Document:

JAVA
      DETOUR

    MASTER
      FRANCHISE AGREEMENT

    FOR
      THE MIDDLE EAST

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

    

      
        	
                1.
                  PURPOSE

              	
                3

              
	
                 

              	
                 

              
	
                2.
                  GRANT OF MASTER FRANCHISE; ASSIGNMENT

              	
                3

              
	 	 
	
                3.
                  PARTY REMUNERATION

              	
                7

              
	 	 
	
                4.
                  FRANCHISOR'S OBLIGATIONS

              	
                11

              
	 	 
	
                5.
                  MASTER FRANCHISEE'S COVENANTS

              	
                13

              
	 	 
	
                6.
                  TRADE SECRETS

              	
                20

              
	 	 
	
                7.
                  REPRESENTATIONS OF MASTER FRANCHISEE

              	
                21

              
	 	 
	
                8.
                  ADVERTISING

              	
                22

              
	 	 
	
                9.
                  SYSTEM STANDARDS

              	
                22

              
	 	 
	
                10.
                  MARKS AND PROPRIETARY RIGHTS

              	
                24

              
	 	 
	
                11.
                  REPORTS AND RECORDS

              	
                26

              
	 	 
	
                12.
                  ASSIGNMENT OF RIGHTS

              	
                27

              
	 	 
	
                13.
                  TERM AND EXPIRATION

              	
                30

              
	 	 
	
                14.
                  DEFAULT AND TERMINATION

              	
                31

              
	 	 
	
                15.
                  RELATIONSHIP OF THE PARTIES/INDEMNIFICATION

              	
                34

              
	 	
                 

              
	
                16.
                  RESTRICTIVE COVENANTS

              	
                35

              
	 	 
	
                17.
                  INSURANCE

              	
                36

              
	 	 
	
                18.
                  ENFORCEMENT

              	
                37

              
	 	 
	
                19.
                  MISCELLANEOUS PROVISIONS

              	
                
                  40

                

              
	 	 
	
                EXHIBIT
                  A: TERRITORY

              	
                 

              
	 	 
	
                EXHIBIT
                  B: ELECTRONIC FUNDS WITHDRAWAL AUTHORIZATION 

              	
                 

              
	 	 
	
                EXHIBIT
                  C: MARKS 

              	
                 

              
	 	 
	
                EXHIBIT
                  D: ELECTRONIC FUND WITHDRAWAL AUTHORIZATION

              	 
	 	 
	
                EXHIBIT
                  E: FRANCHISEE APPROVAL CRITERIA

              	 
	 	 
	
                EXHIBIT
                  F: CONFIDENTIALITY AND NON COMPETITION AGREEMENT

              	 

      

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    MASTER
      FRANCHISE AGREEMENT

    

    THIS
      MASTER FRANCHISE AGREEMENT (the "Agreement") is made this 30th
      day of
      March, 2007 by and between Java Detour, a California corporation, with its
      principal place of business located at 2121 Second Street, Suite C-105, Davis
      CA, 95616 (the "Franchisor") and Java Universe, LLC, a California Limited
      Liability Corporation with its principal business address at 8228 Sunset Blvd.,
      Los Angeles CA 90046 ("Master Franchisee") who, on the basis of the mutual
      covenants promises and agreements contained herein, agree as
      follows:

    

    1. PURPOSE
      

     

    1.1
       The
      Franchisor has expended a considerable amount of time, effort, and money to
      develop a proprietary business system for the retail sale of hot and cold
      gourmet and specialty coffee drinks, specialty teas, cold blended beverages,
      fruit smoothies and other non-alcoholic beverages, and the sale of baked goods,
      coffee beans, dry tea and related merchandise through coffee shops (“Shop” or
“Store”), the distinguishing characteristics of which include special recipes
      and methods of food and beverage preparation, the option of a special drive
      through restaurant format, recognized designs, color schemes, copyrighted
      materials, management and operational procedures, and standards and
      specifications for product quality, and customer services, all of which the
      Franchisor may improve from time to time (the "System").

    

    1.2
       The
      System is identified by the mark "Java Detour" and other trademarks, service
      marks, logos and other indicia of origin which Franchisor has designated or
      may
      in the future designate, including the marks listed in Exhibit C to this
      agreement, for use in connection with the System and other copyrighted material,
      such as its operations manual (collectively the "Marks"). The Franchisor has
      the
      exclusive right outside of the United States of America to use the Java Detour
      Marks, products and its system in order to own and operate and to enter into
      master license agreements and franchise agreements authorizing others to own
      and
      operate businesses which would operate under the Marks.

    1.3
       The
      Franchisor grants franchises to use the Marks and System to individuals and
      entities who develop and operate Java Detour gourmet coffee shops
      ("Franchisees").

    

    1.4 The
      Master Franchisee desires to operate Master Franchisee-owned Shops within the
      area referenced in Exhibit A attached to this Agreement ("Territory") and to
      license others to act as Franchisees in the Territories, under the terms and
      conditions contained in this Agreement.

    

    2.
       GRANT
      OF
      MASTER FRANCHISE; ASSIGNMENT 

    

    2.1 Grant.
      Subject
      to the terms and conditions contained in this agreement and any laws or
      regulations of the United States of America governing this Agreement, Franchisor
      grants exclusively to Master Franchisee, and Master Franchisee accepts from
      Franchisor, the right to use the Marks and the System in connection with
      operating Master Franchisee-owned Shops and licensing the right to others to
      own
      and operate Shops within the Territory. The rights that are hereby granted
      to
      the Master Franchisee are for the enumerated Territory and cannot be transferred
      from or used outside of such Territory, nor can the boundaries
      thereof be altered or modified, without the prior written approval of the
      Franchisor. The Master Franchisee acknowledges that its continued exclusivity
      with respect to the licensing of Java Detour Franchises in the Territory is
      dependent upon the Master Franchisee's continued, substantial compliance with
      all terms and conditions of this Agreement during its initial and any renewal
      terms, including compliance with the Mandatory Development Schedule and any
      Additional Mandatory Development Schedules. The franchise granted pursuant
      to
      this Agreement shall sometimes be referred to as the "Master Franchise."

     

    
      
        
        

      

      
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    2.1.1 Notwithstanding
      the foregoing grant, in the event that Mr. Ray Kafaji (the “Prospect”) purchases
      a Master Franchise for the right to use the Marks and the System within Saudi
      Arabia, Kuwait, and Egypt from Franchisor within sixty (60) days of signing
      this
      Agreement, Master Franchisee agrees to relinquish its rights in the said
      countries in exchange for the greater of $500,000 or 50% of the proceeds
      received by Franchisor from the sale, net of all withholding and other taxes
      (“Relinquishment Fee”). Such Relinquishment Fee is payable upon receipt of the
      full purchase price from the Prospect. 

    

    2.1.2 The
      parties agree that in the event the Franchisor is unable to register its
      offering in the State of California within six (6) months of signing this
      Agreement, that the Agreement may be terminated by either party with notice
      pursuant to Section 14.2 below. 

    

    2.1.3 Master
      Franchise acknowledges that Master Franchisee is a California limited liability
      corporation being granted the right to operate a Master Franchise outside of
      the
      State of California, in the Territory delineated in Exhibit A to this Agreement.
      Moreover, Master Franchisee acknowledges that all sales, leases or other
      transactions between the Master Franchisee and its customers and/or franchisees
      will occur in the Lebanese Republic and/or within the Territory. Master
      Franchisee further acknowledges that it will manage the Master Franchise from
      the Lebanese Republic. 

    

    2.1.4 In
      consideration of the grant of this Master Franchise, Master Franchisee, its
      officers, directors, agents, and affiliates agree to immediately assign to
      Franchisor upon execution of this agreement, all rights and ownership interests
      they may have in trademark registrations or registration applications filed
      within or outside of the Territory in relation to Franchisor’s: (a) Marks; (b)
      logos; (c) copyrighted material; and/or (d) other proprietary information.
      Master Franchisee, its officers, directors, and affiliates further agree to
      refrain from obtaining registrations for Franchisor’s Marks, logos, copyrighted
      material, or other proprietary information without Franchisor’s prior written
      consent. Any such registrations or registration applications filed or submitted
      on behalf of Master Franchisee shall be immediately assigned to Franchisor,
      without compensation. Franchisor agrees to use its best efforts to obtain
      registration of the Marks within the Territory upon executing this Agreement.
      Master Franchisee acknowledges that, as of the date of this Agreement,
      Franchisor has not registered its Marks with the relevant authorities within
      the
      Territory. The parties agree that upon execution of this Agreement, the
      Franchisor shall use its best efforts to obtain the state registrations. Master
      Franchisee agrees that it has no right to terminate this agreement as a result
      of Franchisor’s failure to obtain registration for its Marks within any portion
      of the Territory. 

    2.2
       Franchise
      and Agreements.
      For
      each Java Detour franchise developed in the Territory, a separate franchise
      agreement ("Franchise Agreement") will be executed between the Master Franchisee
      and each Franchisee. The separate Franchise Agreements to be executed hereunder
      shall include provisions obligating each Franchisee to protect and defend
      Franchisor's rights in and to the Marks and the System and to protect and
      enhance the quality of and goodwill associated with the Marks and the System
      by
      including provisions reflecting obligations comparable to those of the Master
      Franchisee hereunder, as set forth in: Section 2.3 (reservation of rights by
      the
      Franchisor); Article 6 in its entirety (Trade and Industrial Secrets), Article
      9
      in its entirety (System Standards), and Article 10 in its entirety (Marks and
      Proprietary Rights). In addition,
      each Franchise Agreement shall contain a provision enabling the Franchisor
      to
      exercise its right to acquire the rights of the Master Franchisee under each
      Franchise Agreement as set forth in Section 14.5 of this Agreement.

     

    
      
        
        

      

      
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    2.2.1. The
      Master Franchisee shall be responsible for revising the provisions of Franchise
      Agreements for Franchisees if necessary to comply and be consistent with (a)
      the
      laws and regulations applicable in the Territory, and (b) Franchisor’s
      then-current form of franchise agreement. All changes to the document must
      be
      approved of in writing by Franchisor prior to use or registration with any
      governmental authority, which approval shall not be unreasonably withheld.
      

     

    2.2.2. Master
      Franchisee agrees to register and thereafter maintain effective its registration
      with applicable governmental authorities in the Territory, as required, for
      the
      term of this Agreement and any subsequent renewal periods; except that
      Franchisor shall be responsible for and shall bear the cost of registering
      the
      Marks within the Territory. The Franchisor shall not be a party to Master
      Franchisee’s individual franchise agreements except as an express third party
      beneficiary. The Master Franchisee agrees to submit its proposed forms of
      Franchise Agreement to the Franchisor and to obtain the Franchisor's written
      approval of such forms before it registers such documents with the relevant
      state authorities and before the Master Franchisee uses any such agreements
      in
      the Territory. 

    

    2.2.3. Master
      Franchisee agrees sign a separate Franchise Agreement for each Store it wishes
      to own and operate in the Territory, which form of agreement must be approved
      of
      in writing by Franchisor and in which Franchisor must be listed as an express
      third party beneficiary with enforcement rights. 

    2.3
       Rights
      Reserved to Franchisor.
      The
      foregoing grant to Master Franchisee does not include: (i) any right to offer
      any products or services, or franchises, via e-commerce; (ii) any right to
      establish an independent website or to establish a URL incorporating the Marks
      or any variation thereof; or (iii) any right to distribute, market, or implement
      Franchisor’s products and services in any channel of distribution not
      specifically identified in this Agreement. Notwithstanding anything herein
      to
      the contrary, the Franchisor and its affiliates reserve the rights, among
      others: (1) to use, and to license others to use, the Marks and System in
      connection with the operation of Java Detour Stores, at any location other
      than
      in the Territory; (2) to operate and grant others the right to operate similar
      Stores (but not to sell coffee or tea) under different marks inside the
      Territory; (3) to use the Marks within the Territory in alternative forms of
      distribution for selling Franchisor’s products and services including, but not
      limited to, the sale of its products and services through via the Internet
      or
      mail order catalog, without regard to location; and (4) to engage in any
      activities not expressly prohibited by this Master Franchise Agreement.

    

    2.3.1. Franchisor
      agrees that it will not undersell Master Franchisee on coffee and tea products
      sold within the Middle East via the above alternative forms of distribution.
      

     

    2.3.2. Moreover,
      Master Franchisee shall have a right of first refusal to engage in the
      activities described in subsection (iii)(3) of Section 2.3, excluding e-commerce
      and mail order catalog, at an exercise price to be negotiated by the parties.
      

     

    
      
        
        

      

      
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    2.4 Additional
      Territories.
      Master
      Franchisee may purchase additional Master Franchise Territories under the
      following conditions

    

    2.4.1 Master
      Franchisee is in compliance with all the terms and conditions of this and any
      other agreement with Franchisor or Franchisor’s affiliates at the time of
      requesting an additional Territory and Master Franchisee has substantially
      complied with the terms of this Agreement and with the operating standards
      and
      criteria established by Franchisor through the initial term and any renewal
      term
      of this Agreement; 

    

    
      
        2.4.2.
          Master
          Franchisee has satisfied all monetary obligations owed to the Franchisor,
          its affiliates, and major suppliers;

      

    

    

    2.4.3. Master
      Franchisee is in substantial compliance with all other agreements between Master
      Franchisee and Franchisor or its affiliates;

    

    2.4.4. There
      are
      a minimum of 2 Shops open and operating in the Territory and Master Franchisee
      has met or exceeded the requirements of the of the Mandatory Development
      Schedule and/or Additional Mandatory Development Schedules (as applicable)
      set
      forth in 5.1; 

    

    2.4.5. The
      additional territory the Master Franchisee wishes to purchase is available;
      

    

    2.4.6. The
      Master Franchisee agrees to execute Franchisor’s then current Master Franchise
      Agreement for the additional Territory and Franchisor’s then current Single Unit
      Franchise Agreement for a Shop located within the additional territory;
      and

    

    2.4.7.
      The Master Franchisee has demonstrated that its financial, entrepreneurial,
      and
      managerial capability conform to Franchisor’s then-current standards for
      granting Master Franchises within the proposed new territory. 

