian and any Servicing Function
        Participant) strictly observing all applicable deadlines in the performance
        of
        their duties under this Section 3.19(b), Section 3.18, 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 obtain or receive, on a
        timely basis, any information from any other party hereto needed to prepare,
        arrange for execution or file such Form 10-K, not resulting from its own
        negligence, bad faith or willful misconduct.

      

      (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.” The Depositor hereby represents to
        the Securities Administrator that the Depositor has filed all such required
        reports during the preceding 12 months and that it has been subject to such
        filing requirement for the past 90 days. The Depositor shall notify the
        Securities Administrator in writing, no later than March 15th 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.

      
        
           

        

        
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      (c) Reports
        Filed on Form 8-K.

       

      (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 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 parties set forth on Exhibit T to the Depositor and the
        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 two
        paragraphs. 

      

      (ii) As
        set
        forth on Exhibit T hereto, for so long as the Trust is subject to the Exchange
        Act reporting requirements, no later than close of business (New York City
        time)
        on the 2nd Business Day after the occurrence of a Reportable Event (i) the
        parties to the Thornburg Mortgage Securities Trust 2007-4 transaction shall
        be
        required to provide to the Securities Administrator and 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, 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; provided that if the Additional Form
        8-K
        Disclosure Information relates solely to the Depositor, such fees and expenses
        shall be paid by the Depositor. 

      

      (iii) After
        preparing the Form 8-K, the Securities Administrator shall forward upon request
        electronically a copy of the Form 8-K to the Depositor. 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 (which
        may be
        furnished electronically) of any changes to or approval of such Form 8-K.
        In the
        absence of receipt of any written changes or approval, or if the Depositor
        does
        not request a copy of a Form 8-K, 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 filed by the
        Securities Administrator. 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) 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 or filed
        by
        the Depositor and provided to the Securities Administrator for that purpose.
        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
        obtain or 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) Delisting;
        Amendments; Late Filings.

       

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

       

      (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 electronically the Depositor. In the case of Form 10-D and
        10-K,
        the parties to this Agreement and each Servicer 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 will, upon receipt of all required Form 8-K Disclosure Information
        and upon the approval and direction of the Depositor, include such disclosure
        information on the next Form 10-D. In the event that any previously filed
        Form
        8-K, 10-D or 10-K needs to be amended, and such amendment includes any
        Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure or any
        Form
        8-K Disclosure Information or any amendment to such disclosure, the Securities
        Administrator will promptly notify electronically the Depositor and such
        parties
        will cooperate to prepare any necessary 8-KA, 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 or a senior officer in charge of master servicing,
        as
        applicable, of the Master Servicer. 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(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, not resulting from its
        own
        negligence, bad faith or willful misconduct.

      
        
           

        

        
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      SECTION
        3.20. 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
        3.21. Intention
        of the Parties and Interpretation.

       

      Each
        of
        the parties acknowledges and agrees that the purpose of Section 3.16 through
        Section 3.20 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, which information
        is
        available to such party without unreasonable effort or expense and within
        such
        timeframe as may be reasonably requested, 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
        3.22. Indemnification.
        

       

      Each
        party required to deliver an assessment of compliance and attestation report
        pursuant to Section 3.16 (each, an “Item
        1122 Responsible Party”)
        shall
        indemnify and hold harmless the Securities Administrator, the Master Servicer,
        the Depositor and the Seller 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
        material omission in any information, data or materials provided by such
        Item
        1122 Responsible Party (or,
        in the case of the Securities Administrator or Master Servicer, any material
        misstatement or material 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 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 the Securities Administrator or
        the
        Master Servicer and provided by either of them),
        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 Securities Administrator,
        the
        Depositor or the Seller, then each Item 1122 Responsible Party agrees that
        it
        shall contribute to the amount paid or payable by the Securities Administrator,
        the Master Servicer, the Depositor and the Seller as a result of any claims,
        losses, damages or liabilities incurred by the Securities Administrator,
        the
        Master Servicer, the Depositor or the Seller in such proportion as is
        appropriate to reflect the relative fault of the Securities Administrator,
        the
        Master Servicer, the Depositor or the Seller 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
        3.23. Amendments
        to Master Servicing Guide and Correspondent Sellers Guide. 

       

      The
        Seller and the Master Servicer hereby agree not to amend the Master Servicing
        Guide or the Correspondent Sellers Guide with respect to the Mortgage Loans
        (which are Securitized Loans (as defined therein)) which amendment would
        (i)
        change the Servicer Remittance Date or date for remittance of any servicer
        reports or monthly remittance advices, (ii) change the manner in which any
        Servicer makes Advances, servicing advances or amounts to compensate for
        Interest Shortfalls or (iii) otherwise have a material adverse effect on
        the
        Trust or the Certificateholders unless such changes are made pursuant to
        the
        provisions of Section 12.01 hereof. 

       

      SECTION
        3.24. UCC.

       

      The
        Securities Administrator agrees to file continuation statements for any Uniform
        Commercial Code financing statements identifying the Trust as debtor which
        the
        Depositor has informed the Securities Administrator in writing were filed
        on the
        Closing Date in connection with the Trust, provided that the Securities
        Administrator receives the related filing information on a timely basis.
        The
        Depositor shall file any financing statements or amendments thereto required
        by
        any change in the Uniform Commercial Code.

       

      SECTION
        3.25. Optional
        and Required Purchases of Certain Mortgage Loans.

       

      (a) Thornburg,
        in its capacity as a Servicer of a portion of the Mortgage Loans, shall have
        the
        right to purchase from the Trust any Mortgage Loan which as of the first
        day of
        a calendar quarter is delinquent in payment by 90 days or more or is an REO
        Property, at a price equal to the Purchase Price; provided however (i) that
        such
        Mortgage Loan is still 90 days or more delinquent or is an REO Property as
        of
        the date of such purchase and (ii) this purchase option, if not theretofore
        exercised, shall terminate on the date prior to the last day of the related
        calendar quarter. This purchase option, if not exercised, shall not be
        thereafter reinstated unless the delinquency is cured and the Mortgage Loan
        thereafter again becomes 90 days or more delinquent or becomes an REO Property,
        in which case the option shall again become exercisable as of the first day
        of
        the related calendar quarter. 

       

      
        
           

        

        
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      (b) In
        addition, Thornburg, in its capacity as the Seller, may, but is not required
        to,
        repurchase any Mortgage Loan as to which the Mortgagor has requested a
        Significant Modification that is not then permitted under the related Mortgage
        Note if such Mortgagor has a satisfactory payment history under such Mortgage
        Loan and meets the credit standards of the Seller for the loan program selected
        (a “Significant
        Modification Loan”).
        A
“Significant
        Modification”
shall
        mean any modification to the interest rate of the greater of (i) 0.25% added
        or
        subtracted from the existing rate and (ii) a change equal to the product
        of (a)
        5% and (b) the annual existing interest rate thereon, which is not provided
        for
        in the related Mortgage Note. The purchase price for any repurchase pursuant
        to
        this Section 3.25(b) shall be the applicable Purchase Price. In order to
        exercise its repurchase rights hereunder, the Seller shall deliver to the
        Master
        Servicer and the Trustee an Officer’s Certificate identifying the Mortgage Loan
        to be repurchased and certifying that (i) such Mortgage Loan is a Significant
        Modification Loan, and (ii) that the Significant Modification Loan will be
        entered into on the date of such repurchase. In connection with any repurchase
        pursuant to this Section 3.25(b), the Seller shall pay to the Trust the amount
        of any tax imposed on the Trust or any REMIC created hereby as a result of
        such
        repurchase.

       

      (c) If
        Thornburg chooses to exercise its option to repurchase any Mortgage Loan
        pursuant to Section 3.25(b) hereof, then no later than the fourth Business
        Day
        prior to each Distribution Date, Thornburg will provide to the Master Servicer
        a
        list identifying all Mortgage Loans that became Significant Modification
        Loans
        during the related Due Period for which Thornburg chooses to exercise its
        option
        to repurchase. On the third Business Day prior to each Distribution Date,
        provided that it has received such list from Thornburg, the Master Servicer
        shall notify Thornburg of the current outstanding principal balance and accrued
        interest for each such Mortgage Loan. No later than 1:00 PM Eastern Time
        on the
        second Business Day prior to each Distribution Date, Thornburg shall purchase
        each such Significant Modification Loan, at the applicable Purchase Price
        and
        shall remit such Purchase Price to the Master Servicer for deposit in the
        Distribution Account. If at any time Thornburg remits to the Master Servicer
        a
        payment for deposit in the Distribution Account covering the amount of the
        Purchase Price for a Mortgage Loan of the type set forth in clause (b) above,
        and Thornburg provides to the Trustee a certification signed by a Servicing
        Officer stating that the amount of such payment has been deposited in the
        Distribution Account, then the Trustee shall execute the assignment of such
        Mortgage Loan at the request of Thornburg without recourse to Thornburg which
        shall succeed to all the Trust’s and/or the Trustee’s right, title and interest
        in and to such Mortgage Loan, and all security and documents relative thereto.
        Such assignment shall be an assignment outright and not for security. Thornburg
        will thereupon own such Mortgage Loan, and all such security and documents,
        free
        of any further obligation to the Trust, the Trustee or the Certificateholders
        with respect thereto.

       

      
        
           

        

        
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      SECTION
        3.26. Realization
        upon Troubled Mortgage Loans.

       

      The
        Master Servicer shall have the right to cause a Servicer to sell or work
        out any
        Mortgage Loan as to which the Master Servicer reasonably believes that default
        in payment is likely, provided,
        however,
        that,
        with respect to any such sale of a Mortgage Loan by a Servicer, the related
        sale
        price shall be no less than the Stated Principal Balance of such Mortgage
        Loan
        as of the last day of the Due Period immediately preceding the date of such
        sale
        plus accrued interest thereon through such sale date. Any and all proceeds
        from
        such a sale shall be deemed to be Liquidation Proceeds hereunder and any
        such
        Mortgage Loan which has been sold shall be deemed a Liquidated Mortgage Loan
        hereunder.

       

      SECTION
        3.27. Closing
        Certificate and Opinion.

       

      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. 

       

      SECTION
        3.28. Liabilities
        of the Master Servicer.

       

      The
        Master Servicer shall be liable in accordance herewith only to the extent
        of the
        obligations specifically imposed upon and undertaken by it herein.

       

      SECTION
        3.29. 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 corporation under the laws of the state 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
        3.30. Indemnification
        of the Trustee, the Seller, the Master Servicer and the Securities
        Administrator.

       

      (a) In
        addition to any indemnity required pursuant to Section 3.22 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.

       

      
        
           

        

        
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      (b) The
        Trust
        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.

       

      (c) In
        addition to any indemnity required pursuant to Section 3.22 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
        3.19, (ii) by reason of the Securities Administrator’s negligence or willful
        misconduct in the performance of such obligations pursuant to Section 3.19
        or
        (iii) by reason of the Securities Administrator’s reckless disregard of such
        obligations pursuant to Section 3.19, 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.

       

      SECTION
        3.31. 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 3.30:

       

      (a) 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 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.

       

      
        
           

        

        
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      (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 Custodian (including for such purpose, the Trustee acting in
        its
        capacity as Custodian) and any director, officer, employee or agent of the
        Master Servicer, the Trustee or the Custodian shall be indemnified by the
        Trust
        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 any Servicing Agreement 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 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 Custodian only,
        any
        such loss, liability or expense incurred by reason of the Master Servicer’s or
        the 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.

       

      (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 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, 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 3.31(d) shall affect the Master Servicer’s obligation
        to supervise, or to take such actions as are necessary to ensure, the servicing
        and administration of the Mortgage Loans pursuant to Subsection
        3.01(a).

       

      (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 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 any Servicer,
        except as otherwise expressly provided herein.

       

      
        
           

        

        
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      SECTION
        3.32. Master
        Servicer Not to Resign. 

       

      Except
        as
        provided in Section 3.34, 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.

       

      SECTION
        3.33. 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, plus
        the
        portion of investment income on amounts on deposit in the Distribution Account
        to which the Master Servicer is entitled hereunder. 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
        Thornburg, as a Servicer of a substantial portion of the Mortgage Loans,
        shall
        have the right, but not the obligation, to be appointed successor master
        servicer in the event that the Trustee, in its sole discretion, decides not
        to
        assume the duties of the Master Servicer itself; and provided,
        further,
        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
        3.34. 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 Thornburg in its capacity as a Servicer of a substantial
        portion of the Mortgage Loans, to be given in its sole discretion, 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 Thornburg and the Trustee
        (as evidenced in writing signed by Thornburg and the Trustee); 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 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
        3.35. 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, Insurance Proceeds, Liquidation
        Proceeds 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. 

       

      
        
           

        

        
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      (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 Accounts and shall
        immediately deposit or cause to be deposited in 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 Cut-off
        Date) with respect to each of the Mortgage Loans it is servicing:

       

      (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 but net of the amount thereof comprising the
        Servicing Fees;

       

      (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 only if required under the related Servicing
        Agreement; 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 related 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 a 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.
        As provided in Sections 4.01(c) and 4.02(b), certain amounts otherwise due
        to
        the Servicers may be retained by them and need not be deposited in the
        Distribution
        Account.                                                                                                                         

       

      Notwithstanding
        anything herein to the contrary, the Master Servicer shall not be responsible
        for verifying the accuracy of any Prepayment Penalty.

       

      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 and the Certificateholders, the
        Distribution Account as a segregated account or accounts, each of which shall
        be
        an Eligible Account. If an existing Distribution Account ceases to be an
        Eligible Account, the Securities Administrator shall establish a new
        Distribution Account that is an Eligible Account within ten (10) days and
        transfer all funds and investment property on deposit in such existing
        Distribution Account into the new Distribution Account. The Distribution
        Account
        shall constitute a trust account of the Trust 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 Trustee, 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). The amount at any time credited to the Distribution
        Account shall be (i) fully insured by the FDIC to the maximum coverage provided
        thereby or (ii) invested by the Securities Administrator, in Permitted
        Investments, in accordance with Section 4.02(c). 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. With respect to the
        Distribution Account and the funds deposited therein, the Securities
        Administrator shall take such action as may be necessary to ensure that the
        Trust and the Certificateholders shall be entitled to the priorities afforded
        to
        such a trust account (in addition to a claim against the estate of the
        Securities Administrator or the Trustee) as provided by 12 U.S.C. § 92a(e), and
        applicable regulations pursuant thereto, if applicable, or any applicable
        comparable state statute applicable to state chartered banking corporations,
        if
        applicable. The Securities Administrator, Trustee or their affiliates are
        permitted to receive additional compensation that could be deemed to be in
        the
        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 will 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:

       

      
        
           

        

        
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      (i) any
        amounts withdrawn from a Servicing Account pursuant to Section
        4.01(c);

       

      (ii) any
        Advance and any Compensating Interest Payments required to be made by the
        Master
        Servicer to the extent required but not made by a Servicer; 

       

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

       

      (iv) the
        Purchase Price with respect to any Mortgage Loans purchased by the Seller
        under
        this Agreement, any Substitution Adjustments pursuant to Section 2.03 of
        this
        Agreement, the Purchase Price with respect to any Mortgage Loans purchased
        by
        Thornburg pursuant to Section 3.25, and all proceeds of any Mortgage Loans
        or
        property acquired with respect thereto repurchased by the Thornburg (or its
        assignee) 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
        Adminsitrator and required to be deposited in the Distribution Account pursuant
        to this Agreement.

       

      
        
           

        

        
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      (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
        and 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, tax service, statement account or payoff, substitution,
        satisfaction, release and other like fees and charges (but including, in
        the
        case of Thornburg, all Prepayment Penalty Amounts) and (ii) the items enumerated
        in Subsections 4.03(a)(i), (ii), (iii), (iv), (vi), (vii), (ix), (x) and
        with
        respect to the Securities Administrator item (xi), need not be credited by
        the
        Master Servicer or the related 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.

       

      (c) The
        amount
        at any time credited to the Distribution Account shall be invested, in the
        name
        of the Trustee, or its nominee, for the benefit of the Certificateholders,
        in
        Permitted Investments as follows. All net earnings on Permitted Investments
        shall be for the benefit of Thornburg, in its capacity as Servicer, except
        that
        the investment income with respect to the investment of funds in the
        Distribution Account made on the Business Day prior to each Distribution
        Date
        shall be for the benefit of the Master Servicer. All Permitted Investments
        made
        for the benefit of Thornburg shall be made at the written direction of Thornburg
        to the Master Servicer (or, if no such written direction is received, in
        investments of the type specified in clause (vi) of the definition of 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. Any and all investment earnings from such Permitted
        Investments shall be paid to Thornburg, and the risk of loss of moneys resulting
        from such investments shall be borne by and be the risk of Thornburg. Thornburg
        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.

       

      All
        Permitted Investments made for the benefit of the Master Servicer shall be
        in
        such Permitted Investments as shall be selected by the Master Servicer and
        shall
        mature (and be subject to withdrawal and be held until) the next succeeding
        Distribution Date. Any and all investment earnings from such Permitted
        Investments shall be paid to the Master Servicer and the risk of loss on
        such
        Permitted 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 no later than the next succeeding Distribution
        Date.

