Document:

Exhibit 10.2 - Second Amendment to Term Loan

    
      

    

    Exhibit
      10.2

     

    SECOND
      AMENDMENT TO TERM LOAN AND SECURITY AGREEMENT

    AND
      AMENDMENT TO LIMITED GUARANTY

     

    THIS
      SECOND AMENDMENT TO TERM LOAN AND SECURITY AGREEMENT AND AMENDMENT TO LIMITED
      GUARANTY (this "Amendment")
      is
      dated effective as of March 15, 2007, among LARCLAY, L.P. ("Borrower"),
      CLAYTON WILLIAMS ENERGY, INC. ("Guarantor"),
      the
      lenders listed on the signature pages hereof as Lenders (the "Lenders")
      and
      MERRILL LYNCH CAPITAL, a division of Merrill Lynch Business Financial Services
      Inc., as Administrative Agent for the benefit of the Lenders (the "Administrative
      Agent").

     

    RECITALS:

     

    Pursuant
      to that certain Term Loan and Security Agreement (as amended by letter agreement
      dated February 28, 2007, and including a letter from Borrower authorizing
      substitution of corrected pages, the "Loan
      Agreement")
      among
      Borrower, Lenders and Administrative Agent dated as of April 21, 2006, the
      Lenders extended the credit facilities referred to therein to
      Borrower.

     

    Borrower,
      Guarantor, Administrative Agent and Lenders now agree to modify the Loan
      Agreement as set forth in the succeeding provisions of this Amendment (which
      shall control over any conflicting or inconsistent recitals above). Each
      capitalized term used but not otherwise defined herein shall have the meaning
      given to such term in the Loan Agreement.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual agreements,
      representations and warranties herein set forth, and further good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      Borrower, Administrative Agent and Lenders do hereby agree as
      follows:

     

    THE
      AGREEMENT:

     

    1.  Amendments
      to Loan Agreement.

     

    (a)  Section
      1.1 is hereby amended to add a definition, in alphabetical order, and amend
      and
      restate certain others, all as set forth below:

            "Commitment
      Expiration Date"
      means
      May 31, 2007, at 2:00 p.m. CDT.

     

            "CWEI
      Guaranty"
      means
      the Guaranty delivered by CWEI pursuant to Section 3.4(l).

     

                "L/C"
      means
      the letter of credit, with an expiry date not earlier than June 13, 2007,
      in the face amount of $5,000,000, in form and substance and from a financial
      institution reasonably satisfactory to Administrative Agent, for the account
      of
      CWEI and for the benefit of Administrative Agent acting on behalf of itself
      and
      the Lenders.

     

            "Maturity
      Date"
      means
      June 1, 2011.

     

    (b)  Section
      2.3(a) is amended and restated in its entirety to read as follows:

     

            "(a) Borrower
      shall pay to Administrative Agent, for the account of each Lender, the
      outstanding principal amount of the Loan, in monthly principal installments
      on
      each Payment Date that occurs on or after July 1, 2007, as
      follows:

     

    "(i) for
      each
      Payment Date occurring during the period from and including July 1, 2007,
      through and including June 1, 2008, an equal monthly principal installment
      equal to 1/12 of 35% of the outstanding principal amount of the Loan on
      July 1, 2007;

     

    "(ii) for
      each
      Payment Date occurring during the period from and including July 1, 2008,
      through and including June 1, 2010, an equal monthly principal installment
      equal to 1/24 of 50% of the outstanding principal amount of the Loan on
      July 1, 2007; and

     

    "(iii) for
      each
      Payment Date occurring during the period from and including July 1, 2010,
      through and including June 1, 2011, an equal monthly principal installment
      equal to 1/12 of 15% of the outstanding principal amount of the Loan on
      July 1, 2007."

     

    (c)  Section
      2.3(d) is amended by deleting therefrom the date "March 15, 2007," and
      inserting in lieu thereof the date "June 1, 2007."

     

    (d)  Section
      3.2(b) is amended by changing the reference therein to "3.3" to a reference
      to
      "3.2".

     

    (e)  Section
      3.4 is amended by adding a new subsection, lettered "m," reading as
      follows:

     

    "(m) L/C
      Matters.
      (i)
      Provided no Event of Default has occurred and is then continuing, Administrative
      Agent will contemporaneously release the L/C to Borrower once
      (x) Administrative Agent has established that the outstanding principal
      balance of the Loan is less than seventy-five percent (75%) of the Net OLV
      of
      the Operating Rigs or (y) the Commitment Expiration Date shall have
      occurred, and Borrower shall have prepaid the principal of the Loan as and
      to
      the extent required under Section
      2.3(d).
      

     

    "(ii)
      Notwithstanding anything herein, in the L/C, or in any other Loan Document
      to
      the contrary, Administrative Agent shall only have the right (which right may
      be
      exercised without notice, opportunity to cure or other restraint) to draw on
      the
      L/C (x) if an Event of Default has occurred and is then continuing (to the
      extent necessary to pay amounts in respect of Obligations that are then due
      and
      payable hereunder), (y) in the event the Borrower has not timely prepaid the
      principal of the Loan as and to the extent required under Section
      2.3(d),
      and (z)
      upon the occurrence of a Bankruptcy Event, in which cases the amounts so drawn
      shall be applied to prepay the Loan as provided in Section
      2.5 (c).

     

    "(iii)
      Notwithstanding anything herein, in the L/C, or in any other Loan Document
      to
      the contrary, (x) for so long as the L/C is outstanding (but not
      thereafter), the Maximum Guaranteed Amount (as such term is used in the CWEI
      Guaranty) shall be reduced by the undrawn amount of the L/C and (y) to the
      extent the L/C is drawn upon as contemplated in clauses (x) or (z) of
Section
      3.4(m)(ii),
      the
      Maximum Guaranteed Amount in effect at any time thereafter shall be reduced
      by
      the amount so drawn on the L/C." 

     

    2.  Amendment
      to CWEI Guaranty.
      The
      CWEI Guaranty is hereby amended by adding the following parenthetical after
      the
      words "in such table" in clause (1) of the first paragraph thereof: "(provided
      that, notwithstanding anything to the contrary contained herein or in any other
      Loan Document, (A) so long as the L/C is outstanding (but not thereafter),
      the
      Maximum Guaranteed Amount in effect at any time shall be reduced by the undrawn
      face amount of the L/C and (B) to the extent the L/C is drawn upon as
      contemplated in clauses (x) or (z) of Section
      3.4(m)(ii)
      of the
      Loan Agreement, the Maximum Guaranteed Amount in effect at any time thereafter
      shall be reduced by the amount so drawn on the L/C)".

     

    3.  Conditions
      of Effectiveness.
      This
      Amendment shall become effective when, and only when, the Administrative Agent
      shall have received (i) counterparts of this Amendment executed by Borrower,
      the
      Guarantor and the Lenders and (ii) the original L/C, and all other matters
      shall
      be satisfactory to the Administrative Agent.

     

    4.  Representations
      and Warranties of Borrower.
      Borrower represents and warrants as follows:

     

    (a)  Borrower
      is duly authorized and empowered to execute, deliver and perform this Amendment
      and all other instruments referred to or mentioned herein to which it is a
      party, and all action on its part requisite for the due execution, delivery
      and
      the performance of this Amendment has been duly and effectively taken. This
      Amendment, when executed and delivered, will constitute valid and binding
      obligations of Borrower enforceable in accordance with its terms. This Amendment
      does not violate any provisions of Borrower's operating agreement or any
      contract, agreement, law or regulation to which Borrower is subject, and does
      not require the consent or approval of any regulatory authority or governmental
      body of the United States or any state.

     

    (b)  The
      representations and warranties made by Borrower in the Loan Agreement are true
      and correct as of the date of this Amendment.

     

    (c)  Borrower
      has no knowledge of any event which has occurred and is continuing which
      constitutes a Default or would constitute an Event of Default but for the
      requirement that notice be given or time elapse or both. 

     

    5.  Reference
      to and Effect on the Loan Documents.
      

     

    (a)  Upon
      the
      effectiveness of Section 1 hereof, on and after the date hereof, each reference
      in the Loan Agreement to "this Agreement", "hereunder", "hereof", "herein"
      or
      words of like import, and each reference in the Loan Documents to the "Loan
      Agreement" shall mean and be a reference to the Loan Agreement as amended
      hereby.

     

    (b)  Except
      as
      specifically amended herein, the Loan Agreement, the Notes, the CWEI Guaranty,
      and all other instruments securing or guaranteeing Borrower's obligations to
      the
      Administrative Agent and the Lenders (the "Security
      Instruments")
      shall
      remain in full force and effect and are hereby ratified and confirmed. Without
      limiting the generality of the foregoing, the Security Instruments and all
      collateral described therein do and shall continue to secure the payment of
      all
      obligations of Borrower under the Notes and the Loan Agreement, as amended
      hereby, and under the other Security Instruments. For avoidance of doubt, the
      parties confirm and agree that once the L/C is released pursuant to Section 3.4(m)(i)
      of the
      Loan Agreement, is drawn upon as contemplated in Section 3.4(m)(ii)
      of the
      Loan Agreement, or is otherwise no longer outstanding, the temporary reduction
      of the CWEI Guaranty by the undrawn face amount of the L/C shall cease and
      no
      longer be of force or effect and the CWEI Guaranty shall be legally binding
      and
      enforceable in accordance with its terms as originally written except as
      specifically amended herein.

     

    (c)  The
      execution, delivery and effectiveness of this Amendment shall not, except as
      expressly provided herein, operate as a waiver of any right, power or remedy
      of
      Administrative Agent or Lenders under any of the Security Instruments, nor
      constitute a waiver of any provision of any of the Security
      Instruments.

     

    6.  Costs
      and Expenses.
      Borrower agrees to pay on demand all costs and expenses of Administrative Agent
      and the Lenders in connection with the preparation, reproduction, execution
      and
      delivery of this Amendment and the other instruments and documents to be
      delivered hereunder, including the reasonable fees and out-of-pocket expenses
      of
      counsel for Administrative Agent. In addition, Borrower shall pay any and all
      fees payable or determined to be payable in connection with the execution and
      delivery, filing or recording of this Amendment and the other instruments and
      documents to be delivered hereunder, and agrees to save Administrative Agent
      and
      the Lenders harmless from and against any and all liabilities with respect
      to or
      resulting from any delay in paying or omission to pay such fees.

     

    7.  Execution
      in Counterparts.
      This
      Amendment may be executed in any number of counterparts and by different parties
      hereto in separate counterparts, each of which when so executed and delivered
      shall be deemed to be an original and all of which taken together shall
      constitute but one and the same instrument.

     

    8.  Governing
      Law.
      This
      Amendment shall be governed by and construed in accordance with the laws of
      the
      State of Illinois without regard to its conflict of laws
      provisions.

     

    9.  Final
      Agreement.
      THIS
      WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND
      MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
      ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
      THE PARTIES.

     

    [REMAINDER
      OF PAGE INTENTIONALLY BLANK]

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXECUTED
      effective as of the date first set forth above.

     

    BORROWER:

     

    LARCLAY,
      L.P.

     

    By: Larclay
      GP, LLC, 

    its
      General Partner

     

    By: /s/
      Michael L. Pollard

    Name: Michael
      L. Pollard

    Title: Manager

     

     

    GUARANTOR:

     

    CLAYTON
      WILLIAMS ENERGY, INC.

     

    By: /s/
      Mel G. Riggs

    Name: Mel
      G.
      Riggs

    Title: Senior
      Vice President and 

    Chief
      Financial Officer

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

                                    ADMINISTRATIVE
      AGENT:

     

    MERRILL
      LYNCH CAPITAL, a
      division of Merrill Lynch Business Financial Services Inc., as Administrative
      Agent 

     

    By: /s/
      Brian Gandy

    Name: Brian
      Gandy

    Title: Vice
      President

     

     

    THE
      LENDERS:

     

    MERRILL
      LYNCH CAPITAL, a division of Merrill Lynch Business Financial Services Inc.,
      as
      a Lender 

     

    By: /s/
      Brian Gandy

    Name: Brian
      Gandy

    Title: Vice
      President

     

     

    CATERPILLAR
      FINANCIAL SERVICES

    CORPORATION

     

    By: /s/
      Christopher C. Patterson

    Name: Christopher
      C. Patterson

    Title: Global
      Operations Manager - 

    Capital
      MarketsUnassociated Document

    
      
        

        

      

       

    

    

    OPTION
      ONE MORTGAGE ACCEPTANCE CORPORATION,

    Depositor

     

    OPTION
      ONE MORTGAGE CORPORATION,

    Servicer

     

    and

     

    WELLS
      FARGO BANK, N.A.,

    Trustee

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of February 1, 2007

     

    ___________________________

     

    Option
      One Mortgage Loan Trust 2007-2

     

    Asset-Backed
      Certificates, Series 2007-2

     

    

    
      

      

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    Table
      of Contents

    

    
      	
              ARTICLE
                I

            
	
              DEFINITIONS

            
	
              SECTION
                1.01.

            	
              Defined
                Terms.

            
	
              SECTION
                1.02.

            	
              Accounting.

            
	
              SECTION
                1.03.

            	
              Allocation
                of Certain Interest Shortfalls.

            
	
              SECTION
                1.04.

            	
              Rights
                of the NIMS Insurer.

            
	 
	
              ARTICLE
                II

            
	
              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

            
	
              SECTION
                2.01.

            	
              Conveyance
                of Mortgage Loans.

            
	
              SECTION
                2.02.

            	
              Acceptance
                by Trustee.

            
	
              SECTION
                2.03.

            	
              Repurchase
                or Substitution of Mortgage Loans by the Originator or Responsible
                Party.

            
	
              SECTION
                2.04.

            	
              Intentionally
                Omitted.

            
	
              SECTION
                2.05.

            	
              Representations,
                Warranties and Covenants of the Servicer.

            
	
              SECTION
                2.06.

            	
              Representations
                and Warranties of the Depositor.

            
	
              SECTION
                2.07.

            	
              Issuance
                of Certificates.

            
	
              SECTION
                2.08.

            	
              Authorization
                to Enter into Interest Rate Swap Agreement.

            
	
              SECTION
                2.09.

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

            
	
              SECTION
                2.10.

            	
              Negative
                Covenants of the Trustee and the Servicer.

            
	 
	
              ARTICLE
                III

            
	
              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

            
	
              SECTION
                3.01.

            	
              Servicer
                to Act as Servicer.

            
	
              SECTION
                3.02.

            	
              Sub-Servicing
                Agreements Between Servicer and Sub-Servicers.

            
	
              SECTION
                3.03.

            	
              Successor
                Sub-Servicers.

            
	
              SECTION
                3.04.

            	
              Liability
                of the Servicer.

            
	
              SECTION
                3.05.

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

            
	
              SECTION
                3.06.

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Trustee.

            
	
              SECTION
                3.07.

            	
              Collection
                of Certain Mortgage Loan Payments.

            
	
              SECTION
                3.08.

            	
              Sub-Servicing
                Accounts.

            
	
              SECTION
                3.09.

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

            
	
              SECTION
                3.10.

            	
              Collection
                Account and Distribution Account.

            
	
              SECTION
                3.11.

            	
              Withdrawals
                from the Collection Account and Distribution Account.

            
	
              SECTION
                3.12.

            	
              Investment
                of Funds in the Collection Account and the Distribution
                Account.

            
	
              SECTION
                3.13.

            	
              Rights
                of the Class C Certificateholder.

            
	
              SECTION
                3.14.

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

            
	
              SECTION
                3.15.

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

            
	
              SECTION
                3.16.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            
	
              SECTION
                3.17.

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            
	
              SECTION
                3.18.

            	
              Servicing
                Compensation.

            
	
              SECTION
                3.19.

            	
              Reports
                to the Trustee; Collection Account Statements.

            
	
              SECTION
                3.20.

            	
              Statement
                as to Compliance.

            
	
              SECTION
                3.21.

            	
              Assessment
                of Compliance and Attestation Report.

            
	
              SECTION
                3.22.

            	
              Access
                to Certain Documentation.

            
	
              SECTION
                3.23.

            	
              Title,
                Management and Disposition of REO Property.

            
	
              SECTION
                3.24.

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            
	
              SECTION
                3.25.

            	
              Reports
                Filed with Securities and Exchange Commission.

            
	
              SECTION
                3.26.

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

            
	
              SECTION
                3.27.

            	
              Solicitations.

            
	
              SECTION
                3.28.

            	
              [Reserved].

            
	
              SECTION
                3.29.

            	
              Advancing
                Facility.

            
	 
	
              ARTICLE
                IV

            
	
              FLOW
                OF FUNDS

            
	
              SECTION
                4.01.

            	
              Distributions.

            
	
              SECTION
                4.02.

            	
              [Reserved].

            
	
              SECTION
                4.03.

            	
              Statements.

            
	
              SECTION
                4.04.

            	
              Remittance
                Reports; Advances.

            
	
              SECTION
                4.05.

            	
              Net
                WAC Rate Carryover Reserve Account.

            
	
              SECTION
                4.06.

            	
              Distributions
                on the REMIC Regular Interests.

            
	
              SECTION
                4.07.

            	
              Allocation
                of Realized Losses.

            
	
              SECTION
                4.08.

            	
              Swap
                Account.

            
	
              SECTION
                4.09.

            	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments

            
	
              SECTION
                4.10.

            	
              [Reserved].

            
	
              SECTION
                4.11.

            	
              Collateral
                Account

            
	
              SECTION
                4.12.

            	
              Rights
                and Obligations Under the Interest Rate Swap Agreement.

            
	 
	
              ARTICLE
                V

            
	
              THE
                CERTIFICATES

            
	
              SECTION
                5.01.

            	
              The
                Certificates.

            
	
              SECTION
                5.02.

            	
              Registration
                of Transfer and Exchange of Certificates.

            
	
              SECTION
                5.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            
	
              SECTION
                5.04.

            	
              Persons
                Deemed Owners.

            
	
              SECTION
                5.05.

            	
              Appointment
                of Paying Agent.

            
	 
	
              ARTICLE
                VI

            
	
              THE
                SERVICER AND THE DEPOSITOR

            
	
              SECTION
                6.01.

            	
              Liability
                of the Servicer and the Depositor.

            
	
              SECTION
                6.02.

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

            
	
              SECTION
                6.03.

            	
              Limitation
                on Liability of the Servicer and Others.

            
	
              SECTION
                6.04.

            	
              Servicer
                Not to Resign.

            
	
              SECTION
                6.05.

            	
              Delegation
                of Duties.

            
	
              SECTION
                6.06.

            	
              [Reserved].

            
	
              SECTION
                6.07.

            	
              Inspection.

            
	 
	
              ARTICLE
                VII

            
	
              DEFAULT

            
	
              SECTION
                7.01.

            	
              Servicer
                Events of Termination.

            
	
              SECTION
                7.02.

            	
              Trustee
                to Act; Appointment of Successor.

            
	
              SECTION
                7.03.

            	
              Waiver
                of Defaults.

            
	
              SECTION
                7.04.

            	
              Notification
                to Certificateholders.

            
	
              SECTION
                7.05.

            	
              Survivability
                of Servicer Liabilities.

            
	 
	
              ARTICLE
                VIII

            
	
              THE
                TRUSTEE

            
	
              SECTION
                8.01.

            	
              Duties
                of Trustee.

            
	
              SECTION
                8.02.

            	
              Certain
                Matters Affecting the Trustee.

            
	
              SECTION
                8.03.

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            
	
              SECTION
                8.04.

            	
              Trustee
                May Own Certificates.

            
	
              SECTION
                8.05.

            	
              Trustee
                Fee and Expenses.

            
	
              SECTION
                8.06.

            	
              Eligibility
                Requirements for Trustee.

            
	
              SECTION
                8.07.

            	
              Resignation
                or Removal of Trustee.

            
	
              SECTION
                8.08.

            	
              Successor
                Trustee.

            
	
              SECTION
                8.09.

            	
              Merger
                or Consolidation of Trustee.

            
	
              SECTION
                8.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	
              SECTION
                8.11.

            	
              Limitation
                of Liability.

            
	
              SECTION
                8.12.

            	
              Trustee
                May Enforce Claims Without Possession of Certificates.

            
	
              SECTION
                8.13.

            	
              Suits
                for Enforcement.

            
	
              SECTION
                8.14.

            	
              Waiver
                of Bond Requirement.

            
	
              SECTION
                8.15.

            	
              Waiver
                of Inventory, Accounting and Appraisal Requirement.

            
	 
	
              ARTICLE
                IX

            
	
              REMIC
                ADMINISTRATION

            
	
              SECTION
                9.01.

            	
              REMIC
                Administration.

            
	
              SECTION
                9.02.

            	
              Prohibited
                Transactions and Activities.

            
	
              SECTION
                9.03.

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

            
	 	 
	
              ARTICLE
                X

            
	
              TERMINATION

            
	
              SECTION
                10.01.

            	
              Termination.

            
	
              SECTION
                10.02.

            	
              Additional
                Termination Requirements.

            
	 
	
              ARTICLE
                XI

            
	
              MISCELLANEOUS
                PROVISIONS

            
	
              SECTION
                11.01.

            	
              Amendment.

            
	
              SECTION
                11.02.

            	
              Recordation
                of Agreement; Counterparts.

            
	
              SECTION
                11.03.

            	
              Limitation
                on Rights of Certificateholders.

            
	
              SECTION
                11.04.

            	
              Governing
                Law; Jurisdiction.

            
	
              SECTION
                11.05.

            	
              Notices.

            
	
              SECTION
                11.06.

            	
              Severability
                of Provisions.

            
	
              SECTION
                11.07.

            	
              Article
                and Section References.

            
	
              SECTION
                11.08.

            	
              Notice
                to the Rating Agencies and the NIMS Insurer.

            
	
              SECTION
                11.09.

            	
              Further
                Assurances.

            
	
              SECTION
                11.10.

            	
              Third
                Party Rights.

            
	
              SECTION
                11.11.

            	
              Benefits
                of Agreement.

            
	
              SECTION
                11.12.

            	
              Acts
                of Certificateholders.

            
	
              SECTION
                11.13.

            	
              No
                Petition.

            
	
              SECTION
                11.14.

            	
              Intention
                of the Parties and Interpretation.

            

    

    

    

    
      	
              EXHIBITS:

            	 
	
              Exhibit
                A-1

            	
              Form
                of Class I-A-1 Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class II-A-1 Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class III-A-1 Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class III-A-2 Certificates

            
	
              Exhibit
                A-5

            	
              Form
                of Class III-A-3 Certificates

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-1 Certificates

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-2 Certificates

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-3 Certificates

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-4 Certificates

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-5 Certificates

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-6 Certificates

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-7 Certificates

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-8 Certificates

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-9 Certificates

            
	
              Exhibit
                A-15

            	
              Form
                of Class C Certificates

            
	
              Exhibit
                A-16

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                A-17

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                A-18

            	
              Form
                of Class R-X Certificates

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                D

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Trustee’s Initial Certification

            
	
              Exhibit
                F-2

            	
              Form
                of Trustee’s Final Certification

            
	
              Exhibit
                F-3

            	
              Form
                of Receipt of Mortgage Note

            
	
              Exhibit
                G

            	
              Loss
                Mitigation Procedures

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                I

            	
              Form
                of Interest Rate Swap Agreement

            
	
              Exhibit
                J

            	
              Form
                of Investment Letter

            
	
              Exhibit
                K

            	
              Form
                of Residual Certificates Transfer Affidavit

            
	
              Exhibit
                L

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                M

            	
              Form
                of ERISA Representation Letter

            
	
              Exhibit
                N

            	
              Form
                of Swap Administration Agreement

            
	
              Exhibit
                O

            	
              Form
                of Remittance Report

            
	
              Exhibit
                P

            	
              [Reserved]

            
	
              Exhibit
                Q

            	
              [Reserved]

            
	
              Exhibit
                R-1 

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

            
	
              Exhibit
                R-2

            	
              Form
                of Certification to Be Provided to Depositor by the
                Trustee

            
	
              Exhibit
                S

            	
              Servicing
                Criteria to Be Addressed in Assessment of Compliance

            
	
              Exhibit
                T

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

            
	
              Exhibit
                U

            	
              Additional
                Disclosure Notification

            
	 	 
	
              Schedule
                I

            	
              Prepayment
                Charge Schedule

            
	
              Schedule
                II

            	
              Foreclosure
                Restricted Mortgage Loan

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    This
      Pooling and Servicing Agreement is dated as of February 1, 2007 (the
“Agreement”), among OPTION ONE MORTGAGE ACCEPTANCE CORPORATION, as depositor
      (the “Depositor”), OPTION ONE MORTGAGE CORPORATION, as servicer (the “Servicer”)
      and WELLS FARGO BANK, N.A., as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      1

     

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

     

    
      	
              Designation

            	 	
              Uncertificated
                REMIC 1

              Pass-Through
                Rate

            	 	
              Initial

              Uncertificated
                Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              I

            	 	
              Variable(2)

            	 	
              $

            	
              30,972,781.64

            	 	
              March
                25, 2037

            	 
	
              I-1-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,763,627.50

            	 	
              March
                25, 2037

            	 
	
              I-1-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,763,627.50

            	 	
              March
                25, 2037

            	 
	
              I-2-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,077,756.25

            	 	
              March
                25, 2037

            	 
	
              I-2-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,077,756.25

            	 	
              March
                25, 2037

            	 
	
              I-3-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,166,618.75

            	 	
              March
                25, 2037

            	 
	
              I-3-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,166,618.75

            	 	
              March
                25, 2037

            	 
	
              I-4-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,251,531.25

            	 	
              March
                25, 2037

            	 
	
              I-4-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,251,531.25

            	 	
              March
                25, 2037

            	 
	
              I-5-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,324,895.00

            	 	
              March
                25, 2037

            	 
	
              I-5-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,324,895.00

            	 	
              March
                25, 2037

            	 
	
              I-6-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,379,368.75

            	 	
              March
                25, 2037

            	 
	
              I-6-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,379,368.75

            	 	
              March
                25, 2037

            	 
	
              I-7-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,407,707.50

            	 	
              March
                25, 2037

            	 
	
              I-7-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,407,707.50

            	 	
              March
                25, 2037

            	 
	
              I-8-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,402,878.75

            	 	
              March
                25, 2037

            	 
	
              I-8-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,402,878.75

            	 	
              March
                25, 2037

            	 
	
              I-9-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,331,595.00

            	 	
              March
                25, 2037

            	 
	
              I-9-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,331,595.00

            	 	
              March
                25, 2037

            	 
	
              I-10-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,208,612.50

            	 	
              March
                25, 2037

            	 
	
              I-10-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,208,612.50

            	 	
              March
                25, 2037

            	 
	
              I-11-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,174,213.75

            	 	
              March
                25, 2037

            	 
	
              I-11-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,174,213.75

            	 	
              March
                25, 2037

            	 
	
              I-12-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,816,630.00

            	 	
              March
                25, 2037

            	 
	
              I-12-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,816,630.00

            	 	
              March
                25, 2037

            	 
	
              I-13-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,469,546.25

            	 	
              March
                25, 2037

            	 
	
              I-13-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,469,546.25

            	 	
              March
                25, 2037

            	 
	
              I-14-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,132,648.75

            	 	
              March
                25, 2037

            	 
	
              I-14-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,132,648.75

            	 	
              March
                25, 2037

            	 
	
              I-15-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,810,385.00

            	 	
              March
                25, 2037

            	 
	
              I-15-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,810,385.00

            	 	
              March
                25, 2037

            	 
	
              I-16-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,503,636.25

            	 	
              March
                25, 2037

            	 
	
              I-16-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,503,636.25

            	 	
              March
                25, 2037

            	 
	
              I-17-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,206,845.00

            	 	
              March
                25, 2037

            	 
	
              I-17-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,206,845.00

            	 	
              March
                25, 2037

            	 
	
              I-18-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,916,742.50

            	 	
              March
                25, 2037

            	 
	
              I-18-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,916,742.50

            	 	
              March
                25, 2037

            	 
	
              I-19-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,628,268.75

            	 	
              March
                25, 2037

            	 
	
              I-19-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,628,268.75

            	 	
              March
                25, 2037

            	 
	
              I-20-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,345,112.50

            	 	
              March
                25, 2037

            	 
	
              I-20-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,345,112.50

            	 	
              March
                25, 2037

            	 
	
              I-21-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,110,521.25

            	 	
              March
                25, 2037

            	 
	
              I-21-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,110,521.25

            	 	
              March
                25, 2037

            	 
	
              I-22-A

            	 	
              Variable(2)

            	 	
              $

            	
              17,944,293.75

            	 	
              March
                25, 2037

            	 
	
              I-22-B

            	 	
              Variable(2)

            	 	
              $

            	
              17,944,293.75

            	 	
              March
                25, 2037

            	 
	
              I-23-A

            	 	
              Variable(2)

            	 	
              $

            	
              20,057,117.50

            	 	
              March
                25, 2037

            	 
	
              I-23-B

            	 	
              Variable(2)

            	 	
              $

            	
              20,057,117.50

            	 	
              March
                25, 2037

            	 
	
              I-24-A

            	 	
              Variable(2)

            	 	
              $

            	
              18,574,012.50

            	 	
              March
                25, 2037

            	 
	
              I-24-B

            	 	
              Variable(2)

            	 	
              $

            	
              18,574,012.50

            	 	
              March
                25, 2037

            	 
	
              I-25-A

            	 	
              Variable(2)

            	 	
              $

            	
              17,185,571.25

            	 	
              March
                25, 2037

            	 
	
              I-25-B

            	 	
              Variable(2)

            	 	
              $

            	
              17,185,571.25

            	 	
              March
                25, 2037

            	 
	
              I-26-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,130,828.75

            	 	
              March
                25, 2037

            	 
	
              I-26-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,130,828.75

            	 	
              March
                25, 2037

            	 
	
              I-27-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,468,213.75

            	 	
              March
                25, 2037

            	 
	
              I-27-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,468,213.75

            	 	
              March
                25, 2037

            	 
	
              I-28-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,206,410.00

            	 	
              March
                25, 2037

            	 
	
              I-28-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,206,410.00

            	 	
              March
                25, 2037

            	 
	
              I-29-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,953,491.25

            	 	
              March
                25, 2037

            	 
	
              I-29-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,953,491.25

            	 	
              March
                25, 2037

            	 
	
              I-30-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,709,785.00

            	 	
              March
                25, 2037

            	 
	
              I-30-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,709,785.00

            	 	
              March
                25, 2037

            	 
	
              I-31-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,474,656.25

            	 	
              March
                25, 2037

            	 
	
              I-31-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,474,656.25

            	 	
              March
                25, 2037

            	 
	
              I-32-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,247,792.50

            	 	
              March
                25, 2037

            	 
	
              I-32-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,247,792.50

            	 	
              March
                25, 2037

            	 
	
              I-33-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,028,926.25

            	 	
              March
                25, 2037

            	 
	
              I-33-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,028,926.25

            	 	
              March
                25, 2037

            	 
	
              I-34-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,817,643.75

            	 	
              March
                25, 2037

            	 
	
              I-34-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,817,643.75

            	 	
              March
                25, 2037

            	 
	
              I-35-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,613,227.50

            	 	
              March
                25, 2037

            	 
	
              I-35-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,613,227.50

            	 	
              March
                25, 2037

            	 
	
              I-36-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,416,421.25

            	 	
              March
                25, 2037

            	 
	
              I-36-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,416,421.25

            	 	
              March
                25, 2037

            	 
	
              I-37-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,126,081.25

            	 	
              March
                25, 2037

            	 
	
              I-37-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,126,081.25

            	 	
              March
                25, 2037

            	 
	
              I-38-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,584,952.50

            	 	
              March
                25, 2037

            	 
	
              I-38-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,584,952.50

            	 	
              March
                25, 2037

            	 
	
              I-39-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,424,483.75

            	 	
              March
                25, 2037

            	 
	
              I-39-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,424,483.75

            	 	
              March
                25, 2037

            	 
	
              I-40-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,269,643.75

            	 	
              March
                25, 2037

            	 
	
              I-40-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,269,643.75

            	 	
              March
                25, 2037

            	 
	
              I-41-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,120,245.00

            	 	
              March
                25, 2037

            	 
	
              I-41-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,120,245.00

            	 	
              March
                25, 2037

            	 
	
              I-42-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,976,098.75

            	 	
              March
                25, 2037

            	 
	
              I-42-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,976,098.75

            	 	
              March
                25, 2037

            	 
	
              I-43-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,837,017.50

            	 	
              March
                25, 2037

            	 
	
              I-43-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,837,017.50

            	 	
              March
                25, 2037

            	 
	
              I-44-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,702,816.25

            	 	
              March
                25, 2037

            	 
	
              I-44-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,702,816.25

            	 	
              March
                25, 2037

            	 
	
              I-45-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,573,330.00

            	 	
              March
                25, 2037

            	 
	
              I-45-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,573,330.00

            	 	
              March
                25, 2037

            	 
	
              I-46-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,448,387.50

            	 	
              March
                25, 2037

            	 
	
              I-46-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,448,387.50

            	 	
              March
                25, 2037

            	 
	
              I-47-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,327,831.25

            	 	
              March
                25, 2037

            	 
	
              I-47-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,327,831.25

            	 	
              March
                25, 2037

            	 
	
              I-48-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,211,510.00

            	 	
              March
                25, 2037

            	 
	
              I-48-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,211,510.00

            	 	
              March
                25, 2037

            	 
	
              I-49-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,099,268.75

            	 	
              March
                25, 2037

            	 
	
              I-49-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,099,268.75

            	 	
              March
                25, 2037

            	 
	
              I-50-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,990,968.75

            	 	
              March
                25, 2037

            	 
	
              I-50-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,990,968.75

            	 	
              March
                25, 2037

            	 
	
              I-51-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,886,467.50

            	 	
              March
                25, 2037

            	 
	
              I-51-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,886,467.50

            	 	
              March
                25, 2037

            	 
	
              I-52-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,785,677.50

            	 	
              March
                25, 2037

            	 
	
              I-52-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,785,677.50

            	 	
              March
                25, 2037

            	 
	
              I-53-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,688,380.00

            	 	
              March
                25, 2037

            	 
	
              I-53-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,688,380.00

            	 	
              March
                25, 2037

            	 
	
              I-54-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,594,495.00

            	 	
              March
                25, 2037

            	 
	
              I-54-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,594,495.00

            	 	
              March
                25, 2037

            	 
	
              I-55-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,503,937.50

            	 	
              March
                25, 2037

            	 
	
              I-55-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,503,937.50

            	 	
              March
                25, 2037

            	 
	
              I-56-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,416,542.50

            	 	
              March
                25, 2037

            	 
	
              I-56-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,416,542.50

            	 	
              March
                25, 2037

            	 
	
              I-57-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,332,235.00

            	 	
              March
                25, 2037

            	 
	
              I-57-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,332,235.00

            	 	
              March
                25, 2037

            	 
	
              I-58-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,254,488.75

            	 	
              March
                25, 2037

            	 
	
              I-58-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,254,488.75

            	 	
              March
                25, 2037

            	 
	
              I-59-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,176,318.75

            	 	
              March
                25, 2037

            	 
	
              I-59-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,176,318.75

            	 	
              March
                25, 2037

            	 
	
              I-60-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,100,285.00

            	 	
              March
                25, 2037

            	 
	
              I-60-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,100,285.00

            	 	
              March
                25, 2037

            	 
	
              I-61-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,026,921.25

            	 	
              March
                25, 2037

            	 
	
              I-61-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,026,921.25

            	 	
              March
                25, 2037

            	 
	
              I-62-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,956,132.50

            	 	
              March
                25, 2037

            	 
	
              I-62-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,956,132.50

            	 	
              March
                25, 2037

            	 
	
              I-63-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,887,825.00

            	 	
              March
                25, 2037

            	 
	
              I-63-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,887,825.00

            	 	
              March
                25, 2037

            	 
	
              I-64-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,821,783.75

            	 	
              March
                25, 2037

            	 
	
              I-64-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,821,783.75

            	 	
              March
                25, 2037

            	 
	
              I-65-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,758,126.25

            	 	
              March
                25, 2037

            	 
	
              I-65-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,758,126.25

            	 	
              March
                25, 2037

            	 
	
              I-66-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,696,772.50

            	 	
              March
                25, 2037

            	 
	
              I-66-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,696,772.50

            	 	
              March
                25, 2037

            	 
	
              I-67-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,637,571.25

            	 	
              March
                25, 2037

            	 
	
              I-67-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,637,571.25

            	 	
              March
                25, 2037

            	 
	
              I-68-A

            	 	
              Variable(2)

            	 	
              $

            	
              45,673,872.50

            	 	
              March
                25, 2037

            	 
	
              I-68-B

            	 	
              Variable(2)

            	 	
              $

            	
              45,673,872.50

            	 	
              March
                25, 2037

            	 

    

    ___________________

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

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the REMIC 1 Regular Interests as a REMIC for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC 2.” The Class R-2 Interest will represent the sole class of “residual
      interests” in REMIC 2 for purposes of the REMIC Provisions under federal income
      tax law. The following table irrevocably sets forth the designation, the
      Uncertificated REMIC 2 Pass-Through Rate, the initial Uncertificated Principal
      Balance, and for purposes of satisfying Treasury regulation Section
      1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 2
      Regular Interests. None of the REMIC 2 Regular Interests will be
      certificated.

     

    
      	
              Designation

            	
              Uncertificated
                REMIC 2

              Pass-Through
                Rate(2)

            	
              Initial
                Uncertificated

              Principal
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              LTAA

            	
              Variable

            	
              $

            	
              963,603,308.01

            	
              March
                25, 2037

            
	
              LTIA1

            	
              Variable

            	
              $

            	
              1,903,060.00

            	
              March
                25, 2037

            
	
              LTIIA1

            	
              Variable

            	
              $

            	
              1,902,880.00

            	
              March
                25, 2037

            
	
              LTIIIA1

            	
              Variable

            	
              $

            	
              1,859,470.00

            	
              March
                25, 2037

            
	
              LTIIIA2

            	
              Variable

            	
              $

            	
              1,282,050.00

            	
              March
                25, 2037

            
	
              LTIIIA3

            	
              Variable

            	
              $

            	
              820,360.00

            	
              March
                25, 2037

            
	
              LTM1

            	
              Variable

            	
              $

            	
              467,050.00

            	
              March
                25, 2037

            
	
              LTM2

            	
              Variable

            	
              $

            	
              398,220.00

            	
              March
                25, 2037

            
	
              LTM3

            	
              Variable

            	
              $

            	
              177,000.00

            	
              March
                25, 2037

            
	
              LTM4

            	
              Variable

            	
              $

            	
              152,410.00

            	
              March
                25, 2037

            
	
              LTM5

            	
              Variable

            	
              $

            	
              147,490.00

            	
              March
                25, 2037

            
	
              LTM6

            	
              Variable

            	
              $

            	
              98,330.00

            	
              March
                25, 2037

            
	
              LTM7

            	
              Variable

            	
              $

            	
              113,070.00

            	
              March
                25, 2037

            
	
              LTM8

            	
              Variable

            	
              $

            	
              73,750.00

            	
              March
                25, 2037

            
	
              LTM9

            	
              Variable

            	
              $

            	
              127,820.00

            	
              March
                25, 2037

            
	
              LTZZ

            	
              Variable

            	
              $

            	
              10,142,413.63

            	
              March
                25, 2037

            
	
              LTP

            	
              Variable

            	
              $

            	
              100.00

            	
              March
                25, 2037

            
	
              LTIO

            	
              Variable

            	 	
              (3)

            	
              March
                25, 2037

            

    

    ___________________

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

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      3

     

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

     

    The
      following table sets forth (or describes) the designation, Pass-Through Rate,
      Original Class Certificate Principal Balance, and for purposes of satisfying
      Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for each Class of Certificates that represents one or more of the “regular
      interests” in REMIC 3 created hereunder:

     

    
      	
              Designation

            	
              Pass-Through

              Rate

            	
              Original
                Class

              Certificate
                Principal

              Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                I-A-1

            	
              Variable(2)

            	
              $

            	
              190,306,000.00

            	
              March
                25, 2037

            
	
              Class
                II-A-1

            	
              Variable(2)

            	
              $

            	
              190,288,000.00

            	
              March
                25, 2037

            
	
              Class
                III-A-1

            	
              Variable(2)

            	
              $

            	
              185,947,000.00

            	
              March
                25, 2037

            
	
              Class
                III-A-2

            	
              Variable(2)

            	
              $

            	
              128,205,000.00

            	
              March
                25, 2037

            
	
              Class
                III-A-3

            	
              Variable(2)

            	
              $

            	
              82,036,000.00

            	
              March
                25, 2037

            
	
              Class
                M-1

            	
              Variable(2)

            	
              $

            	
              46,705,000.00

            	
              March
                25, 2037

            
	
              Class
                M-2

            	
              Variable(2)

            	
              $

            	
              39,822,000.00

            	
              March
                25, 2037

            
	
              Class
                M-3

            	
              Variable(2)

            	
              $

            	
              17,700,000.00

            	
              March
                25, 2037

            
	
              Class
                M-4

            	
              Variable(2)

            	
              $

            	
              15,241,000.00

            	
              March
                25, 2037

            
	
              Class
                M-5

            	
              Variable(2)

            	
              $

            	
              14,749,000.00

            	
              March
                25, 2037

            
	
              Class
                M-6

            	
              Variable(2)

            	
              $

            	
              9,833,000.00

            	
              March
                25, 2037

            
	
              Class
                M-7

            	
              Variable(2)

            	
              $

            	
              11,307,000.00

            	
              March
                25, 2037

            
	
              Class
                M-8

            	
              Variable(2)

            	
              $

            	
              7,375,000.00

            	
              March
                25, 2037

            
	
              Class
                M-9

            	
              Variable(2)

            	
              $

            	
              12,782,000.00

            	
              March
                25, 2037

            
	
              Class
                C Interest

            	
              Variable(3)

            	
              $

            	
              30,972,681.64

            	
              March
                25, 2037

            
	
              Class
                P Interest

            	
              N/A(4)

            	
              $

            	
              100.00

            	
              March
                25, 2037

            
	
              Class
                SWAP-IO Interest

            	
              N/A(5)

            	 	
              N/A(5)

            	
              March
                25, 2037

            

    

    __________________

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

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

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

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

    (5) The
      Class
      SWAP-IO Interest will not have a Pass-Through Rate or a Certificate Principal
      Balance, but will be entitled to 100% of amounts distributed on REMIC 2 Regular
      Interest LTIO.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      4

     

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

     

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

     

    
      	
              Designation

            	
              Pass-Through

              Rate

            	
              Original
                Class

              Certificate
                Principal

              Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                C 

            	
              Variable(2)

            	
              $
                30,972,681.64

            	
              March
                25, 2037

            

    

    __________________

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      5

     

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

     

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

     

    
      	
              Designation

            	
              Pass-Through

              Rate

            	
              Original
                Class

              Certificate
                Principal

              Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                P

            	
              Variable(2)

            	
              $
                100.00

            	
              March
                25, 2037

            

    

    __________________

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

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      6

     

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

     

    The
      following table sets forth (or describes) the designation, Pass-Through Rate,
      Original Class Certificate Principal Balance, and for purposes of satisfying
      Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for each Class of Certificates that represents one or more of the “regular
      interests” in REMIC 6 created hereunder, which will be
      uncertificated:

     

    
      	
              Designation

            	
              Pass-Through

              Rate

            	
              Original
                Class

              Certificate
                Principal

              Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              SWAP-IO
                

            	
              Variable(2)

            	
              N/A

            	
              March
                25, 2037

            

    

    __________________

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

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

     

    ARTICLE
      I

     

    DEFINITIONS

     

    
      	SECTION
              1.01.  	
              Defined
                Terms.

            

    

     

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

     

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

     

    “Account”:
      Any
      of the Collection Account, the Distribution Account, the Net WAC Rate Carryover
      Reserve Account or the Swap Account.

     

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

     

    “Additional
      Disclosure”: As defined in Section 3.25(a)(iv).

     

    “Additional
      Form 10-D Disclosure”: As defined in Section 3.25(a)(i).

     

    “Additional
      Form 10-K Disclosure”: As defined in Section 3.25(a)(iii).

     

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

     

    “Adjusted
      Net Maximum Mortgage Rate”: With respect to any Distribution Date and any
      Mortgage Loan (or the related REO Property) in the Trust Fund as of the close
      of
      business on the last day of the preceding calendar month, a per annum rate
      of
      interest equal to the applicable Maximum Mortgage Rate for such Mortgage Loan
      (or the Mortgage Rate in the case of any Fixed Rate Mortgage Loan) as of the
      first day of the month preceding the month in which the Distribution Date occurs
      (or the Cut-off Date with respect to the first Distribution Date) minus the
      sum
      of (i) the Trustee Fee Rate and (ii) the Servicing Fee Rate.

     

    “Adjusted
      Net Mortgage Rate”: With respect to any Distribution Date and any Mortgage Loan
      (or the related REO Property) in the Trust Fund as of the close of business
      on
      the last day of the preceding prepayment period, a per annum rate of interest
      equal to the applicable Mortgage Rate for such Mortgage Loan as of the first
      day
      of the month preceding the month in which the related Distribution Date occurs
      (or the Cut-off Date with respect to the first Distribution Date) minus the
      sum
      of (i) the Trustee Fee Rate and (ii) the Servicing Fee Rate.

     

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

     

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

     

    “Advancing
      Facility”: As defined in Section 3.29 hereof.

     

    “Advancing
      Person”: As defined in Section 3.29 hereof.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Back-Up
      Certification”: As defined in Section 3.25(a)(ii). 

     

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

     

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

     

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

     

    “Certificate”:
      Any Regular Certificate or Residual Certificate.

     

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

     

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

     

    
      	
              Class

            	
              REMIC
                2 Regular Interest

            	
              Certificate
                Margin

            
	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              I-A-1

            	
              LTIA1

            	
              0.140

            	
              0.280

            
	
              II-A-1

            	
              LTIIA1

            	
              0.140

            	
              0.280

            
	
              III-A-1

            	
              LTIIIA1

            	
              0.090

            	
              0.180

            
	
              III-A-2

            	
              LTIIIA2

            	
              0.150

            	
              0.300

            
	
              III-A-3

            	
              LTIIIA3

            	
              0.250

            	
              0.500

            
	
              M-1

            	
              LTM1

            	
              0.360

            	
              0.540

            
	
              M-2

            	
              LTM2

            	
              0.500

            	
              0.750

            
	
              M-3

            	
              LTM3

            	
              0.600

            	
              0.900

            
	
              M-4

            	
              LTM4

            	
              0.800

            	
              1.200

            
	
              M-5

            	
              LTM5

            	
              0.900

            	
              1.350

            
	
              M-6

            	
              LTM6

            	
              1.000

            	
              1.500

            
	
              M-7

            	
              LTM7

            	
              2.500

            	
              3.750

            
	
              M-8

            	
              LTM8

            	
              2.500

            	
              3.750

            
	
              M-9

            	
              LTM9

            	
              2.500

            	
              3.750

            

    

    __________

    
      	 	
              (1)

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

            

    

    
      	 	
              (2)

            	
              For
                each other Accrual Period.

            

    

    

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

     

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

     

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

     

    “Certification
      Parties”: As defined in Section 3.25(a)(ii).

     

    “Certifying
      Person”: As defined in Section 3.25 (a)(ii). 

     

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

     

    “Class
      A
      Certificateholder”: Any Holder of a Class A Certificate.

     

    “Class
      A
      Certificates”: Any Class I-A-1 Certificate, Class II-A-1 Certificate, Class
      III-A-1 Certificate, Class III-A-2 Certificate or Class III-A-3
      Certificate.

     

    “Class
      A
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the Group I Senior Principal Distribution Amount, (ii) the Group II
      Senior Principal Distribution Amount and (iii) the Group III Senior Principal
      Distribution Amount.

     

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

     

    “Class
      II-A-1 Certificate”: Any one of the Class II-A-1 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-2, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

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

     

    “Class
      III-A-2 Certificate”: Any one of the Class III-A-2 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-4, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

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

     

    “Class
      C
      Certificate”: Any one of the Class C Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-15, representing (i) a Regular Interest in
      REMIC 4, (ii) beneficial ownership of the Net WAC Rate Carryover Reserve Account
      and (iii) beneficial ownership of the Supplemental Interest Trust.

     

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

     

    “Class
      IO
      Distribution Amount”: As defined in Section 4.08 hereof. For purposes of
      clarity, the Class IO Distribution Amount for any Distribution Date shall equal
      the amount payable to the Swap Administrator on such Distribution Date in excess
      of the amount payable on the Class Swap-IO Interest on such Distribution Date,
      all as further provided in Section 4.08 hereof.

     

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

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-6, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-1 Principal Distribution Amount”: An amount, not less than zero, equal to the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date) and (ii) the
      Certificate Principal Balance of the Class M-1 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i)
      67.50%
      and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-7, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-2 Principal Distribution Amount”: An amount, not less than zero, equal to the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date) and (iii) the Certificate Principal Balance of the Class M-2 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 75.60%
      and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

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

     

    “Class
      M-3 Principal Distribution Amount”: An amount, not less than zero, equal to the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date) and (iv) the Certificate
      Principal Balance of the Class M-3 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 79.20%
      and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-9, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-4 Principal Distribution Amount”: An amount, not less than zero, equal to the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date) and (v) the Certificate Principal Balance of the Class M-4 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 82.30%
      and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-10, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-5 Principal Distribution Amount”: An amount, not less than zero, equal to the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the distribution of the Class M-4 Principal
      Distribution Amount on such Distribution Date) and (vi) the Certificate
      Principal Balance of the Class M-5 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 85.30%
      and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-11, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-6 Principal Distribution Amount”: An amount, not less than zero, equal to the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the distribution of the Class M-4 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-5 Certificates (after taking into account the
      distribution of the Class M-5 Principal Distribution Amount on such Distribution
      Date) and (vii) the Certificate Principal Balance of the Class M-6 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 87.30%
      and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-12, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-7 Principal Distribution Amount”: An amount, not less than zero, equal to the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the distribution of the Class M-4 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-5 Certificates (after taking into account the
      distribution of the Class M-5 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
      (after taking into account the distribution of the Class M-6 Principal
      Distribution Amount on such Distribution Date) and (viii) the Certificate
      Principal Balance of the Class M-7 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 89.60%
      and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

    “Class
      M-8 Certificate”: Any one of the Class M-8 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-13, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-8 Principal Distribution Amount”: An amount, not less than zero, equal to the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the distribution of the Class M-4 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-5 Certificates (after taking into account the
      distribution of the Class M-5 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
      (after taking into account the distribution of the Class M-6 Principal
      Distribution Amount on such Distribution Date), (viii) the Certificate Principal
      Balance of the Class M-7 Certificates (after taking into account the
      distribution of the Class M-7 Principal Distribution Amount on such Distribution
      Date) and (ix) the Certificate Principal Balance of the Class M-8 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 91.10%
      and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

    “Class
      M-9 Certificate”: Any one of the Class M-9 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-14, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-9 Principal Distribution Amount”: An amount, not less than zero, equal to the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the distribution of the Class M-4 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-5 Certificates (after taking into account the
      distribution of the Class M-5 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
      (after taking into account the distribution of the Class M-6 Principal
      Distribution Amount on such Distribution Date), (viii) the Certificate Principal
      Balance of the Class M-7 Certificates (after taking into account the
      distribution of the Class M-7 Principal Distribution Amount on such Distribution
      Date), (ix) the Certificate Principal Balance of the Class M-8 Certificates
      (after taking into account the distribution of the Class M-8 Principal
      Distribution Amount on such Distribution Date) and (x) the Certificate Principal
      Balance of the Class M-9 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 93.70%
      and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-16, representing the right to distributions
      as
      set forth herein and therein and evidencing a regular interest in REMIC
      5.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Closing
      Date”: March 12, 2007.

     

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

     

    “Collection
      Account”: The segregated account or accounts created and maintained by the
      Servicer pursuant to Section 3.10(a), which shall be entitled “Wells Fargo Bank,
      N.A., as Trustee, in trust for registered Holders of Option One Mortgage Loan
      Trust 2007-2, Asset-Backed Certificates, Series 2007-2,” which must be an
      Eligible Account.

     

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

     

    “Compensating
      Interest”: As defined in Section 3.24 hereof.

     

    “Convertible
      Mortgage Loan”: Any Adjustable-Rate Mortgage Loan which allows the Mortgagor
      thereunder to convert the Mortgage Rate thereon to a fixed Mortgage
      Rate.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee at which at
      any particular time its corporate trust business in connection with this
      Agreement shall be administered, which office at the date of the execution
      of
      this instrument is located at Sixth Street and Marquette Avenue, Minneapolis,
      Minnesota 55479-0113, Attention: Option One Series 2007-2, or at such other
      address as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, the Servicer, the Originator and the
      Seller.

     

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

     

    
      	
              REMIC
                2 Regular Interest

            	
              Regular
                Certificate

            
	
              LTIA1

            	
              Class
                I-A-1

            
	
              LTIIA1

            	
              Class
                II-A-1

            
	
              LTIIIA1

            	
              Class
                III-A-1

            
	
              LTIIIA2

            	
              Class
                III-A-2

            
	
              LTIIIA3

            	
              Class
                III-A-3

            
	
              LTM1

            	
              Class
                M-1

            
	
              LTM2

            	
              Class
                M-2

            
	
              LTM3

            	
              Class
                M-3

            
	
              LTM4

            	
              Class
                M-4

            
	
              LTM5

            	
              Class
                M-5

            
	
              LTM6

            	
              Class
                M-6

            
	
              LTM7

            	
              Class
                M-7

            
	
              LTM8

            	
              Class
                M-8

            
	
              LTM9

            	
              Class
                M-9

            
	
              LTP

            	
              Class
                P

            

    

    

    “Custodian”:
      Wells Fargo Bank, N.A., as custodian of the Mortgage Files, and any successor
      thereto.

     

    “Cut-off
      Date”: With respect to any Mortgage Loan, February 1, 2007. With respect to all
      Qualified Substitute Mortgage Loans, their respective dates of substitution.
      References herein to the “Cut-off Date,” when used with respect to more than one
      Mortgage Loan, shall be to the respective Cut-off Dates for such Mortgage
      Loans.

     

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

     

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

     

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

     

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

     

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

     

    “Delinquency
      Servicer Termination Trigger”: A Delinquency Servicer Termination Trigger will
      have occurred with respect to the Certificates on a Distribution Date if the
      Three Month Rolling Delinquency Percentage for the Mortgage Loans exceeds
      25.00%.

     

    “Delinquency
      Percentage”: For any Distribution Date, the percentage obtained by dividing (x)
      the aggregate Stated Principal Balance of Mortgage Loans (not including any
      Liquidated Mortgage Loan as of the end of the related Prepayment Period)
      Delinquent 60 days or more (including Mortgage Loans that are REO Properties,
      in
      foreclosure or in bankruptcy and that are also Delinquent 60 days or more)
      by
      (y) the aggregate Stated Principal Balance of the Mortgage Loans (not including
      any Liquidated Mortgage Loan as of the end of the related Prepayment Period),
      in
      each case, as of the last day of the previous calendar month.

     

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

     

    “Depositor”:
      Option One Mortgage Acceptance Corporation, a Delaware corporation, or any
      successor in interest.

     

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

     

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

     

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

     

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

     

    “Disqualified
      Organization”: A “disqualified organization” under Section 860E of the Code,
      which as of the Closing Date is any of: (i) the United States, any state or
      political subdivision thereof, any foreign government, any international
      organization, or any agency or instrumentality of any of the foregoing, (ii)
      any
      organization (other than certain farmers cooperatives described in Section
      521
      of the Code) which is exempt from the tax imposed by Chapter 1 of the Code
      unless such organization is subject to the tax imposed by Section 511 of the
      Code, (iii) any organization described in Section 1381(a)(2)(C) of the Code,
      (iv) an “electing large partnership” within the meaning of Section 775 of the
      Code or (v) any other Person so designated by the Trustee based upon an Opinion
      of Counsel provided by nationally recognized counsel to the Trustee that the
      holding of an ownership interest in a Residual Certificate by such Person may
      cause any REMIC formed hereunder or any Person having an ownership interest
      in
      any Class of Certificates (other than such Person) to incur liability for any
      federal tax imposed under the Code that would not otherwise be imposed but
      for
      the transfer of an ownership interest in the Residual Certificate to such
      Person. A corporation will not be treated as an instrumentality of the United
      States or of any state or political subdivision thereof, if all of its
      activities are subject to tax and, a majority of its board of directors is
      not
      selected by a governmental unit. The terms “United States,” “state” and
“international organizations” shall have the meanings set forth in Section 7701
      of the Code.

     

    “Distribution
      Account”: The segregated trust account or accounts created and maintained by the
      Trustee pursuant to Section 3.10(b) which shall be entitled “Distribution
      Account, Wells Fargo Bank, N.A., as Trustee, in trust for the registered
      Certificateholders of Option One Mortgage Loan Trust 2007-2, Asset-Backed
      Certificates, Series 2007-2” and which must be an Eligible Account.

     

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

     

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

     

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

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a federal or state
      chartered depository institution or trust company the short-term unsecured
      debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the short-term
      unsecured debt obligations of such holding company) are rated P-1 by Moody’s and
      A-1+ by S&P (or comparable ratings if Moody’s and S&P are not the Rating
      Agencies) at the time any amounts are held on deposit therein, (ii) an account
      or accounts the deposits in which are fully insured by the FDIC (to the limits
      established by such corporation), the uninsured deposits in which account are
      otherwise secured such that, as evidenced by an Opinion of Counsel delivered
      to
      the NIMS Insurer, the Trustee and to each Rating Agency, the Certificateholders
      will have a claim with respect to the funds in such account or a perfected
      first
      priority security interest against such collateral (which shall be limited
      to
      Permitted Investments) securing such funds that is superior to claims of any
      other depositors or creditors of the depository institution with which such
      account is maintained, (iii) a trust account or accounts maintained with the
      trust department of a federal or state chartered depository institution,
      national banking association or trust company acting in its fiduciary capacity
      or (iv) an account otherwise acceptable to each Rating Agency without reduction
      or withdrawal of their then current ratings of the Certificates as evidenced
      by
      a letter from each Rating Agency to the Trustee and the NIMS Insurer. Eligible
      Accounts may bear interest.

     

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

     

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

     

    “Estate
      in Real Property”: A fee simple estate in a parcel of real
      property.

     

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

     

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

     

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

     

    “Extra
      Principal Distribution Amount”: With respect to any Distribution Date, the
      lesser of (x) the Monthly Interest Distributable Amount payable on the Class
      C
      Certificates on such Distribution Date as reduced by Realized Losses allocated
      thereto with respect to such Distribution Date pursuant to Section 4.07 and
      (y)
      the Overcollateralization Deficiency Amount for such Distribution Date.

     

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

     

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

     

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

     

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

     

    “Fixed
      Swap Payment”: With respect to any Distribution Date, the amount calculated
      based on a fixed rate as set forth in the Interest Rate Swap
      Agreement.

     

    “Floating
      Swap Payment”: With respect to any Distribution Date, a floating amount equal to
      the product of (i) Swap LIBOR, (ii) the lesser of (a) the product of (I) the
      aggregate Certificate Principal Balance of the outstanding Class A and Mezzanine
      Certificates immediately prior to such Distribution Date and (II) 1/250 and
      (b)
      the related Notional Amount (as defined in the Interest Rate Swap Agreement),
      (iii) 250 and (iv) a fraction, the numerator of which is the actual number
      of
      days elapsed from and including the previous Floating Rate Payer Period End
      Date
      (as defined in the Interest Rate Swap Agreement) to but excluding the current
      Floating Rate Payer Period End Date (or, for the first Distribution Date, the
      actual number of days elapsed from the Closing Date to but excluding the first
      Floating Rate Payer Period End Date), and the denominator of which is
      360.

     

    “Foreclosure
      Restricted Mortgage Loan”: Any Mortgage Loan listed on Schedule II hereto.

     

    “Form
      8-K
      Disclosure Information”: As defined in Section 3.25(a)(ii). 

     

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

     

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

     

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

     

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

     

    “Group
      I
      Basic Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Group I Principal Remittance Amount for such Distribution
      Date
      over the sum of (ii) the Overcollateralization Release Amount, if any, for
      such
      Distribution Date multiplied by the Group I Allocation Percentage and (iii)
      any
      part of the Net Swap Payment or Swap Termination Payment due to the Swap
      Provider (other than a Swap Termination Payment resulting from a Swap Provider
      Trigger Event) not paid on such Distribution Date from the Group I Interest
      Remittance Amount.

     

    “Group
      I
      Certificates”: The Class
      I-A-1 Certificates.

     

    “Group
      I
      Interest Remittance Amount”: With respect to any Distribution Date, that portion
      of the Available Funds for such Distribution Date attributable to interest
      received or advanced with respect to the Group I Mortgage Loans minus
      a pro
      rata
      portion (based on the aggregate Stated Principal Balance of the Group I Mortgage
      Loans over the aggregate Stated Principal Balance of the Mortgage Loans) of
      the
      sum of any Net Swap Payment owed to the Swap Provider on that Distribution
      Date
      and any Swap Termination Payment or unpaid portion thereof owed to the Swap
      Provider on that Distribution Date (other than a Swap Termination Payment
      resulting from a Swap Provider Trigger Event).

     

    “Group
      I
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group I. The aggregate
      Principal Balance of the Group I Mortgage Loans as of the Cut-off Date is equal
      to $240,894,876.86.

     

    “Group
      I
      Overcollateralization Floor”: With respect to the Group I Certificates,
$1,204,474.39.

     

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

     

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

     

    “Group
      I
      Senior Principal Distribution Amount”: An amount, not less than zero, equal to
      the excess of (x) the aggregate Certificate Principal Balance of the Group
      I
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 58.00%
      and
      (ii)
      the aggregate Stated Principal Balance of the Group I Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Group I Mortgage Loans as of the last day of the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus the Group I Overcollateralization Floor.

     

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

     

    “Group
      II
      Basic Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Group II Principal Remittance Amount for such Distribution
      Date over the sum of (ii) the Overcollateralization Release Amount, if any,
      for
      such Distribution Date multiplied by the Group II Allocation Percentage and
      (iii) any part of the Net Swap Payment or Swap Termination Payment due to the
      Swap Provider (other than a Swap Termination Payment resulting from a Swap
      Provider Trigger Event) not paid on such Distribution Date from the Group II
      Interest Remittance Amount.

     

    “Group
      II
      Certificates”: The Class II-A-1 Certificates.

     

    “Group
      II
      Interest Remittance Amount”: With respect to any Distribution Date, that portion
      of the Available Funds for such Distribution Date attributable to interest
      received or advanced with respect to the Group II Mortgage Loans minus a pro
      rata portion (based
      on the aggregate Stated Principal Balance of the Group II Mortgage Loans over
      the aggregate Stated Principal Balance of the Mortgage Loans)
      of the
      sum of any Net Swap Payment owed to the Swap Provider on that Distribution
      Date
      and any Swap Termination Payment or unpaid portion thereof owed to the Swap
      Provider on that Distribution Date (other than a Swap Termination Payment
      resulting from a Swap Provider Trigger Event).

     

    “Group
      II
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group II. The aggregate
      Principal Balance of the Group II Mortgage Loans as of the Cut-off Date is
      equal
      to $240,872,079.41.

     

    “Group
      II
      Overcollateralization Floor”: With respect to the Group II Certificates,
$1,204,360.40.

     

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

     

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

     

    “Group
      II
      Senior Principal Distribution Amount”: An amount, not less than zero, equal to
      the excess of (x) the Certificate Principal Balance of the Group II Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 58.00%
      and
      (ii)
      the aggregate Stated Principal Balance of the Group II Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Group II Mortgage Loans as of the last day of the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus the Group II Overcollateralization Floor.

     

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

     

    “Group
      III Basic Principal Distribution Amount”: With respect to any Distribution Date,
      the excess of (i) the Group III Principal Remittance Amount for such
      Distribution Date over the sum of (ii) the Overcollateralization Release Amount,
      if any, for such Distribution Date multiplied by the Group III Allocation
      Percentage and (iii) any part of the Net Swap Payment or Swap Termination
      Payment due to the Swap Provider (other than a Swap Termination Payment
      resulting from a Swap Provider Trigger Event) not paid on such Distribution
      Date
      from the Group III Interest Remittance Amount.

     

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

     

    “Group
      III Interest Remittance Amount”: With respect to any Distribution Date, that
      portion of the Available Funds for such Distribution Date attributable to
      interest received or advanced with respect to the Group III Mortgage Loans
      minus
      a pro rata portion (based
      on the aggregate Stated Principal Balance of the Group III Mortgage Loans over
      the aggregate Stated Principal Balance of the Mortgage Loans)
      of the
      sum of any Net Swap Payment owed to the Swap Provider on that Distribution
      Date
      and any Swap Termination Payment or unpaid portion thereof owed to the Swap
      Provider on that Distribution Date (other than a Swap Termination Payment
      resulting from a Swap Provider Trigger Event).

     

    “Group
      III Mortgage Loan”: A Mortgage Loan assigned to Loan Group III. The aggregate
      Principal Balance of the Group III Mortgage Loans as of the Cut-off Date is
      equal to $501,501,825.37.

     

    “Group
      III Overcollateralization Floor”: With respect to the Group III Certificates,
$2,507,509.13.

     

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

     

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

     

    “Group
      III Senior Principal Distribution Amount”: An amount, not less than zero, equal
      to the excess of (x) the Certificate Principal Balance of the Group III
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 58.00%
      and
      (ii)
      the aggregate Stated Principal Balance of the Group III Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the positive difference, if any, of the aggregate Stated
      Principal Balance of the Group III Mortgage Loans as of the last day of the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus the Group III Overcollateralization Floor.

     

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

     

    “Holder”:
      See “Certificateholder.”

     

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

     

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

     

    “Indenture”:
      An indenture relating to the issuance of notes secured by the Class C
      Certificates, the Class P Certificates and/or Residual Certificates (or any
      portion thereof) which may or may not be guaranteed by the NIMS
      Insurer.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Latest
      Possible Maturity Date”: As to each Class of Certificates, the date set forth as
      such in the Preliminary Statement.

     

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

     

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

     

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

     

    Notwithstanding
      the foregoing, LIBOR for the Class A and Mezzanine Certificates for the first
      Accrual Period will be 5.32%.

     

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

     

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

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full, (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan or (iii) such Mortgage Loan is removed from the Trust Fund
      by
      reason of its being purchased, sold or replaced pursuant to or as contemplated
      by Section 2.03 or Section 10.01. With respect to any REO Property, either
      of
      the following events: (i) a Final Recovery Determination is made as to such
      REO
      Property or (ii) such REO Property is removed from the Trust Fund by reason
      of
      its being sold or purchased pursuant to Section 3.23 or Section
      10.01.

     

    “Liquidation
      Proceeds”: The amount (other than amounts received in respect of the rental of
      any REO Property prior to REO Disposition) received by the Servicer in
      connection with (i) the taking of all or a part of a Mortgaged Property by
      exercise of the power of eminent domain or condemnation, (ii) the liquidation
      of
      a defaulted Mortgage Loan by means of a trustee’s sale, foreclosure sale or
      otherwise or (iii) the repurchase, substitution or sale of a Mortgage Loan
      or an
      REO Property pursuant to or as contemplated by Section 2.03, Section 3.23 or
      Section 10.01.

     

    “Loan-to-Value
      Ratio”: As of any date and as to any Mortgage Loan, the fraction, expressed as a
      percentage, the numerator of which is the Principal Balance of the Mortgage
      Loan
      (and, with respect to any second lien Mortgage Loan, the Principal Balance
      of
      the related first lien Mortgage Loan plus the Principal Balance of such second
      lien Mortgage Loan), and the denominator of which is the Value of the related
      Mortgaged Property.

     

    “Loan
      Group”: Any of Loan Group I, Loan Group II or Loan Group III, as the context
      requires.

     

    “Loan
      Group I”: The group of Mortgage Loans with principal balances that conform to
      Fannie Mae guidelines identified in the Mortgage Loan Schedule as having been
      assigned to Loan Group I.

     

    “Loan
      Group II”: The group of Mortgage Loans with principal balances that conform to
      Freddie Mac guidelines identified in the Mortgage Loan Schedule as having been
      assigned to Loan Group II.

     

    “Loan
      Group III”: The group of Mortgage Loans with principal balances that may or may
      not conform to Fannie Mae and Freddie Mac guidelines identified in the Mortgage
      Loan Schedule as having been assigned to Loan Group III.

     

    “Loss
      Mitigation Procedures”: The policies and procedures set forth in Exhibit G
      hereto relating to the realization on delinquent Mortgage Loans.

     

    “Losses”:
      As defined in Section 9.03.

     

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

     

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

     

    “Marker
      Rate”: With respect to the Class C Interest and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the Uncertificated
      REMIC 2 Pass-Through Rates for REMIC
      2
      Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC
      2
      Regular Interest LTIIIA1, REMIC 2 Regular Interest LTIIIA2, REMIC 2 Regular
      Interest LTIIIA3,
      REMIC 2
      Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest
      LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2
      Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest
      LTM8, REMIC 2 Regular Interest LTM9, and REMIC 2 Regular Interest
      LTZZ,
      with
      the rates on such REMIC 2 Regular Interests (other than REMIC 2 Regular Interest
      LTZZ) subject to a cap equal to lesser of (i) LIBOR plus the related Certificate
      Margin and (ii) the Net WAC Rate for the purpose of this calculation; and with
      the rate on REMIC 2 Regular Interest LTZZ subject to a cap of zero for the
      purpose of this calculation; provided, however, that for this purpose,
      calculations of the Uncertificated REMIC 2 Pass-Through Rate and the related
      caps with respect to each such REMIC 2 Regular Interest shall be multiplied
      by a
      fraction, the numerator of which is the actual number of days in the Accrual
      Period and the denominator of which is 30.

     

    “Maximum
      Cap Rate”: With
      respect to any Class of Class A Certificates and Mezzanine Certificates and
      any
      Distribution Date, a per annum rate equal to the product of (1) the sum of
      (a)
      the weighted average of the Adjusted Net Maximum Mortgage Rates of the Mortgage
      Loans for such Distribution Date (weighted based on the Stated Principal
      Balances of the Mortgage Loans as of the first day of the related Due Period,
      or, in the case of the first Distribution Date, the Cut-off Date, adjusted,
      except in the case of the first Distribution Date, to reflect unscheduled
      principal payments made thereafter during the Prepayment Period that includes
      such first day of the related Due Period) minus the Swap Expense Rate and (b)
      a
      per annum rate equal to an amount, expressed as a percentage, equal to a
      fraction, the numerator of which is the Net Swap Payment made by the Swap
      Provider and the denominator of which is the aggregate Stated Principal Balance
      of the Mortgage Loans as of the first day of the related Due Period or, in
      the
      case of the first Distribution Date, the Cut-off Date (adjusted, except in
      the
      case of the first Distribution Date, to reflect unscheduled principal payments
      made thereafter during the Prepayment Period that includes such first day of
      the
      related Due Period), multiplied by 12, and (2) a fraction, the numerator of
      which is 30 and the denominator of which is the actual number of days elapsed
      in
      the related Accrual Period.

     

    “Maximum
      LTZZ Uncertificated Accrued Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (i) accrued interest at the Uncertificated
      REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest LTZZ for such
      Distribution Date on a balance equal to the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LTZZ minus the REMIC 2 Overcollateralization Amount,
      in
      each case for such Distribution Date, over (ii) Uncertificated Interest on
      REMIC
      2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular
      Interest LTIIIA1, REMIC 2 Regular Interest LTIIIA2, REMIC 2 Regular Interest
      LTIIIA3, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
      2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9 for such Distribution
      Date,
      with the rate on each such REMIC 2 Regular Interest subject to a cap equal
      to
      the lesser of (i) LIBOR plus the related Certificate Margin and (ii) the related
      Net WAC Rate provided, however, that solely for this purpose, calculations
      of
      the Uncertificated REMIC 2 Pass-Through Rate and the related caps with respect
      to each such REMIC 2 Regular Interest shall be multiplied by a fraction, the
      numerator of which is the actual number of days in the Accrual Period and the
      denominator of which is 30.

     

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

     

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

     

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

     

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

     

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

     

    “Monthly
      Statement”: As defined in Section 4.03(a) hereof.

     

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

     

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

     

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

     

    “Mortgage
      Loan”: Each mortgage loan transferred and assigned to the Trustee pursuant to
      Section 2.01, Section 2.03(d) or Section 2.08 as from time to time held as
      a
      part of the Trust Fund, the Mortgage Loans so held being identified in the
      Mortgage Loan Schedule.

     

    “Mortgage
      Loan Purchase Agreement”: The agreement among the Originator, the Sellers and
      the Depositor, regarding the transfer of the Mortgage Loans by the Sellers
      to or
      at the direction of the Depositor, substantially in the form attached hereto
      as
      Exhibit C.

     

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

     

    (1) the
      Mortgage Loan identifying number;

     

    (2) [reserved];

     

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

     

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

      

    

     

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

     

    (6) the
      original months to maturity;

     

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

      

    

     

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

     

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

      

    

     

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

      

    

     

    (11) the
      stated maturity date;

     

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

     

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

      

    

     

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

      

    

     

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

     

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

      

    

     

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

      

    

     

    (18) the
      Mortgage Rate at origination;

     

    
      
        (19)
          a
          code
          indicating the documentation program (i.e.,
          full
          documentation, limited documentation, stated income
          documentation);

      

    

     

    (20) the
      risk
      grade;

     

    (21) the
      Value
      of the Mortgaged Property;

     

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

     

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

      

    

     

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

     

    (25) the
      rounding code;

     

    (26) the
      program code;

     

    (27) a
      code
      indicating the lien priority for Mortgage Loans;

     

    
      
        (28)
          with
          respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage
          Rate;

      

    

     

    
      
        (29)
          with
          respect to each Adjustable Rate Mortgage Loan, the Maximum Mortgage
          Rate;

      

    

     

    (30) with
      respect to each Adjustable Rate Mortgage Loan, the Gross Margin;

     

    
      
        (31)
          with
          respect to each Adjustable Rate Mortgage Loan, the next Adjustment
          Date;

      

    

     

    
      
        (32)
          with
          respect to each Adjustable Rate Mortgage Loan, the Periodic Rate
          Cap;

      

    

     

    (33) the
      credit score (“FICO”) of such Mortgage Loan; and

     

    
      
        (34)
          the
          total
          amount of points and fees charged such Mortgage Loan.

      

    

     

    The
      Mortgage Loan Schedule shall set forth the following information, with respect
      to the Mortgage Loans in the aggregate and for each Loan Group as of the Cut-off
      Date: (1) the number of Mortgage Loans (separately identifying the number of
      Fixed-Rate Mortgage Loans and the number of Adjustable-Rate Mortgage Loans);
      (2)
      the current Stated Principal Balance of the Mortgage Loans; (3) the weighted
      average Mortgage Rate of the Mortgage Loans and (4) the weighted average
      maturity of the Mortgage Loans. The Mortgage Loan Schedule shall be amended
      from
      time to time by the Originator in accordance with the provisions of this
      Agreement. With respect to any Qualified Substitute Mortgage Loan, the Cut-off
      Date shall refer to the related Cut-off Date for such Mortgage Loan, determined
      in accordance with the definition of Cut-off Date herein.

     

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

     

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

     

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

     

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan, including any REO
      Property, consisting of an Estate in Real Property improved by a Residential
      Dwelling.

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Net
      WAC
      Rate Carryover Reserve Account”: The reserve account established and maintained
      pursuant to Section 4.05.

     

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

     

    “NIMS
      Insurer”: Any insurer that is guaranteeing certain payments under notes secured
      by collateral which includes all or a portion of the Class C Certificates,
      the
      Class P Certificates and/or the Residual Certificates.

     

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

     

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

     

    “Offered
      Certificates”: The Class A Certificates and the Mezzanine Certificates offered
      to the public pursuant to the Prospectus Supplement.

     

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

     

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

     

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

     

    “Original
      Class Certificate Principal Balance”: With respect to the Class A Certificates,
      the Mezzanine Certificates, the Class C Interest, the Class C Certificates,
      the
      Class P Interest and the Class P Certificates, the corresponding amounts set
      forth opposite such Class above in the Preliminary Statement.

     

    “Original
      Notional Amount”: With respect to the Class C Interest,
      $983,268,681.64.

     

    “Originator”:
      Option One Mortgage Corporation, a California corporation, or its successor
      in
      interest, in its capacity as originator under the Mortgage Loan Purchase
      Agreement.

     

    “Overcollateralization
      Deficiency Amount”: With respect to any Distribution Date, the amount, if any,
      by which the Overcollateralization Target Amount exceeds the Overcollateralized
      Amount on such Distribution Date (after giving effect to distributions in
      respect of the Group I Basic Principal Distribution Amount, the Group II Basic
      Principal Distribution Amount and the Group III Basic Principal Distribution
      Amount on such Distribution Date).

     

    “Overcollateralization
      Floor”: $4,916,343.91.

     

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

     

    “Overcollateralization
      Target Amount”: With respect to any Distribution Date, (a) prior to the Stepdown
      Date, 3.15%
      of the
      aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date and
      (b)
      on or after the Stepdown Date, the lesser of the amount set forth in clause
      (a)
      and 6.30% of the aggregate Stated Principal Balance of the Mortgage Loans for
      the related Distribution Date, subject to a floor equal to the
      Overcollateralization Floor; provided, however, if a Trigger Event is in effect
      on the related Distribution Date, the Overcollateralization Target Amount will
      be equal to the Overcollateralization Target Amount for the previous
      Distribution Date. Notwithstanding the foregoing, on and after any Distribution
      Date following the reduction of the aggregate Certificate Principal Balance
      of
      the Class A Certificates and the Mezzanine Certificates to zero, the
      Overcollateralization Target Amount shall be zero.

     

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

     

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

     

    “Pass-Through
      Rate”: With respect to any Class of Class A and Mezzanine Certificates and any
      Distribution Date, the lesser of (x) the related Formula Rate for such
      Distribution Date and (y) the Net WAC Rate for such Distribution Date.

     

    With
      respect to the Class C Interest and any Distribution Date, a per annum rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of (i) 100% of the interest on REMIC 2 Regular Interest LTP and (ii)
      interest on the Uncertificated Principal Balance of each REMIC 2 Regular
      Interest listed in clause (y) at a rate equal to the related Uncertificated
      REMIC 2 Pass-Through Rate minus the Marker Rate and the denominator of which
      is
      (y) the aggregate Uncertificated Principal Balance of REMIC 2 Regular Interests
      LTAA, LTIA1, LTIIA1, LTIIIA1, LTIIIA2, LTIIIA3, LTM1, LTM2, LTM3, LTM4, LTM5,
      LTM6, LTM7, LTM8, LTM9 and LTZZ.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (iii)  repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository institution
      or
      trust company (acting as principal) rated A-1+ by S&P and A2 or higher by
      Moody’s, provided, however, that collateral transferred pursuant to such
      repurchase obligation must be of the type described in clause (i) above and
      must
      (A) be valued daily at current market prices plus accrued interest, (B) pursuant
      to such valuation, be equal, at all times, to 105% of the cash transferred
      by
      the Trustee in exchange for such collateral and (C) be delivered to the Trustee
      or, if the Trustee is supplying the collateral, an agent for the Trustee, in
      such a manner as to accomplish perfection of a security interest in the
      collateral by possession of certificated securities;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (viii)  the
      Mortgage Loan identifying number;

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Prepayment
      Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment in full during the portion of
      the
      related Prepayment Period occurring between the first day and the Determination
      Date of the calendar month in which such Distribution Date occurs, an amount
      equal to interest (to the extent received) at the applicable Net Mortgage Rate
      on the amount of such Principal Prepayment for the number of days commencing
      on
      the first day of the calendar month in which such Distribution Date occurs
      and
      ending on the date on which such prepayment is so applied.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a Principal Prepayment in full during the portion
      of the related Prepayment Period occurring between the first day of the related
      Prepayment Period and the last day of the calendar month preceding the month
      in
      which such Distribution Date occurs, an amount equal to one month’s interest on
      the Mortgage Loan less any payments made by the Mortgagor. The obligations
      of
      the Servicer in respect of any Prepayment Interest Shortfall are set forth
      in
      Section 3.24.

     

    “Prepayment
      Period”: With respect to any Distribution Date, the period commencing on the day
      after the Determination Date in the calendar month preceding the calendar month
      in which such Distribution Date occurs (or, in the case of the first
      Distribution Date, commencing on February 1, 2007) and ending on the
      Determination Date of the calendar month in which such Distribution Date
      occurs.

     

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

     

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

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date, the sum of (i) the
      Group I Principal Remittance Amount, (ii) the Group II Principal Remittance
      Amount and (iii) the Group III Principal Remittance Amount.

     

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

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03, and as confirmed by an Officers’
Certificate from the Servicer to the Trustee, an amount equal to the sum of
      (i)
      100% of the Stated Principal Balance thereof as of the date of purchase, (ii)
      in
      the case of (x) a Mortgage Loan, accrued interest on such Stated Principal
      Balance at the applicable Mortgage Rate in effect from time to time from the
      Due
      Date as to which interest was last covered by a payment by the Mortgagor or
      an
      advance by the Servicer, which payment or advance had as of the date of purchase
      been distributed pursuant to Section 4.01, through the end of the calendar
      month
      in which the purchase is to be effected, and (y) an REO Property, the sum of
      (1)
      accrued interest on such Stated Principal Balance at the applicable Mortgage
      Rate in effect from time to time from the Due Date as to which interest was
      last
      covered by a payment by the Mortgagor or an advance by the Servicer through
      the
      end of the calendar month immediately preceding the calendar month in which
      such
      REO Property was acquired, plus (2) REO Imputed Interest for such REO Property
      for each calendar month commencing with the calendar month in which such REO
      Property was acquired and ending with the calendar month in which such purchase
      is to be effected, net of the total of all net rental income, Insurance
      Proceeds, Liquidation Proceeds and Advances that as of the date of purchase
      had
      been distributed as or to cover REO Imputed Interest pursuant to Section 4.04,
      (iii) any unreimbursed Servicing Advances and Advances and any unpaid Servicing
      Fees allocable to such Mortgage Loan or REO Property, (iv) any amounts
      previously withdrawn from the Collection Account in respect of such Mortgage
      Loan or REO Property pursuant to Section 3.23 and (v) in the case of a Mortgage
      Loan required to be purchased pursuant to Section 2.03, expenses reasonably
      incurred or to be incurred by the Servicer, the NIMS Insurer or the Trustee
      in
      respect of the breach or defect giving rise to the purchase obligation including
      any costs and damages incurred by the Trust in connection with any violation
      by
      such loan of any predatory or abusive lending law.