    

    2.4.8. In
      any
      event, Franchisor may withhold or condition Franchisor’s consent to granting any
      additional Territory as Franchisor deems appropriate.

    

    
      	 	
              2.5.

            	
              Governmental
                Approvals

            

    

    

    2.5.1. Required
      Modifications to The Agreements.
      The
      Master Franchisee agrees to execute any and all instruments and documents,
      render such assistance, and otherwise cooperate with Franchisor in order to
      obtain all governmental approvals necessary, in the opinion of Franchisor’s
      counsel, to comply with the laws and regulations of the United States and the
      laws of the Territory relating to the formation and performance of this
      agreement and any franchise agreements Master Franchisee may execute with
      franchisees within the territory. At its option, Franchisor shall have the
      right
      to submit, or require the Master Franchisee to submit, this Agreement,
      Franchisor’s form of Franchise Agreement, Area Development Agreement, and/or
      Deposit Agreement, Franchisor’s Confidential Operations Manual, and Master
      Franchisee’s form of Franchise Agreement (collectively the “Agreements”) to any
      governmental entity or agency (the "Agency") for registration or approval of
      any
      clause thereof in the event that Franchisor determines such registrations or
      approvals are necessary in order to comply with the laws and regulations, local
      ordinances, etc. of the United States and the Territory. If any Agency requires
      that any amendments be made to the Agreements as a condition of Agency approval,
      Franchisor will deliver to Master Franchisee for execution an addendum to any
      or
      all of the Agreements, or other appropriate documents, to reflect such
      amendments. 

     

    
      
        
        

      

      
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    2.5.2. Costs
      of Compliance.
      Notwithstanding any other contrary provision contained herein, Master Franchisee
      shall pay all costs and expenses necessary to comply with the requirements
      of
      any governmental agency with authority over Franchise Agreements or License
      Agreements.

     

    2.5.3. Compliance
      with Legal Requirements and Good Business Practices.
      Master
      Franchisee shall secure and maintain in force in its name all required licenses,
      permits, and certificates relating to the conduct of the Master Franchise
      pursuant to this Agreement, and shall bear all costs associated with the same;
      except that Franchisor shall be responsible and shall bear the cost of
      registering its Marks with the relevant governmental authorities within the
      Territory. Master Franchisee shall at all times comply with any “Legal
      Requirements.” “Legal Requirements” include, any and all applicable laws,
      ordinances, regulations, rules, administrative orders, decrees and policies
      of
      any government, governmental agency or department pertaining to the formation
      and performance of this Agreement, including, but not limited to, the
      governments of the Territory and the United States of America. 

    

    2.5.4. Translation.
      If
      English is not the principal language within the Territory, Master Franchisee
      agrees to translate the Agreements into the primary commercial language of
      the
      Territory. Master Franchisee agrees to submit a copy of any translation of
      the
      Agreements, and the English version upon which they were based, to the
      Franchisor for its approval prior to use in the Territory or submission to
      a
      governmental authority, which approval shall not be unreasonably withheld.
      Franchisor reserves the right to approve of any of the Agreements as modified
      by
      the Master Franchisee, which approval shall not be unreasonable withheld. Master
      Franchisee does hereby assign to Franchisor any copyright ownership interest
      the
      Master Franchisee may acquire in the future to any modifications to the
      Agreements, as well as any copyright ownership interest Master Franchisee may
      acquire now or in the future in any translation(s) of any Agreements.

    

    3.
       PARTY
      REMUNERATION 

    

    3.1
       Franchisor
      Remuneration 

    

    Master
      Franchise Fee.
      The
      Master Franchisee acknowledges and agrees that in developing the System, the
      Franchisor has made and continues to make substantial investments of time,
      capital, and technical and commercial research. In consideration of the rights
      granted under this Agreement to use the System, Marks, confidential information
      and trade secrets to be provided by the Franchisor, the Master Franchisee agrees
      to pay the Franchisor a Master Franchise fee of Four Hundred Thousand United
      States Dollars ($400,000.00 US) at closing. In addition, Master Franchisee
      shall
      pay Five Hundred Thousand United States Dollars ($500,000 US) upon the
      Prospect’s purchase of a Master Franchise as specified in 2.1.1 where the
      proceeds to Master Franchisee will be equal to or greater than
      $500,000.
      Should
      the Prospect decline to purchase a Master Franchise as specified in Section
      2.1.1, notwithstanding any other provision of this agreement, Master Franchisee
      will not be required to tender the remaining Five Hundred Thousand United States
      Dollars ($500,0000 US) until and unless Franchisor has registered or licensed
      its marks under this agreement, thereby allowing Master Franchisee to be able
      to
      conduct business in all of the Territories listed subject to this agreement,
      but
      no later than 6 months from the signing of this Agreement. The
      Master Franchisee acknowledges and agrees that the Master Franchise fee
      represents payment for the initial grant of the rights to use the Marks and
      System, for the Franchisor's foregone opportunity to use or license those rights
      and benefits granted to the Master Franchisee hereunder, that the Franchisor
      has
      earned the Master Franchise fee upon receipt thereof and that the Master
      Franchise fee is under no circumstances cancelable after it is granted to the
      Franchisor, regardless of whether the Master Franchisee ever receives payment
      of
      the full amount of any initial franchise fee from a Franchisee or whether the
      franchise agreement between a Franchisee and the Master Franchisee is terminated
      for any reason other than termination as a result of Franchisor’s inability to
      license or register all the Territories, leaving Master Franchisee unable to
      legally conduct business as specified under this Agreement in those
      territories.

     

    
      
        
        

      

      
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    3.1.1 Stock
      Option
      Franchisor shall grant to persons designated by Master Franchisee, which number
      of persons shall not exceed 35, six
      hundred thousand (600,000) options to purchase  shares
      of
      Java Detour, Inc. common stock at one dollar ($1.00) per share (the “Stock
      Options”).  Immediately upon signing this agreement, Franchisor will issue
      to the persons designated by Master Franchisee  Stock
      Option Agreements for the purchase of six hundred thousand (600,000) shares
      at
      one dollar ($1.00) per share. The Stock Options will
      have
      a term of ten (10) years and will be subject to the terms and conditions of
      the
      Java Detour, Inc. 2006 Equity Incentive Plan. Each person that receives a Stock
      Option shall be a human being, and not a corporation, partnership, trust, or
      other legal entity, and shall provide the representations and execute the
      certificate set forth in the attached Exhibit G. The exercise price shall become
      immediately due upon exercise of the option and shall be payable in cash or
      check made payable to the Franchisor.  Master Franchisee shall have the
      right to assign a portion or all of its rights under the Stock Option Plan
      to
      the Individual or Individuals of its choice, provided, however, that the number
      of assignees shall not exceed 36 Individuals.   
      For purposes of this subsection 3.1.2, Individual shall refer to a human being,
      and does not include a corporation, partnership, trust, or other legal
      entity.  
      Java
      Detour is a public company, subject to SEC rules and regulations, and must
      conform to those regulations in issuing Stock, Options, or rights to
      Individuals, and therefore there will be no dilution of Master Franchisee’s
      Stock Options without prior written notice to Master Franchisee, and no
      additional stock will be issued by Franchisor without Franchisor’s Directors’
approval.

    

    3.1.2 Royalties.
      On the
      10th
      day of
      each month during the term of this Agreement, Master Franchisee shall pay to
      the
      Franchisor a continuing royalty fee (“Royalty”) equaling 2% of Gross Revenues
      achieved by all of the Shops in the Territory, as well as retail and other
      means
      of distribution, whether Master Franchisee-owned or otherwise, during the prior
      month. Gross Revenue is defined as the total amount of money received by any
      Shop for all the goods and services rendered by those Shops of any nature
      whatsoever, as well as retail and other means of distribution. Gross Revenue
      does not include sales taxes or value added taxes if such taxes are collected
      at
      the time of the sale directly from the customer, are stated separately when
      the
      customer is charged, and Master Franchisee pays such amounts as and when due
      to
      the appropriate taxing authority. Franchisor acknowledges that Master Franchisee
      retains the right to charge a royalty fee of 2% on all gross revenues achieved
      by all Shops in the Territory, in addition to the 2% it collects on behalf
      of
      Franchisor. 

     

    
      
        
        

      

      
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    3.1.3 Gross
      Revenue Report.
      On the
      5th
      day of
      each month, Master Franchisee shall submit a signed gross revenue report
      outlining the Gross Revenue achieved by each Store within the Territory during
      the previous calendar month, as well as Master Franchisee’s calculation of
      Royalty fees and any other payments due to Franchisor, and any other payments
      due under this Agreement, as well as any other information Franchisor may
      reasonably require in the form Franchisor specifies (“Gross Revenue Report”).
      Franchisor reserves the right to change the form and content of the weekly
      Gross
      Revenue Report from time to time upon written notice to the Master Franchisee.
      

    

    3.1.3 Levies
      and Taxes.
      All
      payments by the Master Franchisee to the Franchisor shall be made without any
      deduction for any taxes, except that the Master Franchisee shall deduct and
      pay
      to the appropriate taxing authorities, on behalf of the Franchisor, any amount
      which the Master Franchisee is required to withhold under any laws in the
      Territory on payments made by the Master Franchisee to the Franchisor. Master
      Franchisee and Franchisor shall bear equally the cost of such withholding taxes.
      The Master Franchisee shall transmit to the Franchisor official receipts for
      payment of all taxes withheld. If the Master Franchisee fails to withhold or
      pay
      such taxes, it shall indemnify the Franchisor for the full amount of such taxes
      and for any loss or liability occasioned by the Master Franchisee's failure
      to
      withhold as required by law, including, but not limited to, any penalties,
      interest, and expenses incurred by the Franchisor. 

      

    3.2 Franchise
      Fee.
      Master
      Franchisee shall pay Franchisor $5,000 (the “Franchise Fee”) whenever the Master
      Franchisee signs a Franchise Agreement with a Franchisee in the Territory during
      the term of this Agreement and Master Franchisee may retain any Franchise Fee
      in
      excess of such $5,000. The Franchise Fee is payable within 5 business days
      after
      a Franchisee signs a franchise agreement, the terms of which Franchisor has
      previously approved in writing. After the 100th 
      Store is
      open within the Territory, the Franchise Fee is waived on any subsequent
      Franchisees recruited in the Territory for the remaining term
      of
      this Agreement,
      and
      Master Franchisee shall retain the remainder of the initial franchise fee it
      charges to its franchisees.

     

    3.3 Advertising
      Fee.
      On the
      10th
      day of
      each month during the term of this Agreement, Master Franchisee must make a
      payment equaling 1% of its Gross Revenue during the previous month, or the
      monthly minimum Advertising Fee of $100, whichever is greater. Franchisor has
      the right, but not the obligation, to increase or decrease the minimum
      Advertising Fund contribution each year, provided that it shall not increase
      the
      minimum Advertising Fund Contribution by more than 20% in any given year.
      Franchisor may, at its sole discretion, use Advertising Fee payments to solicit
      franchisees, increase brand recognition, or engage in any other business not
      expressly prohibited by this Agreement; except that Franchisor shall use 50%
      of
      all Advertising Fees received, net of taxes, to engage in advertising,
      promotional, and public relations activities within the Territory. 

    

    3.4 Currency
      Payment.
       Payments
      by Master Franchisee to Franchisor hereunder shall be made in United States
      Dollars unless otherwise specified by Franchisor. All payments hereunder to
      be
      calculated in the currency of the various countries encompassed in the Territory
      and converted into Dollars for payment to Franchisor shall be converted at
      the
      spot currency rate announced by CITIBANK as of 10:00 a.m. Eastern USA time
      on
      the date payment is transmitted; provided, however, that, in the event a payment
      is transmitted after the date payment is due, the currency exchange rate used
      shall be the rate as of the date payment was due or the rate as of the date
      the
      payment is transmitted, whichever rate produces the larger amount in the
      currency of payment. All payments shall be submitted electronically (e.g. bank
      transfer) or as otherwise directed by Franchisor to a bank of Franchisor’s
      choosing located in the United States or elsewhere. Master Franchisee shall
      execute all agreements and consents reasonably necessary to effectuate
      electronic payment. Master Franchisee shall pay for all costs related to the
      transfer of funds to Franchisor.

     

    
      
        
        

      

      
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    3.5 Payment
      by Electronic Transfer.
      Franchisor shall receive payment of Master Franchisee’s monthly Royalty fees and
      any other payments due to the Franchisor, in United States Dollars (“Dollars”)
      in immediately available funds acceptable to Franchisor, by electronic fund
      transfer to Franchisor’s bank account at a bank designated by Franchisor in the
      metropolitan area in which Franchisor’s corporate headquarters is located, or at
      such other place in the United States or in the Territory, and in such other
      manner as Franchisor may designate in writing to Master Franchisee. If at any
      time exchange controls are imposed between the any of the countries which are
      encompassed by the Territory and the United States such that Master Franchisee
      is prevented from making any payment due under this Agreement or any other
      agreement between Master Franchisee and Franchisor, Master Franchisee agrees
      to
      use its best efforts to provide alternative methods and United States sources
      of
      funds so that Franchisor (or its designated party, as applicable) receives
      the
      payments at the times and in the manner provided for in this Agreement. Master
      Franchisee shall execute all agreements and consents reasonably necessary to
      effectuate electronic payment. Master Franchisee shall pay for all costs related
      to the transfer of funds to Franchisor. The dollar amount of any payment shall
      be determined by Franchisor on the basis of Master Franchisee’s reports or on
      Franchisor’s own information about Master Franchisee’s Gross Revenues and the
      Gross Revenues of Stores within the Territory, and debited to Master
      Franchisee’s account on the date for payment set forth above (if it is not a
      business day, than on the next business day). Franchisor reserves the right
      to
      change the currency, time, and method of payment from time to time, upon written
      notice and thirty days to conform, to Master Franchisee. 