       

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

       

      (a) The
        Master Servicer will, from time to time on demand of a Servicer, the Securities
        Administrator, or for its own account as set forth below, make or cause to
        be
        made such withdrawals or transfers from the Distribution Account, in the
        case of
        a demand by a Servicer, as the applicable Servicer has designated for such
        transfer or withdrawal pursuant to the applicable Servicing Agreement, or
        in the
        case of a demand by the Securities Administrator as the Securities Administrator
        has demanded pursuant hereto, or as the Master Servicer has determined to
        be
        appropriate in accordance herewith, for the following purposes:

       

      
        
           

        

        
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      (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) 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;

       

      (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 other additional servicing compensation payable pursuant to Section
        3.14;

       

      
        
           

        

        
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      (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 3.31;

       

      (x) to
        pay
        Thornburg, as a Servicer, any Prepayment Penalty Amounts and any earnings
        payable pursuant to Section 4.02(c), and to reimburse or pay any Servicer
        any
        such amounts as are due thereto under the applicable Servicing Agreement
        and
        have not been retained by or paid to the 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 pursuant
        to Sections 3.30, 3.31 or 8.05 (including those related to the Custodian,
        to the
        extent not paid by Thornburg), and to reimburse the Trustee for any fees,
        costs
        and expenses costs 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
        make
        distributions of Retained Interest to the Retained Interest Holder on each
        Distribution Date;

       

      (xiii) to
        pay to
        Thornburg (in its capacity as a Servicer) all investment earnings on amounts
        on
        deposit in the Distribution Account to which it is entitled under Section
        4.02(c);

       

      (xiv) to
        remove
        amounts deposited in error; and 

       

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

       

      (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 but not made by the related Servicer
        and required to be made by the Master Servicer 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 (vii), inclusive, (ix) and (x) 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 shall distribute the aggregate
        Available Funds to the Holders of the Certificates in accordance with Section
        5.01.

       

      
        
           

        

        
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      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 shall withdraw
        funds
        on deposit in the Distribution Account to the extent of Available Funds for
        each
        Loan Group for such Distribution Date and, based on the Distribution Date
        Statement, make the following disbursements and transfers in the following
        order
        of priority:

       

      
        (i) the
          Available Funds for Loan Group 1 shall be distributed on each Distribution
          Date
          in the following order of priority:

         

        
          	 	
                  (A)

                	
                  to
                    the Holders of the Class A-R Certificates, the Class 1A-1 Certificates
                    and
                    the Class 1A-2 Certificates, the related Interest Distributable
                    Amounts
                    for such date, pro
                    rata
                    (based on the Interest Distributable Amounts to which each such
                    Class is
                    entitled); and

                

        

         

        
          	 	
                  (B)

                	
                  from
                    the Principal Distribution Amount for Loan Group 1 for such Distribution
                    Date, an amount equal to the Senior Principal Distribution Amount
                    for Loan
                    Group 1 for that Distribution Date, as
                    follows:

                

        

         

        first,
          to the
          Holder of Class A-R Certificate, until the Class Certificate Principal
          Balance
          of such Class is reduced to zero; and

         

        second,
          to the
          Holders of the Class 1A-1 Certificates and the Class 1A-2 Certificates,
          concurrently, in proportion to their outstanding Class Certificate Principal
          Balances, until the respective Class Certificate Principal Balance of each
          such
          Class is reduced to zero;

        

        (ii) the
          Available Funds for Loan Group 2 shall be distributed on each Distributable
          Date
          in the following order of priority:

         

        
          	 	
                  (A)

                	
                  to
                    the Holders of the Class 2A-1 Certificates and the Class 2A-2
                    Certificates, the related Interest Distributable Amounts for
                    such date,
                    pro
                    rata
                    (based on the Interest Distributable Amounts to which each such
                    Class is
                    entitled); and

                

        

        

        
          	 	
                  (B)

                	
                  from
                    the Principal Distribution Amount for Loan Group 2 for such Distribution
                    Date, an amount equal to the Senior Principal Distribution Amount
                    for Loan
                    Group 2 for that Distribution Date, to the Holders of the Class
                    2A-1
                    Certificates and the Class 2A-2 Certificates, concurrently, in
                    proportion
                    to their outstanding Class Certificate Principal Balances until
                    the
                    respective Class Certificate Principal Balance of each such Class
                    is
                    reduced to zero;

                

        

        
          
             

          

          
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        (iii) the
          Available Funds for Loan Group 3 shall be distributed on each Distribution
          Date
          in the following order of priority:

         

        
          	 	
                  (A)

                	
                  to
                    the Holders of the Class 3A-1 Certificates and the Class 3A-2
                    Certificates, the related Interest Distributable Amounts for
                    such date,
                    pro
                    rata
                    (based on the Interest Distributable Amounts to which each such
                    Class is
                    entitled); and

                

        

         

        
          	 	
                  (B)

                	
                  from
                    the Principal Distribution Amount for Loan Group 3 for such Distribution
                    Date, an amount equal to the Senior Principal Distribution Amount
                    for Loan
                    Group 3 for that Distribution Date, to the Holders of the Class
                    3A-1
                    Certificates and the Class 3A-2 Certificates, concurrently, in
                    proportion
                    to their outstanding Class Certificate Principal Balances until
                    the
                    respective Class Certificate Principal Balance of each such Class
                    is
                    reduced to zero;

                

        

         

        

        provided,
          however,
          if on
          any Distribution Date the third clause of the definition of the Two Times
          Test
          or the requirements of the Step Down Conditions are not satisfied, the
          Principal
          Distribution Amount for a Loan Group will not be distributed as described
          in
          subsections (i)(B), (ii)(B) or (iii)(B) above, but rather be distributed
          to the
          Classes of a Certificate Group on a sequential basis, in the order of their
          respective numerical Class designations.

         

        (iv) the
          Available Funds for each Loan Group remaining after giving effect to the
          distributions specified in subsections (i) through (iii) above will be
          distributed to the Certificateholders in the following order of
          priority:

         

        
          	 	
                  (A)

                	
                  to
                    the Holders of the Class B-1 Certificates, the related Interest
                    Distributable Amount for that date;

                

        

         

        
          	 	
                  (B)

                	
                  to
                    the Holders of the Class B-1 Certificates, an amount allocable
                    to
                    principal equal to its Pro
                    Rata
                    Share for such Distribution Date until the Class Certificate
                    Principal
                    Balance of such Class is reduced to
                    zero;

                

        

        

        
          	 	
                  (C)

                	
                  to
                    the Holders of the Class B-2 Certificates, the related Interest
                    Distributable Amount for that date;

                

        

        

        
          	 	
                  (D)

                	
                  to
                    the Holders of the Class B-2 Certificates, an amount allocable
                    to
                    principal equal to its Pro
                    Rata
                    Share for such Distribution Date until the Class Certificate
                    Principal
                    Balance of such Class is reduced to
                    zero;

                

        

        
          
             

          

          
            88

            
              

            

          

          
             

          

        

        

        
          	 	
                  (E)

                	
                  to
                    the Holders of the Class B-3 Certificates, the related Interest
                    Distributable Amount for that date;

                

        

        

        
          	 	
                  (F)

                	
                  to
                    the Holders of the Class B-3 Certificates, an amount allocable
                    to
                    principal equal to its Pro
                    Rata
                    Share for such Distribution Date until the Class Certificate
                    Principal
                    Balance of such Class is reduced to
                    zero;

                

        

        

        
          	 	
                  (G)

                	
                  to
                    the Holders of the Class B-4 Certificates, the related Interest
                    Distributable Amount for that date;

                

        

        

        
          	 	
                  (H)

                	
                  to
                    the Holders of the Class B-4 Certificates, an amount allocable
                    to
                    principal equal to its Pro
                    Rata
                    Share for such Distribution Date until the Class Certificate
                    Principal
                    Balance of such Class is reduced to
                    zero;

                

        

        

        
          	 	
                  (I)

                	
                  to
                    the Holders of the Class B-5 Certificates, the related Interest
                    Distributable Amount for that date;

                

        

        

        
          	 	
                  (J)

                	
                  to
                    the Holders of the Class B-5 Certificates, an amount allocable
                    to
                    principal equal to its Pro
                    Rata
                    Share for such Distribution Date until the Class Certificate
                    Principal
                    Balance of such Class is reduced to
                    zero;

                

        

        

        
          	 	
                  (K)

                	
                  to
                    the Holders of the Class B-6 Certificates, the related Interest
                    Distributable Amount for that date;

                

        

        

        
          	 	
                  (L)

                	
                  to
                    the Holders of the Class B-6 Certificates, an amount allocable
                    to
                    principal equal to its Pro
                    Rata
                    Share for such Distribution Date until the Class Certificate
                    Principal
                    Balance of such Class is reduced to zero;
                    and

                

        

        

        
          	 	
                  (M)

                	
                  to
                    the Holder of the Class A-R Certificate, any Available Funds
                    then
                    remaining.

                

        

         

      

       

      (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) On
        each
        Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw
        the Class ES Distributable Amount from funds on deposit in the Distribution
        Account and shall distribute such amounts to the Holders of the Class ES
        Certificates.

       

      
        
           

        

        
          89

          
            

          

        

        
           

        

      

      (d) On
        each
        Distribution Date, the Interest Distributable Amounts for the Classes of
        Senior
        Certificates and Subordinate Certificates on such Distribution Date shall
        be
        reduced proportionately by Net Interest Shortfalls based on (A) in the case
        of
        the Senior Certificates, the Interest Distributable Amount otherwise
        distributable thereon and (B) in the case of the Subordinate Certificates,
        interest accrued at the related Subordinate Certificate Pass-Through Rate
        on the
        related Apportioned Principal Balance of each such Class, in each case before
        taking into account any reduction in those amounts due to such Net Interest
        Shortfalls; provided,
        however,
        that on
        any Distribution Date after the Senior Termination Date for a Loan Group,
        Net
        Interest Shortfalls for that Loan Group will be allocated to the Classes
        of
        Subordinate Certificates based on the amount of interest each such Class
        of
        Subordinate Certificates would otherwise be entitled to receive on such
        Distribution Date. 

       

      (e) Notwithstanding
        the priority and allocation set forth in Section 5.01(a)(iv) above, if with
        respect to any Class of Subordinate Certificates on any Distribution Date
        the
        sum of the related Class Subordination Percentages of such Class and of all
        other Classes of Subordinate Certificates which have a higher numerical Class
        designation than such Class (the “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 Classes of Subordinate
        Certificates having lower numerical Class designations than such Class,
pro
        rata,
        based
        on the Class Certificate 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)(v) above.

       

      (f) (i)
        Notwithstanding the priority and allocation set forth in Section 5.01(a)(i)
        through (iii) above, on each Distribution Date prior to the Senior Credit
        Support Depletion Date but after the date on which the aggregate Class
        Certificate Principal Balance of any Class of the Senior Certificates has
        been
        reduced to zero, 100% of the Principal Prepayments on the Mortgage Loans
        in the
        Loan Group related to such retired Class of Senior Certificates otherwise
        distributable on each Class of Subordinate Certificates pursuant to Section
        5.01(a)(iv), in reverse order of priority, shall be distributed as principal
        to
        the Senior Certificates remaining outstanding pursuant to Section 5.01(a)
        until
        the Class Certificate Principal Balances thereof have been reduced to zero,
        provided that on such Distribution Date either clause (i) or (ii) in the
        definition of the Two Times Test has not been met. On each Distribution Date
        on
        which any two of the Group 1 Certificates, Group 2 Certificates and Group
        3
        Certificates remain outstanding, any amounts distributable pursuant to this
        Section 5.01(f)(i) shall be distributed in proportion to the aggregate Class
        Certificate Principal Balances of such remaining Classes of Senior Certificates
        immediately prior to such Distribution Date.

       

      (ii) (A) On
        any
        Distribution Date on which any of the Group 1 Certificates, Group 2 Certificates
        or Group 3 Certificates constitutes an Undercollateralized Group, all amounts
        otherwise distributable as Available Funds on the Subordinate Certificates,
        in
        reverse order of priority (or, following the Senior Credit Support Depletion
        Date, such other amounts described in the immediately following sentence),
        will
        be distributed as principal to the Senior Certificates of such
        Undercollateralized Group pursuant to Section 5.01(a) first,
        up to
        the sum of the Accrued Interest Amount and the Principal Deficiency Amount
        for
        the related Undercollateralized Group (such distribution, an “Undercollateralization
        Distribution”)
        and
second,
        to pay
        to the Subordinate Certificates and the Class A-R Certificate in the same
        order
        and priority as provided in Section 5.01(a)(iv). In the event that any Group
        1
        Certificates, Group 2 Certificates or Group 3 Certificates constitutes an
        Undercollateralized Group on any Distribution Date following the Senior Credit
        Support Depletion Date, Undercollateralization Distributions will be made
        from
        any Available Funds for a Loan Group not related to an Undercollateralized
        Group
        remaining after all required amounts have been distributed to the related
        Class
        of Senior Certificates. Undercollateralization Distributions will 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).

      
        
           

        

        
          90

          
            

          

        

        
           

        

      

      

      (B) If
        on any
        Distribution Date any two of the Group 1 Certificates, Group 2 Certificates
        or
        Group 3 Certificates are Undercollateralized Groups, the distribution described
        in paragraph (ii)(A) above will be made, in the case of Accrued Interest
        Amounts, pro
        rata
        based
        upon such Accrued Interest Amounts, and, in the case of Principal Deficiency
        Amounts, in proportion to the amount by which the aggregate Class Certificate
        Principal Balance of each Class of Senior Certificates, after giving effect
        to
        distributions pursuant to Section 5.01(a) on such Distribution Date, exceeds
        the
        Loan Group Balance of the related Loan Group for such Distribution
        Date.

       

      (g) 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.

       

      (h) 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, Trustee, 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 Determination 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 Loan Group for the related Distribution Date and include such information
        in the Distribution Date Statement.

       

      
        
           

        

        
          91

          
            

          

        

        
           

        

      

      (b) Realized
        Losses with respect to each Loan Group shall be allocated on any Distribution
        Date as follows:

       

      first,
        to the
        Subordinate Certificates in reverse order of their respective numerical Class
        designations (beginning with the Class of Subordinate Certificates with the
        highest numerical Class designation) until the Class Certificate Principal
        Balance of each such Class is reduced to zero; and

       

      second, 

       

      (A) with
        respect to Loan Group 1, to the Class 1A-1, Class 1A-2 and Class A-R
        Certificates, pro
        rata,
        until
        the Class Certificate Principal Balance of each such Class is reduced to
        zero;
provided,
        however,
        that any
        such Realized Losses that would otherwise be allocated to the Class 1A-1
        Certificates shall instead be allocated to the Class 1A-2 Certificates until
        the
        Class Certificate Principal Balance of the Class 1A-2 Certificates has been
        reduced to zero; 

       

      (B) with
        respect to Loan Group 2, to the Class 2A-1 and Class 2A-2 Certificates,
pro
        rata,
        until
        the Class Certificate Principal Balance of each such Class is reduced to
        zero;
provided,
        however,
        that any
        such Realized Losses that would otherwise be allocated to the Class 2A-1
        Certificates shall instead be allocated to the Class 2A-2 Certificates until
        the
        Class Certificate Principal Balance of the Class 2A-2 Certificates has been
        reduced to zero; and

       

      (C) with
        respect to Loan Group 3, to the Class 3A-1 and Class 3A-2 Certificates,
pro
        rata,
        until
        the Class Certificate Principal Balance of each such Class is reduced to
        zero;
provided,
        however,
        that any
        such Realized Losses that would otherwise be allocated to the Class 3A-1
        Certificates shall instead be allocated to the Class 3A-2 Certificates until
        the
        Class Certificate Principal Balance of the Class 3A-2 Certificates has been
        reduced to zero.

       

      (c) The
        Class
        Certificate Principal Balance of the Class of 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 Certificate Principal Balances of all outstanding Classes of 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 for the following Distribution
        Date.

       

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

       

      (e) 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)
        or
        (c) 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.”

       

      
        
           

        

        
          92

          
            

          

        

        
           

        

      

       

      SECTION
        5.04. Statements. 

       

      (a) Concurrently
        with each distribution to Certificateholders, the Securities Administrator
        shall
        make available to each Certificateholder, the Seller, the Master Servicer,
        the
        Trustee and the Rating Agencies, a statement based, as applicable, on loan-level
        information provided to it by the Master Servicer and the Servicers (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:

       

      (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;

       

      (iii) the
        Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and
        Subordinate Prepayment Percentage with respect to each Loan Group for the
        following Distribution Date;

       

      (iv) the
        aggregate amount of servicing compensation received by each Servicer during
        the
        related Due Period;

       

      (v) the
        aggregate amount of Advances for the related Due Period and the amount of
        unreimbursed Advances as reported by each Servicer;

       

      (vi) the
        Loan
        Group Balance and related Net WAC for each Loan Group at the Close of Business
        at the end of the related Due Period;

       

      (vii) the
        aggregate Principal Balance of the One-Year CMT Indexed Mortgage Loans at
        the
        Close of Business at the end of the related Due Period;

       

      (viii) the
        aggregate Principal Balance of the Six-Month LIBOR Indexed, One-Month LIBOR
        Indexed and One-Year LIBOR Indexed Mortgage Loans at the Close of Business
        at
        the end of the related Due Period;

       

      (ix) the
        amount of the Master Servicer Fees paid to or retained by the Master
        Servicer;

       

      (x) the
        aggregate amount of Servicing Fees paid to or retained by the
        Servicers;

       

      (xi) to
        the
        extent that such amounts are paid out of the Distribution Account, the amount
        of
        fees, expenses or indemnification amounts paid by the Trust with an
        identification of the general purpose of such amounts and the party receiving
        such amounts;

       

      
        
           

        

        
          93

          
            

          

        

        
           

        

      

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

       

      (xiii) the
        number and aggregate unpaid principal balance of Mortgage Loans, in the
        aggregate and for each Loan Group, using the “MBA” method (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;

       

      (xiv) the
        rolling six-month delinquency rate for that Distribution Date;

       

      (xv) the
        total
        number and cumulative principal balance of all REO Properties in each Loan
        Group
        as of the Close of Business of the last day of the preceding Due
        Period;

       

      (xvi) the
        aggregate amount of Principal Prepayments and Prepayment Penalty Amounts
        with
        respect to each Loan Group made during the related Prepayment
        Period;

       

      (xvii) the
        aggregate amount of Realized Losses for each Loan Group and Recoveries incurred
        during the related Due Period and the cumulative amount of Realized Losses
        and
        Recoveries as of such Distribution Date;

       

      (xviii) the
        cumulative amount of Realized Losses for each Loan Group;

       

      (xix) the
        Realized Losses and Recoveries, if any, allocated to each Class of Certificates
        on the related Distribution Date;

       

      (xx) the
        Class
        Certificate Principal Balance 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;

       

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

       

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

       

      (xxiii) the
        Available Funds with respect to each Loan Group;

       

      (xxiv) the
        Pass-Through Rate for each Class of Certificates for such Distribution Date
        and
        the level of LIBOR used to determine the applicable Pass-Through Rate;

       

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

       

      
        
           

        

        
          94

          
            

          

        

        
           

        

      

      (xxvi) the
        amount of any Principal Deficiency Amounts or Accrued Interest Amounts paid
        to
        an Undercollateralized Group or amounts paid pursuant to Section
        5.01(f)(i);

       

      (xxvii) the
        total
        number of Mortgage Loans in the aggregate and the aggregate Stated Principal
        Balance for the Group 1 Mortgage Loans (also separately stating such information
        for the Adjustable Rate Mortgage Loans, the Three-Year Hybrid Mortgage Loans
        and
        the Five-Year Hybrid Mortgage Loans), the Group 2 Mortgage Loans and the
        Group 3
        Mortgage Loans, in each case at the close of business at the end of the related
        Due Period; and

       

      (xxviii) the
        amount of any Class ES Distributable Amount.