     

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

     

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

     

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

     

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

     

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

     

    “Relevant
      Servicing Criteria”: The
      Servicing Criteria applicable to the various parties, as set forth on Exhibit
      S
      attached hereto. For clarification purposes, multiple parties can have
      responsibility for the same Relevant Servicing Criteria.

     

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

     

    “Regular
      Certificate”: Any of the Class A Certificates, Mezzanine Certificates, Class C
      Certificates or Class P Certificates.

     

    “Regulation
      AB”: Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Commission
      in
      the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed. Reg. 1,506 - 1,631 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time. 

     

    “Relief
      Act”: The Servicemembers Civil Relief Act.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “REMIC
      2
      Overcollateralized Amount”: With respect to any date of determination, (i) 1.00%
      of the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
      Interests (other than REMIC 2 Regular Interest LTP) minus (ii) the aggregate
      of
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LTIA1, REMIC
      2
      Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIIA1, REMIC 2 Regular
      Interest LTIIIA2, REMIC 2 Regular Interest LTIIIA3, REMIC 2 Regular Interest
      LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2
      Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest
      LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8 and REMIC
      2
      Regular Interest LTM9, in each case as of such date of
      determination.

     

    “REMIC
      2
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the sum of the aggregate Stated Principal
      Balance of the Mortgage Loans and related REO Properties then outstanding and
      (ii) 1 minus a fraction, the numerator of which is two times the aggregate
      of
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LTIA1, REMIC
      2
      Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIIA1, REMIC 2 Regular
      Interest LTIIIA2, REMIC 2 Regular Interest LTIIIA3, REMIC 2 Regular Interest
      LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2
      Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest
      LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2
      Regular Interest LTM9 and the denominator of which is the aggregate of the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTIA1, REMIC
      2
      Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIIA1, REMIC 2 Regular
      Interest LTIIIA2, REMIC 2 Regular Interest LTIIIA3, REMIC 2 Regular Interest
      LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2
      Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest
      LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2
      Regular Interest LTM9 and REMIC 2 Regular Interest LTZZ.

     

    “REMIC
      2
      Regular Interests”: One of the separate non-certificated beneficial ownership
      interests in REMIC 2 issued hereunder and designated as a Regular Interest
      in
      REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal (other than REMIC 2 Regular Interest
      LTIO), subject to the terms and conditions hereof, in an aggregate amount equal
      to its initial Uncertificated Principal Balance as set forth in the Preliminary
      Statement hereto. The following is a list of each of the REMIC 2 Regular
      Interests: REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTIA1, REMIC
      2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIIA1, REMIC 2 Regular
      Interest LTIIIA2, REMIC 2 Regular Interest LTIIIA3, REMIC 2 Regular Interest
      LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2
      Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest
      LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2
      Regular Interest LTM9, REMIC 2 Regular Interest LTZZ, REMIC 2 Regular Interest
      LTP and REMIC 2 Regular Interest LTIO, each of which is a separate
      non-certificated beneficial ownership interests in REMIC 2.

     

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

     

    “REMIC
      3
      Regular Interests”: Any Class A Certificate, Mezzanine Certificate, Class C
      Interest, Class P Interest or Class SWAP-IO Interest.

     

    “REMIC
      4”: The segregated pool of assets consisting of the Class C Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class C Certificates
      and the Class R-X Certificates (in respect of the Class R-4 Interest), pursuant
      to Section 2.07, and all amounts deposited therein, with respect to which a
      separate REMIC election is to be made.

     

    “REMIC
      5”: The segregated pool of assets consisting of the Class P Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class P Certificates
      and the Class R-X Certificates (in respect of the Class R-5 Interest),
pursuant
      to Section 2.07, and all amounts deposited therein, with respect to which a
      separate REMIC election is to be made.

     

    “REMIC
      6”: The segregated pool of assets consisting of the Class SWAP-IO Interest
      conveyed in trust to the Trustee, for the benefit of the Holders of REMIC 6
      Regular Interest SWAP-IO and the Class R-X Certificate (in respect of the Class
      R-6 Interest), pursuant to Section 2.07, and all amounts deposited therein,
      with
      respect to which a separate REMIC election is to be made.

     

    “REMIC
      6
      Regular Interest”: REMIC 6 Regular Interest SWAP-IO. 

     

    “REMIC
      6
      Regular Interest SWAP-IO”: The non-certificated beneficial ownership interest in
      REMIC 6 issued hereunder and designated as a Regular Interest in REMIC 6. REMIC
      6 Regular Interest SWAP-IO shall be entitled to 100% of amounts distributed
      in
      respect of the Class SWAP-IO Interest.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “REO
      Principal Amortization”: With respect to any REO Property, for any calendar
      month, the excess, if any, of (a) the aggregate of all amounts received in
      respect of such REO Property during such calendar month, whether in the form
      of
      rental income, sale proceeds (including, without limitation, that portion of
      the
      Termination Price paid in connection with a purchase of all of the Mortgage
      Loans and REO Properties pursuant to Section 10.01 that is allocable to such
      REO
      Property) or otherwise, net of any portion of such amounts (i) payable pursuant
      to Section 3.23 in respect of the proper operation, management and maintenance
      of such REO Property or (ii) payable or reimbursable to the Servicer pursuant
      to
      Section 3.23 for unpaid Servicing Fees in respect of the related Mortgage Loan
      and unreimbursed Servicing Advances and Advances in respect of such REO Property
      or the related Mortgage Loan, over (b) the REO Imputed Interest in respect
      of
      such REO Property for such calendar month.

     

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

     

    “Reportable
      Event”: As defined in Section 3.25(a)(ii). 

     

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

     

    “Reserve
      Interest Rate”: With respect to any Interest Determination Date, the rate per
      annum that the Trustee determines to be either (i) the arithmetic mean (rounded
      upwards if necessary to the nearest whole multiple of 1/16 of 1%) of the
      one-month United States dollar lending rates which banks in The City of New
      York
      selected by the Depositor are quoting on the relevant Interest Determination
      Date to the principal London offices of leading banks in the London interbank
      market or (ii) in the event that the Trustee can determine no such arithmetic
      mean, in the case of any Interest Determination Date after the initial Interest
      Determination Date, the lowest one-month United States dollar lending rate
      which
      such New York banks selected by the Depositor are quoting on such Interest
      Determination Date to leading European banks.

     

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

     

    “Residual
      Certificate”: Any Class R Certificates or Class R-X Certificates.

     

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

     

    “Responsible
      Officer”: When used with respect to the Trustee, the Chairman or Vice Chairman
      of the Board of Directors or Trustees, the Chairman or Vice Chairman of the
      Executive or Standing Committee of the Board of Directors or Trustees, the
      President, any vice president, any assistant vice president, the Secretary,
      any
      assistant secretary, the Treasurer, any assistant treasurer, the Cashier, any
      assistant cashier, any trust officer or assistant trust officer, the Controller
      and any assistant controller 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.

     

    “Responsible
      Party”: Option One Mortgage Capital Corporation, a Delaware corporation, or its
      successor in interest.

     

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

     

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

     

    “Sarbanes-Oxley
      Certification”: As defined in Section 3.25(a)(iii). 

     

    “Seller”:
      Any one or all of: (i) Option One Mortgage Corporation, a California
      corporation, (ii) Option One Mortgage Capital Corporation, a Delaware
      corporation, or (iii) Option One Owner Trust 2001-1A, Option One Owner Trust
      2001-1B, Option One Owner Trust 2001-2, Option One Owner Trust 2002-3, Option
      One Owner Trust 2003-4, Option One Owner Trust 2003-5, Option One Owner Trust
      2005-6, Option One Owner Trust 2005-7, Option One Owner Trust 2005-8, Option
      One
      Owner Trust 2005-9 and/or Option One Owner Trust 2007-5A, each a Delaware
      statutory trust.

     

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

     

    “Servicer”:
      Option One Mortgage Corporation, a California corporation, or any successor
      servicer appointed as herein provided, in its capacity as Servicer
      hereunder.

     

    “Servicer
      Affiliate”: A Person (i) controlling, controlled by or under common control with
      the Servicer or which is 50% or more owned by the Servicer and (ii) which is
      qualified to service residential mortgage loans.

     

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

     

    “Servicer
      Optional Purchase Delinquency Trigger”: A Servicer Optional Purchase Delinquency
      Trigger has occurred with respect to a Distribution Date if the Delinquency
      Percentage exceeds 25.00% of the Senior Credit Enhancement
      Percentage.

     

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

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, the Business Day prior
      to such Distribution Date.

     

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

     

    “Servicing
      Advances”: All customary, reasonable and necessary “out of pocket” costs and
      expenses (including reasonable attorneys’ fees and expenses) incurred by the
      Servicer in the performance of its servicing obligations, 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 Sections 3.01,
      3.09,
      3.16, and 3.23.

     

    “Servicing
      Criteria”: As set forth in Exhibit S hereto. 

     

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

     

    “Servicing
      Fee Rate”: 0.30% per annum for the first 10 Due Periods, 0.40% per annum for the
      11th
      through
      30th
      Due
      Periods and 0.65% per annum for all Due Periods thereafter.

     

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

     

    “Servicing
      Transfer Costs”: All reasonable costs and expenses incurred by the Trustee in
      connection with the transfer of servicing from a predecessor servicer,
      including, without limitation, any reasonable costs or expenses associated
      with
      the complete transfer of all servicing data and the completion, correction
      or
      manipulation of such servicing data as may be required by the Trustee to correct
      any errors or insufficiencies in the servicing data or otherwise to enable
      the
      Trustee to service the Mortgage Loans properly and effectively.

     

    “Significance
      Percentage”: The percentage equivalent of a fraction, the numerator of which is
      (I) the present value (such calculation of present value using the two-year
      swaps rate made available at Bloomberg Financial Markets, L.P.) of the aggregate
      amount payable under the Interest Rate Swap Agreement (assuming that one-month
      LIBOR for each remaining Calculation Period (as defined in the Interest Rate
      Swap Agreement) beginning with the Calculation Period immediately following
      the
      related Distribution Date is equal to the sum of (a) the one-month LIBOR rate
      for each remaining Calculation Period made available at Bloomberg Financial
      Markets, L.P. by taking the following steps: (1) typing in the following
      keystrokes: fwcv <go>, us <go>, 3 <go>; (2) the Forwards shall
      be set to “1-Mo”; (3) the Intervals shall be set to “1-Mo”; and (4) the Points
      shall be set to equal the remaining term of the Interest Rate Swap Agreement
      in
      months and the Trustee shall click <go> (provided that the Depositor shall
      notify the Trustee in writing of any changes to such keystrokes), (b) the
      percentage equivalent of a fraction, the numerator of which is 5.00% and the
      denominator of which is the initial number of Distribution Dates on which the
      Trustee is entitled to receive payments under the Interest Rate Swap Agreement
      (the “Add-On Amount”) and (c) the Add-On Amount for each previous period) and
      the denominator of which is (II) the aggregate Certificate Principal Balance
      of
      the Class A Certificates and the Mezzanine Certificates on such Distribution
      Date (after giving effect to all distributions on such Distribution
      Date).

     

    “Special
      Servicer Trigger Event”: As defined in Section 3.13. 

     

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

     

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

     

    “Stepdown
      Date”: The earlier to occur of (a) the first Distribution Date after the
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Class A Certificates has been reduced to zero and (b) the later to occur of
      (i)
      the Distribution Date occurring in March 2010 and
      (ii)
      the first Distribution Date on which the Senior Credit Enhancement Percentage
      (calculated for this purpose only after taking into account payments of
      principal on the Mortgage Loans and distribution of the Group I Principal
      Distribution Amount, the Group II Principal Distribution Amount and the Group
      III Principal Distribution Amount to the Certificates then entitled to
      distributions of principal on such Distribution Date) is equal to or greater
      than 42.00%.

     

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

     

    “Subsequent
      Recoveries”: As of any Distribution Date, unexpected amounts received by the
      Servicer (net of any related expenses permitted to be reimbursed pursuant to
      Section 3.10) specifically related to a Mortgage Loan that was the subject
      of a
      liquidation or an REO Disposition prior to the related Prepayment Period that
      resulted in a Realized Loss.

     

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

     

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

     

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

     

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

     

    “Supplemental
      Interest Trust”: As defined in Section 4.08(a).

     

    “Swap
      Administration Agreement”: As defined in Section 4.08(b).

     

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

     

    “Swap
      Administrator”: Wells Fargo Bank, N.A., a national banking association, or its
      successor in interest, or any successor Swap Administrator appointed pursuant
      to
      the Swap Administration Agreement.

     

    “Swap
      Collateral Account”: The account or accounts created and maintained pursuant to
      Section 4.11. The Swap Collateral Account must be an Eligible
      Account.

     

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

     

    “Swap
      Custodian”: As defined in Section 4.11(b).

     

    “Swap
      Expense Rate”: For any Distribution Date and the Class A Certificates and the
      Mezzanine Certificates, a fraction, expressed as a percentage, (i) the numerator
      of which is the product of twelve multiplied by the amount of any Net Swap
      Payment and Swap Termination Payment (other than a Swap Termination Payment
      resulting from a Swap Provider Trigger Event) made to the Swap Provider, and
      (ii) the denominator of which is the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the first day of the related Due Period or, in the case
      of
      the first Distribution Date, the Cut-off Date (adjusted, except in the case
      of
      the first Distribution Date, to reflect unscheduled principal payments made
      thereafter during the Prepayment Period that includes such first day of the
      related Due Period).

     

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

     

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

     

    “Swap
      Provider”: The swap provider under the Interest Rate Swap Agreement. Initially,
      the Swap Provider shall be Bear
      Stearns Financial Products Inc.

     

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

     

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

     

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

     

    “Tax
      Prepayment Assumption”: The prepayment assumption provided by the Depositor and
      as disclosed in the Prospectus Supplement.

     

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

     

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

     

    “Terminator”:
      As defined in Section 10.01 hereof.

     

    “Three
      Month Rolling Delinquency Percentage”: With respect to the Mortgage Loans and
      any Distribution Date, the average for the three most recent calendar months
      of
      the fraction, expressed as a percentage, the numerator of which is (x) the
      sum
      (without duplication) of the aggregate of the Stated Principal Balances of
      all
      Mortgage Loans that are (i) 60 or more days Delinquent, (ii) in bankruptcy
      and
      60 or more days Delinquent, (iii) in foreclosure and 60 or more days Delinquent
      or (iv) REO Properties, and the denominator of which is (y) the sum of the
      Stated Principal Balances of the Mortgage Loans, in the case of both (x) and
      (y), as of the Close of Business on the last Business Day of each of the three
      most recent calendar months.

     

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

     

    (a) the
      Delinquency Percentage exceeds 38.10%
      of the
      Senior Credit Enhancement Percentage or

     

    (b) the
      aggregate amount of Realized Losses incurred since the Cut-off Date through
      the
      last day of the related Due Period (after reduction for all Subsequent
      Recoveries received from the Cut-off Date through the Prepayment Period) divided
      by the aggregate Cut-off Date Principal Balance exceeds the applicable
      percentages set forth below with respect to such Distribution Date:

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              March
                2009 - February 2010

            	
              1.60%
                for March
                2009,
                plus 1/12 of 1.95% for each month thereafter

            
	
              March
                2010 - February 2011

            	
              3.55%
                for March 2010, plus 1/12 of 1.95% for each month
                thereafter

            
	
              March
                2011 - February 2012

            	
              5.50%
                for March 2011, plus 1/12 of 1.60% for each month
                thereafter

            
	
              March
                2012 - February 2013

            	
              7.10%
                for March 2012, plus 1/12 of 0.75% for each month
                thereafter

            
	
              March
                2013 and thereafter

            	
              7.85%

            

    

    

    “Trust”:
      Option One Mortgage Loan Trust 2007-2, the trust created hereunder.

     

    “Trust
      Fund”: All of the assets of the Trust, which the trust created hereunder
      consisting of REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6, the Net WAC Rate
      Carryover Reserve Account, the Servicer Prepayment Charge Payment Amounts,
      distributions made to the Trustee by the Swap Administrator under the Swap
      Administration Agreement, the Swap Account, the Supplemental Interest Trust
      and
      the Interest Rate Swap Agreement.

     

    “Trust
      REMIC”: Each of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5 and REMIC
      6.

     

    “Trustee”:
      Wells Fargo Bank, N.A., a national banking association, or any successor trustee
      appointed as herein provided.

     

    “Trustee
      Fee”: The amount payable to the Trustee on each Distribution Date pursuant to
      Section 8.05 as compensation for all services rendered by it in the execution
      of
      the trust hereby created and in the exercise and performance of any of the
      powers and duties of the Trustee hereunder, which amount shall equal one twelfth
      of the product of (i) the Trustee Fee Rate, multiplied by (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans and any REO Properties (after
      giving effect to scheduled payments of principal due during the Due Period
      relating to the previous Distribution Date, to the extent received or advanced)
      as of the first day of the calendar month prior to the month of such
      Distribution Date (or, in the case of the initial Distribution Date, as of
      the
      Cut-off Date).

     

    “Trustee
      Fee Rate”: 0.0030%
      per annum.

     

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

     

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

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interests

            
	
              1

            	
              I-1-A
                through I-68-A

            
	
              2

            	
              I-2-A
                through I-68-A

            
	
              3

            	
              I-3-A
                through I-68-A

            
	
              4

            	
              I-4-A
                through I-68-A

            
	
              5

            	
              I-5-A
                through I-68-A

            
	
              6

            	
              I-6-A
                through I-68-A

            
	
              7

            	
              I-7-A
                through I-68-A

            
	
              8

            	
              I-8-A
                through I-68-A

            
	
              9

            	
              I-9-A
                through I-68-A

            
	
              10

            	
              I-10-A
                through I-68-A

            
	
              11

            	
              I-11-A
                through I-68-A

            
	
              12

            	
              I-12-A
                through I-68-A

            
	
              13

            	
              I-13-A
                through I-68-A

            
	
              14

            	
              I-14-A
                through I-68-A

            
	
              15

            	
              I-15-A
                through I-68-A

            
	
              16

            	
              I-16-A
                through I-68-A

            
	
              17

            	
              I-17-A
                through I-68-A

            
	
              18

            	
              I-18-A
                through I-68-A

            
	
              19

            	
              I-19-A
                through I-68-A

            
	
              20

            	
              I-20-A
                through I-68-A

            
	
              21

            	
              I-21-A
                through I-68-A

            
	
              22

            	
              I-22-A
                through I-68-A

            
	
              23

            	
              I-23-A
                through I-68-A

            
	
              24

            	
              I-24-A
                through I-68-A

            
	
              25

            	
              I-25-A
                through I-68-A

            
	
              26

            	
              I-26-A
                through I-68-A

            
	
              27

            	
              I-27-A
                through I-68-A

            
	
              28

            	
              I-28-A
                through I-68-A

            
	
              29

            	
              I-29-A
                through I-68-A

            
	
              30

            	
              I-30-A
                through I-68-A

            
	
              31

            	
              I-31-A
                through I-68-A

            
	
              32

            	
              I-32-A
                through I-68-A

            
	
              33

            	
              I-33-A
                through I-68-A

            
	
              34

            	
              I-34-A
                through I-68-A

            
	
              35

            	
              I-35-A
                through I-68-A

            
	
              36

            	
              I-36-A
                through I-68-A

            
	
              37th
                and 38th 

            	
              I-37-A
                through I-68-A

            
	
              39

            	
              I-38-A
                through I-68-A

            
	
              40

            	
              I-39-A
                through I-68-A

            
	
              41

            	
              I-40-A
                through I-68-A

            
	
              42

            	
              I-41-A
                through I-68-A

            
	
              43

            	
              I-42-A
                through I-68-A

            
	
              44

            	
              I-43-A
                through I-68-A

            
	
              45

            	
              I-44-A
                through I-68-A

            
	
              46

            	
              I-45-A
                through I-68-A

            
	
              47

            	
              I-46-A
                through I-68-A

            
	
              48

            	
              I-47-A
                through I-68-A

            
	
              49

            	
              I-48-A
                through I-68-A

            
	
              50

            	
              I-49-A
                through I-68-A

            
	
              51

            	
              I-50-A
                through I-68-A

            
	
              52

            	
              I-51-A
                through I-68-A

            
	
              53

            	
              I-52-A
                through I-68-A

            
	
              54

            	
              I-53-A
                through I-68-A

            
	
              55

            	
              I-54-A
                through I-68-A

            
	
              56

            	
              I-55-A
                through I-68-A

            
	
              57

            	
              I-56-A
                through I-68-A

            
	
              58

            	
              I-57-A
                through I-68-A

            
	
              59

            	
              I-58-A
                through I-68-A

            
	
              60

            	
              I-59-A
                through I-68-A

            
	
              61

            	
              I-60-A
                through I-68-A

            
	
              62

            	
              I-61-A
                through I-68-A

            
	
              63

            	
              I-62-A
                through I-68-A

            
	
              64

            	
              I-63-A
                through I-68-A

            
	
              65

            	
              I-64-A
                through I-68-A

            
	
              66

            	
              I-65-A
                through I-68-A

            
	
              67

            	
              I-66-A
                through I-68-A

            
	
              68

            	
              I-67-A
                and I-68-A

            
	
              69

            	
              I-68-A

            
	
              thereafter

            	
              $0.00

            

    

    

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

     

    “Uncertificated
      Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through Rate or
      Uncertificated REMIC 2 Pass-Through Rate.

     

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

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With
      respect to REMIC 1 Regular Interest I, a per annum rate equal to the weighted
      average of the Adjusted Net Mortgage Rates of the Mortgage Loans for such
      Distribution Date (weighted based on the Stated Principal Balances of the
      Mortgage Loans as of the first day of the related Due Period or, in the case
      of
      the first Distribution Date, the Cut-off Date, adjusted, except in the case
      of
      the first Distribution Date, to reflect unscheduled principal payments made
      thereafter during the Prepayment Period that includes such first day of the
      related Due Period). With respect to each REMIC 1 Regular Interest ending with
      the designation “A”, a per annum rate equal to the weighted average of the
      Adjusted Net Mortgage Rates of the Mortgage Loans for such Distribution Date
      (weighted based on the Stated Principal Balances of the Mortgage Loans as of
      the
      first day of the related Due Period or, in the case of the first Distribution
      Date, the Cut-off Date, adjusted, except in the case of the first Distribution
      Date, to reflect unscheduled principal payments made thereafter during the
      Prepayment Period that includes such first day of the related Due Period)
      multiplied by 2, subject to a maximum rate of 10.400%. With respect to each
      REMIC 1 Regular Interest ending with the designation “B”, the greater of (x) a
      per annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted
      average of the Adjusted Net Mortgage Rates of the Mortgage Loans for such
      Distribution Date (weighted based on the Stated Principal Balances of the
      Mortgage Loans as of the first day of the related Due Period or, in the case
      of
      the first Distribution Date, the Cut-off Date, adjusted, except in the case
      of
      the first Distribution Date, to reflect unscheduled principal payments made
      thereafter during the Prepayment Period that includes such first day of the
      related Due Period) over (ii) 10.400% and (y) 0.00%.

     

    “Uncertificated
      REMIC 2 Pass-Through Rate”: With respect to REMIC 2 Regular Interest LTAA, REMIC
      2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular
      Interest LTIIIA1, REMIC 2 Regular Interest LTIIIA2, REMIC 2 Regular Interest
      LTIIIA3, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
      2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular
      Interest LTZZ, a
      per
      annum rate (but not less than zero) equal to the weighted average of (v) with
      respect to REMIC 1 Regular Interest I, the Uncertificated REMIC 1 Pass-Through
      Rates for such REMIC 1 Regular Interests for each such Distribution Date, (w)
      with respect to REMIC 1 Regular Interests ending with the designation “B”, the
      weighted average of the Uncertificated REMIC 1 Pass-Through Rates for such
      REMIC
      1 Regular Interests, weighted on the basis of the Uncertificated Principal
      Balance of such REMIC 1 Regular Interests for each such Distribution Date and
      (x) with respect to REMIC 1 Regular Interests ending with the designation “A”,
      for each Distribution Date listed below, the weighted average of the rates
      listed below for each such REMIC 1 Regular Interest listed below, weighted
      on
      the basis of the Uncertificated Principal Balance of each such REMIC 1 Regular
      Interest for each such Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-68-A

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

            
	
              2

            	
              I-2-A
                through I-68-A

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

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              3

            	
              I-3-A
                through I-68-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              4

            	
              I-4-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              5

            	
              I-5-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              6

            	
              I-6-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              7

            	
              I-7-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              8

            	
              I-8-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              9

            	
              I-9-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              10

            	
              I-10-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              11

            	
              I-11-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	
              I-12-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	
              I-13-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	
              I-14-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	
              I-15-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	
              I-16-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	
              I-17-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	
              I-18-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	
              I-19-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	
              I-20-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	
              I-21-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	
              I-22-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	
              I-23-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	
              I-24-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	
              I-25-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	
              I-26-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	
              I-27-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	
              I-28-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	
              I-29-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	
              I-30-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	
              I-31-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	
              I-32-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33

            	
              I-33-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              34

            	
              I-34-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35

            	
              I-35-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              36

            	
              I-36-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              37th
                and 38th 

            	
              I-37-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	
              I-38-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	
              I-39-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	
              I-40-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	
              I-41-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	
              I-42-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	
              I-43-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	
              I-44-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              46

            	
              I-45-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-44-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              47

            	
              I-46-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-45-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              48

            	
              I-47-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-46-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              49

            	
              I-48-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-47-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              50

            	
              I-49-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-48-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              51

            	
              I-50-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-49-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              52

            	
              I-51-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-50-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              53

            	
              I-52-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-51-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              54

            	
              I-53-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-52-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              55

            	
              I-54-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-53-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              56

            	
              I-55-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-54-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              57

            	
              I-56-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-55-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              58

            	
              I-57-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-56-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              59

            	
              I-58-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-57-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              60

            	
              I-59-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-58-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              61

            	
              I-60-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-59-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              62

            	
              I-61-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-60-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              63

            	
              I-62-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-61-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              64

            	
              I-63-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-62-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              65

            	
              I-64-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-63-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              66

            	
              I-65-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-64-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              67

            	
              I-66-A
                through I-68-A

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

            
	 	
              I-1-A
                through I-65-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              68

            	
              I-67-A
                and I-68-A

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

            
	 	
              I-1-A
                through I-66-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              69

            	
              I-68-A

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

            
	 	
              I-1-A
                through I-67-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	
              I-1-A
                through I-68-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	 	 

    

    

    With
      respect to REMIC 2 Regular Interest LTIO, and (a) the first Distribution Date,
      the excess of (i) the weighted average of the Uncertificated REMIC 1
      Pass-Through Rates for REMIC 1 Regular Interests ending with the designation
“A”
over (ii) the weighted average of the Uncertificated REMIC 1 Pass-Through Rates
      for REMIC 1 Regular Interests ending with the designation “A”, and (b) the
      2nd
      Distribution Date through the 69th
      Distribution Date, the excess of (i) the weighted average of the Uncertificated
      REMIC 1 Pass-Through Rates for REMIC 1 Regular Interests ending with the
      designation “A” over (ii) 2 multiplied by Swap LIBOR, and (c) thereafter 0.00%.

     

    “Underwriters”:
      Each of Banc of America Securities LLC, Greenwich Capital Markets, Inc., H&R
      Block Financial Advisors, Inc., HSBC Securities (USA) Inc., Lehman Brothers
      Inc.
      and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

     

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

     

    “United
      States Person” or “U.S. Person”: A citizen or resident of the United States, a
      corporation, partnership (or other entity treated as a corporation or
      partnership for United States federal income tax purposes) created or organized
      in, or under the laws of, the United States, any state thereof, or the District
      of Columbia (except in the case of a partnership, to the extent provided in
      Treasury regulations) provided that, for purposes solely of the restrictions
      on
      the transfer of Residual Certificates, no partnership or other entity treated
      as
      a partnership for United States federal income tax purposes shall be treated
      as
      a United States Person unless all persons that own an interest in such
      partnership either directly or through any entity that is not a corporation
      for
      United States federal income tax purposes are required by the applicable
      operative agreement to be United States Persons, or an estate the income of
      which from sources without the United States is includible in gross income
      for
      United States federal income tax purposes regardless of its connection with
      the
      conduct of a trade or business within the United States, or a trust if a court
      within the United States is able to exercise primary supervision over the
      administration of the trust and one or more United States persons have authority
      to control all substantial decisions of the trust. The term “United States”
shall have the meaning set forth in Section 7701 of the Code or successor
      provisions.

     

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

     

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

     

    (xiv)  with
      respect to a Mortgage Loan the proceeds of which were used to purchase the
      related mortgaged property, the lesser of (x) the appraised value of such
      mortgaged property based on an appraisal made for the originator by an
      independent fee appraiser at the time of the origination of the related Mortgage
      Loan; provided however, that in accordance with Option One Underwriting
      Guidelines, such value may be reduced to reflect the results of a review
      appraisal and (y) the sales price of such mortgaged property at such time of
      origination; and

     

    (xv)  with
      respect to a Mortgage Loan the proceeds of which were used to refinance an
      existing Mortgage Loan, the appraised value of such mortgaged property based
      on
      an appraisal made for the originator by an independent fee appraiser at the
      time
      of the origination of the related Mortgage Loan; provided however, that in
      accordance with Option One Underwriting Guidelines, such value may be reduced
      to
      reflect the results of a review appraisal.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. At all times the Class A Certificates, the
      Mezzanine Certificates and the Class C Certificates shall have 98% of the Voting
      Rights (allocated among the Holders of the Class A Certificates, the Mezzanine
      Certificates and the Class C Certificates in proportion to the then outstanding
      Certificate Principal Balances of their respective Certificates), the Class
      P
      Certificates shall have 1% of the Voting Rights and the Residual Certificates
      shall have 1% of the Voting Rights. The Voting Rights allocated to any Class
      of
      Certificates (other than the Class P Certificates and the Residual Certificates)
      shall be allocated among all Holders of each such Class in proportion to the
      outstanding Certificate Principal Balance or Notional Amount of such
      Certificates and the Voting Rights allocated to the Class P Certificates and
      the
      Residual Certificates shall be allocated among all Holders of each such Class
      in
      proportion to such Holders’ respective Percentage Interest; provided,
      however,
      that
      when none of the Regular Certificates are outstanding, 100% of the Voting Rights
      shall be allocated among Holders of the Residual Certificates in accordance
      with
      such Holders’ respective Percentage Interests in the Certificates of such
      Class.

     

    
      	SECTION
              1.02.  	
              Accounting.

            

    

     

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

     

    
      	SECTION
              1.03.  	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

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

     

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

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 2 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred
      in respect of the Mortgage Loans for any Distribution Date shall be
      allocated
      among
      REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTIA1, REMIC 2 Regular
      Interest LTIIA1, REMIC 2 Regular Interest LTIIIA1, REMIC 2 Regular Interest
      LTIIIA2, REMIC 2 Regular Interest LTIIIA3, REMIC 2 Regular Interest LTM1, REMIC
      2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest
      LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2
      Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest
      LTM9 and REMIC 2 Regular Interest LTZZ, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 2 Pass-Through Rate on the respective Uncertificated
      Principal Balance of each such REMIC 2 Regular Interest.

     

    
      	SECTION
              1.04.  	
              Rights
                of the NIMS Insurer.

            

    

     

    Each
      of
      the rights of the NIMS Insurer set forth in this Agreement shall exist so long
      as (i) the NIMS Insurer has undertaken to guarantee certain payments of notes
      issued pursuant to an Indenture and (ii) any series of notes issued pursuant
      to
      one or more Indentures remain outstanding or the NIMS Insurer is owed amounts
      in
      respect of its guarantee of payment on such notes; provided, however, the NIMS
      Insurer shall not have any rights hereunder (except pursuant to Section 11.01
      in
      the case of clause (ii) below) so long as (i) the NIMS Insurer has not
      undertaken to guarantee certain payments of notes issued pursuant to the
      Indenture or (ii) any default has occurred and is continuing under the insurance
      policy issued by the NIMS Insurer with respect to such notes.

     

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	SECTION
              2.01.  	
              Conveyance
                of Mortgage Loans.

            

    

     

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

     

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

     

    (i)  the
      original Mortgage Note, endorsed either (A) in blank, in which case the Trustee
      shall cause the endorsement to be completed or (B) in the following form: “Pay
      to the order of Wells Fargo Bank, N.A., as Trustee, without recourse”, or with
      respect to any lost Mortgage Note, an original Lost Note Affidavit stating
      that
      the original mortgage note was lost, misplaced or destroyed, together with
      a
      copy of the related mortgage note; provided,
      however,
      that
      such substitutions of Lost Note Affidavits for original Mortgage Notes may
      occur
      only with respect to Mortgage Loans, the aggregate Cut-off Date Principal
      Balance of which is less than or equal to 3.00% of the Pool Balance as of the
      Cut-off Date;

     

    (ii)  the
      original Mortgage 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;

     

    (iii)  an
      original Assignment. The Mortgage shall be assigned either (A) in blank or
      (B)
      to “Wells Fargo Bank, N.A., as Trustee, without recourse”;

     

    (iv)  an
      original of any intervening assignment of Mortgage showing a complete chain
      of
      assignments;

     

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

     

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

     

    The
      Trustee agrees to execute and deliver (or cause the Custodian to execute and
      deliver) to the Depositor and the NIMS Insurer 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 F-3 hereto.

     

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

     

    Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File, the Servicer, in its capacity
      as
      Originator, shall have 120 days to cure such defect or deliver such missing
      document to the Trustee or the Custodian. If the Originator does not cure such
      defect or deliver such missing document within such time period, the Servicer,
      in its capacity as Originator, shall either repurchase or substitute for such
      Mortgage Loan in accordance with Section 2.03.

     

    The
      Depositor (at the expense of the Servicer, in its capacity as Originator) shall
      cause the Assignments which were delivered in blank to be completed and shall
      cause all Assignments referred to in Section 2.01(iii) hereof and, to the extent
      necessary, in Section 2.01(iv) hereof to be recorded. The Depositor shall be
      required to deliver such Assignments for recording within 90 days of the Closing
      Date. Notwithstanding the foregoing, however, for administrative convenience
      and
      facilitation of servicing and to reduce closing costs, the Assignments of
      Mortgage shall not be required to be submitted for recording (except with
      respect to any Mortgage Loan located in Maryland) unless the Trustee and the
      Depositor receive notice that such failure to record would result in a
      withdrawal or a downgrading by any Rating Agency of the rating on any Class
      of
      Certificates; provided, however, each Assignment shall be submitted for
      recording by the Depositor in the manner described above, at no expense to
      the
      Trust Fund or Trustee, upon the earliest to occur of: (i) reasonable direction
      by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii)
      the occurrence of a Servicer Event of Termination, (iii) the occurrence of
      a
      bankruptcy, insolvency or foreclosure relating to the Servicer, (iv) the
      occurrence of a servicing transfer as described in Section 7.02 hereof, (v)
      if
      the Originator is not the Servicer and with respect to any one Assignment the
      occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor
      under the related Mortgage, (vi) any Mortgage Loan that is 90 days or more
      Delinquent and such recordation would be necessary to facilitate conversion
      of
      the Mortgaged Property in accordance with Section 3.16 and (vii) reasonable
      direction by the NIMS Insurer. Upon (a) receipt of written notice from the
      Trustee that recording of the Assignments is required pursuant to one or more
      of
      the conditions (excluding (v) and (vi) above) set forth in the preceding
      sentence or (b) upon the occurrence of condition (v) or (vi) in the preceding
      sentence, the Depositor shall be required to deliver such Assignments for
      recording as provided above, promptly and in any event within 30 days following
      receipt of such notice. Notwithstanding the foregoing, if the Originator fails
      to pay the cost of recording the Assignments, such expense will be paid by
      the
      Trustee and the Trustee shall be reimbursed for such expenses by the Trust.
      To
      the extent not previously delivered to the Trustee by the Depositor, the
      Depositor shall furnish the Trustee, or its designated agent, with a copy of
      each Assignment submitted for recording. In the event that any such Assignment
      is lost or returned unrecorded because of a defect therein, the Depositor shall
      promptly have a substitute Assignment prepared or have such defect cured, as
      the
      case may be, and thereafter cause each such Assignment to be duly
      recorded.

     

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

     

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

     

    The
      parties hereto understand and agree that it is not intended that any mortgage
      loan be included in the Trust that is a high-cost home loan as defined by the
      HOEPA or any other applicable predatory or abusive lending laws.

     

    
      	SECTION
              2.02.  	
              Acceptance
                by Trustee.

            

    

     

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

     

    The
      Trustee agrees, for the benefit of the Certificateholders, to review, or that
      it
      has reviewed pursuant to Section 2.01 (or to cause the Custodian to review
      or
      that it has caused the Custodian to have reviewed) each Mortgage File on or
      prior to the Closing Date, with respect to each Initial Mortgage Loan (or,
      with
      respect to any document delivered after the Startup Day, within 45 days of
      receipt and with respect to any Qualified Substitute Mortgage, within 45 days
      after the assignment thereof). The Trustee further agrees, for the benefit
      of
      the Certificateholders, to certify to the Depositor, the Servicer and the NIMS
      Insurer in substantially the form attached hereto as Exhibit F-1, within 45
      days
      after the Closing Date, with respect to each Mortgage Loan (or, with respect
      to
      any document delivered after the Startup Day, within 45 days of receipt and
      with
      respect to any Qualified Substitute Mortgage, within 45 days after the
      assignment thereof) that, as to each Mortgage Loan listed in the Mortgage Loan
      Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
      specifically identified in the exception report annexed thereto as not being
      covered by such certification), (i) all documents required to be delivered
      to it
      pursuant 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 (1) and (2) of the Mortgage Loan Schedule accurately
      reflects information set forth in the Mortgage File. It is herein acknowledged
      that, in conducting such review, the Trustee (or the Custodian, as applicable)
      is under no duty or obligation to inspect, review or examine any such documents,
      instruments, certificates or other papers to determine that they are genuine,
      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.

     

    Prior
      to
      the first anniversary date of this Agreement the Trustee shall deliver (or
      cause
      the Custodian to deliver) to the Depositor, the Servicer and the NIMS Insurer
      a
      final certification in the form annexed hereto as Exhibit F-2 evidencing the
      completeness of the Mortgage Files, with any applicable exceptions noted
      thereon.

     

    If
      in the
      process of reviewing the Mortgage Files and making or preparing, as the case
      may
      be, the certifications referred to above, the Trustee (or the Custodian, as
      applicable) finds any document or documents constituting a part of a Mortgage
      File to be missing or defective in any material respect, at the conclusion
      of
      its review the Trustee shall so notify the Originator, the Depositor, the NIMS
      Insurer and the Servicer. In addition, upon the discovery by the Originator,
      the
      Depositor, the NIMS Insurer or the Servicer (or upon receipt by the Trustee
      of
      written notification of such breach) of a breach of any of the representations
      and warranties made by the Originator in the Mortgage Loan Purchase Agreement
      in
      respect of any Mortgage Loan which 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 Originator or Responsible
                Party.

            

    

     

    (a)  Upon
      discovery or receipt of written notice of any materially defective document
      in,
      or that a document is missing from, a Mortgage File or of the breach by the
      Originator or the Responsible Party of any representation, warranty or covenant
      under the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan
      which
      materially adversely affects the value of such Mortgage Loan or the interest
      therein of the Certificateholders, the Trustee shall promptly notify the
      Originator, the Responsible Party, the NIMS Insurer and the Servicer of such
      defect, missing document or breach and request that the Originator or the
      Responsible Party, as applicable and as set forth in the Mortgage Loan Purchase
      Agreement, deliver such missing document or cure such defect or breach within
      120 days from the date the Originator or the Responsible Party, as applicable,
      was notified of such missing document, defect or breach, and if the Originator
      or the Responsible Party, as applicable, does not deliver such missing document
      or cure such defect or breach in all material respects during such period,
      the
      Trustee shall enforce the Originator’s or the Responsible Party’s obligation
      under the Mortgage Loan Purchase Agreement and cause the Originator or the
      Responsible Party, as applicable, to repurchase such Mortgage Loan from the
      Trust Fund at the Purchase Price on or prior to the Determination Date following
      the expiration of such 120 day period (subject to Section 2.03(e)). The Purchase
      Price for the repurchased Mortgage Loan shall be deposited in the Collection
      Account, and the Trustee, upon receipt of written certification from the
      Servicer of such deposit, shall release to the Originator or the Responsible
      Party, as applicable, the related Mortgage File and shall execute and deliver
      such instruments of transfer or assignment, in each case without recourse,
      as
      the Originator or the Responsible Party, as applicable, shall furnish to it
      and
      as shall be necessary to vest in the Originator or the Responsible Party, as
      applicable, 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 Originator or the
      Responsible Party, as applicable, may cause such Mortgage Loan to be removed
      from the Trust Fund (in which case it shall become a Deleted Mortgage Loan)
      and
      substitute one or more Qualified Substitute Mortgage Loans in the manner and
      subject to the limitations set forth in Section 2.03(d). It is understood and
      agreed that the obligation of the Originator or the Responsible Party, as
      applicable, to cure or to repurchase (or to substitute for) any Mortgage Loan
      as
      to which a document is missing, a material defect in a constituent document
      exists or as to which such a breach has occurred and is continuing shall
      constitute the sole remedy against the Originator or the Responsible Party,
      as
      applicable, respecting such omission, defect or breach available to the Trustee
      on behalf of the Certificateholders.

     

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

     

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

     

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

     

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

     

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

     

    Upon
      discovery by the Originator, the Servicer, the NIMS Insurer 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 Originator, the Responsible Party or the Depositor,
      as
      the case may be, shall repurchase or, subject to the limitations set forth
      in
      Section 2.03(d), substitute one or more Qualified Substitute Mortgage Loans
      for
      the affected Mortgage Loan within 90 days of the earlier of discovery or receipt
      of such notice with respect to such affected Mortgage Loan. Such repurchase
      or
      substitution shall be made (i) by the Originator or the Responsible Party,
      as
      applicable, if the affected Mortgage Loan’s status as a non-qualified mortgage
      is or results from a breach of any representation, warranty or covenant made
      by
      the Originator or the Responsible Party under the Mortgage Loan Purchase
      Agreement or (ii) the Depositor, if the affected Mortgage Loan’s status as a
      non-qualified mortgage is a breach of any representation or warranty of the
      Depositor set forth in Section 2.06, or if its status as a non-qualified
      mortgage is a breach of no representation or warranty. Any such repurchase
      or
      substitution shall be made in the same manner as set forth in Section 2.03(a),
      if made by the Originator or the Responsible Party, or Section 2.03(b), if
      made
      by the Depositor. The Trustee shall reconvey to the Depositor, the Originator
      or
      the Responsible Party, as the case may be, the Mortgage Loan to be released
      pursuant hereto in the same manner, and on the same terms and conditions, as
      it
      would a Mortgage Loan repurchased for breach of a representation or
      warranty.

     

    
      	SECTION
              2.04.  	
              Intentionally
                Omitted.

            

    

     

    
      	SECTION
              2.05.  	
              Representations,
                Warranties and Covenants of the
                Servicer.

            

    

     

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

     

    (i)  The
      Servicer is duly organized, validly existing, and in good standing under the
      laws of the jurisdiction of its formation and has all licenses necessary to
      carry on its business as now being conducted and is licensed, qualified and
      in
      good standing in the states where the Mortgaged Property is located if the
      laws
      of such state require licensing or qualification in order to conduct business
      of
      the type conducted by the Servicer or to ensure the enforceability or validity
      of each Mortgage Loan; the Servicer has the power and authority to execute
      and
      deliver this Agreement and to perform in accordance herewith; the execution,
      delivery and performance of this Agreement (including all instruments of
      transfer to be delivered pursuant to this Agreement) by the Servicer and the
      consummation of the transactions contemplated hereby have been duly and validly
      authorized; this Agreement evidences the valid, binding and enforceable
      obligation of the Servicer, subject to applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws affecting the enforcement
      of
      creditors’ rights generally; and all requisite corporate action has been taken
      by the Servicer to make this Agreement valid and binding upon the Servicer
      in
      accordance with its terms;

     

    (ii)  The
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Servicer and will not result in the breach
      of
      any term or provision of the charter or by-laws of the Servicer or result in
      the
      breach of any term or provision of, or conflict with or constitute a default
      under or result in the acceleration of any obligation under, any agreement,
      indenture or loan or credit agreement or other instrument to which the Servicer
      or its property is subject, or result in the violation of any law, rule,
      regulation, order, judgment or decree to which the Servicer or its property
      is
      subject;

     

    (iii)  The
      execution and delivery of this Agreement by the Servicer and the performance
      and
      compliance with its obligations and covenants hereunder do not require the
      consent or approval of any governmental authority or, if such consent or
      approval is required, it has been obtained;

     

    (iv)  This
      Agreement, and all documents and instruments contemplated hereby which are
      executed and delivered by the Servicer, constitute and will constitute valid,
      legal and binding obligations of the Servicer, enforceable in accordance with
      their respective terms, except as the enforcement thereof may be limited by
      applicable bankruptcy laws and general principles of equity;

     

    (v)  [Reserved];

     

    (vi)  The
      Servicer 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;

     

    (vii)  There
      is
      no action, suit, proceeding or investigation pending or, to its knowledge,
      threatened against the Servicer that, either individually or in the aggregate,
      (A) may result in any change in the business, operations, financial condition,
      properties or assets of the Servicer that might prohibit or materially and
      adversely affect the performance by such Servicer of its obligations under,
      or
      validity or enforceability of, this Agreement, or (B) may result in any material
      impairment of the right or ability of the Servicer to carry on its business
      substantially as now conducted, or (C) may result in any material liability
      on
      the part of the Servicer, or (D) would draw into question the validity or
      enforceability of this Agreement or of any action taken or to be taken in
      connection with the obligations of the Servicer contemplated herein, or (E)
      would otherwise be likely to impair materially the ability of the Servicer
      to
      perform under the terms of this Agreement;

     

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

     

    (ix)  The
      Servicer covenants that its computer and other systems used in servicing the
      Mortgage Loans operate in a manner such that the Servicer can service the
      Mortgage Loans in accordance with the terms of this Agreement;

     

    (x)  The
      information set forth in the Prepayment Charge Schedule (including the
      Prepayment Charge Summary attached thereto) is complete, true and correct in
      all
      material respects on the date or dates when such information is furnished and
      each Prepayment Charge is permissible and enforceable in accordance with its
      terms (except to the extent that the enforceability thereof may be limited
      by
      bankruptcy, insolvency, moratorium, receivership and other similar laws
      affecting creditor’s rights generally or the collectability thereof may be
      limited due to acceleration in connection with a foreclosure) under applicable
      federal, state and local law;

     

    (xi)  The
      Servicer will not waive any Prepayment Charge unless it is waived in accordance
      with the standard set forth in Section 3.01; and

     

    (xii)  The
      Servicer has accurately and fully reported, and will continue to accurately
      and
      fully report, its borrower credit files to each of the credit repositories
      in a
      timely manner.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee and shall inure to the benefit of the Trustee, the Depositor and the
      Certificateholders. Upon discovery by any of the Depositor, the NIMS Insurer,
      the Servicer, the Originator or the Trustee of a breach of any of the foregoing
      representations, warranties and covenants which materially and adversely affects
      the value of any Mortgage Loan, Prepayment Charge or the interests therein
      of
      the Certificateholders, the party discovering such breach shall give prompt
      written notice (but in no event later than two Business Days following such
      discovery) to the Servicer, the Originator, the NIMS Insurer and the Trustee.
      Notwithstanding the foregoing, within 90 days of the earlier of discovery by
      the
      Servicer or receipt of notice by the Servicer of the breach of the
      representation or covenant of the Servicer (in its capacity as Originator)
      set
      forth in Sections 2.05(x) or 2.05(xi) above which materially and adversely
      affects the interests of the Holders of the Class P Certificates in any
      Prepayment Charge, the Servicer shall remedy such breach as follows: (a) if
      the
      representation made by the Servicer (in its capacity as Originator) in Section
      2.05(x) above is breached and a Principal Prepayment has occurred in the
      applicable Prepayment Period or if a change of law subsequent to the Closing
      Date limits the enforceability of a Prepayment Charge (other than in the
      circumstances provided in Section 2.05(x) above), the Servicer (in its capacity
      as Originator) must pay the amount of the scheduled Prepayment Charge, for
      the
      benefit of the Holders of the Class P Certificates, by depositing such amount
      into the Collection Account, net of any amount previously collected by the
      Servicer and paid by the Servicer, for the benefit of the Holders of the Class
      P
      Certificates, in respect of such Prepayment Charge; and (b) if any of the
      covenants made by the Servicer in Section 2.05(xi) above is breached, the
      Servicer must pay the amount of such waived Prepayment Charge, for the benefit
      of the Holders of the Class P Certificates, by depositing such amount into
      the
      Collection Account. The foregoing shall not, however, limit any remedies
      available to the Certificateholders, the Depositor or the Trustee on behalf
      of
      the Certificateholders, pursuant to the Mortgage Loan Purchase Agreement signed
      by the Servicer in its capacity as Originator, respecting a breach of the
      representations, warranties and covenants of the Servicer in its capacity as
      Originator contained in the Mortgage Loan Purchase Agreement.

     

    
      	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 and except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (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; and

     

    (x)  The
      beneficial owner of the payments made under the Interest Rate Swap Agreement
      is
      either (i) a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii)
      of United States Treasury Regulations) for United States federal income tax
      purposes or (ii) a “non-U.S. branch of a foreign person” as that term is used in
      section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations (the
“Regulations”) for United States federal income tax purposes, and it is a
“foreign person” as that term is used in section 1.6041-4(a)(4) of the
      Regulations for United States federal income tax purposes. As of the Closing
      Date, Option One Mortgage Capital Corporation is the beneficial owner of the
      payments made under the Interest Rate Swap Agreement.

     

    
      	SECTION
              2.07.  	
              Issuance
                of Certificates.

            

    

     

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

     

    
      	SECTION
              2.08.  	
              Authorization
                to Enter into Interest Rate Swap
                Agreement.

            

    

     

    (a)  The
      Trustee, not in its individual capacity but solely in its separate capacity
      as
      Supplemental Interest Trust Trustee, is hereby directed to exercise the rights,
      perform the obligations, and make any representations to be exercised,
      performed, or made by the Supplemental Interest Trust Trustee, as described
      herein. The Supplemental Interest Trust Trustee is hereby directed to execute
      and deliver the Interest Rate Swap Agreement on behalf of Party B (as defined
      therein) and to exercise the rights, perform the obligations, and make the
      representations of Party B thereunder, solely in its capacity as Supplemental
      Interest Trust Trustee on behalf of Party B (as defined therein) and not in
      its
      individual capacity. The Servicer, the Depositor and the Certificateholders
      (by
      acceptance of their Certificates) acknowledge and agree that (i) the
      Supplemental Interest Trust Trustee shall execute and deliver the Interest
      Rate
      Swap Agreement on behalf of Party B (as defined therein), (ii) the Supplemental
      Interest Trust Trustee shall exercise the rights, perform the obligations,
      and
      make the representations of Party B thereunder, solely in its capacity as
      Supplemental Interest Trust Trustee on behalf of Party B (as defined therein)
      and not in its individual capacity and (iii) the Swap Administrator shall also
      be entitled to exercise the rights and obligated to perform the obligations
      of
      Party B under the Interest Rate Swap Agreement.

     

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

     

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

     

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

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    (g)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 1 and the
      acceptance by the Trustee thereof, pursuant to Section 2.01 and Section 2.02,
      (ii) the assignment and delivery to the Trustee of REMIC 2 (including the
      Residual Interest therein represented by the Class R-2 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.09(b), (iii) the
      assignment and delivery to the Trustee of REMIC 3 (including the Residual
      Interest therein represented by the Class R-3 Interest) and the acceptance
      by
      the Trustee thereof, pursuant to Section 2.09(c), (iv) the assignment and
      delivery to the Trustee of REMIC 4 (including the Residual Interest therein
      represented by the Class R-4 Interest), and the acceptance by the Trustee
      thereof, pursuant to Section 2.09(d), (v) the assignment and delivery to the
      Trustee of REMIC 5 (including the Residual Interest therein represented by
      the
      Class R-5 Interest) and the acceptance by the Trustee thereof, pursuant to
      Section 2.09(e) and (vi) the assignment and delivery to the Trustee of REMIC
      6
      (including the Residual Interest therein represented by the Class R-6 Interest)
      and the acceptance by the Trustee thereof, pursuant to Section 2.09(f), the
      Trustee, pursuant to the written request of the Depositor executed by an officer
      of the Depositor, has executed, authenticated and delivered to or upon the
      order
      of the Depositor, (A) the Class R Certificates in authorized denominations
      evidencing the Class R-1 Interest, Class R-2 Interest and the Class R-3 Interest
      and (B) the Class R-X Certificates in authorized denominations evidencing the
      Class R-4 Interest, the Class R-5 Interest and the Class R-6
      Interest.

     

    
      	SECTION
              2.10.  	
              Negative
                Covenants of the Trustee and the
                Servicer.

            

    

     

    Except
      as
      otherwise expressly permitted by this Agreement, the Trustee and the Servicer
      shall not cause the Trust Fund to:

     

    (i)  sell,
      transfer, exchange or otherwise dispose of any of the assets of the Trust
      Fund;

     

    (ii)  dissolve
      or liquidate the Trust Fund in whole or in part;

     

    (iii)  engage,
      directly or indirectly, in any business other than that arising out of the
      issue
      of the Certificates, and the actions contemplated or required to be performed
      under this Agreement;

     

    (iv)  incur,
      create or assume any indebtedness for borrowed money;

     

    (v)  voluntarily
      file a petition for bankruptcy, reorganization, assignment for the benefit
      of
      creditors or similar proceeding; or

     

    (vi)  merge,
      convert or consolidate with any other Person.

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3.01.  	
              Servicer
                to Act as Servicer.

            

    

     

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

     

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

     

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

     

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

     

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

     

    To
      the
      extent consistent with the foregoing, the Servicer (a) shall seek the timely
      and
      complete recovery of principal and interest on the Mortgage Notes and (b) shall
      waive (or permit a Sub-Servicer to waive) a Prepayment Charge only under the
      following circumstances: (i) such waiver is standard and customary in servicing
      similar Mortgage Loans and (ii) either (A) such waiver relates to a default
      or a
      reasonably foreseeable default and would, in the reasonable judgment of the
      Servicer, maximize recovery of total proceeds taking into account the value
      of
      such Prepayment Charge and the related Mortgage Loan or (B) such waiver is
      made
      in connection with a refinancing of the related Mortgage Loan unrelated to
      a
      default or a reasonably foreseeable default where (x) the related Mortgagor
      has
      stated to the Servicer or an applicable Sub-Servicer an intention to refinance
      the related Mortgage Loan and (y) the Servicer has concluded in its reasonable
      judgment that the waiver of such Prepayment Charge would induce such mortgagor
      to refinance with the Servicer; provided, however, that the Servicer shall
      waive
      no more than 5.00% of the Prepayment Charges (by number of Prepayment Charges)
      set forth on the Prepayment Charge Schedule in accordance with clause (ii)(B)
      above. If a Prepayment Charge is waived as permitted by meeting the standards
      described in clauses (i) and (ii)(B) above, then the Servicer is required to
      pay
      the amount of such waived Prepayment Charge, for the benefit of the Holders
      of
      the Class P Certificates, by depositing such amount into the Collection Account
      together with and at the time that the amount prepaid on the related Mortgage
      Loan is required to be deposited into the Collection Account. Notwithstanding
      any other provisions of this Agreement, any payments made by the Servicer in
      respect of any waived Prepayment Charges pursuant to clauses (i) and (ii)(B)
      above shall be deemed to be paid outside of the Trust Fund. Subject only to
      the
      above-described servicing standards and the terms of this Agreement and of
      the
      Mortgage Loans, the Servicer shall have full power and authority, acting alone
      or through Sub-Servicers as provided in Section 3.02, to do or cause to be
      done
      any and all things in connection with such servicing and administration which
      it
      may deem necessary or desirable. Without limiting the generality of the
      foregoing, the Servicer in its own name or in the name of a Sub-Servicer is
      hereby authorized and empowered by the Trustee when the Servicer believes it
      appropriate in its best judgment in accordance with the servicing standards
      set
      forth above, to execute and deliver, on behalf of the Certificateholders and
      the
      Trustee, and upon notice to the Trustee, any and all instruments of satisfaction
      or cancellation, or of partial or full release or discharge, and all other
      comparable instruments, with respect to the Mortgage Loans and the Mortgaged
      Properties and to institute foreclosure proceedings or obtain a deed-in-lieu
      of
      foreclosure so as to convert the ownership of such properties, and to hold
      or
      cause to be held title to such properties, on behalf of the Trustee and
      Certificateholders. The Servicer shall service and administer the Mortgage
      Loans
      in accordance with applicable state and federal law and shall provide to the
      Mortgagors any reports required to be provided to them thereby. The Servicer
      shall also comply in the performance of this Agreement with all reasonable
      rules
      and requirements of each insurer under any standard hazard insurance policy.
      Subject to Section 3.17, within 15 days of the Closing Date, the Trustee shall
      execute, at the written request of the Servicer, and furnish to the Servicer
      and
      any Sub-Servicer any special or limited powers of attorney for each county
      in
      which a Mortgaged Property is located and other documents necessary or
      appropriate to enable the Servicer or any Sub-Servicer to carry out their
      servicing and administrative duties hereunder; provided,
      such
      limited powers of attorney or other documents shall be prepared by the Servicer
      and submitted to the Trustee for execution. The Trustee shall not be liable
      for
      the actions of the Servicer or any Sub-Servicers under such powers of
      attorney.

     

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

     

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

     

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

            

    

     

    (a)  The
      Servicer may enter into Sub-Servicing Agreements with Sub-Servicers for the
      servicing and administration of the Mortgage Loans; provided,
      however,
      that
      (i) such agreements would not result in a withdrawal or a downgrading by any
      Rating Agency of the rating on any Class of Certificates and (ii) the NIMS
      Insurer shall have consented to such Sub-Servicing Agreement. The Trustee is
      hereby authorized to acknowledge, at the request of the Servicer, any
      Sub-Servicing Agreement that meets the requirements applicable to Sub-Servicing
      Agreements set forth in this Agreement and that is otherwise permitted under
      this Agreement.

     

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

     

    (b)  As
      part
      of its servicing activities hereunder, the Servicer, for the benefit of the
      Trustee and the Certificateholders, shall enforce the obligations of each
      Sub-Servicer under the related Sub-Servicing Agreement and of the Originator
      under the Mortgage Loan Purchase Agreement, including, without limitation,
      any
      obligation to make advances in respect of delinquent payments as required by
      a
      Sub-Servicing Agreement, or to purchase a Mortgage Loan on account of missing
      or
      defective documentation or on account of a breach of a representation, warranty
      or covenant, as described in Section 2.03(a). Such enforcement, including,
      without limitation, the legal prosecution of claims, termination of
      Sub-Servicing Agreements, and the pursuit of other appropriate remedies, shall
      be in such form and carried out to such an extent and at such time as the
      Servicer, in its good faith business judgment, would require were it the owner
      of the related Mortgage Loans. The Servicer shall pay the costs of such
      enforcement at its own expense, and shall be reimbursed therefor only (i) from
      a
      general recovery resulting from such enforcement, to the extent, if any, that
      such recovery exceeds all amounts due in respect of the related Mortgage Loans,
      or (ii) from a specific recovery of costs, expenses or attorneys’ fees against
      the party against whom such enforcement is directed. Enforcement of the Mortgage
      Loan Purchase Agreement against the Originator shall be effected by the Servicer
      to the extent it is not the Originator, and otherwise by the Trustee in
      accordance with the foregoing provisions of this paragraph.

     

    
      	SECTION
              3.03.  	
              Successor
                Sub-Servicers.

            

    

     

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

     

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

     

    
      	SECTION
              3.04.  	
              Liability
                of the Servicer.

            

    

     

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

     

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

            

    

     

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

     

    
      	SECTION
              3.06.  	
              Assumption
                or Termination of Sub-Servicing Agreements by
                Trustee.

            

    

     

    In
      the
      event the Servicer shall for any reason no longer be the servicer (including
      by
      reason of the occurrence of a Servicer Event of Termination), the Trustee shall
      thereupon assume all of the rights and obligations of the Servicer under each
      Sub-Servicing Agreement that the Servicer may have entered into, unless the
      Trustee elects to terminate any Sub-Servicing Agreement in accordance with
      its
      terms as provided in Section 3.03. Upon such assumption, the Trustee (or the
      successor servicer appointed pursuant to Section 7.02) shall be deemed, subject
      to Section 3.03, to have assumed all of the departing Servicer’s interest
      therein and to have replaced the departing Servicer as a party to each
      Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement
      had been assigned to the assuming party, except that (i) the departing Servicer
      shall not thereby be relieved of any liability or obligations under any
      Sub-Servicing Agreement that arose before it ceased to be the Servicer and
      (ii)
      neither the Trustee nor any successor Servicer shall be deemed to have assumed
      any liability or obligation of the Servicer that arose before it ceased to
      be
      the Servicer.

     

    The
      Servicer at its expense shall, upon request of Trustee, deliver to the assuming
      party all documents and records relating to each Sub-Servicing Agreement and
      the
      Mortgage Loans then being serviced and an accounting of amounts collected and
      held by or on behalf of it, and otherwise use its best efforts to effect the
      orderly and efficient transfer of the Sub-Servicing Agreements to the assuming
      party. All Servicing Transfer Costs shall be paid by the predecessor Servicer
      upon presentation of reasonable documentation of such costs, and if such
      predecessor Servicer defaults in its obligation to pay such costs, such costs
      shall be paid by the successor Servicer or the Trustee (in which case the
      successor Servicer or the Trustee, as applicable, shall be entitled to
      reimbursement therefor from the assets of the Trust).

     

    
      	SECTION
              3.07.  	
              Collection
                of Certain Mortgage Loan Payments.

            

    

     

    The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the Mortgage Loans, and shall, to the extent such
      procedures shall be consistent with this Agreement and the terms and provisions
      of any applicable insurance policies, follow such collection procedures as
      it
      would follow with respect to mortgage loans comparable to the Mortgage Loans
      and
      held for its own account. Consistent with the foregoing, the Servicer may in
      its
      discretion (i) waive any late payment charge or, if applicable, any penalty
      interest, or (ii) extend the due dates for the Monthly Payments due on a
      Mortgage Note for a period of not greater than 180 days; provided,
      however,
      that
      any extension pursuant to clause (ii) above shall not affect the amortization
      schedule of any Mortgage Loan for purposes of any computation hereunder, except
      as provided below. In the event of any such arrangement pursuant to clause
      (ii)
      above, the Servicer shall make timely Advances on such Mortgage Loan during
      such
      extension pursuant to Section 4.04 and in accordance with the amortization
      schedule of such Mortgage Loan without modification thereof by reason of such
      arrangement.

     

    Notwithstanding
      the foregoing, in the event that any Mortgage Loan is in default or, in the
      judgment of the Servicer, such default is reasonably foreseeable, the Servicer,
      consistent with the standards set forth in Section 3.01, may also waive, modify
      or vary any term of such Mortgage Loan (including modifications that would
      change the Mortgage Rate, forgive the payment of principal or interest,
      capitalize the interest portion of past due Monthly Payments and outstanding
      Servicing Advances, or extend the final maturity date of such Mortgage Loan),
      accept payment from the related Mortgagor of an amount less than the Stated
      Principal Balance in final satisfaction of such Mortgage Loan, or consent to
      the
      postponement of strict compliance with any such term or otherwise grant
      indulgence to any Mortgagor (any and all such waivers, modifications, variances,
      forgiveness of principal or interest, postponements, or indulgences collectively
      referred to herein as “forbearance”), provided,
      however,
      that in
      no event shall the Servicer grant any such forbearance (other than as permitted
      by the second sentence of this Section) with respect to any one Mortgage Loan
      more than once in any 12 month period or more than three times over the life
      of
      such Mortgage Loan, provided,
      further,
      that in
      determining which course of action permitted by this sentence it shall pursue,
      the Servicer shall adhere to the Loss Mitigation Procedures and provided,
      further,
      that
      the NIMS Insurer’s prior written consent shall be required for any modification,
      waiver or amendment if the aggregate number of outstanding Mortgage Loans which
      have been modified, waived or amended exceeds 5% of the number of Mortgage
      Loans
      as of the Cut-off Date. The Servicer’s analysis supporting any forbearance and
      the conclusion that any forbearance meets the standards of Section 3.01 and
      the
      Loss Mitigation Procedures shall be reflected in writing in the Mortgage
      File.

     

    
      	SECTION
              3.08.  	
              Sub-Servicing
                Accounts.

            

    

     

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

     

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

            

    

     

    The
      Servicer shall establish and maintain, or cause to be established and
      maintained, one or more accounts (the “Servicing Accounts”), into which all
      Escrow Payments shall be deposited and retained. Servicing Accounts shall be
      Eligible Accounts. The Servicer shall deposit in the clearing account in which
      it customarily deposits payments and collections on mortgage loans in connection
      with its mortgage loan servicing activities on a daily basis, and in no event
      more than one Business Day after the Servicer’s receipt thereof, all Escrow
      Payments collected on account of the Mortgage Loans and shall thereafter deposit
      such Escrow Payments in the Servicing Accounts, in no event more than two
      Business Days after the receipt of such Escrow Payments, all Escrow Payments
      collected on account of the Mortgage Loans for the purpose of effecting the
      timely payment of any such items as required under the terms of this Agreement.
      Withdrawals of amounts from a Servicing Account may be made only to (i) effect
      payment of taxes, assessments, hazard insurance premiums, and comparable items
      in a manner and at a time that assures that the lien priority of the Mortgage
      is
      not jeopardized (or, with respect to the payment of taxes, in a manner and
      at a
      time that avoids the loss of the Mortgaged Property due to a tax sale or the
      foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a
      Sub-Servicer to the extent provided in the related Sub-Servicing Agreement)
      out
      of related collections for any Servicing Advances made pursuant to Section
      3.01
      (with respect to taxes and assessments) and Section 3.14 (with respect to hazard
      insurance); (iii) refund to Mortgagors any sums as may be determined to be
      overages; (iv) pay interest to the Servicer or, if required and as described
      below, to Mortgagors on balances in the Servicing Account; or (v) clear and
      terminate the Servicing Account at the termination of the Servicer’s obligations
      and responsibilities in respect of the Mortgage Loans under this Agreement
      in
      accordance with Article X. In the event the Servicer deposits in a Servicing
      Account any amount not required to be deposited therein, it may at any time
      withdraw such amount from such Servicing Account, any provision herein to the
      contrary notwithstanding. The Servicer will be responsible for the
      administration of the Servicing Accounts and will be obligated to make Servicing
      Advances to such accounts when and as necessary to avoid the lapse of insurance
      coverage on the Mortgaged Property, or which the Servicer knows, or in the
      exercise of the required standard of care of the Servicer hereunder should
      know,
      is necessary to avoid the loss of the Mortgaged Property due to a tax sale
      or
      the foreclosure as a result of a tax lien. If any such payment has not been
      made
      and the Servicer receives notice of a tax lien with respect to the Mortgage
      being imposed, the Servicer shall, within 10 business days of such notice,
      advance or cause to be advanced funds necessary to discharge such lien on the
      Mortgaged Property. As part of its servicing duties, the Servicer or
      Sub-Servicers shall pay to the Mortgagors interest on funds in the Servicing
      Accounts, to the extent required by law and, to the extent that interest earned
      on funds in the Servicing Accounts is insufficient, to pay such interest from
      its or their own funds, without any reimbursement therefor. The Servicer may
      pay
      to itself any excess interest on funds in the Servicing Accounts, to the extent
      such action is in conformity with the Servicing Standard, is permitted by law
      and such amounts are not required to be paid to Mortgagors or used for any
      of
      the other purposes set forth above.

     

    
      	SECTION
              3.10.  	
              Collection
                Account and Distribution Account.

            

    

     

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

     

    (i)  all
      payments on account of principal, including Principal Prepayments (but not
      Prepayment Charges), on the Mortgage Loans;

     

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

     

    (iii)  all
      Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries and condemnation
      proceeds (other than proceeds collected in respect of any particular REO
      Property and amounts paid in connection with a purchase of Mortgage Loans and
      REO Properties pursuant to Section 10.01);

     

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

     

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

     

    (vi)  all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
      Section 2.03 or Section 10.01;

     

    (vii)  all
      amounts required to be deposited in connection with Substitution Adjustments
      pursuant to Section 2.03;

     

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

     

    (ix)  [reserved].

     

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

     

    (b)  On
      behalf
      of the Trust Fund, the Trustee shall establish and maintain one or more accounts
      (such account or accounts, the “Distribution Account”), held in trust for the
      benefit of the Trustee and the Certificateholders. On behalf of the Trust Fund,
      the Servicer shall deliver to the Trustee in immediately available funds for
      deposit in the Distribution Account on or before 1:00 p.m. New York time (i)
      on
      the Servicer Remittance Date, that portion of the Available Funds (calculated
      without regard to the references in the definition thereof to amounts that
      may
      be withdrawn from the Distribution Account) for the related Distribution Date
      then on deposit in the Collection Account, the amount of all Prepayment Charges
      collected during the applicable Prepayment Period by the Servicer and Servicer
      Prepayment Charge Payment Amounts in connection with the Principal Prepayment
      of
      any of the Mortgage Loans then on deposit in the Collection Account for
      the related Distribution Date, then on deposit in the Collection Account
and
      the
      amount of any funds reimbursable to an Advancing Person pursuant to Section
      3.29, and (ii) on each Business Day as of the commencement of which the balance
      on deposit in the Collection Account exceeds $75,000 following any withdrawals
      pursuant to the next succeeding sentence, the amount of such excess, but only
      if
      the Collection Account constitutes an Eligible Account solely pursuant to clause
      (ii) of the definition of “Eligible Account.” If the balance on deposit in the
      Collection Account exceeds $75,000 as of the commencement of business on any
      Business Day and the Collection Account constitutes an Eligible Account solely
      pursuant to clause (ii) of the definition of “Eligible Account,” the Servicer
      shall, on or before 1:00 p.m. New York time on such Business Day, withdraw
      from
      the Collection Account any and all amounts payable or reimbursable to the
      Servicer, the Trustee, the Originator or any Sub-Servicer pursuant to Section
      3.11 and shall pay such amounts to the Persons entitled thereto.

     

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

     

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

     

    (i)  any
      Advances, as required pursuant to Section 4.04;

     

    (ii)  any
      amounts required to be deposited pursuant to Section 3.23(d) or (f) in
      connection with any REO Property;

     

    (iii)  any
      amounts to be paid in connection with a purchase of Mortgage Loans and REO
      Properties pursuant to Section 10.01;

     

    (iv)  any
      Compensating Interest to be deposited pursuant to Section 3.24 in connection
      with any Prepayment Interest Shortfall; and

     

    (v)  any
      amounts required to be paid to the Trustee pursuant to the Agreement, including,
      but not limited to Section 3.06, Section 3.26 and Section 7.02.

     

    (e)  [Reserved].

     

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

     

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

            

    

     

    (a)  The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes or as described in Section 4.04:

     

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

     

    (ii)  subject
      to Section 3.16(d), to reimburse the Servicer for (a) any unreimbursed Advances
      to the extent of amounts received which represent Late Collections (net of
      the
      related Servicing Fees) of Monthly Payments or Liquidation Proceeds and
      Insurance Proceeds on Mortgage Loans with respect to which such Advances were
      made in accordance with the provisions of Section 4.04; (b) any unreimbursed
      Advances with respect to the final liquidation of a Mortgage Loan that are
      Nonrecoverable Advances, but only to the extent that Late Collections,
      including, Liquidation Proceeds and Insurance Proceeds received with respect
      to
      such Mortgage Loan are insufficient to reimburse the Servicer for such
      unreimbursed Advances; or (c) subject to Section 4.04(b), any unreimbursed
      Advances to the extent of funds held in the Collection Account for future
      distribution that were not included in Available Funds for the preceding
      Distribution Date;

     

    (iii)  subject
      to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid
      Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each
      Mortgage Loan, but only to the extent of any Late Collections, including,
      Liquidation Proceeds, Insurance Proceeds and condemnation proceeds received
      with
      respect to such Mortgage Loan, and (c) any Servicing Advances with respect
      to
      the final liquidation of a Mortgage Loan that are Nonrecoverable Advances,
      but
      only to the extent that Late Collections, including, Liquidation Proceeds and
      Insurance Proceeds received with respect to such Mortgage Loan are insufficient
      to reimburse the Servicer or any Sub-Servicer for Servicing
      Advances;

     

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

     

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

     

    (vi)  to
      reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance in accordance
      with the provisions of Section 4.04;

     

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

     

    (viii)  to
      reimburse the Servicer for expenses incurred by or reimbursable to the Servicer
      pursuant to Section 6.03;

     

    (ix)  to
      reimburse the NIMS Insurer, the Servicer (if the Servicer is not an Affiliate
      of
      the Originator) or the Trustee, as the case may be, for enforcement expenses
      reasonably incurred in respect of the breach or defect giving rise to the
      purchase obligation under Section 2.03 of this Agreement that were included
      in
      the Purchase Price of the Mortgage Loan, including any expenses arising out
      of
      the enforcement of the purchase obligation;

     

    (x)  to
      pay
      itself any Prepayment Interest Excess; 

     

    (xi)  to
      clear
      and terminate the Collection Account pursuant to Section 10.01.

     

    The
      foregoing requirements for withdrawal from the Collection Account shall be
      exclusive. In the event the Servicer shall deposit in the Collection Account
      any
      amount not required to be deposited therein, it may at any time withdraw such
      amount from the Collection Account, any provision herein to the contrary
      notwithstanding.

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (ii), (iii), (v), (vi), (ix) and (x) above. The Servicer shall
      provide written notification to the NIMS Insurer and the Trustee, on or prior
      to
      the next succeeding Servicer Remittance Date, upon making any withdrawals from
      the Collection Account pursuant to subclause (vi) above; provided
      that an
      Officers’ Certificate in the form described under Section 4.04(d) shall suffice
      for such written notification to the Trustee in respect hereof.

     

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

     

    (i)  to
      make
      distributions to the Swap Account in accordance with Section 4.08;

     

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

     

    (iii)  to
      pay
      itself the Trustee Fee and any other amounts owed to it pursuant to Section
      8.05;

     

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

     

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

     

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

     

    (vii)  to
      pay to
      the Trustee, any interest or investment income earned on funds deposited in
      the
      Distribution Account; and

     

    (viii)  to
      pay to
      an Advancing Person reimbursements for Advances and/or Servicing Advances
      pursuant to Section 3.29.

     

    
      	SECTION
              3.12.  	
              Investment
                of Funds in the Collection Account and the Distribution
                Account.

            

    

     

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

     

    
      	 	
              (x)

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

            

    

     

    
      	 	
              (y)

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

            

    

     

    (b)  All
      income and gain realized from the investment of funds deposited in the
      Collection Account and any REO Account held by or on behalf of the Servicer
      shall be for the benefit of the Servicer and shall be subject to its withdrawal
      in accordance with Section 3.11 or Section 3.23, as applicable. The Servicer
      shall deposit in the Collection Account or any REO Account, as applicable,
      the
      amount of any loss of principal incurred in respect of any such Permitted
      Investment made with funds in such account immediately upon realization of
      such
      loss.

     

    (c)  All
      income and gain realized from the investment of funds deposited in the
      Distribution Account shall be for the benefit of the Trustee. The Trustee shall
      deposit in the Distribution Account the amount of any loss of principal incurred
      in respect of any such Permitted Investment made with funds in such accounts
      immediately upon realization of such loss.

     

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

     

    
      	SECTION
              3.13.  	
              Rights
                of the Class C Certificateholder.

            

    

     

    (a)  Notwithstanding
      anything to the contrary contained in this Agreement, (i) the majority Holder
      of
      the Class C Certificates (as long as such majority Holder is not the Servicer
      or
      an Affiliate of the Servicer or if the Class C Certificates are secured by
      an
      Indenture, as long as the Servicer or an Affiliate of the Servicer is not the
      majority equity holder in such transaction) shall have the right, at its sole
      discretion, to direct the Trustee to appoint a qualified successor servicer
      who
      will act as successor in all respects to the Servicer in the event of a Servicer
      Event of Termination pursuant to Article VII and (ii) the majority Holder of
      the
      Class C Certificates (as long as such majority Holder is not the Servicer or
      an
      Affiliate of the Servicer or if the Class C Certificates are secured by an
      Indenture, as long as the Servicer or an Affiliate of the Servicer is not the
      majority equity holder in such transaction) shall have the right to direct
      the
      Servicer to transfer the servicing of any Mortgage Loans Delinquent 120 days
      or
      more to a special servicer in the event of a Special Servicer Trigger Event,
      for
      so long as the appointment of such special servicer shall not cause a downgrade
      or withdrawal of the ratings on the Class A and Mezzanine Certificates. A
      special servicer shall be entitled to the Servicing Fee for the Mortgage Loans
      serviced by it and any excess fees due to such special servicer shall be paid
      by
      the majority Holder of the Class C Certificates.

     

    A
      Special
      Servicer Trigger Event (“Special Servicer Trigger Event”) shall be in effect
      with respect to any Distribution Date if:

     

    (a)
      the
      Servicer’s primary servicer rating for the servicing of residential mortgage
      loans is reduced by more than one full level or withdrawn, in each case by
      at
      least two of the Rating Agencies; or

     

    (b)
      the
      Delinquency Percentage exceeds 30.00%;
      or

     

    (c)
      the
      aggregate amount of Realized Losses incurred since the Cut-off Date through
      the
      last day of the related Due Period (after reduction for all Subsequent
      Recoveries received from the Cut-off Date through the Prepayment Period) divided
      by the aggregate Cut-off Date Principal Balance exceeds 4.00% with respect
      to
      such Distribution Date.

     

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

            

    

     

    (a)  The
      Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
      with extended coverage on the Mortgaged Property in an amount which is at least
      equal to the lesser of (i) the current Principal Balance of such Mortgage Loan
      and (ii) the amount necessary to fully compensate for any damage or loss to
      the
      improvements that are a part of such property on a replacement cost basis,
      in
      each case in an amount not less than such amount as is necessary to avoid the
      application of any coinsurance clause contained in the related hazard insurance
      policy. The Servicer shall also cause to be maintained hazard insurance with
      extended coverage on each REO Property in an amount which is at least equal
      to
      the lesser of (i) the maximum insurable value of the improvements which are
      a
      part of such property and (ii) the outstanding Principal Balance of the related
      Mortgage Loan at the time it became an REO Property. The Servicer will comply
      in
      the performance of this Agreement with all reasonable rules and requirements
      of
      each insurer under any such hazard policies. Any amounts to be collected by
      the
      Servicer under any such policies (other than amounts to be applied to the
      restoration or repair of the property subject to the related Mortgage or amounts
      to be released to the Mortgagor in accordance with the procedures that the
      Servicer would follow in servicing loans held for its own account, subject
      to
      the terms and conditions of the related Mortgage and Mortgage Note) shall be
      deposited in the Collection Account, subject to withdrawal pursuant to Section
      3.11, if received in respect of a Mortgage Loan, or in the REO Account, subject
      to withdrawal pursuant to Section 3.23, if received in respect of an REO
      Property. Any cost incurred by the Servicer in maintaining any such insurance
      shall not, for the purpose of calculating distributions to Certificateholders,
      be added to the unpaid Principal Balance of the related Mortgage Loan,
      notwithstanding that the terms of such Mortgage Loan so permit. It is understood
      and agreed that no earthquake or other additional insurance is to be required
      of
      any Mortgagor other than pursuant to such applicable laws and regulations as
      shall at any time be in force and as shall require such additional insurance.
      If
      the Mortgaged Property or REO Property is at any time in an area identified
      in
      the Federal Register by the Federal Emergency Management Agency as having
      special flood hazards and flood insurance has been made available, the Servicer
      will cause to be maintained a flood insurance policy in respect thereof. Such
      flood insurance shall be in an amount equal to the lesser of (i) the unpaid
      Principal Balance of the related Mortgage Loan and (ii) the maximum amount
      of
      such insurance available for the related Mortgaged Property under the national
      flood insurance program (assuming that the area in which such Mortgaged Property
      is located is participating in such program).

     

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

     

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

     

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

            

    

     

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

     

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

     

    
      	SECTION
              3.16.  	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    (a)  The
      Servicer shall use its best efforts, in as practical a time frame as possible
      and consistent with Servicing Standard, to foreclose upon or otherwise
      comparably convert the ownership of properties securing such of the Mortgage
      Loans as come into and continue in default and as to which no satisfactory
      arrangements can be made for collection of delinquent payments pursuant to
      Section 3.07. The Servicer shall be responsible for all costs and expenses
      incurred by it in any such proceedings; provided,
      however,
      that
      such costs and expenses will be recoverable as Servicing Advances by the
      Servicer as contemplated in Section 3.11 and Section 3.23. The foregoing is
      subject to the provision that, in any case in which a Mortgaged Property shall
      have suffered damage from an Uninsured Cause, the Servicer shall not be required
      to expend its own funds toward the restoration of such property unless it shall
      determine in its discretion that such restoration will increase the proceeds
      of
      liquidation of the related Mortgage Loan after reimbursement to itself for
      such
      expenses.