    

    3.6
      Exchange
      Controls.
      Master
      Franchisee shall use its best efforts to obtain any consents or authorizations
      that may be necessary in order to permit timely payments in Dollars of all
      amounts payable hereunder. If at any time, any legal restriction is imposed
      upon
      the purchase of Dollars or the transfer to or credit of a non-resident company
      with payments in Dollars, Master Franchisee shall notify Franchisor immediately.
      While such restrictions are in effect, Franchisor may require payment in any
      currency designated by Franchisor that is available to Master Franchisee or,
      at
      Franchisor’s option, may require Master Franchisee to deposit all amounts due
      but unpaid as a result of such a restriction in any type of account, in any
      bank
      or institution in the Territory designated by Franchisor, or in the form of
      products or services available to Master Franchisee or its affiliates at the
      actual cost of such products or services to Master Franchisee or its affiliates.
      Franchisor shall be entitled to all interest earned on such deposits. If payment
      is made in products or services, Master Franchisee agrees to deliver such
      products or services to Franchisor or its designated agent or shipper within
      the
      Territory. All costs incurred by Master Franchisee in complying with this
      Section 3.5 is the responsibility of Master Franchisee.

    

    3.7. Withholding
      Taxes.
      In the
      event that any amounts payable by Master Franchisee to Franchisor hereunder
      are
      subject to withholding taxes that Master Franchisee is required to deduct from
      such payments, the parties shall equally bear the cost of such withholding
      taxes. Master Franchisee agrees to promptly notify Franchisor of the amount
      due,
      submit the withholding tax payments in a timely manner, and deliver to
      Franchisor receipts of applicable governmental authorities for all such taxes
      withheld or paid. All other taxes payable as a result of Master Franchisee’s
      transfer of funds shall be Master Franchisee’s sole responsibility. Master
      Franchisee shall be responsible for and shall indemnify and hold Franchisor
      and
      its affiliates harmless against any penalties, interest and expenses incurred
      by
      or assessed against Franchisor or its Affiliates as a result of Master
      Franchisee’s failure to withhold such taxes or to timely remit them to the
      appropriate taxing authority. Master Franchisee agrees to fully and promptly
      cooperate with Franchisor to provide such information and records as Franchisor
      may request in connection with any application by Franchisor to any taxing
      authority with respect to tax credits, exemptions or refunds available for
      any
      withholding or other taxes paid or payable by Master Franchisee. 

     

    
      
        
        

      

      
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    3.8. Liability.
      Franchisor shall have no liability for any sales, value added, use, service,
      stamp duty, occupation, excise, gross receipts, income, property, payroll or
      other taxes, whether levied upon this Agreement, Master Franchisee, one or
      more
      of Master Franchisee’s properties, or upon Franchisor, in connection with the
      business conducted by Master Franchisee (except any taxes that Franchisor is
      required by law to collect from Master Franchisee with respect to purchases
      from
      Franchisor). Payment of all such taxes shall be the responsibility of Master
      Franchisee.

    

    3.9.
      Interest
      on Late Payments.
      Any
      payment not received by Franchisor when due will bear interest at eighteen
      percent (12%) per year, or at the highest rate allowed by applicable law on
      the
      date when payment is due, which-ever is less. Interest charges on late payments
      are intended to partially compensate Franchisor for loss of use of the funds,
      and for internal administrative costs resulting from late payment which would
      otherwise be difficult to measure precisely. Imposing the late payment charge
      should not be construed as a waiver of Franchisor’s right to timely payment.
      Master Franchisee acknowledges that this Section 3.7 shall not constitute
      Franchisor’s agreement to accept such payments after same are due or a
      commitment by Franchisor to extend credit to, or otherwise finance Master
      Franchisee’s business operated pursuant to this Agreement. Master Franchisee
      acknowledges that its failure to pay all such amounts when due shall constitute
      grounds for termination of this Agreement notwithstanding the provisions of
      this
      Section.

    

    3.10 Stamp
      Duties.
      If
      required by laws of any of the countries encompassed by the Territory, Master
      Franchisee shall within the time prescribed by applicable law, submit an
      executed copy of this Agreement to each governmental agency within the Territory
      responsible for the assessment of stamp duty or comparable duties or taxes
      for
      the purposes of assessing or obtaining an opinion as to the stamp duty payable
      on or in respect of this Agreement and Master Franchisee agrees to pay all
      stamp
      duties and comparable duties and taxes (including any penalties for late
      payment) assessed to be payable on or in respect of this Agreement.

    

    3.11 Proof
      of Amounts Due.
      If
      required by law of any of the countries encompassed by the Territory, a
      certificate issued under the hand of the current President or Vice President
      of
      the Franchisor, stating the amount due at the date of the certificate as well
      as
      any interest due calculated in accordance with the terms of this Section 3.
      shall be conclusive proof of the amount and interest calculated thereon due
      at
      the time of the certificate. It shall not be necessary for the Franchisor to
      prove the appointment of the person signing, his/her signature, his/her
      authority so to sign or the amount(s) and interest rate stated in the
      certificate.

    

    4.
       FRANCHISOR'S
      OBLIGATIONS The duties to be performed by the Franchisor in connection with
      the
      Master Franchise program will include the following:

    
       

      4.1
         
        Franchisor will provide Master Franchisee and one appointed Master Franchisee
        representative with training in franchise sales, franchise operations, real
        estate, franchisee schooling, and store level operations. Master Franchisee
        and
        its appointed representative must complete this special training to Franchisor’s
        satisfaction prior to beginning operations, and within 2 months of executing
        this Agreement. Training shall be conducted at the location designated by
        Franchisor. In addition, Master Franchisee and its appointed representative
        must
        complete initial franchisee training to Franchisor’s reasonable satisfaction
        prior to beginning operations. 

    

     

    
      
        
        

      

      
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    4.2. The
      Franchisor will provide newsletters, ad slicks and other advertising materials,
      as they may be available from time to time. Master Franchisee shall be
      responsible for the cost of modifying such advertisements for use in the
      Territory and obtaining Franchisor’s written consent to such modifications prior
      to use in the Territory, which shall not be unreasonably withheld. 

     

    4.3 Franchisor
      will loan to the Master Franchisee 3 copies of its Confidential Operations
      Manual, as amended from time to time, which may include specific instructions
      for the use of the marks, specifications for goods that will be used in or
      sold
      by the Store, sample business forms, information on marketing, management,
      and
      administrative methods developed by the Franchisor for use in the Store, names
      of approved suppliers, franchisee selection procedures, franchisee support,
      budgeting and forecasting, systems and controls, management of the advertising
      fund, development schedule issues, public relations,
      related business systems and methods, and other information that the Franchisor
      believes may be necessary or helpful to Master Franchisee and its Franchisees
      in
      operating their Stores. The contents of the Confidential Operations Manual
      are
      protected by the copyright law of the United States and may not be disclosed
      to
      any person or entity not affiliated with Franchisor and may not be altered
      in
      any way. Master Franchisee agrees that the Confidential Operations Manual is
      proprietary and a confidential trade secret owned by Franchisor, and will at
      all
      times treat these documents and materials as such. Master Franchisee agrees
      to
      take all steps necessary to maintain such information as confidential, restrict
      and prohibit unauthorized access to the Confidential Operations Manual, and
      prohibit any copying, duplication, or recording of any information contained
      therein. The Franchisor reserves the right to revise the Confidential Operations
      Manual from time to time, as it deems necessary to update operating and
      marketing techniques or standards and specifications..

    

    4.4. Upon
      request by the Master Franchisee, Franchisor will review the Master Franchisee’s
      operations and techniques in the area of franchise sales and support services,
      and may suggest methods of improvement. 

    

    4.5. Franchisor
      may provide Master Franchisee, from time to time, as it deems appropriate,
      such
      merchandising, marketing, and other data and advice as may from time to time
      be
      developed by Franchisor and deemed by Franchisor to be helpful in the management
      of the operation of the Master Franchise. Such operating assistance is available
      via telephone or e-mail. Franchisor will be available during regular business
      hours (in the United States) to answer Master Franchisee’s questions and the
      questions of its franchisees within the Territory. This obligation in no way
      limits Master Franchisee’s obligation to provide support services to franchisees
      with in the Territory as prescribed in Section 5 of this Agreement and in its
      individual franchise agreements. Should Master Franchisee request additional
      on-site assistance, such assistance will be provided, subject to the
      availability of Franchisor’s personnel, for a daily fee, plus Franchisor’s costs
      for employee transportation and lodging. 

     

    
      
        
        

      

      
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    4.6. Franchisor
      will, from time to time, in its reasonable discretion, send Master Franchisee
      an
      updated list of names and addresses of suppliers of goods and services that
      currently meet Franchisor’s standards and specifications. In advising of
      suppliers which meets its standards and specifications, Franchisor expressly
      disclaims any warranties or representations as to the condition of the goods
      or
      services sold by such suppliers, including, without limitation, expressed or
      implied warranties as to merchantability or fitness for any intended purpose.
      Master Franchisee agrees to look solely to the manufacturer of goods or the
      supplier of services for the remedy of any defect and goods or
      services.

    

    4.7. Franchisor’s
      obligations under this Agreement shall inure to the benefit of the Master
      Franchisee only, and no other party is entitled to rely on, enforce, benefit
      from, or obtain relief for breach of such obligations either directly or
      indirectly. 

     

    5.
       MASTER
      FRANCHISEE'S COVENANTS 

      

    5.1
       One
      hundred eighty (180) days following the completion of the Master Franchisee
      initial training and franchisee initial training programs, which time shall
      not
      commence to run until registration of the Marks by Franchisor in the country
      at
      issue has taken place, Master Franchisee will commence operations by drafting
      agreements for use in the Territory and initiating a franchise sales, marketing
      and development program, and will cause to be sold/opened the following
      cumulative number of Businesses within the Territory:

    

    
      	
              Time
                Period

            	 	
              NUMBER
                OF SHOPS TO BE SOLD/OPENED

            	 	
              CUMULATIVE
                NUMBER OF SHOPS TO BE SOLD/OPENED

            
	
              Within
                12 months of

              Date
                of Agreement

            	 	
              2

            	 	
              2

            
	
              During
                the next 12 months

            	 	
              3

            	 	
              5

            
	
              During
                the next 12 months

            	 	
              5

            	 	
              10

            
	
              During
                the next 12 months

            	 	
              5

            	 	
              15

            
	
              During
                the next 12 months

            	 	
              5

            	 	
              20

            

    

    

    At
      the
      end of 5 years, Master Franchise should have a total of 20 Shops sold
      /open.  

           

    5.1.1 Master
      Franchisee will own and operate at least 1 Shop in the Territory, which shall
      serve as the prototype Shop and which shall strictly comply with Franchisor’s
      standards for Java Detour Shops. Master Franchisee further acknowledges and
      agrees to sign a franchise agreement for any additional Store Master Franchisee
      wishes to own and operate within the Territory, subject to Franchisor’s prior
      written approval. 

    

    5.1.2. The
      sale
      or opening of any Shops in excess of the minimum number required in any time
      period shall be credited to the subsequent time periods, where applicable.
      If
      Master Franchisee fails to meet the Mandatory Development Schedules, the Master
      Franchisee shall have a 9-month period to cure the default.

     

    
      
        
        

      

      
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    5.1.3. Notwithstanding
      anything herein, if Master Franchisee fails to comply with the Mandatory
      Development Schedule for the Territory within the applicable time period set
      forth in Section 5.1.2 of this Agreement, Master Franchisee has the option
      to
      pay Franchisor $2,500 per location that it is short at the end of the applicable
      development year under Section 5.1.2 (the “Retention Payment”) to maintain its
      exclusive rights under this Agreement for one and a half more years. The
      Retention Payment is due and payable within 30 days of the end of the applicable
      period in which Master Franchisee failed to meet its development obligations.
      Master Franchisee must provide Franchisor with 60 days notice prior to
      exercising this option. Upon payment, Master Franchisee shall retain its
      exclusive rights under this Agreement for the next 11⁄2 years. Master Franchisee
      is limited to making this election once per year, and no more than 2 times
      during the term of this Agreement. 

    

    5.1.4. If
      Master
      Franchisee fails to comply with either the Mandatory Development Schedule or
      any
      Additional Mandatory Development Schedule described in this Section 5, this
      Agreement shall be terminated with respect to the Territory at the end of the
      cure period upon notice from Franchisor to Master Franchisee,
      unless
      otherwise agreed to in writing by the parties.
      Thereafter, Franchisor shall have the right to develop the Territory itself,
      or
      through others by the sale of another Master Franchise, or otherwise at its
      sole
      discretion. 

    

    5.1.5. The
      term
      of this Agreement shall be for 15 years. Within 120 days prior to the expiration
      of Mandatory Development Schedule, Franchisor and Master Franchisee must agree
      upon a new development schedule for the Territory acceptable to the Franchisor
      to govern the next 10 years of this Agreement (“Additional Mandatory Development
      Schedule”). At the end of the initial term of this Agreement, Master Franchisee
      agrees to have open and operating not less than 50 Stores within the Territory.
      In the event that the parties are unable to reach an agreement within the stated
      time period, the parties agree that Franchisor may step in and develop the
      Territory at its sole discretion and may recruit franchisees under the terms
      of
      Franchisor’s then-current Franchise Agreement. Thereafter, and for the remaining
      term of this Agreement, Master Franchisee agrees to provide services to all
      Franchisees, whether signed under Franchisor’s or Master Franchisee’s franchise
      agreement, in the Territory as described herein. In addition, Master Franchisee
      shall continue to the pay the Royalty fees and any other fees due under this
      agreement. Master Franchisee shall not, however, be entitled to a “Franchise
      Fee” for each franchisee recruited by the Franchisor in the Territory.