       

      The
        Securities Administrator will 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 1-866-846-4526. 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 Cut-Off
        Date.

       

      (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), (ii) and (iv) 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.

       

      
        
           

        

        
          95

          
            

          

        

        
           

        

      

       

      SECTION
        5.05. Remittance
        Reports; Advances. 

       

      (a) No
        later
        than the second Business Day following each Determination Date, 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. Not later than the Close of Business New York
        time three Business Days 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.

       

      (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 deposited in the Distribution
        Account which will be used for an advance with respect to such Mortgage Loan,
        the Master Servicer, as successor servicer, will deposit in the Distribution
        Account not later than the Business Day immediately preceding the related
        Distribution Date 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 the related Servicer
        is required to do so under its Servicing Agreement. If applicable, on the
        Business Day immediately preceding the related Distribution Date, the Master
        Servicer shall 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 payable to the Master Servicer 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 related Servicers on the applicable
        Servicer Remittance Date. Such amount shall not be treated as an Advance
        and
        shall not be reimbursable to the Master Servicer.

       

      
        
           

        

        
          96

          
            

          

        

        
           

        

      

       

      SECTION
        5.07. [Reserved].

       

      SECTION
        5.08. [Reserved].

       

      SECTION
        5.09. [Reserved].

       

      SECTION
        5.10. Recoveries.

       

      (a) The
        Class
        Certificate Principal Balance of any Class of Certificates to which a Realized
        Loss has been allocated (including any such Class for which the related Class
        Certificate Principal Balance has been reduced to zero) will be increased
        up to
        the amount of Recoveries for such Distribution Date as follows:

       

      (i) first,
        to
        increase the Class Certificate Principal Balance of each such Class of Senior
        Certificates of the related Loan Group, up to the amount of Realized Losses
        previously allocated to reduce the Class Certificate Principal Balance for
        each
        such Class, and

       

      (ii) second,
        to
        increase the Class Certificate Principal Balance of each such Class of
        Subordinate Certificates, in order of seniority, up to the amount of Realized
        Losses previously allocated to reduce the Class Certificate Principal Balance
        for each such Class.

       

      (b) Any
        increase to the Class Certificate Principal Balance of a Class of Certificates
        shall increase the Certificate Principal Balance of each Certificate of the
        related Class pro
        rata
        in
        accordance with the applicable Percentage Interest.

       

      ARTICLE
        VI

       

      THE
        CERTIFICATES

       

      SECTION
        6.01. The
        Certificates.

       

      The
        Certificates shall be substantially in the form annexed hereto as Exhibit
        A
        through E. Each of the Certificates shall, on original issue, be executed
        by the
        Securities Administrator, and authenticated and delivered by the Securities
        Administrator 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 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
        Class
        1A-1, Class 1A-2, Class 2A-1, Class 2A-2, Class 3A1, Class 3A-2, Class B-1,
        Class B-2 and Class B-3 Certificates (provided,
        that,
        such Certificates must be purchased in minimum total investments of at least
        $100,000), and $100,000 and integral dollar multiples of $1 in excess thereof,
        in the case of the Class B-4, Class B-5 and Class B-6 Certificates, except
        that
        one Certificate of each such Class of Certificates may be in a different
        denomination so that the sum of the denominations of all outstanding
        Certificates of such Class shall equal the Class Certificate Principal Balance
        or Class Certificate Notional Balance of such Class on the Closing Date.
        Each of
        the Class A-R Certificates is issuable only in a Percentage Interest of 100%.
        The Class ES Certificates shall be issued in a minimum Percentage Interest
        of 1%
        and in integral multiples of 1% in excess thereof.

       

      
        
           

        

        
          97

          
            

          

        

        
           

        

      

      The
        Certificates shall be executed on behalf of the Trust by manual or facsimile
        signature on behalf of the Trustee by a Responsible Officer or the Securities
        Administrator. 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 or Securities Administrator shall bind the
        Trust, notwithstanding that such individuals or any of them have ceased to
        be so
        authorized prior to the authentication and delivery of such Certificates
        or did
        not hold such offices at the date of such Certificate. No Certificate shall
        be
        entitled to any benefit under this Agreement or be valid for any purpose,
        unless
        such Certificate shall have been manually authenticated by the Trustee or
        Securities Administrator substantially in the form provided for herein, and
        such
        authentication upon any Certificate shall be conclusive evidence, and the
        only
        evidence, that such Certificate has been duly authenticated and delivered
        hereunder. All Certificates shall be dated the date of their authentication.
        Subject to Section 6.02(c), the Senior Certificates (other than the Residual
        Certificate) and the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5
        and
        Class B-6 Certificates shall be Book-Entry Certificates. The Residual
        Certificate and the Class ES Certificate shall each be issued as Physical
        Certificates in definitive, fully registered form with the applicable legends
        set forth in Exhibit C and Exhibit D-2, respectively.

       

      The
        Private Certificates shall be offered and sold in reliance on the exemption
        from
        registration under Rule 144A of the Securities Act and, except in the case
        of
        the Class ES Certificates, 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-1 (each, a “Restricted
        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 and authenticated
        by
        the Securities Administrator as hereinafter provided. The aggregate principal
        amounts of the Restricted Global Securities may from time to time be increased
        or decreased by adjustments made on the records of the Securities Administrator
        and DTC or its nominee, as the case may be, as hereinafter
        provided.

       

      SECTION
        6.02. Registration
        of Transfer and Exchange of Certificates. 

       

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

       

      Upon
        surrender for registration of transfer of any Certificate at any office or
        agency of the Certificate Registrar maintained for such purpose pursuant
        to the
        foregoing paragraph (or, so long as the Securities Administrator serves as
        Certificate Registrar, the office of the Certificate Registrar located at
        Sixth
        Street and Marquette Avenue, Minneapolis, Minnesota 55479, or such other
        office
        or agency that the Certificate Registrar shall designate), the Securities
        Administrator on behalf of the Trust shall execute, authenticate and deliver,
        in
        the name of the designated transferee or transferees, one or more new
        Certificates of the same aggregate Percentage Interest.

       

      
        
           

        

        
          98

          
            

          

        

        
           

        

      

      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 and authenticate
        and deliver the Certificates which the Certificateholder making the exchange
        is
        entitled to receive. Every Certificate presented or surrendered for registration
        of transfer or exchange shall (if so required by the Securities Administrator
        or
        the Certificate Registrar) be duly endorsed by, or be accompanied by a written
        instrument of transfer satisfactory to the Securities Administrator and 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 Trustee, the
        Securities Administrator and the Certificate Registrar shall for all purposes
        deal with the Depository as representative of the Certificate Owners of the
        Certificates for purposes of exercising the rights of Holders under this
        Agreement, and requests and directions for and votes of such representative
        shall not be deemed to be inconsistent if they are made with respect to
        different Certificate Owners; (vi) the Trustee, the Securities Administrator
        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 Securities Administrator,
        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 a Letter of Representations with the Depository or take such other
        action as may be necessary or desirable to register a Book-Entry Certificate
        to
        the Depository. In the event of any conflict between the terms of any such
        Letter of Representation and this Agreement, the terms of this Agreement
        shall
        control.

       

      
        
           

        

        
          99

          
            

          

        

        
           

        

      

      (c) If
        (i)(x)
        the Depository or the Depositor advises the Trustee or the Securities
        Administrator in writing that the Depository is no longer willing or able
        to
        discharge properly its responsibilities as Depository and (y) the Trustee,
        the
        Securities Administrator or the Depositor is unable to locate a qualified
        successor or (ii) after the occurrence and continuation of an Event of Default,
        Holders of Book-Entry Certificates having not less than 51% of the aggregate
        Certificate Principal Balance of the Certificates advise the Trustee, the
        Securities Administrator and the Depository in writing through the Depository
        Participants that the continuation of a book-entry system with respect to
        Certificates through the Depository (or its successor) is no longer in the
        best
        interests of the Holders, then the Trustee or the Securities Administrator
        shall
        request that the Depository notify all Holders of the occurrence of any such
        event and of the availability of definitive, fully registered Certificates
        to
        Holders requesting the same. 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 and authenticate
        definitive, fully registered certificates (the “Definitive
        Certificates”).
        None
        of the Depositor, the Securities Administrator or the Trustee shall be liable
        for any delay in delivery of such instructions and may conclusively rely
        on, and
        shall be protected in relying on, such instructions. Upon the issuance of
        Definitive Certificates, the Trustee, the Securities Administrator, the
        Certificate Registrar, any Paying Agent and the Depositor shall recognize
        the
        Holders of the Definitive Certificates as Certificateholders
        hereunder.

       

      (d) No
        transfer, sale, pledge or other disposition of any Private Certificate 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 Securities Administrator and 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, the transferee shall certify (i) (A) such transfer is made to
        a
        Qualified Institutional Buyer in reliance upon Rule 144A (as evidenced by
        the
        investment letter delivered to the Securities Administrator, 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 Securities Administrator, in substantially the form attached hereto as
        Exhibit J-1, and, if so required by the Securities Administrator, a written
        Opinion of Counsel (which may be in-house counsel) acceptable to and in form
        and
        substance reasonably satisfactory to the Securities Administrator is delivered
        to the Securities Administrator that such transfer may be made pursuant to
        an
        exemption, describing the applicable exemption and the basis therefor, from
        the
        Securities Act or is being made pursuant to the Securities Act, which Opinion
        of
        Counsel shall not be an expense of the Trustee, the Securities Administrator
        or
        the Depositor or (ii) the Securities Administrator 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 Securities Administrator certifying to the Depositor and
        the
        Securities Administrator the facts surrounding such transfer, which investment
        letter shall not be an expense of the Trustee, 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 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. Notwithstanding the foregoing, any transfer made
        to
        Thornburg or to another Affiliate of Thornburg will not require any investment
        letter or Opinion of Counsel specified above.

       

      
        
           

        

        
          100

          
            

          

        

        
           

        

      

      In
        the
        case of a Private 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 Securities Administrator
        by the transferee’s acceptance of such Private Certificate that is also a
        Book-Entry Certificate (or the acceptance by a Certificate Owner of the
        beneficial interest in such Certificate).

       

      Except
        for any transfer made to Thornburg or to another Affiliate of Thornburg,
        no
        transfer of an ERISA Restricted Certificate in the form of a Definitive
        Certificate shall be made unless the Securities Administrator shall have
        received either (i) a representation from the transferee of such Certificate,
        acceptable to and in form and substance satisfactory to the Securities
        Administrator (such requirement is satisfied only by the Securities
        Administrator’s receipt of a representation letter from the transferee
        substantially in the form of Exhibit I 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, 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) such Certificate is subject to
        an
        ERISA-Qualifying Underwriting and if 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
        Securities Administrator, which Opinion of Counsel shall not be an expense
        of
        any of the Trustee, the Securities Administrator or the Trust, addressed
        to the
        Securities Administrator, to the effect that the purchase and holding of
        such
        ERISA-Restricted Certificate that is also a Physical 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 Master Servicer, any
        Servicer, 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 that is also a Physical Certificate to an
        employee benefit plan subject to ERISA or Section 4975 of the Code without
        the
        delivery to the Securities Administrator of a representation or an Opinion
        of
        Counsel satisfactory to the Securities Administrator 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
        Securities Administrator 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).

       

      To
        the
        extent permitted under applicable law (including, but not limited to, ERISA),
        none of the Trustee, the Securities Administrator nor the Certificate Registrar
        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 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 Securities
        Administrator or the Certificate Registrar in accordance with the foregoing
        requirements. In addition, none of the Trustee, the Securities Administrator
        nor
        the Certificate Registrar shall be required to monitor, determine or inquire
        as
        to compliance with the transfer restrictions with respect to any such
        Certificate in the form of a Book-Entry Certificate, and neither the Securities
        Administrator nor the Certificate Registrar 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 and
        this
        Agreement.

       

      
        
           

        

        
          101

          
            

          

        

        
           

        

      

      (e) Each
        Person who has or who acquires any Ownership Interest in the Class A-R
        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 Class A-R Certificate
        shall be a Permitted Transferee who acquires such Ownership Interest in a
        Class
        A-R Certificate for its own account and not in the capacity as trustee, nominee
        or agent for another Person and shall promptly notify the Securities
        Administrator of any change or impending change in its status as such a
        Permitted Transferee.

       

      (ii) No
        Ownership Interest in the Class A-R Certificate may be registered on the
        Closing
        Date and no Ownership Interest in a Residual Certificate may thereafter be
        transferred, and the Securities Administrator shall not register the Transfer
        of
        a Residual Certificate unless, in addition to the certificates required to
        be
        delivered under subsection (d) above, the Securities Administrator shall
        have
        been furnished with an affidavit (“Transfer
        Affidavit”)
        of the
        initial owner of the Class A-R 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 Securities Administrator shall as a condition to registration
        of the transfer, require delivery to it 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 Class A-R 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.

       

      (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 Securities Administrator or the
        Certificate Registrar 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 making any distributions due on a Residual Certificate
        to
        the Holder thereof or taking any other action with respect to such Holder
        under
        the provisions of this Agreement so long as, with respect to the Securities
        Administrator, it has received the documents specified in clause (iii). The
        Securities Administrator 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 Securities Administrator
        shall be distributed and delivered by the Securities Administrator to the
        last
        Holder of such Residual Certificate that is a Permitted Transferee.

       

      
        
           

        

        
          102

          
            

          

        

        
           

        

      

      (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
        Securities Administrator 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
        Securities Administrator to the previous Holder of such Residual Certificate
        that is a Permitted Transferee, except that in the event that the Securities
        Administrator 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 Securities Administrator 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
        Securities Administrator and it 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 Trustee,
        the Securities Administrator and the Servicer, in form and substance
        satisfactory to the Trustee and the Securities Administrator, (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 either REMIC created hereunder to
        fail
        to qualify as a REMIC.

       

      
        
           

        

        
          103

          
            

          

        

        
           

        

      

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

       

      All
        Certificates surrendered for registration of transfer or exchange shall be
        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 Certificate Registrar or
        the
        Certificate Registrar receives evidence to its satisfaction of the destruction,
        loss or theft of any Certificate and (ii) there is delivered to the Trustee,
        the
        Securities Administrator, the Depositor and the Certificate Registrar such
        security or indemnity as may be required by them to save each of them harmless,
        then, in the absence of notice to the Trustee, the Securities Administrator
        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,
        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 Securities Administrator or the Certificate Registrar
        may require the payment of a sum sufficient to cover any tax or other
        governmental charge that may be imposed in relation thereto and any other
        expenses (including the fees and expenses of the Trustee, the Securities
        Administrator and the Certificate Registrar) in connection therewith. Any
        duplicate Certificate issued pursuant to this Section, shall constitute complete
        and indefeasible evidence of ownership in the Trust, as if originally issued,
        whether or not the lost, stolen or destroyed Certificate shall be found at
        any
        time.

       

      SECTION
        6.04. Persons
        Deemed Owners.

       

      The
        Depositor, the Trustee, the Securities Administrator, the Certificate Registrar,
        any Paying Agent and any agent of the Depositor, the Certificate Registrar,
        any
        Paying Agent, the Securities Administrator or the Trustee 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, the Trustee, the Securities Administrator, 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
        Paying Agent shall make distributions to Certificateholders from the
        Distribution Account pursuant to Section 5.01 hereof. The duties of the Paying
        Agent may include the obligation 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. The Paying Agent shall initially
        be
        the Securities Administrator. The Securities Administrator may appoint a
        successor to act as Paying Agent, which appointment shall be reasonably
        satisfactory to the Depositor.

       

      
        
           

        

        
          104

          
            

          

        

        
           

        

      

      (b) The
        Securities Administrator or the Trustee, as applicable, shall cause the Paying
        Agent (if other than the Trustee or the Securities Administrator) to execute
        and
        deliver to the Trustee an instrument in which such Paying Agent shall agree
        with
        the Trustee that such 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 agree that it 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.

       

       

      ARTICLE
        VII

       

      DEFAULT

       

      SECTION
        7.01. Event
        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
        three Business Days after the date upon which written notice of such failure,
        requiring the same to be remedied, shall have been given to the Master Servicer
        (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 3.18, 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 

       

      
        
           

        

        
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      (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;

       

      (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, with the consent of Thornburg (not
        to
        be unreasonably withheld), 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 initial 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)(A)
        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, 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, shall 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. 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, subject
        to
        the rights of Thornburg under Section 3.33 hereof, 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 pursuant
        to
        Section 3.18. 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 3.14 or to indemnify the Trustee
        pursuant to Section 8.05), nor shall any successor Master Servicer be liable
        for
        any acts or omissions of the predecessor Master Servicer 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. In the event that the Trustee shall not succeed
        to the duties of the Master Servicer pursuant to Section 7.02 hereof, Thornburg
        shall have the right, but not the obligation, to be appointed successor master
        servicer hereunder.