     

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

     

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

     

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

     

    Notwithstanding
      the foregoing, if such environmental audit reveals, or if the Servicer has
      actual knowledge or notice, that such Mortgaged Property contains such wastes
      or
      substances, the Servicer shall not foreclose or accept a deed in lieu of
      foreclosure without the prior written consent of the NIMS Insurer.

     

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

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund;
      provided
      that any
      amounts disbursed by the Servicer pursuant to this Section 3.16(b) shall
      constitute Servicing Advances, subject to Section 4.04(d). The cost of any
      such
      compliance, containment, cleanup or remediation shall be advanced by the
      Servicer, subject to the Servicer’s right to be reimbursed therefor from the
      Collection Account as provided in Section 3.11(a)(iii) and (a)(vii), such right
      of reimbursement being prior to the rights of Certificateholders to receive
      any
      amount in the Collection Account received in respect of the affected Mortgage
      Loan or other Mortgage Loans.

     

    (c)  (i)The
      NIMS
      Insurer may, at its option, purchase a Mortgage Loan which has become 90 or
      more
      days delinquent or for which the Servicer has accepted a deed in lieu of
      foreclosure. Prior to purchase pursuant to this Section 3.16(c)(i), the Servicer
      shall be required to continue to make Advances pursuant to Section 4.04. The
      NIMS Insurer shall not use any procedure in selecting Mortgage Loans to be
      repurchased which is materially adverse to the interests of the
      Certificateholders. The NIMS Insurer shall purchase such delinquent Mortgage
      Loan at a price equal to the Purchase Price of such Mortgage Loan. Any such
      purchase of a Mortgage Loan pursuant to this Section 3.16(c)(i) shall be
      accomplished by remittance to the Servicer for deposit in the Collection Account
      of the amount of the Purchase Price. The Trustee shall immediately effectuate
      the conveyance of such delinquent Mortgage Loan to the NIMS Insurer to the
      extent necessary, including the prompt delivery of all documentation to the
      NIMS
      Insurer.

     

    (ii)  If
      the
      Servicer Optional Purchase Delinquency Trigger has been met, the Servicer may,
      at its option, purchase a Mortgage Loan which has become 90 or more days
      delinquent or for which the Servicer has accepted a deed in lieu of foreclosure.
      Prior to purchase pursuant to this Section 3.16(c)(ii), the Servicer shall
      be
      required to continue to make Advances pursuant to Section 4.04. The Servicer
      shall purchase such delinquent Mortgage Loan at a price equal to the Purchase
      Price of such Mortgage Loan. Any such purchase of a Mortgage Loan pursuant
      to
      this Section 3.16(c)(ii) shall be accomplished by deposit in the Collection
      Account of the amount of the Purchase Price. The Trustee shall immediately
      effectuate the conveyance of such delinquent Mortgage Loan to the Servicer
      to
      the extent necessary, including the prompt delivery of all documentation to
      the
      Servicer.

     

    Notwithstanding
      the foregoing: (A) the Servicer shall have the option to purchase pursuant
      to
      this Section 3.16(c)(ii) only such delinquent Mortgage Loans having an aggregate
      Stated Principal Balance such that, if such delinquent Mortgage Loans were
      not
      in the Trust, the Servicer Optional Purchase Delinquency Trigger would not
      be
      met; (B) if the Servicer purchases any delinquent Mortgage Loans pursuant to
      this Section 3.16(c)(ii), it must purchase Mortgage Loans that are delinquent
      the greatest number of days before it may purchase any that are delinquent
      any
      fewer number of days; (C) if the Servicer purchases some but not all Mortgage
      Loans that are delinquent any given number of days, it must purchase Mortgage
      Loans having the same delinquency status in the order of lowest Stated Principal
      Balance to highest Stated Principal Balance; (D) the Servicer may at any time
      relinquish its rights to purchase delinquent Mortgage Loans pursuant to this
      Section 3.16(C)(ii) in writing delivered to the Trustee, and from and after
      the
      taking of such action by the Servicer, the provisions of this Section
      3.16(c)(ii) shall no longer be of any force or effect.

     

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

     

    
      	SECTION
              3.17.  	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

    (a)  Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer shall deliver to the Trustee, in written (with
      two
      executed copies) or electronic format, a Request for Release in the form of
      Exhibit E (which certification shall include a statement to the effect that
      all
      amounts received or to be received in connection with such payment which are
      required to be deposited in the Collection Account pursuant to Section 3.10
      have
      been or will be so deposited) signed by a Servicing Officer (or in a mutually
      agreeable electronic format that will, in lieu of a signature on its face,
      originate from a Servicing Officer) and shall request delivery to it of the
      Mortgage File. Upon receipt of such certification and request, the Trustee
      shall, within three Business Days, release and send by overnight mail, at the
      expense of the Servicer, the related Mortgage File to the Servicer. The Trustee
      agrees to indemnify the Servicer, out of its own funds, for any loss, liability
      or expense (other than special, indirect, punitive or consequential damages
      which will not be paid by the Trustee) incurred by the Servicer as a proximate
      result of the Trustee’s breach of its obligations pursuant to this Section 3.17.
      No expenses incurred in connection with any instrument of satisfaction or deed
      of reconveyance shall be chargeable to the Collection Account or the
      Distribution Account.

     

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

     

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

     

    
      	SECTION
              3.18.  	
              Servicing
                Compensation.

            

    

     

    As
      compensation for the activities of the Servicer hereunder, the Servicer shall
      be
      entitled to the Servicing Fee with respect to each Mortgage Loan payable solely
      from payments of interest in respect of such Mortgage Loan, subject to Section
      3.24. In addition, the Servicer shall be entitled to recover unpaid Servicing
      Fees out of Insurance Proceeds, Liquidation Proceeds or condemnation proceeds
      to
      the extent permitted by Section 3.11(a)(iii) and out of amounts derived from
      the
      operation and sale of an REO Property to the extent permitted by Section 3.23.
      Except as provided in Section 3.29, the right to receive the Servicing Fee
      may
      not be transferred in whole or in part except in connection with the transfer
      of
      all of the Servicer’s responsibilities and obligations under this Agreement;
provided,
      however,
      that
      the Servicer may pay from the Servicing Fee any amounts due to a Sub-Servicer
      pursuant to a Sub-Servicing Agreement entered into under Section
      3.02.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges,
      insufficient funds charges, ancillary income or otherwise (other than Prepayment
      Charges) shall be retained by the Servicer only to the extent such fees or
      charges are received by the Servicer. The Servicer shall also be entitled
      pursuant to Section 3.11(a)(iv) to withdraw from the Collection Account and
      pursuant to Section 3.23(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.12 and Section 3.24. The Servicer shall be required to
      pay
      all expenses incurred by it in connection with its servicing activities
      hereunder (including premiums for the insurance required by Section 3.14, to
      the
      extent such premiums are not paid by the related Mortgagors or by a Sub-Servicer
      and servicing compensation of each Sub-Servicer) and shall not be entitled
      to
      reimbursement therefor except as specifically provided herein.

     

    The
      Servicer shall be entitled to any Prepayment Interest Excess, which it may
      withdraw from the Collection Account pursuant to Section
      3.11(a)(ix).

     

    
      	SECTION
              3.19.  	
              Reports
                to the Trustee; Collection Account
                Statements.

            

    

     

    Not
      later
      than ten days after each Distribution Date, the Servicer shall forward to the
      NIMS Insurer and, upon request, to the Trustee and the Depositor the most
      current available bank statement for the Collection Account. Copies of such
      statement shall be provided by the Trustee to any Certificateholder and to
      any
      Person identified to the Trustee as a prospective transferee of a Certificate,
      upon request at the expense of the requesting party, provided such statement
      is
      delivered by the Servicer to the Trustee.

     

    
      	SECTION
              3.20.  	
              Statement
                as to Compliance.

            

    

     

    Each
      of
      the Servicer and the Trustee shall deliver (or otherwise make available if
      notice of such other means of delivery is provided) to the Depositor and the
      Trustee, not later than March 15th
      of each
      calendar year beginning in 2008, an Officers’ Certificate (an “Annual Statement
      of Compliance”) stating, as to each signatory thereof, that (i) a review of the
      activities of such party during the preceding calendar year and of performance
      under this Agreement or other applicable servicing agreement has been made
      under
      such officers’ supervision and (ii) to the best of such officers’ knowledge,
      based on such review, such party has fulfilled all of its obligations under
      this
      Agreement or other applicable servicing agreement in all material respects
      throughout such year, or, if there has been a failure to fulfill any such
      obligation in any material respect, specifying each such failure known to such
      officer and the nature and status of cure provisions thereof. Each such Annual
      Statement of Compliance shall contain no restrictions or limitations on its
      use.

     

    The
      Servicer and the Trustee shall deliver a similar Annual Statement of Compliance
      by any Sub-Servicer, subcontractor or other Person engaged by it and satisfying
      any of the criteria set forth in Item 1108(a)(2)(i) - (iii) of Regulation AB
      with respect to the Mortgage Loans, to the Trustee as described above as and
      when required with respect to the Servicer.

     

    In
      the
      event the Servicer or the Trustee is terminated or resigns pursuant to the
      terms
      of this Agreement, such party shall provide, and shall use its reasonable
      efforts to cause any Sub-Servicer, subcontractor or other Person engaged by
      it
      and satisfying any of the criteria set forth in Item 1108(a)(2)(i) - (iii)
      of
      Regulation AB with respect to the Mortgage Loans that resigns or is terminated
      under any applicable agreement to provide, an Annual Statement of Compliance
      pursuant to this Section 3.20 with respect to the period of time that such
      party
      was subject to this Agreement or such other agreement, as applicable.

     

    For
      so
      long as a Form 10-K is required to be filed with respect to the Trust for the
      preceding calendar year, failure by the Servicer to timely comply with this
      Section 3.20 shall be deemed a Servicer Event of Termination, and the Trustee
      may (with the consent of the Depositor), in addition to whatever rights the
      Trustee may have under this Agreement and at law or in equity, including
      injunctive relief and specific performance, upon notice immediately terminate
      all the rights and obligations of the Servicer under this Agreement and in
      and
      to the Mortgage Loans and the proceeds thereof without compensating the Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    
      	SECTION
              3.21.  	
              Assessment
                of Compliance and Attestation
                Report.

            

    

     

    Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      the Servicer, the Trustee and the Custodian shall deliver (or otherwise make
      available if notice of such other means of delivery is provided) to the Trustee
      and the Depositor on or before March 15th
      of each
      calendar year beginning in 2008, a report regarding such party’s assessment of
      compliance (an “Assessment of Compliance”) with the Relevant Servicing Criteria
      (as set forth in Exhibit S hereto) during the preceding calendar year. As set
      forth in Regulation AB, the Assessment of Compliance must contain the
      following:

     

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

     

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

     

    (c)  An
      assessment by such officer of such party’s compliance with the applicable
      Relevant Servicing Criteria for the period consisting of the preceding calendar
      year, including disclosure of any material instance of noncompliance with
      respect thereto during such period and a discussion of the nature and status
      of
      each such failure, which assessment shall be based on the activities it performs
      with respect to asset-backed securities transactions taken as a whole involving
      such party, that are backed by the same asset type as the Mortgage
      Loans;

     

    (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 for the period consisting of the preceding calendar year;
      and

     

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

     

    In
      the
      event the Servicer or the Trustee is terminated or resigns pursuant to the
      terms
      of this Agreement, such party shall provide, and each such party shall cause
      each Sub-Servicer and subcontractor engaged by it and determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB that resigns or is terminated under any applicable agreement
      to
      provide, an annual Assessment of Compliance pursuant to this Section 3.21,
      coupled with an attestation as required hereunder with respect to the period
      of
      time that such party was subject to this Agreement or the period of time such
      party was subject to such other agreement. 

     

    Such
      report at a minimum shall address each of the Relevant Servicing Criteria
      specified on Exhibit S hereto which are indicated as applicable to the Servicer
      or the Trustee.

     

    On
      or
      before March 15th
      of each
      calendar year beginning in 2008, the Servicer, the Trustee and the Custodian,
      each at its own expense, shall cause a registered public accounting firm to
      furnish to the Trustee and the Depositor a report (an “Attestation Report”) by
      such registered public accounting firm that attests to, and reports on, the
      Assessment of Compliance made by such party, as required by Rules 13a-18 and
      15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which Attestation
      Report must be made in accordance with standards for attestation reports issued
      or adopted by the Public Company Accounting Oversight Board. 

     

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

     

    Such
      Assessment of Compliance, as to each Sub-Servicer and subcontractor determined
      to be “participating in the servicing function” within the meaning of Item 1122
      of Regulation AB, shall address each of the Servicing Criteria applicable to
      it,
      as specified on Exhibit S hereto. The Trustee shall confirm that the
      assessments, taken individually, address the Servicing Criteria for each
      attesting party as set forth on Exhibit S and notify the Depositor of any
      exceptions. Notwithstanding the foregoing, as to any subcontractor, an
      Assessment of Compliance is not required to be delivered unless it is required
      as part of a Form 10-K with respect to the Trust Fund.

     

    Promptly
      after receipt of each such assessment of compliance and attestation report,
      the
      Trustee shall confirm that each assessment submitted pursuant to this Section
      3.21 is coupled with an attestation meeting the requirements of this Section
      and
      notify the Depositor of any exceptions.

     

    In
      the
      event the Servicer, the Trustee, the Custodian, or any Sub-servicer or
      subcontractor determined to be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB 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, or
      sub-servicing agreement, as the case may be, such party shall cause a registered
      public accounting firm to provide an attestation pursuant to this Section 3.21,
      or such other applicable agreement, notwithstanding any such termination,
      assignment or resignation.

     

    For
      so
      long as a Form 10-K is required to be filed with respect to the Trust for the
      preceding calendar year, failure of the Servicer to comply with this Section
      3.21 shall be deemed a Servicer Event of Termination, and the Trustee may (with
      the consent of the Depositor), in addition to whatever rights the Trustee may
      have under this Agreement and at law or in equity, including injunctive relief
      and specific performance,
      give notice to Certificateholders that they have ten Business Days to object.
      If
      no such objection is received, the Trustee shall
      immediately terminate all the rights and obligations of the Servicer under
      this
      Agreement and in and to the Mortgage Loans and the proceeds thereof without
      compensating the Servicer for the same. This paragraph shall supersede any
      other
      provision in this Agreement or any other agreement to the contrary.

     

    
      	SECTION
              3.22.  	
              Access
                to Certain Documentation.

            

    

     

    The
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificateholder or Certificate Owner, access
      to
      the documentation regarding the Mortgage Loans required by applicable laws
      and
      regulations. Such access shall be afforded without charge, but only upon
      reasonable request and during normal business hours at the offices of the
      Servicer designated by it. In addition, access to the documentation regarding
      the Mortgage Loans will be provided to any Certificateholder or Certificate
      Owner, the Trustee, the NIMS Insurer and to any Person identified to the
      Servicer as a prospective transferee of a Certificate, upon reasonable request
      during normal business hours at the offices of the Servicer designated by it
      at
      the expense of the Person requesting such access.

     

    
      	SECTION
              3.23.  	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

    (a)  The
      deed
      or certificate of sale of any REO Property shall be taken in the name of the
      Trustee, or its nominee, in trust for the benefit of the Certificateholders.
      The
      Servicer, on behalf of REMIC 1, shall sell any REO Property as soon as practical
      and in any event no later than the end of the third full taxable year after
      the
      taxable year in which such REMIC acquires ownership of such REO Property for
      purposes of Section 860G(a)(8) of the Code or request from the Internal Revenue
      Service, no later than 60 days before the day on which the three-year grace
      period would otherwise expire, an extension of such three-year period, unless
      the Servicer shall have delivered to the Trustee and the NIMS Insurer an Opinion
      of Counsel acceptable to the NIMS Insurer and addressed to the Trustee, the
      NIMS
      Insurer and the Depositor, to the effect that the holding by the REMIC of such
      REO Property subsequent to three years after its acquisition will not result
      in
      the imposition on the REMIC of taxes on “prohibited transactions” thereof, as
      defined in Section 860F of the Code, or cause any of the REMICs created
      hereunder to fail to qualify as a REMIC under Federal law at any time that
      any
      Certificates are outstanding. The Servicer shall manage, conserve, protect
      and
      operate each REO Property for the Certificateholders solely for the purpose
      of
      its prompt disposition and sale in a manner which does not cause such REO
      Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code or result in the receipt by any of the REMICs
      created hereunder of any “income from non-permitted assets” within the meaning
      of Section 860F(a)(2)(B) of the Code, or any “net income from foreclosure
      property” which is subject to taxation under the REMIC Provisions.

     

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

     

    (c)  The
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property as are consistent with the manner in which
      the
      Servicer manages and operates similar property owned by the Servicer or any
      of
      its Affiliates, all on such terms and for such period (subject to the
      requirement of prompt disposition set forth in Section 3.23(a)) as the Servicer
      deems to be in the best interests of Certificateholders. In connection
      therewith, the Servicer shall deposit, or cause to be deposited in the clearing
      account in which it customarily deposits payments and collections on mortgage
      loans in connection with its mortgage loan servicing activities on a daily
      basis, and in no event more than one Business Day after the Servicer’s receipt
      thereof, and shall thereafter deposit in the REO Account, in no event more
      than
      two Business Days after the Servicer’s receipt thereof, all revenues received by
      it with respect to an REO Property and shall withdraw therefrom funds necessary
      for the proper operation, management and maintenance of such REO Property
      including, without limitation:

     

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

     

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

     

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

     

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

     

    Notwithstanding
      the foregoing, neither the Servicer nor the Trustee shall:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (3) none
      of
      the provisions of this Section 3.23(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Servicer of any of its duties and obligations to the Trustee on behalf
      of
      the Certificateholders with respect to the operation and management of any
      such
      REO Property; and

     

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

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section 3.18 is sufficient to pay such fees;
provided,
      however,
      that to
      the extent that any payments made by such Independent Contractor would
      constitute Servicing Advances if made by the Servicer, such amounts shall be
      reimbursable as Servicing Advances made by the Servicer.

     

    (d)  In
      addition to the withdrawals permitted under Section 3.23(c), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect of the
      related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for
      unreimbursed Servicing Advances and Advances made in respect of such REO
      Property or the related Mortgage Loan. On the Servicer Remittance Date, the
      Servicer shall withdraw from each REO Account maintained by it and deposit
      into
      the Distribution Account in accordance with Section 3.10(d)(ii), for
      distribution on the related Distribution Date in accordance with Section 4.01,
      the income from the related REO Property received during the related Prepayment
      Period, net of any withdrawals made pursuant to Section 3.23(c) or this Section
      3.23(d).

     

    (e)  Subject
      to the time constraints set forth in Section 3.23(a), each REO Disposition
      shall
      be carried out by the Servicer in a manner, at such price and upon such terms
      and conditions as shall be in conformity with the requirements of the Loss
      Mitigation Procedures and as shall be normal and usual in its Servicing
      Standard.

     

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

     

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

     

    (h)  The
      Servicer shall not acquire any Mortgaged Property on behalf of any Trust REMIC
      created hereunder in connection with a default on a Foreclosure Restricted
      Mortgage Loan, if acquiring title to the related Mortgaged Property by
      foreclosure or by deed in lieu of foreclosure would cause the aggregate adjusted
      basis (for federal income tax purposes) (the “Adjusted Bases”) of the REO
      Properties underlying the Foreclosure Restricted Mortgage Loans that are
      currently owned by REMIC 1 after foreclosure (along with any other assets owned
      by REMIC 1 other than “qualified mortgages” and “permitted investments” within
      the meaning of Section 860G of the Code) to exceed 0.75% of the Adjusted Basis
      of the assets of REMIC 1. If the Adjusted Bases of such REO Properties as to
      which REMIC 1 has title, along with any other assets owned by REMIC 1, other
      than “qualified mortgages” and “permitted investments” with the meaning of
      Section 860G of the Code, exceed 1.0% of the Adjusted Basis of the assets of
      REMIC 1 immediately after the distribution of principal and interest on any
      Distribution Date, the Servicer will dispose of enough of such REO Properties
      as
      to which REMIC 1 has title, for cash or otherwise, so that the Adjusted Bases
      of
      such REO Properties, along with any other assets owned by REMIC 1, other than
      “qualified mortgages” and “permitted investments” within the meaning of Section
      860G of the Code, will be less than 1.0% of the Adjusted Basis of the assets
      of
      REMIC 1. The Trustee shall, to the extent in its possession, provide the
      Servicer with such information as the Servicer may reasonably request about
      REMIC 1, its assets and the Adjusted Basis thereof to permit the Servicer to
      comply with the provisions of this Section 3.23(h). For purposes of the
      foregoing calculations, the “Adjusted Basis” of an REO Property is equal to the
      Principal Balance thereof, and the “Adjusted Basis” of REMIC 1 is equal to the
      aggregate Principal Balance of the Mortgage Loans and REO Properties in REMIC
      1.
      These restrictions will be lifted with respect to any such Foreclosure
      Restricted Mortgage Loan if such Mortgage Loan becomes contractually current
      for
      three consecutive monthly payments.

     

    
      	SECTION
              3.24.  	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    Not
      later
      than 1:00 p.m. New York time on each Servicer Remittance Date, the Servicer
      shall remit to the Distribution Account an amount (“Compensating Interest”)
      equal to the lesser of (A) the aggregate of the Prepayment Interest Shortfalls
      for the related Distribution Date and (B) its aggregate Servicing Fee for the
      related Due Period and any Prepayment Interest Excess for the related
      Distribution Date. The Servicer shall not have the right to reimbursement for
      any amounts remitted to the Trustee in respect of Compensating Interest. Such
      amounts so remitted shall be included in the Available Funds and distributed
      therewith on the next Distribution Date. The Servicer shall not be obligated
      to
      pay Compensating Interest with respect to Relief Act Interest
      Shortfalls.

     

    
      	SECTION
              3.25.  	
              Reports
                Filed with Securities and Exchange
                Commission.

            

    

     

    (a)  (i)
      Within 15 days after each Distribution Date (subject to permitted extensions
      under the Exchange Act), the Trustee shall, on behalf of the Trust and in
      accordance with industry standards, prepare and file with the Commission via
      the
      Electronic Data Gathering and Retrieval System (“EDGAR”), the report on Form
      10-D, signed by the Depositor, with a copy of the Monthly Statement to be
      furnished by the Trustee to the Certificateholders for such Distribution Date
      and such other information required to be reported by the Trust on Form 10-D
      as
      set forth in this Section 3.25; provided that the Trustee shall have received
      no
      later than 5 calendar days after the related Distribution Date, all information
      required to be provided to the Trustee as described in clause (a)(ii) below.
      Any
      disclosure in addition to the Monthly Statement that is required to be included
      on Form 10-D (“Additional Form 10-D Disclosure”) shall, pursuant to the
      paragraph immediately below, be reported to the Depositor and the Trustee by
      the
      parties set forth on Exhibit T, approved by the Depositor, and the Trustee
      will
      have no duty or liability for any failure hereunder to determine or prepare
      any
      Additional Form 10-D Disclosure information absent such reporting, direction
      and
      approval.

     

    (ii) Within
      5
      calendar days after the related Distribution Date, (i) the parties set forth
      in
      Exhibit T shall be required to provide, pursuant to Section 3.25(a)(v) below,
      to
      the Trustee (at cts.sec.notifications@wellsfargo.com,
      with a
      copy by facsimile to 410-715-2380) and the Depositor, to the extent known,
      in
      EDGAR-compatible format, or in such other format as otherwise agreed upon by
      the
      Trustee and such party, the form and substance of any Additional Form 10-D
      Disclosure, if applicable, (ii) the parties listed on Exhibit T hereto shall
      include with such Additional Form 10-D Disclosure, an Additional Disclosure
      Notification in the form attached hereto as Exhibit U, and (iii) 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 Trustee
      has
      no duty under this Agreement to monitor or enforce the performance by the
      parties listed on Exhibit T of their duties under this paragraph or proactively
      solicit or procure from such parties any Additional Form 10-D Disclosure
      information. The Depositor will be responsible for any reasonable fees and
      expenses assessed or incurred by the Trustee in connection with including any
      Additional Form 10-D Disclosure on Form 10-D pursuant to this
      Section.

     

    After
      preparing the Form 10-D, the Trustee shall forward electronically a draft copy
      of the Form 10-D to the Depositor for review (provided that such Form 10-D
      includes any Additional Form 10-D Disclosure) and execution. 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 Trustee in
      writing (which may be furnished electronically) of any changes to or approval
      of
      such Form 10-D. A duly authorized representative of the Depositor shall sign
      the
      Form 10-D no later than the close of business on the 13th
      calendar
      day after the Distribution Date and return an electronic or fax copy of such
      signed Form 10-D (with an original executed hard copy to follow by overnight
      mail) to the Trustee. If a Form 10-D cannot be filed on time or if a previously
      filed Form 10-D needs to be amended, the Trustee will follow the procedures
      set
      forth in Section 3.25(a)(vi). Promptly (but no later than 1 Business Day) after
      filing with the Commission, the Trustee will make available on its internet
      website a final executed copy of each Form 10-D prepared and filed by the
      Trustee. 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 Trustee 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 Trustee 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 Trustee shall be entitled to rely on such
      representations in preparing and/or filing any such Form 10-D. The parties
      to
      this Agreement acknowledge that the performance by the Trustee of its duties
      under Sections 3.25(a)(i) and (vi) related to the timely preparation,
      arrangement for execution and filing of Form 10-D is contingent upon such
      parties strictly observing all applicable deadlines in the performance of their
      duties under such Sections. The Trustee shall have no liability for any loss,
      expense, damage or claim arising out of or with respect to any failure to
      properly prepare and/or timely file such Form 10-D, where such failure results
      from the Trustee’s inability or failure to receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 10-D, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    (iii) (A)
      Within four (4) Business Days after the occurrence of an event requiring
      disclosure on Form 8-K (each such event, a “Reportable Event”), the Trustee
      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
      on
      Form 8-K (“Form 8-K Disclosure Information”) shall, pursuant to the paragraph
      immediately below, be reported to the Depositor and the Trustee by the parties
      set forth on Exhibit T, approved by the Depositor, and the Trustee will have
      no
      duty or liability for any failure hereunder to determine or prepare any Form
      8-K
      Disclosure Information absent such reporting, direction and
      approval.

     

    For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, no
      later than 12:00 noon New York City time on the 2nd Business Day after the
      occurrence of a Reportable Event (i) the parties set forth in Exhibit T shall
      be
      required pursuant to Section 3.25(a)(v) below to provide to the Trustee (at
      cts.sec.notifications@wellsfargo.com,
      with a
      copy by facsimile to 410-715-2380) and the Depositor, to the extent known,
      in
      EDGAR-compatible format, or in such other format as otherwise agreed upon by
      the
      Trustee and such party, the form and substance of any Form 8-K Disclosure
      Information, if applicable, (ii) the parties listed on Exhibit T hereto shall
      include with such Form 8-K Disclosure Information, an Additional Disclosure
      Notification in the form attached hereto as Exhibit U, and (iii) 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 on Form 8-K. The Trustee has
      no
      duty under this Agreement to monitor or enforce the performance by the parties
      listed on Exhibit T of their duties under this paragraph or proactively solicit
      or procure from such parties any Form 8-K Disclosure Information. The Depositor
      will be responsible for any reasonable fees and expenses assessed or incurred
      by
      the Trustee in connection with including any Form 8-K Disclosure Information
      on
      Form 8-K pursuant to this Section.

     

    After
      preparing the Form 8-K, the Trustee shall forward electronically a draft copy
      of
      the Form 8-K to the Depositor for review. No later than the close of business
      on
      the third Business Day after the Reportable Event, the Depositor shall notify
      the Trustee in writing (which may be furnished electronically) of any changes
      to
      or approval of such Form 8-K. A duly authorized representative of the Depositor
      shall sign the Form 8-K by noon on the 4th
      Business
      Day after the Reportable Event and return an electronic or fax copy of such
      signed Form 8-K (with an original executed hard copy to follow by overnight
      mail) to the Trustee. If a Form 8-K cannot be filed on time or if a previously
      filed Form 8-K needs to be amended, the Trustee will follow the procedures
      set
      forth in Section 3.25(a)(vi). Promptly (but no later than 1 Business Day) after
      filing with the Commission, the Trustee will make available on its internet
      website a final executed copy of each Form 8-K prepared and filed by the
      Trustee. The parties to this Agreement acknowledge that the performance by
      the
      Trustee of its duties under this Section 3.25(a)(iii) related to the timely
      preparation, arrangement for 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 3.25(a)(iii). The Trustee shall have no
      liability for any loss, expense, damage, claim arising out of or with respect
      to
      any failure to properly prepare and/or timely file such Form 8-K, where such
      failure results from the Trustee’s inability or failure to receive, on a timely
      basis, any information from any other party hereto needed to prepare, arrange
      for execution or file such Form 8-K, not resulting from its own negligence,
      bad
      faith or willful misconduct.

     

    (iv) (A)
      On or
      before 90 days after the end of each fiscal year of the Trust 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 Trustee 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 Trustee within the applicable
      time frames set forth in this Agreement, (I) the annual compliance statements
      required under Section 3.20, (II)(A) the annual reports on assessment of
      compliance with Servicing Criteria required under Section 3.21, and (B) any
      such
      report on assessment of compliance with servicing criteria described under
      Section 3.21 identifies any material instance of noncompliance, disclosure
      identifying such instance of noncompliance, or if any such report on assessment
      of compliance with Servicing Criteria described under Section 3.21 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 reports required under Section
      3.21, and (B) if any registered public accounting firm attestation report
      described under Section 3.21 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
      (“Sarbanes-Oxley Certification”) as described in this Section 3.25 (a)(iv)(D)
      below. 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, pursuant to the paragraph immediately below, be reported by the parties
      set forth on Exhibit T, approved by the Depositor, and the Trustee will have
      no
      duty or liability for any failure hereunder to determine or prepare any
      Additional Form 10-K Disclosure absent such reporting, direction and
      approval.

     

    No
      later
      than March 1 (with a 10 calendar day cure period) of each year that the Trust
      is
      subject to the Exchange Act reporting requirements, commencing in 2008, (i)
      the
      parties set forth in Exhibit T shall be required to provide pursuant to Section
      3.25(a)(v) below to the Trustee (at cts.sec.notifications@wellsfargo.com,
      with a
      copy by facsimile to 410-715-2380) and the Depositor, to the extent known,
      in
      EDGAR-compatible format, or in such other format as otherwise agreed upon by
      the
      Trustee and such party, the form and substance of any Additional Form 10-K
      Disclosure, if applicable, (ii) the parties listed on Exhibit T hereto shall
      include with such Additional Form 10-K Disclosure, an Additional Disclosure
      Notification in the form attached hereto as Exhibit U, and (iii) 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 Trustee
      has
      no duty under this Agreement to monitor or enforce the performance by the
      parties listed on Exhibit T of their duties under this paragraph or proactively
      solicit or procure from such parties any Form 10-K Disclosure Information.
      The
      Depositor will be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Trustee in connection with including any Additional Form 10-K
      Disclosure on Form 10-K pursuant to this Section.

     

    After
      preparing the Form 10-K, the Trustee shall forward electronically a draft copy
      of the Form 10-K to the Depositor for review. Within three (3) Business Days
      after receipt of such copy, but no later than March 25th,
      the
      Depositor shall notify the Trustee of any changes to or approval of such Form
      10-K. The Depositor shall cause a senior officer of the Depositor to sign the
      Form 10-K no later than four (4) Business Days prior to the 10-K Filing Deadline
      and return an electronic or fax copy of such signed Form 10-K (with an original
      executed hard copy to follow by overnight mail) to the Trustee. If a Form 10-K
      cannot be filed on time or if a previously filed Form 10-K needs to be amended,
      the Trustee will follow the procedures set forth in Section 3.25(a)(vi).
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Trustee will make available on its internet website a final executed copy
      of
      each Form 10-K prepared and filed by the Trustee. 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
      Trustee 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 Trustee in writing, no later
      than the 15th calendar day of March in any year in which the Trust is subject
      to
      the reporting requirements of the Exchange Act, if the answer to the questions
      should be “no.” The Trustee shall be entitled to rely on such representations in
      preparing and/or filing any such Form 10-K. The parties to this Agreement
      acknowledge that the performance by the Trustee of its duties under Sections
      3.25(a)(iv) and (vi) related to the timely preparation and filing of Form 10-K
      is contingent upon such parties strictly observing all applicable deadlines
      in
      the performance of their duties under such Sections, Section 3.20 and Section
      3.21. The Trustee shall have no liability for any loss, expense, damage or
      claim
      arising out of or with respect to any failure to properly prepare and/or timely
      file such Form 10-K, where such failure results from the Trustee’s inability or
      failure to receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

     

    Each
      Form
      10-K shall include a certification (the “Sarbanes-Oxley Certification”), exactly
      as set forth in Exhibit R-1 attached hereto, required to be included therewith
      pursuant to the Sarbanes-Oxley Act. The Trustee shall provide to the Person
      who
      signs the Sarbanes-Oxley Certification (the “Certifying Person”), by March 10 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 (each, a “Back-Up Certification”), in the form attached hereto as
      Exhibit R-2, 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 Depositor shall serve as the
      Certifying Person on behalf of the Trust. In the event the Trustee is terminated
      or resigns pursuant to the terms of this Agreement, the Trustee shall provide
      a
      Back-Up Certification to the Certifying Person pursuant to this Section
      3.25(a)(iv) with respect to the period of time it was subject to this
      Agreement.

     

    (v) With
      respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
      or any Form 8-K Disclosure Information (collectively, the “Additional
      Disclosure”) relating to the Trust Fund, the Trustee’s obligation to include
      such Additional Information in the applicable Exchange Act report is subject
      to
      receipt from the entity that is indicated in Exhibit T as the responsible party
      for providing that information, if other than the Trustee, as and when required
      as described in Section 3.25(a)(i) through (iv) above. Each of the Servicer,
      the
      Seller and Depositor hereby agree to notify and provide to the extent known
      to
      the Trustee and the Depositor all Additional Disclosure relating to the Trust
      Fund, with respect to which such party is indicated in Exhibit T as the
      responsible party for providing that information. The Swap Provider will be
      obligated pursuant to the Swap Agreement to provide to the Trustee any
      information that may be required to be included in any Form 10-D, Form 8-K
      or
      Form 10-K. The Servicer shall be responsible for determining the pool
      concentration applicable to any Sub-Servicer or originator at any time, for
      purposes of disclosure as required by Items 1117 and 1119 of Regulation
      AB.

     

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

     

    In
      the
      event that the Trustee is unable to timely file with the Commission all or
      any
      required portion of any Form 8-K, Form 10-D or Form 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 Trustee will promptly notify the
      Depositor. In the case of Form 10-D and Form 10-K, the Depositor, Servicer
      and
      Trustee will cooperate to prepare and file a Form 12b-25, a Form 10-D/A and
      a
      Form 10-K/A as applicable, pursuant to Rule 12b-25 of the Exchange Act. In
      the
      case of Form 8-K, the Trustee 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, Form 10-D or Form 10-K needs to be amended in
      connection with any Additional Form 10-D Disclosure (other than, in the case
      of
      Form 10-D, for the purpose of restating any Monthly Statement), Additional
      Form
      10-K Disclosure or Form 8-K Disclosure Information, the Trustee will notify
      the
      Depositor and the Servicer and such parties will cooperate to prepare any
      necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. Any Form 15, Form 12b-25
      or
      any amendment to Form 8-K, Form 10-D or Form 10-K shall be signed by a duly
      authorized representative or senior officer in charge of securitization, as
      applicable, of the Depositor. The Depositor and Servicer acknowledge that the
      performance by the Trustee of its duties under this Section 3.25(a)(vi) related
      to the timely preparation, arrangement for execution and filing of Form 15,
      a
      Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K is contingent
      upon the Servicer and the Depositor performing their duties under this Section.
      The Trustee shall have no liability for any loss, expense, damage, claim arising
      out of or with respect to any failure to properly prepare, arrange for execution
      and/or timely file any such Form 15, Form 12b-25 or any amendments to Forms
      8-K,
      Form 10-D or Form 10-K, where such failure results from the Trustee’s inability
      or failure to receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 15, Form
      12b-25 or any amendments to Forms 8-K, Form 10-D or Form 10-K, not resulting
      from its own negligence, bad faith or willful misconduct.

     

    The
      Depositor agrees to promptly furnish to the Trustee, from time to time upon
      request, such further information, reports and financial statements within
      its
      control related to this Agreement, the Mortgage Loans as the Trustee reasonably
      deems appropriate to prepare and file all necessary reports with the Commission.
      The Trustee shall have no responsibility to file any items other than those
      specified in this Section 3.25; provided, however, the Trustee will cooperate
      with the Depositor in connection with any additional filings with respect to
      the
      Trust Fund as the Depositor deems necessary under the Exchange Act. Fees and
      expenses incurred by the Trustee in connection with this Section 3.25 shall
      not
      be reimbursable from the Trust Fund.

     

    (b)  In
      connection with the filing of any Form 10-K hereunder, the Trustee shall sign
      a
      certification (a “Form of Back-Up Certification for Form 10K Certificate,”
substantially in the form attached hereto as Exhibit R-2) for the Depositor
      regarding certain aspects of the Form 10-K certification signed by the
      Depositor, provided, however, that the Trustee shall not be required to
      undertake an analysis of any accountant’s report attached as an exhibit to the
      Form 10-K.

     

    (c)  The
      Trustee shall indemnify and hold harmless the Depositor and its officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon (i) a breach of the
      Trustee’s obligations under this Section 3.25 or the Trustee’s negligence, bad
      faith or willful misconduct in connection therewith and (ii) any material
      misstatement or omission in the Annual Statement of Compliance delivered by
      the
      Trustee pursuant to Section 3.20 or the Assessment of Compliance delivered
      by
      the Trustee pursuant to Section 3.21.

     

    The
      Depositor shall indemnify and hold harmless the Trustee and the Custodian and
      the officers, directors and affiliates of each from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon a breach of the obligations of the Depositor under this Section
      3.25.

     

    The
      Servicer shall indemnify and hold harmless the Trustee and the Custodian and
      the
      respective officers, directors and affiliates of each from and against any
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon (i) a breach of the obligations of the Servicer under this Section
      3.25 and (ii) any material misstatement or omission in the Annual Statement
      of
      Compliance delivered by the Servicer pursuant to Section 3.20 or the Assessment
      of Compliance delivered by the Servicer pursuant to Section 3.21.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor, the Trustee or the Custodian, as applicable, then the
      defaulting party, in connection with a breach of its respective obligations
      under this Section 3.25, agrees that it shall contribute to the amount paid
      or
      payable by each such party as a result of the losses, claims, damages or
      liabilities of such party in such proportion as is appropriate to reflect the
      relative fault of the defaulting party on the one hand and each such
      non-defaulting party on the other.

     

    (d)  Nothing
      shall be construed from the foregoing subsections (a), (b) and (c) to require
      the Trustee or any officer, director or Affiliate thereof to sign any Form
      10-K
      or any certification contained therein. Furthermore, the inability of the
      Trustee to file a Form 10-K as a result of the lack of required information
      as
      set forth in Section 3.25(a) or required signatures on such Form 10-K or any
      certification contained therein shall not be regarded as a breach by the Trustee
      of any obligation under this Agreement.

     

    (e)  Notwithstanding
      the provisions of Section 11.01, this Section 3.25 may be amended without the
      consent of the Certificateholders.

     

    
      	SECTION
              3.26.  	
              Obligations
                of the Servicer in Respect of Mortgage Rates and Monthly
                Payments.

            

    

     

    In
      the
      event that a shortfall in any collection on or liability with respect to the
      Mortgage Loans in the aggregate results from or is attributable to adjustments
      to Mortgage Rates, Monthly Payments or Stated Principal Balances that were
      made
      by the Servicer in a manner not consistent with the terms of the related
      Mortgage Note and this Agreement, the Servicer, upon discovery or receipt of
      notice thereof, immediately shall deposit in the Collection Account from its
      own
      funds the amount of any such shortfall and shall indemnify and hold harmless
      the
      Trust Fund, the Trustee, the Depositor and any successor servicer in respect
      of
      any such liability. Such indemnities shall survive the termination or discharge
      of this Agreement. Notwithstanding the foregoing, this Section 3.26 shall not
      limit the ability of the Servicer to seek recovery of any such amounts from
      the
      related Mortgagor under the terms of the related Mortgage Note, as permitted
      by
      law.

     

    
      	SECTION
              3.27.  	
              Solicitations.

            

    

     

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

     

    Notwithstanding
      the foregoing, with respect to any Fixed-Rate Mortgage Loan, the Servicer may
      solicit the Mortgagor for the purpose of refinancing such Mortgage Loan,
      beginning 60 days prior to the later of (i) the expiration of the related
      Prepayment Charge term, if applicable and (ii) 24 months following origination
      of such Mortgage Loan and with respect to any Adjustable-Rate Mortgage Loan,
      the
      Servicer may solicit the Mortgagor for the purpose of refinancing such Mortgage
      Loan, beginning 60 days prior to the later of (i) the expiration of the related
      Prepayment Charge term, if applicable and (ii) the expiration of any applicable
      fixed-rate period.

     

    
      	SECTION
              3.28.  	
              [Reserved].

            

    

     

    
      	SECTION
              3.29.  	
              Advancing
                Facility.

            

    

     

    (a)  The
      Servicer and/or the Trustee on behalf of the Trust Fund, in either case, with
      the consent of the NIMS Insurer and the Servicer in the case of the Trustee,
      is
      hereby authorized to enter into a facility (the “Advancing Facility”) with any
      Person which provides that such Person (an “Advancing Person”) may fund Advances
      and/or Servicing Advances to the Trust Fund under this Agreement, although
      no
      such facility shall reduce or otherwise affect the Servicer’s obligation to fund
      such Advances and/or Servicing Advances. If the Servicer enters into such an
      Advancing Facility pursuant to this Section 3.29, upon reasonable request of
      the
      Advancing Person, the Trustee shall execute a letter of acknowledgment,
      confirming its receipt of notice of the existence of such Advancing Facility.
      To
      the extent that an Advancing Person funds any Advance or any Servicing Advance
      and provides the Trustee with notice acknowledged by the Servicer that such
      Advancing Person is entitled to reimbursement, such Advancing Person shall
      be
      entitled to receive reimbursement pursuant to this Agreement for such amount
      to
      the extent provided in Section 3.29(b). Such notice from the Advancing Person
      must specify the amount of the reimbursement, the Section of this Agreement
      that
      permits the applicable Advance or Servicing Advance to be reimbursed and the
      section(s) of the Advancing Facility that entitle the Advancing Person to
      request reimbursement from the Trustee, rather than the Servicer, and include
      the Servicer’s acknowledgment thereto or proof of an Event of Default under the
      Advancing Facility. The Trustee shall have no duty or liability with respect
      to
      any calculation of any reimbursement to be paid to an Advancing Person and
      shall
      be entitled to rely without independent investigation on the Advancing Person’s
      notice provided pursuant to this Section 3.29. An Advancing Person whose
      obligations hereunder are limited to the funding of Advances and/or Servicing
      Advances shall not be required to meet the qualifications of a Servicer or
      a
      Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a
      Sub-Servicer under this Agreement. If the terms of a facility proposed to be
      entered into with an Advancing Person by the Trust Fund would not materially
      and
      adversely affect the interests of any Certificateholder, then the NIMS Insurer
      shall not withhold its consent to the Trust Fund’s entering such
      facility.

     

    (b)  If
      an
      Advancing Facility is entered into, then the Servicer shall not be permitted
      to
      reimburse itself therefor under Section 3.11(a)(ii), Section 3.11(a)(iii),
      Section 3.11(a)(vi), Section 3.11(a)(vii), Section 3.11(a)(viii) and Section
      4.04(b) prior to the remittance to the Trust Fund, but instead the Servicer
      shall include such amounts in the applicable remittance to the Trustee made
      pursuant to Section 3.10(a). The Trustee is hereby authorized to pay to the
      Advancing Person, reimbursements for Advances and Servicing Advances from the
      Distribution Account to the same extent the Servicer would have been permitted
      to reimburse itself for such Advances and/or Servicing Advances in accordance
      with Section 3.11(a)(ii), Section 3.11(a)(iii), Section 3.11(a)(vi), Section
      3.11(a)(vii), Section 3.11(a)(viii) or Section 4.04(b), as the case may be,
      had
      the Servicer itself funded such Advance or Servicing Advance. The Trustee is
      hereby authorized to pay directly to the Advancing Person such portion of the
      Servicing Fee as the parties to any advancing facility agree.

     

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

     

    (d)  Any
      amendment to this Section 3.29 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advancing Facility
      as
      described generally in this Section 3.29, including amendments to add provisions
      relating to a successor servicer, may be entered into by the Trustee and the
      Servicer without the consent of any Certificateholder but with the consent
      of
      the NIMS Insurer, notwithstanding anything to the contrary in this
      Agreement.

     

    ARTICLE
      IV

     

    FLOW
      OF
      FUNDS

     

    
      	SECTION
              4.01.  	
              Distributions.

            

    

     

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

     

    (i)  to
      the
      Holders of the Group I Certificates, the
      Monthly Interest Distributable Amount and the Unpaid Interest
      Shortfall Amount, if any, allocable to such Certificates for such Distribution
      Date; and

     

    (ii)  concurrently,
      to the Holders of each Class of Group II and Group III Certificates, on a
pro
      rata
      basis
      based on the entitlement of each such Class, an amount equal to the excess,
      if
      any, of (x) the amount required to be distributed pursuant to Sections
      4.01(a)(II)(i) and 4.01(a)(III)(i) below for such Distribution Date over (y)
      the
      amount actually distributed pursuant to such sections from the Group II Interest
      Remittance Amount and the Group III Interest Remittance Amount.

     

    (II) On
      each
      Distribution Date the Trustee shall withdraw from the Distribution Account
      that
      portion of Available Funds for such Distribution Date consisting of the Group
      II
      Interest Remittance Amount for such Distribution Date, and make the following
      disbursements and transfers in the order described below, in each case to the
      extent of the Group II Interest Remittance Amount remaining for such
      Distribution Date:

     

    (i)  to
      the
      Holders of the Group II Certificates, the Monthly Interest Distributable Amount
      and the Unpaid Interest Shortfall Amount, if any, allocable to such Certificates
      for such Distribution Date; and

     

    (ii)  concurrently,
      to the Holders of each Class of Group I and Group III Certificates, on a
pro
      rata
      basis
      based on the entitlement of each such Class, an amount equal to the excess,
      if
      any, of (x) the amount required to be distributed pursuant to Section
      4.01(a)(I)(i) above and Section 4.01(a)(III)(i) below for such Distribution
      Date
      over (y) the amount actually distributed pursuant to such sections from the
      Group I Interest Remittance Amount and the Group III Interest Remittance
      Amount.

     

    (III) On
      each
      Distribution Date the Trustee shall withdraw from the Distribution Account
      that
      portion of Available Funds for such Distribution Date consisting of the Group
      III Interest Remittance Amount for such Distribution Date, and make the
      following disbursements and transfers in the order described below, in each
      case
      to the extent of the Group III Interest Remittance Amount remaining for such
      Distribution Date:

     

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

     

    (ii)  concurrently,
      to the Holders of each Class of Group I and Group II Certificates, on a
pro
      rata
      basis
      based on the entitlement of each such Class, an amount equal to the excess,
      if
      any, of (x) the amount required to be distributed pursuant to Sections
      4.01(a)(I)(i) and 4.01(a)(II)(i) above for such Distribution Date over (y)
      the
      amount actually distributed pursuant to such sections from the Group I Interest
      Remittance Amount and the Group II Interest Remittance Amount.

     

    (IV) On
      each
      Distribution Date, following the distributions made pursuant to Sections
      4.01(a)(I), 4.01(a)(II) and 4.01(a)(III) above, the sum of the Group I Interest
      Remittance Amount, the Group II Interest Remittance Amount and the Group III
      Interest Remittance Amount remaining undistributed for such Distribution Date,
      will be distributed sequentially to the Class M-1, Class M-2, Class M-3, Class
      M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates,
      in
      that order, in an amount equal to the Monthly Interest Distributable Amount
      allocable to each such Class of Certificates.

     

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

     

    (i)  to
      the
      Holders of the Group I Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero;
      and

     

    (ii)  after
      taking into account the amount distributed to the Holders of the Group II and
      Group III Certificates pursuant to Sections 4.01(b)(II)(i) and 4.01(b)(III)(i)
      below on such Distribution Date, concurrently, to the Holders of each Class
      of
      Group II and Group III Certificates (allocated among the Group III Certificates
      as described below), on a pro
      rata
      basis
      based on the aggregate Certificate Principal Balance of each such group, until
      the Certificate Principal Balance of each such Class has been reduced to
      zero.

     

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

     

    (i)  to
      the
      Holders of the Group II Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; and

     

    (ii)  after
      taking into account the amount distributed to the Holders of the Group I and
      Group III Certificates pursuant to Section 4.01(b)(I)(i) above and Section
      4.01(b)(III)(i) below on such Distribution Date, concurrently, to the Holders
      of
      each Class of Group I and Group III Certificates (allocated among the Group
      III
      Certificates as described below), on a pro
      rata
      basis
      based on the aggregate Certificate Principal Balance of each such group, until
      the Certificate Principal Balance of each such Class has been reduced to
      zero.

     

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

     

    (i)  to
      the
      Holders of the Group III Certificates (allocated among the Group III
      Certificates as described below), until the Certificate Principal Balances
      thereof have been reduced to zero; and

     

    (ii)  after
      taking into account the amount distributed to the Holders of the Group I and
      Group II Certificates pursuant to Sections 4.01(b)(I)(i) and 4.01(b)(II)(i)
      above on such Distribution Date, concurrently, to the Holders of the Group
      I and
      Group II Certificates, on a pro
      rata
      basis
      based on the Certificate Principal Balance of each such Class, until the
      Certificate Principal Balance of each such Class has been reduced to zero.
      

     

    (IV) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the sum
      of
      the Group I Principal Distribution Amount, the Group II Principal Distribution
      Amount and the Group III Principal Distribution Amount remaining undistributed
      for such Distribution Date shall be made sequentially to the Class M-1, Class
      M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class
      M-9 Certificates, in that order, in each case, until the Certificate Principal
      Balance of each such Class has been reduced to zero.

     

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

     

    (i)  to
      the
      Holders of the Group I Certificates, the Group I Senior Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero; and

     

    (ii)  concurrently,
      to the Holders of each Class of Group II and Group III Certificates (allocated
      among the Group III Certificates as described below), on a pro
      rata
      basis
      based on the aggregate Certificate Principal Balance of each such group, an
      amount equal to the excess, if any, of (x) the amount required to be distributed
      pursuant to Sections 4.01(c)(II)(i) and 4.01(c)(III)(i) below for such
      Distribution Date over (y) the amount actually distributed pursuant to such
      sections from the Group II Principal Distribution Amount and the Group III
      Principal Distribution Amount on such Distribution Date.

     

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

     

    (i)  to
      the
      Holders of the Group II Certificates, the Group II Senior Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    (ii)  concurrently,
      to the Holders of each Class of Group I and Group III Certificates (allocated
      among the Group III Certificates as described below), on a pro
      rata
      basis
      based on the aggregate Certificate Principal Balance of each such group, an
      amount equal to the excess, if any, of (x) the amount required to be distributed
      pursuant to Section 4.01(c)(I)(i) above and Section 4.01(c)(III)(i) below for
      such Distribution Date over (y) the amount actually distributed pursuant to
      such
      sections from the Group I Principal Distribution Amount and the Group III
      Principal Distribution Amount on such Distribution Date. 

     

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

     

    (i)  to
      the
      Holders of the Group III Certificates (allocated among the Group III
      Certificates as described below), the Group III Senior Principal Distribution
      Amount until the Certificate Principal Balances thereof have been reduced to
      zero; and

     

    (ii)  concurrently,
      to the Holders of the Group I and Group II Certificates, on a pro
      rata
      basis
      based on the Certificate Principal Balance of each such Class, an amount equal
      to the excess, if any, of (x) the amount required to be distributed pursuant
      to
      Sections 4.01(c)(I)(i) and 4.01(c)(II)(i) above for such Distribution Date
      over
      (y) the amount actually distributed pursuant to such sections from the Group
      I
      Principal Distribution Amount and the Group II Principal Distribution Amount
      on
      such Distribution Date.

     

    (IV) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the sum of the Group I Principal Distribution Amount, the Group II Principal
      Distribution Amount and the Group III Principal Distribution Amount remaining
      undistributed for such Distribution Date shall be made in the following amounts
      and order:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    With
      respect to the Group III Certificates, all principal distributions will be
      distributed sequentially to the Class III-A-1, Class III-A-2 and Class III-A-3
      Certificates, in that order, until the Certificate Principal Balance of each
      such Class of Certificates has been reduced to zero; provided, however, on
      any
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Subordinate Certificates has been reduced to zero, all principal distributions
      will be distributed concurrently to each Class of the Group III Certificates
      pro
      rata
      based on
      the Certificate Principal Balance of each such Class.

     

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

     

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

     

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

     

    (iii)  to
      the
      Net WAC Rate Carryover Reserve Account, the amount of any Net WAC Rate Carryover
      Amounts on the Class A and Mezzanine Certificates for such Distribution
      Date;

     

    (iv)  to
      the
      Swap Provider, any Swap Termination Payments resulting from a Swap Provider
      Trigger Event;

     

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

     

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

     

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

     

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

     

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

     

    (i)  concurrently,
      to each Class of Class A Certificates, on a pro
      rata
      basis
      based on the related Net WAC Rate Carryover Amount for each such Class, the
      related Net WAC Rate Carryover Amount; and

     

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

     

    (f)  On
      or
      before each Distribution Date, Net Swap Payments (whether payable to the Swap
      Provider or to the Supplemental Interest Trust Trustee), any Swap Termination
      Payment owed to the Swap Provider not resulting from a Swap Provider Trigger
      Event pursuant to the Swap Agreement and any Swap Termination Payments owed
      to
      the Supplemental Interest Trust Trustee will be deposited by the Supplemental
      Interest Trust Trustee into the Swap Account. On each Distribution Date and
      prior to any distribution to any Certificate, the Swap Administrator shall
      withdraw and distribute from amounts on deposit in the Swap Account (other
      than
      amounts representing Swap Termination Payments received by the Supplemental
      Interest Trust Trustee) the following amounts:

     

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

     

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

     

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

     

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

     

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

     

    (iii)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to the difference
      between (x) the Overcollateralization Deficiency Amount, if any, and (y) the
      amount distributed pursuant to Section 4.01(d)(i) of this
      Agreement;

     

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

     

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

     

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

     

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

     

    (g)  [Reserved].

     

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

     

    (i)  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 Trustee, the Depositor, the Servicer or the Originator
      shall have any responsibility therefor except as otherwise provided by
      applicable law.

     

    (j)  Subsequent
      Recoveries.
      On each
      Distribution Date, following all distributions on the Certificates pursuant
      to
      Section 4.01, an amount equal to the amount of Subsequent Recoveries deposited
      into the Collection Account pursuant to Section 3.10 and included in the
      Available Funds for such Distribution Date will be applied to increase the
      Certificate Principal Balance of the Class of Certificates with the Highest
      Priority up to the extent of such Realized Losses previously allocated to that
      Class of Certificates pursuant to Section 4.08. An amount equal to the amount
      of
      any remaining Subsequent Recoveries will be applied to increase the Certificate
      Principal Balance of the Class of Certificates with the next Highest Priority,
      up to the amount of such Realized Losses previously allocated to that Class
      of
      Certificates pursuant to Section 4.08, and so on. Holders of such Certificates
      will not be entitled to any distribution in respect of interest on the amount
      of
      such increases for any Accrual Period preceding the Distribution Date on which
      such increase occurs. Any such increases shall be applied to the Certificate
      Principal Balance of each Certificate of such Class in accordance with its
      respective Percentage Interest. 

     

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

     

    
      	SECTION
              4.02.  	
              [Reserved].

            

    

     

    
      	SECTION
              4.03.  	
              Statements.

            

    

     

    (a)  On
      each
      Distribution Date, based, as applicable, on information provided to it by the
      Servicer, the Trustee shall prepare and make available to each Holder of the
      Regular Certificates, the Swap Provider, the Servicer and the Rating Agencies,
      a
      statement as to the distributions made on such Distribution Date (the “Monthly
      Statement”):

     

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

     

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

     

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

     

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

     

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

     

    (vi)  the
      aggregate amount of interest and scheduled principal received or advanced by
      the
      Servicer with respect to the related Due Period;

     

    (vii)  with
      respect to each Loan Group, the related group balance at the Close of Business
      at the end of the related Due Period;

     

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

     

    (ix)  the
      number and aggregate unpaid principal balance of Mortgage Loans (except those
      Mortgage Loans that are liquidated as of the end of the related Prepayment
      Period) that were (as determined using the OTS method) (A) Delinquent (exclusive
      of Mortgage Loans in bankruptcy or foreclosure and REO Properties) (1) 30 to
      59
      days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which foreclosure
      proceedings have been commenced and Delinquent (1) 30 to 59 days, (2) 60 to
      89
      days and (3) 90 or more days, (C) in bankruptcy and Delinquent (1) 30 to 59
      days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the Close
      of
      Business on the last day of the calendar month preceding such Distribution
      Date
      and (D) REO Properties;

     

    (x)  the
      Delinquency Percentage;

     

    (xi)  the
      total
      number and cumulative principal balance of all Liquidated Mortgage Loans as
      of
      the Close of Business of the last day of the preceding Prepayment Period, prior
      to the reduction of each principal balance to zero;

     

    (xii)  the
      total
      number and cumulative principal balance of all REO Properties as of the Close
      of
      Business of the last day of the preceding Prepayment Period;

     

    (xiii)  the
      aggregate amount of Principal Prepayments in full, the aggregate amount of
      Principal Prepayments in part and Net Liquidation Proceeds made during the
      related Prepayment Period;

     

    (xiv)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period and the cumulative amount of Realized Losses;

     

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

     

    (xvi)  the
      Certificate Principal Balance of each Class of Class A Certificates, each class
      of Mezzanine Certificates and the Class C Certificates, before and after giving
      effect to the distributions made on such Distribution Date;

     

    (xvii)  the
      Monthly Interest Distributable Amount in respect of each Class of Class A
      Certificates, each class of Mezzanine Certificates and the Class C Certificates
      for such Distribution Date and the Unpaid Interest Shortfall Amount, if any,
      with respect to the Class A Certificates, the Mezzanine Certificates and the
      Class C Certificates for such Distribution Date;

     

    (xviii)  the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to Section
      3.26;

     

    (xix)  the
      Senior Credit Enhancement Percentage for such Distribution Date;

     

    (xx)  the
      Net
      WAC Rate Carryover Amount for each class of Class A Certificates and each class
      of Mezzanine Certificates, if any, for such Distribution Date and the amount
      remaining unpaid after reimbursements therefor on such Distribution
      Date;

     

    (xxi)  the
      amount of any Net Swap Payments or Swap Termination Payments (a) due from the
      Trust and (b) due from the Swap Provider;

     

    (xxii)  whether
      the Stepdown Date or a Trigger Event is in effect;

     

    (xxiii)  the
      total
      cashflows received (including amounts received from the Supplemental Interest
      Trust Trustee under the Interest Rate Swap Agreement);

     

    (xxiv)  the
      respective Pass-Through Rates applicable to each Class of Class A Certificates,
      each Class of Mezzanine Certificates and the Class C Certificates for such
      Distribution Date and the Pass-Through Rate applicable to each Class of Class
      A
      Certificates and each class of Mezzanine Certificates for the immediately
      succeeding Distribution Date;

     

    (xxv)  the
      amount on deposit Net WAC Rate Carryover Reserve Account; and

     

    (xxvi)  the
      applicable Record Date, Accrual Period and Determination Date for calculating
      distributions for such Distribution Date.

     

    The
      Trustee will make such statement (and, at its option, any additional files
      containing the same information in an alternative format) available each month
      to Certificateholders, the NIMS Insurer, the Swap Provider and the Rating
      Agencies via the Trustee’s internet website. The Trustee’s internet website
      shall initially be located at “www.ctslink.com”. Assistance in using the website
      can be obtained by calling the Trustee’s customer service desk at (301)
      815-6600. Parties that are unable to use the above distribution option are
      entitled to have a paper copy mailed to them via first class mail by calling
      the
      customer service desk and indicating such. The Trustee shall have the right
      to
      change the way such statements are distributed in order to make such
      distribution more convenient and/or more accessible to the above parties and
      the
      Trustee shall provide timely and adequate notification to all above parties
      regarding any such changes. As a condition to access the Trustee’s internet
      website, the Trustee may require registration and the acceptance of a
      disclaimer. The Trustee will not be liable for the dissemination of information
      in accordance with this Agreement. The Trustee shall also be entitled to rely
      on
      but shall not be responsible for the content or accuracy of any information
      provided by third parties for purposes of preparing the distribution date
      statement and may affix thereto any disclaimer it deems appropriate in its
      reasonable discretion (without suggesting liability on the part of any other
      party thereto).

     

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

     

    In
      addition, the Trustee will report on Form 10-D any material breaches of
      representations and warranties regarding the Mortgage Loans to the extent known
      to the Trustee and if applicable, material modifications, extensions or waivers
      to Mortgage Loan terms, fees, penalties or payments during the preceding
      calendar month or that have become material over time.

     

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

     

    (b)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall, upon written request, furnish to the NIMS Insurer and 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) through (iii) above, aggregated for
      such
      calendar year or applicable portion thereof during which such Person was a
      Certificateholder. Such obligation of the Trustee shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      prepared and furnished by the Trustee to Certificateholders pursuant to any
      requirements of the Code as are in force from time to time.

     

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

     

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

     

    (e)  For
      each
      Distribution Date, through and including the Distribution Date in December
      2007,
      the Trustee shall calculate the Significance Percentage of the Interest Rate
      Swap Agreement. If on any such Distribution Date, the Significance Percentage
      is
      equal to or greater than 9%, the Trustee shall promptly notify the Depositor
      and
      the Depositor, on behalf of the Trustee, shall obtain the financial information
      required to be delivered by the Swap Provider pursuant to the terms of the
      Interest Rate Swap Agreement. If, on any succeeding Distribution Date through
      and including the Distribution Date in December 2007, the Significance
      Percentage is equal to or greater than 10%, the Trustee shall promptly notify
      the Depositor and the Depositor shall, within 5 Business Days of such
      Distribution Date, deliver to the Trustee the financial information provided
      to
      it by the Swap Provider for inclusion in the Form 10-D relating to such
      Distribution Date. If on any Distribution Date after December 2007, the
      Significance Percentage is greater than 10%, the Trustee shall include the
      Significance Percentage on the statement to Certificateholders for the related
      Distribution Date.

     

    
      	SECTION
              4.04.  	
              Remittance
                Reports; Advances.

            

    

     

    (a)  On
      the
      second Business Day following each Determination Date but in no event later
      than
      the earlier of (i) such date which would allow the indenture trustee to submit
      a
      claim to the NIMS Insurer under the Indenture so as to allow a timely payment
      by
      the NIMS Insurer under the insurance policy related to the notes insured by
      the
      NIMS Insurer and (ii) the 20th
      day of
      each month (or if such 20th
      day is
      not a Business Day, the preceding Business Day), the Servicer shall deliver
      to
      the Trustee by telecopy or electronic mail (or by such other means as the
      Servicer and the Trustee may agree from time to time) a Remittance Report in
      the
      form of Exhibit O hereto (or such form mutually agreed upon) with respect to
      the
      related Distribution Date. Not later than the 20th
      day of
      each month (or if such 20th
      day is
      not a Business Day, the preceding Business Day), the Servicer shall deliver
      or
      cause to be delivered to the Trustee in addition to the information provided
      on
      the Remittance Report, such other information reasonably available to it with
      respect to the Mortgage Loans as the Trustee may reasonably require to perform
      the calculations necessary to make the distributions contemplated by Section
      4.01 and to prepare the statements to Certificateholders contemplated by Section
      4.03. The Trustee shall not be responsible to recompute, recalculate or verify
      any information provided to it by the Servicer.

     

    (b)  The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section 4.04(d), the sum of (i) the aggregate amount of
      Monthly Payments (net of the related Servicing Fee), due during the related
      Due
      Period in respect of the Mortgage Loans, which Monthly Payments were delinquent
      on a contractual basis as of the Close of Business on the related Determination
      Date and (ii) with respect to each REO Property, which REO Property was acquired
      during or prior to the related Due Period and as to which REO Property an REO
      Disposition did not occur during the related Due Period, an amount equal to
      the
      excess, if any, of the REO Imputed Interest on such REO Property for the most
      recently ended calendar month, over the net income from such REO Property
      transferred to the Distribution Account pursuant to Section 3.23 for
      distribution on such Distribution Date. 

     

    (c)  On
      or
      before 1:00 p.m. New York time on the Servicer Remittance Date, the Servicer
      shall remit in immediately available funds to the Trustee for deposit in the
      Distribution Account an amount equal to the aggregate amount of Advances, if
      any, to be made in respect of the Mortgage Loans and REO Properties for the
      related Distribution Date either (i) from its own funds or (ii) from the
      Collection Account, to the extent of funds held therein for future distribution
      (in which case it will cause to be made an appropriate entry in the records
      of
      Collection Account that amounts held for future distribution have been, as
      permitted by this Section 4.04, used by the Servicer in discharge of any such
      Advance) or (iii) in the form of any combination of (i) and (ii) aggregating
      the
      total amount of Advances to be made by the Servicer with respect to the Mortgage
      Loans and REO Properties. Any amounts held for future distribution used by
      the
      Servicer to make an Advance as permitted in the preceding sentence or withdrawn
      by the Servicer as permitted in Section 3.11(a)(ii) in reimbursement of Advances
      previously made shall be appropriately reflected in the Servicer’s records and
      replaced by the Servicer by deposit in the Collection Account on or before
      any
      future Servicer Remittance Date to the extent that the Available Funds for
      the
      related Distribution Date (determined without regard to Advances to be made
      on
      the Servicer Remittance Date) shall be less than the total amount that would
      be
      distributed to the Classes of Certificateholders pursuant to Section 4.01 on
      such Distribution Date if such amounts held for future distributions had not
      been so used to make Advances or reimburse for previously made Advances. The
      Trustee will provide notice to the NIMS Insurer and the Servicer by telecopy
      by
      the Close of Business on any Servicer Remittance Date in the event that the
      amount remitted by the Servicer to the Trustee on such date is less than the
      Advances required to be made by the Servicer for the related Distribution Date,
      as set forth in the related Remittance Report.

     

    (d)  The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan, shall continue until the Mortgage Loan is paid
      in
      full or until the recovery of all Liquidation Proceeds thereon.

     

    (e)  Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance. The determination
      by the Servicer that it has made a Nonrecoverable Advance or that any proposed
      Advance or Servicing Advance, if made, would constitute a Nonrecoverable
      Advance, shall be evidenced by an Officers’ Certificate of the Servicer
      delivered to the NIMS Insurer, the Depositor and the Trustee.

     

    
      	SECTION
              4.05.  	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      a
      separate, segregated trust account titled, “Net WAC Rate Carryover Reserve
      Account, Wells Fargo Bank, N.A., as Trustee, in trust for registered Holders
      of
      Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series 2007-2”
which shall be an Eligible Account. 

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Class A Certificates and/or the Mezzanine Certificates, the Trustee
      has
      been directed by the Class C Certificateholders to, and therefore will, deposit
      into the Net WAC Rate Carryover Reserve Account the amounts described in Section
      4.01(d)(iv), rather than distributing such amounts to the Class C
      Certificateholders. On each such Distribution Date, the Trustee shall hold
      all
      such amounts for the benefit of the Holders of the Class A Certificates and
      the
      Mezzanine Certificates, and will distribute such amounts to the Holders of
      the
      Class A Certificates and/or the Mezzanine Certificates in the amounts and
      priorities set forth in Section 4.01(e).

     

    On
      or
      after any Distribution Date following the reduction of the aggregate Certificate
      Principal Balance of the Class A and Mezzanine Certificates to zero, any amounts
      remaining in the Net WAC Rate Carryover Reserve Account after the payment of
      any
      Net WAC Rate Carryover Amounts on the Class A Certificates and the Mezzanine
      Certificates for such Distribution Date, shall be distributed to the Class
      C
      Certificateholder or their designee.

     

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class C Certificates
      unless and until the date when either (a) there is more than one Class C
      Certificateholder or (b) any Class of Certificates in addition to the Class
      C
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
      be
      treated as a partnership; provided, that the Trustee shall not be required
      to
      prepare and file partnership tax returns in respect of such partnership unless
      it receives additional reasonable compensation (not to exceed $10,000 per year)
      for the preparation of such filings, written notification recognizing the
      creation of a partnership agreement or comparable documentation evidencing
      the
      partnership, if any. The Net WAC Rate Carryover Reserve Account will be an
      “outside reserve fund” within the meaning of Treasury Regulation Section
      1.860G-2(h). All amounts deposited into the Net WAC Rate Carryover Reserve
      Account shall be treated as amounts distributed by REMIC 3 to the Holder of
      the
      Class C Interest and by REMIC 4 to the Holders of the Class C Certificates.
      Upon
      the termination of the Trust, or the payment in full of the Class A Certificates
      and the Mezzanine Certificates, all amounts remaining on deposit in the Net
      WAC
      Rate Carryover Reserve Account will be released by the Trust and distributed
      to
      the Class C Certificateholders or their designees. The Net WAC Rate Carryover
      Reserve Account will be part of the Trust but not part of any REMIC and any
      payments to the Holders of the Class A Certificates or the Mezzanine
      Certificates of Net WAC Rate Carryover Amounts will not be payments with respect
      to a “regular interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

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

     

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

     

    For
      federal tax return and information reporting, the value of the right of the
      Holders of the Class A and the Mezzanine Certificates to receive payments from
      the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate
      Carryover Amount shall be de
      minimis.

     

    
      	SECTION
              4.06.  	
              Distributions
                on the REMIC Regular Interests.

            

    

     

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

     

    (i)  to
      Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest
      I-1-A
      through I-68-B, pro rata, in an amount equal to (A) Uncertificated Accrued
      Interest for such REMIC 1 Regular Interests for such Distribution Date, plus
      (B)
      any amounts payable in respect thereof remaining unpaid from previous
      Distribution Dates;

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, payments of principal shall be allocated as follows: first, to REMIC
      1
      Regular Interest I in an amount equal to the aggregate principal distributions
      made on the Certificates other than the Class A Certificates, the Mezzanine
      Certificates and the Class P Certificates until the Uncertificated Principal
      Balance of REMIC 1 Regular Interest I has been reduced to zero and second,
      to
      REMIC 1 Regular Interest I-1-A through I-68-B, starting with the lowest
      numerical denomination until each such REMIC 1 Regular Interest has been reduced
      to zero, provided that, for REMIC 1 Regular Interests with the same numerical
      denomination, such distributions shall be allocated pro rata between such REMIC
      1 Regular Interests; and

     

    (iii)  to
      the
      Holders of REMIC 1 Regular Interest I-68-A and REMIC 1 Regular Interest I-68-B,
      pro
      rata,
      on each
      Distribution Date, 100% of the amount paid in respect of Prepayment
      Charges.

     

    (b)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 2 to REMIC 3 on account of
      the
      REMIC 2 Regular Interests or withdrawn from the Distribution Account and
      distributed to the Holders of the Class R Certificates (in respect of the Class
      R-2 Interest), as the case may be: 

     

    (i)  to
      the
      Holders of REMIC 2 Regular Interest LTIO, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates;

     

    (ii)  first,
      to
      Holders of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTIA1, REMIC
      2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIIA1, REMIC 2 Regular
      Interest LTIIIA2, REMIC 2 Regular Interest LTIIIA3, REMIC 2 Regular Interest
      LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2
      Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest
      LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2
      Regular Interest LTM9, REMIC 2 Regular Interest LTZZ and REMIC 2 Regular
      Interest LTP, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Accrued Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates. Amounts payable as Uncertificated Accrued Interest in
      respect of REMIC 2 Regular Interest LTZZ shall be reduced and deferred when
      the
      REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization
      Target Amount, by the lesser of (x) the amount of such difference and (y) the
      Maximum LTZZ Uncertificated Interest Deferral Amount and such amount shall
      be
      payable to the Holders of REMIC 2 Regular Interest LTIA1, REMIC 2 Regular
      Interest LTIIA1, REMIC 2 Regular Interest LTIIIA1, REMIC 2 Regular Interest
      LTIIIA2, REMIC 2 Regular Interest LTIIIA3, REMIC 2 Regular Interest LTM1, REMIC
      2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest
      LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2
      Regular Interest LTM7, REMIC 2 Regular Interest LTM8 and REMIC 2 Regular
      Interest LTM9 in the same proportion as the Overcollateralization Increase
      Amount is allocated to the Corresponding Certificates and the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTZZ shall be increased by such
      amount;

     

    (iii)  to
      the
      Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of
      the
      Available Funds for such Distribution Date after the distributions made pursuant
      to clause (i) above, allocated as follows:

     

    (a) 98.00%
      of
      such remainder (other than amounts payable under clause (c) below), to the
      Holders of REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP,
      until
      the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced
      to zero, provided, however, that REMIC 2 Regular Interest LTP shall not be
      reduced until the Distribution Date immediately following the expiration of
      the
      latest Prepayment Charge as identified on the Prepayment Charge Schedule or
      any
      Distribution Date thereafter, at which point such amount shall be distributed
      to
      REMIC 2 Regular Interest LTP, until $100 has been distributed pursuant to this
      clause;

     

    (b) 2.00%
      of
      such remainder (other than amounts payable under clause (c) below), first,
      to
      the Holders of REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1,
      REMIC 2 Regular Interest LTIIIA1, REMIC 2 Regular Interest LTIIIA2, REMIC 2
      Regular Interest LTIIIA3, REMIC 2 Regular Interest LTM1, REMIC 2 Regular
      Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4,
      REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular
      Interest LTM7, REMIC 2 Regular Interest LTM8 and REMIC 2 Regular Interest LTM9,
      1.00% of and, in the same proportion as principal payments are allocated to
      the
      Corresponding Certificates, until the Uncertificated Principal Balances of
      such
      REMIC 2 Regular Interests are reduced to zero and second, to the Holders of
      REMIC 2 Regular Interest LTZZ, 1.00% of such remainder, until the Uncertificated
      Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
      and

     

    (c) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-2 Interest);

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Reduction Amount shall be allocated
      to
      Holders of (i) REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP,
      in that order and (ii) REMIC 2 Regular Interest LTZZ, respectively; provided
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this clause;
      and

     

    (iv)  Notwithstanding
      the distributions described in this Section 4.07, distribution of funds shall
      be
      made only in accordance with Section 4.01.

     

    On
      each
      Distribution Date, 100% of the amounts distributed on REMIC 2 Regular Interest
      LTIO shall be deemed distributed by REMIC 2 to REMIC 3 in respect of the Class
      SWAP-IO Interest. Such amounts shall be deemed distributed by REMIC 3 to REMIC
      6
      in respect of REMIC 6 Regular Interest SWAP-IO. Such amounts shall be deemed
      distributed by REMIC 6 to the Swap Administrator for deposit into the Swap
      Account. 

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period will be distributed
      by REMIC 2 to the Holders of REMIC 2 Regular Interest LTP. The payment of the
      foregoing amounts to the Holders of REMIC 2 Regular Interest LTP shall not
      reduce the Uncertificated Principal Balance thereof.

     

    
      	SECTION
              4.07.  	
              Allocation
                of Realized Losses.

            

    

     

    (a)  All
      Realized Losses on the Mortgage Loans allocated to any Regular Certificate
      shall
      be allocated by the Trustee on each Distribution Date as follows: first, as
      provided in Section 1.03, to the interest accrued on the Class C Certificates
      after the allocation thereto of certain interest shortfalls as provided in
      Section 1.03; second, to the Class C Certificates (determined for purposes
      of
      this Section 4.07 as the amount by which (A) the aggregate Uncertificated
      Principal Balance of the REMIC 1 Regular Interests immediately preceding such
      Distribution Date exceeds (B) the aggregate Certificate Principal Balance of
      the
      Class A Certificates, the Mezzanine Certificates and the Class P Certificates
      immediately preceding such Distribution Date), until the Certificate Principal
      Balance thereof has been reduced to zero; third, to the Class M-9 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero;
      fourth, to the Class M-8 Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; fifth, to the Class M-7 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero; sixth,
      to
      the Class M-6 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; seventh, to the Class M-5 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eighth, to
      the
      Class M-4 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; ninth,
      to
      the Class M-3 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero;
      tenth,
      to the Class M-2 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero; and eleventh, to the Class M-1 Certificates, until
      the
      Certificate Principal Balance thereof has been reduced to zero. All Realized
      Losses to be allocated to the Certificate Principal Balances of all Classes
      on
      any Distribution Date shall be so allocated after the actual distributions
      to be
      made on such date as provided above. All references above to the Certificate
      Principal Balance of any Class of Certificates shall be to the Certificate
      Principal Balance of such Class immediately prior to the relevant Distribution
      Date, before reduction thereof by any Realized Losses, in each case to be
      allocated to such Class of Certificates, on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class C Certificate
      shall be made by reducing the amount otherwise payable in respect thereof
      pursuant to Section 4.01(d)(v). No allocations of any Realized Losses shall
      be
      made to the Certificate Principal Balances of the Class A Certificates or the
      Class P Certificates.

     

    (b)  All
      Realized Losses on the Mortgage Loans shall be deemed to have been allocated
      first, to REMIC 2 Regular Interest I in an amount equal to the aggregate
      Realized Losses allocated to the Certificates other than the Class A
      Certificates and the Mezzanine Certificates until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest I has been reduced to zero and second,
      to
      REMIC 2 Regular Interest I-1-A through I-68-B, starting with the lowest
      numerical denomination until each such REMIC 1 Regular Interest has been reduced
      to zero, provided that, for REMIC 1 Regular Interests with the same numerical
      denomination, such Realized Losses shall be allocated pro rata between such
      REMIC 1 Regular Interests.

     

    (b)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date to the following REMIC 2 Regular Interests in the specified
      percentages, as follows: first, to Uncertificated Accrued Interest payable
      to
      the REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an
      aggregate amount equal to the REMIC 2 Interest Loss Allocation Amount, 98%
      and
      2%, respectively; second, to the Uncertificated Principal Balances of the REMIC
      2 Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an aggregate
      amount equal to the REMIC 2 Principal Loss Allocation Amount, 98% and 2%,
      respectively; third, to the Uncertificated Principal Balances of REMIC 2 Regular
      Interest LTAA, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular Interest LTZZ,
      98%, 1.00%, and 1%, respectively, until the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LTM9 has been reduced to zero; fourth, to the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTM8 and REMIC 2 Regular Interest LTZZ, 98%, 1.00%, and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM8 has been reduced to zero; fifth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM7 and
      REMIC 2 Regular Interest LTZZ, 98%, 1.00%, and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM7 has been
      reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM6 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM6 has been reduced to zero; seventh,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC
      2
      Regular Interest LTM5 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM5 has been reduced to zero; eighth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM4 and
      REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM4 has been
      reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM3 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM3 has been reduced to zero; tenth, to
      the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTM2 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM2 has been reduced to zero and eleventh, to the Uncertificated
      Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest
      LTM1 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM1 has been
      reduced to zero.

     

    
      	SECTION
              4.08.  	
              Swap
                Account.

            

    

     

    (a)  On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit: (i) the Interest Rate
      Swap Agreement and (ii) the Swap Administration Agreement. The Supplemental
      Interest Trust shall be maintained by the Supplemental Interest Trust Trustee.
      No later than the Closing Date, the Supplemental Interest Trust Trustee shall
      establish and maintain a separate, segregated trust account to be held in the
      Supplemental Interest Trust, titled, “Swap Account, Wells Fargo Bank, N.A., as
      Supplemental Interest Trust Trustee, in trust for the Swap Provider and the
      registered holders of Option
      One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
      2007-2.”
Such
      account shall be an Eligible Account and funds on deposit therein shall be
      held
      separate and apart from, and shall not be commingled with, any other moneys,
      including, without limitation, other moneys of the Trustee, in its capacity
      as
      Supplemental Interest Trust Trustee, held pursuant to this Agreement. Amounts
      therein shall be held uninvested.

     

    (b)  On
      each
      Distribution Date, prior to any distribution to any Certificate, the Trustee
      shall deliver to the Supplemental Interest Trust Trustee for deposit into the
      Swap Account: (i) the amount of any Net Swap Payment or Swap Termination Payment
      (other than any Swap Termination Payment resulting from a Swap Provider Trigger
      Event) owed to the Swap Provider (after taking into account any upfront payment
      received from the counterparty to a replacement swap agreement) from funds
      collected and received with respect to the Mortgage Loans prior to the
      determination of Available Funds and (ii) amounts received by the Trustee from
      the Swap Administrator, for distribution in accordance with Section 4.01(f),
      pursuant to the Swap Administration Agreement, dated as of the Closing Date
      (the
“Swap Administration Agreement”), among Wells Fargo Bank, N.A. in its capacity
      as Supplemental Interest Trustee, Trustee and Swap Administrator and Option
      One
      Mortgage Corporation (in substantially the form attached hereto as Exhibit
      N).
      For federal income tax purposes, any amounts paid to the Swap Provider on each
      Distribution Date shall first be deemed paid to the Swap Provider in respect
      of
      the Class SWAP-IO Interest to the extent of the amount distributable on such
      Class SWAP-IO Interest on such Distribution Date, and any remaining amount
      shall
      be deemed paid to the Swap Provider in respect of a Class IO Distribution Amount
      (as defined below).

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the Holder of the Class C Certificates unless and until
      the date when either (a) there is more than one Class C Certificateholder or
      (b)
      any Class of Certificates in addition to the Class C Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes, in which case it is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Supplemental Interest Trust be treated as a partnership; provided,
      that the Trustee shall not be required to prepare and file partnership tax
      returns in respect of such partnership unless it receives additional reasonable
      compensation (not to exceed $10,000 per year) for the preparation of such
      filings, written notification recognizing the creation of a partnership
      agreement or comparable documentation evidencing the partnership, if any. The
      Supplemental Interest Trust will be an “outside reserve fund” within the meaning
      of Treasury Regulation Section 1.860G-2(h). 