    

    5.1.6 Franchisor
      and Master Franchisee hereby acknowledge and agree that the Mandatory
      Development Schedule and the 50 Store development requirements set forth in
      Section 5.1.5 are fair and reasonable of market demand without over saturation
      of Franchisor’s proprietary services offered under the System.

    

    5.2. Master
      Franchisee, at all times during the term of this Agreement and any renewal
      period, shall continue to operate at least one prototype Master Franchisee-owned
      Shop within the Territory in strict compliance with the standards set forth
      in
      the individual franchise agreement Master Franchisee must sign an agreement
      for
      every Master Franchisee-owned Store it wishes to operate pursuant to Section
      2.2.3 above. 

     

    
      
        
        

      

      
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    5.3 Master
      Franchisee shall submit to Franchisor for prior approval all sales, promotional,
      advertising, and other materials which relate to recruiting new franchisees
      and
      any and all marketing materials proposed for use by franchisees within the
      Territory. Franchisor will notify Master Franchisee in writing of its approval
      or disapproval of the proposed materials or programs within 5 days of receipt
      of
      such materials. If Franchisor does not approve such material within 5 days,
      such
      material shall be deemed disapproved. If proposed advertising materials are
      disapproved, Master Franchisee shall not use such materials in any manner.
      Franchisor shall use reasonable efforts to respond within the 5-day period
      and
      shall not unreasonably withhold or delay approval. 

    

    5.4 Concurrently
      with the execution of this Agreement Master Franchisee agrees to designate
      at
      least one individual
      who shall be a managing partner, shareholder or senior manager of Master
      Franchisee, to act as the Designated Manager of Master Franchise. Master
      Franchisee agrees to notify Franchisor 15 days in advance of the desired
      appointment and qualifications of the proposed Designated Manager. Franchisor
      reserves the right to reasonably disapprove of any such appointment; in which
      case, Master Franchisee shall not appoint that particular individual. The
      Designated Manager shall attend and complete to Franchisor’s satisfaction such
      training programs as Franchisor shall prescribe (which may be conducted in
      whole
      or in part at one or more of the offices of Franchisor in the United States).
      If
      the relationship of the Designated Manager with Master Franchisee terminates,
      or
      if the proposed Designated Manager fails to satisfactorily complete such
      training programs, Master Franchisee agrees to promptly designate a replacement
      Designated Manager, who shall satisfactorily complete such training programs.
      

    

    5.5 In
      addition to the Designated Manager, Master Franchisee shall maintain one
      additional Certified Employee per 10 franchisees within the Territory. Certified
      Employees are those who have completed Franchisor’s initial training and Master
      Franchisee training to Franchisor’s satisfaction. Franchisor shall provide
      training to required Certified Employees tuition-free. However, Master
      Franchisee shall be responsible for the cost of employee transportation and
      lodging during training. All of Master Franchisee’s key officers, directors,
and
      Certified Employees
      shall
      speak English, read, and write the English language fluently. This provision
      may
      be waived with Franchisor consent, which consent cannot be unreasonably
      withheld.

    

    5.6 Franchisor
      has attached in Exhibit E hereto a list of criteria determine the approval
      of
      any proposed Franchisee. Such
      standards are subject to change from time to time. Franchisor agrees to notify
      Master Franchisee of any change in its minimum qualification standards.
Should
      a
      prospective Franchisee meet all the criteria in Exhibit E, no Franchisor
      approval of said Franchisee will be required. Should a proposed Franchisee
      not
      meet substantially all of the criteria in Exhibit E,Master
      Franchisee will then submit to Franchisor written and completed applications
      of
      all qualified prospective franchisees together with any additional information
      and comments, including credit and background information, as requested by
      Franchisor on items provided by Franchisor. Franchisor will notify Master
      Franchisee and the prospective franchisee within 10 days of its acceptance
      or
      rejection of such application, which acceptance shall not be unreasonably
      withheld. Franchisor will not unreasonably withhold or delay its acceptance
      of a
      prospective franchisee or its manager. 

    

    5.7 Within
      30
      days of Franchisor’s notification of approval of a prospective franchisee,
      Master Franchisee and franchisee shall execute a Franchise Agreement. If such
      Agreement is not executed within 30 days, or such longer period as Franchisor
      may permit, or if any condition of approval specified by Franchisor is not
      satisfied, Franchisor may withdraw, suspend or condition its approval of
      Franchisee. A franchisee shall have 180 days to submit a site within the
      Territory to Master Franchisee and Franchisor, which Franchisor must approve
      in
      writing. Master Franchisee shall ensure that all formal site proposal packages
      submitted by Franchisees have been prepared and assembled in accordance with
      Franchisor's requirements and on prescribed forms and includes any property
      descriptions, lease forms, traffic pattern reports, market feasibility studies
      and other specifications as Franchisor may reasonably require. Franchisor will
      have 10 business days alter receipt of such information and materials from
      the
      Master Franchisee to approve or disapprove, in its sole discretion, the proposed
      site for the Shop, which approval shall not be unreasonably
      withheld.

     

    
      
        
        

      

      
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    5.8 In
      recruiting prospective franchisees, Master Franchisee shall make every effort
      to
      locate persons of good standing, professional competence, experience,
      reputation, ability and financial responsibility. The Master Franchisee shall
      uphold the Franchisor's qualification standards in soliciting, screening,
      offering and selling licenses or franchises to Franchisees. Master Franchisee
      must conduct both credit and criminal background checks on prospective
      franchisees before submitting their qualifications to the Franchisor or
      providing a prospective franchisee with any confidential information. Master
      Franchisee will make no earnings claims, promises, representations, or
      commitments to any prospective franchisee other than those stated in
      Franchisor’s then current Uniform Franchise Offering Circular and Franchise
      Agreement, and will only make offers and representations pertaining directly
      or
      indirectly to the franchised business or the operation of a Shop in strict
      compliance with the laws of the United States, and any other applicable laws
      and
      regulations. 

    

    5.9 Franchisor’s
      decision shall be final with respect to when to commence or settle a claim
      or as
      to strategy in defending legal actions and choice of counsel regarding any
      litigation with Territory Franchisees. With respect to legal proceedings against
      Franchisor or its affiliates arising from or related to Master Franchisee’s
      activities within the Territory, all costs and expenses of such actions shall
      be
      borne by the Master Franchisee. Moreover, Master Franchisee agrees to provide
      testimony at any legal proceeding pertaining to Franchisor’s activities in the
      Territory. 

    

    5.10 Master
      Franchisee must provide Franchisees in the Territory with Initial Training,
      as
      prescribed by Franchisor and in accordance with their individual franchise
      agreements. Master Franchisee must also perform on-site follow-up training
      session within the third month of a new Shop’s operation, or as otherwise
      prescribed by Franchisor in writing. Master Franchisee agrees to perform any
      training required by Franchisor should the System undergo a significant change.
      

    

    5.11 Franchisor
      has created and developed special procedures, standards and methods for
      operating and maintaining Shops, which standards are incorporated in
      Franchisor's Confidential Operating Manual. Master Franchisee shall ensure
      that
      each Shop within the Territory is developed and operated solely in accordance
      with Franchisor's requirements and specifications as set forth in the
      Confidential Operating Manual, including through inspections and secret shoppers
      as required by Franchisor's policies and procedures, which may be reasonably
      changed from time to time.

    

    5.12 Master
      Franchisee shall distribute to Territory franchisees the Confidential Operations
      Manual, any amendments or updates to the Confidential Operations Manual, and
      any
      other written materials Franchisor may designate. Franchisor shall provide,
      at
      its expense, copies of such written materials to be distributed, but Master
      Franchisee will be required to reproduce and/or provide translations for such
      materials at its own expense.

     

    
      
        
        

      

      
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    5.13 Master
      Franchisee will cause all sales efforts made by it or under its direction to
      be
      courteous and dignified, and in a professional, ethical and responsible manner.
      Master Franchisee must not violate any federal, state, or local laws of any
      of
      the countries encompassed by the Territory in connection with the offer or
      sale
      of franchises, and Master Franchisee must specifically abide by all valid and
      enforceable laws, rules and regulations by appropriate regulatory bodies
      regarding franchising.

    

    5.14 Master
      Franchisee, or his duly authorized representative, must provide supervision
      to
      all Franchisees within the Territories, as required under their individual
      franchise agreements. Such supervision must include, but not be limited to,
      on-site supervision prior to the opening of a Shop; general assistance, advice
      and consultation to franchisees with regard to entering into negotiations and
      agreements within the Territory for franchisees services; review of proposed
      leases and contracts; consultation and assistance with regard to grand opening
      of a Shop; supplemental training and assistance of all material aspects of
      the
      operation of a Shop, as needed, in accordance with Franchisor's requirements;
      periodic and regular telephone calls or visits to monitor operations of Shops
      within the Territory, continuous advisory services to franchisees, ongoing
      training and updates for all Shops within the Territory. Master Franchisee
      agrees to perform such duties pursuant to Franchisor's requirements herein
      described and in accordance with the System, the Confidential Operations Manual
      or otherwise in writing, all of which may be changed from time to time by
      Franchisor. Master Franchisee agrees to be available during regular business
      hours to answer franchisee questions or concerns. 

    

    5.15 Master
      Franchisee agrees to advise all Shops within the Territory of problems arising
      out of the operation of any Shop as disclosed by periodic reports submitted
      to
      Master Franchisee or Franchisor by a franchisee, or by inspections conducted
      by
      Master Franchisee or Franchisor of the Shops within the Territory. Master
      Franchisee must provide each Shop within the Territory with such assistance
      in
      connection with the operation of such Shop as is reasonably determined to be
      necessary by Franchisor. Operational assistance may consist of advice and
      guidance with respect to:

    

    a. Proper
      utilization of procedures developed for a Shop with respect to operations and
      management, recruitment of personnel, advertising and promotion, compliance
      with
      regulations and related activities as approved by Franchisor;

    

    b. Additional
      services authorized for Shops within the Territory;

    

    c. Purchase
      of equipment, products, inventory, materials, and supplies;

    

    d. The
      institution of proper administrative bookkeeping, accounting, inventory control,
      supervisory and general operating procedures for the effective operation of
      a
      Shop;

    

    e. Advertising
      and promotional programs;

     

    
      
        
        

      

      
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    f. Marketing
      and negotiating technique to be employed when dealing with prospective
      customers, clients and vendors; 

    

    g. Maintenance
      of a Shop’s premises; and 

    

    h. Proper
      use of the Marks and such other trade names, trademarks, service marks, and
      copyrights as may presently exist or be acquired and licensed for use by the
      Franchisor, along with ancillary signs, symbols, or indicia used in connection
      or in conjunction with said Marks.

    

    5.16 Master
      Franchisee must make contact with all Shops within the Territory for the
      proposes of consultation, assistance and guidance of franchisees and managers
      of
      each Shop, and Master Franchisee or its representatives will prepare, for
      benefit of both Master Franchisee and Franchisor, written reports regarding
      these regular contacts outlining any suggested changes or improvement in the
      operations of the Shop and detailing any defaults in such operations which
      become evident as a result of any such contact, and a copy of each such written
      report must be provided to both the franchisee or its manager and
      Franchisor.

    

    5.17 In
      the
      event Master Franchisee participates in a franchise trade show which
      participation will be at the Master Franchisee's discretion, Master Franchisee
      will be responsible for all expenses associated with staffing of the booth
      at
      the trade show. Master Franchisee will be responsible for the display booth,
      including shipping the booth to and from the trade show, sales and promotional
      material, and costs to exhibit in the trade show and travel expenses of any
      Master Franchisee’s personnel to the trade show.

    

    5.18 Master
      Franchisee will ensure that all signs, equipment, fixtures, supplies, design,
      layout and maintenance of each Shop conform to the plans and specifications
      set
      forth in the Operations Manual, or otherwise in writing by the Franchisor.
      Master Franchisee may alter such signs, equipment, fixtures, supplies, and
      Store
      layout with the prior written approval of the Franchisor, which shall not be
      unreasonably withheld. Master Franchisee will take all necessary steps to
      enforce the terms of each individual Franchise Agreement executed for a Shop
      within its Territories and the provisions of the Operations Manual, as
      amended.

    

    5.19 Master
      Franchisee must keep accurate records concerning all financial transactions
      and
      communications between Franchisor, Master Franchisee and franchisees relating
      to
      the operation of any Shop in the Territory, and Franchisor’s duly authorized
      representative shall have the right at all reasonable hours to examine all
      such
      records, and shall have full and free access thereto for said purpose and for
      the purpose of making extracts therefrom. All such records, including, but
      not
      limited to financial records, customer and franchisee complaints, and sales
      and
      purchasing statistics, shall be available for at least 3 years after the
      termination or expiration of this Agreement for any reason
      whatsoever.

    

    5.20 Not
      less
      than once every 12 months, Master Franchisee will arrange for and conduct
      regional seminars within the Territory for all Franchisees within the Territory.
      Such seminars shall include training and general advisory assistance for the
      Shops within the Territory and Master Franchisee shall notify Franchisor in
      writing at least 4 weeks prior to conducting such regional seminars. Franchisor
      will provide at least one person as an instructor at each regional seminar.
      The
      cost of travel lodging, etc. for the Franchisor’s representative will be the
      responsibility of Franchisor.

     

    
      
        
        

      

      
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    5.21 Master
      Franchisee, or his appointed representative, must attend any Master Franchisee
      seminars or training session held by Franchisor. Master Franchisee shall be
      responsible for travel, meal and lodging and other related expenses relating
      to
      such training sessions.

    

    5.22 Not
      less
      than once every 3 months, Master Franchisee must conduct management and
      financial reviews with each Franchisee. As a part of these reviews an evaluation
      form, which form will be mutually approved by Franchisor and Master Franchisee,
      will be included to determine if Master Franchisee is satisfactorily performing
      its duties and obligations under the terms of this Agreement. Master Franchisee
      will remit the management and financial review form, together with the Master
      Franchisee evaluations to Franchisor within 10 days after its receipt of such
      reviews. In addition, Master Franchisee will perform routine inspections of
      franchisee Shops in the Territory, approximately once a month to ensure strict
      compliance with the standards and specifications designated by Franchisor.
      