       

      
        
           

        

        
          107

          
            

          

        

        
           

        

      

      (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 any 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 any Master Servicer pursuant
        to
        this Article VII or Section 3.34, the Certificate Registrar or the Trustee,
        if
        the Master Servicer is also the Certificate Registrar and Securities
        Administrator, shall give prompt written notice thereof to the
        Certificateholders at their respective addresses appearing in the Certificate
        Register and to each Rating Agency.

       

      (b) 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 Trustee and 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.

       

      
        
           

        

        
          109

          
            

          

        

        
           

        

      

      On
        each
        Distribution Date, the Securities Administrator shall make monthly distributions
        to the Certificateholders from funds in the Distribution Account, as provided
        in
        Section 10.01 hereof based on the report of the Securities
        Administrator.

       

      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 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 obtains actual knowledge of such failure or the Trustee receives written
        notice of such Event of Default.

       

      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.

       

      
        
           

        

        
          110

          
            

          

        

        
           

        

      

       

      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) 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 not be bound
        to
        make any investigation into the facts or matters stated in any resolution,
        certificate, statement, instrument, opinion, report, notice, request, consent,
        order, approval, bond or other paper or documents, unless requested in writing
        to do so by the Majority Certificateholder; provided,
        however,
        that if
        the payment within a reasonable time to the Trustee of the costs, expenses
        or
        liabilities likely to be incurred by it in the making of such investigation
        is,
        in the opinion of the Trustee, not reasonably assured to the Trustee by the
        security afforded to it by the terms of this Agreement, the Trustee may require
        reasonable indemnity against such cost, expense or liability as a condition
        to
        such proceeding. If the Master Servicer fails to reimburse the Trustee in
        respect of the reasonable expense of every such examination relating to the
        Master Servicer, the Trustee shall be reimbursed by the Trust Fund;

       

      
        
           

        

        
          111

          
            

          

        

        
           

        

      

      (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; and

       

      (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.

       

      SECTION
        8.03. Trustee
        and the Securities Administrator Not Liable for Certificates, Mortgage Loans
        or
        Additional Collateral.

       

      The
        recitals contained herein and in the Certificates (other than the authentication
        of the Trustee or Securities Administrator on the Certificates) shall be
        taken
        as the statements of the Depositor or the Seller, and the neither 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 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 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 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 in the case of the Trustee
        the
        Securities Administrator or any loss resulting therefrom, it being understood
        that the Trustee shall remain responsible for any Trust property that it
        may
        hold in its individual capacity and the Securities Administrator shall remain
        responsible for any Trust 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 any Servicer or any Mortgagor;
        any
        action 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),
        or in
        the case of the Trustee the Securities Administrator or any Servicer taken
        in
        the name of the Trustee; the failure of the Master Servicer or any Servicer
        to
        act or perform any duties required of it as agent or on behalf of the Trustee
        or
        the Trust 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 Custodian, 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, Custodian, Master Servicer or Securities
        Administrator, as applicable, and may otherwise deal with the parties
        hereto.

       

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

       

      The
        Trustee shall be compensated by the Master Servicer for its services hereunder
        on behalf of the Trust in accordance with the fee letter between the Master
        Servicer and the Trustee. The Securities Administrator shall be compensated
        by
        the Master Servicer for its services hereunder from a portion of the Master
        Servicing Fee. In addition, the Trustee (as Trustee and in its individual
        corporate capacity) and the Securities Administrator will be entitled to
        recover
        from the Distribution Account pursuant to Section 4.05(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 Custodian hereunder to the extent not paid by Thornburg) and
        the
        Securities Administrator, respectively, including without limitation, in
        connection with 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 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 hereunder or thereunder. If funds in the
        Distribution Account are insufficient therefor, the Trustee, the Custodian
        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.

       

      
        
           

        

        
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      SECTION
        8.06. Eligibility
        Requirements for Trustee and Securities Administrator.

       

      The
        Trustee and Securities Administrator hereunder shall at all times be an entity
        duly organized and validly existing under the laws of the United States of
        America or any state thereof, authorized under such laws to exercise corporate
        trust powers, 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. 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 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.

       

      SECTION
        8.07. Resignation
        or Removal of Trustee and Securities Administrator.

       

      The
        Trustee and Securities Administrator may at any time resign and be discharged
        from the trusts 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 Seller shall promptly
        appoint a successor Trustee that meets the requirements in Section 8.06 or,
        in
        the case of notice of resignation of the Securities Administrator, the Trustee
        shall promptly appoint a successor Securities Administrator that meets the
        requirements in Section 8.06, in each case, by written instrument, in duplicate,
        one copy of which instrument shall be delivered to each of the resigning
        Trustee
        or Securities Administrator, as applicable, and one copy to 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.

       

      
        
           

        

        
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      If
        at any
        time the Trustee or the Securities Administrator shall cease to be eligible
        in
        accordance with the provisions of Section 8.06 hereof or if at any time the
        Trustee or the Securities Administrator 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 if the Trustee
        (in
        its capacity as 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 then the Seller may remove the Trustee or the Trustee
        may
        remove the Securities Administrator, as applicable. If the Seller or the
        Trustee
        removes the Trustee or the Securities Administrator, respectively under the
        authority of the immediately preceding sentence, the Seller or the Trustee
        shall
        promptly appoint a successor Trustee or successor Securities Administrator
        that
        meets the requirements of Section 8.06, as applicable, by written instrument,
        in
        triplicate, one copy of which instrument shall be delivered to the Trustee
        or
        the Securities Administrator, as applicable, so removed, one copy to the
        successor Trustee or successor Securities Administrator, as applicable, and
        one
        copy to the Master Servicer.

       

      The
        Majority Certificateholders may at any time remove the Trustee or the Securities
        Administrator by written instrument or instruments delivered to the Seller
        and
        the Trustee; the Seller 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 Seller and the Trustee, with a copy to each Rating
        Agency;
        provided that such resignation shall not become effective until acceptance
        of
        appointment by a successor Securities Administrator. Notwithstanding anything
        to
        the contrary herein, in the event that the Securities Administrator resigns
        or
        is removed as Securities Administrator hereunder, the Master Servicer shall
        have
        the right to resign immediately as Master Servicer by giving written notice
        to
        the Seller and the Trustee, with a copy to each Rating Agency; provided that
        such resignation shall not become effective until acceptance of appointment
        by a
        successor Master Servicer.

       

      
        
           

        

        
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      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 Securities
        Administrator an instrument accepting such appointment hereunder, and thereupon
        the resignation or removal of the predecessor Trustee or Securities
        Administrator 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 Securities Administrator 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 Securities
        Administrator, as applicable, all such rights, powers, duties and
        obligations.

       

      No
        successor Trustee or Securities Administrator shall accept appointment as
        provided in this Section 8.08 unless at the time of such acceptance such
        successor Trustee or Securities Administrator shall be eligible under the
        provisions of Section 8.06 hereof and the appointment of such successor Trustee
        or Securities Administrator shall not result in a downgrading of the Senior
        Certificates by either Rating Agency, as evidenced by a letter from each
        Rating
        Agency.

       

      Upon
        acceptance of appointment by a successor Trustee or Securities Administrator
        as
        provided in this Section 8.08, the successor Trustee or Securities Administrator
        shall mail notice of the 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.

       

      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
        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, execute and deliver all instruments to appoint one or more
        Persons, approved by the Trustee to act as co-trustee or co-trustees, jointly
        with the Trustee, or separate trustee or separate trustees, of all or any
        part
        of the Trust, and to vest in such Person or Persons, in such capacity and
        for
        the benefit of the Certificateholders, such title to the Trust, or any part
        thereof, and, subject to the other provisions of this Section 8.10, such
        powers,
        duties, obligations, rights and trusts as the 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.

       

      
        
           

        

        
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      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 or any portion thereof in any such jurisdiction) shall be exercised
        and performed singly by such separate trustee or co-trustee, but solely at
        the
        direction of the Trustee;

       

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

       

      (iii) the
        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.

       

      
        
           

        

        
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      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, 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.

       

      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), 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. 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.

       

      (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.
        Upon request, the Securities Administrator shall furnish the Depositor and
        any
        requesting Certificateholder with its most recent audited financial statements.
        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 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.

       

      
        
           

        

        
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      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, or any part thereof,
        may be
        located that the Trustee post a bond or other surety with any court, agency
        or
        body whatsoever.

       

      SECTION
        8.15. Waiver
        of Inventory, Accounting and Appraisal Requirement.

       

      The
        Trustee shall be relieved of, and each Certificateholder hereby waives, any
        requirement of any jurisdiction in which the Trust, or any part thereof,
        may be
        located that the Trustee file any inventory, accounting or appraisal of the
        Trust with any court, agency or body at any time or in any manner
        whatsoever.

       

      SECTION
        8.16. Appointment
        of Custodians.

       

      The
        Trustee may 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).

       

      
        
           

        

        
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      ARTICLE
        IX

       

      REMIC
        ADMINISTRATION

       

      SECTION
        9.01. REMIC
        Administration.

       

      (a) As
        set
        forth in the Preliminary Statement to this Agreement, two REMIC elections
        shall
        be made by the Trust. 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.

       

      (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).

       

      (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, intends to determine the existence and amount of any OID as
        if
        those Classes of Regular Certificates were one debt instrument. 

       

      (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 the Class A-R Certificate
        to any disqualified organization and (ii) to the Certificateholders such
        information or reports as are required by the Code or REMIC
        Provisions.

       

      
        
           

        

        
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      (f) Each
        of
        the Trustee, the Securities Administrator and the Holders of Certificates
        (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) shall take
        any
        action or cause any REMIC created hereunder to take any action necessary
        to
        create or maintain the status of the 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 Class A-R Certificate will consult with
        the
        Securities Administrator or its 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. 

       

      (g) Each
        Holder of the Class A-R Certificate shall pay when due any and all taxes
        imposed
        on any REMIC created hereunder by federal or state governmental authorities.
        To
        the extent that such Trust taxes are not paid by the Class A-R
        Certificateholder, the Securities Administrator shall pay any remaining REMIC
        taxes out of current or future amounts otherwise distributable to the Holder
        of
        the Class A-R Certificate 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) Neither
        the Trustee nor the Securities Administrator shall enter into any arrangement
        by
        which any REMIC created hereunder will receive a fee or other compensation
        for
        services.

       

      
        
           

        

        
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      SECTION
        9.02. Prohibited
        Transactions and Activities.

       

      Neither
        the Depositor nor 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 it has received an Opinion of Counsel (at the expense
        of
        the party causing such sale, disposition, or substitution) that such
        disposition, acquisition, substitution, or acceptance will not result in
        an
        Adverse REMIC Event.

       

      SECTION
        9.03. Tax
        Treatment of the Class ES Certificates.

       

      It
        is the
        intent of the parties hereto that the segregated pool of assets consisting
        of
        any collections in respect of the Class ES Distributable Amount payable to
        the
        Class ES Certificates constitutes, for federal income tax purposes, a grantor
        trust as described in Subpart E of Part I of Subchapter J of the Code and
        Treasury Regulation §301.7701-4(c)(2). The Securities Administrator shall
        prepare and file, and the Trustee shall sign, all of the tax returns in respect
        of such grantor trust. The expenses of preparing and filing such returns
        shall
        be borne by the Securities Administrator. For purposes of complying with
        tax
        information reporting requirements, the Securities Administrator shall assume
        that the grantor trust is not a widely held fixed investment trust as that
        term
        is defined in Treasury Regulation section 1.671-5(b)(22).

       

      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 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 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, (iii) the optional purchase of the Mortgage Loans as
        described in the following paragraph and (iv) the Latest Possible Maturity
        Date. 

       

      Thornburg
        (solely in its capacity as a Servicer of the Mortgage Loans) may, at its
        option,
        terminate this Agreement on any Distribution Date on which the aggregate
        of the
        Stated Principal Balances of the Mortgage Loans as of the end of the immediately
        preceding Due Period is equal to or less than 10% of the Cut-Off Date Aggregate
        Principal Balance, by purchasing, on such Distribution Date, all of the
        outstanding Mortgage Loans and REO Properties at a price equal to the sum
        of (i)
        the outstanding Stated Principal Balances of the Mortgage Loans (other than
        in
        respect of REO Properties), (ii) the lesser of (x) the appraised value of
        any
        REO Property as determined by the higher of two appraisals completed by two
        independent appraisers selected by the Depositor at the expense of the Depositor
        less the good faith estimate of the Master Servicer or the related Servicer,
        as
        applicable, of Liquidation Expenses to be incurred in connection with its
        disposal and (y) the Principal Balance of each Mortgage Loan related to any
        REO
        Property and (iii) in all cases, accrued and unpaid interest thereon at the
        applicable Loan Rate through the end of the Due Period preceding the final
        Distribution Date, plus unreimbursed Servicing Advances and Advances and
        any
        unpaid Master Servicing Fees and Servicing Fees allocable to such Mortgage
        Loans
        and REO Properties, plus all amounts, if any, then due and owing to the Trustee,
        the Master Servicer and the Securities Administrator (the “Termination
        Price”).

       

      
        
           

        

        
          122

          
            

          

        

        
           

        

      

      In
        addition, Wells Fargo Bank, N.A. (solely in its capacity as the Master Servicer)
        may, at its option, terminate this Agreement on any Distribution Date on
        which
        the aggregate of the Stated Principal Balances of the Mortgage Loans as of
        the
        end of the immediately preceding Due Period is equal to or less than 5% of
        the
        Cut-Off Date Aggregate Principal Balance, by purchasing, on such Distribution
        Date, all of the outstanding Mortgage Loans and REO Properties at a price
        equal
        to Termination Price; provided,
        that
        the
        right of Wells Fargo Bank, N.A. to repurchase all the Mortgage Loans shall
        be
        exercisable only if Thornburg has not elected to exercise its optional
        termination right on or before such date.

       

      (b) Notice
        of
        any termination pursuant to the second or third paragraphs 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 Securities Administrator for payment of the final
        distribution and cancellation, shall be given promptly by the Securities
        Administrator upon the Securities Administrator 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 of such
        final distribution specifying (1) the Distribution Date upon which final
        distributions on the Certificates will be made upon presentation and surrender
        of such Certificates at the office or agency of the Securities Administrator
        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 Securities Administrator
        therein
        specified.

       

      (c) Upon
        presentation and surrender of the Certificates, the Securities Administrator
        shall cause to be distributed to the Holders of the Certificates on the
        Distribution Date for such final distribution, in proportion to the Percentage
        Interests of their respective Class and to the extent that funds are available
        for such purpose, an amount equal to the amount required to be distributed
        to
        such Holders in accordance with the provisions of Section 4.01 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 the Securities Administrator 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 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.

       

      
        
           

        

        
          123

          
            

          

        

        
           

        

      

       

      SECTION
        10.02. Additional
        Termination Requirements.

       

      (a) In
        the
        event the purchase option provided in Section 10.01 is exercised, the Trust
        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 Thornburg or its designee or Wells
        Fargo
        Bank, N.A. or its designee, as the case may be, for cash and, within 90 days
        of
        such sale, the Securities Administrator 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 Administration as their attorneys in fact to
        undertake the foregoing steps.

       

      ARTICLE
        XI

       

      DISPOSITION
        OF TRUST ASSETS

       

      SECTION
        11.01. Disposition
        of Trust Assets.

       

      Neither
        the Trust, nor this Agreement, may be terminated or voided, or any disposition
        of the assets of the Trust effected, other than in accordance with the terms
        hereof, except to the extent that Holders representing no less than the entire
        beneficial ownership interest of the Certificates have so assented.

       

      
        
           

        

        
          124

          
            

          

        

        
           

        

      

       

      ARTICLE
        XII 

       

      MISCELLANEOUS
        PROVISIONS

       

      SECTION
        12.01. Amendment.

       

      This
        Agreement may be amended from time to time by Seller, the Depositor, the
        Master
        Servicer, the Securities Administrator and the Trustee, and without the consent
        of the Certificateholders, (i) to cure any ambiguity, (ii) to correct
        or supplement any provisions herein which may be defective or inconsistent
        with
        any other provisions herein, (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; provided,
        however,
        that
        any such action listed in clause (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
        each Rating Agency that such action will not result in the reduction or
        withdrawal of the rating of any outstanding Class of Certificates with respect
        to which it is a Rating Agency or (ii) an Opinion of Counsel stating 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 Master Servicer,
        the
        Securities Administrator and the Trustee.

       

      In
        addition, this Agreement may be amended from time to time by Seller, the
        Depositor, the Master Servicer, the Securities Administrator and the Trustee
        and
        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; 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 66% Percentage Interest in such Class, or (z) reduce
        the percentage of Voting Rights required by clause (y) above without the
        consent of the Holders of all Certificates of such Class then outstanding.
        Upon
        approval of an amendment, a copy of such amendment shall be sent to each
        Rating
        Agency.

       

      Notwithstanding
        any provision of this Agreement to the contrary, neither the Trustee nor
        the
        Securities Administrator shall 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
        or the Securities Administrator, in which case the Trustee or the Securities
        Administrator shall be entitled to be reimbursed for such expenses by the
        Trust
        pursuant to Section 8.05 hereof), to the effect that such amendment will
        not
        result in the imposition of a tax on any REMIC created hereunder pursuant
        to the
        REMIC Provisions or cause any REMIC created hereunder to fail to qualify
        as a
        REMIC at any time that any Certificates are outstanding and that the amendment
        is being made in accordance with the terms hereof, such amendment is permitted
        by this Agreement and all conditions precedent, if any, have been complied
        with.

       

      
        
           

        

        
          125

          
            

          

        

        
           

        

      

      Promptly
        after the execution of any such amendment the Securities Administrator 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 Trustee or the
        Securities Administrator), otherwise at the expense of the Trust, a copy
        of such
        amendment and the Opinion of Counsel referred to in the immediately preceding
        paragraph to the 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 Securities Administrator may
        prescribe.