     

    (d)  To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Supplemental Interest Trust Trustee, any obligation of the
      Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
      shall
      be deemed to be an obligation of the Supplemental Interest Trust.

     

    (e)  The
      Trustee shall treat the Holders of Certificates (other than the Class P, Class
      C, Class R and Class R-X Certificates) as having entered into a notional
      principal contract with respect to the Holders of the Class C Certificates.
      Pursuant to each such notional principal contract, all Holders of Certificates
      (other than the Class P, Class C, Class R and Class R-X Certificates) shall
      be
      treated as having agreed to pay, on each Distribution Date, to the Holder of
      the
      Class C Certificates an aggregate amount equal to the excess, if any, of (i)
      the
      amount payable on such Distribution Date on the REMIC 3 Regular Interest
      corresponding to such Class of Certificates over (ii) the amount payable on
      such
      Class of Certificates on such Distribution Date (such excess, a “Class IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro
      rata
      among
      such Certificates based on the amount of interest otherwise payable to such
      Certificates, and a Class IO Distribution Amount payable from principal
      collections shall be allocated to the most subordinate Class of Certificates
      with an outstanding principal balance to the extent of such balance. In
      addition, pursuant to such notional principal contract, the Holder of the Class
      C Certificates shall be treated as having agreed to pay Net WAC Rate Carryover
      Amounts to the Holders of the Certificates (other than the Class C, Class P,
      Class R and Class R-X Certificates) in accordance with the terms of this
      Agreement. Any payments to the Certificates from amounts deemed received in
      respect of this notional principal contract shall not be payments with respect
      to a Regular Interest in a REMIC within the meaning of Code Section 860G(a)(1).
      However, any payment from the Certificates (other than the Class C, Class P,
      Class R and Class R-X Certificates) of a Class IO Distribution Amount shall
      be
      treated for tax purposes as having been received by the Holders of such
      Certificates in respect of their interests in REMIC 3 and as having been paid
      by
      such Holders to the Swap Administrator pursuant to the notional principal
      contract. Thus, each Certificate (other than the Class P, Class R and Class
      R-X
      Certificates) shall be treated as representing not only ownership of Regular
      Interests in REMIC 3, but also ownership of an interest in, and obligations
      with
      respect to, a notional principal contract.

     

    
      	SECTION
              4.09.  	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments

            

    

     

    For
      federal income tax purposes, each holder of a Class A or Mezzanine Certificate
      is deemed to own an undivided beneficial ownership interest in a REMIC regular
      interest and the right to receive payments from either the Basis Risk Shortfall
      Reserve Fund or the Supplemental Interest Trust in respect of any Basis Risk
      Shortfall Carry-Forward Amounts or the obligation to make payments to the
      Supplemental Interest Trust. For federal income tax purposes, the Trustee will
      account for payments to each Class A and Mezzanine Certificates as follows:
      each
      Class A and Mezzanine Certificate will be treated as receiving their entire
      payment from REMIC 3 (regardless of any Swap Termination Payment or obligation
      under the Swap Agreement) and subsequently paying their portion of any Swap
      Termination Payment in respect of each such Class’ obligation under the Swap
      Agreement. In the event that any such Class is resecuritized in a REMIC, the
      obligation under the Swap Agreement to pay any such Swap Termination Payment
      (or
      any shortfall in Swap Provider Fee), will be made by one or more of the REMIC
      Regular Interests issued by the resecuritization REMIC subsequent to such REMIC
      Regular Interest receiving its full payment from any such Class A or Mezzanine
      Certificate. Resecuritization of any Class A or Mezzanine Certificate in a
      REMIC
      will be permissible only if the Trustee hereunder is the trustee in such
      resecuritization.

     

    The
      REMIC
      regular interest corresponding to a Class A or Mezzanine Certificate will be
      entitled to receive interest and principal payments at the times and in the
      amounts equal to those made on the certificate to which it corresponds, except
      that (i) the maximum interest rate of that REMIC regular interest will equal
      the
      Net WAC Rate computed for this purpose by limiting the Notional Amount of the
      Swap Agreement to the aggregate Principal Balance of the Mortgage Loans and
      (ii)
      any Swap Termination Payment will be treated as being payable solely from Net
      Monthly Excess Cashflow. As a result of the foregoing, the amount of
      distributions and taxable income on the REMIC regular interest corresponding
      to
      a Class A or Mezzanine Certificate may exceed the actual amount of distributions
      on the Class A or Mezzanine Certificate.

     

    
      	SECTION
              4.10.  	
              [Reserved].

            

    

     

    
      	SECTION
              4.11.  	
              Collateral
                Account

            

    

     

    The
      Trustee (in its capacity as Supplemental Interest Trust Trustee) is hereby
      directed to perform the obligations of the Custodian as defined under the Swap
      Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the
      Swap Custodian shall establish a Swap Collateral Account. The Swap Collateral
      Account shall be held in the name of the Swap Custodian in trust for the benefit
      of the Certificateholders. The Swap Collateral Account must be an Eligible
      Account and shall be titled “Swap Collateral Account, Wells Fargo Bank, N.A., as
      Swap Custodian for registered Certificateholders of Option One Mortgage Loan
      Trust 2007-2, Asset-Backed Certificates, Series 2007-2.”

     

    The
      Swap
      Custodian shall credit to Swap Collateral Account all collateral (whether in
      the
      form of cash or securities) posted by the Swap Provider to secure the
      obligations of the Swap Provider in accordance with the terms of the Interest
      Rate Swap Agreement. Except for investment earnings, the Swap Provider shall
      not
      have any legal, equitable or beneficial interest in the Swap Collateral Account
      other than in accordance with this Agreement, the Interest Rate Swap Agreement
      and applicable law. The Swap Custodian shall maintain and apply all collateral
      and earnings thereon on deposit in the Swap Collateral Account in accordance
      with Swap Credit Support Annex.

     

    Cash
      collateral posted by the Swap Provider in accordance with the Swap Credit
      Support Annex shall be invested at the direction of the Swap Provider in
      Permitted Investments in accordance with the requirements of the Swap Credit
      Support Annex. All amounts earned on amounts on deposit in the Swap Collateral
      Account (whether cash collateral or securities) shall be for the account of
      and
      taxable to the Swap Provider. If no investment direction is provided, such
      amounts shall remain uninvested.

     

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Interest Rate Swap Agreement) with respect to the Swap Provider or upon
      occurrence or designation of an Early Termination Date (as defined in the
      Interest Rate Swap Agreement) as a result of any such Event of Default or
      Specified Condition with respect to the Swap Provider, and, in either such
      case,
      unless the Swap Provider has paid in full all of its Obligations (as defined
      in
      the Swap Credit Support Annex) that are then due, then any collateral posted
      by
      the Swap Provider in accordance with the Swap Credit Support Annex shall be
      applied to the payment of any Obligations due to Party B (as defined in the
      Interest Rate Swap Agreement) in accordance with the Swap Credit Support Annex.
      Any excess amounts held in such Swap Collateral Account after payment of all
      amounts owing to Party B under the Interest Rate Swap Agreement shall be
      withdrawn from the Swap Collateral Account and paid to the Swap Provider in
      accordance with the Swap Credit Support Annex. 

     

    
      	SECTION
              4.12.  	
              Rights
                and Obligations Under the Interest Rate Swap
                Agreement.

            

    

     

    In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Interest Rate Swap Agreement (including, without limitation, its obligation
      to
      make any payment or transfer collateral), or breaches any of its representations
      and warranties thereunder, or in the event that any Event of Default,
      Termination Event, or Additional Termination Event (each as defined in the
      Interest Rate Swap Agreement) occurs with respect to the Interest Rate Swap
      Agreement, the Trustee (in its capacity as Supplemental Interest Trust Trustee)
      shall, promptly following actual notice of such failure, breach or event, notify
      the Depositor and send any notices and make any demands, on behalf of the
      Supplemental Interest Trust, required to enforce the rights of the Supplemental
      Interest Trust under the Interest Rate Swap Agreement.

     

    In
      the
      event that the Swap Provider’s obligations are guaranteed by a third party under
      a guaranty relating to the Interest Rate Swap Agreement (such guaranty the
      “Guaranty” and such third party the “Guarantor”), then to the extent that the
      Swap Provider fails to make any payment by the close of business on the day
      it
      is required to make payment under the terms of the Interest Rate Swap Agreement,
      the Trustee (in its capacity as Supplemental Interest Trust Trustee) shall,
      promptly following actual notice of the Swap Provider’s failure to pay, demand
      that the Guarantor make any and all payments then required to be made by the
      Guarantor pursuant to such Guaranty; provided, that the Trustee (in its capacity
      as Supplemental Interest Trust Trustee) shall in no event be liable for any
      failure or delay in the performance by the Swap Provider or any Guarantor of
      its
      obligations hereunder or pursuant to the Interest Rate Swap Agreement and the
      Guaranty, nor for any special, indirect or consequential loss or damage of
      any
      kind whatsoever (including but not limited to lost profits) in connection
      therewith.

     

    Upon
      an
      early termination of the Interest Rate Swap Agreement other than in connection
      with the optional termination of the Trust, the Trustee (in its capacity as
      Supplemental Interest Trust Trustee), at the direction of the Depositor, will
      use reasonable efforts to appoint a successor swap provider to enter into a
      new
      interest rate swap agreement on terms substantially similar to the Interest
      Rate
      Swap Agreement, with a successor swap provider meeting all applicable
      eligibility requirements. If the Trustee (in its capacity as Supplemental
      Interest Trust Trustee) receives a termination payment from the Swap Provider
      in
      connection with such early termination, the Trustee (in its capacity as
      Supplemental Interest Trust Trustee) will apply such termination payment to
      any
      upfront payment required to appoint the successor swap provider. If the Trustee
      (in its capacity as Supplemental Interest Trust Trustee) is required to pay
      a
      termination payment to the Swap Provider in connection with such early
      termination, the Trustee (in its capacity as Supplemental Interest Trust
      Trustee) will apply any upfront payment received from the successor swap
      provider to pay such termination payment.

     

    If
      the
      Trustee (in its capacity as Supplemental Interest Trust Trustee) is unable
      to
      appoint a successor swap provider within 30 days of the early termination,
      then
      the Trustee (in its capacity as Supplemental Interest Trust Trustee) will
      deposit any termination payment received from the original Swap Provider into
      a
      separate, non-interest bearing reserve account and will, on each subsequent
      Distribution Date, withdraw from the amount then remaining on deposit in such
      reserve account an amount equal to the Net Swap Payment, if any, that would
      have
      been paid to the Trustee (in its capacity as Supplemental Interest Trust
      Trustee) by the original Swap Provider calculated in accordance with the terms
      of the original Interest Rate Swap Agreement, and distribute such amount in
      accordance with the terms of Section 4.01(f).

     

    Upon
      an
      early termination of the Interest Rate Swap Agreement in connection with the
      optional termination of the Trust, if the Trustee (in its capacity as
      Supplemental Interest Trust Trustee) receives a termination payment from the
      Swap Provider, such termination payment will be distributed in accordance with
      Section 4.01(f).

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      	SECTION
              5.01.  	
              The
                Certificates.

            

    

     

    Each
      of
      the Class A Certificates, the Mezzanine Certificates, the Class P Certificates,
      the Class C Certificates and the Residual Certificates shall be substantially
      in
      the forms annexed hereto as exhibits, and shall, on original issue, be executed,
      authenticated and delivered by the Trustee to or upon the order of the Depositor
      concurrently with the sale and assignment to the Trustee of the Trust Fund.
      The
      Class A Certificates and the Mezzanine Certificates shall be initially evidenced
      by one or more Certificates representing a Percentage Interest with a minimum
      dollar denomination of $25,000 and integral dollar multiples of $1.00 in excess
      thereof, except that one Certificate of each such Class of Certificates may
      be
      in a different denomination so that the sum of the denominations of all
      outstanding Certificates of such Class shall equal the Certificate Principal
      Balance or Notional Amount of such Class on the Closing Date. The Class P
      Certificates, the Class C Certificates and the Residual Certificates are
      issuable in any Percentage Interests; provided,
      however,
      that
      the sum of all such percentages for each such Class totals 100% and no more
      than
      ten Certificates of each Class may be issued and outstanding at any one
      time.

     

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer. Certificates
      bearing the manual or facsimile signatures of individuals who were, at the
      time
      when such signatures were affixed, authorized to sign on behalf of the Trustee
      shall bind the Trust, notwithstanding that such individuals or any of them
      have
      ceased to be so authorized prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificate.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless such Certificate shall have been manually authenticated
      by the Trustee substantially in the form provided for herein, and such
      authentication upon any Certificate shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their authentication.
      Subject to Section 5.02(c), the Class A Certificates and the Mezzanine
      Certificates shall be Book-Entry Certificates. The other Classes of Certificates
      shall not be Book-Entry Certificates.

     

    
      	SECTION
              5.02.  	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

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

     

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph and, in the case of a Residual Certificate, upon
      satisfaction of the conditions set forth below, the Trustee on behalf of the
      Trust shall execute, authenticate and deliver, in the name of the designated
      transferee or transferees, one or more new Certificates of the same aggregate
      Percentage Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Trustee shall execute on behalf of the Trust and authenticate and deliver the
      Certificates which the Certificateholder making the exchange is entitled to
      receive. Every Certificate presented or surrendered for registration of transfer
      or exchange shall (if so required by the Trustee or the Certificate Registrar)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      satisfactory to the Trustee and the Certificate Registrar duly executed by,
      the
      Holder thereof or his attorney duly authorized in writing. In addition, (i)
      with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for three separate
      certificates, each representing such holder’s respective Percentage Interest in
      the Class R-1 Interest, the Class R-2 Interest and the Class R-3 Interest,
      respectively, in each case that was evidenced by the Class R Certificate being
      exchanged and (ii) with respect to each Class R-X Certificate, the holder
      thereof may exchange, in the manner described above, such Class R-X Certificate
      for three separate certificates, each representing such holder’s respective
      Percentage Interest in the Class R-4 Interest, the Class R-5 Interest and the
      Class R-6 Interest, respectively, in each case that was evidenced by the Class
      R-X Certificate being exchanged.

     

    (b)  Except
      as
      provided in paragraph (c) below, the Book-Entry Certificates shall at all times
      remain registered in the name of the Depository or its nominee and at all times:
      (i) registration of such Certificates may not be transferred by the Trustee
      except to another Depository; (ii) the Depository shall maintain book-entry
      records with respect to the Certificate Owners and with respect to ownership
      and
      transfers of such Certificates; (iii) ownership and transfers of registration
      of
      such Certificates on the books of the Depository shall be governed by applicable
      rules established by the Depository; (iv) the Depository may collect its usual
      and customary fees, charges and expenses from its Depository Participants;
      (v)
      the Trustee 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 may rely and shall
      be
      fully protected in relying upon information furnished by the Depository with
      respect to its Depository Participants and furnished by the Depository
      Participants with respect to indirect participating firms and Persons shown
      on
      the books of such indirect participating firms as direct or indirect Certificate
      Owners; and (vii) the direct participants of the Depository shall have no rights
      under this Agreement under or with respect to any of the Certificates held
      on
      their behalf by the Depository, and the Depository may be treated by the Trustee
      and its agents, employees, officers and directors as the absolute owner of
      the
      Certificates for all purposes whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute a Letter of Representations with the Depository or take such other
      action as may be necessary or desirable to register a Book-Entry Certificate
      to
      the Depository. In the event of any conflict between the terms of any such
      Letter of Representation and this Agreement, the terms of this Agreement shall
      control.

     

    (c)  If
      (i)(x)
      the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Trustee or the Depositor is unable
      to
      locate a qualified successor or (ii) after the occurrence of a Servicer Event
      of
      Termination, the Certificate Owners of the Book-Entry Certificates representing
      Percentage Interests of such Classes aggregating not less than 51% advise the
      Trustee and Depository through the Financial Intermediaries and the Depository
      Participants in writing that the continuation of a book-entry system through
      the
      Depository to the exclusion of definitive, fully registered certificates (the
      “Definitive Certificates”) to Certificate Owners is no longer in the best
      interests of the Certificate Owners. Upon surrender to the Certificate Registrar
      of the Book-Entry Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration, the Trustee shall, at the
      Depositor’s expense, in the case of (ii) above, or the Servicer’s expense, in
      the case of (i) above, execute on behalf of the Trust and authenticate the
      Definitive Certificates. Neither the Depositor nor the Trustee shall be liable
      for any delay in delivery of such instructions and may conclusively rely on,
      and
      shall be protected in relying on, such instructions. Upon the issuance of
      Definitive Certificates, the Trustee, the Certificate Registrar, the Servicer,
      any Paying Agent and the Depositor shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

     

    (d)  No
      transfer, sale, pledge or other disposition of any Class C, Class P or Residual
      Certificate (the “Private Certificates”) shall be made unless such disposition
      is exempt from the registration requirements of the Securities Act of 1933,
      as
      amended (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and laws. In the event of any such transfer (other
      than in connection with (i) the initial transfer of any such Certificate by
      the
      Depositor to an Affiliate of the Depositor or, in the case of the Class R-X
      Certificates, the first transfer by an Affiliate of the Depositor, (ii) the
      transfer of any such Class C, Class P or Residual Certificate to the issuer
      under the Indenture or the indenture trustee under the Indenture or (iii) a
      transfer of any such Class C, Class P or Residual Certificate from the issuer
      under the Indenture or the indenture trustee under the Indenture to the
      Depositor or an Affiliate of the Depositor), the Trustee and the Certificate
      Registrar shall each require receipt of: (I)(i) if such transfer is purportedly
      being made in reliance upon Rule 144A (as evidenced by the investment letter
      delivered to the Trustee, in substantially the form attached hereto as Exhibit
      J) under the 1933 Act and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      (which Opinion of Counsel shall not be an expense of the Depositor, the Trustee,
      the Servicer, in its capacity as such, or the Trust Fund), together with copies
      of the written certification(s) of the Certificateholder desiring to effect
      the
      transfer and/or such Certificateholder’s prospective transferee upon which such
      Opinion of Counsel is based, if any; or (II) the Trustee shall require the
      transferor to execute a transferor certificate (in substantially the form
      attached hereto as Exhibit L) and the transferee to execute an investment letter
      (in substantially the form attached hereto as Exhibit J) acceptable to and
      in
      form and substance reasonably satisfactory to the Depositor and the Trustee
      certifying to the Depositor and the Trustee the facts surrounding such transfer,
      which investment letter shall not be an expense of the Trustee or the Depositor.
      The Holder of a Class C Certificate, Class P Certificate or Residual Certificate
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    Notwithstanding
      the foregoing, in the event of any such transfer of any Ownership Interest
      in
      any Private Certificate that is a Book-Entry Certificate, except with respect
      to
      the initial transfer of any such Ownership Interest by the Depositor, such
      transfer shall be required to be made in reliance upon Rule 144A under the
      1933
      Act, and the transferor will be deemed to have made each of the transferor
      representations and warranties set forth Exhibit L hereto in respect of such
      interest as if it was evidenced by a Definitive Certificate and the transferee
      will be deemed to have made each of the transferee representations and
      warranties set forth Exhibit J hereto in respect of such interest as if it
      was
      evidenced by a Definitive Certificate. The Certificate Owner of any such
      Ownership Interest in any such Book-Entry Certificate desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trustee and the
      Depositor against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of a Residual, Class C or Class P Certificate or any interest therein
      shall be made to any Plan, any Person acting, directly or indirectly, on behalf
      of any such Plan or any Person acquiring such Certificates with “Plan Assets” of
      a Plan within the meaning of the Department of Labor regulation promulgated
      at
      29 C.F.R. § 2510.3-101 (“Plan Assets”), as certified by such transferee in the
      form of Exhibit K or M, unless the Trustee is provided with an Opinion of
      Counsel for the benefit of the Trust Fund, the Depositor, the Trustee and the
      Servicer and on which they may rely, which shall be to the effect that the
      purchase and holding of such Certificates is permissible under applicable law,
      shall not constitute or result in any non-exempt prohibited transaction under
      ERISA or Section 4975 of the Code and shall not subject the Depositor, the
      Servicer, the Trustee or the Trust Fund to any obligation or liability
      (including obligations or liabilities under ERISA or Section 4975 of the Code)
      in addition to those undertaken in this Agreement, which Opinion of Counsel
      shall not be an expense of the Depositor, the Servicer, the NIMS Insurer, the
      Trustee or the Trust Fund. Any transferee of such Book-Entry Certificate which
      does not provide such an Opinion of Counsel shall be deemed to represent that
      it
      is not a Plan or acquiring such Certificates with Plan Assets. Neither an
      Opinion of Counsel nor any certification shall be required in connection with
      (i) the initial transfer of any such Certificate by the Depositor to an
      affiliate of the Depositor or, in the case of the Class R-X Certificates, the
      first transfer by an Affiliate of the Depositor, (ii) the transfer of any Class
      C, Class P or Residual Certificate to the issuer under the Indenture or the
      indenture trustee under the Indenture or (iii) a transfer of any Class C, Class
      P or Residual Certificate from the issuer under the Indenture or the indenture
      trustee under the Indenture to the Depositor or an Affiliate of the Depositor
      (in which case, the Depositor or any Affiliate thereof shall have deemed to
      have
      represented that it is not purchasing with Plan Assets) and the Trustee shall
      be
      entitled to conclusively rely upon a representation (which, upon the request
      of
      the Trustee, shall be a written representation) from the Depositor of the status
      of such transferee as an affiliate of the Depositor.

     

    For
      so
      long as the Supplemental Interest Trust is in existence, each beneficial owner
      of a Class A Certificate or a Mezzanine Certificate or any interest therein
      shall be deemed to have represented, by virtue of its acquisition or holding
      of
      the Offered Certificate, or interest therein, that either (i) it is not a Plan
      or (ii) (A) it is an accredited investor within the meaning of Prohibited
      Transaction Exemption 2002-41, as amended from time to time (the “Exemption”),
      and (B) the acquisition and holding of such Certificate and the separate right
      to receive payments from the Supplemental Interest Trust are eligible for the
      exemptive relief available under Prohibited Transaction Class Exemption (“PTCE”)
      95-60 (for transactions by insurance company general accounts), 84-14 (for
      transactions by independent “qualified professional asset managers”), 91-38 (for
      transactions by bank collective investment funds), 90-1 (for transactions by
      insurance company pooled separate accounts) or 96-23 (for transactions effected
      by “in-house asset managers”).

     

    Subsequent
      to the termination of the Supplemental Interest Trust, each beneficial owner
      of
      a Mezzanine Certificate or any interest therein shall be deemed to have
      represented, by virtue of its acquisition or holding of that certificate or
      interest therein, that either (i) it is not a Plan or a trustee or other Person
      acting on behalf of a Plan or using “Plan Assets” to effect such acquisition
      (including any insurance company using funds in its general or separate accounts
      that may constitute “Plan Assets”), (ii) it has acquired and is holding such
      certificate in reliance on the Exemption, and that it understands that there
      are
      certain conditions to the availability of the Exemption, including that the
      certificate must be rated, at the time of purchase, not lower than “BBB-”(or its
      equivalent) by S&P or Moody’s, and the certificate is so rated or (iii) (1)
      it is an insurance company, (2) the source of funds used to acquire or hold
      the
      certificate or interest therein is an “insurance company general account,” as
      such term is defined in PTCE 95-60, and (3) the conditions in Sections I and
      III
      of PTCE 95-60 have been satisfied. 

     

    If
      any
      Certificate or any interest therein is acquired or held in violation of the
      provisions of the preceding paragraphs, the next preceding permitted beneficial
      owner shall be treated as the beneficial owner of that Certificate retroactive
      to the date of transfer to the purported beneficial owner. Any purported
      beneficial owner whose acquisition or holding of any such Certificate or
      interest therein was effected in violation of the provisions of the preceding
      paragraphs shall indemnify and hold harmless the Depositor, the Servicer, the
      Trustee, the NIMS Insurer, and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    No
      transfer of any Class C Certificate shall be made unless the proposed transferee
      of such Class C Certificate (1) provides to the Trustee
      and the
      Swap Provider,
      the
      appropriate tax certification forms that would eliminate any withholding or
      deduction for taxes from amounts payable by the Swap Provider, pursuant to
      the
      Interest Rate Swap Agreement, to the Supplemental Interest Trust Trustee (i.e.,
      IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or
      any
      successor form thereto), together with any applicable attachments) and (2)
      agrees to update such form (a) upon expiration of any such form, (b) as required
      under then applicable U.S. Treasury regulations and (c) promptly upon learning
      that such form has become obsolete or incorrect, each as a condition to such
      transfer. In addition, no transfer of any Class C Certificate shall be made
      if
      such transfer would cause the Supplemental Interest Trust to be beneficially
      owned by two or more persons for federal income tax purposes, or continue to
      be
      so treated, unless (i) each proposed transferee of such Class C Certificate
      complies with the foregoing conditions, (ii) the proposed majority holder of
      the
      Class C Certificates (or each holder, if there is or would be no majority
      holder) (A) provides, or causes to be provided, on behalf of the Supplemental
      Interest Trust, if applicable, the appropriate tax certification form that
      would
      be required from the Supplemental Interest Trust, as applicable, to eliminate
      any withholding or deduction for taxes from amounts payable by the Swap
      Provider, pursuant to the Interest Rate Swap Agreement, to the Supplemental
      Interest Trust Trustee (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP
      or
      W-8ECI, as applicable (or any successor form thereto), together with any
      applicable attachments) and (B) agrees to update such form (x) upon expiration
      of any such form, (y) as required under then applicable U.S. Treasury
      regulations and (z) promptly upon learning that such form has become obsolete
      or
      incorrect. If, under applicable U.S. Treasury regulations, such tax
      certification form may only be signed by a trustee acting on behalf of the
      Supplemental Interest Trust, then the Supplemental Interest Trust Trustee,
      as
      applicable, shall sign such certification form if so requested by a holder
      of
      the Class C Certificates. 

     

    Upon
      receipt of any tax certification form pursuant to the preceding conditions
      from
      a proposed transferee of any Class C Certificate, the Trustee shall forward
      each
      tax certification form attributable to the Interest Rate Swap Agreement to
      the
      Swap Provider, upon request of the Swap Provider, solely to the extent the
      Swap
      Provider has not received such IRS Form directly from the Holder of the Class
      C
      Certificates. Each Holder of a Class C Certificate by its purchase of such
      Certificate is deemed to consent to any such IRS Form being so forwarded. Upon
      the request of the Swap Provider, the Trustee shall be required to forward
      any
      tax certification received by it to the Swap Provider at the last known address
      provided to it, and, subject to Section 8.01, shall not be liable for the
      receipt of such tax certification by the Swap Provider, nor any action taken
      or
      not taken by the Swap Provider with respect to such tax certification. Any
      purported sales or transfers of any Class C Certificate to a transferee which
      does not comply with the requirements of the preceding paragraph shall be deemed
      null and void under this Agreement. The Trustee shall have no duty to take
      any
      action to correct any misstatement or omission in any tax certification provided
      to it by the Holder of the Class C Certificates and forwarded to the Swap
      Provider.

     

    Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

    (i)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (ii)  No
      Person
      shall acquire an Ownership Interest in a Residual Certificate unless such
      Ownership Interest is a pro
      rata
      undivided interest.

     

    (iii)  In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Trustee shall as a condition to registration of the transfer,
      require delivery to it, in form and substance satisfactory to it, of each of
      the
      following:

     

    (A) an
      affidavit in the form of Exhibit K hereto from the proposed transferee to the
      effect that such transferee is a Permitted Transferee and that it is not
      acquiring its Ownership Interest in the Residual Certificate that is the subject
      of the proposed transfer as a nominee, trustee or agent for any Person who
      is
      not a Permitted Transferee; and

     

    (B) a
      covenant of the proposed transferee to the effect that the proposed transferee
      agrees to be bound by and to abide by the transfer restrictions applicable
      to
      the Residual Certificates.

     

    (iv)  Any
      attempted or purported transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of a Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. The Trustee shall be under no liability to any Person for any
      registration of transfer of a Residual Certificate that is in fact not permitted
      by this Section or for making any distributions due on such Residual Certificate
      to the Holder thereof or taking any other action with respect to such Holder
      under the provisions of this Agreement so long as the Trustee received the
      documents specified in clause (iii). The Trustee shall be entitled to recover
      from any Holder of a Residual Certificate that was in fact not a Permitted
      Transferee at the time such distributions were made all distributions made
      on
      such Residual Certificate. Any such distributions so recovered by the Trustee
      shall be distributed and delivered by the Trustee to the prior Holder of such
      Residual Certificate that is a Permitted Transferee.

     

    (v)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee shall have the right but not the obligation, without notice to the
      Holder of such Residual Certificate or any other Person having an Ownership
      Interest therein, to notify the Depositor to arrange for the sale of such
      Residual Certificate. The proceeds of such sale, net of commissions (which
      may
      include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the Trustee
      to the previous Holder of such Residual Certificate that is a Permitted
      Transferee, except that in the event that the Trustee determines that the Holder
      of such Residual Certificate may be liable for any amount due under this Section
      or any other provisions of this Agreement, the Trustee may withhold a
      corresponding amount from such remittance as security for such claim. The terms
      and conditions of any sale under this clause (v) shall be determined in the
      sole
      discretion of the Trustee and it shall not be liable to any Person having an
      Ownership Interest in a Residual Certificate as a result of its exercise of
      such
      discretion.

     

    (vi)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee upon receipt of reasonable compensation will provide to the Internal
      Revenue Service, and to the persons specified in Sections 860E(e)(3) and (6)
      of
      the Code, information needed to compute the tax imposed under Section 860E(e)(5)
      of the Code on transfers of residual interests to disqualified
      organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Trustee
      and
      the NIMS Insurer, in form and substance satisfactory to the Trustee and the
      NIMS
      Insurer, (i) written notification from each Rating Agency that the removal
      of
      the restrictions on transfer set forth in this Section will not cause such
      Rating Agency to downgrade its rating of the Certificates and (ii) an Opinion
      of
      Counsel to the effect that such removal will not cause any REMIC created
      hereunder to fail to qualify as a REMIC.

     

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

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      canceled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    
      	SECTION
              5.03.  	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

    If
      (i)
      any mutilated Certificate is surrendered to the Certificate Registrar or the
      Certificate Registrar receives evidence to its satisfaction of the destruction,
      loss or theft of any Certificate and (ii) there is delivered to the Trustee,
      the
      Depositor, the NIMS Insurer and the Certificate Registrar such security or
      indemnity as may be required by them to save each of them harmless, then, in
      the
      absence of notice to the Trustee or the Certificate Registrar that such
      Certificate has been acquired by a bona fide purchaser, the Trustee shall
      execute on behalf of the Trust, authenticate and deliver, in exchange for or
      in
      lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
      Certificate of like tenor and Percentage Interest. Upon the issuance of any
      new
      Certificate under this Section, the Trustee or the Certificate Registrar may
      require the payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in relation thereto and any other expenses (including
      the fees and expenses of the Trustee and the Certificate Registrar) in
      connection therewith. Any duplicate Certificate issued pursuant to this Section,
      shall constitute complete and indefeasible evidence of ownership in the Trust,
      as if originally issued, whether or not the lost, stolen or destroyed
      Certificate shall be found at any time.

     

    
      	SECTION
              5.04.  	
              Persons
                Deemed Owners.

            

    

     

    The
      Servicer, the Depositor, the Trustee, the NIMS Insurer, the Certificate
      Registrar, any Paying Agent and any agent of the Servicer, the Depositor, the
      Trustee, the NIMS Insurer, the Certificate Registrar, any Paying Agent 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 4.01 and for all other purposes
      whatsoever, and none of the Servicer, the Trust, the Trustee nor any agent
      of
      any of them shall be affected by notice to the contrary.

     

    
      	SECTION
              5.05.  	
              Appointment
                of Paying Agent.

            

    

     

    (a)  The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 4.01 and shall report the amounts
      of
      such distributions to the Trustee. The duties of the Paying Agent may include
      the obligation (i) to withdraw funds from the Collection Account pursuant to
      Section 3.11(a) and for the purpose of making the distributions referred to
      above and (ii) to distribute statements and provide information to
      Certificateholders as required hereunder. The Paying Agent hereunder shall
      at
      all times be an entity duly 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 Trustee.
      The Trustee may appoint a successor to act as Paying Agent, which appointment
      shall be reasonably satisfactory to the Depositor and the NIMS
      Insurer.

     

    (b)  The
      Trustee shall cause the Paying Agent (if other than the Trustee) 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
      VI

     

    THE
      SERVICER AND THE DEPOSITOR

     

    
      	SECTION
              6.01.  	
              Liability
                of the Servicer and the Depositor.

            

    

     

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

     

    
      	SECTION
              6.02.  	
              Merger
                or Consolidation of, or Assumption of the Obligations of, the Servicer
                or
                the Depositor.

            

    

     

    Any
      entity into which the Servicer or Depositor may be merged or consolidated,
      or
      any entity resulting from any merger, conversion or consolidation to which
      the
      Servicer or the Depositor shall be a party, or any corporation succeeding to
      the
      business of the Servicer or the Depositor, shall be the successor of the
      Servicer or the Depositor, as the case may be, hereunder, without the execution
      or filing of any paper or any further act on the part of any of the parties
      hereto, anything herein to the contrary notwithstanding; provided,
      however,
      that
      the successor Servicer shall satisfy all the requirements of Section 7.02 with
      respect to the qualifications of a successor Servicer.

     

    
      	SECTION
              6.03.  	
              Limitation
                on Liability of the Servicer and
                Others.

            

    

     

    Neither
      the Servicer or the Depositor nor any of the directors or officers or employees
      or agents of the Servicer or the Depositor shall be under any liability to
      the
      Trust or the Certificateholders for any action taken or for refraining from
      the
      taking of any action by the Servicer or the Depositor in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Servicer, the Depositor or any such Person
      against any liability which would otherwise be imposed by reason of its willful
      misfeasance, bad faith or gross negligence in the performance of duties of
      the
      Servicer or the Depositor, as the case may be, or by reason of its reckless
      disregard of its obligations and duties of the Servicer or the Depositor, as
      the
      case may be, hereunder; provided,
      further,
      that
      this provision shall not be construed to entitle the Servicer to indemnity
      in
      the event that amounts advanced by the Servicer to retire any senior lien exceed
      Liquidation Proceeds (in excess of related liquidation expenses) realized with
      respect to the related Mortgage Loan. The preceding sentence shall not limit
      the
      obligations of the Servicer pursuant to Section 8.05. The Servicer and any
      director or officer or employee or agent of the Servicer may rely in good faith
      on any document of any kind prima facie
      properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Servicer and the Depositor, and any director or officer or employee or
      agent
      of the Servicer or the Depositor, shall be indemnified by the Trust and held
      harmless against any loss, liability or expense incurred in connection with
      any
      legal action relating to this Agreement or the Certificates, other than any
      loss, liability or expense related to any specific Mortgage Loan or Mortgage
      Loans (except as any such loss, liability or expense shall be otherwise
      reimbursable pursuant to this Agreement) and any loss, liability or expense
      incurred by reason of its willful misfeasance, bad faith or gross negligence
      in
      the performance of duties hereunder or by reason of its reckless disregard
      of
      obligations and duties hereunder. The Servicer or the Depositor may undertake
      any such action which it may deem necessary or desirable in respect of this
      Agreement, and the rights and duties of the parties hereto and the interests
      of
      the Certificateholders hereunder. In such event, unless the Depositor or the
      Servicer acts without the consent of Holders of Certificates entitled to at
      least 51% of the Voting Rights, the reasonable legal expenses and costs of
      such
      action and any liability resulting therefrom shall be expenses, costs and
      liabilities of the Trust and the Servicer shall be entitled to be reimbursed
      therefor from the Collection Account as and to the extent provided in Section
      3.11, any such right of reimbursement being prior to the rights of the
      Certificateholders to receive any amount in the Collection Account. The
      Servicer’s right to indemnity or reimbursement pursuant to this Section shall
      survive any resignation or termination of the Servicer pursuant to Section
      6.04
      or 7.01 with respect to any losses, expenses, costs or liabilities arising
      prior
      to such resignation or termination (or arising from events that occurred prior
      to such resignation or termination). This paragraph shall apply to the Servicer
      solely in its capacity as Servicer hereunder and in no other capacities. Without
      limiting the foregoing, the Servicer shall undertake to defend any claims
      against the Trust Fund, the Trustee and/or itself initiated by a Borrower or
      otherwise related to the servicing of any Mortgage Loan.

     

    The
      Servicer (except the Trustee if it is required to succeed the Servicer
      hereunder) indemnifies and holds the Trustee, the Depositor, the NIMS Insurer
      and each Certificateholder harmless against any and all claims, losses,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments, and any other costs, fees and expenses that the Trustee, the
      Depositor, the NIMS Insurer and any Certificateholder may sustain in any way
      related to the failure of the Servicer to perform its duties and service the
      Mortgage Loans in compliance with the terms of this Agreement. The Servicer
      shall immediately notify the Trustee, the Depositor, the NIMS Insurer and each
      Certificateholder if a claim is made that may result in such claims, losses,
      penalties, fines, forfeitures, legal fees or related costs, judgments, or any
      other costs, fees and expenses, and the Servicer shall assume (with the consent
      of the Trustee) the defense of any such claim and pay all expenses in connection
      therewith, including reasonable counsel fees, and promptly pay, discharge and
      satisfy any judgment or decree which may be entered against the Servicer, the
      Trustee, the Depositor, the NIMS Insurer and/or Certificateholder in respect
      of
      such claim. The provisions of this paragraph shall survive the termination
      of
      this Agreement and the payment of the outstanding Certificates.

     

    
      	SECTION
              6.04.  	
              Servicer
                Not to Resign.

            

    

     

    Subject
      to the provisions of Section 7.01 and Section 6.02, the Servicer shall not
      resign from the obligations and duties hereby imposed on it except (i) upon
      determination that the performance of its obligations or duties hereunder are
      no
      longer permissible under applicable law or are in material conflict by reason
      of
      applicable law with any other activities carried on by it or its subsidiaries
      or
      Affiliates, the other activities of the Servicer so causing such a conflict
      being of a type and nature carried on by the Servicer or its subsidiaries or
      Affiliates at the date of this Agreement or (ii) upon satisfaction of the
      following conditions: (a) the Servicer has proposed a successor servicer to
      the
      Trustee and the NIMS Insurer in writing and such proposed successor servicer
      is
      reasonably acceptable to the Trustee and the NIMS Insurer and (b) each Rating
      Agency shall have delivered a letter to the Trustee and the NIMS Insurer prior
      to the appointment of the successor servicer stating that the proposed
      appointment of such successor servicer as Servicer hereunder will not result
      in
      the reduction or withdrawal of the then current rating of the Certificates;
      provided,
      however,
      that no
      such resignation by the Servicer shall become effective until such successor
      servicer or, in the case of (i) above, the Trustee shall have assumed the
      Servicer’s responsibilities and obligations hereunder or the Trustee shall have
      designated, with the consent of the NIMS Insurer, a successor servicer in
      accordance with Section 7.02. Any such resignation shall not relieve the
      Servicer of responsibility for any of the obligations specified in Sections
      7.01
      and 7.02 as obligations that survive the resignation or termination of the
      Servicer. Any such determination permitting the resignation of the Servicer
      pursuant to clause (i) above shall be evidenced by an Opinion of Counsel to
      such
      effect delivered to the Trustee and the NIMS Insurer. Any such determination
      permitting the resignation of the Servicer shall be evidenced by an Opinion
      of
      Counsel to such effect delivered to the Trustee and the NIMS
      Insurer.

     

    
      	SECTION
              6.05.  	
              Delegation
                of Duties.

            

    

     

    In
      the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those set forth
      in Section 3.01. Such delegation shall not relieve the Servicer of its
      liabilities and responsibilities with respect to such duties and shall not
      constitute a resignation within the meaning of Section 6.04. Except as provided
      in Section 3.02, no such delegation is permitted that results in the delegee
      subservicing any Mortgage Loans. The Servicer shall provide the Trustee and
      the
      NIMS Insurer with 60 days prior written notice prior to the delegation of any
      of
      its duties to any Person other than any of the Servicer’s Affiliates or their
      respective successors and assigns.

     

    
      	SECTION
              6.06.  	
              [Reserved].

            

    

     

    
      	SECTION
              6.07.  	
              Inspection.

            

    

     

    The
      Servicer, in its capacity as Originator and Servicer, shall afford the Trustee
      and the NIMS Insurer, upon reasonable advance notice, during normal business
      hours, access to all records maintained by the Servicer in respect of its rights
      and obligations hereunder and access to officers of the Servicer responsible
      for
      such obligations. Upon request, the Servicer shall furnish to the Trustee and
      the NIMS Insurer its most recent publicly available financial statements and
      such other information relating to its capacity to perform its obligations
      under
      this Agreement.

     

    ARTICLE
      VII

     

    DEFAULT

     

    
      	SECTION
              7.01.  	
              Servicer
                Events of Termination.

            

    

     

    (a)  If
      any
      one of the following events (“Servicer Events of Termination”) shall occur and
      be continuing:

     

    (i)  (A)
      The
      failure by the Servicer to make any Advance; or (B) any other failure by the
      Servicer to deposit in the Collection Account or Distribution Account any
      deposit required to be made under the terms of this Agreement which continues
      unremedied for a period of one Business Day after the date upon which written
      notice of such failure shall have been given to the Servicer by the Trustee
      or
      to the Trustee by the NIMS Insurer or any Holders of a Regular Certificate
      evidencing at least 25% of the Voting Rights; or

     

    (ii)  The
      failure by the Servicer to make any required Servicing Advance which failure
      continues unremedied for a period of 30 days, or the failure by the Servicer
      duly to observe or perform, in any material respect, any other covenants,
      obligations or agreements of the Servicer as set forth in this Agreement, which
      failure continues unremedied for a period of 30 days, after the date (A) on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Servicer by the Trustee or to the Trustee by the NIMS
      Insurer or any Holders of a Regular Certificate evidencing at least 25% of
      the
      Voting Rights or (B) of actual knowledge of such failure by a Servicing Officer
      of the Servicer; or

     

    (iii)  The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 days; or

     

    (iv)  The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator or receiver or liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property; or a decree or order of a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations; or

     

    (v)  A
      Delinquency Servicer Termination Trigger has occurred and is
      continuing;

     

    then,
      and
      in each and every such case, so long as a Servicer Event of Termination shall
      not have been remedied within the applicable grace period, (x) with respect
      solely to clause (i)(A) above, if such Advance is not made by 12:00 P.M., New
      York time, on the Business Day immediately following the Servicer Remittance
      Date (provided the Trustee shall give the Servicer notice of such failure to
      advance by 5:00 P.M. New York time on the Servicer Remittance Date), the Trustee
      shall, at the direction of the NIMS Insurer, terminate all of the rights and
      obligations of the Servicer under this Agreement and the Trustee, or a successor
      servicer appointed in accordance with Section 7.02, shall immediately make
      such
      Advance and assume, pursuant to Section 7.02, the duties of a successor
      Servicer, (y) in the case of (i)(B), (ii), (iii) and (iv) above, the Trustee
      shall, at the written direction of the NIMS Insurer or the Holders of each
      Class
      of Regular Certificates evidencing Percentage Interests aggregating not less
      than 51%, by notice then given in writing to the Servicer and to the Trustee
      and
      (z) in the case of (v) above, the Trustee shall, at the direction of the NIMS
      Insurer, by notice then given in writing to the Servicer and to the Trustee,
      terminate all of the rights and obligations of the Servicer as servicer under
      this Agreement. Any such notice to the Servicer shall also be given to each
      Rating Agency, the Depositor and the Originator. On or after the receipt by
      the
      Servicer (and by the Trustee if such notice is given by the Holders) of such
      written notice, all authority and power of the Servicer under this Agreement,
      whether with respect to the Certificates or the Mortgage Loans or otherwise,
      shall pass to and be vested in the Trustee pursuant to and under this Section;
      and, without limitation, and the Trustee is hereby authorized and empowered
      to
      execute and deliver, on behalf of the Servicer, as attorney-in-fact or
      otherwise, any and all documents and other instruments, and to do or accomplish
      all other acts or things necessary or appropriate to effect the purposes of
      such
      notice of termination, whether to complete the transfer and endorsement of
      each
      Mortgage Loan and related documents or otherwise. The Servicer agrees to
      cooperate with the Trustee (or the applicable successor Servicer) in effecting
      the termination of the responsibilities and rights of the Servicer hereunder,
      including, without limitation, the delivery to the Trustee of all documents
      and
      records requested by it to enable it to assume the Servicer’s functions under
      this Agreement within ten Business Days subsequent to such notice, the transfer
      within one Business Day subsequent to such notice to the Trustee (or the
      applicable successor Servicer) for the administration by it of all cash amounts
      that shall at the time be held by the Servicer and to be deposited by it in
      the
      Collection Account, the Distribution Account, any REO Account or any Servicing
      Account or that have been deposited by the Servicer in such accounts or
      thereafter received by the Servicer with respect to the Mortgage Loans or any
      REO Property received by the Servicer. All reasonable costs and expenses
      (including attorneys’ fees) incurred in connection with transferring the
      Mortgage Files to the successor Servicer and amending this Agreement to reflect
      such succession as Servicer pursuant to this Section shall be paid by the
      predecessor Servicer (or if the predecessor Servicer is the Trustee, the initial
      Servicer) upon presentation of reasonable documentation of such costs and
      expenses and to the extent not paid by the Servicer, by the Trust.

     

    (b) In
      connection with any failure by the Servicer to make any remittance required
      to
      be made by the Servicer to the Distribution Account pursuant to this Section
      7.01 on the day and by the time such remittance is required to be made under
      the
      terms of this Section 7.01 (without giving effect to any grace or cure period),
      the Servicer shall pay to the Trustee for the account of the Trustee interest
      at
      the Prime Rate on any amount not timely remitted from and including the day
      such
      remittance was required to be made to, but not including, the day on which
      such
      remittance was actually made.

     

    
      	SECTION
              7.02.  	
              Trustee
                to Act; Appointment of Successor.

            

    

     

    (a)  From
      the
      time the Servicer (and the Trustee, if notice is sent by the Holders) receives
      a
      notice of termination pursuant to Section 7.01 or 6.04, the Trustee (or such
      other successor Servicer as is approved in accordance with this Agreement)
      shall
      be the successor in all respects to the Servicer in its capacity as servicer
      under this Agreement and the transactions set forth or provided for herein
      and
      shall be subject to all the responsibilities, duties and liabilities relating
      thereto placed on the Servicer by the terms and provisions hereof arising on
      and
      after its succession. Notwithstanding the foregoing, the parties hereto agree
      that the Trustee, in its capacity as successor Servicer, immediately will assume
      all of the obligations of the Servicer to make advances. Notwithstanding the
      foregoing, the Trustee, in its capacity as successor Servicer, shall not be
      responsible for the lack of information and/or documents that it cannot obtain
      through reasonable efforts. It is understood and acknowledged by the parties
      hereto that there will be a period of transition (not to exceed 90 days) before
      the transition of servicing obligations is fully effective. As compensation
      therefor, the Trustee (or such other successor Servicer) shall be entitled
      to
      such compensation as the Servicer would have been entitled to hereunder if
      no
      such notice of termination had been given. Notwithstanding the above, (i) if
      the
      Trustee is unwilling to act as successor Servicer or (ii) if the Trustee is
      legally unable so to act, the Trustee shall appoint or petition a court of
      competent jurisdiction to appoint, any established housing and home finance
      institution, bank or other mortgage loan or home equity loan servicer having
      a
      net worth of not less than $50,000,000 as the successor to the Servicer
      hereunder in the assumption of all or any part of the responsibilities, duties
      or liabilities of the Servicer hereunder; provided,
      that
      the appointment of any such successor Servicer shall be approved by the NIMS
      Insurer (such approval not to be unreasonably withheld), as evidenced by the
      prior written consent of the NIMS Insurer, and will not result in the
      qualification, reduction or withdrawal of the ratings assigned to the
      Certificates by the Rating Agencies as evidenced by a letter to such effect
      from
      the Rating Agencies. Pending appointment of a successor to the Servicer
      hereunder, 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 Servicer would otherwise have received pursuant to
      Section 3.18 (or such other compensation as the Trustee and such successor
      shall
      agree, not to exceed the Servicing Fee). The appointment of a successor Servicer
      shall not affect any liability of the predecessor Servicer which may have arisen
      under this Agreement prior to its termination as Servicer to pay any deductible
      under an insurance policy pursuant to Section 3.14 or to indemnify the Trustee
      or the NIMS Insurer pursuant to Section 6.03), nor shall any successor Servicer
      be liable for any acts or omissions of the predecessor Servicer or for any
      breach by such Servicer of any of its representations or warranties contained
      herein or in any related document or agreement. The Trustee and such successor
      shall take such action, consistent with this Agreement, as shall be necessary
      to
      effectuate any such succession. All Servicing Transfer Costs shall be paid
      by
      the predecessor Servicer upon presentation of reasonable documentation of such
      costs, and if such predecessor Servicer defaults in its obligation to pay such
      costs, such costs shall be paid by the successor Servicer or the Trustee (in
      which case the successor Servicer or the Trustee, as applicable, shall be
      entitled to reimbursement therefor from the assets of the Trust).

     

    (b)  Any
      successor to the Servicer, including the Trustee, shall during the term of
      its
      service as servicer continue to service and administer the Mortgage Loans for
      the benefit of Certificateholders, and maintain in force a policy or policies
      of
      insurance covering errors and omissions in the performance of its obligations
      as
      Servicer hereunder and a Fidelity Bond in respect of its officers, employees
      and
      agents to the same extent as the Servicer is so required pursuant to Section
      3.14.

     

    
      	SECTION
              7.03.  	
              Waiver
                of Defaults.

            

    

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders and with
      the consent of the NIMS Insurer, waive any events permitting removal of the
      Servicer as servicer pursuant to this Article VII, provided,
      however,
      that
      the Majority Certificateholders may not waive a default in making a required
      distribution on a Certificate without the consent of the Holder of such
      Certificate and the consent of the NIMS Insurer. Upon any waiver of a past
      default, such default shall cease to exist and any Servicer Event of Termination
      arising therefrom shall be deemed to have been remedied for every purpose of
      this Agreement. No such waiver shall extend to any subsequent or other default
      or impair any right consequent thereto except to the extent expressly so waived.
      Notice of any such waiver shall be given by the Trustee to the Rating Agencies
      and the NIMS Insurer.

     

    
      	SECTION
              7.04.  	
              Notification
                to Certificateholders.

            

    

     

    (a)  Upon
      any
      termination or appointment of a successor to the Servicer pursuant to this
      Article VII or Section 6.04, the Trustee shall give prompt written notice
      thereof to the Certificateholders at their respective addresses appearing in
      the
      Certificate Register, the NIMS Insurer and each Rating Agency.

     

    (b)  No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute a Servicer Event of
      Termination for five Business Days after a Responsible Officer of the Trustee
      becomes aware of the occurrence of such an event, the Trustee shall transmit
      by
      mail to all Certificateholders and to the NIMS Insurer notice of such occurrence
      unless such default or Servicer Event of Termination shall have been waived
      or
      cured.

     

    
      	SECTION
              7.05.  	
              Survivability
                of Servicer Liabilities.

            

    

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer hereunder,
      any
      liabilities of the Servicer which accrued prior to such termination shall
      survive such termination.

     

    ARTICLE
      VIII

     

    THE
      TRUSTEE

     

    
      	SECTION
              8.01.  	
              Duties
                of Trustee.

            

    

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Termination and after
      the curing of all Servicer Events of Termination which may have occurred,
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Agreement. If a Servicer Event of Termination has occurred (which
      has not been cured) of which a Responsible Officer has knowledge, the Trustee
      shall exercise such of the rights and powers vested in it by this Agreement,
      and
      use the same degree of care and skill in their exercise, as a prudent man would
      exercise or use under the circumstances in the conduct of his own
      affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided, however, that the Trustee will not
      be
      responsible for the accuracy or content of any such resolutions, certificates,
      statements, opinions, reports, documents or other instruments. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner the Trustee shall take such action as it deems appropriate
      to
      have the instrument corrected, and if the instrument is not corrected to the
      Trustee’s satisfaction, the Trustee will provide notice thereof to the
      Certificateholders and the NIMS Insurer.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own misconduct; provided,
      however,
      that:

     

    (i)  prior
      to
      the occurrence of a Servicer Event of Termination, and after the curing of
      all
      such Servicer Events of Termination which may have occurred, the duties and
      obligations of the Trustee shall be determined solely by the express provisions
      of this Agreement, the Trustee shall not be liable except for the performance
      of
      such duties and obligations as are specifically set forth in this Agreement,
      no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee and, in the absence of bad faith on the part of the Trustee, the Trustee
      may conclusively rely, as to the truth of the statements and the correctness
      of
      the opinions expressed therein, upon any certificates or opinions furnished
      to
      the Trustee and conforming to the requirements of this Agreement;

     

    (ii)  the
      Trustee shall not be personally liable for an error of judgment made in good
      faith by a Responsible Officer of the Trustee, unless it shall be proved that
      the Trustee was negligent in ascertaining or investigating the facts related
      thereto;

     

    (iii)  the
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of the NIMS Insurer or the Majority Certificateholders relating to
      the
      time, method and place of conducting any proceeding for any remedy available
      to
      the Trustee, or exercising or omitting to exercise any trust or power conferred
      upon the Trustee, under this Agreement; and

     

    (iv)  the
      Trustee shall not be charged with knowledge of any failure by the Servicer
      to
      comply with the obligations of the Servicer referred to in clauses (i) and
      (ii)
      of Section 7.01(a) unless a Responsible Officer of the Trustee at the Corporate
      Trust Office obtains actual knowledge of such failure or the Trustee receives
      written notice of such failure from the Servicer, the NIMS Insurer or the
      Majority Certificateholders.

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder, or in
      the
      exercise of any of its rights or powers, if there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Servicer under this Agreement, except during such time, if any, as the
      Trustee shall be the successor to, and be vested with the rights, duties, powers
      and privileges of, the Servicer in accordance with the terms of this
      Agreement.

     

    
      	SECTION
              8.02.  	
              Certain
                Matters Affecting the Trustee.

            

    

     

    Except
      as
      otherwise provided in Section 8.01:

     

    (a)  (i)
      the
      Trustee may request and rely upon, and shall be protected in acting or
      refraining from acting upon, any resolution, Officers’ Certificate, certificate
      of auditors or any other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, appraisal, bond or other paper or document
      reasonably believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties, and the manner of obtaining consents and of
      evidencing the authorization of the execution thereof by Certificateholders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe;

     

    (ii)  the
      Trustee may consult with counsel and any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken or suffered
      or omitted by it hereunder in good faith and in accordance with such Opinion
      of
      Counsel;

     

    (iii)  the
      Trustee shall be under no 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 or the NIMS Insurer, pursuant to the provisions
      of this Agreement, unless such Certificateholders or the NIMS Insurer, as
      applicable, shall have offered to the Trustee reasonable security or indemnity
      against the costs, expenses and liabilities which may be incurred therein or
      thereby; the right of the Trustee to perform any discretionary act enumerated
      in
      this Agreement shall not be construed as a duty, and the Trustee shall not
      be
      answerable for other than its negligence or willful misconduct in the
      performance of any such act;

     

    (iv)  the
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and believed by it to be authorized or within the discretion
      or rights or powers conferred upon it by this Agreement;

     

    (v)  prior
      to
      the occurrence of a Servicer Event of Termination and after the curing of all
      Servicer Events of Termination which may have occurred, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or documents, unless
      requested in writing to do so by the NIMS Insurer or the Majority
      Certificateholder; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee, not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement, the Trustee may require
      reasonable indemnity against such cost, expense or liability as a condition
      to
      such proceeding. The reasonable expense of every such examination shall be
      paid
      by the Servicer or the NIMS Insurer (if requested by the NIMS Insurer) or,
      if
      paid by the Trustee, shall be reimbursed by the Servicer or the NIMS Insurer
      (if
      requested by the NIMS Insurer) upon demand and, if not reimbursed by the
      Servicer or the NIMS Insurer (if requested by the NIMS Insurer), shall be
      reimbursed by the Trust. Nothing in this clause (v) shall derogate from the
      obligation of the Servicer to observe any applicable law prohibiting disclosure
      of information regarding the Mortgagors;

     

    (vi)  the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Servicer until
      such
      time as the Trustee may be required to act as Servicer pursuant to Section
      7.02
      and thereupon only for the acts or omissions of the Trustee as successor
      Servicer;

     

    (vii)  the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys or a custodian;
      and

     

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

     

    (b)  The
      Depositor hereby directs the Trustee to execute, deliver and perform its
      obligations under the Interest Rate Swap Agreement (in its capacity as
      Supplemental Interest Trust Trustee) and to appoint to the Swap Administrator,
      pursuant to the Swap Administration Agreement, any rights to receive payments
      from the Swap Provider and the Depositor further directs the Trustee to execute,
      deliver and perform its obligation under the Swap Administration Agreement.
      The
      Seller, the Depositor, the Servicer and the Holders of the Class A Certificates
      and the Mezzanine Certificates by their acceptance of such Certificates
      acknowledge and agree that the Supplemental Interest Trust Trustee shall
      execute, deliver and perform its
      obligations under the Interest Rate Swap Agreement and the Swap Administration
      Agreement and shall do so solely in its capacity as trustee of the Supplemental
      Interest Trust or as Swap Administrator, as the case may be, and not in its
      individual capacity. Every provision of this Agreement relating to the conduct
      or affecting the liability of or affording protection to the Trustee shall
      apply
      to the Supplemental Interest Trust Trustee’s execution of the Interest Rate Swap
      Agreement and the Swap Administration Agreement, and the performance of its
      duties and satisfaction of its obligations thereunder.

     

    (c)  [Reserved].

     

    
      	SECTION
              8.03.  	
              Trustee
                Not Liable for Certificates or Mortgage
                Loans.

            

    

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee on the Certificates) shall be taken as the statements of the
      Depositor, and the Trustee assumes no responsibility for the correctness of
      the
      same. The Trustee makes no representations as to the validity or sufficiency
      of
      this Agreement or of the Certificates (other than the signature and
      authentication of the Trustee on the Certificates) or of any Mortgage Loan
      or
      related document. The Trustee shall not be accountable for the use or
      application by the Servicer, or for the use or application of any funds paid
      to
      the Servicer in respect of the Mortgage Loans or deposited in or withdrawn
      from
      the Collection Account by the Servicer. The Trustee shall at no time have any
      responsibility or liability for or with respect to the legality, validity and
      enforceability of any Mortgage or any Mortgage Loan, or the perfection and
      priority of any Mortgage or the maintenance of any such perfection and priority,
      or for or with respect to the sufficiency of the Trust or its ability to
      generate the payments to be distributed to Certificateholders under this
      Agreement, including, without limitation: the existence, condition and ownership
      of any Mortgaged Property; the existence and enforceability of any hazard
      insurance thereon (other than if the Trustee shall assume the duties of the
      Servicer pursuant to Section 7.02); the validity of the assignment of any
      Mortgage Loan to the Trustee or of any intervening assignment; the completeness
      of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other
      than if the Trustee shall assume the duties of the Servicer pursuant to Section
      7.02); the compliance by the Depositor, the Originator, the Seller or the
      Servicer with any warranty or representation made under this Agreement or in
      any
      related document or the accuracy of any such warranty or representation prior
      to
      the Trustee’s receipt of notice or other discovery of any non-compliance
      therewith or any breach thereof; any investment of monies by or at the direction
      of the Servicer or any loss resulting therefrom, it being understood that the
      Trustee shall remain responsible for any Trust property that it may hold in
      its
      individual capacity; the acts or omissions of any of the Servicer (other than
      if
      the Trustee shall assume the duties of the Servicer pursuant to Section 7.02),
      any Sub-Servicer or any Mortgagor; any action of the Servicer (other than if
      the
      Trustee shall assume the duties of the Servicer pursuant to Section 7.02),
      or
      any Sub-Servicer taken in the name of the Trustee; the failure of the Servicer
      or any Sub-Servicer to act or perform any duties required of it as agent of
      the
      Trustee hereunder; or any action by the Trustee taken at the instruction of
      the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02); provided,
      however,
      that
      the foregoing shall not relieve the Trustee of its obligation to perform its
      duties under this Agreement, including, without limitation, the Trustee’s duty
      to review the Mortgage Files pursuant to Section 2.01. The Trustee shall have
      no
      responsibility for filing any financing or continuation statement in any public
      office at any time or to otherwise perfect or maintain the perfection of any
      security interest or lien granted to it hereunder (unless the Trustee shall
      have
      become the successor Servicer).

     

    
      	SECTION
              8.04.  	
              Trustee
                May Own Certificates.

            

    

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Certificates with the same rights as it would have if it were not Trustee
      and
      may transact any banking and trust business with the Originator, the Servicer,
      the Depositor or their Affiliates.

     

    
      	SECTION
              8.05.  	
              Trustee
                Fee and Expenses.

            

    

     

    (a)  The
      Trustee shall withdraw from the Distribution Account on each Distribution Date
      and pay to itself the Trustee Fee. The Trustee shall be reimbursed from the
      Trust Fund for all reasonable expenses, disbursements and advances incurred
      or
      made by the Trustee in accordance with any of the provisions of this Agreement
      (not including expenses, disbursements and advances incurred or made by the
      Trustee including the compensation and the expenses and disbursements of its
      agents and counsel, in the ordinary course of the Trustee’s performance in
      accordance with the provisions of this Agreement) up to a limit of $25,000
      per
      calendar year except any such expense, disbursement or advance as may arise
      from
      its negligence or bad faith or which is the responsibility of Certificateholders
      or the Trustee hereunder. In addition, the Trustee and its officers, directors,
      employees and agents shall be entitled to be indemnified for, and held harmless
      by the Trust Fund against, any and all losses, liabilities, damages, claims
      or
      expenses incurred in connection with any legal action relating to this Agreement
      or the Certificates up to a limit of $600,000 per calendar year, other than
      (i)
      any loss, liability or expense incurred by reason of willful misfeasance, bad
      faith or negligence of the Trustee in the performance of its duties hereunder
      or
      by reason of the Trustee’s reckless disregard of obligations and duties
      hereunder or (ii) resulting from a breach of the Servicer’s obligations and
      duties under this Agreement and the Mortgage Loans (for which the Servicer
      shall
      indemnify pursuant to Section 8.05(b)). Notwithstanding anything herein to
      the
      contrary, the Trustee shall be reimbursed from the Trust Fund for all Servicing
      Transfer Costs not paid by the Servicer pursuant to Section 7.02(a) and any
      expenses related to “high cost home loans” without regard to any annual
      limitations. This section shall survive termination of this Agreement or the
      resignation or removal of any Trustee hereunder.

     

    (b)  The
      Servicer agrees to indemnify the Trustee from, and hold it harmless against,
      any
      loss, liability or expense resulting from a breach of the Servicer’s obligations
      and duties under this Agreement. Such indemnity shall survive the termination
      or
      discharge of this Agreement and the resignation or removal of the Trustee.
      Any
      payment hereunder made by the Servicer to the Trustee shall be from the
      Servicer’s own funds, without reimbursement from the Trust Fund therefor.

     

    (c)  Any
      amounts payable to the Trustee, or any director, officer, employee or agent
      of
      the Trustee in respect of the indemnification provided by this Section 8.05,
      or
      pursuant to any other right of reimbursement from the Trust Fund that the
      Trustee, or any director, officer, employee or agent of the Trustee, may have
      hereunder in its capacity as such, may be withdrawn by the Trustee from the
      Distribution Account at any time.

     

    (d)  The
      limitations on the indemnification provided to the Trustee set forth in Section
      8.05(a) above shall remain in effect for so long as any series of notes issued
      pursuant to one or more Indentures, as set forth in Section 1.04 remain
      outstanding.

     

    
      	SECTION
              8.06.  	
              Eligibility
                Requirements for Trustee.

            

    

     

    The
      Trustee hereunder shall at all times be an entity duly organized and validly
      existing under the laws of the United States of America or any state thereof,
      authorized under such laws to exercise corporate trust powers, having a combined
      capital and surplus of at least $50,000,000 and a long-term debt rating of
      at
      least “A-” and a short-term debt rating of at least “A-1” by S&P, if rated
      by S&P, 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 and
      the NIMS Insurer at the time such Trustee is appointed Trustee to the effect
      that the Trust will not be a taxable entity under the laws of such state. In
      case at any time the Trustee shall cease to be eligible in accordance with
      the
      provisions of this Section 8.06, the Trustee shall resign immediately in the
      manner and with the effect specified in Section 8.07.

     

    
      	SECTION
              8.07.  	
              Resignation
                or Removal of Trustee.

            

    

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice thereof to the NIMS Insurer, the Depositor, the
      Servicer and each Rating Agency. Upon receiving such notice of resignation,
      the
      Depositor shall promptly appoint a successor Trustee acceptable to the NIMS
      Insurer by written instrument, in duplicate, one copy of which instrument shall
      be delivered to the resigning Trustee and one copy to the successor Trustee.
      If
      no successor Trustee shall have been so appointed and having accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Trustee may petition any court of competent jurisdiction for the
      appointment of a successor Trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor or the NIMS Insurer or if at any time the Trustee shall be legally
      unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver
      of
      the Trustee or of its property shall be appointed, or any public officer shall
      take charge or control of the Trustee or of its property or affairs for the
      purpose of rehabilitation, conservation or liquidation, then the Depositor,
      the
      Servicer or the NIMS Insurer may remove the Trustee. If the Depositor, the
      Servicer or the NIMS Insurer removes the Trustee under the authority of the
      immediately preceding sentence, the Depositor, with the consent of the NIMS
      Insurer, shall promptly appoint a successor Trustee by written instrument,
      in
      duplicate, one copy of which instrument shall be delivered to the Trustee so
      removed and one copy to the successor trustee.

     

    The
      Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee
      to perform its obligations hereunder) may at any time remove the Trustee by
      written instrument or instruments delivered to the Servicer, the Depositor
      and
      the Trustee; the Depositor shall thereupon use its best efforts to appoint
      a
      successor trustee acceptable to the NIMS Insurer in accordance with this
      Section.

     

    Any
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee as provided
      in Section 8.08.

     

    Any
      Person appointed as successor trustee pursuant to this Agreement shall also
      be
      required to serve as successor supplemental interest trust trustee under the
      Interest Rate Swap Agreement.

     

    
      	SECTION
              8.08.  	
              Successor
                Trustee.

            

    

     

    Any
      successor Trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the NIMS Insurer, the Depositor, the Servicer and
      to
      its predecessor Trustee an instrument accepting such appointment hereunder,
      and
      thereupon the resignation or removal of the predecessor Trustee shall become
      effective, and such successor Trustee, without any further act, deed or
      conveyance, shall become fully vested with all the rights, powers, duties and
      obligations of its predecessor hereunder, with like effect as if originally
      named as Trustee. The Depositor, the Servicer and the predecessor Trustee shall
      execute and deliver such instruments and do such other things as may reasonably
      be required for fully and certainly vesting and confirming in the successor
      Trustee all such rights, powers, duties and obligations.

     

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

     

    Upon
      acceptance of appointment by a successor Trustee as provided in this Section
      8.08, the successor Trustee shall mail notice of the appointment of a successor
      Trustee hereunder to all Holders of Certificates at their addresses as shown
      in
      the Certificate Register and to each Rating Agency.

     

    
      	SECTION
              8.09.  	
              Merger
                or Consolidation of Trustee.

            

    

     

    Any
      entity into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any entity succeeding
      to
      the business of the Trustee, shall be the successor of the Trustee hereunder,
      provided such entity shall be eligible under the provisions of Section 8.06
      and
      8.08, without the execution or filing of any paper or any further act on the
      part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

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

            

    

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee and the
      NIMS
      Insurer to act as co-trustee or co-trustees, jointly with the Trustee, or
      separate trustee or separate trustees, of all or any part of the Trust, and
      to
      vest in such Person or Persons, in such capacity and for the benefit of the
      Certificateholders, such title to the Trust, or any part thereof, and, subject
      to the other provisions of this Section 8.10, such powers, duties, obligations,
      rights and trusts as the Servicer and the Trustee may consider necessary or
      desirable. Any such co-trustee or separate trustee shall be subject to the
      written approval of the Servicer and the NIMS Insurer. If the Servicer and
      the
      NIMS Insurer shall not have joined in such appointment within 15 days after
      the
      receipt by it of a request so to do, or in the case a Servicer Event of
      Termination shall have occurred and be continuing, the Trustee alone shall
      have
      the power to make such appointment. No co-trustee or separate trustee hereunder
      shall be required to meet the terms of eligibility as a successor trustee under
      Section 8.06, and no notice to Certificateholders of the appointment of any
      co-trustee or separate trustee shall be required under Section 8.08. The
      Servicer shall be responsible for the fees of any co-trustee or separate trustee
      appointed hereunder.

     

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

     

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

     

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

     

    (iii)  the
      Servicer and the Trustee, acting jointly and with the consent of the NIMS
      Insurer, may at any time accept the resignation of or remove any separate
      trustee or co-trustee except that following the occurrence of a Servicer Event
      of Termination, the Trustee acting alone may accept the resignation or remove
      any separate trustee or co-trustee.

     

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

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee, its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor Trustee.

     

    
      	SECTION
              8.11.  	
              Limitation
                of Liability.

            

    

     

    The
      Certificates are executed by the Trustee, not in its individual capacity but
      solely as Trustee of the Trust, in the exercise of the powers and authority
      conferred and vested in it by this Agreement. Each of the undertakings and
      agreements made on the part of the Trustee in the Certificates is made and
      intended not as a personal undertaking or agreement by the Trustee but is made
      and intended for the purpose of binding only the Trust.

     

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

            

    

     

    (a)  All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee, its agents and counsel, be for the
      ratable benefit of the Certificateholders in respect of which such judgment
      has
      been recovered.

     

    (b)  The
      Trustee shall afford the Seller, the Originator, the Depositor, the Servicer,
      the NIMS Insurer and each Certificate Owner upon reasonable notice during normal
      business hours, access to all records maintained by the Trustee in respect
      of
      its duties hereunder and access to officers of the Trustee responsible for
      performing such duties. Upon request, the Trustee shall furnish the Depositor,
      the Servicer, the NIMS Insurer and any requesting Certificate Owner with its
      most recent financial statements. The Trustee shall cooperate fully with the
      Seller, the Originator the Servicer, the Depositor and such Certificate Owner
      and shall make available to the Seller, the Originator, the Servicer, the
      Depositor, the NIMS Insurer and such Certificate Owner for review and copying
      such books, documents or records as may be requested with respect to the
      Trustee’s duties hereunder. The Seller, the Originator, the Depositor, the
      Servicer and the Certificate Owners shall not have any responsibility or
      liability for any action or failure to act by the Trustee and are not obligated
      to supervise the performance of the Trustee under this Agreement or
      otherwise.

     

    
      	SECTION
              8.13.  	
              Suits
                for Enforcement.

            

    

     

    In
      case a
      Servicer Event of Termination or other default by the Servicer or the Depositor
      hereunder shall occur and be continuing, the Trustee, shall, at the direction
      of
      the Majority Certificateholders or the NIMS Insurer, or may, proceed to protect
      and enforce its rights and the rights of the Certificateholders or the NIMS
      Insurer under this Agreement by a suit, action or proceeding in equity or at
      law
      or otherwise, whether for the specific performance of any covenant or agreement
      contained in this Agreement or in aid of the execution of any power granted
      in
      this Agreement or for the enforcement of any other legal, equitable or other
      remedy, as the Trustee, being advised by counsel, and subject to the foregoing,
      shall deem most effectual to protect and enforce any of the rights of the
      Trustee, the NIMS Insurer 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.

     

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    
      	SECTION
              9.01.  	
              REMIC
                Administration.

            

    

     

    (a)  REMIC
      elections as set forth in the Preliminary Statement shall be made by the Trustee
      on Form 1066 or other appropriate federal tax or information return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code.

     

    (c)  The
      Servicer shall pay any and all tax related expenses (not including taxes) of
      each REMIC, including but not limited to any professional fees or expenses
      related to audits or any administrative or judicial proceedings with respect
      to
      each 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 gross negligence or willful misconduct of
      the
      Servicer in fulfilling its duties hereunder. The Servicer shall be entitled
      to
      reimbursement of expenses to the extent provided in clause (i) above from the
      Collection Account.

     

    (d)  The
      Trustee shall prepare, sign and file, all of the REMICs’ federal and state tax
      and information returns as the direct representative each REMIC created
      hereunder. The expenses of preparing and filing such returns shall be borne
      by
      the Trustee. The Trustee shall use the Tax Prepayment Assumption for purposes
      of
      computing any tax reporting, including, but not limited to, the calculation
      of
      the original issue discount.

     

    (e)  The
      Holder of the Residual Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the “Tax Matters Person”) with respect to the related REMIC and
      shall act as Tax Matters Person for each REMIC. The Trustee, as agent for the
      Tax Matters Person, shall perform on behalf of each REMIC all reporting and
      other tax compliance duties that are the responsibility of such REMIC under
      the
      Code, the REMIC Provisions, or other compliance guidance issued by the Internal
      Revenue Service or any state or local taxing authority. Among its other duties,
      if required by the Code, the REMIC Provisions, or other such guidance, the
      Trustee, as agent for the Tax Matters Person, shall provide (i) to the Treasury
      or other governmental authority such information as is necessary for the
      application of any tax relating to the transfer of a Residual Certificate to
      any
      disqualified person or organization and (ii) to the Certificateholders such
      information or reports as are required by the Code or REMIC Provisions. The
      Trustee, as agent for the Tax Matters Person, shall represent each REMIC in
      any
      administrative or judicial proceedings relating to an examination or audit
      by
      any governmental taxing authority, request an administrative adjustment as
      to
      any taxable year of any REMIC, enter into settlement agreements with any
      government taxing agency, extend any statute of limitations relating to any
      item
      of any REMIC and otherwise act on behalf of any REMIC in relation to any tax
      matter involving the Trust.

     

    (f)  The
      Trustee, the Servicer and the Holders of Certificates shall take any action
      or
      cause the REMIC to take any action necessary to create or maintain the status
      of
      each REMIC as a REMIC under the REMIC Provisions and shall assist each other
      as
      necessary to create or maintain such status. Neither the Trustee, the Servicer
      nor the Holder of any Residual Certificate shall take any action, cause any
      REMIC created hereunder to take any action or fail to take (or fail to cause
      to
      be taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could (i) endanger the status of such REMIC as a REMIC or
      (ii)
      result in the imposition of a tax upon such REMIC (including but not limited
      to
      the tax on prohibited transactions as defined in Code Section 860F(a)(2) and
      the
      tax on prohibited contributions set forth on Section 860G(d) of the Code)
      (either such event, an “Adverse REMIC Event”) unless the Trustee, the NIMS
      Insurer and the Servicer have received an Opinion of Counsel (at the expense
      of
      the party seeking to take such action) to the effect that the contemplated
      action will not endanger such status or result in the imposition of such a
      tax.
      In addition, prior to taking any action with respect to any REMIC created
      hereunder or the assets therein, or causing such REMIC to take any action,
      which
      is not expressly permitted under the terms of this Agreement, any Holder of
      a
      Residual Certificate will consult with the Trustee, the NIMS Insurer and the
      Servicer, or their respective designees, in writing, with respect to whether
      such action could cause an Adverse REMIC Event to occur with respect to any
      REMIC, and no such Person shall take any such action or cause any REMIC to
      take
      any such action as to which the Trustee, the NIMS Insurer or the Servicer has
      advised it in writing that an Adverse REMIC Event could occur.

     

    (g)  Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      each REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by a Residual Certificateholder,
      the Trustee shall pay any remaining REMIC taxes out of current or future amounts
      otherwise distributable to the Holder of the Residual Certificate in the REMICs
      or, if no such amounts are available, out of other amounts held in the
      Distribution Account, and shall reduce amounts otherwise payable to Holders
      of
      regular interests in the related REMIC. Subject to the foregoing, in the event
      that a REMIC incurs a state or local tax, including franchise taxes, as a result
      of a determination that such REMIC is domiciled in the State of California
      or
      any other state for state tax purposes by virtue of the location of the Servicer
      or any subservicer, the Servicer agrees to pay on behalf of such REMIC when
      due,
      any and all state and local taxes imposed as a result of such a determination,
      in the event that the Holder of the related Residual Certificate fails to pay
      such taxes, if any, when imposed.

     

    (h)  The
      Trustee, as agent for the Tax Matters Person, shall, for federal income tax
      purposes, maintain books and records with respect to each REMIC created
      hereunder on a calendar year and on an accrual basis.

     

    (i)  No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

    (j)  Neither
      the Trustee nor the Servicer shall enter into any arrangement by which any
      REMIC
      created hereunder will receive a fee or other compensation for
      services.

     

    (k)  On
      or
      before April 15 of each calendar year beginning in 2008, the Servicer shall
      deliver to the NIMS Insurer, the Trustee and each Rating Agency an Officers’
Certificate stating the Servicer’s compliance with the provisions of this
      Section 9.01.

     

    (l)  The
      Trustee will apply for an Employee Identification Number from the Internal
      Revenue Service via a Form SS-4 or other acceptable method for all tax entities
      and shall complete the Form 8811.

     

    
      	SECTION
              9.02.  	
              Prohibited
                Transactions and Activities.

            

    

     

    Neither
      the Depositor, the Servicer 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 any REMIC created hereunder pursuant to Article X
      of
      this Agreement, (iv) a substitution pursuant to Article II of this Agreement
      or
      (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement,
      nor
      acquire any assets for any REMIC, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to either REMIC
      after the Closing Date, unless it and the NIMS Insurer have received an Opinion
      of Counsel (at the expense of the party causing such sale, disposition, or
      substitution) that such disposition, acquisition, substitution, or acceptance
      will not (a) affect adversely the status of any REMIC created hereunder as
      a
      REMIC or of the interests therein other than the Residual Certificates as the
      regular interests therein, (b) affect the distribution of interest or principal
      on the Certificates, (c) result in the encumbrance of the assets transferred
      or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause any REMIC created hereunder to be subject to a tax on prohibited
      transactions or prohibited contributions pursuant to the REMIC
      Provisions.

     

    
      	SECTION
              9.03.  	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC
                Status.

            

    

     

    (a)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the grossly
      negligent performance by the Servicer of its duties and obligations set forth
      herein, the Servicer shall indemnify the NIMS Insurer, the Trustee and the
      Trust
      Fund against any and all losses, claims, damages, liabilities or expenses
      (“Losses”) resulting from such negligence; provided,
      however,
      that
      the Servicer shall not be liable for any such Losses attributable to the action
      or inaction of the Trustee, the Depositor or the Holder of such Residual
      Certificate, as applicable, nor for any such Losses resulting from
      misinformation provided by the Holder of such Residual Certificate on which
      the
      Servicer has relied. The foregoing shall not be deemed to limit or restrict
      the
      rights and remedies of the Holder of such Residual Certificate now or hereafter
      existing at law or in equity. Notwithstanding the foregoing, however, in no
      event shall the Servicer have any liability (1) for any action or omission
      that
      is taken in accordance with and in compliance with the express terms of, or
      which is expressly permitted by the terms of, this Agreement, (2) for any Losses
      other than arising out of a negligent performance by the Servicer of its duties
      and obligations set forth herein, and (3) for any special or consequential
      damages to Certificateholders (in addition to payment of principal and interest
      on the Certificates).

     

    (b)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Trustee of its duties and obligations set forth herein,
      the
      Trustee shall indemnify the NIMS Insurer and the Trust Fund against any and
      all
      Losses resulting from such negligence; provided,
      however,
      that
      the Trustee shall not be liable for any such Losses attributable to the action
      or inaction of the Servicer, the Depositor or the Holder of such Residual
      Certificate, as applicable, nor for any such Losses resulting from
      misinformation provided by the Holder of such Residual Certificate on which
      the
      Trustee has relied. The foregoing shall not be deemed to limit or restrict
      the
      rights and remedies of the Holder of such Residual Certificate now or hereafter
      existing at law or in equity. Notwithstanding the foregoing, however, in no
      event shall the Trustee have any liability (1) for any action or omission that
      is taken in accordance with and in compliance with the express terms of, or
      which is expressly permitted by the terms of, this Agreement, (2) for any Losses
      other than arising out of a negligent performance by the Trustee of its duties
      and obligations set forth herein, and (3) for any special or consequential
      damages to Certificateholders (in addition to payment of principal and interest
      on the Certificates).

     

    ARTICLE
      X

     

    TERMINATION

     

    
      	SECTION
              10.01.  	
              Termination.

            

    

     

    (a)  The
      respective obligations and responsibilities of the Servicer, the Depositor
      and
      the Trustee created hereby (other than the obligation of the Trustee to make
      certain payments to Certificateholders after the final Distribution Date and
      the
      obligation of the Servicer to send certain notices as hereinafter set forth)
      shall terminate upon notice to the Trustee upon the earliest of (i) the
      Distribution Date on which the Certificate Principal Balances of the Regular
      Certificates have been reduced to zero, (ii) the final payment or other
      liquidation of the last Mortgage Loan in the Trust and (iii) the optional
      purchase by the Servicer or the NIMS Insurer of the Mortgage Loans as described
      below. Notwithstanding the foregoing, in no event shall the trust created hereby
      continue beyond the earlier of (a) March 2037 or (b) the expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late ambassador of the United States to the Court of St. James’s, living on the
      date hereof.