    

    5.23 All
      sales
      of Stores by Master Franchisee and any acts incident thereto shall be in strict
      accordance all applicable federal, state, and local laws relating to the sale
      of
      franchises applicable in the Territory. Approval of franchise sales shall not
      be
      unreasonably withheld, provided prospective franchisees meet Franchisor’s
      minimum standards.

    

    5.24 In
      the
      event the Master Franchisee sells an option for the exclusive right to purchase
      a franchise to an existing franchisee's area, all option fees paid by
      franchisees purchasing such options will be paid directly to the Master
      Franchisee in the event the option fees are not exercised and are forfeited,
      the
      option fees shall be forfeited to the Master Franchisee and not
      Franchisor.

     

    5.27. In
      the
      event Master Franchisee fails to perform any of these duties or any other
      obligations imposed on it by the terms of this Agreement, after being given
      a
      120 day period of time to resolve, correct, or otherwise bring into compliance
      any terms of this Agreement, Franchisor has the right but not the obligation
      to
      perform said duties or obligations and Master Franchisee hereby agrees to pay
      Franchisor the sum of $250.00 per day for each representative of Franchisor
      for
      its services in connection therewith together with any reasonable expenses
      incurred by Franchisor in so performing, including payroll, travel, meals and
      lodging expenses. Any portion of any royalty payments or other payments owed
      by
      Franchisor to Master Franchisee hereunder may be offset by any amounts owed
      by
      Master Franchisee to Franchisor if Franchisor is required to so perform any
      of
      Master Franchisee's duties or obligations under the terms of this Agreement.
      In
      the event Franchisor performs duties for the Master Franchisee, the Master
      Franchisee's share of the royalty payments will continue to accrue and be made
      to the Master Franchisee.

     

    5.28
       Protection
      and Promotion of Marks and System.
      The
      Master Franchisee shall operate the Master Franchisee business in accordance
      with the System standards set by the Franchisor and in such a manner as not
      to
      detract from or adversely reflect upon the name and reputation of the Franchisor
      and the goodwill associated with the Java Detour name and Marks. The Master
      Franchisee shall make every effort to protect, maintain and promote the Marks
      and the System, and to prevent imitations and infringements upon the Marks
      and
      System, within the Territory. 

     

     

    
      
        
        

      

      
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    5.29
       Payment
      of Taxes and Other Obligations.
      The
      Master Franchisee shall promptly
      pay when due all taxes and other obligations incurred with third parties in
      the
      operation of the Master Franchise business, including, without limitation,
      value-added, import/export, national insurance contributions, turnover taxes,
      sales and withholding taxes, and any and all accounts or other indebtedness
      of
      every kind incurred by the Master Franchisee in the conduct of the Master
      Franchise. In the event of a bona fide dispute as to the liability for taxes
      assessed or other indebtedness, the Master Franchisee shall follow the
      procedures of the appropriate governmental authority in the Territory. The
      Master Franchisee shall comply with all of the provisions of its individual
      franchise agreements, franchise agreements with franchisees within the
      territory, and all agreements with out designated or approved suppliers.

    

    5.30 Capitalization
      Requirement.
      Master
      Franchise agrees
      to
      maintain ongoing
      working capital sufficient
      to
      meet
      its obligations. Master Franchisee agrees to maintain ongoing working capital
      of
      at least $350,000
      during
      the initial
      term of this Agreement.  

     

    6.
       TRADE
      SECRETS 

    

    6.1
       Trade
      Secrets.
      The
      Master Franchisee warrants and represents that the Franchisor possesses certain
      trade secrets (the
      "Trade Secrets") relating to the operation of Java Detour franchises, which
      include: (1) site selection criteria; (2) methods, processes, formats,
      specifications, systems, procedures, sales and marketing techniques and
      knowledge of and experience in the development and operation of Java Detour
      franchises including any and all contents of the Confidential Operations Manual;
      (3) marketing programs; (4) research and development relating to new businesses
      and services; (5) knowledge of specifications for and suppliers of certain
      products, services, materials, supplies, equipment and fixtures; (6) the
      proprietary computer software program and designated equipment; and (7)
      knowledge of operating results and financial performance of Java Detour
      franchises. The Franchisor's Trade Secrets shall be disclosed by the Franchisor
      to the Master Franchisee through documents, electronic or magnetic means,
      optical disks, microfilm, film or other similar instruments. In view of the
      foregoing, any unauthorized disclosure by the Master Franchisee of the Trade
      Secrets provided by the Franchisor pursuant to this Agreement, shall be
      construed as disclosure of the Trade Secrets of the Franchisor and shall,
      therefore, entitle the Franchisor to exercise all of the legal actions derived
      from any applicable law and/or regulations the Franchisor may deem convenient.
      

     

    6.2
       Use
      and Limitation on Use.
      The
      Master Franchisee acknowledges and agrees it will not acquire any interest
      in
      Trade and Industrial Secrets, other
      than the right to utilize disclosed Trade Secrets in operating the Master
      Franchise business during the term hereof and that use or duplication of any
      Trade Secrets in any other business would constitute an unfair method of
      competition. The Master Franchisee further acknowledges and agrees that the
      Trade Secrets are proprietary, include trade secrets of the Franchisor and
      are
      disclosed to the Master Franchisee solely on the condition that the Master
      Franchisee agrees, and the Master Franchisee does hereby agree, that the Master
      Franchisee: (1) will not use Trade Secrets in any other business or capacity;
      (2) will maintain the absolute confidentiality of Trade Secrets during and
      after
      the term of this Agreement; (3) will not make unauthorized copies of any portion
      of Trade Secrets disclosed in written or other tangible forms; and (4) will
      adopt and implement all reasonable procedures that Franchisor prescribes to
      prevent unauthorized use or disclosure of Trade Secrets. 

     

    
      
        
        

      

      
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    6.3
       Updated
      Information.
      The
      Master Franchisee, within 30 days of receiving any updated information regarding
      the Confidential Operations Manual, shall in turn update its copy of the
      Confidential Operations Manual as instructed by the Franchisor and shall conform
      its operations with the updated provisions within a reasonable time thereafter.
      The Master Franchisee shall ensure that each of the Franchisees in the
      Territories shall, in turn, update their copy of the Confidential Operations
      Manual as instructed by the Franchisor, and shall conform their operations
      with
      the updated provisions within a reasonable period of time thereafter. The Master
      Franchisee acknowledges that a master copy of the Confidential Operations Manual
      maintained by the Franchisor at its principal office, shall be controlling
      in
      the event of a dispute relative to the content of any Confidential Operations
      Manual.

    

    7.
       REPRESENTATIONS
      OF MASTER FRANCHISEE 

    

    7.1
       Representations
      of Master Franchisee.
      The
      Master Franchisee represents and warrants that it has induced the Franchisor
      to
      enter into this Agreement based on
      the
      following representations and warranties made to Franchisor. The following
      representations and warranties shall survive termination of this Agreement.
      

    

    a.
       The
      Master Franchisee understands and acknowledges that the Franchisor has made
      no
      promise or guarantee, express or implied, that the Master Franchisee will be
      able to comply with any applicable laws and regulations concerning the sale
      of
      franchises in the Territory throughout the entire term hereof, but that the
      Master Franchisee is obligated to use best efforts to comply with the same.
      

    b.
       The
      Master Franchisee has in no manner relied upon any representations or statements
      of actual, average, projected or forecasted sales, profits or earnings made
      by
      the Franchisor with respect to the Master Franchise business in the Master
      Franchisee's decision to execute this Agreement. The Master Franchisee
      understands and acknowledges that the Franchisor has no experience in developing
      or operating Java Detour franchises in the Territories, so that the Master
      Franchisee has conducted its own independent investigation of what operating
      results may be achieved by conducting the Master Franchise business in the
      Territory. 

    

    c.
       The
      Master Franchisee acknowledges that it has read this Agreement and understands
      and accepts the terms contained in this Agreement as being reasonably necessary
      to maintain the Franchisor's high standards of quality and service and the
      uniformity of those standards and thereby to protect and preserve the goodwill
      of the Marks and the integrity of the System. The Master Franchisee acknowledges
      that it has conducted an independent investigation of the business venture
      contemplated by this Agreement and recognizes that, like any other business,
      the
      nature of this business may evolve and change over time, that the investment
      involves business risks and that the success of the venture is largely dependent
      upon the Master Franchisee's business abilities and efforts. The Master
      Franchisee further represents to the Franchisor, as an inducement to its entry
      into this Agreement, that the Master Franchisee had made no misrepresentations
      in obtaining the master franchise granted pursuant to this Agreement.

    

    d.
       The
      Master Franchisee represents that it is familiar with and has the necessary
      managerial and financial ability to operate, develop and maintain the Master
      Franchise business and that it has sufficient staff and offices to attempt
      to
      sell, train and support prospective and future Franchisees pursuant to the
      Franchisor's minimum standards of quality and in accordance
      with the Confidential Operations Manual. 

     

    
      
        
        

      

      
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    e. Master
      franchisee warrants that it is duly organized and validly existing in good
      standing under the laws of the jurisdiction of its incorporation or
      organization, and that it will be qualified to do business in the
      jurisdiction(s) where it will operate the Master Franchise within 6 months
      of
      signing this Agreement, and that all of the warranties and representations
      it
      has set forth in Exhibit B to the Master Franchise Agreement are true.

     

    8.
       ADVERTISING
      

    

    8.1
       Standards.
      The
      Master Franchisee acknowledges that the advertising and promotion of the Master
      Franchise business in accordance with the Franchisor's standards and
      specifications regarding advertising is an essential aspect of the System,
      and
      the Master Franchisee agrees to comply with all advertising standards and
      specifications. 

    

    8.2
       Marketing.
      Master
      Franchisee agrees to establish, maintain and administer a marketing program
      for
      the Territory (the "Marketing Program” or “Fund"), require all Stores (including
      those owned by Master Franchisee or its affiliates) to contribute to the
      Marketing Fund in accordance (and/or consistent) with the terms of their
      Franchise Agreements in an amount not less than 1% of their Gross Revenue,
      or
      our then-current requirement for Advertising Fund contributions as listed in
      Franchisor’s then current United States Uniform Franchise Offering Circular.
      Master Franchisee must direct the creation and implementation of advertising,
      marketing and promotional programs for the Territory; adapt the marketing
      materials provided to the Marketing Program by Franchisor for use in the
      Territory; and furnish each franchisee with reasonable quantities of marketing,
      advertising and promotional materials. Master Franchisee agrees to deliver
      to
      all franchisees on an annual basis a report of the receipts and expenditures
      of
      the Fund and of the percentage of Fund contributions spent on advertising,
      promotion, public relations, market research and other marketing programs and
      activities during the preceding financial year. 

    

    8.3 Accounting.
      Any
      advertising fees collected by the Master Franchisee from Franchisees pursuant
      to
      the Franchise Agreements and retained by the Master Franchisee, shall be
      deposited by the Master Franchisee in separate bank accounts, commercial
      accounts or savings accounts ("Advertising Account"). The Master Franchisee
      will
      make available to the Franchisor and to the Franchisees in the Territory on
      an
      annual basis a financial statement for the Advertising Account which indicates
      how deposits to the Advertising Account have been spent. The Advertising Account
      will be administered by the Master Franchisee, in its sole discretion, and
      shall
      be used by the Master Franchisee on behalf of Franchisees in the Territory
      for
      production and placement of media advertising, direct response literature,
      direct mailings, brochures, collateral material advertising, surveys of
      advertising effectiveness, or other advertising or public relations expenditures
      relating to advertising.

    

    9.
       SYSTEM
      STANDARDS 

     

    9.1
       System
      Standards.
      The
      Master Franchisee acknowledges and agrees that the development and operation
      of
      the Master Franchise and each individual franchise within the Territory in
      accordance with the specifications, standards, operating procedures and rules
      the Franchisor prescribes for the operation of Java Detour franchises as
      periodically modified and supplemented by Franchisor in its discretion during
      the term (the "System Standards") is the essence of this Agreement and essential
      to preserve the goodwill of the Marks. Therefore, the Master Franchisee agrees,
      at all times during the term hereof, to maintain and operate, and to require
      Marketers and Franchisees to maintain and operate, Stores in accordance with
      each and every System Standard. Franchisor may change the standards and
      specifications from time to time when, at its sole discretion, it deems such
      changes are needed for the continued success and development of the Franchise
      Network. Such changes may require purchasing equipment, supplies, furnishings
      or
      other goods, completing additional training by Master Franchisee’s employees, or
      other activities imposing costs on Master Franchise. Master Franchisee must
      promptly conform its standards and those of its franchisees to the modified
      standards and specifications at Master Franchisee’s own expense. Master
      Franchisee must at all times keep its copy of the Confidential Operations Manual
      current by inserting in it revised pages provided by Franchisor, and delete
      superseded pages. If there is a dispute concerning the Manual’s contents at any
      time, the terms of the master copy of the Confidential Operations Manual
      maintained by Franchisor will control. The Franchisor may only make material
      changes to the system standards and marks once every five years, at a cost
      not
      to exceed $25,000 per Shop. 

     

     

    
      
        
        

      

      
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    9.2
       Incorporation
      of System Standards.
      The
      Master Franchisee hereby agrees that System Standards prescribed from time
      to
      time in the Confidential Operations Manual, or otherwise communicated to the
      Master Franchisee in writing, shall constitute provisions of this Agreement
      as
      if fully set forth herein. All references to this Agreement shall include all
      System Standards as periodically modified. 