       

      The
        Trustee 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,
        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, (ii) entitle such Certificateholder’s legal
        representatives or heirs to claim an accounting or to take any action or
        proceeding in any court for a partition or winding up of the Trust or
        (iii) otherwise affect the rights, obligations and liabilities of the
        parties hereto or any of them.

       

      Except
        as
        expressly provided for herein, no Certificateholder shall have any right
        to vote
        or in any manner otherwise control the operation and management of the Trust,
        or
        the obligations of the parties hereto, nor shall anything herein set forth
        or
        contained in the terms of the Certificates be construed so as to constitute
        the
        Certificateholders from time to time as partners or members of an association;
        nor shall any Certificateholder be under any liability to any third person
        by
        reason of any action taken by the parties to this Agreement pursuant to any
        provision hereof.

       

      
        
           

        

        
          126

          
            

          

        

        
           

        

      

      No
        Certificateholder shall have any right by virtue of any provision of this
        Agreement to institute any suit, action or proceeding in equity or at law
        upon
        or under or with respect to this Agreement, unless such Holder previously
        shall
        have given to the Trustee a written notice of default and of the continuance
        thereof, as hereinbefore provided, and unless also the Holders of Certificates
        entitled to at least 25% of the Voting Rights shall have made written request
        upon the Trustee to institute such action, suit or proceeding in its own
        name as
        Trustee hereunder and shall have offered to the Trustee such reasonable
        indemnity as it may require against the costs, expenses and liabilities to
        be
        incurred therein or thereby, and the Trustee for 15 days after its receipt
        of such notice, request and offer of indemnity, shall have neglected or refused
        to institute any such action, suit or proceeding. It is understood and intended,
        and expressly covenanted by each Certificateholder with every other
        Certificateholder and the Trustee, that no one or more Holders of Certificates
        shall have any right in any manner whatever by virtue of any provision of
        this
        Agreement to affect, disturb or prejudice the rights of the Holders of any
        other
        of such Certificates, or to obtain or seek to obtain priority over or preference
        to any other such Holder, which priority or preference is not otherwise provided
        for herein, or to enforce any right under this Agreement, except in the manner
        herein provided and for the equal, ratable and common benefit of all
        Certificateholders. For the protection and enforcement of the provisions
        of this
        Section 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.

       

      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 or delivered
        via
        telecopy, to (a) in the case of the Seller, to Thornburg Mortgage Home
        Loans, Inc., 150 Washington Avenue, Suite 302, Santa Fe, New Mexico 87501,
        Attention: Deborah Burns (telecopy number (505) 467-5215), 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: Thornburg 2007-4),
        Facsimile no.: (410) 715-2380, or such other address or telecopy number as
        may
        be furnished to the Depositor, the Seller, the Securities Administrator,
        and the
        Trustee in writing by the Master Servicer. 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.

       

      
        
           

        

        
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      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. Notice
        to the Rating Agencies.

       

      (a) The
        Securities Administrator shall be obligated to use its best reasonable efforts
        promptly to provide notice to the Rating Agencies with respect to each of
        the
        following of which a Responsible Officer of the Securities Administrator
        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, the Securities Administrator
        or the Trustee;

       

      (iv) the
        final
        payment to Holders of the Certificates of any Class; and

       

      (v) any
        change in the location of any Account.

       

      (b) In
        addition, the Securities Administrator shall promptly furnish to the Rating
        Agencies copies of each Statement to Certificateholders described in Section
        5.04 hereof; if the Trustee is acting as a successor Master Servicer pursuant
        to
        Section 7.02 hereof, the Trustee shall notify the Rating Agencies of any
        event
        that would result in the inability of the Trustee to make Advances and the
        Master Servicer shall promptly furnish to each Rating Agency copies of the
        following:

       

      
        
           

        

        
          128

          
            

          

        

        
           

        

      

      (i) each
        annual statement as to compliance described in Section 3.17 hereof;

       

      (ii) each
        annual assessment of compliance and attestation report described in Section
        3.16
        hereof; and

       

      (iii) 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
        Moody’s, to:

      

      Moody’s
        Investors Service, Inc.

      99
        Church
        Street 

      New
        York,
        New York 10007

      Attention:
        Residential Mortgages

      

      If
        to
        S&P, to:

      

      55
        Water
        Street

      New
        York,
        New York 10041

      Attention:
        Residential Mortgages

       

      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.

       

      
        
           

        

        
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      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 and the Seller. Such
        instrument or instruments (and the action embodied therein and evidenced
        thereby) are herein sometimes referred to as the “act” of the Certificateholders
        signing such instrument or instruments. Proof of execution of any such
        instrument or of a writing appointing any such agent shall be sufficient
        for any
        purpose of this Agreement and conclusive in favor of the Trustee and the
        Trust,
        if made in the manner provided in this Section 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
        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. Derivatives
        Transactions.

       

      The
        Trust
        and the Securities Administrator are authorized, at the direction and the
        expense of the Holders of a majority of the Voting Rights allocated to the
        Class
        of Subordinate Certificates outstanding having the highest numerical designation
        (or, if no Subordinate Certificates are outstanding, a majority of the Voting
        Rights allocated to the Senior Certificates other than the Class A-R
        Certificates), to enter into such derivative transactions for the benefit
        of any
        Certificateholders as may be deemed desirable by such Holders, so long as
        (i) as
        evidenced by one or more Opinions of Counsel addressed to the Securities
        Administrator (at the expense of such Holders), the execution and delivery
        of
        such derivative transaction is permitted under this Agreement and the inclusion
        of such derivative in the Trust will not be inconsistent with the ERISA
        provisions contained herein or cause the Certificates (other than the
        ERISA-Restricted Certificates) to fail to qualify for the Underwriter’s
        Exemption, (ii) a REMIC Opinion (at the expense of such Holders) is delivered
        to
        the Securities Administrator, (iii) an Opinion of Counsel addressed to the
        Securities Administrator (at the expense of such Holders) that the execution
        and
        delivery of such derivative transaction and documentation as presented to
        the
        Securities Administrator is permitted under this Agreement, and (iv) the
        Rating
        Agency shall have confirmed in writing that the inclusion of such derivative
        would not result in a downgrade of its then rating of any Class of
        Certificates.

       

      
        
           

        

        
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      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/
        Ara Balabanian         

      Name:
        Ara Balabanian

      
        Title:
          Vice President

      

       

      THORNBURG
        MORTGAGE HOME LOANS, INC.,

      as
        Seller

       

      By: /s/
        Deborah J. Burns         

      Name:
        Deborah J. Burns

      Title:
        Senior Vice President

       

      WELLS
        FARGO BANK, N.A., 

      as
        Master Servicer

      

      By: /s/
        Carla S. Walker         

      Name:
        Carla S. Walker

      Title:
        Vice President

       

      WELLS
        FARGO BANK, N.A., 

      as
        Securities Administrator

       

      By: /s/
        Carla S. Walker         

      Name:
        Carla S. Walker

      Title:
        Vice President

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      LASALLE
        BANK NATIONAL ASSOCIATION,

      as
        Trustee and Custodian

       

      By:  /s/
        Rita Lopez         

      Name:
        Rita Lopez

      Title:
        Vice President

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                STATE
                  OF CONNECTICUT

              	
                )

              	 
	 	
                )
                  

              	
                ss.:

              
	
                COUNTY
                  OF FAIRFIELD

              	
                )

              	 

      

       

      On
        the
        __30th_
        day of
        August 2007, before me, a notary public in and for said State, personally
        appeared Ara
        Balabanian
        known to
        me to be a Vice President of Greenwich Capital Acceptance, Inc., a Delaware
        corporation that executed the within instrument, and also known to me to
        be the
        person who executed it on behalf of said corporation, and acknowledged to
        me
        that such corporation executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      /s/
        Kimberly J. Donnelly  

      Notary
        Public

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                STATE
                  OF NEW MEXICO

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF SANTA FE

              	
                )

              	 

      

       

      On
        the
        __31st_ day
        of
        August 2007, before me, a notary public in and for said State, personally
        appeared Deborah J. Burns known to me to be a Senior Vice President of Thornburg
        Mortgage Home Loans, Inc., a Delaware corporation that executed the within
        instrument, and also known to me to be the person who executed it on behalf
        of
        said corporation, and acknowledged to me that such corporation executed the
        within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      /s/
        Jane
        C. Yates   

      Notary
        Public

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                STATE
                  OF MARYLAND

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF HOWARD

              	
                )

              	 

      

       

      On
        the
        _17th__
        day of
        August 2007, before me, a notary public in and for said State, personally
        appeared ___Carla
        S. Walker__________
        known to me to be a ___Vice
        President______
        of
        Wells Fargo Bank, N.A. that executed the within instrument, and also known
        to me
        to be the person who executed it on behalf of said corporation, and acknowledged
        to me that such corporation executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      /s/
        Graham M. Oglesby     

      Notary
        Public

       

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                STATE
                  OF ILLINOIS

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF

              	
                )

              	 

      

       

      On
        the
        _16th__
        day of
        August 2007, before me, a notary public in and for said State, personally
        appeared ___Rita
        Lopez__________________________
        known to me to be __Vice
        President_____________
        of
        LaSalle Bank National Association, a national banking association that executed
        the within instrument, and also known to me to be the person who executed
        it on
        behalf of said corporation, and acknowledged to me that such corporation
        executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      /s/
        Christine M. Orsi   

      Notary
        Public

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      

      [To
        be
        retained in a separate closing binder entitled “Thornburg 2007-4 Mortgage Loan
        Schedule” at the Washington DC offices of McKee Nelson LLP]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

    

    EXHIBIT
      A

     

    FORM
      OF SENIOR CERTIFICATE

     

    CLASS
      A-[   ] CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR
      OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
      CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
      NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
      IS
      MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    UNTIL
      THIS CERTIFICATE HAS BEEN SUBJECT TO AN ERISA-QUALIFYING UNDERWRITING, NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
      PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
      OF
      ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) AN OPINION OF
      COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.
      NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF
      THIS
      CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR
      TO
      THE CODE WITHOUT THE REPRESENTATION OR THE OPINION OF COUNSEL SATISFACTORY
      TO
      THE SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.
      [Applicable
      to Class 1A-2 and Class 2A-2 Certificates only]

    

     

    
      	
              Certificate
                No.:

               

            	
              [    ]

               

            
	
              Cut-Off
                Date:

               

            	
              August
                1, 2007

               

            
	
              First
                Distribution Date:

               

            	
              September
                25, 2007

               

            

    

     

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Initial
                Certificate Principal

            	 
	
              Balance
                of this Certificate

            	 
	
              (“Denomination”):

               

            	
              $[    ]

               

            
	
              Original
                Class Certificate

            	 
	
              Principal
                Balance of this

            	 
	
              Class:

               

            	
              $[    ]

               

            
	
              Percentage
                Interest:

               

            	
              [    ]%

               

            
	
              Pass-Through
                Rate:

               

            	
              Weighted
                Average

               

            
	
              CUSIP:

               

            	
              88522Y
                __
                _

               

            
	
              Class:

               

            	
              [1][2][3]A-[  
                ]

               

            
	
              Assumed
                Final Distribution Date:

            	
              September
                25, 2037

            

    

     

     

     

     

     

     

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    Thornburg
      Mortgage Securities Trust 2007-4,

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2007-4

    Class
      [1][2][3]A-[   ]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
      purchased from others by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Certificate at any time
      may be less than the Initial Certificate Principal Balance set forth on the
      face
      hereof, as described herein. This Certificate does not evidence an obligation
      of, or an interest in, and is not guaranteed by the Depositor, the Seller,
      the
      Master Servicer, the Securities Administrator or the Trustee referred to below
      or any of their respective affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust consisting primarily of the
      Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”). The Trust was created pursuant to the pooling and servicing
      agreement dated as of August 1, 2007 (the “Agreement”) by and among the
      Depositor, Thornburg Mortgage Home Loans, Inc. (“TMHL”), as seller (the
“Seller”), Wells Fargo Bank, N.A., as master servicer (the “Master Servicer”)
      and securities administrator (the “Securities Administrator”) and the LaSalle
      Bank National Association, as trustee (the “Trustee”). This Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound. To the extent
      not
      defined herein, the capitalized terms used herein have the meanings assigned
      in
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Securities Administrator.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      August ___, 2007

    
      	 	 	 
	 	
              THORNBURG
                MORTGAGE SECURITIES TRUST 2007-4

            
	 
 	 
 	 
 
	 	By:	
              WELLS
                FARGO BANK, N.A.,

            
	 	 	
              not
                in its individual capacity,

              but
                solely as Securities Administrator

            
	 	 	 
	 	 	 
	 	By:  	 
	 	
              

            
	 	 

    

     

     

     

     

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    By
      ________________________________________

    Authorized
      Signatory of

    Wells
      Fargo Bank, N.A.,

    as
      Securities Administrator

     

     

     

     

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [Reserved]

     

     

     

     

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      C

     

    FORM
      OF CLASS A-R CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFER AFFIDAVIT IN
      ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
      PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
      OF
      ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) IF SUCH CERTIFICATE
      HAS BEEN SUBJECT TO AN ERISA-QUALIFYING UNDERWRITING, A REPRESENTATION THAT
      THE
      PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE WITH FUNDS
      CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN SECTION V(e)
      OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”) AND THAT THE
      PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND III
      OF
      PTCE 95-60, OR (C) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING TO THE CONTRARY
      HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN
      EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE REPRESENTATION
      LETTER OR OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR AS
      DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.

    

    
      	
              Certificate
                No.:

               

            	
              1

               

            
	
              Cut-Off
                Date:

               

            	
              August
                1, 2007

               

            
	
              First
                Distribution Date:

               

            	
              September
                25, 2007

               

            
	
              Initial
                Certificate Principal 

            	 
	
              Balance
                of this Certificate:

            	
              $100

            

    

     

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Original
                Class Certificate 

            	 
	
              Principal
                Balance of this 

            	 
	
              Class:

               

            	
              $100

               

            
	
              Percentage
                Interest:

               

            	
              100%

            
	
              Pass-Through
                Rate:

               

            	
              Weighted
                Average

            
	
              CUSIP:

               

            	
              88522Y
                __
                _

            
	
              Class:

               

            	
              A-R

            
	
              Assumed
                Final Distribution Date:

            	
              September
                25, 2037

            

    

     

     

     

     

     

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    Thornburg
      Mortgage Securities Trust 2007-4

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2007-4

    Class
      A-R

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
      purchased from others by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
      Administrator or the Trustee referred to below or any of their respective
      affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed
      or
      insured by any governmental agency or instrumentality.

     

    This
      certifies that _________________________ is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust consisting primarily of the Mortgage Loans deposited by
      Greenwich Capital Acceptance, Inc. (the “Depositor”). The Trust was created
      pursuant to the pooling and servicing agreement dated as of August 1, 2007
      (the
“Agreement”) by and among the Depositor, Thornburg Mortgage Home Loans, Inc.
      (“TMHL”), as seller (the “Seller”), Wells Fargo Bank, N.A., as master servicer
      (the “Master Servicer”) and securities administrator (the “Securities
      Administrator”) and LaSalle Bank National Association, as trustee (the
“Trustee”). This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound. To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement.

     

    Any
      distribution of the proceeds of any remaining assets of the Trust will be made
      only upon presentment and surrender of this Certificate at the Corporate Trust
      Office or the office or agency maintained by the Trustee.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Securities Administrator
      of (a) a transfer affidavit of the proposed transferee and (b) a transfer
      certificate of the transferor, each of such documents to be in the form
      described in the Agreement, (iii) each person holding or acquiring any Ownership
      Interest in this Certificate must agree to require a transfer affidavit and
      to
      deliver a transfer certificate to the Securities Administrator as required
      pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
      Interest in this Certificate must agree not to transfer an Ownership Interest
      in
      this Certificate if it has actual knowledge that the proposed transferee is
      not
      a Permitted Transferee and (v) any attempted or purported transfer of any
      Ownership Interest in this Certificate in violation of such restrictions will
      be
      absolutely null and void and will vest no rights in the purported transferee.
      The Securities Administrator will provide the Internal Revenue Service and
      any
      pertinent persons with the information needed to compute the tax imposed under
      the applicable tax laws on transfers of residual interests to disqualified
      organizations, if any person other than a Permitted Transferee acquires an
      Ownership Interest on a Class A-R Certificate in violation of the restrictions
      mentioned above.

     

     

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized officer of the
      Securities Administrator.