     

    The
      Servicer (or if the Servicer elects not to exercise such option, the NIMS
      Insurer) may, at its option (the party exercising such right the “Terminator”),
      terminate this Agreement on any date on which the aggregate Stated Principal
      Balance of the Mortgage Loans (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) on such date is equal to or less than 10% of the aggregate Cut-off
      Date
      Principal Balance, by purchasing, on the next succeeding Distribution Date,
      all
      of the outstanding Mortgage Loans and REO Properties at a price equal to the
      fair market value of the Mortgage Loans and REO Properties (as determined by
      the
      Servicer, if it is the Terminator, the NIMS Insurer, if it is the Terminator
      and, to the extent that the Class A Certificates or a Class of Mezzanine
      Certificates will not receive all amounts owed to it as a result of the
      termination, the Trustee, as of the close of business on the third Business
      Day
      next preceding the date upon which notice of any such termination is furnished
      to the related Certificateholders pursuant to Section 10.01(c)), plus accrued
      and unpaid interest thereon at the weighted average of the Mortgage Rates
      through the end of the Due Period preceding the final Distribution Date plus
      unreimbursed Servicing Advances, Advances, any unpaid Servicing Fees allocable
      to such Mortgage Loans and REO Properties, any accrued unpaid Net WAC Rate
      Carryover Amount, any previously unpaid Allocated Realized Loss Amounts and
      any
      Swap Termination Payment to the Swap Provider then remaining unpaid or which
      is
      due to the exercise of such option (the “Termination Price”); provided, however,
      such option may only be exercised if (i) the Termination Price is sufficient
      to
      pay all interest accrued on, as well as amounts necessary to retire the
      principal balance of, each class of notes secured by the Class C Certificates
      and the Class P Certificates and issued pursuant to the Indenture and any
      amounts owed to the NIMS Insurer at the time the option is exercised, and (ii)
      the fair market value of the Mortgage Loans and REO Properties determined as
      provided above is at least equal to the Stated Principal Balance of the Mortgage
      Loans (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      the
      appraised value of the REO Properties. Notwithstanding the foregoing, if the
      condition set forth in clause (i) above is satisfied but the condition set
      forth
      in clause (ii) above is not satisfied, then if the Terminator is the Servicer
      or
      the NIMS Insurer, such Terminator may nevertheless exercise such option by
      paying a higher Termination Price equal to the Stated Principal Balance of
      the
      Mortgage Loans (after giving effect to scheduled payments of principal due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties plus accrued and unpaid
      interest thereon at the weighted average of the Mortgage Rates through the
      end
      of the Due Period preceding the final Distribution Date plus unreimbursed
      Servicing Advances, Advances, any unpaid Servicing Fees allocable to such
      Mortgage Loans and REO Properties, any accrued and unpaid Net WAC Rate Carryover
      Amount, any previously unpaid Allocated Realized Loss Amounts, provided that
      the
      payment of such higher Termination Price is not prohibited by any regulatory
      institution under whose supervision such Terminator may be conducting its
      business at such time.

     

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Servicer or the NIMS Insurer, as applicable, shall deposit in the Distribution
      Account all amounts then on deposit in the Collection Account, which deposit
      shall be deemed to have occurred immediately preceding such
      purchase.

     

    Any
      such
      purchase shall be accomplished by deposit into the Distribution Account on
      the
      Determination Date before such Distribution Date of the Termination
      Price.

     

    (b)  In
      connection with any termination pursuant to this Section 10.01(b): 

     

    (i)  At
      least
      twenty (20) days prior to the latest date on which notice of such optional
      termination is required to be mailed to the Certificateholders pursuant to
      Section 10.01(c), the Terminator shall notify
      in
      writing (in
      accordance with the applicable provision of the Interest Rate Swap Agreement
      and
      which may be done in electronic format) the Swap Provider and the Trustee of
      the
      final Distribution Date on which the Terminator intends to terminate the Trust
      Fund;

     

    (ii)  No
      later
      than 4:00 pm (New York City time) four (4) Business Days prior to the final
      Distribution Date specified in the notices required pursuant to Section
      10.01(c), the Trustee shall request from the Swap Provider the amount of the
      Estimated Swap Termination Payment. The Swap Provider shall, no later than
      2:00
      pm (New York City time) on the following Business Day, notify in writing (which
      may be done in electronic format) both the Terminator and the Trustee of the
      amount of the Estimated Swap Termination Payment and the Trustee shall promptly
      on the same day notify the Terminator of the amount of the Estimated Swap
      Termination Payment; and 

     

    (iii)  Two
      (2)
      Business Days prior to the final Distribution Date specified in the notices
      required pursuant to Section 10.01(c), (x) the Terminator shall, no
      later than 1:00 pm (New
      York
      City time) on such day, deliver to the Trustee and the Trustee shall deposit
      funds in the Distribution Account in an amount equal to the sum of the
      Termination Price (which shall be based on the Estimated Swap Termination
      Payment), and (y) if the Trustee shall have determined that all of the
      requirements for optional termination have been met, including without
      limitation the deposit required pursuant to the immediately preceding clause
      (x)
      as well as the requirements specified in Section 10.01(c), then the Trustee
      shall, on the same Business Day, provide written notice (which may be done
      in
      electronic format) to the Terminator and the Swap Provider (in accordance with
      the applicable provision of the Interest Rate Swap Agreement) confirming (a)
      its
      receipt of the Termination Price (which shall be based on the Estimated Swap
      Termination Payment), and (b) that all other requirements of the optional
      termination have been met (the “Optional Termination Notice”). Upon the delivery
      of the Optional Termination Notice by the Trustee pursuant to the preceding
      sentence, (i) the optional termination shall become irrevocable, (ii) the notice
      to Certificateholders of such optional termination provided pursuant to Section
      10.01(c) shall become unrescindable, (iii) the Swap Provider shall determine
      the
      Swap Termination Payment in accordance with the Interest Rate Swap Agreement
      (which shall not exceed the Estimated Swap Termination Payment), and (iv) the
      Swap Provider shall provide to the Trustee written notice of the amount of
      the
      Swap Termination Payment not later than two (2) Business Days prior to the
      final
      Distribution Date specified in the notices required pursuant to Section
      10.01(c).

     

    In
      connection with any optional termination, only an amount equal to the Mortgage
      Loan purchase price less any Swap Termination Payment shall be made available
      for distribution to the Regular Certificates. Any Estimated Swap Termination
      Payment deposited into the Distribution Account by the Terminator shall be
      withdrawn by the Trustee from the Distribution Account on the final Distribution
      Date and distributed as follows: (i) to the Supplemental Interest Trust for
      payment to the Swap Provider in accordance with Section 4.08, an amount equal
      to
      the Swap Termination Payment calculated pursuant to the Swap Agreement, provided
      that in no event shall the amount distributed to the Swap Provider in respect
      of
      the Swap Termination Payment exceed the Estimated Swap Termination Payment,
      and
      (ii) to the Terminator, an amount equal to the excess, if any, of the Estimated
      Swap Termination Payment over the Swap Termination Payment. The Swap Termination
      Payment shall not be part of any REMIC and shall not be paid into any account
      which is part of any REMIC.

     

    (c)  Notice
      of
      any termination, specifying the Distribution Date (which shall be a date that
      would otherwise be a Distribution Date) upon which the Certificateholders may
      surrender their Certificates to the Trustee for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee upon
      the
      Trustee receiving notice of such date from the Servicer or the NIMS Insurer,
      by
      letter to the Certificateholders, the Swap Provider and the NIMS Insurer mailed
      not earlier than the 15th
      day and
      not later than the 25th
      day of
      the month next preceding the month of such final distribution specifying (1)
      the
      Distribution Date upon which final distribution of the Certificates will be
      made
      upon presentation and surrender of such Certificates at the office or agency
      of
      the Trustee therein designated, (2) the amount of any such final distribution
      and (3) that the Record Date otherwise applicable to such Distribution Date
      is
      not applicable, distributions being made only upon presentation and surrender
      of
      the Certificates at the office or agency of the Trustee therein
      specified.

     

    (d)  Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Holders of the Certificates on the Distribution Date for
      such
      final distribution, in proportion to the Percentage Interests of their
      respective Class and to the extent that funds are available for such purpose,
      an
      amount equal to the amount required to be distributed to such Holders in
      accordance with the provisions of Section 4.01 for such Distribution Date.
      By
      acceptance of the Residual Certificates, the Holders of the Residual
      Certificates agree, in connection with any termination hereunder, to assign
      and
      transfer any amounts in excess of the par value of the Mortgage Loans, and
      to
      the extent received in respect of such termination, to pay any such amounts
      to
      the Holders of the Class C Certificates.

     

    (e)  In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Trustee shall promptly following such date cause all funds in the Distribution
      Account not distributed in final distribution to Certificateholders to be
      withdrawn therefrom and credited to the remaining Certificateholders by
      depositing such funds in a separate Servicing Account for the benefit of such
      Certificateholders, and the Servicer (if the Servicer has exercised its right
      to
      purchase the Mortgage Loans), the NIMS Insurer (if the NIMS Insurer has
      exercised its right to purchase the Mortgage Loans) or the Trustee (in any
      other
      case) shall give a second written notice to the remaining Certificateholders,
      to
      surrender their Certificates for cancellation and receive the final distribution
      with respect thereto. If within nine months after the second notice all the
      Certificates shall not have been surrendered for cancellation, the Class R
      Certificateholder shall be entitled to all unclaimed funds and other assets
      which remain subject hereto, and the Trustee upon transfer of such funds shall
      be discharged of any responsibility for such funds, and the Certificateholders
      shall look to the Class R Certificateholder for payment.

     

    
      	SECTION
              10.02.  	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event that the Servicer or the NIMS Insurer exercises its purchase option as
      provided in Section 10.01, each REMIC shall be terminated in accordance with
      the
      following additional requirements, unless the Trustee shall have been furnished
      with an Opinion of Counsel to the effect that the failure of the Trust to comply
      with the requirements of this Section will not (i) result in the imposition
      of
      taxes on “prohibited transactions” of the Trust as defined in Section 860F of
      the Code or (ii) cause any REMIC constituting part of the Trust Fund to fail
      to
      qualify as a REMIC at any time that any Certificates are
      outstanding:

     

    (i)  Within
      90
      days prior to the final Distribution Date, the Servicer or the NIMS Insurer
      shall adopt and the Trustee shall sign a plan of complete liquidation of each
      REMIC created hereunder meeting the requirements of a “Qualified Liquidation”
under Section 860F of the Code and any regulations thereunder; and

     

    (ii)  At
      or
      after the time of adoption of such a plan of complete liquidation and at or
      prior to the final Distribution Date, the Trustee shall sell all of the assets
      of the Trust Fund to the Servicer or the NIMS Insurer, as applicable, for cash
      pursuant to the terms of the plan of complete liquidation.

     

    (b)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee as their attorney in fact to: (i) adopt such a plan of complete
      liquidation (and the Certificateholders hereby appoint the Trustee as their
      attorney in fact to sign such plan) as appropriate and (ii) to take such other
      action in connection therewith as may be reasonably required to carry out such
      plan of complete liquidation all in accordance with the terms
      hereof.

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01.  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer and
      the Trustee with the consent of the NIMS Insurer 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 amend the provisions of Section 3.22(b) or (iv)
      to
      make any other provisions with respect to matters or questions arising under
      this Agreement which shall not be inconsistent with the provisions of this
      Agreement; provided that such action shall not, as evidenced by either (a)
      an
      Opinion of Counsel delivered to the Trustee or (b) written notice to the
      Depositor, the Servicer and the Trustee from the Rating Agencies that such
      action will not result in the reduction or withdrawal of the rating of any
      outstanding Class of Certificates with respect to which it is a Rating Agency,
      adversely affect in any material respect the interests of any Certificateholder.
      Neither an Opinion of Counsel nor confirmation from the Rating Agencies will
      be
      required in connection with an amendment to the provisions of Section 3.22(b).
      No amendment shall be deemed to adversely affect in any material respect the
      interests of any Certificateholder who shall have consented thereto, and no
      Opinion of Counsel or written notice from the Rating Agencies shall be required
      to address the effect of any such amendment on any such consenting
      Certificateholder.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Servicer
      and the Trustee with the consent of the NIMS Insurer and the Holders of
      Certificates entitled to at least 66% of the Voting Rights for the purpose
      of
      adding any provisions to or changing in any manner or eliminating any of the
      provisions of this Agreement or of modifying in any manner the rights of the
      Swap Provider or Holders of Certificates; provided, however, that no such
      amendment shall (i) reduce in any manner the amount of, or delay the timing
      of,
      payments received on Mortgage Loans which are required to be distributed on
      any
      Certificate without the consent of the Holder of such Certificate, (ii)
      adversely affect in any material respect the interests of the Swap Provider
      or
      Holders of any Class of Certificates (as evidenced by either (a) an Opinion
      of
      Counsel delivered to the Trustee or (b) written notice to the Depositor, the
      Servicer and the Trustee from the Rating Agencies that such action will not
      result in the reduction or withdrawal of the rating of any outstanding Class
      of
      Certificates with respect to which it is a Rating Agency) in a manner, other
      than as described in (i), or (iii) modify the consents required by the
      immediately preceding clauses (i) and (ii) without the consent of the Holders
      of
      all Certificates then outstanding. Notwithstanding any other provision of this
      Agreement, for purposes of the giving or withholding of consents pursuant to
      this Section 11.01, Certificates registered in the name of the Depositor or
      the
      Servicer or any Affiliate thereof shall be entitled to Voting Rights with
      respect to matters affecting such Certificates.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not consent
      to any amendment to this Agreement unless it shall have first received an
      Opinion of Counsel, delivered by (and at the expense of) the Person seeking
      such
      Amendment and satisfactory to the NIMS Insurer, to the effect that such
      amendment will not result in the imposition of a tax on any REMIC created
      hereunder constituting part of the Trust Fund pursuant to the REMIC Provisions
      or cause any REMIC created hereunder constituting part of the Trust to fail
      to
      qualify as a REMIC at any time that any Certificates are outstanding and that
      the amendment is being made in accordance with the terms hereof.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the parties to this
      Agreement shall
      enter into any amendment to this Agreement that could reasonably be expected
      to
      have a material adverse effect on the interests of the Swap Provider
      hereunder
      (excluding, for the avoidance of doubt, any amendment to this Agreement that
      is
      entered into solely for the purpose of appointing a successor servicer, trustee
      or other service provider) without the prior written consent of the Swap
      Provider, which consent shall not be unreasonably withheld, conditioned or
      delayed.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the
      Servicer (but in no event at the expense of the Trustee), otherwise at the
      expense of the Trust, a copy of such amendment and the Opinion of Counsel
      referred to in the immediately preceding paragraph to the Servicer, the NIMS
      Insurer and each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment; instead it shall
      be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    The
      Trustee may, but shall not be obligated to, enter into any amendment pursuant
      to
      this Section 11.01 that affects its rights, duties and immunities under this
      Agreement or otherwise.

     

    
      	SECTION
              11.02.  	
              Recordation
                of Agreement; Counterparts.

            

    

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Servicer at the expense
      of
      the Trust, but only upon direction of Certificateholders accompanied by an
      Opinion of Counsel to the effect that such recordation materially and
      beneficially affects the interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

     

    
      	SECTION
              11.03.  	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate this
      Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust, or (iii)
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

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

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 11.03 each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    
      	SECTION
              11.04.  	
              Governing
                Law; Jurisdiction.

            

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, without regard to the conflicts of law provisions thereof, and the
      obligations, rights and remedies of the parties hereunder shall be determined
      in
      accordance with such laws. With respect to any claim arising out of this
      Agreement, each party irrevocably submits to the exclusive jurisdiction of
      the
      courts of the State of New York and the United States District Court located
      in
      the Borough of Manhattan in The City of New York, and each party irrevocably
      waives any objection which it may have at any time to the laying of venue of
      any
      suit, action or proceeding arising out of or relating hereto brought in any
      such
      courts, irrevocably waives any claim that any such suit, action or proceeding
      brought in any such court has been brought in any inconvenient forum and further
      irrevocably waives the right to object, with respect to such claim, suit, action
      or proceeding brought in any such court, that such court does not have
      jurisdiction over such party, provided that service of process has been made
      by
      any lawful means.

     

    
      	SECTION
              11.05.  	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, by facsimile or by express delivery service, to
      (a)
      in the case of the Originator and/or Servicer, Option One Mortgage Corporation,
      3 Ada, Irvine, California 92618, Attention: Debbie Lonergan, or such other
      address or telecopy number as may hereafter be furnished to the Depositor,
      the
      NIMS Insurer and the Trustee in writing by the Servicer, (b) in the case of
      the
      Trustee, Wells Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046,
      Attention: Client Manager—Option One 2007-2, with a copy to Wells Fargo Bank,
      N.A., 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Option
      One Mortgage Loan Trust Series 2007-2, or such other address or telecopy number
      as may hereafter be furnished to the Depositor, the NIMS Insurer and the
      Servicer in writing by the Trustee, (c) in the case of the Depositor, Option
      One
      Mortgage Acceptance Corporation, 3 Ada, Irvine, California 92618, Attention:
      Debbie Lonergan, or such other address or telecopy number as may be furnished
      to
      the Servicer, the NIMS Insurer and the Trustee in writing by the Depositor
      and
      (d) in the case of the NIMS Insurer, such address furnished to the Depositor,
      the Servicer, the Trustee and the Guarantor in writing by the NIMS Insurer,
      or
      such other address or telecopy number as may hereafter be furnished to the
      Depositor, the Servicer and the Trustee in writing by the NIMS Insurer. Any
      notice required or permitted to be mailed to a Certificateholder shall be given
      by first class mail, postage prepaid, at the address of such Holder as shown
      in
      the Certificate Register. Notice of any Servicer Default shall be given by
      telecopy and by certified mail. Any notice so mailed within the time prescribed
      in this Agreement shall be conclusively presumed to have duly been given when
      mailed, whether or not the Certificateholder receives such notice. A copy of
      any
      notice required to be telecopied hereunder shall also be mailed to the
      appropriate party in the manner set forth above.

     

    
      	SECTION
              11.06.  	
              Severability
                of Provisions.

            

    

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall for any reason whatsoever be held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    
      	SECTION
              11.07.  	
              Article
                and Section References.

            

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      	SECTION
              11.08.  	
              Notice
                to the Rating Agencies and the NIMS
                Insurer.

            

    

     

    (a)  Each
      of
      the Trustee and the Servicer shall be obligated to use its best reasonable
      efforts promptly to provide notice to the Rating Agencies and the NIMS Insurer
      with respect to each of the following of which a Responsible Officer of the
      Trustee or Servicer, as the case may be, has actual knowledge:

     

    (i)  any
      material change or amendment to this Agreement;

     

    (ii)  the
      occurrence of any Servicer Event of Termination that has not been cured or
      waived;

     

    (iii)  the
      resignation or termination of the Servicer or the Trustee;

     

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

     

    (v)  any
      change in the location of any Account; and

     

    (vi)  if
      the
      Trustee is acting as successor Servicer pursuant to Section 7.02 hereof, any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (b)  In
      addition, the Trustee shall promptly make available to each Rating Agency copies
      of each Statement to Certificateholders described in Section 4.03 hereof and
      the
      Servicer shall promptly furnish to each Rating Agency copies of the
      following:

     

    (i)  each
      annual statement as to compliance described in Section 3.20 hereof;

     

    (ii)  each
      annual independent public accountants’ servicing report described in Section
      3.21 hereof; and

     

    (iii)  each
      notice delivered pursuant to Section 7.01(a) hereof which relates to the fact
      that the Servicer has not made an Advance.

     

    Any
      such
      notice pursuant to this Section 11.08 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to Moody’s Investors Service,
      Inc., 99 Church Street, New York, NY 10007, Attention: MBS Monitoring/Option
      One
      Mortgage Loan Trust 2007-2 and Standard & Poor’s Ratings Services, Inc., 55
      Water Street, New York, New York 10004.

     

    
      	SECTION
              11.09.  	
              Further
                Assurances.

            

    

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    
      	SECTION
              11.10.  	
              Third
                Party Rights.

            

    

     

    The
      NIMS
      Insurer shall be deemed a third-party beneficiary of this Agreement to the
      same
      extent as if it were a party hereto, and shall have the right to enforce the
      provisions of this Agreement.

     

    The
      Swap
      Provider shall be an express third-party beneficiary of this Agreement to the
      extent of its express rights to receive any payments under this Agreement or
      any
      other express
      rights of
      the
      Swap Provider explicitly stated in this Agreement,
      and
      shall have the right to enforce such rights under this Agreement as if it were
      a
      party hereto.

     

    
      	SECTION
              11.11.  	
              Benefits
                of Agreement.

            

    

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders, the NIMS Insurer and the parties
      hereto and their successors hereunder, any benefit or any legal or equitable
      right, remedy or claim under this Agreement.

     

    
      	SECTION
              11.12.  	
              Acts
                of Certificateholders.

            

    

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee and the Servicer. Such
      instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “act” of the Certificateholders
      signing such instrument or instruments. Proof of execution of any such
      instrument or of a writing appointing any such agent shall be sufficient for
      any
      purpose of this Agreement and conclusive in favor of the Trustee and the Trust,
      if made in the manner provided in this Section 11.11.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    
      	SECTION
              11.13.  	
              No
                Petition.

            

    

     

    The
      Depositor, Servicer and the Trustee, by entering into this Agreement and each
      Certificateholder, by accepting a Certificate, hereby covenant and agree that
      they will not at any time institute against the Trust Fund, or join in any
      institution against the Trust Fund of, any bankruptcy proceedings under any
      United States federal or state bankruptcy or similar law in connection with
      any
      obligations with respect to the Certificates or this Agreement.

    

    
      	SECTION
              11.14.  	
              Intention
                of the Parties and Interpretation.

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21,
      3.25 and 4.03 of this Agreement is to facilitate compliance by
      the Depositor with the provisions of Regulation AB promulgated by the C
      under the 1934 Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be amended
      from time to time and subject to clarification and interpretive advice as may
      be
      issued by the staff of the Commission from time to time. Therefore, each of
      the
      parties agrees that (a) the obligations of the parties hereunder shall be
      interpreted in such a manner as to accomplish that purpose, (b) the parties’
obligations hereunder will be supplemented and modified as necessary to be
      consistent with any such amendments, interpretive advice or guidance, convention
      or consensus among active participants in the asset-backed securities markets,
      advice of counsel, or otherwise in respect of the requirements of Regulation
      AB,
      (c) the parties shall comply with requests made by the Depositor or Trustee
      for
      delivery of additional or different information as the Depositor or Trustee
      may
      determine in good faith is necessary to comply with the provisions of Regulation
      AB, and (d) no amendment of this Agreement shall be required to effect any
      such
      changes in the parties’ obligations as are necessary to accommodate evolving
      interpretations of the provisions of Regulation AB.

    

     

    

    
      
        
          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

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

     

    
      	
              OPTION
                ONE MORTGAGE ACCEPTANCE CORPORATION,

              as
                Depositor

            
	 	 
	
              By:

            	
              /s/
                Charles T. Harkins

            
	
              Name:

            	
              Charles
                T. Harkins

            
	
              Title:

            	
              Assistant
                Secretary

            
	 
	 
	
              OPTION
                ONE MORTGAGE CORPORATION,

              as
                Servicer

            
	 	 
	
              By:

            	
              /s/
                Charles T. Harkins

            
	
              Name:

            	
              Charles
                T. Harkins

            
	
              Title:

            	
              Assistant
                Secretary

            
	 
	 
	
              WELLS
                FARGO BANK, N.A.,

              as
                Trustee

            
	 	 
	
              By:

            	
              /s/
                Darron C. Woodus

            
	
              Name:

            	
              Darron
                C. Woodus

            
	
              Title:

            	
              Assistant
                Vice President

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            	 

    

    

     

    On
      the
      ______ day of ________________ before me, a notary public in and for said State,
      personally appeared __________________ known to me to be a Vice President of
      Option One Mortgage Acceptance Corporation, a Delaware corporation, that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            	 

    

    

     

    On
      the
      ______ day of ________________ before me, a notary public in and for said State,
      personally appeared __________________ known to me to be a Vice President of
      Option One Mortgage Corporation, a California corporation, that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF MARYLAND

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF BALTIMORE

            	
              )

            	 

    

    

     

    On
      the
      ______ day of ________________ before me, a notary public in and for said State,
      personally appeared __________________, known to me to be a Assistant Vice
      President of Wells Fargo Bank, N.A., a national banking association, that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said association, and acknowledged to me that such
      corporation executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      EXHIBIT
        A-1

      

      FORM
        OF
        CLASS I-A-1 CERTIFICATES

      

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, EACH PURCHASER SHALL
        BE
        DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $190,306,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $190,306,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AA6

              
	 	 	 
	
                Class

              	
                :

              	
                I-A-1

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        I-A-1

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class I-A-1 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class I-A-1 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class I-A-1 Certificate (obtained by dividing the Denomination
        of this Class I-A-1 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Option One Mortgage Acceptance
        Corporation (the “Depositor”). The Trust was created pursuant to a Pooling and
        Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as Trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class I-A-1 Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class I-A-1 Certificate
        by
        virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, each purchaser shall
        be
        deemed to have made the representations set forth in Section 5.02(d) of the
        Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class I-A-1 Certificate
        set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class I-A-1 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class I-A-1 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      

      

      EXHIBIT
        A-2

      

      FORM
        OF
        CLASS II-A-1 CERTIFICATES

      

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, EACH PURCHASER SHALL
        BE
        DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $190,288,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $190,288,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AB4

              
	 	 	 
	
                Class

              	
                :

              	
                II-A-1

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        II-A-1

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class II-A-1 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class II-A-1 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class II-A-1 Certificate (obtained by dividing the
        Denomination of this Class II-A-1 Certificate by the Original Class Certificate
        Principal Balance) in certain monthly distributions with respect to a Trust
        consisting primarily of the Mortgage Loans deposited by Option One Mortgage
        Acceptance Corporation (the “Depositor”). The Trust was created pursuant to a
        Pooling and Servicing Agreement dated as of February 1, 2007 (the “Agreement”)
        among the Depositor, Option One Mortgage Corporation, as servicer (the
“Servicer”), and Wells Fargo Bank, N. A., a national banking association, as
        Trustee (the “Trustee”). To the extent not defined herein, the capitalized terms
        used herein have the meanings assigned in the Agreement. This Class II-A-1
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Class
        II-A-1
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, each purchaser shall
        be
        deemed to have made the representations set forth in Section 5.02(d) of the
        Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class II-A-1 Certificate
        set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class II-A-1 Certificate shall not be entitled to any benefit under the
        Agreement or be valid for any purpose unless manually countersigned by an
        authorized signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class II-A-1 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      

      

       

      EXHIBIT
        A-3

      

      FORM
        OF
        CLASS III-A-1 CERTIFICATES

      

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, EACH PURCHASER SHALL
        BE
        DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $185,947,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $185,947,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AC2

              
	 	 	 
	
                Class

              	
                :

              	
                III-A-1

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        III-A-1

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class III-A-1 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class III-A-1 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class III-A-1 Certificate (obtained by dividing the
        Denomination of this Class III-A-1 Certificate by the Original Class Certificate
        Principal Balance) in certain monthly distributions with respect to a Trust
        consisting primarily of the Mortgage Loans deposited by Option One Mortgage
        Acceptance Corporation (the “Depositor”). The Trust was created pursuant to a
        Pooling and Servicing Agreement dated as of February 1, 2007 (the “Agreement”)
        among the Depositor, Option One Mortgage Corporation, as servicer (the
“Servicer”), and Wells Fargo Bank, N. A., a national banking association, as
        Trustee (the “Trustee”). To the extent not defined herein, the capitalized terms
        used herein have the meanings assigned in the Agreement. This Class III-A-1
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Class
        III-A-1
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, each purchaser shall
        be
        deemed to have made the representations set forth in Section 5.02(d) of the
        Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class III-A-1 Certificate
        set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class III-A-1 Certificate shall not be entitled to any benefit under the
        Agreement or be valid for any purpose unless manually countersigned by an
        authorized signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class III-A-1 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      EXHIBIT
        A-4

      

      FORM
        OF
        CLASS III-A-2 CERTIFICATES

      

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, EACH PURCHASER SHALL
        BE
        DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $128,205,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $128,205,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AD0

              
	 	 	 
	
                Class

              	
                :

              	
                III-A-2

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        III-A-2

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class III-A-2 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class III-A-2 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class III-A-2 Certificate (obtained by dividing the
        Denomination of this Class III-A-2 Certificate by the Original Class Certificate
        Principal Balance) in certain monthly distributions with respect to a Trust
        consisting primarily of the Mortgage Loans deposited by Option One Mortgage
        Acceptance Corporation (the “Depositor”). The Trust was created pursuant to a
        Pooling and Servicing Agreement dated as of February 1, 2007 (the “Agreement”)
        among the Depositor, Option One Mortgage Corporation, as servicer (the
“Servicer”), and Wells Fargo Bank, N. A., a national banking association, as
        Trustee (the “Trustee”). To the extent not defined herein, the capitalized terms
        used herein have the meanings assigned in the Agreement. This Class III-A-2
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Class
        III-A-2
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, each purchaser shall
        be
        deemed to have made the representations set forth in Section 5.02(d) of the
        Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class III-A-2 Certificate
        set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class III-A-2 Certificate shall not be entitled to any benefit under the
        Agreement or be valid for any purpose unless manually countersigned by an
        authorized signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class III-A-2 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

       

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS III-A-3 CERTIFICATES

       

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, EACH PURCHASER SHALL
        BE
        DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $82,036,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $82,036,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AE8

              
	 	 	 
	
                Class

              	
                :

              	
                III-A-3

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        III-A-3

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class III-A-3 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class III-A-3 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class III-A-3 Certificate (obtained by dividing the
        Denomination of this Class III-A-3 Certificate by the Original Class Certificate
        Principal Balance) in certain monthly distributions with respect to a Trust
        consisting primarily of the Mortgage Loans deposited by Option One Mortgage
        Acceptance Corporation (the “Depositor”). The Trust was created pursuant to a
        Pooling and Servicing Agreement dated as of February 1, 2007 (the “Agreement”)
        among the Depositor, Option One Mortgage Corporation, as servicer (the
“Servicer”), and Wells Fargo Bank, N.A., a national banking association, as
        Trustee (the “Trustee”). To the extent not defined herein, the capitalized terms
        used herein have the meanings assigned in the Agreement. This Class III-A-3
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Class
        III-A-3
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, each purchaser shall
        be
        deemed to have made the representations set forth in Section 5.02(d) of the
        Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class III-A-3 Certificate
        set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class III-A-3 Certificate shall not be entitled to any benefit under the
        Agreement or be valid for any purpose unless manually countersigned by an
        authorized signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class III-A-3 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

       

      EXHIBIT
        A-6

       

      FORM
        OF
        CLASS M-1 CERTIFICATES

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES TO THE EXTENT DESCRIBED
        IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      ANY
        PURCHASER SHALL BE DEEMED TO MAKE THE REPRESENTATIONS SET FORTH IN SECTION
        5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $46,705,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $46,705,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AF5

              
	 	 	 
	
                Class

              	
                :

              	
                M-1

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        M-1

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-1 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-1 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-1 Certificate (obtained by dividing the Denomination
        of this Class M-1 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Option One Mortgage Acceptance
        Corporation (the “Depositor”). The Trust was created pursuant to a Pooling and
        Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as Trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-1 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-1 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        purchaser shall be deemed to have made the representations set forth in Section
        5.02(d) of the Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-1 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-1 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-1 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any, and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      EXHIBIT
        A-7

       

      FORM
        OF
        CLASS M-2 CERTIFICATES

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE CLASS M-1
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      ANY
        PURCHASER SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
        5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $39,822,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $39,822,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AG3

              
	 	 	 
	
                Class

              	
                :

              	
                M-2

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        M-2

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-2 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-2 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-2 Certificate (obtained by dividing the Denomination
        of this Class M-2 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Option One Mortgage Acceptance
        Corporation (the “Depositor”). The Trust was created pursuant to a Pooling and
        Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as Trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-2 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-2 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        purchaser shall be deemed to have made the representations set forth in Section
        5.02(d) of the Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-2 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-2 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-2 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      EXHIBIT
        A-8

       

      FORM
        OF
        CLASS M-3 CERTIFICATES

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      ANY
        PURCHASER SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
        5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $17,700,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $17,700,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AH1

              
	 	 	 
	
                Class

              	
                :

              	
                M-3

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        M-3

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-3 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-3 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-3 Certificate (obtained by dividing the Denomination
        of this Class M-3 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Option One Mortgage Acceptance
        Corporation (the “Depositor”). The Trust was created pursuant to a Pooling and
        Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as Trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-3 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-3 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        purchaser shall be deemed to have made the representations set forth in Section
        5.02(d) of the Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-3 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-3 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      [Reverse
        of Class M-3 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      EXHIBIT
        A-9

       

      FORM
        OF
        CLASS M-4 CERTIFICATES

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      ANY
        PURCHASER SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
        5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $15,241,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $15,241,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AJ7

              
	 	 	 
	
                Class

              	
                :

              	
                M-4

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        M-4

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-4 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-4 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-4 Certificate (obtained by dividing the Denomination
        of this Class M-4 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Option One Mortgage Acceptance
        Corporation (the “Depositor”). The Trust was created pursuant to a Pooling and
        Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as Trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-4 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-4 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        purchaser shall be deemed to have made the representations set forth in Section
        5.02(d) of the Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-4 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-4 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-4 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      
 

      EXHIBIT
        A-10

       

      FORM
        OF
        CLASS M-5 CERTIFICATES

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND
        THE
        CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      ANY
        PURCHASER SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
        5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $14,749,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $14,749,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AK4

              
	 	 	 
	
                Class

              	
                :

              	
                M-5

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        M-5

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-5 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-5 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-5 Certificate (obtained by dividing the Denomination
        of this Class M-5 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Option One Mortgage Acceptance
        Corporation (the “Depositor”). The Trust was created pursuant to a Pooling and
        Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as Trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-5 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-5 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        purchaser shall be deemed to have made the representations set forth in Section
        5.02(d) of the Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-5 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-5 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-5 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      EXHIBIT
        A-11

       

      FORM
        OF
        CLASS M-6 CERTIFICATES

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN
        THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      ANY
        PURCHASER SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
        5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $9,833,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $9,833,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AL2

              
	 	 	 
	
                Class

              	
                :

              	
                M-6

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        M-6

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-6 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-6 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-6 Certificate (obtained by dividing the Denomination
        of this Class M-6 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Option One Mortgage Acceptance
        Corporation (the “Depositor”). The Trust was created pursuant to a Pooling and
        Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as Trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-6 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-6 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        purchaser shall be deemed to have made the representations set forth in Section
        5.02(d) of the Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-6 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-6 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-6 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      EXHIBIT
        A-12

       

      FORM
        OF
        CLASS M-7 CERTIFICATES

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES
        TO
        THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      ANY
        PURCHASER SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
        5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $11,307,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $11,307,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AM0

              
	 	 	 
	
                Class

              	
                :

              	
                M-7

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        M-7

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-7 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-7 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-7 Certificate (obtained by dividing the Denomination
        of this Class M-7 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Option One Mortgage Acceptance
        Corporation (the “Depositor”). The Trust was created pursuant to a Pooling and
        Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as Trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-7 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-7 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        purchaser shall be deemed to have made the representations set forth in Section
        5.02(d) of the Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-7 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-7 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-7 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      EXHIBIT
        A-13

       

      FORM
        OF
        CLASS M-8 CERTIFICATES

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES
        AND THE
        CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      ANY
        PURCHASER SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
        5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $7,375,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $7,375,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AN8

              
	 	 	 
	
                Class

              	
                :

              	
                M-8

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        M-8

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-8 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-8 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-8 Certificate (obtained by dividing the Denomination
        of this Class M-8 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Option One Mortgage Acceptance
        Corporation (the “Depositor”). The Trust was created pursuant to a Pooling and
        Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as Trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-8 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-8 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        purchaser shall be deemed to have made the representations set forth in Section
        5.02(d) of the Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-8 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-8 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-8 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      EXHIBIT
        A-14

       

      FORM
        OF
        CLASS M-9 CERTIFICATES

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES AND THE CLASS M-9 CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      ANY
        PURCHASER SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
        5.02(d)
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

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

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $12,782,000.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $12,782,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                68401T
                  AP3

              
	 	 	 
	
                Class

              	
                :

              	
                M-9

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        M-9

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-9 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-9 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-9 Certificate (obtained by dividing the Denomination
        of this Class M-9 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Option One Mortgage Acceptance
        Corporation (the “Depositor”). The Trust was created pursuant to a Pooling and
        Servicing Agreement dated as of February 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as Trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-9 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-9 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Any
        purchaser shall be deemed to have made the representations set forth in Section
        5.02(d) of the Pooling and Servicing Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-9 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-9 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-9 Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the Distribution Date in March
        2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      
 

      EXHIBIT
        A-15

       

      FORM
        OF
        CLASS C CERTIFICATES

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A
        AND THE
        MEZZANINE CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $30,972,681.64

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $30,972,681.64

              
	 	 	 
	
                Initial
                  Notional Amount of this Certificate

              	
                :

              	
                $983,268,681.64

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                C

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        C

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

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

       

      This
        certifies that Option One Mortgage Capital Corporation is the registered
        owner
        of the Percentage Interest evidenced by this Class C Certificate (obtained
        by
        dividing the Denomination of this Class C Certificate by the Original Class
        Certificate Principal Balance) in certain distributions with respect to a
        Trust
        consisting primarily of the Mortgage Loans deposited by Option One Mortgage
        Acceptance Corporation (the “Depositor”). The Trust was created pursuant to a
        Pooling and Servicing Agreement dated as of February 1, 2007 (the “Agreement”)
        among the Depositor, Option One Mortgage Corporation, as servicer (the
“Servicer”), and Wells Fargo Bank, N.A., a national banking association, as
        Trustee (the “Trustee”). To the extent not defined herein, the capitalized terms
        used herein have the meanings assigned in the Agreement. This Class C
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Class
        C
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee or the Depositor; or there shall be delivered to the Trustee and
        the
        Depositor a transferor certificate by the transferor and an investment letter
        shall be executed by the transferee. The Holder hereof desiring to effect
        such
        transfer shall, and does hereby agree to, indemnify the Trustee and the
        Depositor against any liability that may result if the transfer is not so
        exempt
        or is not made in accordance with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement. In addition, no transfer
        of
        this Certificate shall be made except in accordance with the tax certification
        form procedures set for in Section 5.02(d) of the Agreement.

       

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

       

      This
        Class C Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class C Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of the aggregate
        Principal Balance of the Mortgage Loans as of the Cut-off Date, the Servicer
        may
        purchase, in whole, from the Trust the Mortgage Loans at a purchase price
        determined as provided in the Agreement. In the event that no such optional
        termination occurs, the obligations and responsibilities created by the
        Agreement will terminate upon notice to the Trustee upon the earliest of
        (i) the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the Distribution
        Date
        in March 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      

      EXHIBIT
        A-16

       

      FORM
        OF
        CLASS P CERTIFICATES

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $100.00

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $100.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                P

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        P

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

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

       

      This
        certifies that Option One Mortgage Capital Corporation is the registered
        owner
        of the Percentage Interest evidenced by this Class P Certificate (obtained
        by
        dividing the Denomination of this Class P Certificate by the Original Class
        Certificate Principal Balance) in certain distributions with respect to a
        Trust
        consisting primarily of the Mortgage Loans deposited by Option One Mortgage
        Acceptance Corporation (the “Depositor”). The Trust was created pursuant to a
        Pooling and Servicing Agreement dated as of February 1, 2007 (the “Agreement”)
        among the Depositor, Option One Mortgage Corporation, as servicer (the
“Servicer”), and Wells Fargo Bank, N.A., a national banking association, as
        Trustee (the “Trustee”). To the extent not defined herein, the capitalized terms
        used herein have the meanings assigned in the Agreement. This Class P
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Class
        P
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      This
        Certificate does not have a pass-through rate and will be entitled to
        distributions only to the extent set forth in the Agreement.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee or the Depositor; or there shall be delivered to the Trustee and
        the
        Depositor a transferor certificate by the transferor and an investment letter
        shall be executed by the transferee. The Holder hereof desiring to effect
        such
        transfer shall, and does hereby agree to, indemnify the Trustee and the
        Depositor against any liability that may result if the transfer is not so
        exempt
        or is not made in accordance with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

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

       

      This
        Class P Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class P Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of the aggregate
        Principal Balance of the Mortgage Loans as of the Cut-off Date, the Servicer
        may
        purchase, in whole, from the Trust the Mortgage Loans at a purchase price
        determined as provided in the Agreement. In the event that no such optional
        termination occurs, the obligations and responsibilities created by the
        Agreement will terminate upon notice to the Trustee upon the earliest of
        (i) the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the Distribution
        Date
        in March 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

       

      EXHIBIT
        A-17

       

      FORM
        OF
        CLASS R CERTIFICATES

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

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

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                R

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        R

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer or the Trustee referred to below
        or
        any of their respective affiliates.

       

      This
        certifies that Option One Mortgage Capital Corporation 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
        Option One Mortgage Acceptance Corporation (the “Depositor”). The Trust was
        created pursuant to a Pooling and Servicing Agreement dated as of February
        1,
        2007 (the “Agreement”) among the Depositor, Option One Mortgage Corporation, as
        servicer (the “Servicer”) and Wells Fargo Bank, N.A., a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Corporate Trust Office or the office or agency maintained by the Trustee
        in
        Minneapolis, Minnesota.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee or the Depositor; or there shall be delivered to the Trustee and
        the
        Depositor a transferor certificate by the transferor and an investment letter
        shall be executed by the transferee. The Holder hereof desiring to effect
        such
        transfer shall, and does hereby agree to, indemnify the Trustee and the
        Depositor against any liability that may result if the transfer is not so
        exempt
        or is not made in accordance with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

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

       

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

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class R Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of the aggregate
        Principal Balance of the Mortgage Loans as of the Cut-off Date, the Servicer
        may
        purchase, in whole, from the Trust the Mortgage Loans at a purchase price
        determined as provided in the Agreement. In the event that no such optional
        termination occurs, the obligations and responsibilities created by the
        Agreement will terminate upon notice to the Trustee upon the earliest of
        (i) the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the Distribution
        Date
        in March 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      EXHIBIT
        A-18

       

      FORM
        OF
        CLASS R-X CERTIFICATES

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R-X CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

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

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                R-X

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Option
        One Mortgage Loan Trust 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

      Class
        R-X

       

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

       

      OPTION
        ONE MORTGAGE ACCEPTANCE CORPORATION, as Depositor

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer or the Trustee referred to below
        or
        any of their respective affiliates.

       

      This
        certifies that Option One Mortgage Capital Corporation 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
        Option One Mortgage Acceptance Corporation (the “Depositor”). The Trust was
        created pursuant to a Pooling and Servicing Agreement dated as of February
        1,
        2007 (the “Agreement”) among the Depositor, Option One Mortgage Corporation, as
        servicer (the “Servicer”) and Wells Fargo Bank, N.A., a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Corporate Trust Office or the office or agency maintained by the Trustee
        in
        Minneapolis, Minnesota.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee or the Depositor; or there shall be delivered to the Trustee and
        the
        Depositor a transferor certificate by the transferor and an investment letter
        shall be executed by the transferee. The Holder hereof desiring to effect
        such
        transfer shall, and does hereby agree to, indemnify the Trustee and the
        Depositor against any liability that may result if the transfer is not so
        exempt
        or is not made in accordance with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

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

       

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

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        March __, 2007

       

      
        	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE LOAN TRUST 2007-2

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity, but

                solely
                  as Trustee

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N. A.,

                as
                  Trustee

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class R-X Certificate]

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2

      Asset-Backed
        Certificates,

      Series
        2007-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
        2007-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

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

       

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

       

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

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the NIMs Insurer,
        if
        any and of Holders of the requisite percentage of the Percentage Interests
        of
        each Class of Certificates affected by such amendment, as specified in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates, but with the consent of the NIMS Insurer, if any.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

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

       

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

       

      The
        Servicer, the Depositor, the Trustee, the NIMs Insurer, if any, the Certificate
        Registrar, any Paying Agent and any agent of the Servicer, the Depositor,
        the
        Trustee, the NIMs Insurer, if any, the Certificate Registrar, any Paying
        Agent
        or the Trustee may treat the Person, including a Depository, in whose name
        any
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
        by notice to the contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of the aggregate
        Principal Balance of the Mortgage Loans as of the Cut-off Date, the Servicer
        may
        purchase, in whole, from the Trust the Mortgage Loans at a purchase price
        determined as provided in the Agreement. In the event that no such optional
        termination occurs, the obligations and responsibilities created by the
        Agreement will terminate upon notice to the Trustee upon the earliest of
        (i) the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the Distribution
        Date
        in March 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 	 
	 	 	 

      

      

       

      Dated:_________________

       

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      [Reserved]

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      FORM
        OF
        MORTGAGE LOAN PURCHASE AGREEMENT

       

      

        
          

          

        

        

         

        OPTION
          ONE MORTGAGE CORPORATION,

         

        as
          Originator and Seller,

         

        OPTION
          ONE MORTGAGE CAPITAL CORPORATION,

         

        as
          Obligor and Seller

         

        OPTION
          ONE OWNER TRUST 2001-1A,

        

        OPTION
          ONE OWNER TRUST 2001-2,

         

        OPTION
          ONE OWNER TRUST 2002-3,

         

        OPTION
          ONE OWNER TRUST 2003-4,

         

        OPTION
          ONE OWNER TRUST 2003-5,

         

        OPTION
          ONE OWNER TRUST 2005-6,

         

        OPTION
          ONE OWNER TRUST 2005-7,

         

        OPTION
          ONE OWNER TRUST 2005-8,

         

        OPTION
          ONE OWNER TRUST 2005-9,

         

        as
          Sellers

         

        and

         

        OPTION
          ONE MORTGAGE ACCEPTANCE CORPORATION,

         

        as
          Purchaser

         

        MORTGAGE
          LOAN PURCHASE AGREEMENT

         

        Dated
          as
          of March 2, 2007

         

        

         

        Fixed
          Rate and Adjustable Rate Mortgage Loans

         

        Option
          One Mortgage Loan Trust 2007-2

        Asset-Backed
          Certificates, Series 2007-2

        

        
          

          

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        Table
          of Contents

         

        
          	
                  ARTICLE
                    I.

                
	
                  DEFINITIONS

                
	
                  Section
                    1.01

                	
                  Definitions

                
	 
	
                  ARTICLE
                    II.

                
	
                  SALE
                    OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

                
	
                  Section
                    2.01

                	
                  Sale
                    of Mortgage Loans

                
	
                  Section
                    2.02

                	
                  Obligations
                    of the Originator Upon Sale

                
	
                  Section
                    2.03

                	
                  Payment
                    of Purchase Price for the Mortgage Loans.

                
	 
	
                  ARTICLE
                    III.

                
	
                  REPRESENTATIONS
                    AND WARRANTIES; REMEDIES FOR BREACH

                
	
                  Section
                    3.01

                	
                  Representations
                    and Warranties Relating to the Mortgage Loans.

                
	
                  Section
                    3.02

                	
                  Originator
                    Representations And Warranties Relating to The
                    Originator

                
	
                  Section
                    3.03

                	
                  Obligor
                    Representations And Warranties Relating to The Obligor

                
	
                  Section
                    3.04

                	
                  Seller
                    Trust Representations And Warranties

                
	
                  Section
                    3.05

                	
                  Remedies
                    For Breach of Representations And Warranties

                
	 
	
                  ARTICLE
                    IV.

                
	
                  ORIGINATOR'S
                    COVENANTS

                
	
                  Section
                    4.01

                	
                  Covenants
                    of The Originator

                
	 
	
                  ARTICLE
                    V.

                
	
                  INDEMNIFICATION
                    WITH RESPECT TO THE MORTGAGE LOANS

                
	
                  Section
                    5.01

                	
                  Indemnification.

                
	 
	
                  ARTICLE
                    VI.

                
	
                  TERMINATION

                
	
                  Section
                    6.01

                	
                  Termination

                
	 
	
                  ARTICLE
                    VII.

                
	
                  MISCELLANEOUS
                    PROVISIONS

                
	
                  Section
                    7.01

                	
                  Amendment

                
	
                  Section
                    7.02

                	
                  Governing
                    Law

                
	
                  Section
                    7.03

                	
                  Notices

                
	
                  Section
                    7.04

                	
                  Severability
                    of Provisions

                
	
                  Section
                    7.05

                	
                  Counterparts

                
	
                  Section
                    7.06

                	
                  Further
                    Agreements

                
	
                  Section
                    7.07

                	
                  Intention
                    of The Parties

                
	
                  Section
                    7.08

                	
                  Successors
                    And Assigns, Assignment of Purchase Agreement

                
	
                  Section
                    7.09

                	
                  Survival

                
	
                  Section
                    7.10

                	
                  Owner
                    Trustee

                

        

        

        

        

        
          	
                  SCHEDULES

                	 
	 	 
	
                  SCHEDULE
                    I

                	
                  MORTGAGE
                    LOANS OWNED BY ORIGINATOR

                
	
                  SCHEDULE
                    II

                	
                  MORTGAGE
                    LOANS OWNED BY OBLIGOR

                
	
                  SCHEDULE
                    III

                	
                  MORTGAGE
                    LOANS OWNED BY OPTION ONE OWNER TRUST 2001-1A

                
	
                  SCHEDULE
                    IV

                	
                  [Reserved]

                
	
                  SCHEDULE
                    V

                	
                  MORTGAGE
                    LOANS OWNED BY OPTION ONE OWNER TRUST 2001-2

                
	
                  SCHEDULE
                    VI

                	
                  MORTGAGE
                    LOANS OWNED BY OPTION ONE OWNER TRUST 2002-3

                
	
                  SCHEDULE
                    VII

                	
                  MORTGAGE
                    LOANS OWNED BY OPTION ONE OWNER TRUST 2003-4

                
	
                  SCHEDULE
                    VIII

                	
                  MORTGAGE
                    LOANS OWNED BY OPTION ONE OWNER TRUST 2003-5

                
	
                  SCHEDULE
                    IX

                	
                  MORTGAGE
                    LOANS OWNED BY OPTION ONE OWNER TRUST 2005-6

                
	
                  SCHEDULE
                    X

                	
                  MORTGAGE
                    LOANS OWNED BY OPTION ONE OWNER TRUST 2005-7

                
	
                  SCHEDULE
                    XI

                	
                  MORTGAGE
                    LOANS OWNED BY OPTION ONE OWNER TRUST 2005-8

                
	
                  SCHEDULE
                    XII

                	
                  MORTGAGE
                    LOANS OWNED BY OPTION ONE OWNER TRUST 2005-9

                
	
                  SCHEDULE
                    XIII

                	
                  [Reserved]

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        MORTGAGE
          LOAN PURCHASE AGREEMENT, dated as of March 2, 2007 (the “Agreement”), among
          Option One Mortgage Corporation (the “Originator”), Option One Mortgage Capital
          Corporation (the “Obligor”), Option One Owner Trust 2001-1A (“Seller Trust 1A”),
          Option One Owner Trust 2001-2 (“Seller Trust 2”), Option One Owner Trust 2002-3
          (“Seller Trust 3”), Option One Owner Trust 2003-4 (“Seller Trust 4”), Option One
          Owner Trust 2003-5 (“Seller Trust 5”), Option One Owner Trust 2005-6 (“Seller
          Trust 6”), Option One Owner Trust 2005-7 (“Seller Trust 7”), Option One Owner
          Trust 2005-8 (“Seller Trust 8”) and Option One Owner Trust 2005-9 (“Seller Trust
          9”; each of Seller Trust 1A, Seller Trust 2, Seller Trust 3, Seller Trust
          4,
          Seller Trust 5, Seller Trust 6, Seller Trust 7, Seller Trust 8 and Seller
          Trust
          9 a “Seller Trust” and collectively the “Seller Trusts”) (the Originator, the
          Obligor, each Seller Trust a “Seller” and collectively the “Sellers”) and Option
          One Mortgage Acceptance Corporation (the “Purchaser”).

         

        W
          I T
          N E S S E T H

         

        WHEREAS,
          each Seller is the owner of (a) the notes or other evidence of indebtedness
          (the
“Mortgage Notes”) so indicated on the applicable Schedule hereto referred to
          below and (b) the other documents or instruments constituting the Mortgage
          File
          (collectively, the “Mortgage Loans”); and

         

        WHEREAS,
          the Sellers, as of the date hereof, own the mortgages (the “Mortgages”) on the
          properties (the “Mortgaged Properties”) securing such Mortgage Loans, including
          rights to (a) any property acquired by foreclosure or deed in lieu of
          foreclosure or otherwise and (b) the proceeds of any insurance policies
          covering
          the Mortgage Loans or the Mortgaged Properties or the obligors on the Mortgage
          Loans; and

         

        WHEREAS,
          the parties hereto desire that the Sellers sell the Mortgage Loans to the
          Purchaser pursuant to the terms of this Agreement; and

         

        WHEREAS,
          each Seller Trust is an indirect subsidiary of the Originator and the Originator
          is the administrator of each Seller Trust; and

         

        WHEREAS,
          the Originator originated or acquired the Mortgage Loans and subsequently
          sold
          the Mortgage Loans to the applicable Seller Trust; and

         

        WHEREAS,
          pursuant to the terms of a Pooling and Servicing Agreement dated as of
          February
          1, 2007 (the “Pooling and Servicing Agreement”) among the Purchaser as
          depositor, the Originator as servicer and Wells Fargo Bank, N.A. as trustee
          (the
“Trustee”), the Purchaser will convey the Mortgage Loans to Option One Mortgage
          Loan Trust 2007-2 (the “Trust”); and

         

        WHEREAS,
          each of the Originator and the Obligor is obligated, in connection with
          the
          transactions contemplated by this Agreement, to make certain representations,
          warranties and covenants with respect to itself and the Mortgage Loans;
          and

         

        WHEREAS,
          each Seller Trust is obligated, in connection with the transactions contemplated
          by this Agreement, to make certain representations, warranties and covenants
          with respect to itself.

         

        NOW,
          THEREFORE, in consideration of the mutual covenants herein contained, the
          parties hereto agree as follows:

         

        ARTICLE
          I.

         

        DEFINITIONS

         

        Section
          1.01  Definitions.
          All
          capitalized terms used but not defined herein and below shall have the
          meanings
          assigned thereto in the Pooling and Servicing Agreement.

         

        “ORIGINATOR
          INFORMATION”: The information in the Prospectus Supplement as follows: under
“SUMMARY OF TERMS—Mortgage Loans”, the first sentence under the fourth bullet
          point under “RISK FACTORS—Unpredictability of Prepayments and Effect on Yields,”
the first two sentences under “RISK FACTORS— Delinquency Status of the Mortgage
          Loans,” the first sentence under “RISK FACTORS—Second Lien Loan Risk”, the first
          sentence under “RISK FACTORS—Interest Only Mortgage Loans”, the second sentence
          under the third bullet point under “RISK FACTORS—Interest Generated by the
          Mortgage Loans May Be Insufficient to Maintain Overcollateralization”, the
          second sentence under “RISK FACTORS—High Loan-to-Value Ratios Increase Risk of
          Loss”, the third sentence under “RISK FACTORS—Balloon Loan Risk”, the first two
          sentences under “RISK FACTORS—Simultaneous Second Lien Risk”, “THE MORTGAGE
          POOL”, “THE ORIGINATOR AND SPONSOR”, and the first sentence of the seventh
          paragraph under “YIELD,
          PREPAYMENT AND MATURITY CONSIDERATIONS”.

         

        ARTICLE
          II.

         

        SALE
          OF
          MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

         

        Section
          2.01  Sale
          of Mortgage Loans.
          The
          applicable Seller, concurrently with the execution and delivery of this
          Agreement, does hereby sell, and in connection therewith hereby assigns
          to the
          Purchaser, effective as of the Closing Date, without recourse, (i) all
          of its
          right, title and interest in and to each Mortgage Loan identified on the
          related
          Schedule, including the related Cut-off Date Principal Balance, all interest
          accruing thereon on and after the Cut-off Date and all collections in respect
          of
          interest and principal due after the Cut-off Date; (ii) property which
          secured
          such Mortgage Loan and which has been acquired by foreclosure or deed in
          lieu of
          foreclosure; (iii) its interest in any insurance policies in respect of
          the
          Mortgage Loans and (iv) all proceeds of any of the foregoing. In addition
          to the
          sale of the Mortgage Loans, the Originator will direct the Trustee to enter
          into
          the Interest Rate Swap Agreement and Swap Administration Agreement on behalf
          of
          the Trust. 

         

        Section
          2.02  Obligations
          of the Originator Upon Sale.
          In
          connection with any transfer pursuant to Section 2.01 hereof, the Originator
          further agrees, at its own expense on or prior to the Closing Date, (a)
          to cause
          its books and records and the books and records of each Seller Trust, to
          indicate that the Mortgage Loans have been sold to the Purchaser pursuant
          to
          this Agreement and (b) to deliver to the Purchaser and the Trustee a computer
          file containing a true and complete list of all such Mortgage Loans specifying
          for each such Mortgage Loan, as of the Cut-off Date (i) its account number
          and
          (ii) the Cut-off Date Principal Balance. Such files, which form a part
          of
          Exhibit D to the Pooling and Servicing Agreement, shall also be marked
          as
          Schedules I-XIII to this Agreement and are hereby incorporated into and
          made a
          part of this Agreement.

         

        In
          connection with any conveyance by the Sellers, the Originator shall on
          behalf of
          the Purchaser deliver to, and deposit with the Trustee, as assignee of
          the
          Purchaser, on or before the Closing Date, the following documents or instruments
          with respect to each Mortgage Loan:

         

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

         

        (ii)  the
          original Mortgage 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;

         

        (iii)  an
          original Assignment of Mortgage, in form and substance acceptable for recording.
          The Mortgage shall be assigned either (A) in blank or (B) to “Wells Fargo Bank,
          N.A., as Trustee, without recourse”;

         

        (iv)  an
          original of any intervening assignment of Mortgage showing a complete chain
          of
          assignments;

         

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

         

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

         

        The
          Originator hereby confirms to the Purchaser and the Trustee that it has
          caused
          the appropriate entries to be made in its general accounting records to
          indicate
          that such Mortgage Loans have been transferred to the Trustee and constitute
          part of the Trust in accordance with the terms of the Pooling and Servicing
          Agreement.

         

        If
          any of
          the documents referred to in Section 2.02(ii), (iii) or (iv) above has
          as of the
          Closing Date been submitted for recording but either (x) has not been returned
          from the applicable public recording office or (y) has been lost or such
          public
          recording office has retained the original of such document, the obligations
          of
          the Originator to deliver such documents shall be deemed to be satisfied
          upon
          (1) delivery to the Trustee or the Custodian no later than the Closing
          Date, of
          a copy of each such document certified by the Originator in the case of
          (x)
          above or the applicable public recording office in the case of (y) above
          to be a
          true and complete copy of the original that was submitted for recording
          and (2)
          if such copy is certified by the Originator, delivery to the Trustee or
          the
          Custodian, promptly upon receipt thereof of either the original or a copy
          of
          such document certified by the applicable public recording office to be
          a true
          and complete copy of the original. If the original lender's title insurance
          policy, or a certified copy thereof, was not delivered pursuant to Section
          2.02(v) above, the Originator shall deliver or cause to be delivered to
          the
          Trustee or the Custodian, the original or a copy of a written commitment
          or
          interim binder or preliminary report of title issued by the title insurance
          or
          escrow company, with the original or a certified copy thereof to be delivered
          to
          the Trustee or the Custodian, promptly upon receipt thereof. The Originator
          shall deliver or cause to be delivered to the Trustee or the Custodian
          promptly
          upon receipt thereof any other documents constituting a part of a Mortgage
          File
          received with respect to any Mortgage Loan, including, but not limited
          to, any
          original documents evidencing an assumption or modification of any Mortgage
          Loan.

         

        Upon
          discovery or receipt of notice of any materially defective document in,
          or that
          a document is missing from, a Mortgage File, the Originator shall have
          120 days
          to cure such defect or deliver such missing document to the Purchaser.
          If the
          Originator does not cure such defect or deliver such missing document within
          such time period, the Obligor shall either repurchase or substitute for
          such
          Mortgage Loan pursuant to Section 2.03 of the Pooling and Servicing
          Agreement.

         

        The
          Purchaser hereby acknowledges its acceptance of all right, title and interest
          to
          the Mortgage Loans and other property, now existing and hereafter created,
          conveyed to it pursuant to Section 2.01.

         

        The
          parties hereto intend that the transaction set forth herein be a sale by
          the
          Sellers to the Purchaser of all the applicable Seller’s right, title and
          interest in and to the related Mortgage Loans and other property described
          above. In the event the transaction set forth herein is deemed not to be
          a sale,
          each Seller hereby grants to the Purchaser a security interest in all of
          such
          Seller's right, title and interest in, to and under the related Mortgage
          Loans
          and other property described above, whether now existing or hereafter created,
          to secure all of such Seller's obligations hereunder; and this Agreement
          shall
          constitute a security agreement under applicable law.

         

        The
          Originator shall cause the Assignments which were delivered in blank to
          be
          completed and shall cause all Assignments referred to in Section 2.02(iii)
          hereof and, to the extent necessary, in Section 2.02(iv) hereof to be recorded.
          The Originator shall be required to deliver such Assignments for recording
          within 90 days of the Closing Date. Notwithstanding the foregoing, however,
          for
          administrative convenience and facilitation of servicing and to reduce
          closing
          costs, the Assignments of Mortgage shall not be required to be submitted
          for
          recording with respect to any Mortgage Loan in any jurisdiction where the
          Rating
          Agencies do not require recordation in order to receive the ratings on
          the
          Certificates at the time of their initial issuance; provided,
          however,
          each
          Assignment shall be submitted for recording by the Originator in the manner
          described above, at no expense to the Trust Fund or Trustee, upon the earliest
          to occur of: (i) reasonable direction by Holders of Certificates entitled
          to at
          least 25% of the Voting Rights, or the NIMS Insurer, (ii) the occurrence
          of a
          Servicer Event of Termination, (iii) the occurrence of a bankruptcy, insolvency
          or foreclosure relating to the Servicer, (iv) the occurrence of a servicing
          transfer as described in Section 7.02 of the Pooling and Servicing Agreement,
          (v) if the Originator is not the Servicer and with respect to any one Assignment
          the occurrence of a bankruptcy, insolvency or foreclosure relating to the
          Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is
          90 days
          or more Delinquent and such recordation would be necessary to facilitate
          conversion of the Mortgaged Property as provided herein. Upon (a) receipt
          of
          written notice from the Trustee that recording of the Assignments is required
          pursuant to one or more of the conditions (excluding (v) and (vi) above)
          set
          forth in the preceding sentence or (b) upon the occurrence of condition
          (v) or
          (vi) in the preceding sentence, the Originator shall be required to deliver
          such
          Assignments for recording as provided above, promptly and in any event
          within 30
          days following receipt of such notice. Notwithstanding the foregoing, if
          the
          Originator fails to pay the cost of recording the Assignments, such expense
          will
          be paid by the Trustee and the Trustee shall be reimbursed for such expenses
          by
          the Trust. The Originator shall furnish the Trustee, or its designated
          agent,
          with a copy of each Assignment submitted for recording. In the event that
          any
          such Assignment is lost or returned unrecorded because of a defect therein,
          the
          Originator shall promptly have a substitute Assignment prepared or have
          such
          defect cured, as the case may be, and thereafter cause each such Assignment
          to
          be duly recorded.

         

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

         

        Section
          2.03  Payment
          of Purchase Price for the Mortgage Loans. 

         

        (a)  In
          consideration of the sale of the Mortgage Loans from each Seller to the
          Purchaser on the Closing Date, the Purchaser agrees to pay each Seller
          on the
          Closing Date by transfer of (i) immediately available funds in the amount
          set
          forth below and (ii) a percentage interest, as specified below, in the
          Class C
          Certificates, the Class P Certificates and the Residual Certificates
          (collectively, the “Retained Certificates”) which such Certificates shall be
          registered in the name of the applicable Seller or a designee.

         

        
          	
                  Seller

                	
                  Cash
                    Consideration

                	
                  Percentage
                    Interest in

                  Retained
                    Certificates

                
	
                  Originator

                	
                  --

                	
                  0%

                
	
                  Obligor

                	
                  $    
                    7,107,624.75 

                	
                  1%

                
	
                  2001-1A

                	
                  $
                    166,447,618.44 

                	
                  17%

                
	
                  2001-2

                	
                  $   10,019,018.39
                    

                	
                  1%

                
	
                  2002-3

                	
                  $ 
                     97,494,767.63 

                	
                  10%

                
	
                  2003-4

                	
                  $
                    125,370,196.24 

                	
                  13%

                
	
                  2003-5

                	
                  $ 
                     84,390,587.76 

                	
                  9%

                
	
                  2005-6

                	
                  $ 
                     91,183,388.22 

                	
                  10%

                
	
                  2005-7

                	
                  $ 
                     70,771,381.49 

                	
                  7%

                
	
                  2005-8

                	
                  $
                    142,460,582.61 

                	
                  15%

                
	
                  2005-9

                	
                  $
                    161,237,761.14 

                	
                  17%

                

        

        

         

        (b)  The
          Originator shall pay, and be billed directly for, all expenses incurred
          by the
          Purchaser in connection with the issuance of the Certificates, including,
          without limitation, printing fees incurred in connection with the prospectus
          relating to the Certificates, blue sky registration fees and expenses,
          fees and
          expenses of Purchaser’s counsel, fees of the Rating Agencies requested to rate
          the Certificates, accountant’s fees and expenses and the fees and expenses of
          the Trustee and other out-of-pocket costs, if any.

         

        ARTICLE
          III.

         

        REPRESENTATIONS
          AND WARRANTIES; REMEDIES FOR BREACH

         

        Section
          3.01  Representations
          and Warranties Relating to the Mortgage Loans. 

         

        (a)  The
          Originator and the Obligor hereby represent and warrant with respect to
          the
          Mortgage Loans to the Purchaser that as of the Closing Date or as of such
          date
          specifically provided herein:

         

        (1)  The
          applicable Seller has good title to and is the sole owner and holder of
          the
          related Mortgage Loans;

         

        (2)  Immediately
          prior to the transfer and assignment to the Purchaser, the Mortgage Notes
          and
          the Mortgage Loans were not subject to an assignment or pledge, and the
          applicable Seller has full right and authority to sell and assign the related
          Mortgage Loans;

         

        (3)  The
          applicable Seller is transferring the related Mortgage Loan to the Purchaser
          free and clear of any and all liens, pledges, charges or security interests
          of
          any nature encumbering the Mortgage Loans;

         

        (4)  The
          information set forth on each Schedule is true and correct in all material
          respects as of the Cut-off Date or such other date as may be indicated
          in such
          schedule;

         

        (5)  The
          Mortgage Loan has been acquired, serviced, collected and otherwise dealt
          with by
          the Originator and any affiliate of the Originator in compliance with all
          applicable federal, state and local laws and regulations and the terms
          of the
          related Mortgage Note and Mortgage;

         

        (6)  The
          related Mortgage Note and Mortgage are genuine and each is the legal, valid
          and
          binding obligation of the maker thereof, enforceable in accordance with
          its
          terms except as such enforcement may be limited by bankruptcy, insolvency,
          reorganization or other similar laws affecting the enforcement of creditors'
          rights generally and by general equity principles (regardless of whether
          such
          enforcement is considered in a proceeding in equity or at law);

         

        (7)  The
          related Mortgage is a valid and enforceable first or second lien on the
          related
          Mortgaged Property, which Mortgaged Property is free and clear of all
          encumbrances and liens (including mechanics liens) having priority over
          the
          first or second lien of the Mortgage except for: (i) liens for real estate
          taxes
          and assessments not yet due and payable; (ii) covenants, conditions and
          restrictions, rights of way, easements and other matters of public record
          as of
          the date of recording of such Mortgage, such exceptions appearing of record
          being acceptable to mortgage lending institutions generally or specifically
          reflected or considered in the lender's title insurance policy delivered
          to the
          originator of the Mortgage Loan and referred to in the appraisal made in
          connection with the origination of the related Mortgage Loan, (iii) other
          matters to which like properties are commonly subject which do not materially
          interfere with the benefits of the security intended to be provided by
          such
          Mortgage and (iv) the first lien on the Mortgaged Property, in the case
          of the
          Mortgages that are second liens;

         

        (8)  Any
          security agreement, chattel mortgage or equivalent document related to
          such
          Mortgage Loan establishes and creates a valid and enforceable first or
          second
          lien on the Mortgaged Property;

         

        (9)  As
          of the
          last calendar day of January 2007, none of the Mortgage Loans are Delinquent.
          

         

        (10)  None
          of
          the Originator, the Obligor or any Seller Trust has advanced funds, or
          induced,
          solicited or knowingly received any advance of funds by a party other than
          the
          Mortgagor, directly or indirectly, for the payment of any amount required
          under
          the Mortgage Loan;

         

        (11)  None
          of
          the Originator, the Obligor or any Seller Trust has impaired, waived, altered
          or
          modified the related Mortgage or Mortgage Note in any material respect,
          or
          satisfied, canceled, rescinded or subordinated such Mortgage or Mortgage
          Note in
          whole or in part or released all or any material portion of the Mortgaged
          Property from the lien of the Mortgage, or executed any instrument of release,
          cancellation, rescission or satisfaction of the Mortgage Note or
          Mortgage;

         

        (12)  As
          of the
          Cut-off Date, the Mortgage has not been satisfied, canceled or subordinated,
          in
          whole or in part, or rescinded, and the Mortgaged Property has not been
          released
          from the lien of the Mortgage, in whole or in part (except for a release
          that
          does not materially impair the security of the Mortgage Loan or a release
          the
          effect of which is reflected in the Loan-to-Value Ratio or combined
          Loan-to-Value Ratio for the Mortgage Loan as set forth in the Schedule
          of
          Mortgage Loans), nor has any instrument been executed that would effect
          any such
          release, cancellation, subordination or rescission;

         

        (13)  No
          Mortgage Loan is subject to any right of rescission, set-off, counterclaim
          or
          defense, including the defense of usury, nor will the operation of any
          of the
          terms of any Mortgage Note or Mortgage, or the exercise of any right thereunder,
          render either the Mortgage Note or Mortgage unenforceable in whole or in
          part,
          or subject to any right of rescission, set-off, counterclaim or defense,
          including the defense of usury, and no such right of rescission, set-off,
          counterclaim or defense has been asserted with respect thereto;

         

        (14)  To
          the
          Originator’s knowledge, there is no proceeding pending for the total or partial
          condemnation and no eminent domain proceedings pending affecting any Mortgaged
          Property;

         

        (15)  Each
          Mortgage Loan is covered by either (i) a mortgage title insurance policy
          or
          other generally acceptable form of insurance policy customary in the
          jurisdiction where the Mortgaged Property is located together with an adjustable
          rate rider if applicable or (ii) if generally acceptable in the jurisdiction
          where the Mortgaged Property is located, an attorney's opinion of title
          given by
          an attorney licensed to practice law in the jurisdiction where the Mortgaged
          Property is located. All of the Originator's rights under such policies,
          opinions or other instruments shall be transferred and assigned to Purchaser
          upon sale and assignment of the Mortgage Loans hereunder. The title insurance
          policy has been issued by a title insurer licensed to do business in the
          jurisdiction where the Mortgaged Property is located, insuring the original
          lender, its successor and assigns, as to the first or second priority lien
          of
          the Mortgage in the original principal amount of the Mortgage Loan, subject
          to
          the exceptions contained in such policy. The Originator is the sole insured
          of
          such mortgagee title insurance policy, and such mortgagee title insurance
          policy
          is in full force and effect and will be in force and effect upon the
          consummation of the transactions contemplated by this Agreement. Neither
          the
          Originator nor any affiliate of the Originator has made, and the Originator
          has
          no knowledge of, any claims under such mortgagee title insurance policy.
          The
          Originator is not aware of any action by a prior holder and neither the
          Originator nor any affiliate of the Originator has done, by act or omission,
          anything which could impair the coverage or enforceability of such mortgagee
          title insurance policy or the accuracy of such attorney's opinion of
          title;

         

        (16)  There
          is
          no material default, breach, violation or event of acceleration existing
          under
          the related Mortgage or the related Mortgage Note and no event which, with
          the
          passage of time or with notice and the expiration of any grace or cure
          period,
          would constitute a material default, breach, violation or event of acceleration,
          other than a payment delinquency that is for a payment due after the date
          specified in (i) above. None of the Originator, the Obligor, any Seller
          Trust or
          any affiliate of the Originator or any Seller Trust has waived any default,
          breach, violation or event of acceleration;

         

        (17)  With
          respect to any Mortgage Loan which provides for an adjustable interest
          rate, all
          rate adjustments have been performed in accordance with the terms of the
          related
          Mortgage Note or subsequent modifications, if any;

         

        (18)  To
          the
          Originator’s knowledge, there are no delinquent taxes, ground rents, water
          charges, sewer rents, assessments, insurance premiums, leasehold payments,
          including assessments payable in future installments or other outstanding
          charges, affecting the related Mortgaged Property;

         

        (19)  As
          of the
          Cut-off Date, no foreclosure proceedings are pending against the Mortgaged
          Property and the Mortgage Loan is not subject to any pending bankruptcy
          or
          insolvency proceeding, and to the Originator’s best knowledge, no material
          litigation or lawsuit relating to the Mortgage Loan is pending;

         

        (20)  The
          Mortgaged Property for each Mortgage Loan is insured under a hazard insurance
          policy (“Hazard Insurance”) in an amount at least equal to the lesser of (i) the
          maximum insurable value of such improvements or (ii) the principal balance
          of
          the Mortgage Loan with a standard mortgagee clause, in either case in an
          amount
          sufficient to avoid the application of any “co-insurance provisions,” and, if it
          was in place at origination of the Mortgage Loan, flood insurance, at the
          mortgagor's cost and expense. If the Mortgaged Property is in an area identified
          in the Federal Register by the Federal Emergency Management Agency (“FEMA”) as
          having special flood hazards, a flood insurance policy is in effect which
          met
          the requirements of FEMA at the time such policy was issued. The Mortgage
          obligates the Mortgagor to maintain the Hazard Insurance, and, if applicable,
          flood insurance policy at the Mortgagor's cost and expense, and on the
          Mortgagor's failure to do so, authorizes the holder of the Mortgage to
          obtain
          and maintain such insurance at the Mortgagor's cost and expense, and to
          seek
          reimbursement therefor from the Mortgagor;

         

        (21)  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage and the security interest of any applicable
          security agreement or chattel mortgage;

         

        (22)  The
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the Mortgage Loan in the event that
          the
          Mortgaged Property is sold or transferred without the prior written consent
          of
          the Mortgagee thereunder. The Mortgage contains customary and enforceable
          provisions such as to render the rights and remedies of the holder thereof
          adequate for the realization against the Mortgaged Property of the benefits
          of
          the security provided thereby, including (i) in the case of a Mortgage
          designated as a deed of trust, by trustee's sale and (ii) otherwise by
          judicial
          foreclosure. Since the date of origination of the Mortgage Loan, the Mortgaged
          Property has not been subject to any bankruptcy proceeding or foreclosure
          proceeding and the Mortgagor has not filed for protection under applicable
          bankruptcy laws. There is no homestead or other exemption available to
          the
          Mortgagor that would interfere with the right to sell the Mortgaged Property
          at
          a trustee's sale or the right to foreclose the Mortgage. In the event the
          Mortgage constitutes a deed of trust, a trustee, duly qualified under applicable
          law to serve as such, as been properly designated and currently so serves
          and is
          named in the Mortgage, and no fees or expenses are or will become payable
          by
          Purchaser to the trustee under the deed of trust, except in connection
          with a
          trustee's sale after default by the related Mortgagor. The Mortgagor has
          not
          notified the Originator or any affiliate of the Originator and the Originator
          has no knowledge of any relief requested or allowed to the Mortgagor under
          the
          Servicemembers Civil Relief Act;

         

        (23)  Except
          as
          set forth in the appraisal which forms part of the related Mortgage File,
          the
          Mortgaged Property, normal wear and tear excepted, is undamaged by waste,
          fire,
          earthquake or earth movement, windstorm, flood, tornado or other casualty
          so as
          to affect materially and adversely the value of the Mortgaged Property
          as
          security for the Mortgage Loan or the use for which the premises were
          intended;

         

        (24)  To
          the
          Originator’s knowledge, there was no fraud involved in the origination of the
          Mortgage Loan by the mortgagee or by the Mortgagor, any appraiser or any
          other
          party involved in the origination of the Mortgage Loan;

         

        (25)  Each
          Mortgage File contains an appraisal of the Mortgaged Property indicating
          the
          appraised value at the time of origination for such Mortgaged Property.
          Each
          appraisal has been performed in accordance with the provisions of the Financial
          Institutions Reform, Recovery and Enforcement Act of 1989;

         

        (26)  To
          the
          best of the Originator’s knowledge, all parties which have had any interest in
          the Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise,
          are
          (or, during the period in which they held and disposed of such interest,
          were)
          in compliance with any and all applicable “doing business” and licensing
          requirements of the laws of the state wherein the Mortgaged Property is
          located;

         

        (27)  No
          improvements on the related Mortgaged Property (upon which value was given)
          encroach on adjoining properties (and in the case of a condominium unit,
          such
          improvements are within the project with respect to that unit), and no
          improvements on adjoining properties encroach upon the Mortgaged Property
          unless
          there exists in the Mortgage File a title Policy with endorsements which
          insure
          against losses sustained by the insured as a result of such
          encroachments;

         

        (28)  Each
          Mortgage Loan was originated or acquired by a savings and loan association,
          a
          savings bank, a commercial bank or similar banking institution which is
          supervised and examined by a federal or state authority, or by a mortgagee
          approved by the Secretary of HUD. Each Mortgage Loan was originated
          substantially in accordance with the Originator's underwriting criteria,
          which
          are at least as stringent as the underwriting criteria set forth in the
          Prospectus Supplement. Each Mortgage Loan is currently being serviced by
          the
          Originator and has been serviced by the Originator since the date of origination
          of such Mortgage Loan;

         

        (29)  (i)
          Except with respect to the interest only mortgage loans, principal payments
          on
          the Mortgage Loan commenced no more than two months after the proceeds
          of the
          Mortgage Loan were disbursed and (ii) each Mortgage Note is payable on
          the first
          day of each month;

         

        (30)  The
          Mortgage Loan bears interest at the Mortgage Rate and the Mortgage Note
          does not
          permit negative amortization. No Mortgage Loan bearing interest at an adjustable
          rate permits the Mortgagor to convert the Mortgage Loan to a fixed rate
          Mortgage
          Loan;

         

        (31)  With
          respect to escrow deposits, if any, all such payments are in the possession
          of,
          or under the control of, the Servicer and there exist no deficiencies in
          connection therewith for which customary arrangements for repayment thereof
          have
          not been made. No escrow deposits or escrow advances or other charges or
          payments due the Servicer have been capitalized under any Mortgage or the
          related Mortgage Note;

         

        (32)  No
          Mortgage Loan contains provisions pursuant to which scheduled payments
          are: (i)
          paid or partially paid with funds deposited in any separate account established
          by the Originator, the related Seller Trust, the Mortgagor, or anyone on
          behalf
          of the Mortgagor; or (ii) paid by any source other than the Mortgagor or
          contains any other similar provisions which may constitute a “buydown”
provision. The Mortgage Loan is not a graduated payment mortgage loan and
          the
          Mortgage Loan does not have a shared appreciation or other contingent interest
          feature;

         

        (33)  As
          of the
          origination date of each Mortgage Loan, the related Mortgaged Property
          is
          lawfully permitted to be occupied under applicable law;

         

        (34)  Except
          as
          disclosed in the Prospectus Supplement, there are no proceedings or
          investigations pending, with respect to servicing, collection or notification
          practices and with respect to origination practices, violating any law
          in
          connection with any Mortgage Loan transferred to the Purchaser pursuant
          to this
          Agreement, including, without limitation, usury, truth in lending, real
          estate
          settlement procedures, consumer credit protection, equal credit opportunity
          or
          disclosure laws. The Mortgage Loan has been serviced in accordance with
          the
          terms of the Mortgage Note.

         

        (35)  No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

        (36)  The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder, and any and all requirements as to completion of any
          on-site
          or off-site improvement and as to disbursements of any escrow funds therefor
          have been complied with. All costs, fees and expenses incurred in making
          or
          closing the Mortgage Loan and the recording of the Mortgage have been paid,
          and
          the Mortgagor is not entitled to any refund of any amounts paid or due
          to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (37)  There
          are
          no mechanics' or similar liens or claims that have been filed for work,
          labor or
          material (and no rights are outstanding that under law could give rise
          to such
          lien) affecting the related Mortgaged Property that are or may be liens
          prior
          to, or equal or coordinate with, the lien of the related Mortgage;

         

        (38)  As
          to
          each Mortgage Loan, interest is calculated on the Mortgage Note on the
          basis of
          twelve 30-day months and a 360 day year;

         

        (39)  The
          Mortgaged Property consists of one of the following: detached or semi-detached
          one- to four-family dwelling units, townhouses, individual condominium
          units and
          individual units in planned unit developments, or manufactured homes treated
          as
          real property under local law;

         

        (40)  The
          Mortgage Loans were not intentionally selected by the related Seller in
          a manner
          intended to adversely affect the Purchaser or the Trust;

         

        (41)  [reserved];

         

        (42)  The
          Mortgage Loans have original terms to maturity ranging from 10 to 30
          years;

         

        (43)  As
          of the
          Cut-off Date; each Mortgage Loan, including any Mortgage Loan seasoned
          more than
          12 months as of the Cut-off Date, had a loan-to-value-ratio that was less
          than
          or equal to 100%;

         

        (44)  With
          respect to each Mortgage Loan, the Mortgage Note related thereto bears
          a fixed
          Mortgage Rate or an adjustable Mortgage Rate which will be adjusted on
          each
          Adjustment Date to equal the Index plus the Gross Margin, rounded to the
          nearest
          or next highest 0.125%, subject to the Periodic Rate Cap, the Maximum Mortgage
          Rate and the Minimum Mortgage Rate;

         

        (45)  No
          Mortgage Loan underlying the security is covered by the Home Ownership
          and
          Equity Protection Act of 1994 (“HOEPA”) and no mortgage loan is in violation of
          any comparable state law;

         

        (46)  Each
          Mortgage Loan conforms, and all Mortgage Loans in the aggregate conform,
          in all
          material respects, to the description thereof set forth in the Prospectus
          Supplement;

         

        (47)  With
          respect to second lien Mortgage Loans, either (a) no consent for the Mortgage
          Loan is required by the holder of the related first lien or (b) such consent
          has
          been obtained and is contained in the Mortgage File;

         

        (48)  Each
          Mortgage Note is comprised of one original promissory note and each such
          promissory note constitutes an “instrument” for purposes of section 9-102(a)(65)
          of the UCC;

         

        (49)  No
          Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
          is
          governed by the Georgia Fair Lending Act;

         

        (50)  Each
          Mortgage Loan was originated in compliance with all applicable local, state
          and
          federal laws, including, but not limited to, all applicable anti-predatory
          and
          anti-abusive lending laws;

         

        (51)  None
          of
          the Mortgage Loans are High Cost as defined by the applicable predatory
          and
          abusive lending laws;

         

        (52)  No
          Mortgage Loan is a high cost loan or a covered loan, as applicable (as
          such
          terms are defined in the then current Standard & Poor’s LEVELS Glossary
          which is now Version 5.7, Appendix E);

         

        (53)  Each
          Mortgage Loan is a “qualified mortgage” under Section 860G(a)(3);
          and

         

        (54)  No
          mortgage loan in the trust is a “high cost home,” “covered” (excluding home
          loans defined as “covered home loans” in the New Jersey Home Ownership Security
          Act of 2002 that were originated between November 26, 2003 and July 7,
          2004),
“high risk home” or “predatory” loan under any other applicable state, federal
          or local law (or a similarly classified loan using different terminology
          under a
          law imposing heightened regulatory scrutiny or additional legal liability
          for
          residential mortgage loans having high interest rates, points and/or
          fees).