     

    9.3 Authorized
      Products and Services.
      Master
      Franchisee must offer and sell all the products and services and only the
      products and services that Franchisor has authorized Master Franchisee to
      provide, and ensure each franchisee in the Territory complies with the same.
      Master Franchisee shall at all times maintain at its Stores sufficient levels
      of
      inventory, and maintain a representative inventory of ingredients, food and
      beverage products and other products of the type, quantity and quality as
      specified in the Operations Manual, to adequately satisfy consumer demand.
      Master Franchisee must offer and sell, and require all franchisees within the
      Territory to offer and sell, all private label products which Franchisor
      designates for sale by System franchisees. Such items may include, without
      limitation, proprietary food, dessert and beverage items. This section 9.3
      is
      subject to Section 9.l and Section 9.6 of this Agreement.

     

    9.4 Designated
      and Approved Suppliers.
      Recognizing that preservation of the System depends upon product and service
      uniformity and the maintenance of Franchisor’s trade dress, Master Franchisee
      agrees to purchase certain signs, furnishings, supplies, fixtures, equipment
      and
      inventory from the Franchisor or from approved or designated third party
      suppliers as Franchisor shall specify, from time to time, in the Operations
      Manual and otherwise in writing. Master Franchisee hereby acknowledges that
      Franchisor, Franchisor’s affiliate and/or a third party may be one of several,
      or the only, approved supplier of any item. Master Franchisee further
      acknowledges and agrees that Franchisor and/or Franchisor’s affiliates may and
      have the right to realize a profit on any items that Franchisor, Franchisor’s
      affiliates or Franchisor’s approved suppliers supply to Franchisee. Master
      Franchisee acknowledges and agrees that the Franchisor may negotiate for and
      receive payments or other benefits from authorized suppliers in consideration
      of
      purchases by Master Franchisee and Master Franchisee’s franchisees. If Master
      Franchisee or any franchisee within the Territory wishes to use or sell any
      product not yet certified by Franchisor as meeting Franchisor’s specifications,
      or which is sold by a supplier not previously approved in writing by Franchisor,
      Master Franchisee must advise Franchisor and, upon Franchisor’s request, give
      Franchisor product specifications, sample products, and information about the
      supplier. Within thirty (30) days of receiving all information Franchisor may
      request, Franchisor will communicate to You either its approval, or its reasons
      for withholding its approval. Silence may not be construed as consent. As a
      condition of approving a supplier or product, Franchisor will require Master
      Franchisee or any franchisee in the Territory who requests approval to reimburse
      it for any expenses reasonably incurred by Franchisor in inspecting the
      suppliers’ premises, checking the suppliers’ credentials, or testing the
      product. As a condition of approving a supplier of any product that bears any
      of
      the Marks, Franchisor may require that the supplier sign Franchisor’s form of
      License Agreement. Franchisor may with-draw approval of a supplier or product
      or
      both if either no longer meet Franchisor’s standards or
      specifications.

     

    
      
        
        

      

      
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    9.5. Discontinuation
      of Existing Services.
      The
      Franchisor agrees not to discontinue offering or selling any existing services
      or products which constitute .05% of annual gross revenues for the Master
      Franchisee. 

    

    9.6. Mark-Up.
      Franchisor’s mark-up on any required purchases Master Franchisee shall be
      required to purchase from Franchisor shall not exceed 20%. 

    

    10.
       MARKS
      AND
      PROPRIETARY RIGHTS 

    

    10.1
       Ownership
      and Goodwill of Marks.
      The
      Master Franchisee hereby acknowledges that the Franchisor is the sole owner
      of
      the Marks and any goodwill established thereby and the Franchisor has the sole
      right to license and control the Master Franchisee's use of the JAVA DETOUR
      service mark and other Marks, and that the use of the Marks shall remain under
      the sole and exclusive control of the Franchisor. The Master Franchisee
      acknowledges that it has not acquired any right, title or interest in the Marks
      except for the right to use the Marks in the operation of the Master Franchise
      in the
      Territory pursuant to this Agreement. Master Franchisee understands and agrees
      that Franchisor shall have sole right to obtain or renew any trademark or
      service mark registration in the Territory that consists of or includes any
      of
      the Java Detour Marks. The parties acknowledge and agree that Franchisor has
      not
      obtained registration nor applied for the registration of its Marks with the
      relevant governmental authorities within the Territory. Franchisor agrees to
      use
      its best efforts to obtain such registration upon signing this Agreement.
      Franchisor represents that it will file an application for registration of
      the
      Mark Java Detour in the Territory, that it will pursue the application
      diligently and that it will make any reasonable alterations to the mark as
      may
      be advisable to obtain registration. Master Franchisee acknowledges and agrees
      that the denial of Franchisor’s application will not be an event entitling
      Master Franchisee to terminate this Agreement, to obtain a refund of any amount
      paid or owed to Franchisor or otherwise modify Master Franchisee’s obligations
      under this Agreement. Master Franchisee agrees to fully cooperate with
      Franchisor in recording this Agreement and in registering Master Franchisee
      and
      any subfranchisee as an authorized user of the Java Detour Marks with any
      governmental agency if necessary and also to cooperate in canceling any
      applicable registration on termination or expiration of this Agreement and/or
      any subfranchise agreement. 

     

    
      
        
        

      

      
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    10.2
       Trade
      Secrets.
      The
      Master Franchisee hereby acknowledges that the Franchisor owns and controls
      the
      distinctive plan for the establishment, operation and promotion of Java Detour
      franchises and all related licensed methods of doing business, previously
      defined as the "System," which may include, but are not limited to, distinctive
      layout, design and decoration for the Java Detour franchise structure, other
      commercial symbols, written promotional materials, advertising, and accounting
      systems, all of which constitute trade secrets of the Franchisor, and the Master
      Franchisee acknowledges that the Franchisor has valuable rights in and to such
      trade secrets. The Master Franchisee further acknowledges that it has not
      acquired any right, title or interest in the System except for the right to
      use
      the System in the operation of the Master Franchise business as it relates
      to
      this Agreement or as may be granted by separate agreement with the Franchisor.
      If, in the course of operating its Master Franchise, the Master Franchisee
      develops or improves any aspect of the System, any and all plans, methods,
      ideas
      and systems related to such development or improvement shall inure to the
      benefit of the Franchisor and shall be owned by the Franchisor as a part of
      the
      System. 

    

    10.3
       No
      Other Mark.
      The
      Master Franchisee further agrees that no Mark other than "JAVA DETOUR" or such
      other Marks as may be specified by the Franchisor, shall be used in the
      operation of the Master Franchise business. Franchisor
      shall use its best efforts to obtain registrations for the Marks. If Franchisor
      is unable to register the Marks with the appropriate governmental authorities
      in
      the Territory, the parties shall agree upon alternative marks for use in the
      operation of the Master Franchise, which marks shall be shall remain under
      the
      sole and exclusive control of the Franchisor (“Alternative
      Marks”). Master
      Franchisee acknowledges and agrees that Franchisor shall be the sole owner
      of
      the Alternative
      Marks and any goodwill established thereby and that Franchisor has the sole
      right to license and control the Master Franchisee's use of any
      Alternative Marks. Franchisor shall use best efforts to obtain registrations
      for
      the Alternative
      Marks agreed upon by the parties. 

     

    10.4
       Cessation
      of Use at Termination.
      In the
      event this Agreement is terminated for any reason, the Master Franchisee shall
      immediately cease using any of the Java Detour System, Marks, trade names,
      trade
      dress, trade secrets, copyrights or any other symbols used to identify the
      Master Franchise business, and all rights the Master Franchisee had to the
      same
      shall automatically terminate. The Master Franchisee agrees to execute any
      documents of assignment as may be necessary to transfer any rights the Master
      Franchisee may possess in and to the Marks to the Franchisor. Nothing herein
      shall affect the Master Franchisee's rights as a franchisee under any existing
      franchise agreement. 

     

    10.5
       Protection
      of the Marks.
      The
      Franchisor shall have the affirmative obligation to protect and defend its
      use
      of the Marks and the Franchisor's proprietary interests therein, which
      affirmative obligations shall include, without limitation, ascertaining on
      a
      periodic basis whether there is any infringing or illegal use of the Marks
      by
      any unauthorized parties within the Territory. The Master Franchisee shall
      notify the Franchisor in writing of any possible infringement or illegal use
      by
      others of the Marks, or trademarks the same as or substantially similar to
      the
      Marks which may come to its attention. The Master Franchisee acknowledges that
      the Franchisor shall have the right to determine whether action will be taken
      on
      account of any possible infringement or illegal use. If such action is deemed
      to
      be necessary, the Franchisor shall through counsel of its choosing institute
      legal action. The Franchisor and Master Franchisee shall equally bear the cost
      of any such action, including reasonable lawyer's fees. The Master Franchisee
      agrees to cooperate with the Franchisor in any such litigation. The Master
      Franchisee agrees not to institute any action on account of any possible
      infringement or illegal use without first obtaining the Franchisor's prior
      written consent. 

     

    
      
        
        

      

      
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    10.6
       Master
      Franchisee's Trade Name.
      The
      Master Franchisee acknowledges that the Franchisor has a prior and superior
      claim to the Marks and the Java Detour trade name. The Master Franchisee shall
      not license or use any of the Java Detour Marks or trade names in the legal
      name
      of its company, partnership or any other business entity used in conducting
      the
      business provided for in this Agreement. The Master Franchisee also agrees
      not
      to register or attempt to register any trade name using the word "Java Detour"
      in the Master Franchisee's name or in any other person or business entity name
      without the prior written consent of the Franchisor. When this Agreement is
      terminated, the Master Franchisee shall execute any assignment or other document
      the Franchisor requires to transfer to the Franchisor any rights the Master
      Franchisee may possess in a trade name utilizing the mark "Java Detour" or
      any
      other Mark owned by the Franchisor. 

     

    10.7
       Change
      of Marks.
      In the
      event that the Franchisor, in its sole discretion, shall determine it necessary
      to modify or discontinue the use of any proprietary Marks, or to develop
      additional or substitute marks, the Master Franchisee shall, within a reasonable
      time after receipt of written notice of such a modification or discontinuation
      from the Franchisor, take such action, at the Master Franchisee's sole expense,
      as may be necessary to comply with such modification, discontinuation, addition
      or substitution. Any material change to the Marks to be used in connection
      with
      the System shall be subject to the limitation in Section 9.1 above.

    

    10.8. Registered
      User Agreements.
      Master
      Franchisee shall, at the request of Franchisor, do all acts and execute all
      documents necessary or desirable in Franchisor’s sole discretion for
      establishing Master Franchisee as a user of the Marks hereunder and, where
      required, for the registration of Master Franchisee's permitted use with
      governmental agencies, subject to the limitations set forth in Section 2.1.4.
      above. Following such request, Master Franchisee shall not be entitled to
      exercise any of the rights granted by this Agreement until Master Franchisee
      has
      executed and delivered such documents to Franchisor. Any registered user
      agreement shall be in form and substance acceptable to Franchisor. 

    

    11.
       REPORTS
      AND RECORDS 

    

    11.1
       Periodic
      Reports.
      The
      Master Franchisee shall supply to the Franchisor such reports in a manner and
      form as the Franchisor may, from time to time, reasonably require, including,
      but not limited to, weekly sales reports, submitted to the Franchisor no later
      than Monday of the following week for all sales information from the previous
      week, which sales reports will include information
      on sales of franchises and revenues of each of the Java Detour franchises in
      the
      Territory, identified by Franchisee and by location. 

     

    11.2
       Annual
      Reports.
      The
      Master Franchisee shall, within 90 days after the end of its fiscal year,
      provide to the Franchisor annual financial
      statements
      and tax
      returns relating to the Master Franchise business, and a statement that all
      sums
      due and owing hereunder have been paid, along with a signed statement from
      the
      CFO attesting to the truth and accuracy of these statements. If the
      certification shows an underpayment of any amounts owed to the Franchisor,
      these
      amounts shall be paid to the Franchisor concurrently with the submission of
      the
      statements. In addition, the Master Franchisee shall, within 45 days from the
      end of each calendar quarter, provide the Franchisor with copies of quarterly
      sales tax returns or other assessments. In addition, the Master Franchisee
      shall, by January 1st of each calendar year, submit to the Franchisor its
      business and marketing plan for the Territory for the upcoming year, together
      with a copy of its current Confidential Operations Manual used in the Territory
      within the preceding year, together with every Franchise Agreement executed
      within the preceding year. 

     

    
      
        
        

      

      
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    11.3
       Maintenance
      of Records.
      The
      Master Franchisee shall maintain all books and records for the Master Franchise
      business in accordance with generally accepted accounting principles,
      consistently applied, and preserve these records for at least three years after
      the fiscal year to which they relate.
      

    

    11.4
       Inspection
      and Audit.
      The
      Master Franchisee shall permit the Franchisor to inspect and audit the books
      and
      records of the Master Franchise business at any reasonable time, during normal
      working hours, including Master Franchisee’s tax returns. If an audit discloses
      an underpayment of royalty fees, franchise fees, or Advertising Fund or
      cooperative fund contributions payable under this Agreement, Master Franchisee
      will immediately pay these amounts to Franchisor together with accrued interest
      in the amount specified according to Section 3.5 of this Agreement. In addition,
      if the underpayment exceeds three percent (3%) of total amounts payable to
      Franchisor for any period covered under the audit, Master Franchisee must
      reimburse Franchisor for all expenses incurred by Franchisor in connection
      with
      the audit.