     

     

     

     

     

     

     

    
      
        
        

      

      
        C-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

     

    
      Dated:
        August ___, 2007

      
        	 	 	 
	 	
                THORNBURG
                  MORTGAGE SECURITIES TRUST 2007-4

              
	 
 	 
 	 
 
	 	By:	
                WELLS
                  FARGO BANK, N.A.,

              
	 	 	
                not
                  in its individual capacity,

                but
                  solely as Securities Administrator

              
	 	 	 
	 	 	 
	 	By:  	 
	 	
                

              
	 	 

      

    

     

     

    
      This
        is
        one of the Certificates

      referenced
        in the within-mentioned Agreement

       

      

      By
        ________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Securities Administrator

       

       

       

       

       

      
        
          
          

        

        
          C-5

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      D-1

     

    FORM
      OF SUBORDINATE CERTIFICATE

     

    CLASS
      B-[    ]
      CERTIFICATE

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR
      OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
      CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
      NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
      IS
      MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] [Applicable
      to Book-Entry Certificates only; delete for Certificates issued in physical
      form]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    [THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
      SUCH
      REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION.] [Applicable
      only to Class B-4, Class B-5 and Class B-6
      Certificates]

     

    [THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT IT ACQUIRED SUCH CERTIFICATE (I)(A) PURSUANT
      TO A
      REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT
      OR
      (B) AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933
      ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
      INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
      IN
      RELIANCE ON RULE 144A.] [Applicable
      only to Class B-4, Class B-5 and Class B-6 Certificates issued in book-entry
      form]

     

    [IN
      THE
      EVENT THAT THE RATING ON THIS CLASS B-[ ] CERTIFICATE IS DOWNGRADED BELOW
      INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE
      TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR
      EITHER (A) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT
      AN
      EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA, OR A PLAN OR ARRANGEMENT SUBJECT TO
      SECTION 4975 OF THE CODE OR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR
      ARRANGEMENT OR USING PLAN ASSETS OF ANY SUCH PLAN OR ARRANGEMENT TO EFFECT
      THE
      TRANSFER, OR (B) IF SUCH CERTIFICATE HAS BEEN SUBJECT TO AN ERISA-QUALIFYING
      UNDERWRITING, A REPRESENTATION THAT THE PURCHASER IS AN INSURANCE COMPANY
      PURCHASING THIS CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY
      GENERAL ACCOUNT” AS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS
      EXEMPTION (“PTCE”) 95-60 AND THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE
      ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60. A TRANSFEREE ACQUIRING
      A
      BOOK-ENTRY CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN
      THIS
      PARAGRAPH.] [Applicable
      only to Class B-1, Class B-2 and Class B-3 Certificates which are subject to
      an
      ERISA-Qualifying Underwriting]

     

     

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

     

    [NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
      PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
      OF
      ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) IF SUCH CERTIFICATE
      HAS BEEN SUBJECT TO AN ERISA-QUALIFYING UNDERWRITING, A REPRESENTATION THAT
      THE
      PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE WITH FUNDS
      CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN SECTION V(e)
      OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND THAT THE PURCHASE
      AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE
      95-60. A TRANSFEREE ACQUIRING A BOOK-ENTRY CERTIFICATE SHALL BE DEEMED TO HAVE
      MADE THE REPRESENTATIONS IN THIS PARAGRAPH.] [Applicable
      only to Class B-4, Class B-5 and Class B-6
      Certificates]

     

    UNTIL
      THIS CERTIFICATE HAS BEEN SUBJECT TO AN ERISA-QUALIFYING UNDERWRITING, NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
      PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
      OF
      ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) AN OPINION OF
      COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.
      NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF
      THIS
      CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR
      TO
      THE CODE WITHOUT THE REPRESENTATION OR THE OPINION OF COUNSEL SATISFACTORY
      TO
      THE SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.
      [Applicable
      only to Class B-1, Class B-2 and Class B-3 Certificates which are currently
      not
      subject to an ERISA-Qualifying Underwriting]

     

     

    
      
        
        

      

      
        D-1-2

        
          

        

      

      
        
        

      

    

     

    [NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED (A) (1) UNLESS
      SUCH
      TRANSFER IS MADE IN RELIANCE UPON RULE 144A OF THE SECURITIES ACT OF 1933,
      AS
      AMENDED (THE “1933 ACT”) OR (2) UNLESS SUCH TRANSFER IS MADE IN RELIANCE UPON
      RULE 501 (C)(1), (2), (3) OR (7) OF THE 1933 ACT (IN EACH CASE AS EVIDENCED
      BY
      AN INVESTMENT LETTER DELIVERED TO THE SECURITIES ADMINISTRATOR, IN SUBSTANTIALLY
      THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT AND, IF SO REQUIRED
      BY
      THE SECURITIES ADMINISTRATOR, A WRITTEN OPINION OF COUNSEL (WHICH MAY BE
      IN-HOUSE COUNSEL) ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY
      SATISFACTORY TO THE SECURITIES ADMINISTRATOR, THAT SUCH TRANSFER MAY BE MADE
      PURSUANT TO AN EXEMPTION, DESCRIBING THE APPLICABLE EXEMPTION AND THE BASIS
      THEREFOR, FROM THE 1933 ACT OR IS BEING MADE PURSUANT TO THE 1933 ACT, WHICH
      OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE SECURITIES ADMINISTRATOR
      OR
      THE DEPOSITOR) OR (B) THE TRANSFEROR SHALL HAVE EXECUTED A TRANSFEROR
      CERTIFICATE (IN SUBSTANTIALLY THE FORM ATTACHED TO THE POOLING AND SERVICING
      AGREEMENT) AND THE TRANSFEREE SHALL HAVE EXECUTED AN INVESTMENT LETTER (IN
      SUBSTANTIALLY THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT)
      ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE DEPOSITOR
      AND THE SECURITIES ADMINISTRATOR CERTIFYING TO THE DEPOSITOR AND THE SECURITIES
      ADMINISTRATOR THE FACTS SURROUNDING SUCH TRANSFER, WHICH INVESTMENT LETTER
      SHALL
      NOT BE AN EXPENSE OF THE SECURITIES ADMINISTRATOR OR THE DEPOSITOR.]
[Applicable
      to Class B-4, Class B-5 and Class B-6 Certificates that are in physical form
      only]

     

     

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

     

    THIS
      CERTIFICATE IS SUBORDINATE IN RIGHT AND PAYMENT AS DESCRIBED IN THE AGREEMENT
      REFERRED TO HEREIN.

     

    
      	
              Certificate
                No.:

               

            	
              [       ]

               

            
	
              Cut-Off
                Date:

               

            	
              August
                1, 2006

               

            
	
              First
                Distribution Date:

               

            	
              September
                25, 2006

               

            
	
              Initial
                Certificate Principal

            	 
	
              Balance
                of this Certificate

            	 
	
              (“Denomination”):

               

            	
              $[       ]

               

            
	
              Original
                Class Certificate

            	 
	
              Principal
                Balance of this

            	 
	
              Class:

               

            	
              $[       ]

               

            
	
              Percentage
                Interest:

               

            	
              [       ]%

               

            
	
              Pass-Through
                Rate:

               

            	
              Weighted
                Average

               

            
	
              CUSIP:

               

            	
              88522Y
                __
                _

               

            
	
              Class:

               

            	
              B-[       ]

               

            
	
              Assumed
                Final Distribution Date:

            	
              September
                25, 2037

            

    

     

     

     

     

     

     

     

    
      
        
        

      

      
        D-1-4

        
          

        

      

      
        
        

      

    

     

    Thornburg
      Mortgage Securities Trust 2007-4,

    Mortgage
      Loan Pass-Through Certificates,

    Series
      2007-4

    Class
      B-[   ]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
      purchased from others by 

     

    GREENWICH
      CAPITAL ACCEPTANCE INC., as Depositor.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Certificate at any time
      may be less than the Initial Certificate Principal Balance set forth on the
      face
      hereof, as described herein. This Certificate does not evidence an obligation
      of, or an interest in, and is not guaranteed by the Depositor, the Seller,
      the
      Master Servicer, the Securities Administrator or the Trustee referred to below
      or any of their respective affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust consisting primarily of the
      Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”). The Trust was created pursuant to the pooling and servicing
      agreement dated as of August 1, 2007 (the “Agreement”) by and among the
      Depositor, Thornburg Mortgage Home Loans, Inc. (“TMHL”), as seller (the
“Seller”), Wells Fargo Bank, N.A., as master servicer (the “Master Servicer”)
      and securities administrator (the “Securities Administrator”) and LaSalle Bank
      National Association, as trustee (the “Trustee”). This Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement.

     

    [No
      transfer of this Certificate shall be made unless such disposition is exempt
      from the registration requirements of the Securities Act of 1933, as amended
      (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and such laws. In the event of any transfer, the
      transferee will be deemed to represent and warrant that that it acquired such
      certificate (i)(a) pursuant to a registration statement which has been declared
      effective under the 1933 Act or (b) as a “Qualified Institutional Buyer” as
      defined in Rule 144A under the 1933 Act that purchases for its own account
      or
      for the account of a Qualified Institutional Buyer to whom notice is given
      that
      the transfer is being made in reliance on Rule 144A.] [Applicable
      to Class B Certificates issued in book-entry form]

     

    [No
      transfer of this Certificate shall be made unless such disposition is exempt
      from the registration requirements of the Securities Act of 1933, as amended
      (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and such laws. In the event of any transfer, (i)
      (A) such transfer is made in reliance upon Rule 144A or (B) such transfer
      is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or (7) (in
      each case as evidenced by an investment letter delivered to the Securities
      Administrator, in substantially the form attached to the Pooling and Servicing
      Agreement, and, if so required by the Securities Administrator 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
      Securities Administrator that such transfer may be made pursuant to an
      exemption, describing the applicable exemption and the basis therefor, from
      the
      1933 Act or is being made pursuant to the 1933 Act, which Opinion of Counsel
      shall not be an expense of the Securities Administrator or the Depositor) or
      (ii) the Securities Administrator shall require the transferor to execute a
      transferor certificate (in substantially the form attached to the Pooling and
      Servicing Agreement) and the transferee to execute an investment letter (in
      substantially the form attached to the Pooling and Servicing Agreement)
      acceptable to and in form and substance reasonably satisfactory to the
      Securities Administrator certifying to the Depositor and the Securities
      Administrator the facts surrounding such transfer, which investment letter
      shall
      not be an expense of the Securities Administrator or the Depositor.]
      [Applicable
      to Class B Certificates in physical form only; delete for Book-Entry
      Certificates]

     

     

    
      
        
        

      

      
        D-1-5

        
          

        

      

      
        
        

      

    

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Securities Administrator.

     

     

     

     

     

     

     

    
      
        
        

      

      
        D-1-6

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    
      
        Dated:
          August ___, 2007

        
          	 	 	 
	 	
                  THORNBURG
                    MORTGAGE SECURITIES TRUST 2007-4

                
	 
 	 
 	 
 
	 	By:	
                  WELLS
                    FARGO BANK, N.A.,

                
	 	 	
                  not
                    in its individual capacity,

                  but
                    solely as Securities Administrator

                
	 	 	 
	 	 	 
	 	By:  	 
	 	
                  

                
	 	 

        

      

       

       

      
        This
          is
          one of the Certificates

        referenced
          in the within-mentioned Agreement

         

        

        By
          ________________________________________

        Authorized
          Signatory of

        Wells
          Fargo Bank, N.A.,

        as
          Securities Administrator

      

    

     

     

    

    
      
        
        

      

      
        D-1-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D-2

     

    FORM
      OF CLASS ES CERTIFICATE

     

    THIS
      CERTIFICATE DOES NOT EVIDENCE AN INTEREST IN ANY REMIC CREATED PURSUANT TO
      THE
      AGREEMENT REFERENCED HEREIN. 

     

    THIS
      CERTIFICATE IS NOT ENTITLED TO DISTRIBUTIONS OF PRINCIPAL AND WILL NOT ACCRUE
      INTEREST. THE HOLDER OF THIS CERTIFICATE WILL BE ENTITLED TO CERTAIN
      DISTRIBUTIONS AS PROVIDED IN THE AGREEMENT.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
      SUCH
      REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED (A) (1) UNLESS
      SUCH
      TRANSFER IS MADE IN RELIANCE UPON RULE 144A OF THE SECURITIES ACT OF 1933,
      AS
      AMENDED (THE “1933 ACT”) OR (2) UNLESS SUCH TRANSFER IS MADE IN RELIANCE UPON
      RULE 501 (C)(1), (2), (3) OR (7) OF THE 1933 ACT (IN EACH CASE AS EVIDENCED
      BY
      AN INVESTMENT LETTER DELIVERED TO THE SECURITIES ADMINISTRATOR, IN SUBSTANTIALLY
      THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT AND, IF SO REQUIRED
      BY
      THE SECURITIES ADMINISTRATOR, A WRITTEN OPINION OF COUNSEL (WHICH MAY BE
      IN-HOUSE COUNSEL) ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY
      SATISFACTORY TO THE SECURITIES ADMINISTRATOR, THAT SUCH TRANSFER MAY BE MADE
      PURSUANT TO AN EXEMPTION, DESCRIBING THE APPLICABLE EXEMPTION AND THE BASIS
      THEREFOR, FROM THE 1933 ACT OR IS BEING MADE PURSUANT TO THE 1933 ACT, WHICH
      OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE SECURITIES ADMINISTRATOR
      OR
      THE DEPOSITOR) OR (B) THE TRANSFEROR SHALL HAVE EXECUTED A TRANSFEROR
      CERTIFICATE (IN SUBSTANTIALLY THE FORM ATTACHED TO THE POOLING AND SERVICING
      AGREEMENT) AND THE TRANSFEREE SHALL HAVE EXECUTED AN INVESTMENT LETTER (IN
      SUBSTANTIALLY THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT)
      ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE DEPOSITOR
      AND THE SECURITIES ADMINISTRATOR CERTIFYING TO THE DEPOSITOR AND THE SECURITIES
      ADMINISTRATOR THE FACTS SURROUNDING SUCH TRANSFER, WHICH INVESTMENT LETTER
      SHALL
      NOT BE AN EXPENSE OF THE SECURITIES ADMINISTRATOR OR THE DEPOSITOR..

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
      PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
      OF
      ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) IF SUCH CERTIFICATE
      HAS BEEN SUBJECT TO AN ERISA-QUALIFYING UNDERWRITING, A REPRESENTATION THAT
      THE
      PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE WITH FUNDS
      CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN SECTION V(e)
      OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”) AND THAT THE
      PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND III
      OF
      PTCE-95-60, OR (C) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING TO THE CONTRARY
      HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN
      EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE REPRESENTATION
      OR THE OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR AS
      DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.

     

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

     

    THIS
      CERTIFICATE MUST BE ACQUIRED BY A PROPOSED TRANSFEREE FOR ITS OWN ACCOUNT AND
      NOT IN A CAPACITY AS TRUSTEE, NOMINEE, MIDDLEMAN, OR AGENT FOR ANY OTHER
      PERSON.

     

     

     

     

     

     

     

    
      
        
        

      

      
        D-2-2

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Certificate
                No.:

               

            	
              1

               

            
	
              Cut-Off
                Date:

               

            	
              August
                1, 2007

               

            
	
              Percentage
                Interest:

               

            	
              100%

               

            
	
              CUSIP:

               

            	
              88522Y
                ___ __

               

            
	
              Class:

               

            	
              ES

               

            
	
              Class
                Notional Certificate Balance

               

            	
              $[    ]

               

            

    

     

     

     

     

     

     

     

    
      
        
        

      

      
        D-2-3

        
          

        

      

      
        
        

      

    

     

    Thornburg
      Mortgage Securities Trust 2007-4,

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2007-4

    Class
      ES

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
      purchased from others by 

     

    GREENWICH
      CAPITAL ACCEPTANCE INC., as Depositor.

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
      Administrator or the Trustee referred to below or any of their respective
      affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed
      or
      insured by any governmental agency or instrumentality.

     

    This
      certifies that _________________________ is the registered owner of the
      Percentage Interest evidenced by this Certificate (obtained by dividing the
      Denomination of this Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Greenwich Capital Acceptance,
      Inc.
      (the “Depositor”). The Trust was created pursuant to the pooling and servicing
      agreement dated as of August 1, 2007 (the “Agreement”) by and among the
      Depositor, Thornburg Mortgage Home Loans, Inc. (“TMHL”), as seller (the
“Seller”), Wells Fargo Bank, N.A., as master servicer (the “Master Servicer”)
      and securities administrator (the “Securities Administrator”) and LaSalle Bank
      National Association, as trustee (the “Trustee”). This Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement.

     

    No
      transfer of this Certificate shall be made unless such disposition is exempt
      from the registration requirements of the Securities Act of 1933, as amended
      (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and such laws. In the event of any transfer, (i)
      (A) such transfer is made in reliance upon Rule 144A or (B) such transfer
      is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or (7) (in
      each case as evidenced by an investment letter delivered to the Securities
      Administrator, in substantially the form attached to the Pooling and Servicing
      Agreement, and, if so required by the Securities Administrator 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
      Securities Administrator that such transfer may be made pursuant to an
      exemption, describing the applicable exemption and the basis therefor, from
      the
      1933 Act or is being made pursuant to the 1933 Act, which Opinion of Counsel
      shall not be an expense of the Securities Administrator or the Depositor) or
      (ii) the Securities Administrator shall require the transferor to execute a
      transferor certificate (in substantially the form attached to the Pooling and
      Servicing Agreement) and the transferee to execute an investment letter (in
      substantially the form attached to the Pooling and Servicing Agreement)
      acceptable to and in form and substance reasonably satisfactory to the
      Securities Administrator certifying to the Depositor and the Securities
      Administrator the facts surrounding such transfer, which investment letter
      shall
      not be an expense of the Securities Administrator or the Depositor.

     

     

    
      
        
        

      

      
        D-2-4

        
          

        

      

      
        
        

      

    

    

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Securities Administrator.

     

     

     

     

     

     

     

    
      
        
        

      

      
        D-2-5

        
          

        

      

      
        
        

      

    

    
       

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

    

     

    
      
        Dated:
          August ___, 2007

        
          	 	 	 
	 	
                  THORNBURG
                    MORTGAGE SECURITIES TRUST 2007-4

                
	 
 	 
 	 
 
	 	By:	
                  WELLS
                    FARGO BANK, N.A.,

                
	 	 	
                  not
                    in its individual capacity,

                  but
                    solely as Securities Administrator

                
	 	 	 
	 	 	 
	 	By:  	 
	 	
                  

                
	 	 

        

      

       

       

      
        This
          is
          one of the Certificates

        referenced
          in the within-mentioned Agreement

         

        

        By
          ________________________________________

        Authorized
          Signatory of

        Wells
          Fargo Bank, N.A.,

        as
          Securities Administrator

         

         

         

         

         

         

        
 

        
          
            
            

          

          
            D-2-6

            
              

            

          

          
            
            

          

        

      

    

     

    EXHIBIT
      E

     

    FORM
      OF REVERSE OF THE CERTIFICATES

     

    THORNBURG
      MORTGAGE SECURITIES TRUST 2007-4

    Mortgage
      Loan Pass-Through Certificates, Series 2007-4

    Reverse
      Certificate

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Thornburg Mortgage Securities Trust 2007-4, Mortgage Loan Pass-Through
      Certificates, Series 2007-4 (herein collectively called the “Certificates”), and
      representing a beneficial ownership interest in the Trust governed by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

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

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th
      day of
      each month, or if the 25th
      day is
      not a Business Day, then on the next succeeding Business Day (the “Distribution
      Date”), commencing on the first Distribution Date specified on the face hereof,
      to the Person in whose name this Certificate is registered at the close of
      business on the applicable Record Date in an amount equal to the product of
      the
      Percentage Interest evidenced by this Certificate and the amount required to
      be
      distributed to Holders of Certificates of the Class to which this Certificate
      belongs on such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made, (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 will
      be
      made in like manner, but only upon presentment and surrender of such Certificate
      at the office or agency of the Trustee specified in the notice to
      Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the 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 Securities Administrator upon surrender of this Certificate for registration
      of transfer at the office or agency maintained by the Securities Administrator
      accompanied by a written instrument of transfer in form satisfactory to the
      Securities Administrator and the Certificate Registrar duly executed by the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    [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 in minimum denominations of $25,000, provided,
      that, such certificates must be purchased in minimum total investments of at
      least $100,000, in the case of the Class [ ] Certificates and $100,000, in
      the
      case of the Class [ ] Certificates and, in each case, in integral multiples
      of
      $1 in excess thereof.] [Applicable
      to Book-Entry Certificates only; delete for Certificates in physical
      form.]
      