         

        (55)  The
          Mortgaged Property is either a fee simple estate or a long-term residential
          lease. If the Mortgage Loan is secured by a long-term residential lease,
          unless
          otherwise specifically disclosed in the Mortgage Loan Schedule, (A) the
          terms of
          such lease expressly permit the mortgaging of the leasehold estate, the
          assignment of the lease without the lessor’s consent (or the lessor’s consent
          has been obtained and such consent is the Mortgage File) and the acquisition
          by
          the holder of the Mortgage of the rights of the lessee upon foreclosure
          or
          assignment in lieu of foreclosure or provide the holder of the Mortgage
          with
          substantially similar protection; (B) the terms of such lease do not (x)
          allow
          the termination thereof upon the lessee’s default without the holder of the
          Mortgage being entitled to receive written notice of, and opportunity to
          cure,
          such default or (y) prohibit the holder of the Mortgage from being insured
          under
          the hazard insurance policy relating to the Mortgaged Property; (C) the
          original
          term of such lease is not less than 15 years; (D) the term of such lease
          does
          not terminate earlier than ten years after the maturity date of the Mortgage
          Note; and (E) the Mortgaged Property is located in a jurisdiction in which
          the
          use of leasehold estates for residential properties is an accepted
          practice;

         

        (56)  [reserved].

         

        (b)  The
          Originator and Obligor hereby represents and warrants to the Purchaser,
          with
          respect to the Group I Mortgage Loans as of the Closing Date or as of such
          date
          specifically provided herein:

         

        (1)  Each
          Group I Mortgage Loan had a Principal Balance at origination which conformed
          with Fannie Mae guidelines;

         

        (2)  No
          borrower was encouraged or required to select a Group I Mortgage Loan product
          offered by the Originator which is a higher cost product designed for less
          creditworthy borrowers, unless at the time of the Group I Mortgage Loan's
          origination, such borrower did not qualify taking into account credit history
          and debt to income ratios for a lower cost credit product then offered
          by the
          Originator or any affiliate of the Originator. If, at the time of loan
          application, the borrower may have qualified for a lower cost credit product
          then offered by any mortgage lending affiliate of the Originator, the Originator
          referred the borrower's application to such affiliate for underwriting
          consideration;

         

        (3)  The
          methodology used in underwriting the extension of credit for each Group
          I
          Mortgage Loan employs objective mathematical principles which relate the
          borrower's income, assets and liabilities to the proposed payment, in accordance
          with the Originator's Underwriting Guidelines, and does not rely on the
          extent
          of the borrower's equity in the collateral as the principal determining
          factor
          in approving such credit extension. Such underwriting methodology confirmed
          that
          at the time of origination the borrower had a reasonable ability to make
          timely
          payments on the Group I Mortgage Loan;

         

        (4)  With
          respect to any Group I Mortgage Loan that contains a provision permitting
          imposition of a premium upon a prepayment prior to maturity: (i) prior
          to the
          Group I Mortgage Loan’s origination, the borrower agreed to such premium in
          exchange for a monetary benefit, including but not limited to a rate or
          fee
          reduction, (ii) prior to the Group I Mortgage Loan’s origination, the borrower
          was offered the option of obtaining a Group I Mortgage Loan that did not
          require
          payment of such a premium, (iii) the prepayment premium is adequately disclosed
          to the borrower in the loan documents pursuant to applicable state and
          federal
          law, (iv) for loans originated on or after October 1, 2002, the duration
          of the
          prepayment period shall not exceed three (3) years from the date of the
          note,
          unless the loan was modified to reduce the prepayment period to no more
          than
          three years from the date of the note and the borrower was notified in
          writing
          of such reduction in prepayment period and (v) notwithstanding any state
          or
          federal law to the contrary, the Servicer shall not impose such prepayment
          premium in any instance when the mortgage debt is accelerated or paid off
          in
          connection with the workout of a delinquent mortgage or as the result of
          the
          borrower’s default in making the loan payments;

         

        (5)  No
          borrower was required to purchase any single premium credit insurance policy
          (e.g., life, mortgage, disability, accident, unemployment, or health insurance
          product) or debt cancellation agreement as a condition of obtaining the
          extension of credit. No borrower obtained a prepaid single premium credit
          insurance policy (e.g., life, mortgage, disability, accident, unemployment,
          or
          health insurance product) or debt cancellation agreement in connection
          with the
          origination of the Group I Mortgage Loan; No proceeds from any Group I
          Mortgage
          Loan were used to purchase single premium credit insurance policies (e.g.,
          life,
          mortgage, disability, accident, unemployment, or health insurance product)
          or
          debt cancellation agreements as part of the origination of, or as a condition
          to
          closing, such Group I Mortgage Loan;

         

        (6)  All
          points, fees and charges (including finance charges), and whether or not
          financed, assessed, collected or to be collected in connection with the
          origination and servicing of each Group I Mortgage Loan have been disclosed
          in
          writing to the borrower in accordance with applicable state and federal
          law and
          regulation. No borrower was charged “points and fees” (whether or not financed)
          in an amount that exceeds the greater of (i) $1,000 or (ii) 5% of the principal
          amount of such loan, (such 5% limitation is calculated in accordance with
          Fannie
          Mae’s requirements as set forth in the Fannie Mae Selling Guide). 

         

        (7)  No
          Group
          I Mortgage Loan originated on or after October 1, 2002 through March 6,
          2003 is
          secured by a Mortgaged Property located in the State of Georgia;

         

        (8)  No
          Mortgage Loan originated on or after March 7, 2003 is a “high cost home loan” as
          defined under the Georgia Fair Lending Act;

         

        (9)  Each
          Group I Mortgage Loan is in compliance with the anti-predatory lending
          eligibility for purchase requirements of the Fannie Mae Lender Letter,
          LL03-00:
          Eligibility of Mortgages to Borrowers with Blemished Credit Records (04/11/00)
          other than the requirements regarding Escrow Deposit Accounts;

         

        (10)  The
          Servicer will transmit full-file credit reporting data for each Group I
          Mortgage
          Loan pursuant to Fannie Mae Guide Announcement 95-19 and that for each
          Group I
          Mortgage Loan, Servicer agrees it shall report one of the following statuses
          each month as follows: new origination, current, delinquent (30-, 60-,
          90-days,
          etc.), foreclosed, or charged-off;

         

        (11)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in New York Banking Law
          6-1;

         

        (12)  No
          Group
          I Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective July 16, 2003 (Act 1340 or 2003);

         

        (13)  No
          Group
          I Mortgage Loan is a “High Cost Home Loan” as defined in Kentucky high-cost loan
          statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100);

         

        (14)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
          Ownership Act effective November 27, 2003 (N.J.S.A. 46; 10B-22 et
          seq.);

         

        (15)  No
          Group
          I Mortgage Loan is a High-Cost Home Loan” as defined in the New Mexico Home Loan
          Protection Act effective January 1, 2004 (N.M. Stat. Ann. § 58-21A-1 et
          seq.);

         

        (16)  No
          Group
          I Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
          Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
          seq.);

         

        (17)  No
          Group
          I Mortgage Loan is a balloon mortgage loan that has an original stated
          maturity
          of less than seven (7) years;

         

        (18)  All
          fees
          and charges (including finance charges) and whether or not financed, assessed,
          collected or to be collected in connection with the origination and servicing
          of
          each Group I Mortgage Loan has been disclosed in writing to the borrower
          in
          accordance with applicable state and federal law and regulation;

         

        (19)  No
          subprime mortgage loan originated on or after October 1, 2002 underlying
          the
          Security will impose a prepayment premium for a term in excess of three
          years.
          Any loans originated prior to such date, and any non-subprime loans, will
          not
          impose prepayment penalties in excess of five years;

         

        (20)  
          With
          respect to each mortgage loan underlying the security, no borrower obtained
          a
          prepaid single-premium credit-life, credit disability, credit unemployment
          or
          credit property insurance policy in connection with the origination of
          the
          mortgage loan; 

         

        (21)  No
          Group
          I Mortgage Loan that was originated on or after October 31, 2004, is subject
          to
          mandatory arbitration except when the terms of the arbitration also contain
          a
          waiver provision that provides that in the event of a sale or transfer
          of the
          Group I Mortgage Loan or interest in the Group I Mortgage Loan to Fannie
          Mae,
          the terms of the arbitration are null and void and cannot be reinstated.
          The
          originator hereby covenants that the seller or servicer of the Group I
          Mortgage
          Loan, as applicable, will notify the borrower in writing within 60 days
          of the
          sale or transfer of the Group I Mortgage Loan to Fannie Mae that the terms
          of
          the arbitration are null and void.”

         

        (22)  With
          respect to any mortgage loans, the Originator offered the borrower mortgage
          loan
          products offered by such Originator, or any affiliate of such Originator,
          for
          which the borrower qualified; 

         

        (23)  With
          respect to any mortgage loans that are on manufactured housing, such housing
          will be the principal residence of the borrower upon origination of the
          mortgage
          loan; 

         

        (24)  With
          respect to any subordinate lien mortgage loan, such lien is on a one- to
          four-family residence that is the principal residence of the borrower at
          the
          time of the origination of the subordinate lien;

         

        (25)  There
          are
          no seasoned Group I Mortgage Loans;

         

        

        (26)  [Reserved];

         

        (27)  [Reserved];
          

         

        (28)  [Reserved];
          

         

        (29)  No
          refinance or purchase money Group I Mortgage Loan has an APR or total points
          and
          fees that exceed the thresholds set by the Home Ownership and Equity Protection
          Act of 1994 (“HOEPA”) and its implementing regulations, including 12 CFR
          226.32(a)(1)(i) and (ii) and no mortgage loan is in violation of any comparable
          state law;

         

        (30)  No
          Group
          I Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
          Massachusetts Predatory Home Loan Practices Act, effective November 7,
          2004
          (Mass. Ann. Laws Ch. 183C);

         

        (31)  No
          Group
          I Mortgage Loan is a “High Cost Home Loan” as defined in the Indiana Home Loan
          Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1
          through
          24-9-9); and

         

        (32)  Each
          Group I Mortgage Loan is in compliance with the anti-predatory lending
          eligibility for purchase requirements of Fannie Mae’s Selling
          Guide.

         

        (c)  The
          Originator and the Obligor hereby represent and warrant to the Purchaser
          and the
          Certificate Insurer, with respect to the Group II Mortgage Loans as of
          the
          Closing Date or as of such date specifically provided herein:

         

        (1)  Each
          Group II Mortgage Loan had a Principal Balance at origination which conformed
          with Freddie Mac guidelines;

         

        (2)  Each
          Group II Mortgage Loan in the trust at the time it was made complied in
          all
          material respects with applicable local, state, and federal laws, including,
          but
          not limited to, all applicable predatory, abusive and fair lending
          laws;

         

        (3)  No
          refinance or purchase money mortgage loan in the trust has an APR or total
          points and fees that exceed the thresholds set by the Home Ownership and
          Equity
          Protection Act of 1994 (“HOEPA”) and its implementing regulations, including 12
          CFR§ 226.32(a)(1)(i) and (ii) and no mortgage loan is in violation of any
          comparable state law;

         

        (4)  There
          is
          no Group II Mortgage Loan in the trust that was originated on or after
          October
          1, 2002 and before March 7, 2003, which is governed by the Georgia Fair
          Lending
          Act;

         

        (5)  No
          Group
          II Mortgage Loan in the trust is a “high cost home,” “covered” (excluding home
          loans defined as “covered home loans” in the New Jersey Home Ownership Security
          Act of 2002 that were originated between November 26, 2003 and July 7,
          2004),
“high risk home” or “predatory” loan under any other applicable state, federal
          or local law (or a similarly classified loan using different terminology
          under a
          law imposing heightened regulatory scrutiny or additional legal liability
          for
          residential mortgage loans having high interest rates, points and/or
          fees);

         

        (6)  With
          respect to each Group II Mortgage Loan underlying the Security, no borrower
          obtained a prepaid single-premium credit-life, credit disability, credit
          unemployment or credit property insurance policy in connection with the
          origination of the mortgage loan;

         

        (7)  With
          respect to any Group II Mortgage Loan underlying the Security that contains
          a
          provision permitting imposition of a penalty upon a prepayment prior to
          maturity: (a) the mortgage loan provides some benefit to the borrower (e.g.
          a
          rate or fee reduction) in exchange for accepting such prepayment penalty;
          (b)
          the mortgage loan’s originator had a written policy of offering the borrower, or
          requiring third-party brokers to offer the borrower, the option of obtaining
          a
          mortgage loan that did not require payment of such a penalty; (c) the prepayment
          penalty was adequately disclosed to the borrower pursuant to applicable
          state
          and federal law; (d) no subprime loan originated on or after October 1,
          2002
          underlying the Security will provide for prepayment penalties for a term
          in
          excess of three years and any loans originated prior to such date, and
          any
          non-subprime loans, will not provide for prepayment penalties for a term
          in
          excess of five years; unless the loan was modified to reduce the prepayment
          period to no more than three years (in the case of subprime loans) or five
          years
          (in the case of non-subprime loans) from the date of the note and the borrower
          was notified in writing of such reduction in prepayment period; and (e)
          such
          prepayment penalty shall not be imposed in any instance where the mortgage
          loan
          is accelerated or paid off in connection with the workout of a delinquent
          mortgage or due to the borrower’s default, notwithstanding that the terms of the
          mortgage loan or state or federal law might permit the imposition of such
          penalty;

         

        (8)  The
          servicer for each mortgage loan underlying the Security has fully furnished,
          in
          accordance with the Fair Credit Reporting Act and its implementing regulations,
          accurate and complete information (i.e., favorable and unfavorable) on
          its
          borrower credit files to Equifax, Experian, and Trans Union Credit Information
          Company (three of the credit repositories), on a monthly basis;

         

        (9)  The
          servicer for each Group II Mortgage Loan underlying the Security will fully
          furnish, in accordance with the Fair Credit Reporting Act and its implementing
          regulations, accurate and complete information (i.e., favorable and unfavorable)
          on its borrower credit files to Equifax, Experian, and Trans Union Credit
          Information Company (three of the credit repositories), on a monthly
          basis;

         

        (10)  With
          respect to each Group II Mortgage Loan underlying the Security, the borrower
          was
          not encouraged or required to select a mortgage loan product offered by
          the
          mortgage loan’s originator which is a higher cost product designed for less
          creditworthy borrowers, taking into account such facts as, without limitation,
          the mortgage loan’s requirements and the borrower’s credit history, income,
          assets and liabilities. For a borrower who seeks financing through a mortgage
          loan originator’s higher-priced subprime lending channel, the borrower should be
          directed towards or offered the mortgage loan originator’s standard mortgage
          line if the borrower is able to qualify for one of the standard
          products;

         

        (11)  The
          methodology used in underwriting the extension of credit for each Group
          II
          Mortgage Loan in the trust did not rely solely on the extent of the borrower’s
          equity in the collateral as the principal determining factor in approving
          such
          extension of credit. The methodology employed objective criteria such as
          the
          borrower’s income, assets and liabilities, to the proposed mortgage payment and,
          based on such methodology, the mortgage loan’s originator made a reasonable
          determination that at the time of origination the borrower had the ability
          to
          make timely payments on the mortgage loan;

         

        (12)  No
          borrower under a Group II Mortgage Loan in the trust was charged “points and
          fees” in an amount greater than (a) $1,000 or (b) 5% of the principal amount
          of
          such mortgage loan, whichever is greater. For purposes of this representation,
          “points and fees” (x) include origination, underwriting, broker and finder’s
          fees and charges that the lender imposed as a condition of making the mortgage
          loan, whether they are paid to the lender or a third party; and (y) exclude
          bona
          fide discount points, fees paid for actual services rendered in connection
          with
          the origination of the mortgage (such as attorneys’ fees, notaries fees and fees
          paid for property appraisals, credit reports, surveys, title examinations
          and
          extracts, flood and tax certifications, and home inspections); the cost
          of
          mortgage insurance or credit-risk price adjustments; the costs of title,
          hazard,
          and flood insurance policies; state and local transfer taxes or fees; escrow
          deposits for the future payment of taxes and insurance premiums; and other
          miscellaneous fees and charges, which miscellaneous fees and charges, in
          total,
          do not exceed 0.25 percent of the loan amount;

         

        (13)  With
          respect to any Group II Mortgage Loan originated on or after August 1,
          2004 and
          underlying the Security, neither the related mortgage nor the related mortgage
          note requires the borrower to submit to arbitration to resolve any dispute
          arising out of or relating in any way to the mortgage loan
          transaction;

         

        (14)  No
          manufactured housing units underlie the Security; 

         

        (15)  The
          original principal balance of each Group II Mortgage Loan underlying the
          security must be within Freddie Mac’s dollar amount limits for conforming
          one-to-four-family mortgage loans;

         

        (16)  No
          first
          lien Group II Mortgage Loan underlying the Security has an original principal
          balance that exceeds the applicable Freddie Mac loan limit;

         

        (17)  With
          respect to any subordinate lien Group II Mortgage Loan underlying the Security,
          such lien is on a one- to four-family residence that is (or will be) the
          principal residence of the borrower;

         

        (18)  No
          subordinate lien Group II Mortgage Loan underlying the Security has an
          original
          principal balance that exceeds one-half of the one-unit limitation for
          first
          lien mortgage loans, i.e., $208,500 (in Alaska, Guam, Hawaii or Virgin
          Islands:
          $312,750), without regard to the number of units;

         

        (19)  The
          original principal balance of the first lien Group II Mortgage Loan plus
          the
          original principal balance of any subordinate lien mortgage loans relating
          to
          the same mortgaged property does not exceed the applicable Freddie Mac
          loan
          limit for first lien mortgage loans for that property type; and 

         

        (20)  There
          are
          no seasoned Group II Mortgage Loans.

         

        Section
          3.02  Originator
          Representations and Warranties Relating to the Originator.
          The
          Originator represents, warrants and covenants to the Purchaser as of the
          Closing
          Date or as of such other date specifically provided herein or in the applicable
          Assignment and Conveyance:

         

        (i)  The
          Originator is duly organized, validly existing and in good standing as
          a
          corporation under the laws of the State of California 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 ensure the enforceability of each Mortgage
          Loan in accordance with the terms of this Agreement;

         

        (ii)  The
          Originator has the full power and authority to execute, deliver and perform,
          and
          to enter into and consummate, all transactions contemplated by this Agreement.
          The Originator 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 Purchaser
          and the related Seller, constitutes a legal, valid and binding obligation
          of the
          Originator, enforceable against it in accordance with its terms except
          as the
          enforceability thereof may be limited by bankruptcy, insolvency or
          reorganization. At the time of the sale of each Mortgage Loan by the Originator,
          the Originator had the full power and authority to hold each Mortgage Loan
          and
          to sell each Mortgage Loan;

         

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

         

        (iv)  The
          Originator is not in violation of, and the execution and delivery of this
          Agreement by the Originator 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 Originator or its assets,
          which violation might have consequences that would materially and adversely
          affect the condition (financial or otherwise) or the operation of the Originator
          or its assets or might have consequences that would materially and adversely
          affect the performance of its obligations and duties hereunder;

         

        (v)  The
          Originator is a HUD approved mortgagee pursuant to Section 203 and Section
          211
          of the National Housing Act. No event has occurred, including but not limited
          to
          a change in insurance coverage, which would make the Originator unable
          to comply
          with HUD eligibility requirements or which would require notification to
          HUD;

         

        (vi)  The
          Originator 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;

         

        (vii)  There
          are
          no actions or proceedings against, or investigations known to it of, the
          Originator 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 Originator of its obligations under, or validity of
          enforceability of, this Agreement;

         

        (viii)  No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Originator
          of, or compliance by the Originator 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;

         

        (ix)  The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Originator. The sale of the Mortgage
          Loans
          was in the ordinary course of business of the Originator and the assignment
          and
          conveyance of the Mortgage Notes and the Mortgages by the Originator are
          not
          subject to the bulk transfer or any similar statutory provisions;

         

        (x)  The
          information delivered by the Originator to the Purchaser with respect to
          the
          Originator's loan loss, foreclosure and delinquency experience on mortgage
          loans
          underwritten to similar standards as the Mortgage Loans and covering mortgaged
          properties similar to the Mortgaged Properties, is true and correct in
          all
          material respects as of the date of such report;

         

        (xi)  Except
          with respect to any statement regarding the intentions of the Purchaser,
          or any
          other statement contained herein the truth or falsity of which is dependant
          solely upon the actions of the Purchaser, this Agreement does not contain
          any
          untrue statement of material fact or omit to state a material fact necessary
          to
          make the statements contained herein not misleading. The written statements,
          reports and other documents prepared and furnished or to be prepared and
          furnished by the Originator pursuant to this Agreement or in connection
          with the
          transactions contemplated hereby taken in the aggregate do not contain
          any
          untrue statement of material fact or omit to state a material fact necessary
          to
          make the statements contained therein not misleading; and

         

        (xii)  The
          Originator has not transferred the Mortgage Loans with any intent to hinder,
          delay or defraud any of its creditors.

         

        Section
          3.03  Obligor
          Representations and Warranties Relating to the Obligor.
          The
          Obligor represents, warrants and covenants to the Purchaser as of the Closing
          Date or as of such other date specifically provided herein or in the applicable
          Assignment and Conveyance:

         

        (i)  The
          Obligor 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 ensure the enforceability of each Mortgage
          Loan in accordance with the terms of this Agreement;

         

        (ii)  The
          Obligor has the full power and authority to execute, deliver and perform,
          and to
          enter into and consummate, all transactions contemplated by this Agreement.
          The
          Obligor 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 Purchaser and
          the
          related Seller, constitutes a legal, valid and binding obligation of the
          Obligor, enforceable against it in accordance with its terms except as
          the
          enforceability thereof may be limited by bankruptcy, insolvency or
          reorganization. At the time of the sale of each Mortgage Loan by the Obligor,
          the Obligor had the full power and authority to hold each Mortgage Loan
          and to
          sell each Mortgage Loan;

         

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

         

        (iv)  The
          Obligor is not in violation of, and the execution and delivery of this
          Agreement
          by the Obligor 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 Obligor or its assets,
          which
          violation might have consequences that would materially and adversely affect
          the
          condition (financial or otherwise) or the operation of the Obligor or its
          assets
          or might have consequences that would materially and adversely affect the
          performance of its obligations and duties hereunder;

         

        (v)  The
          Obligor 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)  There
          are
          no actions or proceedings against, or investigations known to it of, the
          Obligor
          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 Obligor of its obligations under, or validity of enforceability of,
          this
          Agreement;

         

        (vii)  No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Obligor
          of,
          or compliance by the Obligor 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

         

        (viii)  The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Obligor. The sale of the Mortgage Loans
          was
          in the ordinary course of business of the Obligor and the assignment and
          conveyance of the Mortgage Notes and the Mortgages by the Obligor are not
          subject to the bulk transfer or any similar statutory provisions.

         

        Section
          3.04  Seller
          Trust Representations and Warranties.
          Each
          Seller Trust represents, warrants and covenants to the Purchaser as of
          the
          Closing Date or as of such other date specifically provided herein:

         

        (a)  The
          Seller Trust is duly organized, validly existing and in good standing as
          a
          business trust 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 ensure the enforceability of each Mortgage
          Loan in accordance with the terms of this Agreement;

         

        (b)  The
          Seller Trust has the full 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
          Trust
          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 Purchaser and the Originator,
          constitutes a legal, valid and binding obligation of the Seller Trust,
          enforceable against it in accordance with its terms except as the enforceability
          thereof may be limited by bankruptcy, insolvency or reorganization;

         

        (c)  The
          execution and delivery of this Agreement by the Seller Trust and the performance
          of and compliance with the terms of this Agreement will not violate the
          Seller
          Trust's certificate of trust or constitute a default under or result in
          a breach
          or acceleration of, any material contract, agreement or other instrument
          to
          which the Seller Trust is a party or which may be applicable to the Seller
          Trust
          or its assets;

         

        (d)  The
          Seller Trust is not in violation of, and the execution and delivery of
          this
          Agreement by the Seller Trust 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 such Seller Trust 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
          Trust or its assets or might have consequences that would materially and
          adversely affect the performance of its obligations and duties hereunder;
          

         

        (e)  Immediately
          prior to the payment of the mortgage loan purchase price for each Mortgage
          Loan,
          the Seller Trust was the owner of the related Mortgage and the indebtedness
          evidenced by the related Mortgage Note and upon the payment of the mortgage
          loan
          purchase price by the Purchaser, in the event that the Seller Trust retains
          record title, the Seller Trust shall retain such record title to each Mortgage,
          each related Mortgage Note and the related Mortgage Files with respect
          thereto
          in trust for the Purchaser as the owner thereof;

         

        (f)  The
          Seller Trust has not transferred the Mortgage Loans to the Purchaser with
          any
          intent to hinder, delay or defraud any of its creditors;

         

        (g)  There
          are
          no actions or proceedings against, or investigations known to it of, the
          Seller
          Trust 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 Trust of its obligations under, or validity or
          enforceability of, this Agreement;

         

        (h)  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
          Trust
          of, or compliance by the Seller Trust 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;

         

        (i)  The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Seller Trust, and the transfer assignment
          and
          conveyance of the related Mortgage Notes and the Mortgages by the Seller
          Trust
          pursuant to this Agreement are not subject to the bulk transfer or any
          similar
          statutory provisions; and

         

        (j)  Except
          with respect to liens released immediately prior to the transfer herein
          contemplated, the applicable Mortgage Note and related Mortgage have not
          been
          assigned or pledged and immediately prior to the transfer and assignment
          herein
          contemplated, the Seller Trust held good, marketable and indefeasible title
          to,
          and was the sole owner and holder of, the related Mortgage Loan subject
          to no
          liens, charges, mortgages, claims, participation interests, equities, pledges
          or
          security interests of any nature, encumbrances or rights of others
          (collectively, a “Lien”); the Seller Trust has full right and authority under
          all governmental and regulatory bodies having jurisdiction over the Seller
          Trust, subject to no interest or participation of, or agreement with, any
          party,
          to sell and assign the same pursuant to this Agreement; and immediately
          upon the
          transfers and assignments herein contemplated, the Seller Trust shall have
          transferred all of its right, title and interest in and to the related
          Mortgage
          Loans and the Trustee will hold good, marketable and indefeasible title
          to, and
          be the sole owner of, the related Mortgage Loans subject to no
          Liens.

         

        Section
          3.05  Remedies
          For Breach of Representations And Warranties.
          It is
          understood and agreed that the representations and warranties set forth
          in
          Sections 3.01, 3.02, 3.03 and 3.04 shall survive the sale of the Mortgage
          Loans
          to the Purchaser and shall inure to the benefit of the Purchaser,
          notwithstanding any restrictive or qualified endorsement on any Mortgage
          Note or
          Assignment or the examination or lack of examination of any Mortgage File.
          With
          respect to the representations and warranties contained herein that are
          made to
          the knowledge or the best knowledge of the Originator or Obligor or as
          to which
          the Originator or Obligor has no knowledge, if it is discovered that the
          substance of any such representation and warranty is inaccurate and the
          inaccuracy materially and adversely affects the value of the related Mortgage
          Loan, or the interest therein of the Purchaser or the Purchaser's assignee,
          designee or transferee, then notwithstanding the Originator's or Obligor’s lack
          of knowledge with respect to the substance of such representation and warranty
          being inaccurate at the time the representation and warranty was made,
          such
          inaccuracy shall be deemed a breach of the applicable representation and
          warranty and the Obligor shall take such action described in the following
          paragraphs of this Section 3.05 in respect of such Mortgage Loan. Upon
          discovery
          by either the Originator, the Servicer or the Purchaser of a breach of
          any of
          the foregoing representations and warranties that materially and adversely
          affects the value of the Mortgage Loans or the interest of the Purchaser
          (or
          which materially and adversely affects the interests of the Purchaser in
          the
          related Mortgage Loan in the case of a representation and warranty relating
          to a
          particular Mortgage Loan), the party discovering such breach shall give
          prompt
          written notice to the others. It is understood by the parties hereto that
          a
          breach of the representations and warranties made in Section
          3.01(a) (45), (50), (53), (54); Section 3.01(b)(1), (2), (3), (4), (5),
          (6),
          (7), (8), (10), (17), (18), (20), (21), (22), (23), (24), (25), (27), (28),
          (29), (30), (31) (32); Section 3.01(c) (1), (2), (3), (4), (5), (6), (7),
          (8),
          (9), (10), (11), (12), (13), (14), (15), (16), (17), (18), (19) and (20)
          will be
          deemed to materially and adversely affect the value of the related Mortgage
          Loan
          or the interest of the Purchaser.

         

        Within
          120 days of the earlier of either discovery by or notice to the Originator
          of
          any breach of a representation or warranty made by the Originator or Obligor
          that materially and adversely affects the value of a Mortgage Loan or the
          Mortgage Loans or the interest therein of the Purchaser, the Originator
          and
          Obligor shall use their best efforts promptly to cure such breach in all
          material respects and, if such breach cannot be cured, the Obligor shall,
          at the
          Purchaser’s option, repurchase such Mortgage Loan at the Purchase Price. In the
          event that a breach shall involve any representation or warranty set forth
          in
          Section 3.03 and such breach cannot be cured within 120 days of the earlier
          of
          either discovery by or notice to the Originator of such breach, all of
          the
          Mortgage Loans shall, at the Purchaser’s option, be repurchased by the Obligor
          at the Purchase Price. The Obligor may, at the request of the Purchaser
          and
          assuming the Obligor has a Qualified Substitute Mortgage Loan, rather than
          repurchase a deficient Mortgage Loan as provided above, remove such Mortgage
          Loan and substitute in its place a Qualified Substitute Mortgage Loan or
          Loans.
          If the Obligor does not provide a Qualified Substitute Mortgage Loan or
          Loans,
          it shall repurchase the deficient Mortgage Loan. Any repurchase of a Mortgage
          Loan(s) pursuant to the foregoing provisions of this Section 3.05 shall
          occur on
          a date designated by the Purchaser and shall be accomplished by deposit
          in
          accordance with Section 2.03 of the Pooling and Servicing Agreement. Any
          repurchase or substitution required by this Section shall be made in a
          manner
          consistent with Section 2.03 of the Pooling and Servicing
          Agreement.

         

        At
          the
          time of substitution or repurchase of any deficient Mortgage Loan, the
          Purchaser
          and the Originator shall arrange for the reassignment of the repurchased
          or
          substituted Mortgage Loan to the Originator and the delivery to the Originator
          of any documents held by the Trustee relating to the deficient or repurchased
          Mortgage Loan. In the event the Purchase Price is deposited in the Collection
          Account, the Originator shall, simultaneously with such deposit, give written
          notice to the Purchaser that such deposit has taken place. Upon such repurchase,
          the Mortgage Loan Schedule shall be amended to reflect the withdrawal of
          the
          repurchased Mortgage Loan from this Agreement.

         

        As
          to any
          Deleted Mortgage Loan for which the Obligor substitutes a Qualified Substitute
          Mortgage Loan or Loans, the Obligor shall effect such substitution by delivering
          to the Purchaser or its designee for such Qualified Substitute Mortgage
          Loan or
          Loans the Mortgage Note, the Mortgage, the Assignment and such other documents
          and agreements as are required by the Pooling and Servicing Agreement,
          with the
          Mortgage Note endorsed as required therein. The Obligor shall deposit in
          the
          Collection Account the Monthly Payment due on such Qualified Substitute
          Mortgage
          Loan or Loans in the month following the date of such substitution. Monthly
          Payments due with respect to Qualified Substitute Mortgage Loans in the
          month of
          substitution will be retained by the Obligor. For the month of substitution,
          distributions to the Purchaser will include the Monthly Payment due on
          such
          Deleted Mortgage Loan in the month of substitution, and the Obligor shall
          thereafter be entitled to retain all amounts subsequently received by the
          Obligor in respect of such Deleted Mortgage Loan. Upon such substitution,
          the
          Qualified Substitute Mortgage Loans shall be subject to the terms of this
          Agreement in all respects, and the Obligor shall be deemed to have made
          with
          respect to such Qualified Substitute Mortgage Loan or Loans as of the date
          of
          substitution, the covenants, representations and warranties set forth in
          Sections 3.01, 3.02 and 3.03.

         

        In
          the
          event that the Obligor does not meet any of its obligations as and when
          described under this Agreement, then the Originator shall perform such
          obligation within one Business Day of such Obligor’s breach without any need for
          any notice or any other action by any other Person. 

         

        It
          is
          understood and agreed that the representations and warranties set forth
          in
          Section 3.01 shall survive delivery of the respective Mortgage Files to
          the
          Trustee on behalf of the Purchaser.

         

        It
          is
          understood and agreed that the obligations of the Originator and Obligor
          set
          forth in Section 3.05 to cure, repurchase and substitute for a defective
          Mortgage Loan and to indemnify the Purchaser as provided in Section 5.01
          constitute the sole remedies of the Purchaser respecting a missing or defective
          document or a breach of the representations and warranties contained in
          Section
          3.01, 3.02, 3.03 or 3.04.

         

        ARTICLE
          IV.

         

        ORIGINATOR'S
          COVENANTS

         

        Section
          4.01  Covenants
          of The Originator.
          The
          Originator hereby covenants that except for the transfer hereunder, neither
          the
          Originator nor any Seller will 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 Originator will notify the
          Trustee,
          as assignee of the Purchaser, of the existence of any Lien on any Mortgage
          Loan
          immediately upon discovery thereof, and the Originator will defend the
          right,
          title and interest of the Trust, as assignee of the Purchaser, in, to and
          under
          the Mortgage Loans, against all claims of third parties claiming through
          or
          under the Originator or any Seller; provided, however, that nothing in
          this
          Section 4.01 shall prevent or be deemed to prohibit the Originator or any
          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
          Originator or any 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.

         

        ARTICLE
          V.

         

        INDEMNIFICATION
          WITH RESPECT TO THE MORTGAGE LOANS

         

        Section
          5.01  Indemnification. 

         

        (a)  The
          Originator agrees to indemnify and hold harmless the Purchaser, each of
          its
          directors, each of its officers and each person or entity who controls
          the
          Purchaser or any such person, within the meaning of Section 15 of the Securities
          Act, against any and all losses, claims, damages or liabilities, joint
          and
          several, as incurred, to which the Purchaser, or any such person or entity
          may
          become subject, under the Securities Act or otherwise, and will reimburse
          the
          Purchaser, each such director and officer and each such controlling person
          for
          any legal or other expenses incurred by the Purchaser or such controlling
          person
          in connection with investigating or defending any such losses, claims,
          damages
          or liabilities, insofar as such losses, claims, damages or liabilities
          (or
          actions in respect thereof) arise out of or are based upon (i) any untrue
          statement or alleged untrue statement of any material fact contained in
          the Free
          Writing Prospectus or Prospectus Supplement or any amendment or supplement
          to
          the Free Writing Prospectus or Prospectus Supplement approved in writing
          by the
          Originator or the omission or the alleged omission to state therein a material
          fact necessary in order to make the statements in the Free Writing Prospectus
          or
          Prospectus Supplement or any amendment or supplement to the Free Writing
          Prospectus or Prospectus Supplement approved in writing by the Originator,
          in
          the light of the circumstances under which they were made, not misleading,
          but
          only to the extent that such untrue statement or alleged untrue statement
          or
          omission or alleged omission relates to the Originator Information contained
          in
          the Free Writing Prospectus or Prospectus Supplement, (ii) any untrue statement
          or alleged untrue statement of any material fact contained in the information
          on
          any computer tape furnished to the Purchaser or an affiliate thereof by
          or on
          behalf of the Originator containing information regarding the assets of
          the
          Trust or (iii) any untrue statement or alleged untrue statement of any
          material
          fact contained in any information provided by the Originator to the Purchaser
          or
          any affiliate thereof, or any material omission from the information purported
          to be provided hereby, and disseminated to KPMG LLP or prospective investors
          (directly or indirectly through available information systems) in connection
          with the issuance, marketing or offering of the Certificates. This indemnity
          agreement will be in addition to any liability which the Originator may
          otherwise have.

         

        (b)  The
          Purchaser agrees to indemnify and hold harmless each Seller Trust the Obligor
          and the Originator, each of their respective officers, directors and each
          person
          or entity who controls each Seller Trust, the Originator, the Obligor or
          any
          such person, against any and all losses, claims, damages or liabilities,
          joint
          and several, to which the related Seller Trust, Obligor, the Originator
          or any
          such person or entity may become subject, under the Securities Act or otherwise,
          and will reimburse the applicable Seller Trust and/or the Originator or
          Obligor
          for any legal or other expenses incurred by such Seller Trust, the Originator,
          the Obligor each officer and director and controlling person in connection
          with
          investigating or defending any such losses, claims, damages or liabilities
          insofar as such losses, claims, damages or liabilities (or actions in respect
          thereof) arise out of or are based upon any untrue statement or alleged
          untrue
          statement of any material fact contained in the Free Writing Prospectus
          or
          Prospectus Supplement or any amendment or supplement to the Free Writing
          Prospectus or Prospectus Supplement or the omission or the alleged omission
          to
          state therein a material fact necessary in order to make the statements
          in the
          Free Writing Prospectus or Prospectus Supplement or any amendment or supplement
          to the Free Writing Prospectus or Prospectus Supplement, in the light of
          the
          circumstances under which they were made, not misleading, but only to the
          extent
          that such untrue statement or alleged untrue statement or omission or alleged
          omission is not contained in the Originator Information in the Free Writing
          Prospectus or Prospectus Supplement. This indemnity agreement will be in
          addition to any liability which the Purchaser may otherwise have.

         

        (c)  Promptly
          after receipt by any indemnified party under this Article V of notice of
          any
          claim or the commencement of any action, such indemnified party shall,
          if a
          claim in respect thereof is to be made against any indemnifying party under
          this
          Article V, notify the indemnifying party in writing of the claim or the
          commencement of that action; provided,
          however,
          that
          the failure to notify an indemnifying party shall not relieve it from any
          liability which it may have under this Article V except to the extent it
          has
          been materially prejudiced by such failure and, provided further, that
          the
          failure to notify any indemnifying party shall not relieve it from any
          liability
          which it may have to any indemnified party otherwise than under this Article
          V.

         

        If
          any
          such claim or action shall be brought against an indemnified party, and
          it shall
          notify the indemnifying party thereof, the indemnifying party shall be
          entitled
          to participate therein and, to the extent that it wishes, jointly with
          any other
          similarly notified indemnifying party, to assume the defense thereof with
          counsel reasonably satisfactory to the indemnified party. After notice
          from the
          indemnifying party to the indemnified party of its election to assume the
          defense of such claim or action, the indemnifying party shall not be liable
          to
          the indemnified party under this Article V for any legal or other expenses
          subsequently incurred by the indemnified party in connection with the defense
          thereof other than reasonable costs of investigation.

         

        Any
          indemnified party shall have the right to employ separate counsel in any
          such
          action and to participate in the defense thereof, but the fees and expenses
          of
          such counsel shall be at the expense of such indemnified party unless:
          (i) the
          employment thereof has been specifically authorized by the indemnifying
          party in
          writing; (ii) such indemnified party shall have been advised in writing
          by such
          counsel that there may be one or more legal defenses available to it which
          are
          different from or additional to those available to the indemnifying party
          and in
          the reasonable judgment of such counsel it is advisable for such indemnified
          party to employ separate counsel; or (iii) the indemnifying party has failed
          to
          assume the defense of such action and employ counsel reasonably satisfactory
          to
          the indemnified party, in which case, if such indemnified party notifies
          the
          indemnifying party in writing that it elects to employ separate counsel
          at the
          expense of the indemnifying party, the indemnifying party shall not have
          the
          right to assume the defense of such action on behalf of such indemnified
          party,
          it being understood, however, the indemnifying party shall not, in connection
          with any one such action or separate but substantially similar or related
          actions in the same jurisdiction arising out of the same general allegations
          or
          circumstances, be liable for the reasonable fees and expenses of more than
          one
          separate firm of attorneys (in addition to local counsel) at any time for
          all
          such indemnified parties, which firm shall be designated in writing by
          the
          Purchaser, if the indemnified parties under this Article V consist of the
          Purchaser, by the Originator, if the indemnified parties in this Article
          V
          consist of the Originator or by the related Seller Trust, if the indemnified
          parties in this Article V consist of such Seller Trust.

         

        Each
          indemnified party, as a condition of the indemnity agreements contained
          in
          Section 5.01 (a) and (b) hereof, shall use its best efforts to cooperate
          with
          the indemnifying party in the defense of any such action or claim. No
          indemnifying party shall be liable for any settlement of any such action
          effected without its written consent (which consent shall not be unreasonably
          withheld), but if settled with its written consent or if there be a final
          judgment for the plaintiff in any such action, the indemnifying party agrees
          to
          indemnify and hold harmless any indemnified party from and against any
          loss or
          liability by reason of such settlement or judgment. Notwithstanding the
          foregoing sentence, if at any time an indemnified party shall have requested
          an
          indemnifying party to consent to a settlement of any action, the indemnifying
          party agrees that it shall be liable for any settlement of any proceeding
          effected without its written consent if such settlement is entered into
          more
          than 30 days after receipt by such indemnifying party of the aforesaid
          request
          and the indemnifying party has not previously provided the indemnified
          party
          with written notice of its objection to such settlement. No indemnifying
          party
          shall effect any settlement of any pending or threatened proceeding in
          respect
          of which an indemnified party is or could have been a party and indemnity
          is or
          could have been sought hereunder, without the written consent of such
          indemnified party, unless settlement includes an unconditional release
          of such
          indemnified party from all liability and claims that are the subject matter
          of
          such proceeding.

         

        (d)  In
          order
          to provide for just and equitable contribution in circumstances in which
          the
          indemnity agreement provided for in this Article is for any reason held
          to be
          unenforceable although applicable in accordance with its terms, each Seller
          Trust and the Originator, on the one hand, and the Purchaser, on the other,
          shall contribute to the aggregate losses, liabilities, claims, damages
          and
          expenses of the nature contemplated by said indemnity agreement incurred
          by the
          related Seller Trust, the Originator and the Purchaser in such proportions
          as
          shall be appropriate to reflect the relative benefits received by each
          Seller
          Trust the Obligor and the Originator on the one hand and the Purchaser
          on the
          other from the sale of the Mortgage Loans such that the Purchaser is responsible
          for the lesser of (i) 0.25% thereof and (ii) 0.25% of the aggregate proceeds
          to
          the respective Seller Trust from the sale of the related Mortgage Loans
          and the
          Originator and/or the Obligor shall be responsible for the balance; provided,
          however,
          that no
          person guilty of fraudulent misrepresentation (within the meaning of Section
          11(f) of the Securities Act) shall be entitled to contribution from any
          person
          who was not guilty of such fraudulent misrepresentation. For purposes of
          this
          Section, each officer and director of the Purchaser and each person, if
          any, who
          controls the Purchaser within the meaning of Section 15 of the Securities
          Act
          shall have the same rights to contribution as the Purchaser, each director
          of
          the Originator, each officer of the Originator, and each person, if any,
          who
          controls the Originator within the meaning of Section 15 of the Securities
          Act
          shall have the same rights to contribution as the Originator and each director
          of the related Seller Trust, each officer of such Seller Trust, and each
          person,
          if any, who controls such Seller within the meaning of Section 15 of the
          Securities Act shall have the same rights to contribution as the related
          Seller.

         

        (e)  The
          Originator agrees to indemnify and to hold each of the Purchaser, the Trustee,
          each of the officers and directors of each such entity and each person
          or entity
          who controls each such entity or person and each Certificateholder harmless
          against any and all claims, losses, penalties, fines, forfeitures, legal
          fees
          and related costs, judgments, and any other costs, fees and expenses that
          the
          Purchaser, the Trustee, or any such person or entity and any Certificateholder
          may sustain in any way (i) related to the failure of the Originator to
          perform
          its duties in compliance with the terms of this Agreement, (ii) arising
          from a
          breach by the Originator of its representations and warranties in Section
          3.01
          and 3.02 of this Agreement or (iii) related to the origination or prior
          servicing of the Mortgage Loans by reason of any acts, omissions, or alleged
          acts or omissions of the Originator, the related Seller or any servicer.
          The
          Originator shall immediately notify the Purchaser, the Trustee and each
          Certificateholder if a claim is made by a third party with respect to this
          Agreement. The Originator shall assume the defense of any such claim and
          pay all
          expenses in connection therewith, including reasonable counsel fees, and
          promptly pay, discharge and satisfy any judgment or decree which may be
          entered
          against the Purchaser, the Trustee or any such person or entity and/or
          any
          Certificateholder in respect of such claim.

         

        ARTICLE
          VI.

         

        TERMINATION

         

        Section
          6.01  Termination.
          The
          respective obligations and responsibilities of the Originator, each Seller
          and
          the Purchaser created hereby shall terminate, except for the Originator's
          indemnity obligations as provided herein upon the termination of the Trust
          as
          provided in Article X of the Pooling and Servicing Agreement.

         

        ARTICLE
          VII.

         

        MISCELLANEOUS
          PROVISIONS

         

        Section
          7.01  Amendment.
          This
          Agreement may be amended from time to time, with the consent of the NIMS
          Insurer, if any, by the Originator, each Seller Trust and the Purchaser,
          by
          written agreement signed by the Originator, each Seller Trust and the
          Purchaser.

         

        Section
          7.02  Governing
          Law.
          This
          Agreement shall be governed by and construed in accordance with the laws
          of the
          State of New York and the obligations, rights and remedies of the parties
          hereunder shall be determined in accordance with such laws.

         

        Section
          7.03  Notices.
          All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given if personally delivered at or mailed by
          registered mail, postage prepaid, addressed as follows:

         

        if
          to the
          Originator or to the Obligor:

         

        Option
          One Mortgage Corporation

        3
          Ada

        Irvine,
          CA 92618

        Attention:
          C. Robert Fulton

         

        or
          such
          other address as may hereafter be furnished to the Purchaser and any Seller
          Trust in writing by the Originator.

         

        if
          to the
          Purchaser:

         

        Option
          One Mortgage Acceptance Corporation

        3
          Ada

        Irvine,
          CA 92618

        Attention:
          C. Robert Fulton

         

        or
          such
          other address as may hereafter be furnished to any Seller and the Originator
          in
          writing by the Purchaser.

         

        if
          to the
          Seller Trusts:

        

        Option
          One Owner Trust 2001-1A

        Option
          One Owner Trust 2001-2

        Option
          One Owner Trust 2002-3

        Option
          One Owner Trust 2003-4

        Option
          One Owner Trust 2003-5

        Option
          One Owner Trust 2005-6

        Option
          One Owner Trust 2005-7

        Option
          One Owner Trust 2005-8

        Option
          One Owner Trust 2005-9

        c/o
          Wilmington Trust Company

        One
          Rodney Square North

        1100
          North Market Street

        Wilmington,
          Delaware 19890

        Attention:
          Corporate Trust Administration

         

        or
          such
          other address as may hereafter be furnished to the Originator and the Purchaser
          in writing by the related Seller.

         

        Section
          7.04  Severability
          of Provisions.
          If any
          one or more of the covenants, agreements, provisions of terms of this Agreement
          shall be held invalid for any reason whatsoever, then such covenants,
          agreements, provisions or terms shall be deemed severable from the remaining
          covenants, agreements, provisions or terms of this Agreement and shall
          in no way
          affect the validity of enforceability of the other provisions of this
          Agreement.

         

        Section
          7.05  Counterparts.
          This
          Agreement may be executed in one or more counterparts and by the different
          parties hereto on separate counterparts, each of which, when so executed,
          shall
          be deemed to be an original and such counterparts, together, shall constitute
          one and the same agreement.

         

        Section
          7.06  Further
          Agreements.
          The
          Purchaser, each Seller and the Originator each agree to execute and deliver
          to
          the other such additional documents, instruments or agreements as may be
          necessary or reasonable and appropriate to effectuate the purposes of this
          Agreement or in connection with the issuance of any series of Certificates
          representing interests in the Mortgage Loans.

         

        Without
          limiting the generality of the foregoing, as a further inducement for the
          Purchaser to purchase the Mortgage Loans from the Sellers, the Originator
          will
          cooperate with the Purchaser in connection with the sale of any of the
          securities representing interests in the Mortgage Loans. In that connection,
          the
          Originator will provide to the Purchaser any and all information and appropriate
          verification of information, whether through letters of its auditors and
          counsel
          or otherwise, as the Purchaser shall reasonably request and will provide
          to the
          Purchaser such additional representations and warranties, covenants, opinions
          of
          counsel, letters from auditors, and certificates of public officials or
          officers
          of the Originator as are reasonably required in connection with such
          transactions and the offering of investment grade securities rated by the
          Rating
          Agencies.

         

        Section
          7.07  Intention
          of The Parties.
          It is
          the intention of the parties that the Purchaser is purchasing, and each
          Seller
          is selling, the Mortgage Loans rather than pledging the Mortgage Loans
          to secure
          a loan by the Purchaser to each Seller. Accordingly, the parties hereto
          each
          intend to treat the transaction for federal income tax purposes and all
          other
          purposes as a sale by the related Seller, and a purchase by the Purchaser,
          of
          the Mortgage Loans. The Purchaser will have the right to review the Mortgage
          Loans and the related Mortgage Files to determine the characteristics of
          the
          Mortgage Loans which will affect the federal income tax consequences of
          owning
          the Mortgage Loans and the related Seller will cooperate with all reasonable
          requests made by the Purchaser in the course of such review.

         

        Section
          7.08  Successors
          And Assigns, Assignment of Purchase Agreement.
          This
          Agreement shall bind and inure to the benefit of and be enforceable by
          each
          Seller, the Originator, the Purchaser, the Trustee and the NIMs Insurer,
          if any.
          The NIMs Insurer, if any, shall be a third party beneficiary hereof and
          may
          enforce the terms hereof as if a party hereto. The obligations of each
          Seller
          and the Originator under this Agreement cannot be assigned or delegated
          to a
          third party without the consent of the Purchaser which consent shall be
          at the
          Purchaser's sole discretion, except that the Purchaser acknowledges and
          agrees
          that each Seller or the Originator may assign its obligations hereunder
          to any
          Person into which the related Seller or the Originator is merged or any
          corporation resulting from any merger, conversion or consolidation to which
          the
          related Seller or the Originator is a party or any Person succeeding to
          the
          business of the related Seller or the Originator. The parties hereto acknowledge
          that the Purchaser is acquiring the Mortgage Loans for the purpose of
          contributing them to a trust that will issue a series of Certificates
          representing undivided interests in such Mortgage Loans. As an inducement
          to the
          Purchaser to purchase the Mortgage Loans, the related Seller and the Originator
          each acknowledge and consent to the assignment by the Purchaser to the
          Trustee
          of all of the Purchaser's rights against each Seller and the Originator
          pursuant
          to this Agreement insofar as such rights relate to Mortgage Loans transferred
          to
          the Trustee and to the enforcement or exercise of any right or remedy against
          each Seller or the Originator pursuant to this Agreement by the Trustee.
          Such
          enforcement of a right or remedy by the Trustee shall have the same force
          and
          effect as if the right or remedy had been enforced or exercised by the
          Purchaser
          directly.

         

        Section
          7.09  Survival.
          The
          representations and warranties set forth in Sections 3.01, 3.02 and 3.03
          and the
          provisions of Article V hereof shall survive the purchase of the Mortgage
          Loans
          hereunder.

         

        Section
          7.10  Owner
          Trustee.
          It is
          expressly understood and agreed by the parties to this Agreement that (a)
          this
          Agreement is executed and delivered by Wilmington Trust Company, not
          individually or personally but solely as Owner Trustee of the Seller Trusts,
          in
          the exercise of the powers and authority conferred and vested in it as
          trustee,
          (b) each of the representations, undertakings and agreements herein made
          on the
          part of the related Seller Trust is made and intended not as personal
          representations, undertakings and agreements by Wilmington Trust Company
          but is
          made and intended for the purpose of binding only the related Seller Trust,
          (c)
          nothing herein contained shall be construed as creating any liability on
          Wilmington Trust Company, individually or personally, to perform any covenant
          either expressed or implied contained herein, all such liability, if any,
          being
          expressly waived by the parties to this Agreement and by any person claiming
          by,
          through or under the parties to this Agreement and (d) under no circumstances
          shall Wilmington Trust Company be personally liable for the payment of
          any
          indebtedness or expenses of any Seller Trust or be liable for the breach
          or
          failure of any obligation, representation, warranty or covenant made or
          undertaken by any Seller Trust under this Agreement or any other
          document.

         

        

        IN
          WITNESS WHEREOF, each Seller, the Originator, the Obligor and the Purchaser
          have
          caused their names to be signed to this Mortgage Loan Purchase Agreement
          by
          their respective officers thereunto duly authorized as of the day and year
          first
          above written.

        

        
          	 	 	 	 	 	 	 	
                  OPTION
                    ONE MORTGAGE ACCEPTANCE

                  CORPORATION,

                  as
                    Purchaser

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE MORTGAGE CORPORATION,

                  as
                    Originator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE MORTGAGE CAPITAL CORPORATION,

                  as
                    Obligor and a Seller

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2001-1A,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its

                  individual
                    capacity but solely as Owner

                  Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2001-2,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its

                  individual
                    capacity but solely as Owner

                  Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2002-3,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its

                  individual
                    capacity but solely as Owner

                  Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2003-4,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its

                  individual
                    capacity but solely as Owner

                  Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2003-5,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its

                  individual
                    capacity but solely as Owner

                  Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2005-6,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its

                  individual
                    capacity but solely as Owner

                  Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2005-7,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its

                  individual
                    capacity but solely as Owner

                  Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2005-8,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its

                  individual
                    capacity but solely as Owner

                  Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE OWNER TRUST 2005-9,

                  as
                    a Seller

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its

                  individual
                    capacity but solely as Owner

                  Trustee.

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        SCHEDULE
          I

        

        MORTGAGE
          LOANS OWNED BY THE ORIGINATOR

        

        AVAILABLE
          UPON REQUEST

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          II

        

        MORTGAGE
          LOANS OWNED BY OPTION ONE MORTGAGE CAPITAL CORPORATION

        

        AVAILABLE
          UPON REQUEST

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        SCHEDULE
          III

        

        MORTGAGE
          LOANS OWNED BY OPTION ONE OWNER TRUST 2001-1A

        

        AVAILABLE
          UPON REQUEST

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          IV

        

        [Reserved]

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          V

        

        MORTGAGE
          LOANS OWNED BY OPTION ONE OWNER TRUST 2001-2

        

        AVAILABLE
          UPON REQUEST

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          VI

        

        MORTGAGE
          LOANS OWNED BY OPTION ONE OWNER TRUST 2002-3

        

        AVAILABLE
          UPON REQUEST

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          VII

        

        MORTGAGE
          LOANS OWNED BY OPTION ONE OWNER TRUST 2003-4

        

        AVAILABLE
          UPON REQUEST

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        SCHEDULE
          VIII

        

        MORTGAGE
          LOANS OWNED BY OPTION ONE OWNER TRUST 2003-5

        

        AVAILABLE
          UPON REQUEST

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        SCHEDULE
          IX

        

        MORTGAGE
          LOANS OWNED BY OPTION ONE OWNER TRUST 2005-6

        

        AVAILABLE
          UPON REQUEST

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          X

        

        MORTGAGE
          LOANS OWNED BY OPTION ONE OWNER TRUST 2005-7

        

        AVAILABLE
          UPON REQUEST

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          XI

        

        MORTGAGE
          LOANS OWNED BY OPTION ONE OWNER TRUST 2005-8

        

        AVAILABLE
          UPON REQUEST 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          XII

        

        MORTGAGE
          LOANS OWNED BY OPTION ONE OWNER TRUST 2005-9

        

        AVAILABLE
          UPON REQUEST 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          XIII

        

        [Reserved]

        
 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        D

       

      MORTGAGE
        LOAN SCHEDULE

      

      As
        filed
        on March 8, 2007

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

       

      
        	
                To:

              	
                Wells
                  Fargo Bank, N.A.,

              
	 	
                24
                  Executive Park, Suite 100

              
	 	
                Irvine,
                  CA 92614

              
	 	
                Attn:
                  Inventory Control

              

      

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of February 1, 2007 among Option
                  One
                  Mortgage Acceptance Corporation, as Depositor, Option One Mortgage
                  Corporation, as Servicer and Wells Fargo Bank, N.A., as
                  Trustee

              

      

      

      In
        connection with the administration of the Mortgage Loans held by you as Trustee
        pursuant to the above-captioned Pooling and Servicing Agreement, we request
        the
        release, and hereby acknowledge receipt of the Trustee’s Mortgage File for the
        Mortgage Loan described below, for the reason indicated.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name. Address & Zip Code:

       

      Reason
        for Requesting Documents
        (check
        one):

       

      1.  
         Mortgage
        Paid in Full

       

      2.  
         Foreclosure

       

      3.  
         Substitution

       

      4.  
         Other
        Liquidation (Repurchases, etc.)

       

      5.  
         Nonliquidation
        Reason:

       

      Address
        to which Trustee should deliver

      the
        Trustee’s Mortgage File:

      

      

      By:____________________________

                   (authorized
        signer)

       

      Issuer:

       

      Address:

       

      Date:

       

      

       

      EXHIBIT
        F-1

       

      FORM
        OF
        TRUSTEE’S INITIAL CERTIFICATION

       

      [Date]

      

      
        	
                Option
                  One Mortgage Acceptance Corporation

                3
                  Ada

                Irvine,
                  California 92618

              	
                Option
                  One Mortgage Corporation

                3
                  Ada

                Irvine,
                  California 92618

              
	 	 
	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of February 1, 2007 among Option
                  One
                  Mortgage Acceptance Corporation, as Depositor, Option One Mortgage
                  Corporation, as Servicer and Wells Fargo Bank, N.A., as Trustee

              

      

      

      Ladies
        and Gentlemen:

       

      Attached
        is the Trustee’s preliminary exception report delivered in accordance with
        Section 2.02 of the referenced Pooling and Servicing Agreement (the APooling
        and Servicing Agreement”). Capitalized terms used but not otherwise defined
        herein shall have the meanings set forth in the Pooling and Servicing
        Agreement.

       

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the Pooling and
        Servicing Agreement. The Trustee makes no representations as to (i) the
        validity, legality, sufficiency, enforceability or genuineness of any of
        the
        documents contained in the Mortgage File pertaining to the Mortgage Loans
        identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
        effectiveness or suitability of any such Mortgage Loan or (iii) whether any
        Mortgage File included any of the documents specified in clause (vi) of Section
        2.01 of the Pooling and Servicing Agreement.

       

      
        	 	 	 	 	 	 	
                WELLS
                  FARGO BANK, N.A.

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name: 

              
	 	 	 	 	 	 	 	
                Title: 

              

      

       

       

      EXHIBIT
        F-2

       

      FORM
        OF
        TRUSTEE’S FINAL CERTIFICATION

       

      [Date]

       

      
        	
                Option
                  One Mortgage Acceptance Corporation

                3
                  Ada

                Irvine,
                  California 92618

              	 

      

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of February 1, 2007 among Option
                  One
                  Mortgage Acceptance Corporation, as Depositor, Option One Mortgage
                  Corporation, as Servicer and Wells Fargo Bank, N.A., as
                  Trustee

              

      

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the Pooling and Servicing Agreement, the
        undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
        in the Mortgage Loan Schedule (other than any Mortgage loan paid in full
        or
        listed on Schedule I hereto) it (or its custodian) has received the applicable
        documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in the Mortgage Loan Schedule is
        correct.

       

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the Pooling and
        Servicing Agreement. The Trustee makes no representations as to (i) the
        validity, legality, sufficiency, enforceability or genuineness of any of
        the
        documents contained in the Mortgage File pertaining to the Mortgage Loans
        identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
        effectiveness or suitability of any such Mortgage Loan or (iii) whether any
        Mortgage File included any of the documents specified in clause (vi) of Section
        2.01 of the Pooling and Servicing Agreement.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	 	 	 	 	 	
                WELLS
                  FARGO BANK, N.A., as Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name: 

              
	 	 	 	 	 	 	 	
                Title: 

              

      

       

       

      EXHIBIT
        F-3

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTE

       

      

      
        	
                Option
                  One Mortgage Acceptance Corporation

                3
                  Ada 

                Irvine,
                  California 92618

              	 

      

      

      
        	 	
                Re:

              	
                Option
                  One Mortgage Loan Trust 2007-2, Asset-Backed Certificates Series
                  2007-2

              

      

      

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 2.01 of the Pooling and Servicing Agreement, dated as of February
        1,
        2007, among Option One Mortgage Acceptance Corporation as Depositor, Option
        One
        Mortgage Corporation as Servicer and Wells Fargo Bank, N.A. as Trustee (the
        “Trustee”), we hereby acknowledge the receipt of the original Mortgage Notes (a
        copy of which is attached hereto as Exhibit 1) with any exceptions thereto
        listed on Exhibit 2.

       

      
        	 	 	 	 	 	 	
                WELLS
                  FARGO BANK, N.A., as Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name: 

              
	 	 	 	 	 	 	 	
                Title: 

              

      

      

       

      EXHIBIT
        G

       

      LOSS
        MITIGATION PROCEDURES

       

      FAS
        140 P &S Relevant Provisions - Recovery for Default
        Loans

      

      Collections
        Department Pre-foreclosure Process:

      

      As
        a
        general rule, at 34 calendar days of delinquency, all borrowers are sent
        a
        30-day pre-foreclosure demand letter. Borrowers in states that require more
        than
        a 30-day period are given the amount of time specified by state law. Servicer
        will follow customary and prudent servicing practices when issuing
        pre-foreclosure demand letters.

       

      Borrowers
        who are unable to pay the total amount past due are reviewed for foreclosure
        based upon the following criteria: 

       

      “Early
        Indicator” default risk score. Those borrowers with risk scores that suggest a
        strong statistical likelihood of continuing default, are approved for
        foreclosure as soon as 48 hours after expiration of the demand letter
        (approximately 64 calendar days delinquent). 

       

      
        	 	A.	
                Borrowers
                  who demonstrate a willingness and ability to pay are solicited
                  for
                  extended repayment plans. For example, on a six month repayment
                  plan, a
                  portion of all past due payments is divided equally by 6 and a
                  monthly
                  payment schedule is established. The first payment would consist
                  of a good
                  faith payment of some portion of the past due amount, one regular
                  monthly
                  installment and 1/6th of the remaining past due amount, and each
                  of the
                  remaining 5 payments would be comprised of a regular monthly payment
                  and
                  1/6 of the remaining past due amount referred to
                  hereinabove.

              

        	 	 	 

        	 	
                B.

              	
                Broken
                  repayment plans. Those borrowers who are placed on extended repayment
                  plans but fail to make their scheduled payments are issued a new
                  Notice of
                  Intent to Foreclose or reviewed for foreclosure referral as soon
                  as 48
                  hours after the payment plan is broken, as
                  applicable.

              

      

       

      All
        borrowers are given reasonable opportunities to pay the total amount past
        due
        (including all contractually permitted fees and charges) prior to the expiration
        of the 30 day demand letters. Borrowers who fail to contact Option One when
        past
        due, who repeatedly break promises to pay, who have a willingness but no
        financial ability, or apparent financial ability but no willingness, may
        be
        referred to foreclosure at any time after the expiration of the 30-day demand
        letter. As a general rule, a loan is referred to foreclosure no later than
        the
        120th
        day of
        delinquency. The guidelines outlined herein presuppose at least some reasonable
        degree of willingness and ability to pay. 

       

      Borrowers
        who have willingness to pay and contact the Servicer for alternative workout
        options may avoid foreclosure referral by means of options including
        modification, extended re-payment plan, mortgage insurance claim advance,
        short
        payoff, deed in lieu of foreclosure or other agreed upon Loss Mitigation
        options
        that may be meritorious. 

       

      Pre-conveyance
        of Title:

      

      Initial
        contact is made for discovery of mortgagor’s intent and a minimum requirement of
        two attempted contacts per month is required. In general, contact made or
        attempted within the first 48 hours establishes categories as follows: Willing
        and Able, Unwilling or Willing and Unable. Each category provides a subset
        of
        options for loss mitigation efforts and the options are ranked within each
        category as follows: 

       

      
        	 	
                1.

              	
                Willing
                  and Able
                  -
                  Typically the mortgagor’(s) reason for default is temporary and a
                  foreseeable solution is probable. The standard options negotiated,
                  ranked
                  in priority are:

              

      

      

      
        	 	
                A.

              	
                Full
                  Reinstatement

              

      

      B.           
        Payoff

      
        	 	
                C.

              	
                Standard
                  payment plan

              

      

      
        	 	
                D.

              	
                Extension
                  of the payment plan

              

      

      
        	 	
                E.

              	
                Forbearance

              

      

      
        	 	
                F.

              	
                Mortgage
                  Insurance Claim Advance

              

      

      
        	 	
                G.

              	
                Modification

              

      

      

      
        	 	
                2.

              	
                Unwilling
                  -
                  Typically the mortgagor(s) is unclear of options to mitigate default
                  and
                  avoids all calls or is brief and discloses little when contact
                  is made. In
                  this category efforts are made to continue attempts to contact
                  and/or
                  counsel mortgagor(s). When no contact is made, Skip Tracing, promotional
                  items and/or letters are mailed in attempts to stimulate
                  communication.

              

      

      

      

      
        	 	
                3.

              	
                Willing
                  and Unable
                  -
                  Mortgagor(s) want to save home or remedy the default, however do
                  not have
                  resources to do so. In this scenario, the standard options negotiated,
                  ranked in priority are:

              

      

      

      
        	 	
                A.

              	
                Payoff

              

      

      
        	 	
                B.

              	
                Pre-Sale/Pre-Foreclosure
                  Sale, Short Payoff

              

      

      
        	 	
                C.

              	
                Deed
                  In Lieu of Foreclosure

              

      

      
        	 	
                D.

              	
                Write-Off

              

      

      
        	 	
                E.

              	
                Negotiated
                  Settlement

              

      

      
        	 	
                F.
                  

              	
                Modification

              

      

      

      The
        foreclosure process runs parallel to the Loss Mitigation efforts and in the
        event no workout is achieved then the Servicer obtains title to the property
        through foreclosure sale, following which the REO Department will attempt
        to
        seek complete recovery from the sale of said property. 

       

      List
        of all Loss Mitigation Options used:
        

      
        	 	
                -

              	
                Full
                  Reinstatement

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      -              
        Payoff

      
        	 	
                -

              	
                Re-Payment
                  Plan

              

      

      
        	 	
                -

              	
                Extension
                  Payment Plan

              

      

      
        	 	
                -

              	
                Forbearance

              

      

      
        	 	
                -

              	
                Short
                  Payoff

              

      

      
        	 	
                -

              	
                Modification

              

      

      
        	 	
                -

              	
                Deed
                  In Lieu of Foreclosure

              

      

      
        	 	
                -

              	
                Write-off

              

      

      
        	 	
                -

              	
                Negotiated
                  Settlement

              

      

      
        	 	
                -

              	
                Mortgage
                  Insurance Claim Advance

              

      

      

      Conveyance
        of Title:

      

      Once
        title is acquired as a result of foreclosure sale, Deed In Lieu of Foreclosure
        or otherwise, the property is assigned to an REO Agent for complete and timely
        disposition. REO Broker/Agents are selected and retained using the following
        criteria: 

       

      
        	 	
                -

              	
                Experienced
                  and Possess Error and Omissions
                  Insurance

              

      

      
        	 	
                -

              	
                Licensed
                  to sell Real Property in the related
                  region

              

      

      
        	 	
                -

              	
                Adhere
                  to Option One Mortgage Corporation’s
                  Standards

              

      

      

      Review
        of
        the current values obtained on the subject property will determine the marketing
        strategy and the strategy will focus on disposing of the property in a timely
        and practical manner. An analysis worksheet is completed to establish the
        marketing strategy on the property.

      
 

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        H

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Personally
        appeared before me the undersigned authority to administer oaths, ______________
        who first being duly sworn deposes and says: Deponent is ____________ of
        _______________, successor by merger to ________________________________________
        (“Seller”) and who has personal knowledge of the facts set out in this
        affidavit.

       

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

       

      That
        said
        note has been misplaced or lost through causes unknown and is presently lost
        and
        unavailable after diligent search has been made. Seller’s records show that an
        amount of principal and interest on said note is still presently outstanding,
        due, and unpaid, and Seller is still owner and holder in due course of said
        lost
        note.

       

      Seller
        executes this Affidavit for the purpose of inducing Wells Fargo Bank, N.A.,
        as
        trustee on behalf of Option One Mortgage Loan Trust 2007-2, Asset-Backed
        Certificates Series 2007-2, to accept the transfer of the above described
        loan
        from Seller.

       

      Seller
        agrees to indemnify Wells Fargo Bank, N.A., Option One Mortgage Acceptance
        Corporation and Option One Mortgage Corporation for any losses incurred by
        such
        parties resulting from the above described promissory note that has been
        lost or
        misplaced.

       

      

       

      By:
        ____________________

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      On
        this
        _____ day of ____________________, 20__, before me, a Notary Public, in and
        for
        said County and State, appeared ____________________, who acknowledged the
        extension of the foregoing and who, having been duly sworn, states that any
        representations therein contained are true.

       

      Witness
        my hand and Notarial Seal this ______ day of _________________,
        20__.

       

      My
        commission expires ____________________.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      FORM
        OF
        INTEREST RATE SWAP AGREEMENT

       

      
        BEAR
          STEARNS FINANCIAL PRODUCTS INC.

        383
          MADISON AVENUE

        NEW
          YORK,
          NEW YORK 10179

        212-272-4009

        

          
            	
                    DATE:

                  	 	
                    March
                      12, 2007

                  
	
                     

                  	 	 
	
                    TO:

                  	 	
                    Wells
                      Fargo Bank, N.A., not in its individual capacity, but solely
                      as
                      supplemental interest trust trustee (the “Supplemental Interest Trust
                      Trustee”) on behalf of the supplemental interest trust with respect
                      to
                      Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates,
                      Series
                      2007-2 (the “Supplemental Interest Trust”) (“Party B”)

                  
	
                    ATTENTION:

                  	 	
                    Client
                      Manager Option One 2007-2 

                  
	
                    TELEPHONE:

                  	 	
                    410-884-2000

                  
	
                    FACSIMILE:

                  	 	
                    410-715-2380

                  
	 	 	 
	
                    TO:

                  	 	
                    Option
                      One Mortgage Corporation

                  
	
                    ATTENTION:

                  	 	
                    Mr.
                      Herbert Kim

                  
	
                    TELEPHONE:

                  	 	
                    1-949-790-3600
                      ext. 35605

                  
	
                    FACSIMILE:

                  	 	
                    1-866-530-3613

                  
	 	 	 
	
                    FROM:

                  	 	
                    Derivatives
                      Documentation

                  
	
                    TELEPHONE:

                  	 	
                    212-272-2711

                  
	
                    FACSIMILE:
                      

                  	 	
                    212-272-9857
                      

                  
	 	 	 
	
                    RE:
                      

                  	 	
                    Novation
                      Confirmation

                  
	 	 	 
	
                    REFERENCE
                      NUMBER(S):

                  	 	
                    FXOOMLT072
                      (BXOOMLT072) 

                  

          

        The
          purpose of this letter is to confirm the terms and conditions of the Novation
          Transaction entered into between the parties and effective from the Novation
          Date specified below. This Novation Confirmation constitutes a “Confirmation” as
          referred to in the New Agreement specified below. 

        

        1. 
            The
          definitions and provisions contained in the 2004 ISDA Novation Definitions
          (the
“Definitions”) and the terms and provisions of the 2000 ISDA
          Definitions,
          as
          published by the International Swaps and Derivatives Association, Inc.
          and
          amended from time to time, are incorporated in this Novation Confirmation.
          In
          the event of any inconsistency between (i) the Definitions, (ii) the 2000
          ISDA
          Definitions, and/or (iii) the Novation Agreement and this Novation Confirmation,
          this Novation Confirmation will govern. 

        

        2.    
          The
          terms
          of the Novation Transaction to which this Novation Confirmation relates
          are as
          follows:

        

        
          	 	
                  Novation
                    Trade Date:

                	
                  March
                    12, 2007

                
	 	
                  Novation
                    Date:

                	
                  March
                    12, 2007

                
	 	
                  Novated
                    Amount:

                	
                  USD
                    3,809,184.00

                
	 	
                  Transferor
                    1:

                	
                  Option
                    One Mortgage Corporation

                
	 	
                  Transferor
                    2:

                	
                  Bear
                    Stearns Bank PLC

                
	 	
                  Transferee
                    1:

                	
                  Wells
                    Fargo Bank, N.A., not in its individual capacity, but solely
                    as the
                    Supplemental Interest Trust Trustee on behalf of the Supplemental
                    Interest
                    Trust with respect to Option One Mortgage Loan Trust 2007-2,
                    Asset-Backed
                    Certificates, Series 2007-2 

                
	 	
                  Transferee
                    2:

                	
                  Bear
                    Stearns Financial Products Inc.

                
	 	
                  New
                    Agreement (between Transferee 1 and Transferee 2):

                	
                   

                  The
                    Agreement defined in Exhibit A

                

        

         

        3.    
          The
          terms
          of each Old Transaction to which this Novation Confirmation relates, for
          identification purposes, are as follows:

        

        
          	 	
                  Trade
                    Date of Old Transaction:

                	
                  March
                    2, 2007

                
	 	
                  Effective
                    Date of Old Transaction:

                	
                  March
                    12, 2007

                
	 	
                  Termination
                    Date of Old Transaction:

                	
                  November
                    25, 2012

                

        

        

        4.    
          The terms of the New Transaction to which this Novation Confirmation relates
          shall be as specified in the New Confirmation attached hereto as Exhibit
          A including
          the Credit Support Annex attached hereto as Annex A.

         

        
          	
                   

                	
                  Full
                    First Calculation Period:

                	
                  Applicable

                

        

         

        5.   
          Offices:       

        
          	 	
                  Transferor
                    1:

                	
                  Not
                    applicable

                
	 	
                  Transferor
                    2:

                	
                  Not
                    applicable

                
	 	
                  Transferee
                    1:

                	
                  Not
                    applicable

                
	 	
                  Transferee
                    2:

                	
                  Not
                    applicable

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

          Reference
            Number: FXOOMLT072 (BXOOMLT072)

          Wells
            Fargo Bank, N.A., not in its individual capacity, but solely as the Supplemental
            Interest Trust Trustee on behalf of the Supplemental Interest Trust with
            respect
            to Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates,
            Series
            2007-2

          March
            12,
            2007

        

        The
          parties confirm their acceptance to be bound by this Novation Confirmation
          as of
          the Novation Date by executing a copy of this Novation Confirmation and
          returning a facsimile of the fully-executed Novation Confirmation to
212-272-9857.
          The
          Transferor, by its execution of a copy of this Novation Confirmation, agrees
          to
          the terms of the Novation Confirmation as it relates to the Old Transaction.
          The
          Transferee, by its execution of a copy of this Novation Confirmation, agrees
          to
          the terms of the Novation Confirmation as it relates to the New Transaction.To
          discuss an inquiry regarding U.S. Transactions, please contact Nick
          Girardi
          by
          telephone at 212-272-8420.
          For all
          other inquiries please contact Derivatives
          Documentation by
          telephone at 353-1-402-6233.

        

        
          	
                  Option
                    One Mortgage Corporation

                   

                   

                  By:
                    __________________________

                  Name:

                  Title:

                  Date:

                	
                  Bear
                    Stearns Bank PLC

                   

                   

                  By:
                    __________________________

                  Name:

                  Title:

                  Date:

                
	 	 
	
                  Wells
                    Fargo Bank, N.A., not in its individual capacity, but solely
                    as the
                    Supplemental Interest Trust Trustee on behalf of the Supplemental
                    Interest
                    Trust with respect to Option One Mortgage Loan Trust 2007-2,
                    Asset-Backed
                    Certificates, Series 2007-2

                   

                   

                  By:
                    __________________________

                  Name:

                  Title:

                  Date:

                	
                  Bear
                    Stearns Financial Products Inc.

                   

                  By:
                    __________________________

                  Name:

                  Title:

                  Date:

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    
      
        EXHIBIT
          A

         

        
          

        

        BEAR
          STEARNS FINANCIAL PRODUCTS INC.

         383
          MADISON AVENUE

        NEW
          YORK, NEW YORK 10179

        

          
            	
                    DATE:

                  	 	
                    March
                      12, 2007

                  
	
                     

                  	 	 
	
                    TO:

                  	 	
                    Wells
                      Fargo Bank, N.A., not in its individual capacity, but solely
                      as
                      supplemental interest trust trustee (the “Supplemental Interest Trust
                      Trustee”) on behalf of the supplemental interest trust with respect
                      to
                      Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates,
                      Series
                      2007-2 (the “Supplemental Interest Trust”) (“Party B”)

                  
	
                    ATTENTION:

                  	 	
                    Client
                      Manager Option One 2007-2

                  
	
                    TELEPHONE:

                  	 	
                    410-884-2000

                  
	
                    FACSIMILE:

                  	 	
                    410-715-2380

                  
	 	 	 
	 	 	 
	
                    FROM:

                  	 	
                    Derivatives
                      Documentation

                  
	
                    TELEPHONE:

                  	 	
                    212-272-2711
                      

                  
	
                    FACSIMILE:
                      

                  	 	
                    212-272-9857
                      

                  
	 	 	 
	
                    SUBJECT:

                  	 	
                    Mortgage
                      Derivatives Confirmation and Agreement

                  
	 	 	 
	
                    REFERENCE
                      NUMBER:

                  	 	
                    FXOOMLT072

                  

          

        The
          purpose of this long-form confirmation (“Confirmation”)
          is to confirm the terms and conditions of the current Transaction entered
          into
          on the Trade Date specified below (the “Transaction”)
          between Bear Stearns Financial Products Inc. (“Party
          A”) and
          Wells Fargo Bank, N.A., not in its individual capacity, but solely as
          supplemental interest trust trustee (the “Supplemental Interest Trust Trustee”)
          on behalf of the supplemental interest trust with respect to Option One
          Mortgage
          Loan Trust 2007-2, Asset-Backed Certificates, Series 2007-2 (the “Supplemental
          Interest Trust”) (“Party
          B”).
          Reference is hereby made to the Pooling and Servicing Agreement, dated
          as
          of February
          1, 2007, among Option One Mortgage Acceptance Corporation, as Depositor,
          Option
          One Mortgage Corporation, as Servicer, and Wells Fargo Bank, N.A., as Trustee
          (the “Pooling
          and Servicing Agreement”).
          This Confirmation evidences a complete and binding agreement between you
          and us
          to enter into the Transaction on the terms set forth below and replaces
          any
          previous agreement between us with respect to the subject matter hereof.
          This
          Confirmation constitutes a “Confirmation”
          and also constitutes a “Schedule”
          as referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit
          Support Annex to the Schedule. 

        

        	1.            	
                This
                  Confirmation shall supplement, form a part of, and be subject to
                  an
                  agreement in the form of the ISDA Master Agreement (Multicurrency
                  - Cross
                  Border) as published and copyrighted in 1992 by the International
                  Swaps
                  and Derivatives Association, Inc. (the “ISDA
                  Master Agreement”),
                  as if Party A and Party B had executed an agreement in such form
                  on the
                  date hereof, with a Schedule as set forth in Item 4 of this Confirmation,
                  and an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements
                  Subject
                  to New York Law Only version) as published and copyrighted in 1994
                  by the
                  International Swaps and Derivatives Association, Inc., with Paragraph
                  13
                  thereof as set forth in Annex A hereto (the “Credit
                  Support Annex”).
                  For the avoidance of doubt, the Transaction described herein shall
                  be the
                  sole Transaction governed by such ISDA Master Agreement. In the
                  event of
                  any inconsistency among any of the following documents, the relevant
                  document first listed shall govern: (i) this Confirmation, exclusive
                  of
                  the provisions set forth in Item 4 hereof and Annex A hereto; (ii)
                  the
                  provisions set forth in Item 4 hereof, which are incorporated by
                  reference
                  into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                  and (v) the ISDA Master Agreement.