    

    12.
       ASSIGNMENT
      OF RIGHTS 

    12.1
       Assignment
      by Master Franchisee.
      The
      Master Franchise business granted herein is personal to the Master Franchisee
      and except as stated below, the Franchisor shall not allow or permit any
      transfer, assignment, sublicense or conveyance of this Agreement or any interest
      hereunder. The Master Franchisee shall not sell, transfer or assign its rights
      under this Agreement or any interest in it, or any part or portion of the entity
      that owns it, or a substantial portion of the assets used in carrying out this
      Agreement (including, without limitation, its right, title and interest to
      any
      Franchise Agreement to which it is a party), unless the Master Franchisee
      obtains the Franchisor's prior written consent and the Master Franchisee and/or
      the proposed transferee comply with the following requirements: 

    

    a.
       Payment
      of all amounts due and owing pursuant to this Agreement by the Master Franchisee
      to the Franchisor, its affiliates, its designated third party suppliers, and
      third parties whose debts or obligations the Franchisor has guaranteed on behalf
      of the Master Franchisee, if any; 

    

    b.
       Master
      Franchisee must cure all existing defaults under this Agreement, or any other
      agreement between Master Franchisee and Franchisor, Franchisor’s affiliates,
      Franchisor’s major suppliers and vendors, within the period permitted for cure
      and have substantially complied with such agreements during their respective
      terms;

    

    c. Agreement
      by the proposed transferee to satisfactorily complete the initial
      Master Franchisee training program and initial franchisee training program
      conducted by the Franchisor, which training may be completed by the transferee
      either prior to or immediately after assignment of this Agreement;

     

    
      
        
        

      

      
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    d.
       An
      express written assumption by the proposed transferee of the Master Franchisee's
      obligations pursuant to this Agreement and all Franchise Agreements executed
      with Franchisees; 

    

    e.
       Provision
      by the Master Franchisee of 30 days' written notice prior to the proposed
      effective date of the transfer, such notice to contain the material terms and
      conditions of the transfer, including without limitation, the price and terms
      of
      payment; 

    

    f.
       Execution
      by the Master Franchisee and Master Franchisee’s principals, officers,
      directors, and the transferee (if it has had any previous relationship with
      Franchisor or Franchisor’s affiliates), of a general release of all claims
      against the Franchisor and an acknowledgment of Master Franchisee’s termination
      of all of its rights in connection with this Agreement; 

     

    g.
       Payment
      by the Master Franchisee or the proposed transferee
      of
      $10,000 to cover Franchisor’s legal and administrative costs in approving the
      transferee; 

    

    h.
       Submission
      by the Master Franchisee and/or proposed transferee of a copy of the executed
      purchase agreement relating to the proposed transfer with all supporting
      documents and schedules, including transferee's assumption of and agreement
      to
      faithfully perform all of Franchisee’s obligations under this
      Agreement;

    

    i. The
      proposed transferee shall have provided information to the Franchisor sufficient
      for the Franchisor to assess the proposed transferee's business experience,
      aptitude, creditworthiness and financial resources to operate
      the Master Franchise business and the Franchisor shall have ascertained that
      the
      proposed transferee meets such qualifications; and 

    

    j.
       Agreement
      by Master Franchisee and Master Franchisee’s principals, officers, directors,
      employees, and the members of their respective families to comply with the
      post-termination provisions of this Agreement; 

    

    k. The
      proposed transferee shall have visited the corporate headquarters of the
      Franchisor and shall have been evaluated and approved by the Franchisor.

    

    l. In
      any
      event, Franchisor may withhold or condition Franchisor’s consent to any transfer
      as Franchisor deems appropriate based on the circumstances of the transfer
      or
      otherwise.

     

    12.2
       Franchisor's
      Approval of Transfer.
      The
      Franchisor has 30 days from the date of notice from the Master Franchisee to
      approve or disapprove of the Master Franchisee's proposed assignment. The Master
      Franchisee acknowledges that the Franchisor may withhold approval of a proposed
      assignment or proposed transferee for any justifiable business reason, including
      without limitation, the transferee's financial capability or its suitability
      to
      act as the Franchisor's special agent in the Territory. Master Franchisee
      acknowledges that the transferee shall be evaluated based on Franchisor’s then
      current standards for Master Franchisees. If the Master Franchisee and its
      proposed transferee comply with all conditions for assignment set forth herein
      and the Franchisor has not given the Master Franchisee notice of its approval
      or
      disapproval within such period, approval is deemed granted. 

     

    
      
        
        

      

      
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    12.3
       Franchisor’s
      Right of First Refusal.
      In the
      event the Master Franchisee wishes to sell, transfer or assign its rights under
      this Agreement or any interest in it, or any substantial portion of the assets
      used in carrying out this Agreement to a third party, the Master Franchisee
      agrees to grant to the Franchisor
      a 15
      day
      right of first refusal to purchase such rights or assets on the same terms
      and
      conditions as are contained in the written offer to purchase submitted to the
      Master Franchisee by the proposed purchaser. The Master Franchisee shall
      immediately notify the Franchisor of such offer by sending a written notice
      via
      courier, telegram or telefax to the Franchisor enclosing a copy of the written
      offer from the proposed purchaser and receipt of such notice must be confirmed
      in writing upon receipt by Franchisor. Such right of first refusal is effective
      for each proposed assignment. Absence of a reply to the Master Franchisee's
      notice of a proposed assignment within the 15 day period is deemed a waiver
      of
      such right of first refusal. The right of first refusal period will run
      concurrently with the period in which the Franchisor has to approve or
      disapprove the proposed transferee. If the Franchisor chooses not to exercise
      its right of first refusal, the Master Franchisee shall be free to complete
      the
      sale, transfer or assignment, subject to compliance with all other
      pre-conditions for assignment set forth herein. 

     

    12.4
       Types
      of Assignment.
      The
      Master Franchisee acknowledges that the Franchisor's right to approve or
      disapprove of a proposed sale or transfer provided for herein shall only apply
      to
      any
      proposed transfer or assignment of % or more of the stock or other ownership
      interest in the Master Franchisee. With respect to a proposed transfer as
      described in this paragraph, the Franchisor's right of first refusal to
      purchase, as set forth above, shall not apply and the Franchisor will waive
      any
      transfer fee chargeable to the Master Franchisee for a transfer under these
      circumstances. As long as Elie Samaha retains an ownership interest in the
      Master Franchisee, Franchisor approval shall not be required for transfers
      or
      proposed sales described in this section 12.4. Should Master Franchisee
      determine it to be beneficial to transfer a different type of corporate entity
      other than a Limited Liability Company, said new entity shall maintain a
      provision that the entity cannot be dissolved solely by the removal or buy-out
      of any one member.

    

    12.5
       Assignment
      by Franchisor.
      This
      Agreement is fully assignable by the Franchisor and shall inure to the benefit
      of any assignee or other legal successor in interest, provided that the assignee
      agrees to assume all of Franchisor’s obligations under this Agreement. The
      Franchisor shall also have the right to delegate the performance of any portion
      or all of its obligations hereunder to third parties, whether the same are
      agents of the Franchisor or independent contractors with whom the Franchisor
      has
      contracted to provide such services. The Master Franchisee agrees in advance
      to
      any such delegation by the Franchisor of any part or portion of its obligations
      and duties hereunder. 

     

    12.6
       Master
      Franchisee's Death or Incapacity.
      Upon
      the death or permanent disability
      of the Master Franchisee (or the individual controlling the Master Franchisee
      entity), the executor, administrator, conservator, guardian or other personal
      representative of such person shall transfer the Master Franchisee's interest
      in
      this Agreement or such interest in the Master Franchisee entity to an approved
      third party. Such disposition of this Agreement or such interest (including,
      without limitation, transfer by bequest or inheritance) shall be completed
      within a reasonable time, not to exceed 120 days from the date of death or
      permanent disability, and shall be subject to all terms and conditions
      applicable to transfers contained in this Article 12, including the granting
      of
      a right of first refusal to the Franchisor. Provided, however, that for the
      purposes of this Article 12, there shall be no fee charged by the Franchisor
      for
      the initial training program offered to the transferee. Failure to transfer
      the
      interest in this Agreement or such interest in the Master Franchisee entity
      within said period of time shall constitute a breach of this Agreement. For
      the
      purposes hereof, the term "permanent disability" shall mean a mental or physical
      disability, impairment or condition that is reasonably expected to prevent
      or
      actually does prevent the Master Franchisee or the owner of a controlling
      interest in the Master Franchisee entity from supervising the management and
      operation of the Master Franchise business for a period of 120 days from the
      onset of such disability, impairment or condition.

     

    
      
        
        

      

      
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    13.
       TERM
      AND
      EXPIRATION 

    

    13.1
       Term.
      The
      term of this Agreement is for a period of 15 years from the date of this
      Agreement, unless sooner terminated as provided herein. 

    

    13.2
       Renewal.
      At the
      end of the initial term hereof the Master Franchisee may renew the franchise
      rights granted hereunder for two consecutive 5 year terms if the Master
      Franchisee: 

    

    13.2.1 Master
      Franchisee is in compliance with all the terms and conditions of this Agreement
      at the time of renewal, has cured any defaults within the time period specified
      within this agreement, and has substantially complied with the terms of this
      Agreement and with the operating standards and criteria established by
      Franchisor throughout the initial term and any renewal term of this
      Agreement;

    

    13.2.2 Master
      Franchisee has satisfied all monetary obligations owed to Franchisor and its
      affiliates through this or any other agreement;

    

    13.2.3 Master
      Franchisee is in compliance with all other agreements between Master Franchisee
      and Franchisor and/or its affiliates;

    

    13.2.4 The
      Master Franchisee may exercise its renewal option by giving notice of such
      exercise to the Franchisor at least 120 days but no more than 180 days prior
      to
      the scheduled expiration of this Agreement and thereafter comply with other
      conditions of renewal within 90 days after such notice. 

    

    13.2.5 Master
      Franchisee executes Franchisor’s then-current form of Master Franchisee
      agreement, which may vary materially from the terms of this Agreement, and
      which, when executed, will supersede this Agreement in all
      respects;

    

    13.2.6 Master
      Franchisee signs a general release in the form prescribed by Franchisor, in
      favor of Franchisor and its affiliates and their respective officers, directors,
      agents, and employees, for all claims arising out of or related to this
      Agreement or any related agreements with Franchisor or its affiliates;
      and

    

    13.2.7 Master
      Franchisee pays a Renewal fee $10,000. 

     

    
      
        
        

      

      
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    13.2.8 The
      Franchisor shall not be obligated to renew this
      Agreement if the Master Franchisee fails to comply with any of the above
      conditions of renewal. In such event, the Franchisor shall give notice of
      nonrenewal at least 180 days prior to the expiration of the term, and such
      notice shall set forth the reasons for such refusal to renew.Master Franchisee
      will have 60 days from the date of their receipt of this notice to
      cure.

    

    14.
       DEFAULT
      AND TERMINATION 

     

    The
      rights, licenses and territorial exclusivity granted to the Master Franchisee
      under this Agreement have been granted in reliance on Master Franchisee's
      representations and assurances, among others, that the conditions and
      obligations set forth in Paragraphs 5 and 6 of this Master Franchise Agreement
      will be met and performed in a timely manner. Master Franchisee may not
      terminate this Agreement prior to the expiration of its term,
      except
      with the written consent of Franchisor, which consent Franchisor shall grant
      at
      its sole discretion.

    

    14.1 Events
      of Default, No Right to Cure.
      The
      rights, licenses and territorial exclusivity may be terminated upon the
      happening of any of the following events, without opportunity to
      cure:

    

    14.1.1. If
      Master
      Franchisee is adjudicated bankrupt, becomes insolvent, suffers a permanent
      or
      temporary court-appointed receivership of substantially all of Master
      Franchisee's property, makes a general assignment for the benefit of creditors
      or suffers the filing of a voluntary or involuntary bankruptcy petition which
      is
      not dismissed within one year after filing;

    

    14.1.3. If
      Master
      Franchisee is convicted of a material act of fraud, embezzlement or theft
      resulting in material damage to Franchisor.

    

    14.1.4. If
      Master
      Franchisee transfers any rights or obligations under this Agreement to any
      party
      without the prior written consent of Franchisor as required under Section 12
      of
      this Agreement;

    

    14.1.5. If
      Master
      Franchisee, its owners, officers, or directors disclose to an unauthorized
      third
      party the contents of the Confidential Operations Manual or any other designated
      trade secrets or confidential information provided by Franchisor;
      or

    

    14.1.6. If
      Master
      Franchisee receives 3 or more notices of material default of this or any other
      Agreement with Franchisor or its affiliates within any consecutive 24-month
      period during the term of this Agreement, whether or not such defaults are
      timely cured by the Master Franchisee.

    

    14.2.
       Events
      of Default with Right to Cure.
      The
      following events constitute grounds for termination of the rights, licenses
      and
      territorial exclusivity granted to the Master Franchisee under this Agreement,
      with prior written notice from Franchisor and a 90-day cure opportunity to
      cure:

    

    14.2.1. If
      the
      Master Franchisee fails to comply with either of the Mandatory Development
      Schedules;

    

    14.2.2. If
      Master
      Franchisee fails, refuses, or neglects to pay as due any monies owed to the
      Franchisor or its affiliates;

     

    
      
        
        

      

      
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    14.2.3. If
      Master
      Franchisee fails to open and maintain throughout the term of this Agreement
      a
      prototype Shop as specified in Sections 5 of this Agreement. 

    

    14.2.4. If
      Master
      Franchisee is in default of any terms of this Agreement, any individual
      franchise agreement, or any other agreement Master Franchisee may have entered
      into with Franchisor or its affiliates; 

    

    14.2.5. If
      Master
      Franchisee fails to maintain and submit to Franchisor any financial reports
      or
      statements required by this Agreement;

    

    14.2.6. If
      Master
      Franchisee or Master Franchisee’s employees fail to attend and successfully
      complete any training programs required by Franchisor, or if the Master
      Franchisee fails to maintain the appropriate number of Certified Employees
      as
      required under Section 5.4 of this Agreement; 

    

    14.2.7. If
      Master
      Franchisee fails to obtain the prior written approval of Franchisor of any
      and
      all advertising, marketing, or promotional plans and materials used by Master
      Franchisee in connection with its promotion of the Java Detour Franchise or
      if
      Master Franchisee violates this Agreement or any state or federal law regarding
      the sales or promotion of franchises;

    

    14.2.8. If
      Master
      Franchisee fails to devote is best efforts to the development of the Territory
      or attempts to promote or sell franchisees under any other System; 

    

    
      
        14.2.9.
          If
          there
          is substantial noncompliance with Paragraph 5 herein;

      

    

     

    14.2.10. If
      Master
      Franchisee misuses or makes any unauthorized use of the Marks
      or any
      Alternative Marks, engages in any business or markets any services or products
      under a name or mark which is confusingly similar to the
      Marks
      or any Alternative Marks; or

    

    14.2.11. If
      Master
      Franchisee fails to comply with the provision of Section 19.10
      below.

     

    14.2.
       The
      events of default and grounds for termination described in this Section 14
      will
      be in addition to any other grounds for termination and remedies contained
      elsewhere in this Agreement or in any individual Franchise Agreement executed
      between Franchisor and the Master Franchisee. No right or remedy herein
      conferred upon or reserved to Franchisor is exclusive of any other right or
      remedy provided or permitted by law or equity.