     

    [Each
      of
      the Class A-R and Class ES Certificates will be issued as a single Certificate
      and maintained in physical form, representing the entire Percentage Interest
      in
      that Class.] [Applicable
      to Certificates in physical form.]

     

    [The
      Class A-R Certificate is issuable only in a Percentage Interest of 100%.]
      [Applicable
      to Class A-R Certificates only.]
      [The
      Class ES Certificates shall be issued in minimum Percentage Interests of 1%
      and
      integral percentages of multiples of 1% in excess
      thereof.]
      [Applicable
      to the Class ES Certificates only.]

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

    The
      Depositor, the Seller, the Master Servicer, the Securities Administrator and
      the
      Trustee and any agent of the Depositor or the Trustee may treat the Person
      in
      whose name this Certificate is registered as the owner hereof for all purposes,
      and neither the Depositor, the Trustee nor any such agent shall be affected
      by
      any notice to the contrary.

     

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

     

    On
      any
      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, Thornburg Mortgage Home Loans, Inc., in its capacity as
      a
      Servicer (hereinafter “TMHL”), may purchase, on the related Distribution Date,
      all of the outstanding Mortgage Loans and REO Properties at a price equal to
      the
      Termination Price. In the event that TMHL does not exercise its right of
      optional termination, on any date on which the aggregate of the Stated Principal
      Balances of the Mortgage Loans on such date is equal to or less than 5% of
      the
      Cut-Off Date Aggregate Principal Balance, Wells Fargo Bank, N.A., in its
      capacity as Master Servicer, may purchase, on the related Distribution Date,
      all
      of the outstanding Mortgage Loans and REO Properties at a price equal to the
      Termination Price. In the event that neither TMHL nor the Master Servicer
      exercises its right of optional termination, the obligations and
      responsibilities created by the Agreement will terminate upon notice to the
      Trustee upon the earliest of (i) the Distribution Date on which the 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-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 Securities Adminsitrator 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
      under
      a certain Pooling and Servicing Agreement dated as of August 1, 2007 among
      Greenwich Capital Acceptance, Inc., as Depositor, Thornburg Mortgage Home Loans,
      Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer and Securities
      Administrator and you, as Trustee and Custodian (the “Pooling and Servicing
      Agreement”), the undersigned [Master Servicer] [Servicer] hereby requests a
      release of the Mortgage File held by you as 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
      the Collection 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 the Collection 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

    

    
      	 	
              Re:
                

            	
              Thornburg
                Mortgage Securities Trust 2007-4, 

            

      	 	 	Mortgage Loan Pass-Through Certificates, Series
              2007-4

       

         

      

    

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 2.01 of the Pooling and Servicing Agreement, dated as of August
      1,
      2007, among Greenwich Capital Acceptance, Inc., as Depositor, Thornburg Mortgage
      Home Loans, Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer and
      Securities Administrator and LaSalle Bank National Association, as Trustee,
      we
      hereby acknowledge the receipt of the original Mortgage Note with respect to
      each Mortgage Loan listed on Exhibit 1, with any exceptions thereto listed
      on
      Exhibit 2.

     

    
      	 	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name
	 	Title 

    

    
Dated:
      

     

     

     

     

     

    
      
        
        

      

      
        G-1-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    [To
      be
      retained in a separate closing binder entitled “Thornburg 2007-4 Mortgage Loan
      Schedule” at the Washington DC offices of McKee Nelson LLP]

     

     

     

     

     

     

     

    
      
        
        

      

      
        G-1-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      2

     

    EXCEPTION
      REPORT

     

    [To
      be
      retained in a separate closing binder entitled “Thornburg 2007-4 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

            	 
	
               

              Thornburg
                Mortgage Home Loans, Inc.

              150
                Washington Avenue, Suite 302

              Santa
                Fe, New Mexico 87501

            	 
	
               

              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

               

            	 

    

     

    
      	 	
              Re:

            	Pooling
              and
              Servicing Agreement among Greenwich Capital Acceptance, Inc., as
              Depositor, Thornburg Mortgage Home Loans, Inc., as Seller, Wells Fargo
              Bank, N.A., as Master Servicer and Securities Administrator and LaSalle
              Bank National Association, as Trustee, Thornburg Mortgage Loan
              Pass-Through Certificates, Series
              2007-4

    

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Trustee,
      hereby certifies that, as to each Mortgage Loan listed in the Mortgage Loan
      Schedule (other than any Mortgage Loan paid in full or listed on the attached
      schedule) it has received:

     

    
      	 	
              (i)

            	
              all
                documents required to be delivered to 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 and have not been mutilated,
                damaged or torn and relate to such Mortgage Loan;
                and

            

    

     

    
      	 	
              (iii)

            	
              based
                on the Trustee’s examination and only as to the foregoing, the information
                set forth in the Mortgage Loan Schedule that corresponds to items
                (i),
                (ii), (iii), (xiii), (xiv) and (xviii) 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.

     

     

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Trustee makes no representations as to: (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in 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 herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    

    
      	 	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 
 	 
 	 
 
	 	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

            	 
	
               

              Thornburg
                Mortgage Home Loans, Inc.

              150
                Washington Avenue, Suite 302 

              Santa
                Fe, New Mexico 87501

            	 
	
               

              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

    

     
      	 	
              Re:

            	Pooling
              and
              Servicing Agreement among Greenwich Capital Acceptance, Inc., as
              Depositor, Thornburg Mortgage Home Loans, Inc., as Seller, Wells Fargo
              Bank, N.A., as Master Servicer and Securities Administrator and LaSalle
              Bank National Association, as Trustee, Thornburg Mortgage Loan
              Pass-Through Certificates,
              Series 2007-4 

    

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Trustee,
      hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan
      Schedule (other than any Mortgage Loan paid in full or listed on the attached
      Document Exception Report) 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), (iii), (xiii), (xiv) and
      (xviii) of the definition of the “Mortgage Loan Schedule” in Section 1.01 of the
      Pooling and Servicing Agreement accurately reflects information set forth in
      the
      Mortgage File.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Trustee makes no representations as to: (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in 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 herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    

    
      	
            	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 
 	 
 	 
 
	 	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 Thornburg Mortgage Home Loans, Inc. (the “Seller”) and
      who has personal knowledge of the facts set out in this affidavit.

     

    On
      ___________________, _________________________ did execute and deliver a
      promissory note in the principal amount of $__________.

     

    That
      said
      note has been misplaced or lost through causes unknown and is 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 LaSalle Bank National
      Association, as trustee on behalf of Thornburg Mortgage Securities Trust 2007-4,
      Mortgage Loan Pass-Through Certificates, Series 2007-4, to accept the transfer
      of the above described loan from the Seller.

     

    The
      Seller agrees to indemnify LaSalle Bank National Association and Greenwich
      Capital Acceptance, Inc. and hold 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

     

    FORM
      OF ERISA REPRESENTATION

     

    [date]

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

    

    Wells
      Fargo Bank, N.A.

    P.O.
      Box
      95

    Columbia,
      Maryland 21045

     

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

     

    
      	Re:	
              Thornburg
                Mortgage Securities Trust 2007-4, 

            
	 	
              Mortgage
                Loan Pass-Through Certificates, Series 

            
	 	
              2007-4,
                Class [A-R] [B-4] [B-5] [B-6] [ES]

            

    

     

    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
      or
      Section 407 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”), the Trustee of any such plan or
      arrangement or a person acting on behalf of any such plan or arrangement or
      using the assets of any such plan or arrangement to effect such transfer (a
      “Plan Investor”); (y) if the Certificates have been the subject of an
      ERISA-Qualifying Underwriting, 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
      Securities Administrator and the Depositor an opinion of counsel (a “Benefit
      Plan Opinion”) satisfactory to the Securities Administrator, and upon which the
      Securities Administrator and the Depositor shall be entitled to rely, to the
      effect that the purchase or holding of such Certificate by the Transferee will
      not constitute or 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
      Master Servicer, any Servicer, the Securities Administrator or the Depositor
      to
      any obligation in addition to those undertaken by such entities in the Pooling
      and Servicing Agreement or to any liability, which opinion of counsel shall
      not
      be an expense of the Trustee, the Securities Administrator or the
      Trust.

     

     

    
      
        
        

      

      
        I-2-1

        
          

        

      

      
        
        

      

    

     

    3. The
      Transferee hereby acknowledges that under the terms of the Pooling and Servicing
      Agreement dated as of August 1, 2007 (the “Agreement”) among Greenwich Capital
      Acceptance, Inc., as Depositor, Thornburg Mortgage Home Loans, Inc., as Seller,
      Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator and
      LaSalle Bank National Association, as Trustee, no transfer of the
      ERISA-Restricted Certificates shall be permitted to be made to any person unless
      the Depositor and Securities Administrator have received a certificate from
      such
      transferee in the form hereof.

     

    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

    

    Wells
      Fargo Bank, N.A.

    P.O.
      Box
      95

    Columbia,
      Maryland 21045

     

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

     

    
      	Re:	
              Thornburg
                Mortgage Securities Trust 2007-4, 

            
	 	
              
                Mortgage
                  Loan Pass-Through Certificates, Series
                  2007-4

              

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates, we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we are an
“accredited investor”, as defined in Regulation D under the Act, and have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) if we are acquiring an ERISA-Restricted
      Certificate either (i) we are not an employee benefit plan that is subject
      to
      the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a
      plan or an arrangement that is subject to Section 4975 of the Internal Revenue
      Code of 1986, as amended (the “Code”) (a “Plan”), nor are we acting on behalf of
      any such plan or an arrangement nor using the assets of any such plan or
      arrangement to effect such transfer; (ii) if the Certificates have been the
      subject of an ERISA-Qualifying Underwriting, we are 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 the purchase and holding of
      such Certificates are covered under Section I and III of PTCE 95-60 or (iii)
      we
      have presented an Opinion of Counsel satisfactory to the Securities
      Administrator, which Opinion of Counsel shall not be an expense of either the
      Securities Administrator or the Trust, addressed to the Securities Administrator
      and the Depositor, to the effect that the purchase and holding of such
      ERISA-Restricted Certificate that is a Physical 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 Master Servicer, any Servicer,
      the Securities Administrator or the Depositor to any obligation in addition
      to
      those expressly undertaken in this Agreement or to any liability, (e) we are
      acquiring the Certificates for investment for our own account and not with
      a
      view to any distribution of such Certificates (but without prejudice to our
      right at all times to sell or otherwise dispose of the Certificates in
      accordance with clause (i) below), (f) we have not offered or sold any
      Certificates to, or solicited offers to buy any Certificates from, any person,
      or otherwise approached or negotiated with any person with respect thereto,
      or
      taken any other action which would result in a violation of Section 5 of the
      Act, and (g) we will not sell, transfer or otherwise dispose of any Certificates
      unless (1) such sale, transfer or other disposition is made pursuant to an
      effective registration statement under the Act or is exempt from such
      registration requirements, and if requested, we will at our expense provide
      an
      opinion of counsel to the addressees of this Certificate satisfactory to the
      Securities Administrator 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

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              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

     

    Wells
      Fargo Bank, N.A.

    P.O.
      Box
      95

    Columbia,
      Maryland 21045

     

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    

    
       

      
        	Re:	
                Thornburg
                  Mortgage Securities Trust 2007-4, 

              
	 	
                
                  Mortgage
                    Loan Pass-Through Certificates, Series
                    2007-4

                

              

      

       

    

     

    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)
      if we are acquiring an ERISA-Restricted Certificate, either: (i) we are not
      an
      employee benefit plan that is subject to the Employee Retirement Income Security
      Act of 1974, as amended (“ERISA”), or a plan or an arrangement that is subject
      to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) (a
“Plan”), nor are we acting on behalf of any such plan or arrangement or using
      the assets of any such plan or arrangement of effect such transfer; (ii) if
      the
      Certificate is the subject of an ERISA-Qualifying Underwriting, we are 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 the purchase
      and holding of such Certificates are covered under Section I and III of PTCE
      95-60 or (iii) we have presented an Opinion of Counsel satisfactory to the
      Securities Administrator, which Opinion of Counsel shall not be an expense
      of
      either the Securities Administrator or the Trust, addressed to the Securities
      Administrator and the Depositor, to the effect that the purchase and holding
      of
      such ERISA-Restricted Certificate that is a Physical 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 Master Servicer, any
      Servicer, the Securities Administrator or the Depositor to any obligation in
      addition to those expressly undertaken in this Agreement or to any liability,
      (d) we have not, nor has anyone acting on our behalf offered, transferred,
      pledged, sold or otherwise disposed of the Certificates, any interest in the
      Certificates or any other similar security to, or solicited any offer to buy
      or
      accept a transfer, pledge or other disposition of the Certificates, any interest
      in the Certificates or any other similar security from, or otherwise approached
      or negotiated with respect to the Certificates, any interest in the Certificates
      or any other similar security with, any person in any manner, or made any
      general solicitation by means of general advertising or in any other manner,
      or
      taken any other action, that would constitute a distribution of the Certificates
      under the Act or that would render the disposition of the Certificates a
      violation of Section 5 of the 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 (e) we are a “qualified institutional
      buyer” as that term is defined in Rule 144A under the 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 Act.

     

     

    
      
        
        

      

      
        J-2-1

        
          

        

      

      
        
        

      

    

     

    
       

      
        	 	 	 
	 	
                Very truly yours,

                 

              
	 	
                [NAME
                  OF TRANSFEREE]

                 

                 

              
	 	By:  	 
	 	
                

                Authorized
                  Officer

              
	 	 

      

       

       

       

       

       

       

       

       

      
        
          
          

        

        
          J-2-2

          
            

          

        

        
          
          

        

      

    

    

     

    ANNEX
      1 TO EXHIBIT J-2

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    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.

     

    ___       Broker-dealer.
      The
      Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
      Act of 1934.

     

     

    
      
        
          	
                  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

        
          

        

      

      
        
        

      

    

     

    ___       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.

     

    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.

     

     

    
      
        
        

      

      
        J-2-4

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	 	
            
	 	 	
              Print
                Name of Buyer

            
	 	 	 
	 	By:  	 
	 	
              Name:

            
	 	Title:
	 	
            	 
	 	
              Date:

            	
            
	 	 

    

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        J-2-5

        
          

        

      

      
        
        

      

    

     

    ANNEX
      2 TO EXHIBIT J-2

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1.       As
      indicated below, the undersigned is the 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 06830

     

    Wells
      Fargo Bank, N.A.

    P.O.
      Box
      95

    Columbia,
      Maryland 21045

     

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

     

    
      

      
         

        
          	Re:	
                  Thornburg
                    Mortgage Securities Trust 2007-4, 

                
	 	
                  
                    
                      Loan
                        Pass-Through Certificates, Series 2007-4, Class
                        A-R 

                    

                  

                

        

      

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our proposed transfer of an Ownership Interest in Class A-R
      Certificates, 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 A-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 CLASS A-R CERTIFICATE

    PURSUANT
      TO SECTION 6.02(e)

     

    THORNBURG
      MORTGAGE SECURITIES TRUST 2007-4,

    MORTGAGE
      LOAN PASS-THROUGH CERTIFICATES, SERIES 2007-4, CLASS A-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 A-R Certificate
                (the
                “Certificate”) issued pursuant to the Pooling and Servicing Agreement,
                (the “Agreement”), dated as of August 1, 2007, relating to the
                above-referenced Certificates, among Greenwich Capital Acceptance,
                Inc.,
                as Depositor, Thornburg Mortgage Home Loans, Inc., as Seller, Wells
                Fargo
                Bank, N.A., as Master Servicer and LaSalle Bank National Association,
                as
                Trustee. Capitalized terms used, but not defined herein, shall have
                the
                meanings ascribed to such terms in the Agreement. The Transferee
                has
                authorized the undersigned to make this affidavit on behalf of the
                Transferee.

            

    

     

    
      	
              2.

            	
              The
                Transferee is, as of the date hereof, and will be, as of the date
                of the
                Transfer, a Permitted Transferee. The Transferee is acquiring its
                Ownership Interest 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
                Securities Administrator 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

     

    [RESERVED]

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      N

     

    LIST
      OF SERVICERS AND SERVICING AGREEMENTS

     

    
      	 	
              1.

            	
              Servicing
                Agreement dated as of August 1, 2007 among Wells Fargo Bank, N.A.,
                Thornburg Mortgage Home Loans, Inc., as Seller, and Thornburg Mortgage
                Home Loans, Inc., as Servicer, including the related Transfer Notice
                dated
                August 29, 2007 from Thornburg to Cenlar
                FSB.

            

    

     

    
      	 	
              2.