              

        

        Each
          reference herein to a “Section” (unless specifically referencing the Pooling and
          Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
          a reference to a Section of the ISDA Master Agreement; each herein reference
          to
          a “Part” will be construed as a reference to the provisions herein deemed
          incorporated in a Schedule to the ISDA Master Agreement; each reference
          herein
          to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
          Support Annex.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
              Reference
                Number: FXOOMLT072

              Wells
                Fargo Bank, N.A., not in its individual capacity, but solely as the
                Supplemental
                Interest Trust Trustee on behalf of the Supplemental Interest Trust
                with respect
                to Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates,
                Series
                2007-2

              March
                12,
                2007

            

          

        

        

          
            	
                    2.

                  	
                    The
                      terms of the particular Transaction to which this Confirmation
                      relates are
                      as follows:

                  
	 	 	 	 	 
	 	
                    Type
                      of Transaction:

                  	 	
                    Interest
                      Rate Swap

                  
	 	 	 	 	 
	 	
                    Notional
                      Amount:

                  	 	
                    With
                      respect to any Calculation Period, the lesser of (i) the Scheduled
                      Amount
                      set forth for such Calculation Period on Schedule I (attached
                      hereto) and
                      (ii) the product of (x) the aggregate certificate principal
                      balance of the
                      Class A and Mezzanine Certificates immediately preceding the
                      Distribution
                      Date which occurs in the calendar month of the Floating Rate
                      Payer Payment
                      Date for such Calculation Period (determined for this purpose
                      without
                      regard to any adjustment of the Floating Rate Payer Payment
                      Date or
                      Distribution Date relating to business days) and (y) 1/Scale
                      Factor.

                  
	 	 	 	 	 
	 	
                    Trade
                      Date:

                  	 	
                    March
                      12, 2007

                  
	 	 	 	 	 
	 	
                    Effective
                      Date:

                  	 	
                    March
                      12, 2007

                  
	 	 	 	 	 
	 	
                    Termination
                      Date:

                  	 	
                    November
                      25, 2012, subject to adjustment in accordance with the Business
                      Day
                      Convention; provided, however, that for the purpose of determining
                      the
                      final Fixed Rate Payer Period End Date, Termination Date shall
                      be subject
                      to No Adjustment.

                  
	 	 	 	 	 
	 	
                    Fixed
                      Amounts:

                  	 	 
	 	 	 	 	 
	 	 	
                    Fixed
                      Rate Payer:

                  	 	
                    Party
                      B

                  
	 	 	 	 	 
	 	 	
                    Fixed
                      Rate Payer

                  	 	 
	 	 	
                    Period
                      End Dates:

                  	 	
                    The
                      25th calendar day of each month during the Term of this Transaction,
                      commencing March 25, 2007, and ending on the Termination Date,
                      with No
                      Adjustment.

                  
	 	 	 	 	 
	 	 	
                    Fixed
                      Rate Payer

                  	 	 
	 	 	
                    Payment
                      Dates:

                  	 	
                    Early
                      Payment shall be applicable. One Business Day prior to each
                      Fixed Rate
                      Payer Period End Date.

                  
	 	 	 	 	 
	 	 	 	 	 
	 	 	
                    Fixed
                      Rate:

                  	 	
                    5.20%

                  
	 	 	 	 	 
	 	 	
                    Fixed
                      Amount:

                  	 	
                    To
                      be determined in accordance with the following formula:

                  
	 	 	 	 	 
	 	 	 	 	
                    Scale
                      Factor* Fixed Rate * Notional Amount * Fixed Rate Day Count
                      Fraction

                  
	 	 	 	 	 
	 	 	
                    Fixed
                      Rate Day 

                  	 	 
	 	 	
                    Count
                      Fraction:

                  	 	
                    30/360

                  
	 	 	 	 	 
	 	
                    Floating
                      Amounts:

                  	 	 
	 	 	 	 	 
	 	 	
                    Floating
                      Rate Payer:

                  	 	
                    Party
                      A

                  
	 	 	 	 	 
	 	 	
                    Floating
                      Rate Payer

                  	 	 
	 	 	
                    Period
                      End Dates:

                  	 	
                    The
                      25th calendar day of each month during the Term of this Transaction,
                      commencing March 25, 2007, and ending on the Termination Date,
                      subject to
                      adjustment in accordance with the Business Day
                      Convention.

                  
	 	 	 	 	 
	 	 	
                    Floating
                      Rate Payer 

                  	 	 
	 	 	
                    Payment
                      Dates:

                  	 	
                    Early
                      Payment shall be applicable. One Business Day prior to each
                      Floating Rate
                      Payer Period End Date.

                  
	 	 	 	 	 
	 	 	
                    Floating
                      Rate Option:

                  	 	
                    USD-LIBOR-BBA;
                      provided, however, that all references in Sections 7.1(w)(xvii)
                      and
                      7.1(w)(xx) of the Definitions to “on the day that is two London Banking
                      Days preceding that Reset Date” shall be deleted and replaced with “on the
                      day that is two New York and London Banking Days preceding
                      that Reset
                      Date”

                  
	 	 	 	 	 
	 	 	
                    Floating
                      Amount:

                  	 	
                    To
                      be determined in accordance with the following formula:

                  
	 	 	 	 	 
	 	 	 	 	
                    Scale
                      Factor * Floating Rate Option * Notional Amount * Floating
                      Rate Day Count
                      Fraction

                  
	 	 	 	 	 
	 	 	
                    Designated
                      Maturity:

                  	 	
                    One
                      month 

                  
	 	 	 	 	 
	 	 	
                    Floating
                      Rate Day 

                  	 	 
	 	 	
                    Count
                      Fraction:

                  	 	
                    Actual/360

                  
	 	 	 	 	 
	 	 	
                    Reset
                      Dates:

                  	 	
                    The
                      first day of each Calculation Period.

                  
	 	 	 	 	 
	 	 	
                    Compounding:

                  	 	
                    Inapplicable

                  
	 	 	 	 	 
	 	 	
                    Business
                      Days:

                  	 	
                    New
                      York

                  
	 	 	 	 	 
	 	 	
                    Business
                      Day Convention:

                  	 	
                    Following

                  
	 	 	 	 	 
	 	 	
                    Scale
                      Factor: 

                  	
                  	
                    250

                  
	 	 	 	 	 
	 	 	
                    Calculation
                      Agent:

                  	 	
                    Party
                      A

                  
	 	 	 	 	 
	3.
	Additional
                    Provisions:	 	
                    For
                      each Calculation Period, Party B will make available on its
                      website
                      https://www.ctslink.com indicating the outstanding principal
                      balance of
                      the Class A and Mezzanine Certificates as of the first day
                      of the month in
                      which such Calculation Period
                      begins.

                  

          

        

        
           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        
          	
                  4.

                	
                  Provisions
                    Deemed Incorporated in a Schedule to the ISDA Master
                    Agreement:

                

        

        

        
          	
                  Part
                    1.

                	
                  Termination
                    Provisions.

                

        

        

        For
          the purposes of this Agreement:-

        

        (a)          
          “Specified
          Entity”
          will not apply to Party A or Party B for any purpose. 

        

        
          	
                  (b)

                	
                  “Specified
                    Transaction”
                    will have the meaning specified in Section
                    14.

                

        

        

        
          	
                  (c)

                	
                  Events
                    of Default.

                

        

        

        The
          statement below that an Event of Default will apply to a specific party
          means
          that upon the occurrence of such an Event of Default with respect to such
          party,
          the other party shall have the rights of a Non-defaulting Party under Section
          6
          of this Agreement; conversely, the statement below that such event will
          not
          apply to a specific party means that the other party shall not have such
          rights.

        

        	(i)        
                  	
                The
                  “Failure
                  to Pay or Deliver”
                  provisions of Section 5(a)(i) will apply to Party A and will apply
                  to
                  Party B; provided, however, that notwithstanding anything to the
                  contrary
                  in Section 5(a)(i) or in Paragraph 7, any failure by Party A to
                  comply
                  with or perform any obligation to be complied with or performed
                  by Party A
                  under the Credit Support Annex shall not constitute an Event of
                  Default
                  under Section 5(a)(i) unless (A) a Required Ratings Downgrade Event
                  has
                  occurred and been continuing for 30 or more Local Business Days
                  and (B)
                  such failure is not remedied on or before the third Local Business
                  Day
                  after notice of such failure is given to Party
                  A.

              

        

        	(ii)          
                	
                The
                  “Breach
                  of Agreement”
                  provisions of Section 5(a)(ii) will apply to Party A and will not
                  apply to
                  Party B.

              

        

        	(iii)           	
                The
                  “Credit
                  Support Default”
                  provisions of Section 5(a)(iii) will apply to Party A and will
                  not apply
                  to Party B except that Section 5(a)(iii)(1) will apply to Party
                  B solely
                  in respect of Party B’s obligations under Paragraph 3(b); provided,
                  however, that notwithstanding anything to the contrary in Section
                  5(a)(iii)(1), any failure by Party A to comply with or perform
                  any
                  obligation to be complied with or performed by Party A under the
                  Credit
                  Support Annex shall not constitute an Event of Default under Section
                  5(a)(iii) unless (A) a Required Ratings Downgrade Event has occurred
                  and
                  been continuing for 30 or more Local Business Days and (B) such
                  failure is
                  not remedied on or before the third Local Business Day after notice
                  of
                  such failure is given to Party A.

              

        

        	(iv)           	
                The
                  “Misrepresentation”
                  provisions of Section 5(a)(iv) will apply to Party A and will not
                  apply to
                  Party B. 

              

        

        	(v)           	
                The
                  “Default
                  under Specified Transaction”
                  provisions of Section 5(a)(v) will apply to Party A and will not
                  apply to
                  Party B.

              

        

        	(vi)           	
                The
                  “Cross
                  Default”
                  provisions of Section 5(a)(vi) will apply to Party A and will not
                  apply to
                  Party B. For purposes of Section 5(a)(vi), solely with respect
                  to Party
                  A:

              

        

        “Specified
          Indebtedness” will have the meaning specified in Section 14.

        

        “Threshold
          Amount” means USD 100,000,000.

        

        	(vii)           	
                The
                  “Bankruptcy”
                  provisions of Section 5(a)(vii) will apply to Party A and will
                  apply to
                  Party B except that the provisions of Section 5(a)(vii)(2), (6)
                  (to the
                  extent that such provisions refer to any appointment contemplated
                  or
                  effected by the Pooling and Servicing Agreement or any appointment
                  to
                  which Party B has not become subject), (7) and (9) will not apply
                  to Party
                  B; provided that, with respect to Party B only, Section 5(a)(vii)(4)
                  is
                  hereby amended by adding after the words “against it” the words
                  “(excluding any proceeding or petition instituted or presented by
                  Party A
                  or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                  deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                  (4) as amended, (5), (6) as amended, or
                  (7)”.

              

        

        	(viii)           	
                The
                  “Merger
                  Without Assumption”
                  provisions of Section 5(a)(viii) will apply to Party A and will
                  apply to
                  Party B.

              

        

        (d)          
          Termination
          Events.

        

        The
          statement below that a Termination Event will apply to a specific party
          means
          that upon the occurrence of such a Termination Event, if such specific
          party is
          the Affected Party with respect to a Tax Event, the Burdened Party with
          respect
          to a Tax Event Upon Merger (except as noted below) or the non-Affected
          Party
          with respect to a Credit Event Upon Merger, as the case may be, such specific
          party shall have the right to designate an Early Termination Date in accordance
          with Section 6 of this Agreement; conversely, the statement below that
          such an
          event will not apply to a specific party means that such party shall not
          have
          such right; provided, however, with respect to “Illegality” the statement that
          such event will apply to a specific party means that upon the occurrence
          of such
          a Termination Event with respect to such party, either party shall have
          the
          right to designate an Early Termination Date in accordance with Section
          6 of
          this Agreement.

        

        (i)           
          The
          “Illegality”
          provisions of Section 5(b)(i) will apply to Party A and will apply to Party
          B.

        

        
          	 	
                  (ii)

                	
                  The
                    “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party A and will
                    apply to
                    Party B. 

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    “Tax
                    Event Upon Merger”
                    provisions of Section 5(b)(iii) will apply to Party A and will
                    apply to
                    Party B, provided that Party A shall not be entitled to designate
                    an Early
                    Termination Date by reason of a Tax Event upon Merger in respect
                    of which
                    it is the Affected Party.

                

        

        

        
          	 	
                  (iv)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) will not apply to Party A and
                    will not
                    apply to Party B.

                

        

        

        
          	
                  (e)

                	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) will not apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        (f)          
          Payments
          on Early Termination.
          For the purpose of Section 6(e) of this Agreement:

        

        	(i)           	
                The
                  Second Method will apply.

              

        

        	(ii)           	
                Market
                  Quotation will apply, provided, however, that, if Party A is the
                  Defaulting Party or the sole Affected Party, the following provisions
                  will
                  apply:

              

        

        
          	 	
                  (A)

                	
                  Section
                    6(e) is hereby amended by inserting on the first line thereof
                    the words
                    “or is effectively designated” after “If an Early Termination Date
                    occurs”;

                

        

        

        
          	 	
                  (B)
                    

                	
                  The
                    definition of Market Quotation in Section 14 shall be deleted
                    in its
                    entirety and replaced with the following:

                

        

        

        “Market
          Quotation” means,
          with respect to one or more Terminated Transactions, and a party making
          the
          determination, an amount determined on the basis of one or more Firm Offers
          from
          Reference Market-makers that are Eligible Replacements. Each Firm Offer
          will be
          (1) for an amount that would be paid to Party B (expressed as a negative
          number)
          or by Party B (expressed as a positive number) in consideration of an agreement
          between Party B and such Reference Market-maker to enter into a Replacement
          Transaction, and (2) made on the basis that Unpaid Amounts in respect of
          the
          Terminated Transaction or group of Transactions are to be excluded but,
          without
          limitation, any payment or delivery that would, but for the relevant Early
          Termination Date, have been required (assuming satisfaction of each applicable
          condition precedent) after that Early Termination Date are to be included.
          The
          party making the determination (or its agent) will request each Reference
          Market-maker that is an Eligible Replacement to provide its Firm Offer
          to the
          extent reasonably practicable as of the same day and time (without regard
          to
          different time zones) on or as soon as reasonably practicable after the
          designation or occurrence of the relevant Early Termination Date. The day
          and
          time as of which those Firm Offers are to be provided (the “bid time”) will be
          selected in good faith by the party obliged to make a determination under
          Section 6(e), and, if each party is so obliged, after consultation with
          the
          other. If at least one Firm Offer from an Approved Replacement (which,
          if
          accepted, would determine the Market Quotation) is provided at the bid
          time, the
          Market Quotation will be the Firm Offer (among such Firm Offers as specified
          in
          clause (C) below) actually accepted by Party B no later than the Business
          Day
          immediately preceding the Early Termination Date. If no Firm Offer from
          an
          Approved Replacement (which, if accepted, would determine the Market Quotation)
          is provided at the bid time, it will be deemed that the Market Quotation
          in
          respect of such Terminated Transaction or group of Transactions cannot
          be
          determined.

        

        
          	 	
                  (C)

                	
                  If
                    more than one Firm Offer from an Approved Replacement (which,
                    if accepted,
                    would determine the Market Quotation) is provided at
                    the bid time,
                    Party B shall accept the Firm Offer (among such Firm Offers)
                    which would
                    require either (x) the lowest payment by Party B to the Reference
                    Market-maker, to the extent Party B would be required to make
                    a payment to
                    the Reference Market-maker or (y) the highest payment from the
                    Reference
                    Market-maker to Party B, to the extent the Reference Market-maker
                    would be
                    required to make a payment to Party B. If only one Firm Offer
                    from an
                    Approved Replacement (which, if accepted, would determine the
                    Market
                    Quotation) is provided at the bid time, Party B shall accept
                    such Firm
                    Offer.

                

        

        

        
          	 	
                  (D)

                	
                  If
                    Party B requests Party A in writing to obtain Market Quotations,
                    Party A
                    shall use its reasonable efforts to do so.

                

        

        

        
          	 	
                  (E)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    shall be
                    deleted in its entirety and replaced with the
                    following:

                

        

        

        “(3)
          Second
          Method and Market Quotation.
          If the Second Method and Market Quotation apply, (I) Party B shall pay
          to Party
          A an amount equal to the absolute value of the Settlement Amount in respect
          of
          the Terminated Transactions, (II) Party B shall pay to Party A the Termination
          Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
          A
          shall pay to Party B the Termination Currency Equivalent of the Unpaid
          Amounts
          owing to Party B; provided, however, that (x) the amounts payable under
          the
          immediately preceding clauses (II) and (III) shall be subject to netting
          in
          accordance with Section 2(c) of this Agreement and (y) notwithstanding
          any other
          provision of this Agreement, any amount payable by Party A under the immediately
          preceding clause (III) shall not be netted-off against any amount payable
          by
          Party B under the immediately preceding clause (I).”

         

        (g)          “Termination
          Currency”
          means USD.

        

        (h)          Additional
          Termination Events.
          Additional Termination Events will apply as provided in Part 5(c). 

        

        Part
          2.  Tax
          Matters.

        

        (a)          
          Tax
          Representations. 

        

        
          	 	
                  (i)

                	
                  Payer
                    Representations.
                    For the purpose of Section 3(e) of this Agreement:
                    

                

        

         

        (A)          Party
          A makes the following representation(s):

        

        It
          is not required by any applicable law, as modified by the practice of any
          relevant governmental revenue authority, of any Relevant Jurisdiction to
          make
          any deduction or withholding for or on account of any Tax from any payment
          (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement)
          to
          be made by it to the other party under this Agreement. 

        

        In
          making this representation, it may rely on: 

        

        
          	 	
                  (1)

                	
                  the
                    accuracy of any representations made by the other party pursuant
                    to
                    Section 3(f) of this Agreement; 

                

        

        

        
          	 	
                  (2)

                	
                  the
                    satisfaction of the agreement contained in Section 4(a)(i) or
                    4(a)(iii) of
                    this Agreement and the accuracy and effectiveness of any document
                    provided
                    by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of
                    this
                    Agreement; and 

                

        

        

        
          	 	
                  (3)

                	
                  the
                    satisfaction of the agreement of the other party contained in
                    Section 4(d)
                    of this Agreement, provided that it shall not be a breach of
                    this
                    representation where reliance is placed on clause (ii) and the
                    other party
                    does not deliver a form or document under Section 4(a)(iii) by
                    reason of
                    material prejudice to its legal or commercial
                    position.

                

        

        
          	 	 	 

        

        (B)          
          Party
          B makes the following representation(s):

        

        None.

        

        (ii)          
          Payee
          Representations.
          For the purpose of Section 3(f) of this Agreement: 

         

        (A)         
          Party
          A makes the following representation(s):

        

        Party
          A is a corporation organized under the laws of the State of Delaware and
          its
          U.S. taxpayer identification number is 13-3866307.

        
          	 	 	 

        

        (B)          
          Party
          B makes the following representation(s):

        

        None.

        

        
          	
                  (b)

                	
                  Tax
                    Provisions.

                

        

        

        
          	 	
                  (i)

                	
                  Gross
                    Up.
                    Section 2(d)(i)(4) shall not apply to Party B as X, such that
                    Party B
                    shall not be required to pay any additional amounts referred
                    to
                    therein.

                

        

        

        
          	 	
                  (ii)

                	
                  Indemnifiable
                    Tax.
                    Notwithstanding the definition of “Indemnifiable Tax” in Section 14 of
                    this Agreement, all Taxes in relation to payments by Party A
                    shall be
                    Indemnifiable Taxes (including any Tax imposed in relation to
                    a Credit
                    Support Document or in relation to any payment thereunder) unless
                    (i) such
                    Taxes are assessed directly against Party B and not by deduction
                    or
                    withholding by Party A or (ii) arise as a result of a Change
                    in Tax Law
                    (in which case such Tax shall be an Indemnifiable Tax only if
                    such Tax
                    satisfies the definition of Indemnifiable Tax provided in Section
                    14). In
                    relation to payments by Party B, no Tax shall be an Indemnifiable
                    Tax.

                

        

        

        Part
          3.  Agreement
          to Deliver Documents.  

        

        (a)          
          For
          the purpose of Section 4(a)(i), tax forms, documents, or certificates to
          be
          delivered are:

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                
	 	 	 
	
                  Party
                    A

                	
                  An
                    original properly completed and executed United States Internal
                    Revenue
                    Service Form W-9 (or any successor thereto) with respect to any
                    payments
                    received or to be received by Party A that eliminates U.S. federal
                    withholding and backup withholding Tax on payments to Party A
                    under this
                    Agreement.

                	
                  (i)
                    upon execution of this Agreement, (ii) on or before the first
                    payment date
                    under this Agreement, including any Credit Support Document,
                    (iii)
                    promptly upon the reasonable demand by Party B, (iv) prior to
                    the
                    expiration or obsolescence of any previously delivered form,
                    and (v)
                    promptly upon the information on any such previously delivered
                    form
                    becoming inaccurate or incorrect.

                
	 	 	 
	
                  Party
                    B

                	
                  Party
                    B shall (a) apply for the employer identification number of the
                    Trust
                    promptly upon entering into this Agreement and deliver the related
                    correct, complete and duly executed IRS Form W-9 promptly upon
                    receipt to
                    eliminate U.S. federal withholding and backup withholding tax
                    as payments
                    to Party B under this Agreement; and, in any event, no later
                    than the
                    first Payment Date of this transaction; (b) in the case of a
                    W-8ECI,
                    W-8IMY and W-8BEN that does not include a U.S. taxpayer identification
                    number in line 6, deliver before December 31 of each third succeeding
                    calendar year; (c) deliver promptly upon reasonable demand by
                    Party A;
                    and, (d) deliver promptly upon learning that any such Form previously
                    provided by Party B has become obsolete or incorrect. 

                	
                  (i)
                    on or before the first payment date under this Agreement, including
                    any
                    Credit Support Document, (ii) promptly upon the reasonable demand
                    by Party
                    B, (iii) prior to the expiration or obsolescence of any previously
                    delivered form, and (iv) promptly upon the information on any
                    such
                    previously delivered form becoming inaccurate or
                    incorrect.

                

        

        

        (b) For
          the purpose of Section 4(a)(ii), other documents to be delivered
          are:

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                	
                  Covered
                    by Section 3(d) Representation

                
	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	
                  Any
                    documents required by the receiving party to evidence the authority
                    of the
                    delivering party or its Credit Support Provider, if any, for
                    it to execute
                    and deliver the Agreement, this Confirmation, and any Credit
                    Support
                    Documents to which it is a party, and to evidence the authority
                    of the
                    delivering party or its Credit Support Provider to perform its
                    obligations
                    under the Agreement, this Confirmation and any Credit Support
                    Document, as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    the
                    Agreement, this Confirmation, and any relevant Credit Support
                    Document, as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A

                	
                  Annual
                    Report of Party A containing consolidated financial statements
                    certified
                    by independent certified public accountants and prepared in accordance
                    with generally accepted accounting principles in the country
                    in which
                    Party A is organized

                	
                  Upon
                    request by Party B

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A

                	
                  Quarterly
                    Financial Statements of Party A containing unaudited, consolidated
                    financial statements of Party A’s fiscal quarter prepared in accordance
                    with generally accepted accounting principles in the country
                    in which
                    Party A is organized

                	
                  Upon
                    request by Party B

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	
                  An
                    opinion of counsel of such party regarding the enforceability
                    of this
                    Agreement in a form reasonably satisfactory to the other
                    party.

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  No

                
	 	 	 	 
	
                  Party
                    B

                	
                  An
                    executed copy of the Pooling and Servicing Agreement

                	
                  Promptly
                    upon filing of such agreement with the U.S. Securities and Exchange
                    Commission

                	
                  No

                

        

        

        Part
          4. Miscellaneous. 

        

        
          	
                  (a)

                	
                  Address
                    for Notices:
                    For the purposes of Section 12(a) of this
                    Agreement:

                

        

        

        Address
          for notices or communications to Party A:

         

        Address: 383
          Madison Avenue, New York, New York 10179

        Attention: DPC
          Manager 

        Facsimile: (212)
          272-5823

        

        with
          a copy to:

        

        Address: One
          Metrotech Center North, Brooklyn, New York 11201

        Attention: Derivative
          Operations 7th Floor

        Facsimile: (212)
          272-1634

        

        (For
          all purposes)

        

        Address
          for notices or communications to Party B:

        

          Wells
            Fargo Bank, N.A.

          Address:       
            9062
            Old
            Annapolis Rd

          Columbia,
            MD 21045-1951

          Attention:     
            Client
            Manager Option One 2007-2 

          Facsimile:      
            410-715-2380

          Phone:           
            410-884-2000

        

        
          (For
            all purposes)

           

        

        (b)          
          Process
          Agent.
          For the purpose of Section 13(c):

        

        Party
          A appoints as its Process Agent: Not applicable.

        

        Party
          B appoints as its Process Agent: Not applicable.

        

        
          	
                  (c)

                	
                  Offices.
                    The provisions of Section 10(a) will apply to this Agreement;
                    neither
                    Party A nor Party B has any Offices other than as set forth in
                    the Notices
                    Section.

                

        

        

        
          	
                  (d)

                	
                  Multibranch
                    Party.
                    For the purpose of Section 10(c) of this
                    Agreement:

                

        

        

        Party
          A is not a Multibranch Party.

        

        
          	 	
                  Party
                    B is not a Multibranch Party.

                

        

        

        
          	
                  (e)

                	
                  Calculation
                    Agent.
                    The Calculation Agent is Party A.

                

        

        

        (f)           
          Credit
          Support Document. 

         

        
          	 	
                  Party
                    A:

                	
                  The
                    Credit Support Annex, and any guarantee in support of Party A’s
                    obligations under this Agreement.

                

        

        

        Party
          B: The
          Credit Support Annex.

        

        
          	
                  (g)

                	
                  Credit
                    Support Provider.

                

        

        

        Party
          A: The
          guarantor under any guarantee in support of Party A’s obligations under this
          Agreement.

        

        Party
          B: None.

        

        
          	
                  (h)

                	
                  Governing
                    Law.
                    The parties to this Agreement hereby agree that the law of the
                    State of
                    New York shall govern their rights and duties in whole, without
                    regard to
                    the conflict of law provisions thereof other than New York General
                    Obligations Law Sections 5-1401 and 5-1402.

                

        

        

        
          	
                  (i)

                	
                  Netting
                    of Payments.
                    The parties agree that subparagraph (ii) of Section 2(c) will
                    apply to
                    each Transaction hereunder. 

                

        

        

        
          	
                  (j)

                	
                  Affiliate.
                    Party A and Party B shall be deemed to have no Affiliates for
                    purposes of
                    this Agreement, including for purposes of Section
                    6(b)(ii).

                

        

         

        Part
          5.  Others
          Provisions.

        

        
          	
                  (a)

                	
                  Definitions.
                    Unless
                    otherwise specified in a Confirmation, this Agreement and each
                    Transaction
                    under this Agreement are subject to the 2000 ISDA Definitions
                    as published
                    and copyrighted in 2000 by the International Swaps and Derivatives
                    Association, Inc. (the “Definitions”),
                    and will be governed in all relevant respects by the provisions
                    set forth
                    in the Definitions, without regard to any amendment to the Definitions
                    subsequent to the date hereof. The provisions of the Definitions
                    are
                    hereby incorporated by reference in and shall be deemed a part
                    of this
                    Agreement, except that (i) references in the Definitions to a
“Swap
                    Transaction” shall be deemed references to a “Transaction” for purposes of
                    this Agreement, and (ii) references to a “Transaction” in this Agreement
                    shall be deemed references to a “Swap Transaction” for purposes of the
                    Definitions. Each term capitalized but not defined in this Agreement
                    shall
                    have the meaning assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

         

        (b)          
          Amendments
          to ISDA Master Agreement.

        

        
          	 	
                  (i)

                	
                  Single
                    Agreement.
                    Section 1(c) is hereby amended by the adding the words “including, for the
                    avoidance of doubt, the Credit Support Annex” after the words “Master
                    Agreement”. 

                

        

        

        
          	 	
                  (ii)

                	
                  [Reserved.]
                    

                

        

        

        
          	 	
                  (iii)

                	
                  [Reserved.]

                

        

        

        
          	 	
                  (iv)

                	
                  Representations.
                    Section 3 is hereby amended by adding at the end thereof the
                    following
                    subsection (g): 

                

        

        

        
          	 	
                  “(g)

                	
                  Relationship
                    Between Parties. 

                

        

        

        
          	 	
                  (1)

                	
                  Nonreliance.
                    (i) It is not relying on any statement or representation of the
                    other
                    party regarding the Transaction (whether written or oral), other
                    than the
                    representations expressly made in this Agreement or the Confirmation
                    in
                    respect of that Transaction, (ii) it has consulted with its own
                    legal,
                    regulatory, tax, business, investment, financial and accounting
                    advisors
                    to the extent it has deemed necessary, and it has made its own
                    investment,
                    hedging and trading decisions based upon its own judgment and
                    upon any
                    advice from such advisors as it has deemed necessary and not
                    upon any view
                    expressed by the other party, (iii) it is not relying on any
                    communication
                    (written or oral) of the other party as investment advice or
                    as a
                    recommendation to enter into this Transaction; it being understood that
                    information and explanations related to the terms and conditions
                    of this
                    Transaction shall not be considered investment advice or a recommendation
                    to enter into this Transaction, and (iv) it has not received
                    from the
                    other party any assurance or guaranty as to the expected results
                    of this
                    Transaction.

                

        

         

        
          	 	
                  (2)

                	
                  Evaluation
                    and Understanding. (i) It has the capacity to evaluate (internally
                    or
                    through independent professional advice) the Transaction and
                    has made its
                    own decision to enter into the Transaction and (ii) it understands
                    the
                    terms, conditions and risks of the Transaction and is willing
                    and able to
                    accept those terms and conditions and to assume those risks,
                    financially
                    and otherwise. 

                

        

        

        
          	 	
                  (3)

                	
                  Purpose.
                    It is entering into the Transaction for the purposes of managing
                    its
                    borrowings or investments, hedging its underlying assets or liabilities
                    or
                    in connection with a line of business.

                

        

        

        
          	 	
                  (4)

                	
                  Status
                    of Parties. The other party is not acting as an agent, fiduciary
                    or
                    advisor for it in respect of the Transaction.

                

        

        

        
          	 	
                  (5)

                	
                  Eligible
                    Contract Participant. It is an “eligible swap participant” as such term is
                    defined in, Section 35.1(b)(2) of the regulations (17 C.F.R.
                    35)
                    promulgated under, and an “eligible contract participant” as defined in
                    Section 1(a)(12) of the Commodity Exchange Act, as
                    amended.”

                

        

        

        
          	 	
                  (v)

                	
                  Transfer
                    to Avoid Termination Event.
                    Section 6(b)(ii) is hereby amended by (i) deleting the words
“or if a Tax
                    Event Upon Merger occurs and the Burdened Party is the Affected
                    Party,”
                    and (ii) deleting the last paragraph thereof and inserting the
                    following
                    in lieu thereof:

                

        

        

        “Notwithstanding
          anything to the contrary in Section 7 (as amended herein) and Part 5(f),
          any
          transfer by Party A under this Section 6(b)(ii) shall not require the consent
          of
          Party B for such transfer if the following conditions are
          satisfied:

        

        
          	 	
                  (1)

                	
                  the
                    transferee (the “Section 6 Transferee”) is an Eligible
                    Replacement;

                

        

        

        
          	 	
                  (2)

                	
                  if
                    the Section 6 Transferee is domiciled in a different country
                    or political
                    subdivision thereof from both Party A and Party B, such transfer
                    satisfies
                    the Rating Agency Condition;

                

        

        

        
          	 	
                  (3)

                	
                  the
                    Section 6 Transferee will not, as a result of such transfer,
                    be required
                    on the next succeeding Scheduled Payment Date to withhold or
                    deduct on
                    account of any Tax (except in respect of default interest) amounts
                    in
                    excess of that which Party A would, on the next succeeding Scheduled
                    Payment Date have been required to so withhold or deduct unless
                    the
                    Section 6 Transferee would be required to make additional payments
                    pursuant to Section 2(d)(i)(4) corresponding to such excess;
                    

                

        

        

        
          	 	
                  (4)

                	
                  a
                    Termination Event or Event of Default does not occur as a result
                    of such
                    transfer; and

                

        

        

        
          	 	
                  (5)

                	
                  the
                    Section 6 Transferee confirms in writing that it will accept
                    all of the
                    interests and obligations in and under this Agreement which are
                    to be
                    transferred to it in accordance with the terms of this
                    provision.”

                

        

        

        
          	 	
                  (vi)

                	
                  Jurisdiction.
                    Section
                    13(b) is hereby amended by: (i) deleting in the second line of
                    subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                    end of subparagraph 1 and inserting “.” in lieu thereof, and (iii)
                    deleting the final paragraph
                    thereof.

                

        

        

        
          	 	
                  (vii)

                	
                  Local
                    Business Day.
                    The definition of Local Business Day in Section 14 is hereby
                    amended by
                    the addition of the words “or any Credit Support Document” after “Section
                    2(a)(i)” and the addition of the words “or Credit Support Document” after
                    “Confirmation”. 

                

        

        

        
          	
                  (c)

                	
                  Additional
                    Termination Events.
                    The following Additional Termination Events will
                    apply:

                

        

        

        (i)       
          S&P
          First Level Downgrade.
          If an S&P Approved Ratings Downgrade Event has occurred and is continuing
          and Party A fails to take any action described under Part (5)(d)(i)(1),
          within
          the time period specified therein, then an Additional Termination Event
          shall
          have occurred with respect to Party A, Party A shall be the sole Affected
          Party
          with respect to such Additional Termination Event and all Transactions
          hereunder
          shall be Affected Transaction.

        

        (ii)        Moody’s
          First Rating Trigger Collateral.
          If (A) it is not the case that a Moody’s Second Trigger Ratings Event has
          occurred and been continuing for 30 or more Local Business Days and (B)
          Party
          A has failed to comply with or perform any obligation to be complied with
          or
          performed by Party A in accordance with the Credit Support Annex, then
          an
          Additional Termination Event shall have occurred with respect to Party
          A, Party
          A shall be the sole Affected Party with respect to such Additional Termination
          Event and all Transactions hereunder shall be Affected Transactions.

        

        (iii)     
          S&P
          Second Level Downgrade.
          If an S&P Required Ratings Downgrade Event has occurred and is continuing
          and Party A fails to take any action described under Part (5)(d)(i)(2)
          within
          the time period specified therein, then an Additional Termination Event
          shall
          have occurred with respect to Party A, Party A shall be the sole Affected
          Party
          with respect to such Additional Termination Event and all Transactions
          hereunder
          shall be Affected Transaction.

        

        (iv)    
          Moody’s
          Second Rating Trigger Replacement.
          If (A) a Moody’s Second Trigger Ratings Event has occurred and been continuing
          for 30 or more Local Business Days and (B) (i) at least one Eligible Replacement
          has made a Firm Offer to be the transferee of all of Party A’s rights and
          obligations under this Agreement (and such Firm Offer remains an offer
          that will
          become legally binding upon such Eligible Replacement upon acceptance by
          the
          offeree) and/or (ii) an Eligible Guarantor has made a Firm Offer to provide
          an
          Eligible Guarantee (and such Firm Offer remains an offer that will become
          legally binding upon such Eligible Guarantor immediately upon acceptance
          by the
          offeree), then an Additional Termination Event shall have occurred with
          respect
          to Party A, Party A shall be the sole Affected Party with respect to such
          Additional Termination Event and all Transactions hereunder shall be Affected
          Transactions. 

         

        (v)     
          Amendment
          of the Pooling and Servicing Agreement.
          If, without the prior written consent of Party A where such consent is
          required
          under the Pooling and Servicing Agreement (such consent not to be unreasonably
          withheld), an amendment is made to the Pooling and Servicing Agreement
          which
          amendment could reasonably be expected to have a material adverse effect
          on the
          interests of Party A under this Agreement, an Additional Termination Event
          shall
          have occurred with respect to Party B, Party B shall be the sole Affected
          Party
          with respect to such Additional Termination Event and all Transactions
          hereunder
          shall be Affected Transactions. 

        

        (vi)    
          Failure
          to Comply with Regulation AB Requirements.
          If, upon the occurrence of a Swap Disclosure Event (as defined in Part
          5(e)
          below) Party A has not complied with any of the provisions set forth in
          clause
          (iii) of Part 5(e) below, then an Additional Termination Event shall have
          occurred with respect to Party A and Party A shall be the sole Affected
          Party
          with respect to such Additional Termination Event.

        

        

        (vii)   
          Optional
          Termination of Securitization.
          An Additional Termination Event shall occur upon the notice to
          Certificateholders of an Optional Termination becoming unrescindable in
          accordance with Article X of the Pooling and Servicing Agreement (such
          notice,
          the “Optional
          Termination Notice”).
          With respect to such Additional Termination Event: (A) Party B shall be
          the sole
          Affected Party; (B) notwithstanding anything to the contrary in Section
          6(b)(iv)
          or Section 6(c)(i), the final Distribution Date specified in the Optional
          Termination Notice is hereby designated as the Early Termination Date for
          this
          Additional Termination Event in respect of all Affected Transactions; (C)
          Section 2(a)(iii)(2) shall not be applicable to any Affected Transaction
          in
          connection with the Early Termination Date resulting from this Additional
          Termination Event; notwithstanding anything to the contrary in Section
          6(c)(ii),
          payments and deliveries under Section 2(a)(i) or Section 2(e) in respect
          of the
          Terminated Transactions resulting from this Additional Termination Event
          will be
          required to be made through and including the Early Termination Date designated
          as a result of this Additional Termination Event; provided, for the avoidance
          of
          doubt, that any such payments or deliveries that are made on or prior to
          such
          Early Termination Date will not be treated as Unpaid Amounts in determining
          the
          amount payable in respect of such Early Termination Date; (D) notwithstanding
          anything to the contrary in Section 6(d)(i), (I) if, no later than 4:00
          pm New
          York City time on the day that is four Business Days prior to the final
          Distribution Date specified in the Optional Termination Notice, the Trustee
          requests the amount of the Estimated Swap Termination Payment, Party A
          shall
          provide to the Trustee in writing (which may be done in electronic format)
          the
          amount of the Estimated Swap Termination Payment no later than 2:00 pm
          New York
          City time on the following Business Day and (II) if the Trustee provides
          written
          notice (which may be done in electronic format) to Party A no later than
          two
          Business Days prior to the final Distribution Date specified in the Optional
          Termination Notice that all requirements of the Optional Termination have
          been
          met, then Party A shall, no later than one Business Day prior to the final
          Distribution Date specified in the Optional Termination Notice, make the
          calculations contemplated by Section 6(e) (as amended herein) and provide
          to the
          Trustee in writing (which may be done in electronic format) the amount
          payable
          by either Party B or Party A in respect of the related Early Termination
          Date in
          connection with this Additional Termination Event; provided, however, that
          the
          amount payable by Party B, if any, in respect of the related Early Termination
          Date shall be the lesser of (x) the amount calculated to be due by Party
          B
          pursuant to Section 6(e) and (y) the Estimated Swap Termination Payment;
          and (E)
          notwithstanding anything to the contrary in this Agreement, any amount
          due from
          Party B to Party A in respect of this Additional Termination Event will
          be
          payable on the final Distribution Date specified in the Optional Termination
          Notice and any amount due from Party A to Party B in respect of this Additional
          Termination Event will be payable one Business Day prior to the final
          Distribution Date specified in the Optional Termination Notice; and (F)
          for
          purposes of determining the payment under Section 6(e), for all Calculation
          Periods beginning on or after the Early Termination Date, the definition
          of
          Notional Amount in the Confirmation shall be deleted in its entirety and
          replaced with the following: “With respect to each Calculation Period, the
          Scheduled Amount for such Calculation Period as set forth in the Schedule
          of
          Scheduled Amounts attached hereto multiplied by the quotient of (A) the
          Notional
          Amount for the Calculation Period immediately prior to the Early Termination
          Date divided by (B) the Scheduled Amount for the Calculation Period immediately
          prior to the Early Termination Date as set forth in the Schedule of Scheduled
          Amounts attached hereto.

        

        

        The
          Trustee shall be an express third party beneficiary of this Agreement as
          if a
          party hereto to the extent of the Trustee’s rights specified herein.

        

        

        (viii)   
          Failure
          to Pay Class A Certificates.
          If the Trustee on behalf of the Trust is unable to pay, or fails or admits
          in
          writing its inability to pay (1) on any Distribution Date, any Monthly
          Interest
          Distributable Amount with respect to the Class A Certificates or (2) by
          the
          Distribution Date immediately following the maturity date for the Mortgage
          Loan
          with the latest maturity date, the ultimate payment of principal with respect
          to
          the Class A Certificates, in either case to the extent required pursuant
          to the
          terms of the Pooling and Servicing Agreement to be paid to the Class A
          Certificates, then an Additional Termination Event shall have occurred with
          respect to Party B, Party B shall be the sole Affected Party and all
          Transactions hereunder shall be Affected Transactions.

        

        
          	
                  (d)

                	
                  Rating
                    Agency Downgrade.  

                

        

        

        (i)           
          S&P
          Downgrade:

        

        
          	 	
                  (1)

                	
                  In
                    the event that an S&P Approved Ratings Downgrade Event occurs and is
                    continuing, then within 30 days after such rating downgrade,
                    Party A
                    shall, subject to the Rating Agency Condition with respect to
                    S&P, at
                    its own expense, either (i) procure a Permitted Transfer, (ii)
                    obtain an
                    Eligible Guarantee or (iii) post collateral in accordance with
                    the Credit
                    Support Annex.

                

        

        

        
          	 	
                  (2)

                	
                  In
                    the event that an S&P Required Ratings Downgrade Event occurs and is
                    continuing, then within 10 Local Business Days after such rating
                    withdrawal or downgrade, Party A shall, subject to the Rating
                    Agency
                    Condition with respect to S&P, at its own expense, procure either (i)
                    a Permitted Transfer or (ii) an Eligible
                    Guarantee.

                

        

        

        (ii)          
          Moody’s
          Downgrade.

        

        
          	 	
                  (1)
                    

                	
                  In
                    the event that a Moody’s Second Trigger Ratings Event occurs and is
                    continuing, Party A shall, as soon as reasonably practicable
                    thereafter,
                    at its own expense and using commercially reasonable efforts,
                    either (i)
                    procure a Permitted Transfer or (ii) obtain an Eligible Guarantee.
                    

                

        

        

        

        
          	
                  (e)
                    

                	
                  Compliance
                    with Regulation AB. 

                

        

        

        
          	 	
                  (i)

                	
                  Party
                    A agrees and acknowledges that Option One Mortgage Acceptance
                    Corporation
                    (“Depositor”) is required under Regulation AB under the Securities Act of
                    1933, as amended, and the Securities Exchange Act of 1934, as
                    amended (the
                    “Exchange Act”) (“Regulation AB”), to disclose certain financial
                    information regarding Party A or its group of affiliated entities,
                    if
                    applicable, depending on the aggregate “significance percentage” of this
                    Agreement and any other derivative contracts between Party A
                    or its group
                    of affiliated entities, if applicable, and Party B, as calculated
                    from
                    time to time in accordance with Item 1115 of Regulation AB.
                    

                

        

        

        
          	 	
                  (ii)

                	
                  It
                    shall be a swap disclosure event (“Swap Disclosure Event”) if, on any
                    Business Day after the date hereof for so long as the Issuing
                    Entity is
                    required to file periodic reports under the Exchange Act, Depositor
                    requests from Party A the applicable financial information described
                    in
                    Item 1115 of Regulation AB (such request to be based on a reasonable
                    determination by Depositor, in good faith, that such information
                    is
                    required under Regulation AB) (the “Swap Financial
                    Disclosure”).

                

        

        

        
          	 	
                  (iii)

                	
                  Upon
                    the occurrence of a Swap Disclosure Event, Party A, within ten
                    (10) days
                    and at its own expense, shall (1)(a) either (i) provide to Depositor
                    the
                    current Swap Financial Disclosure in an EDGAR-compatible format
                    (for
                    example, such information may be provided in Microsoft Word® or Microsoft
                    Excel® format but not in .pdf format) or (ii) provide written consent
                    to
                    Depositor to incorporation by reference of such current Swap
                    Financial
                    Disclosure that are filed with the Securities and Exchange Commission
                    in
                    the Exchange Act Reports of Depositor, (b) if applicable, cause
                    its
                    outside accounting firm to provide its consent to filing or incorporation
                    by reference in the Exchange Act Reports of Depositor of such
                    accounting
                    firm’s report relating to their audits of such current Swap Financial
                    Disclosure, and (c) provide to Depositor any updated Swap Financial
                    Disclosure with respect to Party A or any entity that consolidates
                    Party A
                    within five days of the release of any such updated Swap Financial
                    Disclosure; (2) secure another entity to replace Party A, by
                    way of
                    Permitted Transfer, as party to this Agreement on terms substantially
                    similar to this Agreement and subject to prior notification to
                    the Swap
                    Rating Agencies, which entity (or a guarantor therefor) satisfies
                    the
                    Rating Agency Condition with respect to S&P and which entity is able
                    to comply with the requirements of Item 1115 of Regulation AB
                    or (3)
                    subject to the Rating Agency Condition with respect to S&P and obtain
                    a guaranty of the Party A’s obligations under this Agreement from an
                    affiliate of the Party A that is able to comply with the financial
                    information disclosure requirements of Item 1115 of Regulation
                    AB, such
                    that disclosure provided in respect of the affiliate will satisfy
                    any
                    disclosure requirements applicable to the Swap Provider, and
                    cause such
                    affiliate to provide Swap Financial Disclosure. If permitted
                    by Regulation
                    AB, any required Swap Financial Disclosure may be provided by
                    incorporation by reference from reports filed pursuant to the
                    Exchange
                    Act.

                

        

        

        
          	 	
                  (iv)

                	
                  Party
                    A agrees that, in the event that Party A provides Swap Financial
                    Disclosure to Depositor in accordance with Part 5(e)(iii)(a)
                    or causes its
                    affiliate to provide Swap Financial Disclosure to Depositor in
                    accordance
                    with Part 5(e)(iii)(c), it will indemnify and hold harmless Depositor,
                    its
                    respective directors or officers and any person controlling Depositor,
                    from and against any and all losses, claims, damages and liabilities
                    caused by any untrue statement or alleged untrue statement of
                    a material
                    fact contained in such Swap Financial Disclosure or caused by
                    any omission
                    or alleged omission to state in such Swap Financial Disclosure
                    a material
                    fact required to be stated therein or necessary to make the statements
                    therein, in light of the circumstances under which they were
                    made, not
                    misleading.

                

        

        

        
          	 	
                  (v)

                	
                  Depositor
                    shall be an express third party beneficiary of this Agreement
                    as if a
                    party hereto to the extent of Depositor’s rights explicitly specified in
                    this Part 5(e). 

                

        

        

        
          	
                  (f)

                	
                  Transfers. 

                

        

         

        (i)            
          Section
          7 is hereby amended to read in its entirety as follows:

         

        “Except
          with respect to a Permitted Transfer pursuant to Section 6(b)(ii), Part
          5(d),
          Part 5(e), Part 5(b)(v) or the succeeding sentence, neither Party A nor
          Party B
          is permitted to assign, novate or transfer (whether by way of security
          or
          otherwise) as a whole or in part any of its rights, obligations or interests
          under the Agreement or any Transaction unless (a) the prior written consent
          of
          the other party is obtained and (b) the Rating Agency Condition has been
          satisfied with respect to S&P. At any time at which no Relevant Entity has
          credit ratings at least equal to the Approved Ratings Threshold, Party
          A may
          make a Permitted Transfer.” 

         

        
          	 	
                  (ii)

                	
                  If
                    an Eligible Replacement has made a Firm Offer (which remains
                    an offer that
                    will become legally binding upon acceptance by Party B) to be
                    the
                    transferee pursuant to a Permitted Transfer, Party B shall, at
                    Party A’s
                    written request and at Party A’s expense, execute such documentation
                    provided to it as is reasonably deemed necessary by Party A to
                    effect such
                    transfer. 

                

        

         

        
          	
                  (g)

                	
                  Non-Recourse.
                    Party A acknowledges and agree that, notwithstanding any provision
                    in this
                    Agreement to the contrary, the obligations of Party B hereunder
                    are
                    limited recourse obligations of Party B, payable solely from
                    the
                    Supplemental Interest Trust and the proceeds thereof, in accordance
                    with
                    the priority of payments and other terms of the Pooling and Servicing
                    Agreement and that Party A will not have any recourse to any
                    of the
                    directors, officers, agents, employees, shareholders or affiliates
                    of
                    Party B with respect to any claims, losses, damages, liabilities,
                    indemnities or other obligations in connection with any transactions
                    contemplated hereby. In the event that the Supplemental Interest
                    Trust and
                    the proceeds thereof, should be insufficient to satisfy all claims
                    outstanding and following the realization of the Supplemental
                    Interest
                    Trust and the proceeds thereof, any claims against or obligations
                    of Party
                    B under this Agreement or any other confirmation thereunder still
                    outstanding shall be extinguished and thereafter not revive.
                    The
                    Supplemental Interest Trust Trustee shall not have liability
                    for any
                    failure or delay in making a payment hereunder to Party A due
                    to any
                    failure or delay in receiving amounts in the Supplemental Interest
                    Trust
                    from the Trust created pursuant to the Pooling and Servicing
                    Agreement.
                    This provision will survive the termination of this
                    Agreement.

                

        

        

        
          	
                  (h)

                	
                  Timing
                    of Payments
                    by Party B upon Early Termination.
                    Notwithstanding anything to the contrary in Section 6(d)(ii),
                    to the
                    extent that all or a portion (in either case, the “Unfunded Amount”) of
                    any amount that is calculated as being due in respect of any
                    Early
                    Termination Date under Section 6(e) from Party B to Party A will
                    be paid
                    by Party B from amounts other than any upfront payment paid to
                    Party B by
                    an Eligible Replacement that has entered a Replacement Transaction
                    with
                    Party B, then such Unfunded Amount shall be due on the next subsequent
                    Distribution Date following the date on which the payment would
                    have been
                    payable as determined in accordance with Section 6(d)(ii), and
                    on any
                    subsequent Distribution Dates until paid in full (or if such
                    Early
                    Termination Date is the final Distribution Date, on such final
                    Distribution Date); provided, however, that if the date on which
                    the
                    payment would have been payable as determined in accordance with
                    Section
                    6(d)(ii) is a Distribution Date, such payment will be payable
                    on such
                    Distribution Date.

                

        

        

        
          	
                  (i)

                	
                  Rating
                    Agency Notifications. Notwithstanding
                    any other provision of this Agreement, no Early Termination Date
                    shall be
                    effectively designated hereunder by Party B and no transfer of
                    any rights
                    or obligations under this Agreement shall be made by either party
                    unless
                    each Swap Rating Agency has been given prior written notice of
                    such
                    designation or transfer. 

                

        

        

        
          	
                  (j)

                	
                  No
                    Set-off.
                    Except as expressly provided for in Section 2(c), Section 6 or
                    Part
                    1(f)(i)(D) hereof, and notwithstanding any other provision of
                    this
                    Agreement or any other existing or future agreement, each party
                    irrevocably waives any and all rights it may have to set off,
                    net, recoup
                    or otherwise withhold or suspend or condition payment or performance
                    of
                    any obligation between it and the other party hereunder against
                    any
                    obligation between it and the other party under any other agreements.
                    Section 6(e) shall be amended by deleting the following sentence:
“The
                    amount, if any, payable in respect of an Early Termination Date
                    and
                    determined pursuant to this Section will be subject to any
                    Set-off.”.

                

        

         

        
          	
                  (k)

                	
                  Amendment.
                    Notwithstanding any provision to the contrary in this Agreement,
                    no
                    amendment of either this Agreement or any Transaction under this
                    Agreement
                    shall be permitted by either party unless each of the Swap Rating
                    Agencies
                    has been provided prior written notice of the same and such amendment
                    satisfies the Rating Agency Condition with respect to
                    S&P.

                

        

        

        
          	
                  (l)

                	
                  Notice
                    of Certain Events or Circumstances.
                    Each Party agrees, upon learning of the occurrence or existence
                    of any
                    event or condition that constitutes (or that with the giving
                    of notice or
                    passage of time or both would constitute) an Event of Default
                    or
                    Termination Event with respect to such party, promptly to give
                    the other
                    Party and to each Swap Rating Agency notice of such event or
                    condition;
                    provided that failure to provide notice of such event or condition
                    pursuant to this Part 5(l) shall not constitute an Event of Default
                    or a
                    Termination Event.

                

        

         

        (m)         
          Proceedings.
          No Relevant Entity shall institute against, or cause any other person to
          institute against, or join any other person in instituting against Party
          B, the
          Supplemental Interest Trust, or the trust formed pursuant to the Pooling
          and
          Servicing Agreement, in any bankruptcy, reorganization, arrangement, insolvency
          or liquidation proceedings or other proceedings under any federal or state
          bankruptcy or similar law for a period of one year (or, if longer, the
          applicable preference period) and one day following payment in full of
          the
          Certificates and any Notes. This provision will survive the termination
          of this
          Agreement. 

        

        
          	
                  (n)

                	
                  Supplemental
                    Interest Trust Trustee Liability Limitations.
                    It is expressly understood and agreed by the parties hereto that
                    (a) this
                    Agreement is executed by Wells Fargo Bank, N.A. (“Wells”) not in its
                    individual capacity, but solely as Supplemental Interest Trust
                    Trustee
                    under the Pooling and Servicing Agreement in the exercise of
                    the powers
                    and authority conferred and invested in it thereunder; (b) Wells
                    has been
                    directed pursuant to the Pooling and Servicing Agreement to enter
                    into
                    this Agreement and to perform its obligations hereunder; (c)
                    each of the
                    representations, undertakings and agreements herein made on behalf
                    of the
                    Supplemental Interest Trust is made and intended not as personal
                    representations of Wells but is made and intended for the purpose
                    of
                    binding only the Supplemental Interest Trust; and (d) under no
                    circumstances shall Wells
                    in its individual capacity be personally liable for any payments
                    hereunder
                    or for the breach or failure of any obligation, representation,
                    warranty
                    or covenant made or undertaken under this
                    Agreement.

                

        

        

        
          	
                  (o)

                	
                  Severability.
                    If any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) in any respect,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided, however, that this severability provision
                    shall not be
                    applicable if any provision of Section 2, 5, 6, or 13 (or any
                    definition
                    or provision in Section 14 to the extent it relates to, or is
                    used in or
                    in connection with any such Section) shall be so held to be invalid
                    or
                    unenforceable. 

                

        

        

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition. 

        

        
          	
                  (p)

                	
                  Agent
                    for Party B. Party
                    A acknowledges that Party B has appointed the Supplemental Interest
                    Trust
                    Trustee and the Swap Administrator as its agents under the Pooling
                    and
                    Servicing Agreement and the Swap Administration Agreement to
                    carry out
                    certain functions on behalf of Party B, and that the Supplemental
                    Interest
                    Trust Trustee and the Swap Administrator shall be entitled to
                    give notices
                    and to perform and satisfy the obligations of Party B hereunder
                    on behalf
                    of Party B.

                

        

         

        
          	
                  (q)

                	
                  Consent
                    to Recording.
                    Each party hereto consents to the monitoring or recording, at
                    any time and
                    from time to time, by the other party of any and all communications
                    between trading, marketing, and operations personnel of the parties
                    and
                    their Affiliates, waives any further notice of such monitoring
                    or
                    recording, and agrees to notify such personnel of such monitoring
                    or
                    recording. 

                

        

         

        

        
          	
                  (r)

                	
                  Waiver
                    of Jury Trial.
                    Each party waives any right it may have to a trial by jury in
                    respect of
                    any in respect of any suit, action or proceeding relating to
                    this
                    Agreement or any Credit Support Document.

                

        

        

        
          	
                  (s)

                	
                  Form
                    of ISDA Master Agreement. Party
                    A and Party B hereby agree that the text of the body of the ISDA
                    Master
                    Agreement is intended to be the printed form of the ISDA Master
                    Agreement
                    (Multicurrency -
                    Crossborder) as published and copyrighted in 1992 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

        

        
          	
                  (t)

                	
                  Payment
                    Instructions.
                    Party A hereby agrees that, unless notified in writing by Party
                    B of other
                    payment instructions, any and all amounts payable by Party A
                    to Party B
                    under this Agreement shall be paid to the account specified in
                    Item 4 of
                    this Confirmation, below. 

                

        

        

        
          	
                  (u)

                	
                  Capacity.
                    Party A represents to Party B on the date on which Party A enters
                    into
                    this Agreement
                    that it is entering into the Agreement and the Transaction as
                    principal
                    and not as agent of any person. Supplemental Interest Trust Trustee
                    represents to Party A on the date on which Party
                    B enters
                    into this Agreement that Supplemental Interest Trust Trustee
                    is executing
                    the Agreement not in its individual capacity, but solely as Supplemental
                    Interest Trust Trustee on behalf of the Supplemental Interest
                    Trust.

                

        

        

        
          	
                  (v)

                	
                  Substantial
                    financial transactions.
                    Each party hereto is hereby advised and acknowledges as of the
                    date hereof
                    that the other party has engaged in (or refrained from engaging
                    in)
                    substantial financial transactions and has taken (or refrained
                    from
                    taking) other material actions in reliance upon the entry by
                    the parties
                    into the Transaction being entered into on the terms and conditions
                    set
                    forth herein and in the Pooling and Servicing Agreement relating
                    to such
                    Transaction, as applicable. This paragraph shall be deemed repeated
                    on the
                    trade date of each Transaction.

                

        

        

        
          	
                  (w)

                	
                  [Reserved].

                

        

        

        
          	
                  (x)

                	
                  [Reserved].

                

        

        

        (y)         
          Additional
          Definitions. 

         

        As
          used in this Agreement, the following terms shall have the meanings set
          forth
          below, unless the context clearly requires otherwise: 

         

        “Approved
          Ratings Threshold”
          means each of the S&P Approved Ratings Threshold and the Moody’s First
          Trigger Ratings Threshold.

        

        “Approved
          Replacement” means,
          with respect to a Market Quotation, an entity making such Market Quotation,
          which entity would satisfy conditions (a), (b),(c) and (d) of the definition
          of
          Permitted Transfer (as determined by Party B in its sole discretion, acting
          in a
          commercially reasonable manner) if such entity were a Transferee, as defined
          in
          the definition of Permitted Transfer.

        

        “Eligible
          Guarantee”
          means an unconditional and irrevocable guarantee of all present and future
          payment obligations and obligations to post collateral of Party A or an
          Eligible
          Replacement to Party B under this Agreement that is provided by an Eligible
          Guarantor as principal debtor rather than surety and that is directly
          enforceable by Party B, the form and substance of which guarantee are subject
          to
          the Rating Agency Condition with respect to S&P.

        

        “Eligible
          Guarantor”
          means an entity that (A) has credit ratings from S&P at least equal to the
          S&P Approved Ratings Threshold and (B) has credit ratings from Moody’s at
          least equal to the Moody’s Second Trigger Ratings Threshold, provided, for the
          avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor
          with
          credit ratings below the Moody’s First Trigger Ratings Threshold will not cause
          a Collateral Event (as defined in the Credit Support Annex) not to occur
          or
          continue with respect to Moody’s.  

        

        “Eligible
          Replacement”
          means an entity (A) (i) (a) that has credit ratings from S&P at least equal
          to the S&P Approved Ratings Threshold, and (b) has credit ratings from
          Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold,
          provided, for the avoidance of doubt, that an Eligible Replacement with
          credit
          ratings below the Moody’s First Trigger Ratings Threshold will not cause a
          Collateral Event (as defined in the Credit Support Annex) not to occur
          or
          continue with respect to Moody’s, or (ii) the present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of which
          entity
          to Party B under this Agreement are guaranteed pursuant to an Eligible
          Guarantee
          and (B) that has executed an Item 1115 Agreement with Depositor and Sponsor.
          

        

        “Estimated
          Swap Termination Payment”
          means, with respect to an Early Termination Date, an amount determined
          by Party
          A in good faith and in a commercially reasonable manner as the maximum
          payment
          that could be owed by Party B to Party A in respect of such Early Termination
          Date pursuant to Section 6(e), taking into account then current market
          conditions.

        

        “Firm
          Offer”
          means (A) with respect to an Eligible Replacement, a quotation from such
          Eligible Replacement (i) in an amount equal to the actual amount payable
          by or
          to Party B in consideration of an agreement between Party B and such Eligible
          Replacement to replace Party A as the counterparty to this Agreement by
          way of
          novation or, if such novation is not possible, an agreement between Party
          B and
          such Eligible Replacement to enter into a Replacement Transaction (assuming
          that
          all Transactions hereunder become Terminated Transactions), and (ii) that
          constitutes an offer by such Eligible Replacement to replace Party A as
          the
          counterparty to this Agreement or enter a Replacement Transaction that
          will
          become legally binding upon such Eligible Replacement upon acceptance by
          Party
          B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
          Guarantor to provide an Eligible Guarantee that will become legally binding
          upon
          such Eligible Guarantor upon acceptance by the offeree.

        

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

        

        “Moody’s
          First Trigger Ratings Event” means
          that no
          Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
          First Trigger Ratings Threshold. 

        

        “Moody’s
          First Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating or counterparty rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

        

        “Moody’s
          Second Trigger Ratings Event” means
          that no
          Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
          Second Trigger Ratings Threshold. 

        

        “Moody’s
          Second Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
          or counterparty rating from Moody’s of “A3”.

        

        “Permitted
          Transfer” means
          a transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
          Part
          5(b)(v), Part 5(e) or the second sentence of Section 7 (as amended herein)
          to a
          transferee (the “Transferee”)
          of all, but not less than all, of Party A’s rights, liabilities, duties and
          obligations under this Agreement, with
          respect to which transfer each of the following conditions is
          satisfied:
          (a) the Transferee is an Eligible Replacement; (b) Party A and the Transferee
          are both “dealers in notional principal contracts” within the meaning of
          Treasury regulations section 1.1001-4 (in each case as certified by such
          entity); (c) as of the date of such transfer the Transferee would not be
          required to withhold or deduct on account of Tax from any payments under
          this
          Agreement or would be required to gross up for such Tax under Section
          2(d)(i)(4); (d) an Event of Default or Termination Event would not occur
          as a
          result of such transfer; (e) pursuant to a written instrument (the “Transfer
          Agreement”),
          the Transferee acquires and assumes all rights and obligations of Party
          A under
          the Agreement and the relevant Transaction; (f) Party B shall have determined,
          in its sole discretion, acting in a commercially reasonable manner, that
          such
          Transfer Agreement is effective to transfer to the Transferee all, but
          not less
          than all, of Party A’s rights and obligations under the Agreement and all
          relevant Transactions; (g) Party A will be responsible for any costs or
          expenses
          incurred in connection with such transfer (including any replacement cost
          of
          entering into a replacement transaction); (h) either (A) Moody’s has been given
          prior written notice of such transfer and the Rating Agency Condition is
          satisfied with respect to S&P or (B) each Swap Rating Agency has been given
          prior written notice of such transfer and such transfer is in connection
          with
          the assignment and assumption of this Agreement without modification of
          its
          terms, other than party names, dates relevant to the effective date of
          such
          transfer, tax representations (provided that the representations in Part
          2(a)(i)
          are not modified) and any other representations regarding the status of
          the
          substitute counterparty of the type included in Part 5(b)(iv), Part 5(v)(i)(2)
          or Part 5(v)(ii), notice information and account details; and (i) such
          transfer
          otherwise complies with the terms of the Pooling and Servicing
          Agreement.

         

        “Rating
          Agency Condition”
          means, with respect to any particular proposed act or omission to act hereunder
          and each Swap Rating Agency specified in connection with such proposed
          act or
          omission, that the party acting or failing to act must consult with each
          of the
          specified Swap Rating Agencies and receive from each such Swap Rating Agency
          a
          prior written confirmation that the proposed action or inaction would not
          cause
          a downgrade or withdrawal of the then-current rating of any Certificates
          or
          Notes.

        

        “Relevant
          Entity” means
          Party A and, to the extent applicable, a guarantor under an Eligible
          Guarantee.

        

        “Replacement
          Transaction”
          means, with respect to any Terminated Transaction or group of Terminated
          Transactions, a transaction or group of transactions that (i) would have
          the
          effect of preserving for Party B the economic equivalent of any payment
          or
          delivery (whether the underlying obligation was absolute or contingent
          and
          assuming the satisfaction of each applicable condition precedent) by the
          parties
          under Section 2(a)(i) in respect of such Terminated Transaction or group
          of
          Terminated Transactions that would, but for the occurrence of the relevant
          Early
          Termination Date, have been required after that Date, and (ii) has terms
          which
          are substantially the same as this Agreement, including, without limitation,
          rating triggers, Regulation AB compliance, and credit support documentation,
          save for the exclusion of provisions relating to Transactions that are
          not
          Terminated Transaction, as determined by Party B in its sole discretion,
          acting
          in a commercially reasonable manner.

        

        “Required
          Ratings Downgrade Event”
          means that no Relevant Entity has credit ratings at least equal to the
          Required
          Ratings Threshold. For purposes of determining whether a Required Ratings
          Downgrade Event has occurred, each Relevant Entity shall provide its credit
          ratings to Party B in writing, upon request of Party B.

        

        “Required
          Ratings Threshold” means
          each of the S&P Required Ratings Threshold and the Moody’s Second Trigger
          Ratings Threshold.

        

        “S&P”
          means Standard & Poor's Rating Services, a division of The McGraw-Hill
          Companies, Inc., or any successor thereto. 

        

        “S&P
          Approved Ratings Downgrade Event”
          means that no Relevant Entity has credit ratings at least equal to the
          S&P
          Approved Ratings Threshold.

        

        “S&P
          Approved Ratings Threshold”
          means, with respect to Party A, the guarantor under an Eligible Guarantee
          or an
          Eligible Replacement, a short-term unsecured and unsubordinated debt rating
          from
          S&P of “A-1”, or, if such entity does not have a short-term unsecured and
          unsubordinated debt rating from S&P, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from S&P of
“A+”.

        

        “S&P
          Required Ratings Downgrade Event”
          means that no Relevant Entity has credit ratings at least equal to the
          S&P
          Required Ratings Threshold.

        

        “S&P
          Required Ratings Threshold”
          means, with respect to Party A, the guarantor under an Eligible Guarantee
          or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          or
          counterparty rating from S&P of “BBB-”.

        

        “Swap
          Rating Agencies”
          means, with respect to any date of determination, each of S&P and Moody’s,
          to the extent that each such rating agency is then providing a rating for
          any of
          the Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
          2007-2 (the “Certificates”) or any notes backed by the Certificates (the
“Notes”).

        

         

        [Remainder
          of this page intentionally left blank.]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        5. Account
          Details and Settlement Information:  

         

        Payments
          to Party A:

        

        Citibank,
          N.A., New York

        ABA
          Number: 021-0000-89, for the account of Bear, Stearns Securities
          Corp.

        Account
          Number: 0925-3186, for further credit to Bear Stearns Financial Products
          Inc.

        Sub-account
          Number: 102-04654-1-3

        Attention:
          Derivatives Department

         

        Payments
          to Party B:

        

        Wells
          Fargo Bank, N.A.

        ABA#:
          121000248

        Account
          #: 3970771416

        Account
          Name: SAS Clearing

        FFC:
          50990702

        Option
          One 2007-2, Swap Account

        

        

        

        NEITHER
          THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE
          BEAR
          STEARNS COMPANIES INC. OTHER THAN PARTY A IS AN OBLIGOR OR A CREDIT SUPPORT
          PROVIDER ON THIS AGREEMENT.

        

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        Party
          B hereby agrees to check this Confirmation and to confirm that the foregoing
          correctly sets forth the terms of the Transaction by signing in the space
          provided below and returning to Party A a facsimile of the fully-executed
          Confirmation to 212-272-9857. For inquiries regarding U.S. Transactions,
          please
          contact Derivatives Documentation by telephone at 212-272-2711. For all
          other
          inquiries please contact Derivatives Documentation by telephone at
          353-1-402-6233. Originals will be provided for your execution upon your
          request.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        We
          are
          very pleased to have executed this Transaction with you and we look forward
          to
          completing other transactions with you in the near future.

        

        Very
          truly yours,

        

        BEAR
          STEARNS FINANCIAL PRODUCTS INC.

         

        

        By: _______________________________ 

        Name:   

        Title:    

        

        

        Party
          B,
          acting through its duly authorized signatory, hereby agrees to, accepts
          and
          confirms the terms of the foregoing as of the date hereof.

        

        

        WELLS
          FARGO BANK, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS THE SUPPLEMENTAL
          INTEREST TRUST TRUSTEE ON BEHALF OF THE SUPPLEMENTAL INTEREST TRUST WITH
          RESPECT
          TO OPTION ONE MORTGAGE LOAN TRUST 2007-2, ASSET-BACKED CERTIFICATES, SERIES
          2007-2

         

        

        By: _______________________________

        Name: 

        Title:

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        SCHEDULE
          I

        (where
          for the purposes of (i) determining Floating Amounts, all such dates subject
          to
          adjustment in accordance with the Following Business Day Convention and
          (ii)
          determining Fixed Amounts, all such dates subject to No Adjustment.)

        

        
          	
                  From
                    and including

                	
                  To
                    but excluding

                	
                  Scheduled
                    Amount

                
	
                  (USD)

                
	
                  Effective
                    Date

                	
                  25-Mar-2007

                	
                  3,809,184.00

                
	
                  25-Mar-2007

                	
                  25-Apr-2007

                	
                  3,795,074.98

                
	
                  25-Apr-2007

                	
                  25-May-2007

                	
                  3,762,452.93

                
	
                  25-May-2007

                	
                  25-Jun-2007

                	
                  3,721,119.98

                
	
                  25-Jun-2007

                	
                  25-Jul-2007

                	
                  3,671,107.73

                
	
                  25-Jul-2007

                	
                  25-Aug-2007

                	
                  3,612,508.57

                
	
                  25-Aug-2007

                	
                  25-Sep-2007

                	
                  3,545,473.62

                
	
                  25-Sep-2007

                	
                  25-Oct-2007

                	
                  3,470,211.96

                
	
                  25-Oct-2007

                	
                  25-Nov-2007

                	
                  3,386,988.93

                
	
                  25-Nov-2007

                	
                  25-Dec-2007

                	
                  3,296,336.17

                
	
                  25-Dec-2007

                	
                  25-Jan-2008

                	
                  3,198,667.27

                
	
                  25-Jan-2008

                	
                  25-Feb-2008

                	
                  3,101,273.56

                
	
                  25-Feb-2008

                	
                  25-Mar-2008

                	
                  3,006,740.52

                
	
                  25-Mar-2008

                	
                  25-Apr-2008

                	
                  2,914,984.15

                
	
                  25-Apr-2008

                	
                  25-May-2008

                	
                  2,825,922.96

                
	
                  25-May-2008

                	
                  25-Jun-2008

                	
                  2,739,439.88

                
	
                  25-Jun-2008

                	
                  25-Jul-2008

                	
                  2,655,410.79

                
	
                  25-Jul-2008

                	
                  25-Aug-2008

                	
                  2,573,756.03

                
	
                  25-Aug-2008

                	
                  25-Sep-2008

                	
                  2,494,422.09

                
	
                  25-Sep-2008

                	
                  25-Oct-2008

                	
                  2,417,395.94

                
	
                  25-Oct-2008

                	
                  25-Nov-2008

                	
                  2,342,635.04

                
	
                  25-Nov-2008

                	
                  25-Dec-2008

                	
                  2,269,750.87

                
	
                  25-Dec-2008

                	
                  25-Jan-2009

                	
                  2,126,196.52

                
	
                  25-Jan-2009

                	
                  25-Feb-2009

                	
                  1,965,739.58

                
	
                  25-Feb-2009

                	
                  25-Mar-2009

                	
                  1,817,147.48

                
	
                  25-Mar-2009

                	
                  25-Apr-2009

                	
                  1,679,662.91

                
	
                  25-Apr-2009

                	
                  25-May-2009

                	
                  1,598,616.28

                
	
                  25-May-2009

                	
                  25-Jun-2009

                	
                  1,538,870.57

                
	
                  25-Jun-2009

                	
                  25-Jul-2009

                	
                  1,481,219.29

                
	
                  25-Jul-2009

                	
                  25-Aug-2009

                	
                  1,425,591.36

                
	
                  25-Aug-2009

                	
                  25-Sep-2009

                	
                  1,371,913.08

                
	
                  25-Sep-2009

                	
                  25-Oct-2009

                	
                  1,320,115.83

                
	
                  25-Oct-2009

                	
                  25-Nov-2009

                	
                  1,270,133.49

                
	
                  25-Nov-2009

                	
                  25-Dec-2009

                	
                  1,221,902.08

                
	
                  25-Dec-2009

                	
                  25-Jan-2010

                	
                  1,175,360.93

                
	
                  25-Jan-2010

                	
                  25-Feb-2010

                	
                  1,130,455.11

                
	
                  25-Feb-2010

                	
                  25-Mar-2010

                	
                  1,087,123.74

                
	
                  25-Mar-2010

                	
                  25-Apr-2010

                	
                  1,087,123.74

                
	
                  25-Apr-2010

                	
                  25-May-2010

                	
                  1,054,115.09

                
	
                  25-May-2010

                	
                  25-Jun-2010

                	
                  1,017,435.47

                
	
                  25-Jun-2010

                	
                  25-Jul-2010

                	
                  982,039.60

                
	
                  25-Jul-2010

                	
                  25-Aug-2010

                	
                  947,882.45

                
	
                  25-Aug-2010

                	
                  25-Sep-2010

                	
                  914,920.49

                
	
                  25-Sep-2010

                	
                  25-Oct-2010

                	
                  883,111.70

                
	
                  25-Oct-2010

                	
                  25-Nov-2010

                	
                  852,415.56

                
	
                  25-Nov-2010

                	
                  25-Dec-2010

                	
                  822,793.03

                
	
                  25-Dec-2010

                	
                  25-Jan-2011

                	
                  794,206.39

                
	
                  25-Jan-2011

                	
                  25-Feb-2011

                	
                  766,619.29

                
	
                  25-Feb-2011

                	
                  25-Mar-2011

                	
                  739,996.64

                
	
                  25-Mar-2011

                	
                  25-Apr-2011

                	
                  714,304.56

                
	
                  25-Apr-2011

                	
                  25-May-2011

                	
                  689,510.41

                
	
                  25-May-2011

                	
                  25-Jun-2011

                	
                  665,582.66

                
	
                  25-Jun-2011

                	
                  25-Jul-2011

                	
                  642,490.92

                
	
                  25-Jul-2011

                	
                  25-Aug-2011

                	
                  620,205.50

                
	
                  25-Aug-2011

                	
                  25-Sep-2011

                	
                  598,698.46

                
	
                  25-Sep-2011

                	
                  25-Oct-2011

                	
                  577,942.50

                
	
                  25-Oct-2011

                	
                  25-Nov-2011

                	
                  557,911.00

                
	
                  25-Nov-2011

                	
                  25-Dec-2011

                	
                  538,578.66

                
	
                  25-Dec-2011

                	
                  25-Jan-2012

                	
                  519,920.78

                
	
                  25-Jan-2012

                	
                  25-Feb-2012

                	
                  501,884.87

                
	
                  25-Feb-2012

                	
                  25-Mar-2012

                	
                  484,474.32

                
	
                  25-Mar-2012

                	
                  25-Apr-2012

                	
                  467,672.04

                
	
                  25-Apr-2012

                	
                  25-May-2012

                	
                  451,456.67

                
	
                  25-May-2012

                	
                  25-Jun-2012

                	
                  435,807.61

                
	
                  25-Jun-2012

                	
                  25-Jul-2012

                	
                  420,705.01

                
	
                  25-Jul-2012

                	
                  25-Aug-2012

                	
                  406,130.74

                
	
                  25-Aug-2012

                	
                  25-Sep-2012

                	
                  392,065.73

                
	
                  25-Sep-2012

                	
                  25-Oct-2012

                	
                  378,491.55

                
	
                  25-Oct-2012

                	
                  Termination
                    Date

                	
                  365,390.98

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Annex
          A

        

        Paragraph
          13 of the Credit Support Annex

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

    

    
      

        ANNEX
          A

        

        

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the Schedule to the

        ISDA
          Master Agreement

        dated
          as of March 12, 2007 between

        Bear
          Stearns Financial Products Inc. (hereinafter referred to as “Party
          A”
          or “Pledgor”)

        and

        Wells
          Fargo Bank, N.A., not in its individual capacity, but solely as the Supplemental
          Interest Trust Trustee on behalf of the Supplemental Interest Trust with
          respect
          to Option One Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series
          2007-2 (hereinafter referred to as “Party
          B”
          or “Secured
          Party”)

        

        For
          the avoidance of doubt, and notwithstanding anything to the contrary that
          may be
          contained in the Agreement, this Credit Support Annex shall relate solely
          to the
          Transaction documented in the Confirmation dated March 12, 2007, between
          Party A
          and Party B, Reference Number FXOOMLT072.

        

         

        Paragraph
          13. Elections and Variables.

         

        
          	(a)  	
                  Security
                    Interest for “Obligations”.
                    The term “Obligations”
                    as used in this Annex includes the following additional
                    obligations:

                

        

         

        With
          respect to Party A: not applicable.

         

        With
          respect to Party B: not applicable.

         

        
          	(b)  	
                  Credit
                    Support Obligations.

                

        

         

        
          	(i)  	
                  Delivery
                    Amount, Return Amount and Credit Support
                    Amount.

                

        

         

        
          	(A)  	
                  “Delivery
                    Amount”
                    has the meaning specified in Paragraph 3(a) as amended (I) by
                    deleting the
                    words “upon a demand made by the Secured Party on or promptly following
                    a
                    Valuation Date” and inserting in lieu thereof the words “not later than
                    the close of business on each Valuation Date” and (II) by deleting in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Value as of that Valuation Date of all Posted
                    Credit Support held by the Secured Party.” and inserting in lieu thereof
                    the following:

                

        

         

        The
          “Delivery
          Amount”
          applicable to the Pledgor for any Valuation Date will equal the greatest
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P Credit Support Amount for such Valuation
                    Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                    Credit Support held by the Secured Party,

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                    such Valuation Date of all Posted Credit Support held by the
                    Secured
                    Party.

                

        

         

        
          	(B)  	
                  “Return
                    Amount”
                    has the meaning specified in Paragraph 3(b) as amended by deleting
                    in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                    thereof the following:

                

        

         

        The
          “Return
          Amount”
          applicable to the Secured Party for any Valuation Date will equal the least
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P Value as of such Valuation Date of all
                    Posted Credit Support held by the Secured Party exceeds (b) the
                    S&P
                    Credit Support Amount for such Valuation Date,

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s Second Trigger Credit Support Amount for such Valuation
                    Date.

                

        

         

        
          	(C)  	
                  “Credit
                    Support Amount”
                    shall not apply. For purposes of calculating any Delivery Amount
                    or Return
                    Amount for any Valuation Date, reference shall be made to the
                    S&P
                    Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                    the Moody’s Second Trigger Credit Support Amount, in each case for such
                    Valuation Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                    above.

                

        

         

        
          	(ii)  	
                  Eligible
                    Collateral.
                    

                

        

         

        The
          items set forth on the schedule of Eligible Collateral attached as Schedule
          A
          hereto will qualify as “Eligible
          Collateral”
          (for the avoidance of doubt, all Eligible Collateral described in (D) and
          (E) of
          column one of the Collateral Schedule to be denominated in USD).

         

        
          	(iii)  	
                  Other
                    Eligible Support. 

                

        

         

        The
          following items will qualify as “Other
          Eligible Support”
          for the party specified: 

         

        Not
          applicable.

         

        
          	(iv)  	
                  Threshold.

                

        

         

        
          	(A)  	
                  “Independent
                    Amount”
                    means zero with respect to Party A and Party
                    B.

                

        

         

        
          	(B)  	
                  “Threshold”
                    means, with respect to Party A and any Valuation Date, zero if
                    (i) a
                    Collateral Event has occurred and has been continuing (x) for
                    at least 30
                    days or (y) since this Annex was executed or (ii) a Required
                    Ratings
                    Downgrade Event has occurred and is continuing; otherwise,
                    infinity.

                

        

         

          “Threshold”
          means, with respect to Party B and any Valuation Date, infinity.

         

        
          	(C)  	
                  “Minimum
                    Transfer Amount” means
                    USD 100,000 with respect to Party A and Party B; provided, however,
                    that
                    if the aggregate Certificate Principal Balance of the Certificates
                    and the
                    aggregate principal balance of the Notes rated by S&P is at the time
                    of any transfer less than USD 50,000,000, the “Minimum
                    Transfer Amount”
                    shall be USD 50,000.

                

        

         

        
          	(D)  	
                  Rounding:
                    The Delivery Amount will be rounded up to the nearest integral
                    multiple of
                    USD 10,000. The Return Amount will be rounded down to the nearest
                    integral
                    multiple of USD 10,000.

                

        

         

        
          	(c)  	
                  Valuation
                    and Timing.

                

        

         

        
          	(i)  	
                  “Valuation
                    Agent”
                    means Party A.

                

        

         

        
          	(ii)  	
                  “Valuation
                    Date” means
                    each Local Business Day on which any of the S&P Credit Support Amount,
                    the Moody’s First Trigger Credit Support Amount or the Moody’s Second
                    Trigger Credit Support Amount is greater than
                    zero.

                

        

         

        
          	(iii)  	
                  “Valuation
                    Time” means
                    the close of business in the city of the Valuation Agent on the
                    Local
                    Business Day immediately preceding the Valuation Date or date
                    of
                    calculation, as applicable; provided
                    that the calculations of Value and Exposure will be made as of
                    approximately the same time on the same date. The Valuation Agent
                    will
                    notify each party (or the other party, if the Valuation Agent
                    is a party)
                    of its calculations not later than the Notification Time on the
                    applicable
                    Valuation Date (or in the case of Paragraph 6(d), the Local Business
                    Day
                    following the day on which such relevant calculations are
                    performed).”