            	
              Sub-Servicing
                Acknowledgement Agreement dated as of August 1, 2007 between Thornburg
                Mortgage Home Loans, Inc., as servicer, and Cenlar FSB, a federal
                savings
                bank, as sub-servicer, including the related Transfer Notice dated
                August
                29, 2007 from Thornburg to Cenlar
                FSB.

            

    

     

    
      	 	
              3.

            	
              Amended
                and Restated Correspondent Loan Purchase Agreement, dated as of March
                25,
                2002, between Thornburg Mortgage Home Loans, Inc. (“Thornburg”) and First
                Republic Bank (“First Republic”), including the related Transfer Notice,
                dated August 29, 2007, from Thornburg to First
                Republic.

            

    

     

    
      	 	
              4.

            	
              Amended
                and Restated Correspondent Loan Purchase Agreement, dated as of March
                27,
                2002, between Thornburg Mortgage Home Loans, Inc. (“Thornburg”) and
                Colonial Savings, F.A. (“Colonial”), including the related Transfer
                Notice, dated August 29, 2007, from Thornburg to
                Colonial.

            

    

     

    
      	 	
              5.

            	
              Correspondent
                Loan Purchase Agreement, dated as of January 31, 2006, between Thornburg
                Mortgage Home Loans, Inc. (“Thornburg”) and Mellon Trust of New England,
                N.A. (“Mellon”), including the related Transfer Notice, dated August 29,
                2007, from Thornburg to Mellon.

            

    

     

    
      	 	
              6.

            	
              Correspondent
                Loan Purchase Agreement, dated as of April 6, 2006, between Thornburg
                Mortgage Home Loans, Inc. (“Thornburg”) and First Horizon Home Loan Corp.
                (“First Horizon”), including the related Transfer Notice, dated August 29,
                2007, from Thornburg to First
                Horizon.

            

    

     

     

     

    
 

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      O

     

    [Reserved]

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      P

     

    [Reserved]

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q

     

    SERVICING
      CRITERIA

     

    

    The
      assessment of compliance to be delivered by Wells Fargo Bank, N.A. (“Wells
      Fargo”), in its capacities as Master Servicer and Securities Administrator, and
      LaSalle Bank National Association, in its capacity as Custodian, shall address,
      at a minimum, the criteria identified below as “Applicable Servicing
      Criteria”:

     

    
      	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            	
              Applicable

              Servicing

              Criteria
                for LaSalle

            
	
               

              Reference

            	
               

              Criteria

            	 	 
	 	
               

              General
                Servicing Considerations

            	 	 
	 	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            	 
	
              1122(d)(1)(ii)

            	
               

              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            	 
	
              1122(d)(1)(iii)

            	
               

              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 	 
	
              1122(d)(1)(iv)

            	
               

              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	
              X

            	 
	 	
               

              Cash
                Collection and Administration

            	 	 
	
              1122(d)(2)(i)

            	
               

              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	
              X

            	 
	
              1122(d)(2)(ii)

            	
               

              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	
              X

            	 
	
              1122(d)(2)(iii)

            	
               

              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	
              X

            	 
	
              1122(d)(2)(iv)

            	
               

              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	
              X

            	 

    

     

     

    
      
        
        

      

      
        Q-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            	
              Applicable

              Servicing

              Criteria
                for LaSalle

            
	
               

              Reference

            	
               

              Criteria

            	 	 
	
              1122(d)(2)(v)

            	
               

              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	
              X

            	 
	
              1122(d)(2)(vi)

            	
               

              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	
               

              X

            	 
	
              1122(d)(2)(vii)

            	
               

              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	
               

              X

            	 
	 	
               

              Investor
                Remittances and Reporting

            	 	 
	
              1122(d)(3)(i)

            	
               

              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	
               

              X

            	 
	
              1122(d)(3)(ii)

            	
               

              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	
               

              X

            	 
	
              1122(d)(3)(iii)

            	
               

              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	
               

              X

            	 
	
              1122(d)(3)(iv)

            	
               

              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	
               

              X

            	 

    

     

     

    
      
        
        

      

      
        Q-2

        
          

        

      

      
        
        

      

    

     

    
      	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            	
              Applicable

              Servicing

              Criteria
                for LaSalle

            
	
               

              Reference

            	
               

              Criteria

            	 	 
	 	
               

              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).

            	 	 

    

     

     

    
      
        
        

      

      
        Q-3

        
          

        

      

      
        
        

      

    

     

    
      	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            	
              Applicable

              Servicing

              Criteria
                for LaSalle

            
	
               

              Reference

            	
               

              Criteria

            	 	 
	
              1122(d)(4)(ix)

            	
               

              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 	 
	
              1122(d)(4)(x)

            	
               

              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 	 
	
              1122(d)(4)(xi)

            	
               

              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 	 
	
              1122(d)(4)(xii)

            	
               

              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 	 
	
              1122(d)(4)(xiii)

            	
               

              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 	 
	
              1122(d)(4)(xiv)

            	
               

              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	
               

              X

            	 
	
              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

            	 

    

     

     

    
      
        
        

      

      
        Q-4

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      R

     

    ADDITIONAL
      FORM 10-D DISCLOSURE

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            

    

    
      	
              Item
                1: Distribution and Pool Performance Information

               

            	 
	
              Information
                included in the Distribution Date Statement

            	
              Servicer

              Master
                Servicer

              Securities
                Administrator

            
	
              Any
                information required by 1121 which is NOT included on the Distribution
                Date 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 known to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Item
                3: Sale of Securities and Use of Proceeds

              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	
              Depositor

            

    

     

     

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            

 

    
      	
              Item
                4: Defaults Upon Senior Securities

               

              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	
              Securities
                Administrator

              Trustee
                (in the event of the 

              Master
                Servicer’s termination)

            
	
              Item
                5: Submission of Matters to a Vote of Security
                Holders

               

              Information
                from Item 4 of Part II of Form 10-Q

            	
              Securities
                Administrator

              Trustee

            
	
              Item
                6: Significant Obligors of Pool Assets

               

              Item
                1112(b) - Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Item
                7: Significant Enhancement Provider Information

               

              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 

    

     

     

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            

    

    
      	
              Item
                8: Other Information

               

              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              Any
                party responsible for the applicable Form 8-K Disclosure
                item

            
	
              Item
                9: Exhibits

            	 
	
              Distribution
                Date Statement to Certificateholders

            	
              Securities
                Administrator

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            

    

    

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        R-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      S

     

    ADDITIONAL
      FORM 10-K DISCLOSURE

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            

    

    
      	
              Item
                1B: Unresolved Staff Comments

               

            	
              Depositor

            
	
              Item
                9B: Other Information

              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Securities
                Administrator

              Depositor

            
	
              Reg
                AB Item 1112(b): Significant Obligors of Pool
                Assets

            	 
	
              Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Reg
                AB Item 1114(b)(2): Credit Enhancement Provider Financial
                Information

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Reg
                AB Item 1115(b): Derivative Counterparty Financial
                Information

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 

    

     

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            

    

    
      	
              Reg
                AB Item 1117: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceeding known to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Reg
                AB Item 1119: Affiliations and Relationships

            	 
	
              Whether
                (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                of
                the following parties, and (b) to the extent known and material,
                any of
                the following parties are affiliated with one another:

            	
              Depositor
                as to Depositor and Issuing Entity (a) 

              Sponsor/Seller
                as to Sponsor/Seller (a)

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            
	
              Whether
                there are any “outside the ordinary course business arrangements” other
                than would be obtained in an arm’s length transaction between (a) the
                Sponsor (Seller), Depositor or Issuing Entity on the one hand, and
                (b) any
                of the following parties (or their affiliates) on the other hand,
                that
                exist currently or within the past two years and that are material
                to a
                Certificateholder’s understanding of the Certificates:

            	
              Depositor
                as to Depositor and Issuing Entity (a) 

              Sponsor/Seller
                as to Sponsor/Seller (a)

            

    

     

     

    
      
        
        

      

      
        S-2

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            

    

    
      	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            
	
              Whether
                there are any specific relationships involving the transaction or
                the pool
                assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                on
                the one hand, and (b) any of the following parties (or their affiliates)
                on the other hand, that exist currently or within the past two years
                and
                that are material:

            	
              Depositor
                as to Depositor and Issuing Entity 

              Sponsor/Seller
                as to Sponsor/Seller

            
	
              ▪
                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

            

    

     

    

    
      
        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      T

     

    ADDITIONAL
      FORM 8-K DISCLOSURE

     

    
      	
              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)

            	
              Sponsor
                (Seller)

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Affiliated Servicer

            	
              Servicer

            
	
              ▪
                Other Servicer servicing 20% or more of the pool assets at the time
                of the
                report

            	
              Servicer

            
	
              ▪
                Other material servicers

            	
              Servicer

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Significant Obligor

            	
              Depositor

            
	
              ▪
                Credit Enhancer (10% or more)

            	
              Depositor

            
	
              ▪
                Derivative Counterparty

            	
              Depositor

            
	
              ▪
                Custodian

            	
              Custodian

            

    

     

     

    
      
        
        

      

      
        T-1

        
          

        

      

      
        
        

      

    

     

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            

    

    
      	
              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 Distribution Date 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

              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
                (if change of the 

              Securities
                Administrator)

            
	
              Reg
                AB disclosure about any new servicer or master servicer is also
                required.

            	
              Servicer/Master
                Servicer/Depositor

            
	
              Reg
                AB disclosure about any new Trustee is also required.

            	
              Trustee

            
	
              Item
                6.03- Change in Credit Enhancement or External
                Support

              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                

            	
              Depositor/Securities
                Administrator

            
	
              Reg
                AB disclosure about any new enhancement provider is also
                required.

            	
              Depositor

            

    

     

     

    
      
        
        

      

      
        T-2

        
          

        

      

       

      
        
        

      

    

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            

    

    
      	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Securities
                Administrator

            
	
              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-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      U

     

    FORM
      OF
      ADDITIONAL DISCLOSURE NOTIFICATION

     

    Wells
      Fargo Bank, N.A. as Securities Administrator 

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    E-mail:
      cts.sec.notifications@wellsfargo.com

     

    Attn:
      Corporate Trust Services - THORNBURG MORTGAGE TRUST 2007-4-SEC REPORT
      PROCESSING

     

    RE:    Additional
      Form [   ] Disclosure Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 3.19(a)(ii) of the Pooling and Servicing Agreement
      dated
      as of August 1, 2007 by and among the Greenwich Capital Acceptance, Inc., as
      depositor, Thornburg Mortgage Home Loans, Inc., as seller, Wells Fargo Bank,
      N.A., as master servicer and securities administrator and LaSalle Bank National
      Association, as trustee, the undersigned, as [   ], hereby notifies
      you that certain events have come to our attention that [will][may] need to
      be
      disclosed on Form [10-D] [10-K] [8-K].

     

    Description
      of Additional Form [10-D] [10-K] [8-K] 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]

            
	 
 	 
 	 
 
	Date: 	By:  	 
	 	Name:
	 	Title:

    

    
       

    

     

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

    
       

    

    SCHEDULE
      I

     

    MORTGAGE
      LOAN SCHEDULE

     

    [To
      be
      retained in a separate closing binder entitled “Thornburg 2007-4 Mortgage Loan
      Schedule” at the Washington DC offices of McKee Nelson LLP]

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      II

     

    GROUP
      1 MORTGAGE LOAN SCHEDULE

     

    [To
      be
      updated by Seller on each distribution date for which a Modifiable Mortgage
      Loan
      becomes modified in the immediately preceding Due Period.]

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      III

     

    GROUP
      2 MORTGAGE LOAN SCHEDULE

     

    [To
      be
      retained in a separate closing binder entitled “Thornburg 2007-4 Mortgage Loan
      Schedule” at the Washington DC offices of McKee Nelson LLP]

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

    

    SCHEDULE
      IV

     

    GROUP
      3 MORTGAGE LOAN SCHEDULE

     

    [To
      be
      retained in a separate closing binder entitled “Thornburg 2007-4 Mortgage Loan
      Schedule” at the Washington DC offices of McKee Nelson LLP]EXHIBIT
        4.3/A

       

      
        

        

      

       

      HSI
        ASSET
        SECURITIZATION CORPORATION,

      Depositor,

       

      CITIMORTGAGE,
        INC.,

      Master
        Servicer,

       

      CITIBANK,
        N.A.,

      Securities
        Administrator

       

      and

       

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY,

      Trustee

       

      FIRST
        AMENDMENT TO 

      POOLING
        AND SERVICING AGREEMENT

      Dated
        as
        of September 12, 2007

       

      HSI
        ASSET
        LOAN OBLIGATION TRUST 2007-1

       

      MORTGAGE
        PASS THROUGH CERTIFICATES,

      SERIES
        2007-1

       

      
        

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        UFIRST
          AMENDMENT TO POOLING

        UAND
          SERVICING AGREEMENT

        

        THIS
          FIRST AMENDMENT TO POOLING AND SERVICING AGREEMENT is dated as of September
          12,
          2007 (herein referred to as this “First Amendment”) and is made by and among HSI
          ASSET SECURITIZATION CORPORATION, as depositor (the “Depositor”),
          CITIMORTGAGE, INC., a New York corporation (the “Master
          Servicer”),
          CITIBANK, N.A., a national banking association ( the “Securities
          Administrator”)
          and
          DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association, as
          trustee
          (the “Trustee”).

         

        URECITALSU

        

        WHEREAS,
          the Depositor, the Master Servicer, the Securities Administrator, Wells
          Fargo
          Bank, N.A., as custodian and the Trustee entered into a Pooling and Servicing
          Agreement dated as of May 1, 2007 (the “Agreement”), pursuant to which (i) the
          Depositor sold, conveyed and assigned certain Mortgage Loans to the Trustee
          in
          trust for the benefit of the Certificateholders of HSI Asset Loan Obligation
          Trust 2007-1, Mortgage Pass Through Certificates, Series 2007-1 (ii) the
          Master
          Servicer agreed to master service such Mortgage Loans in accordance with
          the
          terms thereof, and (iii) the Certificates were issued pursuant
          thereto;

         

        WHEREAS,
          this First Amendment
          is
          being delivered pursuant to Section
          13.01(a)(i) and (vii)
          of the
          Agreement.

         

        NOW,
          THEREFORE, in consideration of the preceding premises and assumptions and
          other
          good and valuable consideration, the receipt and adequacy of which are
          hereby
          acknowledged, the Depositor, the Master Servicer, the Securities Administrator
          and the Trustee agree as follows:

         

        
          	
                  Section
                    1.

                	
                  UDefinitionsU.
                    All capitalized terms used in this First Amendment which are
                    not
                    specifically defined herein shall have the meanings assigned
                    to them in
                    the Agreement.

                

        

         

        
          	
                  Section
                    2.

                	
                  UAmendments
                    to AgreementU.

                

        

         

        
          	
                  (a)

                	
                  The
                    definition of Option to Purchase shall be amended and restated
                    in its
                    entirety to read as follows:

                

        

         

        Option
          to Purchase:
          On the
          initial or any subsequent Optional Termination Date, the Master Servicer
          at its
          own option may purchase the Mortgage Loans.

         

        
          	
                  (b)

                	
                  Section
                    4.03(b)
                    shall be amended and restated in its entirety to read as follows:
                    

                

        

         

        
          
            
            

          

          
            -1-

            
              

            

          

          
            
            

          

        

        “(b)
          For
          purposes of preparing the Monthly Statement, delinquencies shall be determined
          and reported by the Master Servicer based on the so-called “MBA” methodology
          irrespective of the method for determining delinquencies utilized by the
          applicable Servicer on mortgage loans similar to the Mortgage Loans. By
          way of
          example, a Mortgage Loan would be delinquent with respect to a Scheduled
          Payment
          due on a Due Date if such Scheduled Payment is not made by the close of
          business
          on the day immediately preceding the Mortgage Loan’s next succeeding Due Date,
          and a Mortgage Loan would be more than 30-days delinquent with respect
          to such
          Scheduled Payment if such Scheduled Payment were not made by the close
          of
          business on the day immediately preceding the Mortgage Loan’s second succeeding
          Due Date.”

         

        
          	
                  Section
                    3.

                	
                  UAgreement
                    to Remain in Full Force and EffectU.
                    Except as modified and amended hereby, all other terms and conditions
                    of
                    the Agreement shall remain in full force and effect and are hereby
                    ratified and confirmed by the parties
                    hereto.

                

        

         

        
          	
                  Section
                    4.

                	
                  UCounterpartsU.
                    This First Amendment may be executed simultaneously in any number
                    of
                    counterparts, each of which counterparts shall be deemed an original,
                    and
                    such counterparts shall constitute one and the same
                    instrument.

                

        

         

        
          	
                  Section
                    5.

                	
                  UGoverning
                    LawU.
                    The First Amendment shall be constructed in accordance with the
                    internal
                    laws of the State of New York applicable to agreements made and
                    to be
                    performed in said State, and the obligations, rights and remedies
                    of the
                    parties hereunder shall be determined in accordance with such
                    laws.

                

        

         

        [Signature
          Pages Follow]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Depositor, the Master Servicer, the Securities
          Administrator and the Trustee have caused their names to be signed hereto
          by
          their respective officers thereunto duly authorized, all as of the day
          and year
          first above written.

         

        HSI
          ASSET
          SECURITIZATION 

        CORPORATION,
          

        as
          Depositor

        

        /s/
          Andrea Lenox        

        

        By
          Andrea
          Lenox        

        Its
          Vice
          President        

        

        

        CITIMORTGAGE,
          INC., 

        as
          Master
          Servicer

         

        /s/Thomas
          Harris        

        

        By
          Thomas
          Harris        

        Its
          Senior
          Vice President     

        

        

        

        CITIBANK,
          N.A., 

        as
          Securities Administrator

         

        /s/Cirino
          Emanuele        

        

        By
          Cirino Emanuele        

        Its
          Vice
          President        

        

         

        DEUTSCHE
          BANK NATIONAL TRUST 

        COMPANY,

        as
          Trustee

        

        /s/Manuel
          Rivas        

         

        By
          Manuel Rivas        

        Its
          Authorized Signer

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