                

        

         

        
          	(iv)  	
                  “Notification
                    Time” means
                    11:00 a.m., New York time, on a Local Business Day.
                    

                

        

         

        
          	(v)  	
                  External
                    Calculations.
                    At any time at which Party A (or, to the extent applicable, its
                    Credit
                    Support Provider) does not have a long-term unsubordinated and
                    unsecured
                    debt rating of at least “BBB+” from S&P, the Valuation Agent shall (at
                    its own expense) obtain external calculations of Party B’s Exposure from
                    at least two Reference Market-makers on the last Local Business
                    Day of
                    each calendar month. Any determination of the S&P Credit Support
                    Amount shall be based on the greatest of Party B’s Exposure determined by
                    the Valuation Agent and such Reference Market-makers. Such external
                    calculation may not be obtained from the same Reference Market-maker
                    more
                    than four times in any 12-month
                    period.

                

        

         

        
          	(vi)  	
                  Notice
                    to S&P.
                    At any time at which Party A (or, to the extent applicable, its
                    Credit
                    Support Provider) does not have a long-term unsubordinated and
                    unsecured
                    debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                    provide to S&P not later than the Notification Time on the Local
                    Business Day following each Valuation Date its calculations of
                    Party B’s
                    Exposure and the S&P Value of any Eligible Credit Support or Posted
                    Credit Support for that Valuation Date. The Valuation Agent shall
                    also
                    provide to S&P any external marks of Party B’s
                    Exposure.

                

        

         

        
          	(d)  	
                  Conditions
                    Precedent and Secured Party’s Rights and
                    Remedies.
                    The following Termination Events will be a “Specified
                    Condition”
                    for the party specified (that party being the Affected Party
                    if the
                    Termination Event occurs with respect to that party): With respect
                    to
                    Party A and Party B: None. 

                

        

         

        
          	(e)  	
                  Substitution.

                

        

         

        
          	(i)  	
                  “Substitution
                    Date”
                    has the meaning specified in Paragraph
                    4(d)(ii).

                

        

         

        
          	(ii)  	
                  Consent.
                    If specified here as applicable, then the Pledgor must obtain
                    the Secured
                    Party’s consent for any substitution pursuant to Paragraph 4(d):
                    Inapplicable.

                

        

         

        
          	(f)  	
                  Dispute
                    Resolution.

                

        

         

        
          	(i)  	
                  “Resolution
                    Time”
                    means 1:00 p.m. New York time on the Local Business Day following
                    the date
                    on which the notice of the dispute is given under Paragraph
                    5.

                

        

         

        
          	(ii)  	
                  Value.
                    Notwithstanding anything to the contrary in Paragraph 12, for
                    the purpose
                    of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger
                    Value, and Moody’s Second Trigger Value, on any date, of Eligible
                    Collateral other than Cash will be calculated as follows:
                    

                

        

         

        For
          Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
          the
          product of (1)(x) the bid-side quotation at the Valuation Time for such
          securities on the principal national securities exchange on which such
          securities are listed, or (y) if such securities are not listed on a national
          securities exchange, the arithmetic mean of the bid-side quotations for
          such
          securities quoted at the Valuation Time by any three principal market makers
          for
          such securities selected by the Valuation Agent, provided that if only
          two
          bid-side quotations are obtained, then the arithmetic mean of such two
          bid-side
          quotations will be used, and if only one bid-side quotation is obtained,
          such
          quotation shall be used, or (z) if no such bid price is listed or quoted
          for
          such date, the bid price listed or quoted (as the case may be) at the Valuation
          Time for the day next preceding such date on which such prices were available
          and (2) the applicable Valuation Percentage for such Eligible
          Collateral.

         

        
          	(iii)  	
                  Alternative.
                    The provisions of Paragraph 5 will
                    apply.

                

        

         

        
          	(g)  	
                  Holding
                    and Using Posted
                    Collateral.

                

        

         

        
          	(i)  	
                  Eligibility
                    to Hold Posted Collateral; Custodians. Party
                    B (or its Custodian) will be entitled to hold Posted Collateral
                    pursuant
                    to Paragraph 6(b), provided that the following conditions applicable
                    to it
                    are satisfied:

                

        

         

        
          	 	
                  (1)

                	
                  it
                    is not a Defaulting Party.

                

        

         

        
          	 	
                  (2)

                	
                  Posted
                    Collateral consisting of Cash or certificated securities that
                    cannot be
                    paid or delivered by book-entry may be held only in any state
                    of the
                    United States which has adopted the Uniform Commercial
                    Code.

                

        

         

        
          	 	
                  (3)

                	
                  in
                    the case of any Custodian for Party B, such Custodian (or, to
                    the extent
                    applicable, its parent company or credit support provider) shall
                    then have
                    a short-term unsecured and unsubordinated debt rating from S&P of at
                    least “A-1”.

                

        

         

        Initially,
          the Custodian
          for Party B is: Swap Administrator

         

        
          	(ii)  	
                  Use
                    of Posted Collateral.
                    The provisions of Paragraph 6(c) will not apply to Party B, and
                    Party B
                    shall not have any right to use Posted Collateral or take any
                    action
                    specified in such Paragraph 6(c).

                

        

         

        
          	(h)  	
                  Distributions
                    and Interest Amount.

                

        

         

        
          	(i)  	
                  Interest
                    Rate.
                    The “Interest
                    Rate”
                    will be the actual interest rate earned on Posted Collateral
                    in the form
                    of Cash that is held by Party B or its Custodian. Posted Collateral
                    in the
                    form of Cash shall be invested in such overnight (or redeemable
                    within two
                    Local Business Days of demand) Permitted Investments rated at
                    least (x)
                    AAAm or AAAm-G by S&P and (y) Prime-1 by Moody’s or Aaa by Moody’s, as
                    directed by Party A. Gains and losses incurred in respect of
                    any
                    investment of Posted Collateral in the form of Cash in Permitted
                    Investments as directed by Party A shall be for the account of
                    Party
                    A.

                

        

         

        
          	(ii)  	
                  Amendment
                    of Paragraph 6(d)(i) - Distributions.
                    Clause (d)(i) of Paragraph 6 shall be amended and restated to
                    read in its
                    entirety as follows:

                

        

         

        “(i)
          Distributions. Subject to Paragraph 4(a), if Party B receives Distributions
          on a
          Local Business Day, it will Transfer to Party A not later than the following
          Local Business Day any Distributions it receives to the extent that a Delivery
          Amount would not be crated or increased by that Transfer, as calculated
          by the
          Valuation Agent (and the date of calculation will be deemed to be a Valuation
          Date for this purpose).” 

         

        
          	(iii)  	
                  Amendment
                    of Paragraph 6(d)(ii) - Interest Amount.
                    Clause (d)(ii) of Paragraph 6 shall be amended and restated to
                    read in its
                    entirety as follows:

                

        

         

        “(ii)
          Interest
          Amount.
          In lieu of any interest, dividends or other amounts paid with respect to
          Posted
          Collateral in the form of Cash (all of which may be retained by the Secured
          Party), the Secured Party will Transfer to the Pledgor on the 20th day
          of each
          calendar month (or if such day is not a Local Business Day, the next Local
          Business Day) the Interest Amount. Any Interest Amount or portion thereof
          not
          Transferred pursuant to this Paragraph will constitute Posted Collateral
          in the
          form of Cash and will be subject to the security interest granted under
          Paragraph 2. For purposes of calculating the Interest Amount the amount
          of
          interest calculated for each day of the interest period shall be compounded
          monthly.” Secured Party shall not be obligated to transfer any Interest Amount
          unless and until it has received such amount.

         

        
          	(i)  	
                  Additional
                    Representation(s).
                    There are no additional representations by either
                    party.

                

        

         

        
          	(j)  	
                  Other
                    Eligible Support and Other Posted Support.

                

        

         

        
          	(i)  	
                  “Value”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable. 

                

        

         

        
          	(ii)  	
                  “Transfer”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	(k)  	
                  Demands
                    and Notices.All
                    demands, specifications and notices under this Annex will be
                    made pursuant
                    to the Notices Section of this Agreement, except that any demand,
                    specification or notice shall be given to or made at the following
                    addresses, or at such other address as the relevant party may
                    from time to
                    time designate by giving notice (in accordance with the terms
                    of this
                    paragraph) to the other party:

                

        

         

        If
          to Party A, at the address specified pursuant to the Notices Section of
          this
          Agreement.

         

        If
          to Party B, at the address specified pursuant to the Notices Section of
          this
          Agreement.

         

        If
          to Party B’s Custodian: 

         

        
          	
                   

                	
                  Wells
                    Fargo Bank, N.A.

                
	
                  Address:  

                	
                  9062
                    Old Annapolis Rd

                
	 	
                  Columbia,
                    MD 21045-1951

                
	
                  Attention:

                	
                  Client
                    Manager Option One 2007-2

                
	
                  Facsimile:

                	
                  410-715-2380

                
	
                  Phone:  

                	
                  410-884-2000

                

        

        

         

        
          	(l)  	
                  Address
                    for Transfers.
                    Each Transfer hereunder shall be made to the address specified
                    below or to
                    an address specified in writing from time to time by the party
                    to which
                    such Transfer will be made.

                

        

         

        Party
          A account details for holding collateral:

         

        Citibank,
          N.A., New York

        ABA
          Number: 021-0000-89, for the account of Bear, Stearns Securities
          Corp.

        Account
          Number: 0925-3186, for further credit to Bear Stearns Financial Products
          Inc.

        Sub-account
          Number: 102-04654-1-3

        Attention:
          Derivatives Department

        

        Party
          B’s Custodian account details for holding collateral:

         

        For
          Cash:

        Wells
          Fargo Bank, N.A.

        San
          Francisco, CA

        ABA
          Number: 121000248

        Account
          Number: 3970771416

        Account
          Name: SAS Clearing

        FFC:
          50990703, Option One 2007-2 Swap Collateral Account

        

        For
          Treasury Securities:

        Wells
          Fargo Bank, N.A.

        San
          Francisco, CA

        ABA
          Number: 121000248

        Account
          Number: 3970771416

        FFC:
          50990703, Option One 2007-2 Swap Collateral Account

        

        

        
          	(m)  	
                  Other
                    Provisions.

                

        

         

        
          	(i)  	
                  Collateral
                    Account.
                    Party B shall open and maintain a segregated account, which shall
                    be an
                    Eligible Account, and hold, record and identify all Posted Collateral
                    in
                    such segregated account.

                

        

         

        
          	(ii)  	
                  Agreement
                    as to Single Secured Party and Single Pledgor.
                    Party A and Party B hereby agree that, notwithstanding anything
                    to the
                    contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                    means only Party B, (b) the term “Pledgor” as used in this Annex means
                    only Party A, (c) only Party A makes the pledge and grant in
                    Paragraph 2,
                    the acknowledgement in the final sentence of Paragraph 8(a) and
                    the
                    representations in Paragraph 9.

                

        

         

        
          	(iii)  	
                  Calculation
                    of Value.
                    Paragraph 4(c) is hereby amended by deleting the word “Value” and
                    inserting in lieu thereof “S&P Value, Moody’s First Trigger Value,
                    Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended by (A)
                    deleting the words “a Value” and inserting in lieu thereof “an S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                    (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    Paragraph 5 (flush language) is hereby amended by deleting the
                    word
                    “Value” and inserting in lieu thereof “S&P Value, Moody’s First
                    Trigger Value, or Moody’s Second Trigger Value”. Paragraph 5(i) (flush
                    language) is hereby amended by deleting the word “Value” and inserting in
                    lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s
                    Second Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the
                    word “the Value, if” and inserting in lieu thereof “any one or more of the
                    S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                    Value, as may be”. Paragraph 5(ii) is hereby amended by (1) deleting the
                    first instance of the words “the Value” and inserting in lieu thereof “any
                    one or more of the S&P Value, Moody’s First Trigger Value, or Moody’s
                    Second Trigger Value” and (2) deleting the second instance of the words
                    “the Value” and inserting in lieu thereof “such disputed S&P Value,
                    Moody’s First Trigger Value, or Moody’s Second Trigger Value”. Each of
                    Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
                    deleting
                    the word “Value” and inserting in lieu thereof “least of the S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    

                

        

         

        
          	(iv)  	
                  Form
                    of Annex. Party
                    A and Party B hereby agree that the text of Paragraphs 1 through
                    12,
                    inclusive, of this Annex is intended to be the printed form of
                    ISDA Credit
                    Support Annex (Bilateral Form - ISDA Agreements Subject to New
                    York Law
                    Only version) as
                    published and copyrighted in 1994 by the International Swaps
                    and
                    Derivatives Association, Inc.

                

        

         

        
          	(v)  	
                  Events
                    of Default.
                    Clause (iii) of Paragraph 7 shall not apply to Party
                    B.

                

        

         

        
          	(vi)  	
                  Expenses.
                    Notwithstanding anything to the contrary in Paragraph 10, the
                    Pledgor will
                    be responsible for, and will reimburse the Secured Party for,
                    all transfer
                    and other taxes and other costs involved in any Transfer of Eligible
                    Collateral.

                

        

         

        
          	(vii)  	
                  Withholding.
                    Paragraph 6(d)(ii) is hereby amended by inserting immediately
                    after “the
                    Interest Amount” in the fourth line thereof the words “less any applicable
                    withholding taxes.”

                

        

         

        (ix) Additional
          Definitions.
          As used in this Annex:

         

        “Collateral
          Event” means
          that no Relevant Entity has credit ratings at least equal to the Approved
          Ratings Threshold.

         

        “DV01”
          means, with respect to a Transaction and any date of determination, the
          estimated change in the Secured Party’s Transaction Exposure with respect to
          such Transaction that would result from a one basis point change in the
          relevant
          swap curve on such date, as determined by the Valuation Agent in good faith
          and
          in a commercially reasonable manner. The Valuation Agent shall, upon request
          of
          Party B, provide to Party B a statement showing in reasonable detail such
          calculation.

         

        “Exposure”
          has the meaning specified in Paragraph 12, except that after the word
“Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
          Schedule is deleted)” shall be inserted. 

         

        “Local
          Business Day”
          means, for purposes of this Annex: any day on which (A) commercial banks
          are
          open for business (including dealings in foreign exchange and foreign currency
          deposits) in New York and the location of Party A, Party B and any Custodian,
          and (B) in relation to a Transfer of Eligible Collateral, any day on which
          the
          clearance system agreed between the parties for the delivery of Eligible
          Collateral is open for acceptance and execution of settlement instructions
          (or
          in the case of a Transfer of Cash or other Eligible Collateral for which
          delivery is contemplated by other means a day on which commercial banks
          are open
          for business (including dealings in foreign exchange and foreign deposits)
          in
          New York and the location of Party A, Party B and any Custodian. 

         

        “Moody’s
          First Trigger Credit Support Amount” means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which (I) a Moody’s First Trigger Ratings Event has
                    occurred and has been continuing (x) for at least 30 Local Business
                    Days
                    or (y) since this Annex was executed and (II) it is not the case
                    that a
                    Moody’s Second Trigger Ratings Event has occurred and been continuing
                    for
                    at least 30 Local Business Days, an amount equal to the greater
                    of (a)
                    zero and (b) the sum of (i) the Secured Party’s Exposure for such
                    Valuation Date and (ii) the sum, for each Transaction to which
                    this Annex
                    relates, of the lesser of (x) the product of the Moody’s First Trigger
                    DV01 Multiplier and DV01 for such Transaction and such Valuation
                    Date and
                    (y) the product of (i)
                    Moody’s First Trigger Notional Amount Multiplier, (ii) Scale Factor
                    (as
                    defined in the related confirmation) for such Transaction, and
                    (iii) the
                    Notional Amount for such Transaction for the Calculation Period
                    for such
                    Transaction (each as defined in the related Confirmation) which
                    includes
                    such Valuation Date, or

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)         
           the
          Threshold for Party A such Valuation Date.

         

        “Moody’s
          First Trigger DV01 Multiplier”
          means 15.

         

        “Moody’s
          First Trigger Value”
          means, on any date and with respect to any Eligible Collateral other than
          Cash,
          the bid price obtained by the Valuation Agent multiplied by the Moody’s First
          Trigger Valuation Percentage for such Eligible Collateral set forth in
          Paragraph
          13(b)(ii).

         

        “Moody’s
          First Trigger Notional Amount Multiplier”
          means 2%.

         

        “Moody’s
          Second Trigger Credit Support Amount”
          means, for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which it is the case that a Moody’s Second Trigger
                    Ratings Event has occurred and been continuing for at least 30
                    Local
                    Business Days, an amount equal to the greatest of (a) zero, (b)
                    the
                    aggregate amount of the next payment due to be paid by Party
                    A under each
                    Transaction to which this Annex relates, and (c) the sum of (x)
                    the
                    Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                    Transaction to which this Annex relates,
                    of:

                

        

         

        
          	(1)  	
                  if
                    such Transaction is not a Transaction-Specific Hedge, the lesser
                    of (i)
                    the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for
                    such Transaction and such Valuation Date and (ii) the product
                    of (1) the
                    Moody’s Second Trigger Notional Amount Multiplier, (2) Scale Factor
                    (as
                    defined in the related confirmation) for such Transaction, and
                    (3) the
                    Notional Amount for such Transaction for the Calculation Period
                    for such
                    Transaction (each as defined in the related Confirmation) which
                    includes
                    such Valuation Date;
                    or

                

        

         

        
          	(2)  	
                  if
                    such Transaction is a Transaction-Specific Hedge, the lesser
                    of (i) the
                    product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
                    Multiplier and DV01 for such Transaction and such Valuation Date
                    and (ii)
                    the product of (1) the Moody’s Second Trigger Transaction-Specific Hedge
                    Notional Amount Multiplier, (2) Scale Factor (as defined in the
                    related
                    confirmation) for such Transaction and (3) the Notional Amount
                    for such
                    Transaction for the Calculation Period for such Transaction (each
                    as
                    defined in the related Confirmation) which includes such Valuation
                    Date;
                    or

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II) the
          Threshold for Party A for such Valuation Date.

         

        “Moody’s
          Second Trigger DV01 Multiplier”
          means 50.

         

        “Moody’s
          Second Trigger Notional Amount Multiplier”
          means 8%.

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge DV01
          Multiplier”
          means 65.

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge Notional Amount
          Multiplier”
          means 10%.

         

        “Moody’s
          Second Trigger Value”
          means, on any date and with respect to any Eligible Collateral other than
          Cash,
          the bid price obtained by the Valuation Agent multiplied by the Moody’s Second
          Trigger Valuation Percentage for such Eligible Collateral set forth in
          Paragraph
          13(b)(ii).

         

        “Remaining
          Weighted Average Maturity” means,
          with respect to a Transaction, the expected weighted average maturity for
          such
          Transaction as determined by the Valuation Agent. 

         

        “S&P
          Credit Support Amount”
          means, for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)
                    

                	
                  for
                    any Valuation Date on which (i) an S&P Approved Ratings Downgrade
                    Event has occurred and been continuing for at least 30 days or
                    (ii) a
                    S&P Required Ratings Downgrade Event has occurred and is continuing,
                    an amount equal to the sum of (1) 100.0% of the Secured Party’s Exposure
                    for such Valuation Date and (2) the sum, for each Transaction
                    to which
                    this Annex relates, of the product of (i) the Volatility Buffer
                    for such
                    Transaction, (ii) Scale Factor (as defined in the related confirmation)
                    for such Transaction, and (iii) the Notional Amount of such Transaction
                    for the Calculation Period of such Transaction (each as defined
                    in the
                    related Confirmation) which includes such Valuation Date,
                    or

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II) the
          Threshold for Party A for such Valuation Date.

         

        “S&P
          Value”
          means, on any date and with respect to any Eligible Collateral other than
          Cash,
          the product of (A) the bid price obtained by the Valuation Agent for such
          Eligible Collateral and (B) the S&P Valuation Percentage for such Eligible
          Collateral set forth in paragraph 13(b)(ii).

         

        “Transaction
          Exposure”
          means, for any Transaction, Exposure determined as if such Transaction
          were the
          only Transaction between the Secured Party and the Pledgor.

         

        “Transaction-Specific
          Hedge” means
          any Transaction that is (i) an interest rate swap in respect of which (x)
          the
          notional amount of the interest rate swap is “balance guaranteed” or (y) the
          notional amount of the interest rate swap for any Calculation Period (as
          defined
          in the related Confirmation) otherwise is not a specific dollar amount
          that is
          fixed at the inception of the Transaction, (ii) an interest rate cap, (iii)
          an
          interest rate floor or (iv) an interest rate swaption.

         

        “Valuation
          Percentage”
          shall mean, for purposes of determining the S&P Value, Moody’s First Trigger
          Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
          or Posted Collateral, the applicable S&P Valuation Percentage, Moody’s First
          Trigger Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for
          such Eligible Collateral or Posted Collateral, respectively, in each case
          as set
          forth in Paragraph 13(b)(ii).

         

        “Value”
          shall mean, in respect of any date, the related S&P Value, the related
          Moody’s First Trigger Value, and the related Moody’s Second Trigger
          Value.

         

        “Volatility
          Buffer”
          means, for any Transaction, the related percentage set forth in the following
          table. 

         

        
          	
                  The
                    higher of the S&P credit rating of (i) Party A and (ii) the Credit
                    Support Provider of Party A, if applicable

                	
                  Remaining
                    Weighted Average Maturity 

                  up
                    to 3 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 5 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 10 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 30 years

                
	
                  “A-2”
                    or higher

                	
                  2.75%

                	
                  3.25%

                	
                  4.00%

                	
                  4.75%

                
	
                  “A-3”

                	
                  3.25%

                	
                  4.00%

                	
                  5.00%

                	
                  6.25%

                
	
                  “BB+”
                    or lower

                	
                  3.50%

                	
                  4.50%

                	
                  6.75%

                	
                  7.50%

                

        

        

         

        

         

        

         

        [Remainder
          of this page intentionally left blank]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
          representatives as of the date of the Agreement.

         

        

         

        
          	
                  BEAR
                    STEARNS FINANCIAL PRODUCTS INC.

                	 	
                  WELLS
                    FARGO BANK, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY
                    AS THE
                    SUPPLEMENTAL INTEREST TRUST TRUSTEE ON BEHALF OF THE SUPPLEMENTAL
                    INTEREST
                    TRUST WITH RESPECT TO OPTION ONE MORTGAGE LOAN TRUST 2007-2,
                    ASSET-BACKED
                    CERTIFICATES, SERIES 2007-2 

                   

                
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	
                  Title:

                	 
	
                  Date:

                	 	 	
                  Date:

                	 

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          A

         

        ELIGIBLE
          COLLATERAL

         

        

         

        
          	
                   

                  ISDA
                    Collateral Asset Definition
                    (ICAD) Code 

                	
                  Remaining
                    Maturity in Years

                	
                  S&P
                    

                  Valuation
                    

                  Percentage

                	
                  Moody’s

                  First
                    Trigger Valuation
                    Percentage

                	
                  Moody’s

                  Second
                    Trigger

                  Valuation

                  Percentage

                
	
                  (A)
                    US-CASH

                	
                  N/A

                	
                  100%

                	
                  100%

                	
                  100%

                
	
                  (B)
                    EU-CASH

                	
                  N/A

                	
                  92.5%

                	
                  98%

                	
                  94%

                
	
                  (C)
                    GB-CASH

                	
                  N/A

                	
                  94.1%

                	
                  98%

                	
                  95%

                
	
                  (D)
                    US-TBILL

                  US-TNOTE

                  US-TBOND

                	 	 	 	 
	 	
                  1
                    or less

                	
                  98.9%

                	
                  100%

                	
                  100%

                
	 	
                  More
                    than 1 but not more than 2

                	
                  98.0%

                	
                  100%

                	
                  99%

                
	 	
                  More
                    than 2 but not more than 3

                	
                  97.4%

                	
                  100%

                	
                  98%

                
	 	
                  More
                    than 3 but not more than 5

                	
                  95.5%

                	
                  100%

                	
                  97%

                
	 	
                  More
                    than 5 but not more than 7

                	
                  93.7%

                	
                  100%

                	
                  96%

                
	 	
                  More
                    than 7 but not more than 10

                	
                  92.5%

                	
                  100%

                	
                  94%

                
	 	
                  More
                    than 10 but not more than 20

                	
                  91.1%

                	
                  100%

                	
                  90%

                
	 	
                  More
                    than 20

                	
                  88.6%

                	
                  100%

                	
                  88%

                
	
                  (E)
                    US-GNMA

                  US-FNMA

                  US-FHLMC

                	 	 	 	 
	 	
                  1
                    or less

                	
                  98.5%

                	
                  100%

                	
                  99%

                
	 	
                  More
                    than 1 but not more than 2

                	
                  97.7%

                	
                  100%

                	
                  99%

                
	 	
                  More
                    than 2 but not more than 3

                	
                  97.3%

                	
                  100%

                	
                  98%

                
	 	
                  More
                    than 3 but not more than 5

                	
                  94.5%

                	
                  100%

                	
                  96%

                
	 	
                  More
                    than 5 but not more than 7

                	
                  93.1%

                	
                  100%

                	
                  93%

                
	 	
                  More
                    than 7 but not more than 10

                	
                  90.7%

                	
                  100%

                	
                  93%

                
	 	
                  More
                    than 10 but not more than 20

                	
                  87.7%

                	
                  100%

                	
                  89%

                
	 	
                  More
                    than 20

                	
                  84.4%

                	
                  100%

                	
                  87%

                
	
                  (F)
                    Fixed-Rate GA-EUROZONE-GOV

                	 	
                  Rated
                    AAA or better

                   by
                    S&P

                	
                  Rated
                    Aa3 or better 

                  by
                    Moody's

                	
                  Rated
                    Aa3 or better 

                  by
                    Moody's

                
	 	
                  1
                    or less

                	
                  98.8%

                	
                  98%

                	
                  94%

                
	 	
                  More
                    than 1 but not more than 2

                	
                  97.9%

                	
                  98%

                	
                  93%

                
	 	
                  More
                    than 2 but not more than 3

                	
                  97.1%

                	
                  98%

                	
                  92%

                
	 	
                  More
                    than 3 but not more than 5

                	
                  91.2%

                	
                  98%

                	
                  90%

                
	 	
                  More
                    than 5 but not more than 7

                	
                  87.5%

                	
                  98%

                	
                  89%

                
	 	
                  More
                    than 7 but not more than 10

                	
                  83.8%

                	
                  98%

                	
                  88%

                
	 	
                  More
                    than 10 but not more than 20

                	
                  75.5%

                	
                  98%

                	
                  84%

                

        

        

         

        The
          ISDA Collateral Asset Definition (ICAD) Codes used in this Schedule A are
          taken
          from the Collateral Asset Definitions (First Edition - June 2003) as published
          and copyrighted in 2003 by the International Swaps and Derivatives Association,
          Inc.

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      FORM
        OF
        INVESTMENT LETTER [NON-RULE 144A]

       

      [DATE]

      

      
        	
                Option
                  One Mortgage Acceptance Corporation

                3
                  Ada

                Irvine,
                  California 92618

              	
                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045-1951

              

      

      

      
        	 	
                Re:

              	
                Option
                  One Mortgage Loan Trust 2007-2, Asset-Backed Certificates Series
                  2007-2

              

      

      

      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
Aaccredited
        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) either (i) we are not an employee benefit plan that is
        subject
        to the Employee Retirement Income Security Act of 1974, as amended, or a
        plan
        that is subject to Section 4975 of the Internal Revenue Code of 1986, as
        amended, nor are we acting on behalf of any such plan or (ii) we have provided
        the Opinion of Counsel as required under Section 5.02(d) of the Pooling and
        Servicing Agreement, (e) we are acquiring the Certificates for investment
        for
        our own account and not with a view to any distribution of such Certificates
        (but without prejudice to our right at all times to sell or otherwise dispose
        of
        the Certificates in accordance with clause (g) below), (f) we have not offered
        or sold any Certificates to, or solicited offers to buy any Certificates
        from,
        any person, or otherwise approached or negotiated with any person with respect
        thereto, or taken any other action which would result in a violation of Section
        5 of the Act, and (g) we will not sell, transfer or otherwise dispose of
        any
        Certificates unless (1) such sale, transfer or other disposition is made
        pursuant to an effective registration statement under the Act or is exempt
        from
        such registration requirements, and if requested, we will at our expense
        provide
        an opinion of counsel satisfactory to the addressees of this Certificate
        that
        such sale, transfer or other disposition may be made pursuant to an exemption
        from the Act, (2) the purchaser or transferee of such Certificate has executed
        and delivered to you a certificate to substantially the same effect as this
        certificate, and (3) the purchaser or transferee has otherwise complied with
        any
        conditions for transfer set forth in the Pooling and Servicing
        Agreement.

       

      

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Authorized
                  Officer

              
	 	 	 	 	 	 	 	 	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FORM
        OF
        RULE 144A INVESTMENT LETTER

       

      [DATE]

      

      
        	
                Option
                  One Mortgage Acceptance Corporation

                3
                  Ada

                Irvine,
                  California 92618

              	
                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045-1951

              
	 	
                [Swap
                  Provider] 

              

      

      

      
        	 	
                Re:

              	
                Option
                  One Mortgage Loan Trust 2007-2, Asset-Backed Certificates Series
                  2007-2

              

      

      

      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)
        either (i) we are not an employee benefit plan that is subject to the Employee
        Retirement Income Security Act of 1974, as amended, or a plan that is subject
        to
        Section 4975 of the Internal Revenue Code of 1986, as amended, nor are we
        acting
        on behalf of any such plan or (ii) we have provided the Opinion of Counsel
        as
        required under Section 5.02(d) of the Pooling and Servicing
        Agreement;

       

      (d)
        we
        have not, nor has anyone acting on our behalf offered, transferred, pledged,
        sold or otherwise disposed of the Certificates, any interest in the Certificates
        or any other similar security to, or solicited any offer to buy or accept
        a
        transfer, pledge or other disposition of the Certificates, any interest in
        the
        Certificates or any other similar security from, or otherwise approached
        or
        negotiated with respect to the Certificates, any interest in the Certificates
        or
        any other similar security with, any person in any manner, or made any general
        solicitation by means of general advertising or in any other manner, or taken
        any other action, that would constitute a distribution of the Certificates
        under
        the Securities Act or that would render the disposition of the Certificates
        a
        violation of Section 5 of the Securities Act or require registration pursuant
        thereto, nor will act, nor has authorized or will authorize any person to
        act,
        in such manner with respect to the Certificates; and

       

      (e)
        we
        are a “qualified institutional buyer” as that term is defined in Rule 144A under
        the Securities Act and have completed either of the forms of certification
        to
        that effect attached hereto as Annex 1 or Annex 2. We are aware that the
        sale to
        us is being made in reliance on Rule 144A. We are acquiring the Certificates
        for
        our own account or for resale pursuant to Rule 144A and further, understand
        that
        such Certificates may be resold, pledged or transferred only (i) to a person
        reasonably believed to be a qualified institutional buyer that purchases
        for its
        own account or for the account of a qualified institutional buyer to whom
        notice
        is given that the resale, pledge or transfer is being made in reliance on
        Rule
        144A, or (ii) pursuant to another exemption from registration under the
        Securities Act.

       

      (f)
        with
        respect to a transfer of the Class C Certificates, the Transferee agrees
        to
        provide to the Trustee and the Swap Provider the appropriate tax certification
        form (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY or W-8ECI, as applicable
        (or
        any successor form thereto)), and agrees to update such forms (i) upon
        expiration of any such form, (ii) as required under then applicable U.S.
        Treasury regulations and (iii) promptly upon learning that any IRS Form W-9
        or
        IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or any successor
        form
        thereto), has become obsolete or incorrect. In
        addition, if the transfer contemplated hereby causes the Supplemental Interest
        Trust to be beneficially owned by two or more persons for federal income
        tax
        purposes, or continue to be so treated, (a) each Transferee shall comply
        with
        the foregoing conditions, (b) the proposed majority Holder of the Class C
        Certificates (or each Holder, if there is or would be no majority Holder)
        (A)
        shall provide, or cause to be provided, on behalf of the Supplemental Interest
        Trust the appropriate tax certification form that would be required from
        the
        Supplemental Interest Trust to eliminate any withholding or deduction for
        taxes
        from amounts payable by the Swap Provider, pursuant to the Interest Rate
        Swap
        Agreement, to the Trustee, the Swap Provider on behalf of the Supplemental
        Interest Trust (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY or W-8ECI,
        as
        applicable (or any successor form thereto) as a condition to such transfer,
        together with any applicable attachments) and (B) each Transferee agrees
        to
        update such form (x) upon expiration of any such form, (y) as required under
        then applicable U.S. Treasury regulations and (z) promptly upon learning
        that
        such form has become obsolete or incorrect. 

       

      The
        Transferee hereby authorizes the Trustee to provide any such tax certification
        form to the Swap Provider, upon its request, solely to the extent the Swap
        Provider has not received such IRS Form directly from the Holder of the Class
        C
        Certificates. Each Holder of a Class C Certificate by its purchase of such
        Certificate is deemed to consent to any such IRS Form being so forwarded.
        Upon
        the request of the Swap Provider, the Trustee shall be required to forward
        any
        tax certification received by it to the Swap Provider at the last known address
        provided to it, and, subject to Section 8.01 of the Pooling and Servicing
        Agreement, shall not be liable for the receipt of such tax certification
        by the
        Swap Provider, nor any action taken or not taken by the Swap Provider with
        respect to such tax certification. Any purported sales or transfers of the
        Class
        C Certificate to a Transferee which does not comply with the requirements
        of the
        preceding paragraph shall be deemed null and void under the Pooling and
        Servicing Agreement. The Trustee shall have no duty to take any action to
        correct any misstatement or omission in any tax certification provided to
        it by
        the Holder of the Class C Certificates and forwarded to the Swap
        Provider.

      
 

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Authorized
                  Officer

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        1 TO EXHIBIT J

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees Other Than Registered Investment Companies]

       

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

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      2. In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
        amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
        discretionary basis $_______1 
        in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
        category marked below.

       

      Corporation,
        etc.
        The
        Buyer is a corporation (other than a bank, savings and loan association or
        similar institution), Massachusetts or similar business trust, partnership,
        or
        charitable organization described in Section 501 (c) (3) of the Internal
        Revenue
        Code of 1986, as amended.

       

      Bank.
        The
        Buyer (a) is a national bank or banking institution organized under the laws
        of
        any State, territory or the District of Columbia, the business of which is
        substantially confined to banking and is supervised by the State or territorial
        banking commission or similar official or is a foreign bank or equivalent
        institution, and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a
        copy
        of which is attached hereto.

       

      Savings
        and Loan.
        The
        Buyer (a) is a savings and loan association, building and loan association,
        cooperative bank, homestead association or similar institution, which is
        supervised and examined by a State or Federal authority having supervision
        over
        any such institutions or is a foreign savings and loan association or equivalent
        institution and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a
        copy
        of which is attached hereto.

       

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

       

      Insurance
        Company.
        The
        Buyer is an insurance company whose primary and predominant business activity
        is
        the writing of insurance or the reinsuring of risks underwritten by insurance
        companies and which is subject to supervision by the insurance commissioner
        or a
        similar official or agency of a State, territory or the District of
        Columbia.

       

      State
        or Local Plan.
        The
        Buyer is a plan established and maintained by a State, its political
        subdivisions, or any agency or instrumentality of the State or its political
        subdivisions, for the benefit of its employees.

       

      ERISA
        Plan.
        The
        Buyer is an employee benefit plan within the meaning of Title I of the Employee
        Retirement Income Security Act of 1974.

       

      Investment
        Advisor.
        The
        Buyer is an investment advisor registered under the Investment Advisors Act
        of
        1940.

       

      Small
        Business Investment Company.
        Buyer
        is a small business investment company licensed by the U.S. Small Business
        Administration under Section 301(c) or (d) of the Small Business Investment
        Act
        of 1958.

       

      Business
        Development Company.
        Buyer
        is a business development company as defined in Section 202(a)(22) of the
        Investment Advisors Act of 1940.

       

      3. The
        term
“securities”
as
        used
        herein does
        not include
        (i)
        securities of issuers that are affiliated with the Buyer, (ii) securities
        that
        are part of an unsold allotment to or subscription by the Buyer, if the Buyer
        is
        a dealer, (iii) securities issued or guaranteed by the U.S. or any
        instrumentality thereof, (iv) bank deposit notes and certificates of deposit
        (v)
        loan participations, (vi) repurchase agreements, (vii) securities owned but
        subject to a repurchase agreement and (viii) currency, interest rate and
        commodity swaps.

       

      4. For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph, except (i) where the Buyer reports its securities
        holdings in its financial statements on the basis of their market value,
        and
        (ii) no current information with respect to the cost of those securities
        has
        been published. If clause (ii) in the preceding sentence applies, the securities
        may be valued at market. Further, in determining such aggregate amount, the
        Buyer may have included securities owned by subsidiaries of the Buyer, but
        only
        if such subsidiaries are consolidated with the Buyer in its financial statements
        prepared in accordance with generally accepted accounting principles and
        if the
        investments of such subsidiaries are managed under the Buyer’s direction.
        However, such securities were not included if the Buyer is a majority-owned,
        consolidated subsidiary of another enterprise and the Buyer is not itself
        a
        reporting company under the Securities Exchange Act of 1934, as
        amended.

       

      5. The
        Buyer
        acknowledges that it is familiar with Rule 144A and understands that the
        seller
        to it and other parties related to the Certificates are relying and will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      6. Until
        the
        date of purchase of the Rule 144A Securities, the Buyer will notify each
        of the
        parties to which this certification is made of any changes in the information
        and conclusions herein. Until such notice is given, the Buyer’s purchase of the
        Certificates will constitute a reaffirmation of this certification as of
        the
        date of such purchase. In addition, if the Buyer is a bank or savings and
        loan
        is provided above, the Buyer agrees that it will furnish to such parties
        updated
        annual financial statements promptly after they become available.

       

      
        	 	 
	
                Print
                  Name of Buyer

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:   
                  

              	 	 
	 	
                Name:

              	 
	 	
                Title:

              	 
	 	
                Date:

              	 

      

      

      
         

        

          

          
            1
              Buyer
              must own and/or invest on a discretionary basis at least $100,000,000
              in
              securities unless Buyer is a dealer, and, in that case, Buyer must
              own and/or
              invest on a discretionary basis at least $10,000,000 in securities.
              

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        2 TO EXHIBIT J

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That are Registered Investment Companies]

       

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

       

      1.
         As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
        Investment Companies (as defined below), is such an officer of the
        Adviser.

       

      2.
         In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, as amended and
        (ii)
        as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
        owned at least $100,000,000 in securities (other than the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal year. For
        purposes of determining the amount of securities owned by the Buyer or the
        Buyer’s Family of Investment Companies, the cost of such securities was used,
        except (i) where the Buyer or the Buyers Family of Investment Companies reports
        its securities holdings in its financial statements on the basis of their
        market
        value, and (ii) no current information with respect to the cost of those
        securities has been published. If clause (ii) in the preceding sentence applies,
        the securities may be valued at market.

       

      The
        Buyer
        owned $____________ in securities (other than the excluded securities referred
        to below) as of the end of the Buyer’s most recent fiscal year (such amount
        being calculated in accordance with Rule 144A).

       

      The
        Buyer
        is part of a Family of Investment Companies which owned in the aggregate
        $_____________ in securities (other than the excluded securities referred
        to
        below) as of the end of the Buyer’s most recent fiscal year (such amount being
        calculated in accordance with Rule 144A).

       

      3.
         The
        term
“Family
        of Investment Companies”
as
        used
        herein means two or more registered investment companies (or series thereof)
        that have the same investment adviser or investment advisers that are affiliated
        (by virtue of being majority owned subsidiaries of the same parent or because
        one investment adviser is a majority owned subsidiary of the
        other).

       

      4.
         The
        term
“securities”
as
        used
        herein does not include (i) securities of issuers that are affiliated with
        the
        Buyer or are part of the Buyer’s Family of Investment Companies, (ii) securities
        issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank
        deposit notes and certificates of deposit, (iv) loan participations, (v)
        repurchase agreements, (vi) securities owned but subject to a repurchase
        agreement and (vii) currency, interest rate and commodity swaps.

       

      5. The
        Buyer
        is familiar with Rule 144A and understands that the parties listed in the
        Rule
        144A Transferee Certificate to which this certification relates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
        purchase for the Buyer’s own account.

       

      6.
         Until
        the
        date of purchase of the Certificates, the undersigned will notify the parties
        listed in the Rule 144A Transferee Certificate to which this certification
        relates of any changes in the information and conclusions herein. Until such
        notice is given, the Buyer’s purchase of the Certificates will constitute a
        reaffirmation of this certification by the undersigned as of the date of
        such
        purchase.

       

      
        	 	 
	
                Print
                  Name of Buyer

              	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:   
                  

              	 	 
	 	
                Name:

              	 
	 	
                Title:

              	 
	 	 	 

      

      

      IF
        AN
        ADVISER:

       

      
        
          	 	 
	
                  Print
                    Name of Buyer

                	 

        

        
Date:

      

      

      

      

      EXHIBIT
        K

       

      FORM
        OF
        RESIDUAL CERTIFICATES TRANSFER AFFIDAVIT

      PURSUANT
        TO SECTION 5.02(d)

       

      OPTION
        ONE MORTGAGE LOAN TRUST 2007-2,

      ASSET-BACKED
        CERTIFICATES, SERIES 2007-2

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

        The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1.  The
        undersigned is an officer of _____________________________, the proposed
        Transferee of an Ownership Interest in a Residual Certificate (the “Certificate”)
        issued
        pursuant to the Pooling and Servicing Agreement dated as of February 1, 2007
        (the “Agreement”),
        among
        Option One Mortgage Acceptance Corporation, as depositor (the “Depositor”),
        Option One Mortgage Corporation, as servicer (the “ Servicer”) and Wells Fargo
        Bank, N.A., as trustee (the “Trustee”).
        Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
        shall have the meanings ascribed to such terms in the Agreement. The Transferee
        has authorized the undersigned to make this affidavit on behalf of the
        Transferee for the benefit of the Depositor and the Trustee.

       

      2.  The
        Transferee is, as of the date hereof, and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificate for its own account. The Transferee has no knowledge
        that any such affidavit is false.

       

      3.  The
        Transferee has been advised of, and understands that (i) a tax will be
        imposed on Transfers of the Certificate to Persons that are not Permitted
        Transferees; (ii) such tax will be imposed on the transferor, or, if such
        Transfer is through an agent (which includes a broker, nominee or middleman)
        for
        a Person that is not a Permitted Transferee, on the agent; and (iii) the
        Person otherwise liable for the tax shall be relieved of liability for the
        tax
        if the subsequent Transferee furnished to such Person an affidavit that such
        subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
        such Person does not have actual knowledge that the affidavit is
        false.

       

      4.  The
        Transferee has been advised of, and understands that a tax will be imposed
        on a
“pass-through entity” holding the Certificate if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      5.  The
        Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
        and understands the legal consequences of the acquisition of an Ownership
        Interest in the Certificate including, without limitation, the restrictions
        on
        subsequent Transfers and the provisions regarding voiding the Transfer and
        mandatory sales. The Transferee expressly agrees to be bound by and to abide
        by
        the provisions of Section 5.02(d) of the Agreement and the restrictions
        noted on the face of the Certificate. The Transferee understands and agrees
        that
        any breach of any of the representations included herein shall render the
        Transfer to the Transferee contemplated hereby null and void.

       

      6.  The
        Transferee agrees to require a Transfer Affidavit from any Person to whom
        the
        Transferee attempts to Transfer its Ownership Interest in the Certificate,
        and
        in connection with any Transfer by a Person for whom the Transferee is acting
        as
        nominee, trustee or agent, and the Transferee will not Transfer its Ownership
        Interest or cause any Ownership Interest to be Transferred to any Person
        that
        the Transferee knows is not a Permitted Transferee. In connection with any
        such
        Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
        a
        certificate substantially in the form set forth as Exhibit L to the
        Agreement (a “Transferor
        Certificate”)
        to the
        effect that such Transferee has no actual knowledge that the Person to which
        the
        Transfer is to be made is not a Permitted Transferee.

       

      7.  The
        Transferee has historically paid its debts as they have come due, intends
        to pay
        its debts as they come due in the future, and understands that the taxes
        payable
        with respect to the Certificate may exceed the cash flow with respect thereto
        in
        some or all periods and intends to pay such taxes as they become due. The
        Transferee does not have the intention to impede the assessment or collection
        of
        any tax legally required to be paid with respect to the
        Certificate.

       

      8.  The
        Transferee’s taxpayer identification number is [_________].

       

      9.  The
        Transferee is a U.S. Person as defined in Code
        Section 7701(a)(30).

       

      10.  The
        Transferee is aware that the Certificate may be a “noneconomic residual
        interest” within the meaning of proposed Treasury regulations promulgated
        pursuant to the Code and that the transferor of a noneconomic residual interest
        will remain liable for any taxes due with respect to the income on such residual
        interest, unless no significant purpose of the transfer was to impede the
        assessment or collection of tax.

       

      11.  The
        Transferee will not cause income from the Certificate to be attributable
        to a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Transferee or any other U.S.
        person.

       

      12.  Check
        one
        of the following:

       

      [ 
         ]  The present value of the anticipated tax liabilities
        associated with holding the Certificate, as applicable, does not exceed the
        sum
        of:

       

      
        	 	
                (i)

              	
                the
                  present value of any consideration given to the Transferee to acquire
                  such
                  Certificate;

              

      

       

      
        	 	
                (ii)

              	
                the
                  present value of the expected future distributions on such Certificate;
                  and

              

      

       

      
        	 	
                (iii)

              	
                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificate as the related REMIC generates
                  losses.

              

      

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the
        highest rate currently specified in Section 11(b) of the Code (but the tax
        rate
        in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
        specified in Section 11(b) of the Code if the Transferee has been subject
        to the
        alternative minimum tax under Section 55 of the Code in the preceding two
        years
        and will compute its taxable income in the current taxable year using the
        alternative minimum tax rate) and (ii) present values are computed using
        a
        discount rate equal to the short-term Federal rate prescribed by Section
        1274(d)
        of the Code for the month of the transfer and the compounding period used
        by the
        Transferee.

       

      [ 
         ]  The transfer of the Certificate complies with U.S. Treasury
        Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

       

      
        	 	
                (i)

              	
                the
                  Transferee is an “eligible corporation,” as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), as to which income from
                  the
                  Certificate will only be taxed in the United
                  States;

              

      

       

      
        	 	
                (ii)

              	
                at
                  the time of the transfer, and at the close of the Transferee’s two fiscal
                  years preceding the year of the transfer, the Transferee had gross
                  assets
                  for financial reporting purposes (excluding any obligation of a
                  person
                  related to the Transferee within the meaning of U.S. Treasury Regulations
                  Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in
                  excess of $10 million;

              

      

       

      
        	 	
                (iii)

              	
                the
                  Transferee will transfer the Certificate only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                  of
                  Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                  of
                  the U.S. Treasury Regulations;
                  and

              

      

       

      
        	 	
                (iv)

              	
                the
                  Transferee determined the consideration paid to it to acquire the
                  Certificate based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Transferee) that it has determined in good
                  faith.

              

      

       

      [  
        ]  None of the above.

       

      13.  The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA
        or a plan that is subject to Section 4975 of the Code or a plan subject to
        any Federal, state or local law that is substantially similar to Title I
        of
        ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
        of
        or investing plan assets of such a plan.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its duly authorized
        officer and its corporate seal to be hereunto affixed, duly attested, this
        _____
        day of ___________, 20__.

      

      
        	 	 	 	 	 	 	
                [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____

              

      

      

      

      [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 __________, ____.

       

      
        	 	 
	 	
                NOTARY
                  PUBLIC

              
	 	 
	 	 
	 	
                My
                  Commission expires the _____ day of _________,
                  20____

              

      

      

       

      EXHIBIT
        L

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      [DATE]

       

      

      
        	
                Option
                  One Mortgage Acceptance Corporation

                3
                  Ada

                Irvine,
                  California 92618

              	 

      

      

      
        	 	
                Re:

              	
                Option
                  One Mortgage Loan Trust 2007-2, Asset-Backed Certificates Series
                  2007-2

              

      

      

      Ladies
        and Gentlemen:

       

      In
        connection with our disposition of the above Certificates we certify that
        (a) we
        understand that the Certificates have not been registered under the Securities
        Act of 1933, as amended (the “Act”), and are being disposed by us in a
        transaction that is exempt from the registration requirements of the Act,
        (b) we
        have not offered or sold any Certificates to, or solicited offers to buy
        any
        Certificates from, any person, or otherwise approached or negotiated with
        any
        person with respect thereto, in a manner that would be deemed, or taken any
        other action which would result in, a violation of Section 5 of the Act,
        (c) to
        the extent we are disposing of a Class [ ] Certificate, we have no knowledge
        the
        Transferee is not a Permitted Transferee and (d) no purpose of the proposed
        disposition of a Class [ ] Certificate is to impede the assessment or collection
        of tax.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                TRANSFEROR

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              
	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	
                Title:

              

      

      

      
 

      EXHIBIT
        M

       

      FORM
        OF
        ERISA REPRESENTATION LETTER

       

      _____________,
        20__

      

      
        	
                Option
                  One Mortgage Acceptance Corporation

                3
                  Ada

                Irvine,
                  California 92618

              	
                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045-1951

              
	 	 
	
                Option
                  One Mortgage Corporation

                3
                  Ada

                Irvine,
                  California 92618

              	 

      

      

      
        	 	
                Re:

              	
                Option
                  One Mortgage Loan Trust 2007-2, Asset-Backed Certificates Series
                  2007-2

              

      

      

      Dear
        Sirs:

       

      _______________________________
        (the “Transferee”) intends to acquire from ___________________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance Option One
        Mortgage Loan Trust 2007-2, Asset-Backed Certificates Series 2007-2, Class
        [C][P][R][R-X] (the “Certificates”), issued pursuant to a Pooling and Servicing
        Agreement (the “Pooling and Servicing Agreement”) dated as of February 1, 2007
        among Option One Mortgage Acceptance Corporation as depositor (the “Depositor”),
        Option One Mortgage Corporation as servicer (the “Servicer”) and Wells Fargo
        Bank, N.A. as trustee (the “Trustee”). Capitalized terms used herein and not
        otherwise defined shall have the meanings assigned thereto in the Pooling
        and
        Servicing Agreement. The Transferee hereby certifies, represents and warrants
        to, and covenants with the Depositor, the Trustee and the Servicer the
        following:

       

      The
        Certificates (i) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
        acquired with “plan assets” of a Plan within the meaning of the Department of
        Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101, and (iii) will not be
        transferred to any entity that is deemed to be investing in plan assets within
        the meaning of the DOL regulation at 29 C.F.R. § 2510.3-101.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:
                  ____________________________________

              
	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	
                Title:

              

      

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
        N

       

      FORM
        OF
        SWAP ADMINISTRATION AGREEMENT

       

      

        SWAP
          ADMINISTRATION AGREEMENT

         

        This
          Swap
          Administration Agreement, dated as of March 12, 2007 (this “Agreement”), among
          Wells Fargo Bank, N.A., a national banking association (“Wells Fargo Bank,
          N.A.”), as swap administrator (in such capacity, the “Swap Administrator”),
          Wells Fargo Bank, N.A., as trustee for Option One Mortgage Loan Trust 2007-2,
          Asset-Backed Pass-Through Certificates, Series 2007-2 (in such capacity,
          the
“Trustee”), Wells Fargo Bank, N.A., as supplemental
          interest trust trustee
          (in such
          capacity, the “Supplemental Interest Trust Trustee”) and Option One Mortgage
          Capital Corporation (“Option One”).

         

        WHEREAS,
          Wells Fargo Bank, N.A., as Trustee for Option One Mortgage Loan Trust 2007-2,
          Asset-Backed Pass-Through Certificates, Series 2007-2, is counterparty
          to an
          Interest Rate Swap Agreement (the “Swap Agreement”), a copy of which is attached
          hereto as Exhibit A, between Wells Fargo Bank, N.A. as Supplemental Interest
          Trust Trustee and Bear Stearns Financial Products Inc. (the “Swap Provider”);

         

        WHEREAS,
          it is desirable to irrevocably appoint the Swap Administrator, and the
          Swap
          Administrator desires to accept such appointment, to receive and distribute
          funds payable by the Swap Provider under the Swap Agreement as provided
          herein;
          and

         

        NOW,
          THEREFORE, in consideration of the mutual covenants contained herein, and
          for
          other good and valuable consideration, the receipt and adequacy of which
          are
          hereby acknowledged, the parties agree as follows: 

         

        1.  Definitions.
          Capitalized terms used but not otherwise defined herein shall have the
          respective meanings assigned thereto in the Pooling and Servicing Agreement
          or
          in the related Indenture, as the case may be, as in effect on the date
          hereof.

         

        2.     
          Swap
          Administrator.
          

         

        
          	(a)  	
                  The
                    Supplemental Interest Trust Trustee will receive all funds paid
                    by the
                    Swap Provider or its successors in interest under the Swap Agreement
                    (including any Swap Termination Payment). The Supplemental Interest
                    Trust
                    Trustee hereby appoints the Swap Administrator to receive such
                    amounts on
                    each Distribution Date and the Swap Administrator accepts such
                    appointment. Thereafter, the Swap Administrator hereby agrees
                    to
                    distribute on each Distribution Date such amounts in the following
                    order
                    of priority:

                

        

         

        (i)  first,
          to
          the Trustee for deposit into the Swap Account, an amount equal to the sum
          of the
          following amounts remaining outstanding after distribution of the Net Monthly
          Excess Cashflow (other than with respect to any Certificates beneficially
          owned
          by Option One or its Affiliates of which a Responsible Officer of the Trustee
          has actual knowledge): (A) Unpaid Interest Shortfall Amounts, (B) Net WAC
          Rate
          Carryover Amounts; (C) An amount necessary to maintain or restore the
          Overcollateralization Target Amount; and (D) any Allocated Realized Loss
          Amounts;

         

        (ii)  second,
          to Option One, any amounts remaining after payment of (i) above, provided,
          however,
          upon the
          issuance of notes by an issuer (the “Trust”), secured by all or a portion of the
          Class C Certificates and the Class P Certificates (the “NIM Notes”), Option One
          hereby instructs the Swap Administrator to make any payments under this
          clause
          2(a)(ii) in the following order of priority: 

         

        
          	(A)  	
                  to
                    the Indenture Trustee for the Trust, for deposit into the Note
                    Account
                    (each as to defined in the related Indenture), and until satisfaction
                    and
                    discharge of the Indenture, the Floating Amount (as defined in
                    Annex I);
                    and

                

        

         

        
          	(B)  	
                  to
                    the Holders of the Class C Certificates; provided; however, that
                    any Swap
                    Termination Payment received by the Swap Administrator, on behalf
                    of the
                    Supplemental Interest Trust Trustee, shall not be payable to
                    the Holders
                    of the Class C Certificates pursuant to this clause (ii)(B) without
                    the
                    prior written consent of the NIMS Insurer, if any, and the Rating
                    Agencies.

                

        

         

        
          	(b)  	
                  The
                    Swap Administrator, on behalf of the Supplemental Interest Trust
                    Trustee,
                    agrees to hold any amounts received under the Swap Agreement
                    in trust upon
                    the terms and conditions and for the exclusive use and benefit
                    of the
                    Trustee, the Indenture Trustee, as applicable (in turn for the
                    benefit of
                    the Certificateholders, the Noteholders and the NIMS Insurer,
                    if any) as
                    set forth herein. The rights, duties and liabilities of the Swap
                    Administrator in respect of this Agreement shall be as
                    follows:

                

        

         

        (i) The
          Swap
          Administrator shall have the full power and authority to do all things
          not
          inconsistent with the provisions of this Agreement that it may deem advisable
          in
          order to enforce the provisions hereof. The Swap Administrator shall not
          be
          answerable or accountable except for its own bad faith, willful misconduct
          or
          negligence. The Swap Administrator shall not be required to take any action
          to
          exercise or enforce any of its rights or powers hereunder which, in the
          opinion
          of the Swap Administrator, shall be likely to involve expense or liability
          to
          the Swap Administrator, unless the Swap Administrator shall have received
          an
          agreement satisfactory to it in its sole discretion to indemnify it against
          such
          liability and expense.

         

        (ii) The
          Swap
          Administrator shall not be liable with respect to any action taken or omitted
          to
          be taken by it in good faith in accordance with the direction of any party
          hereto or the NIMS Insurer, if any, or otherwise as provided herein, relating
          to
          the time, method and place of conducting any proceeding for any remedy
          available
          to the Swap Administrator or exercising any right or power conferred upon
          the
          Swap Administrator under this Agreement.

         

        (iii) The
          Swap
          Administrator may perform any duties hereunder either directly or by or
          through
          agents or attorneys of the Swap Administrator. The Swap Administrator shall
          not
          be liable for the acts or omissions of its agents or attorneys so long
          as the
          Swap Administrator chose such Persons with due care.

         

        3.  Swap
          Account.
          The
          Swap Administrator, on behalf of the Supplemental Interest Trust Trustee,
          shall
          segregate and hold all funds received pursuant to the Swap Agreement (including
          any Swap Termination Payment) separate and apart from any of its own funds
          and
          general assets and shall establish and maintain in the name of the Swap
          Administrator one or more segregated accounts (such account or accounts,
          the
“Swap Account”), held in trust for the benefit of the Trustee, the Indenture
          Trustee, if any, and the parties to this Agreement. All amounts on deposit
          in
          the Swap Account shall remain uninvested unless the Swap Administrator
          receives
          instructions to the contrary from any party hereto, with the consent of
          the NIMS
          Insurer, if any. The Swap Administrator hereby agrees that and it holds
          and
          shall hold the Swap Account and all amounts deposited therein in trust
          for the
          exclusive use and benefit of the Trustee and the Indenture Trustee, if
          any, as
          their interests may appear. 

         

        4.     
          [Reserved].

         

        5.  Representations
          and Warranties of Wells Fargo.
          Wells
          Fargo Bank, N.A. represents and warrants as follows:

         

        
          	(a)  	
                  Wells
                    Fargo Bank, N.A. is duly organized and validly existing as a
                    national
                    banking association under the laws of the United States and has
                    all
                    requisite power and authority to execute and deliver this Agreement,
                    to
                    perform its obligations as Swap Administrator
                    hereunder.

                

        

         

        
          	(b)  	
                  The
                    execution, delivery and performance of this Agreement by Wells
                    Fargo Bank,
                    N.A. as Swap Administrator, Supplemental Interest Trust Trustee
                    and
                    Trustee have been duly authorized in the Pooling and Servicing
                    Agreement
                    and the Indenture. 

                

        

         

        
          	(c)  	
                  This
                    Agreement has been duly executed and delivered by Wells
                    Fargo Bank, N.A.
                    as
                    Swap Administrator, Supplemental Interest Trust Trustee and Trustee
                    and is
                    enforceable against Wells Fargo Bank, N.A. in such capacities
                    in
                    accordance with its terms, except as enforceability may be affected
                    by
                    bankruptcy, insolvency, fraudulent conveyance, reorganization,
                    moratorium
                    and other similar laws relating to or affecting creditors’ rights
                    generally, general equitable principles (whether considered in
                    a
                    proceeding in equity or at law). 

                

        

         

        6.  Replacement
          of Swap Administrator.

         

        Any
          corporation, bank, trust company or association into which the Swap
          Administrator may be merged or converted or with which it may be consolidated,
          or any corporation, bank, trust company or association resulting from any
          merger, conversion or consolidation to which the Swap Administrator shall
          be a
          party, or any corporation, bank, trust company or association succeeding
          to all
          or substantially all the corporate trust business of the Swap Administrator,
          shall be the successor of the Swap Administrator hereunder, without the
          execution or filing of any paper or any further act on the part of any
          of the
          parties hereto, except to the extent that assumption of its duties and
          obligations, as such, is not effected by operation of law.

         

        No
          resignation or removal of the Swap Administrator and no appointment of
          a
          successor Swap Administrator shall become effective until the appointment
          by
          Option One of a successor swap administrator acceptable to the NIMS Insurer,
          if
          any. Any successor swap administrator shall execute such documents or
          instruments necessary or appropriate to vest in and confirm to such successor
          swap administrator all such rights and powers conferred by this
          Agreement.

         

        The
          Swap
          Administrator may resign at any time by giving written notice thereof to
          the
          other parties hereto with a copy to the NIMS Insurer, if any. If a successor
          swap administrator shall not have accepted the appointment hereunder within
          30
          days after the giving by the resigning Swap Administrator of such notice
          of
          resignation, the resigning Swap Administrator may petition any court of
          competent jurisdiction for the appointment of a successor swap administrator
          acceptable to the NIMS Insurer, if any.

         

        In
          the
          event of a resignation or removal of the Swap Administrator, Option One
          shall
          promptly appoint a successor swap administrator acceptable to the NIMS
          Insurer,
          if any. If no such appointment has been made within 10 days of the resignation
          or removal, the NIMS Insurer, if any, may appoint a successor swap
          administrator.

         

        7.  Trustee
          Obligations.

         

        Whenever
          the Trustee, in such capacity as the Supplemental Interest Trust Trustee,
          as a
          party to the Swap Agreement, has the option or is requested in such capacity,
          whether such request is by the counterparty to such agreement, to take
          any
          action or to give any consent, approval or waiver that it is entitled to
          take or
          give in such capacity, including, without limitation, in connection with
          an
          amendment of such agreement or the occurrence of a default or termination
          event
          thereunder, the Trustee, in such capacity as the Supplemental Interest
          Trust
          Trustee, shall promptly notify the parties hereto and the NIMS Insurer,
          if any,
          of such request in such detail as is available to it and, shall, on behalf
          of
          the parties hereto and the NIMS Insurer, if any, take such action in connection
          with the exercise and/or enforcement of any rights and/or remedies available
          to
          it in such capacity with respect to such request as the NIMS Insurer, if
          any,
          shall direct in writing; provided that if no such direction is received
          prior to
          the date that is established for taking such action or giving such consent,
          approval or waiver (notice of which date shall be given by the Trustee,
          in such
          capacity as the Supplemental Interest Trust Trustee, to the parties hereto
          and
          the NIMS Insurer, if any), the Trustee, in such capacity as the Supplemental
          Interest Trust Trustee, may abstain from taking such action or giving such
          consent, approval or waiver.

         

        The
          Trustee, in such capacity as the Supplemental Interest Trust Trustee, shall
          forward to the parties hereto and the NIMS Insurer, if any, on the Payment
          Date
          following its receipt thereof copies of any and all notices, statements,
          reports
          and/or other material communications and information (collectively, the
“Swap
          Reports”) that it receives in connection with the Swap Agreement or from the
          counterparty thereto.

         

        8.  Miscellaneous.
          

         

        
          	(a)  	
                  This
                    Agreement shall be governed by and construed in accordance with
                    the laws
                    of the State of New York.

                

        

         

        
          	(b)  	
                  Any
                    action or proceeding against any of the parties hereto relating
                    in any way
                    to this Agreement may be brought and enforced in the courts of
                    the State
                    of New York sitting in the borough of Manhattan or of the United
                    States
                    District Court for the Southern District of New York and the
                    Swap
                    Administrator irrevocably submits to the jurisdiction of each
                    such court
                    in respect of any such action or proceeding. The Swap Administrator
                    waives, to the fullest extent permitted by law, any right to
                    remove any
                    such action or proceeding by reason of improper venue or inconvenient
                    forum.

                

        

         

        
          	(c)  	
                  This
                    Agreement may be amended, supplemented or modified in writing
                    by the
                    parties hereto, but only with the consent of the NIMS Insurer,
                    if
                    any.

                

        

         

        
          	(d)  	
                  This
                    Agreement may not be assigned or transferred without the prior
                    written
                    consent of the NIMS Insurer, if any; provided, however, the parties
                    hereto
                    acknowledge and agree to the assignment of the rights of Option
                    One as
                    provided under this Agreement pursuant to the Sale Agreement,
                    the Trust
                    Agreement and the Indenture.

                

        

         

        
          	(e)  	
                  This
                    Agreement may be executed by one or more of the parties to this
                    Agreement
                    on any number of separate counterparts (including by facsimile
                    transmission), and all such counterparts taken together shall
                    be deemed to
                    constitute one and the same
                    instrument.

                

        

         

        
          	(f)  	
                  Any
                    provision of this Agreement which is prohibited or unenforceable
                    in any
                    jurisdiction shall, as to such jurisdiction, be ineffective to
                    the extent
                    of such prohibition or unenforceability without invalidating
                    the remaining
                    provisions hereof, and any such prohibition or unenforceability
                    in any
                    jurisdiction shall not invalidate or render unenforceable such
                    provision
                    in any other jurisdiction.

                

        

         

        
          	(g)  	
                  The
                    representations and warranties made by the parties to this Agreement
                    shall
                    survive the execution and delivery of this Agreement. No act
                    or omission
                    on the part of any party hereto shall constitute a waiver of
                    any such
                    representation or warranty.

                

        

         

        
          	(h)  	
                  The
                    article and section headings herein are for convenience of reference
                    only,
                    and shall not limit or otherwise affect the meaning
                    hereof.

                

        

         

        9.  Third
          Party Beneficiary.
          The Note
          Insurer, the Backup Note Insurer and the Indenture Trustee, if any, shall
          be
          deemed a third-party beneficiary of this Agreement to the same extent as
          if it
          were a party hereto, and shall have the right to enforce the provisions
          of this
          Agreement.

         

        10.  Swap
          Administrator Rights.
          The
          Swap Administrator shall be entitled to the same rights, protections and
          indemnities afforded to the Trustee under the Pooling and Servicing Agreement
          and the Indenture Trustee under the Indenture, in each case, as if specifically
          set forth herein with respect to the Swap Administrator.

         

        11.  Limited
          Recourse.
          Notwithstanding any other provisions of this Agreement, the obligations
          of the
          Trustee under this Agreement are limited recourse obligations of the Trustee.
          Such obligations are non-recourse to the Trustee, its assets and its property
          other than the assets of the Trust Fund, and following realization of such
          assets, any claims of any party hereto shall be extinguished and shall
          not
          thereafter be reinstated. No recourse shall be had against any principal,
          director, officer, employee, beneficiary, shareholder, partner, member,
          trustee,
          agent or affiliate of the Trustee or any person owning, directly or indirectly,
          any legal or beneficial interest in the Trustee, or any successors or assigns
          of
          any of the foregoing (the “Exculpated Parties”) for the payment of any amount
          payable under this Agreement. The parties hereto shall not enforce the
          liability
          and obligations of the Trustee to perform and observe the obligations contained
          in this Agreement by any action or proceeding wherein a money judgment
          establishing any personal liability shall be sought against the Trustee,
          subject
          to the following sentence, or the Exculpated Parties. The agreements in
          this
          paragraph shall survive termination of this Agreement and the performance
          of all
          obligations hereunder.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
          and
          delivered as of the day and year first above written. 

         

        

         

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Swap Administrator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Trustee

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Supplemental Interest Trust Trustee

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  OPTION
                    ONE MORTGAGE CAPITAL CORPORATION

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        EXHIBIT
          A

         

        INTEREST
          RATE SWAP AGREEMENT

         

        See
          Exhibit I to the Pooling and Servicing Agreement

        ANNEX
          I

         

        The
          amounts paid under clause 2(a)(ii) of the Swap Administration Agreement
          shall be
          calculated as follows:

        

        
          	
                  Floating
                    Amount:

                	 
	
                  Floating
                    Rate Payer:

                	
                  Swap
                    Administrator.

                
	 	 
	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA.

                
	 	 
	
                  Floating
                    Amount

                	
                  The
                    Floating Amount payable by Party A shall be an amount equal to
                    (i) the
                    Notional Amount * (ii) Floating Rate Option * (iii) Floating
                    Rate Day
                    Count Fraction.

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360.

                
	 	 
	
                  Notional
                    Amount:

                	
                  The
                    aggregate certificate principal balance of the outstanding Class
                    A and
                    Mezzanine Certificates immediately prior to the related Distribution
                    Date.

                

        

        

         

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      EXHIBIT
        O

       

      FORM
        OF
        REMITTANCE REPORT

       

      
        	
                Standard
                  File Layout - Trustee

              	
                 

              	
                 

              	
                 

              
	
                Column
                  Name

              	
                DESCRIPTION

              	
                Decimal

              	
                Comment

              	
                Max
                  Size

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	
                 

              	
                Text
                  up to 10 digits

              	
                20

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                BORR_NEXT
                  _PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the Borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_END
                  _PRIN_BAL

              	
                The
                  Borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to the investors at the end of
                  a
                  processing cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_BEG
                  _PRIN_BAL

              	
                The
                  Borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to the investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PAY_AMT

              	
                The
                  scheduled monthly principal and scheduled interest payment that
                  a Borrower
                  is expected to pay; P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_
                  AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT
                  _AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT
                  _AMT_2

              	
                The
                  second curtailment amount to be applied. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT
                  _AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                 

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              	
                 

              	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, 70=REO, 60=PIF, 63= Substitution,
                  65=Repurchase;

              	
                2

              
	
                ACTION_CODE

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                SCHED_GROSS_INTEREST_AMT

              	
                The
                  amount of interest due on the outstanding scheduled principal balance
                  in
                  the current cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_FEE_AMT

              	
                The
                  monthly loan fee amount expressed in dollars and cents.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_FEE_RATE

              	
                The
                  Servicer's fee rate for a loan as reported by the Servicer.
                  

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                CR_LOSS_AMT

              	
                The
                  amount of loss that is classified as a credit.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                FRAUD_LOSS_AMT

              	
                The
                  amount of loss that is attributable to a fraud claim.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BANKRUPTCY_LOSS_AMT

              	
                The
                  amount of loss due to bankruptcy.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SPH_LOSS_AMT

              	
                The
                  amount of loss that is classified as a special hazard.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a Borrower prepays on his loan as
                  reported by
                  the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the Servicer.
                  

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                MOD_DATE

              	
                The
                  effective payment date of the modification for the loan.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  modification type.

              	
                 

              	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

       

      EXHIBIT
        P

       

      [Reserved]

       

       

      EXHIBIT
        Q

       

      [Reserved]

       

       

      EXHIBIT
        R-1

       

      FORM
        OF
        CERTIFICATION TO BE PROVIDED BY DEPOSITOR WITH FORM 10-K

       

      I,
        _______________, the senior officer of Option One Mortgage Acceptance
        Corporation, certify that:

       

      l. I
        have
        reviewed this report on Form 10-K and all reports on Form 10-D required to
        be
        filed in respect of the period covered by this report on Form 10-K of Option
        One
        Mortgage Loan Trust 2007-2, Asset-Backed Certificates, Series 2007-2 (the
        “Exchange Act periodic reports”);

       

      2. Based
        on
        my knowledge, the Exchange Act periodic reports, taken as a whole, do not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3. Based
        on
        my knowledge, all of the distribution, servicing and other information required
        to be provided under the Form 10-D for the period covered by this report
        is
        included in the Exchange Act periodic reports;

       

      4. Based
        on
        my knowledge and the servicer compliance statement required in this report
        under
        Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic
        reports, the servicer has fulfilled its obligations under the servicing
        agreement; and

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this Form 10-K.

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated parties: Wells Fargo Bank, N.A.

       

      Date:
        ___________________

      

      
        	 	 	 	 	 	 	 	
                OPTION
                  ONE MORTGAGE ACCEPTANCE CORPORATION

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:
                  ________________________________

              
	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	
                Title:

              

      

      

      

      

      EXHIBIT
        R-2

       

      FORM
        OF
        CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY TRUSTEE

       

      
        	Re:       
                  	
                The
                  [ ] agreement dated as of [ ],
                  200[ ] (the “Agreement”), among [IDENTIFY
                  PARTIES]

              

      

       

      I,
        ________________________________, the _______________________ of Wells Fargo
        Bank, N.A., certify to the Certifying Person and [the Depositor], and its
        officers, directors and affiliates, with the knowledge and intent that they
        will
        rely upon this certification, that:

       

      (1) I
        have
        reviewed the annual report on Form 10-K for the fiscal year [ ] (the
“Annual
        Report”)
        and
        all reports on Form 10-D required to be filed in respect of the period covered
        by the Annual Report (collectively with the Annual Report, the “Reports”)
        of the
        Trust;

       

      (2) Based
        on
        my knowledge, the Reports, taken as a whole, does not contain any untrue
        statement of a material fact or omit to state a material fact necessary to
        make
        the statements made, in the light of the circumstances under which such
        statements were made, not misleading with respect to the period of time covered
        by the Annual Report;

       

      (3) Based
        on
        my knowledge, the distribution information required to be provided by the
        Trustee under the Agreement for inclusion in the Reports is included in the
        Reports;

       

      (4) I
        am
        responsible for reviewing the activities performed by the Trustee under the
        Agreement, and based on my knowledge and the compliance review conducted
        in
        preparing the compliance statement of the Trustee required in the Annual
        Report
        under Item 1123 of Regulation AB, and except as disclosed in the Reports,
        the
        Trustee has fulfilled its obligations under the Agreement in all material
        respects; and

       

      (5) The
        report on assessment of compliance with servicing criteria for asset-backed
        securities of the Trustee and its related attestation report on assessment
        of
        compliance required to be included in the Annual Report in accordance with
        Item
        1122 of Regulation AB and Exchange Act rules 13a-18 and 15d-18 has been included
        as an exhibit to the Annual Report. Any material instances of noncompliance
        are
        described in such report and have been disclosed in the Annual
        Report.

      
        	 	 	 	 	 	 	 	
                Date: _________________________

              
	 	 	 	 	 	 	 	
                WELLS
                  FARGO BANK, N.A., as Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:
                  ________________________________

              
	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	
                Title:

              
	 	 	 	 	 	 	 	
                Date:

              

      

       

      EXHIBIT
        S

       

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Servicer
        - aggregator of pool assets

      Securities
        Administrator - waterfall calculator (may be the Trustee, or may be the
        Servicer)

      Back-up
        Servicer - named in the transaction (in the event a Back up Servicer becomes
        the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        - safe keeper of pool assets

      Paying
        Agent - distributor of funds to ultimate investor 

      Trustee
        -
        fiduciary of the transaction

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “securities administrator” functions,
        while in another transaction, the securities administrator may perform these
        functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key:       
         X
        - obligation

      [X]
        - under consideration for obligation

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Servicer

              	
                Trustee

              
	
                 

              	
                General
                  Servicing Considerations

              	
                 

              	
                 

              	
                 

              
	
                1122(d)(1)(i)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(1)(ii)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(1)(iii)

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

              	
                 

              	
                 

              	
                 

              
	
                1122(d)(1)(iv)

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

              	
                X

              	
                X

              	
                 

              
	
                 

              	
                Cash
                  Collection and Administration

              	
                 

              	
                 

              	
                 

              
	
                1122(d)(2)(i)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(ii)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(iii)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(iv)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(v)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	
                 

              	
                X

              
	
                1122(d)(2)(vii)
                  

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

              	
                X

              	
                X

              	
                X

              
	
                 

              	
                Investor
                  Remittances and Reporting

              	
                 

              	
                 

              	
                 

              
	
                1122(d)(3)(i)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(3)(ii)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(3)(iii)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(3)(iv)

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

              	
                X

              	
                X

              	
                X

              
	
                 

              	
                Pool
                  Asset Administration

              	
                 

              	
                 

              	
                 

              
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	
                X

              	
                 

              
	
                1122(d)(4)(x)

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

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(xi)

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

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(xii)

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

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(xiii)

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

              	
                X

              	
                 

              	
                 

              
	
                1122(d)(4)(xiv)
                  

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

              	
                X

              	
                X

              	
                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

              	
                X

              	
                X

              

      

      

      EXHIBIT
        T

      

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the Trustee pursuant
        to Section 3.25. If the Trustee is indicated below as to any item, then the
        Trustee is primarily responsible for obtaining that information. 

      

      Under
        Item 1 of Form 10-D: a) items marked “4.03 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.03,
        provided by the Trustee based on information received from the Servicer;
        and b)
        items marked “Form 10-D report” are required to be in the Form 10-D report but
        not the 4.03 statement, provided by the party indicated. Information under
        all
        other Items of Form 10-D is to be included in the Form 10-D report.

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Responsible
                  Party

              
	
                10-D

              	
                Must
                  be filed within 15 days of the Distribution Date.

              
	
                1

              	
                Distribution
                  and Pool Performance Information

              	
                 

              
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	
                 

              
	
                (1)
                  Any applicable record date, accrual date, determination date for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	
                4.03
                  statement

              
	
                (2)
                  Cash flows received for distributions, fees and expenses.

              	
                4.03
                  statement

              
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	
                4.03
                  statement

              
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	
                4.03
                  statement

              
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	
                4.03
                  statement

              
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	
                4.03
                  statement

              
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	
                4.03
                  statement

              
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	
                4.03
                  statement

              
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	
                4.03
                  statement

              
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	
                4.03
                  statement

              
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	
                4.03
                  statement

              
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average life, weighted average remaining term,
                  pool
                  factors and prepayment amounts.

              	
                4.03
                  statement

                 

                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              
	
                (9)
                  Delinquency and loss information for the period. 

                 

                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool
                  assets.

              	
                4.03
                  statement.

                 

                 

                Form
                  10-D report: Depositor

              
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                4.03
                  statement

              
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                4.03
                  statement

              
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                Form
                  10-D report: Trustee

              
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	
                4.03
                  statement

              
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

                [information
                  regarding] any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a prefunding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	
                Form
                  10-D report: Depositor

                 

                Form
                  10-D report: Depositor

                 

                 

                 

                 

                Form
                  10-D report: Depositor

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                Updated
                  pool information as required under Item 1121(b).

              	
                Depositor

              
	
                2

              	
                Legal
                  Proceedings

              	
                 

              
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Servicer

                Originator
                  

                Custodian

              	
                 

                 

                 

                Seller

                Depositor

                Trustee

                Depositor

                Servicer

                Originator

                Custodian

              
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	
                 

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

                 

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

              	
                 

                 

                 

                Depositor

              
	
                4

              	
                Defaults
                  Upon Senior Securities

              	
                 

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

                 

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

              	
                 

                 

                 

                Trustee

              
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	
                 

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

              	
                Trustee

              
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	
                 

              
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                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.

              	
                 

              
	
                7

              	
                Significant
                  Enhancement Provider Information

              	
                 

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

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Trustee

                Depositor

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Trustee

                Trustee

                Depositor

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

              	
                 

              
	
                8

              	
                Other
                  Information

              	
                 

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

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below

              
	
                9

              	
                Exhibits

              	
                 

              
	
                Distribution
                  report

              	
                Trustee

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

              	
                Depositor

              
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	
                 

              
	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                Examples:
                  servicing agreement, custodial agreement.

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                Depositor

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	
                 

              
	
                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                Examples:
                  servicing agreement, custodial agreement.

              	
                Depositor

              
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	
                 

              
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Servicer, with respect to any of the following: 

                Sponsor
                  (Seller), Depositor, Servicer, Trustee, Cap Provider,
                  Custodian

              	
                Depositor

              
	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	
                 

              
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the 4.03 statement

              	
                Trustee

              
	
                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

              	
                Trustee

              
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	
                 

              
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	
                Depositor

              
	
                5.06

              	
                Change
                  in Shell Company Status

              	
                 

              
	
                [Not
                  applicable to ABS issuers]

              	
                Depositor

              
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	
                 

              
	
                [Not
                  included in reports to be filed under Section 4.07]

              	
                Depositor

              
	
                6.02

              	
                Change
                  of Servicer or Trustee

              	
                 

              
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  servicer, affiliated servicer, other servicer servicing 10% or
                  more of
                  pool assets at time of report, other material servicers, certificate
                  administrator or trustee. Reg AB disclosure about any new servicer
                  or
                  trustee is also required.

              	
                Trustee
                  or Servicer

              
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

              	
                 

              
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  Reg AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor
                  or Trustee

              
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	
                Trustee

              
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	
                 

              
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                Depositor

              
	
                8.01

              	
                Other
                  Events

              	
                 

              
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	
                Depositor

              
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              
	
                9B

              	
                Other
                  Information

              	
                 

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

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above

              
	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	
                 

              
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	
                N/A

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

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Trustee

                Depositor

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Trustee

                Trustee

                Depositor

              
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Servicer

                Originator
                  

                Custodian
                  

                Credit
                  Enhancer/Support Provider, if any

                Significant
                  Obligor, if any

              	
                 

                 

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Servicer

                Originator
                  

                Custodian
                  

                Depositor

                Depositor

              
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                Each
                  Party participating in the servicing function

              
	
                Item
                  1123 -Servicer Compliance Statement

              	
                Servicer

              

      

      
 

      EXHIBIT
        U

      

      ADDITIONAL
        DISCLOSURE NOTIFICATION

      

      

      Wells
        Fargo Bank, N.A., as Trustee

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attn:
        Corporate Trust Services- [DEAL NAME]—SEC REPORT PROCESSING

      

      RE: 
        **Additional Form [10-D][10-K][8-K] Disclosure** Required

       

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [ ] of the Pooling and Servicing Agreement dated
        as of
        February 1, 2007 (the “Agreement”) among the Depositor, Option One Mortgage
        Corporation, as servicer (the “Servicer”), and Wells Fargo Bank, N. A., a
        national banking association, as Trustee (the “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
        [10-D][10-K][8-K] Disclosure:

       

      

       

      

       

      Any
        inquiries related to this notification should be directed to
        [                       
 ], phone number:
        [                           
]; email address:
        [                         
 ]. 

       

      
        	 	 	 
	 	
                [NAME
                  OF PARTY],

                as
                  [role]

              
	 
 	 
 	 
 
	
              	By:  	 
	 	
                
                  

                

                Name:

              
	 	
                Title:

              

      

      
      

       

      SCHEDULE
        I

       

      PREPAYMENT
        CHARGE SCHEDULE

       

      (Available
        Upon Request)

      

      

      SCHEDULE
        II

       

      FORECLOSURE
        RESTRICTED MORTGAGE LOAN

       

      (Available
        Upon Request)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]