    

    14.3. Upon
      termination of the Master Franchise Agreement, Master Franchisee will no longer
      be entitled to receiving royalty payments from franchisees within the territory,
      and Franchisor is entitled to operate or assign these rights to another party
      at
      Franchisor's option.  This release does not operate to Master Franchisee
      owned stores in the teritory.

    

    14.4 Post-Termination
      Obligations of Master Franchisee.
      The
      Master Franchisee is obligated upon termination or nonrenewal of this Agreement
      to: 

    

    14.4.1.
       Pay
      to
      the Franchisor all fees, and any and all amounts or accounts payable then owed
      the Franchisor or its affiliates pursuant to this Agreement, or pursuant to
      any
      other agreement, whether written or oral, between the parties, within 15 days
      of
      the effective date of such termination; 

     

    
      
        
        

      

      
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    14.4.2.
       Promptly
      cease to identify the Master Franchise business as being, or having been,
      associated with the Franchisor, and immediately cease using any of the Marks,
      or
      any mark in any way associated with the System for any purpose, except pursuant
      to any other effective agreement with the Franchisor; 

    

    14.4.3.
       Deliver
      to the Franchisor all signs, sign-faces, advertising materials, stationery,
      videotapes, forms and other materials bearing any of the Marks or otherwise
      identified with the Franchisor within 60 days of termination; 

    

    14.4.4.
       Deliver
      to the Franchisor the Confidential Operations Manuals in its possession and
      all
      other information, documents and copies thereof which are proprietary to the
      Franchisor within 60 days of termination; 

    

    14.4.5.
       Promptly
      take such action as may be required to cancel all trade names or equivalent
      registrations relating to its use of any Marks of the Franchisor or, at the
      option of the Franchisor, assign the same to the Franchisor;
      

    

    14.5.6.
       Abide
      by
      the provisions related to transfer of any and all of the Master Franchisee's
      interest under any Franchise Agreements and Marketer Agreements, as set forth
      below and offer to the Franchisor the option to take assignment of the Franchise
      Agreements then in effect with Franchisees in the Territory; 

    

    14.4.7.
       Deliver
      to the Franchisor within
      60
      days of termination the names, addresses, telephone numbers and any other
      information in the Master Franchisee's possession, regarding all sales leads
      of
      prospective Franchisees within the Territory; 

    

    14.4.8.
       Promptly
      notify the appropriate telephone company and all telephone directory listing
      agencies of the termination or expiration of Master Franchisee's right to use
      any telephone numbers and any regular, classified or other telephone directory
      listings associated with any Proprietary Marks and authorize transfer of same
      to
      or at the direction of Franchisor. Master Franchisee agrees to execute updated
      letters of direction to telephone companies and telephone directory listing
      agencies directing termination and/or transfer of Master Franchisee's right
      to
      use telephone numbers associated with the Proprietary Marks, which Franchisor
      may hold until termination or expiration hereof. Master Franchisee acknowledges
      that as between Franchisor and Master Franchisee, Franchisor has the sole right
      to and interest in all telephone numbers and directory listing associated with
      any Proprietary Marks. Master Franchisee authorizes Franchisor, and hereby
      appoints Franchisor and any officer of Franchisor as its attorney in fact,
      to
      direct the appropriate telephone company and all listing agencies to transfer
      same to Franchisor or at is direction, should Master Franchisee fail or refuse
      to do so, and the appropriate telephone company and all listing agencies may
      accept such direction of this Agreement or Master Franchisee's letter of
      direction held by Franchisor as conclusive of the exclusive rights of Franchisor
      in such telephone number and directory listings and its authority to direct
      their transfer; and

     

    
      
        
        

      

      
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    14.4.9.  Furnish
      to Franchisor, within 60 days after the effective date of termination or
      expiration, evidence satisfactory to Franchisor of Master Franchisee's
      compliance with the foregoing obligations.

    

    14.4.10.
       Abide
      by
      all restrictive covenants as set forth in Article 16 below. 

    

    14.4.11. Master
      Franchisee shall promptly pay to Franchisor all damages, costs and expenses,
      including reasonable attorneys' fees, incurred by Franchisor as a result of
      any
      default on Master Franchisee’s part, which obligation shall give rise to and
      remain, until paid in full, a lien in favor of Franchisor against any and all
      of
      Master Franchisee’s, furnishings, equipment, signs, fixtures and inventory
      related to the operation of the Master Franchise and any individual Stores
      Master Franchisee may operate. 

    

    14.5
       Franchisor's
      Assumption of Agreements.
      If this
      Agreement expires according to its terms, or is terminated or not renewed by
      the
      Franchisor due to any material breach in this Agreement by the Master
      Franchisee, or is terminated by the Master Franchisee contrary to the terms
      of
      this Agreement, then the Franchisor shall have the option, but not the
      obligation, to take assignment of any and all of the Master Franchisee's
      interest as Master Franchisee (but not as Franchisee) under any Franchise
      Agreements then in effect with Franchisees in the Territory, on its own or
      its
      designee's behalf. In the event the Franchisor
      assumes the Master Franchisee's interest in such agreements, the Master
      Franchisee shall have no further entitlement to any fees accruing after the
      effective date of the assignment, and the Master Franchisee shall also transfer
      all funds in the Advertising Account to the Franchisor or its
      designee.

    

    15.
       RELATIONSHIP
      OF THE PARTIES/INDEMNIFICATION 

    

    15.1
       Independent
      Businesspersons.
      During
      the term of this Agreement, the Master Franchisee shall be an independent
      businessperson and shall in no way be considered as a general agent, partner
      or
      employee of the Franchisor. It is understood and agreed that no general agency
      or partnership is created by this Agreement. As such, the Master Franchisee
      has
      no authority of any nature whatsoever to bind the Franchisor or incur any
      liability for or on behalf of the Franchisor or to represent itself as anything
      other than an independent contractor. 

     

      15.2
       Indemnification.
      The
      Master Franchisee shall indemnify and hold harmless the Franchisor and its
      officers, directors, employees, agents and representatives from all fines,
      suits, proceedings, claims, demands or actions ("Claims") of any kind or nature,
      including reasonable lawyers' fees, from any third party whomsoever, arising
      or
      growing out of, or otherwise connected with the Master Franchisee's operation
      of
      the Master Franchise business, or the Franchise Agreements as may now or
hereafter
      be executed with Franchisees in the Territory, except and unless any such Claim
      arises out of the authorized use of, or defense or protection of, the Marks
      in
      the Territory. If the Franchisor seeks indemnification hereunder with respect
      to
      the assertion of a Claim, it shall give notice to the Master Franchisee within
      30 days of the Franchisor's becoming aware of any such Claim. The notice shall
      set forth such information with respect to the Claim as is then reasonably
      available to the Franchisor. The Master Franchisee will thereafter be entitled,
      at any time during the defense of the Claim, if it so elects, by written notice
      delivered to the Franchisor within 30 days after receiving the Franchisor's
      notice, to assume the defense of the Claim with counsel satisfactory to the
      Franchisor. Notwithstanding the foregoing, (i) the Franchisor shall have the
      right to employ its own counsel in any such case (but the fees and expenses
      of
      such counsel shall be at the expense of the Franchisor as long as the Master
      Franchisee continues to defend such matter), to defend such Claim, or to
      compromise or settle such Claim insofar as such compromise or settlement does
      not involve monetary damage or payment of money; (ii) the Franchisor shall
      not
      have any obligation to give any notice of a Claim by a third party unless such
      Claim is in writing; and (iii) the rights of the Franchisor to be indemnified
      herein shall not be deemed forfeited by its failure to give notice unless the
      Master Franchisee is prejudiced by such failure. After receipt
      of the aforesaid notice of a Claim, if the Master Franchisee fails to assume
      the
      defense of the Franchisor against such Claim, the Franchisor shall have the
      right to undertake the defense and to compromise or settle such Claim on behalf
      of and for the account and risk of the Master Franchisee, and at the Master
      Franchisee's expense, payable to the Franchisor upon written
      demand.

     

    
      
        
        

      

      
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    15.3
      Indemnification
      of Master Franchisee.
      The
      Franchisor shall indemnify and hold harmless the Master Franchisee and its
      officers, directors, employees, agents and representatives from all fines,
      suits, proceedings, claims, demands or actions ("Claims") of any kind or nature,
      including reasonable lawyers' fees, from any third party whomsoever, arising
      or
      growing out of, or otherwise connected with the Franchisor’s policies and
      procedures required of the Master Franchisee in the operation of the Master
      Franchise business, or the franchise agreements as may now or hereafter be
      executed with Franchisees in the Territory. If the Master Franchisee seeks
      indemnification hereunder with respect to the assertion of a Claim, it shall
      give notice to the Franchisor within 30 days of the Master Franchisee's becoming
      aware of any such Claim. The notice shall set forth such information with
      respect to the Claim as is then reasonably available to the Master Franchisee.
      The Franchisor will thereafter be entitled, at any time during the defense
      of
      the Claim, if it so elects, by written notice delivered to the Master Franchisee
      within 30 days after receiving the Master Franchisee's notice, to assume the
      defense of the Claim with counsel satisfactory to the Master Franchisee.
      Notwithstanding the foregoing, (i) the Master Franchisee shall have the right
      to
      employ its own counsel in any such case (but the fees and expenses of such
      counsel shall be at the expense of the Master Franchisee as long as the
      Franchisor continues to defend such matter), to defend such Claim, or to
      compromise or settle such Claim insofar as such compromise or settlement does
      not involve monetary damage or payment of money; (ii) the Master Franchisee
      shall not have any obligation to give any notice of a Claim by a third party
      unless such Claim is in writing; and (iii) the rights of the Master Franchisee
      to be indemnified herein shall not be deemed forfeited by its failure to give
      notice unless the Franchisor is prejudiced by such failure. After receipt of
      the
      aforesaid notice of a Claim, if the Franchisor fails to assume the defense
      of
      the Master Franchisee against such Claim, the Franchisee shall have the right
      to
      undertake the defense and to compromise or settle such Claim on behalf of and
      for the account and risk of the Franchisor, and at the Franchisor's expense,
      payable to the Master Franchisee upon written demand

    

    16.
       RESTRICTIVE
      COVENANTS 

    

    16.1
      Non-Competition
      During Term.
      While
      this Agreement is in effect, the Master Franchisee and its officers, partners,
      directors, agents or employees who have completed the Franchisor's initial
      training program or had access to the Confidential Operations Manual, including
      without limitation, the beneficial owners of a 5% or greater interest in the
      Master Franchisee, where the Master Franchisee is a company, shall not, directly
      or indirectly, engage in or participate, as an owner, officer, partner,
      director, agent, franchise sales agent, employee or otherwise in any other
      business which engages in, or licenses or franchises others to engage in, a
      business which is the same or substantially similar to a Java Detour franchise
      including, without limitation, any business which operates or licenses coffee
      or
      tea shops without having first obtained the Franchisor's written consent.

     

    
      
        
        

      

      
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    16.2
       Post-Termination
      Covenant Not To Compete.
      The
      Master Franchisee has acquired from the Franchisor confidential information
      regarding Franchisor's trade
      secrets and System which, in the event of a termination of this Agreement,
      could
      be used by the Master Franchisee to injure the Franchisor. As a result, the
      Master Franchisee and its officers, partners, directors, agents or employees
      who
      have completed the Franchisor's initial training program or had access to the
      Confidential Operations Manual, including without limitation, the beneficial
      owners of 5% or more of the ownership interest in a Master Franchisee which
      is a
      company, shall not for a period of two years from the date of termination,
      transfer, or expiration of this Agreement, or for a period of two years after
      termination or cessation of such person's relationship with the Master
      Franchisee in such capacity, whichever first occurs, without first having
      obtained the Franchisor's consent, engage in, or participate as, an owner,
      officer, partner, director, franchise sales agent, agent or employee in any
      other business which engages in, or licenses or franchises others to engage
      in,
      a business which is the same or substantially similar to a Java Detour franchise
      including, without limitation, any business which operates or licenses coffee
      and tea stores and which is operating, as of the date of such termination,
      transfer or expiration, anywhere a Java Detour franchise is operating as of
      the
      date of such termination, transfer or expiration.

     

    16.3
       No
      Interference.
      The
      Master Franchisee agrees that during the term of this
      Agreement and for a period of two years thereafter, it shall in no way solicit
      or attempt to solicit the employees of or the business or customers of, or
      interfere with the business relationship established with employees or customers
      of, the Franchisor or other Java Detour franchises. 

    

    16.4
       Nondisclosure
      and Noncompetition Agreement.
      The
      Master Franchisee shall require that any key individuals having access to
      Operations Manuals or any other confidential materials execute a Nondisclosure
      and that all Officers, Directors and Managers, if they are also owners, will
      execute a Noncompetition Agreement containing the provisions as set forth
      herein, and substantially similar to the Non Disclosure and Non Compete
      Agreement attached as Exhibit F to this Agreement. 

     

    17.
       INSURANCE
      

    

    17.1
       Insurance
      Coverage.
      Master
      Franchisee must maintain insurance that may be required by law in connection
      with its business as the Master Franchisee, and must further maintain
      comprehensive general liability coverage. Master Franchisee must maintain all
      insurance required under the individual franchise agreements under which it
      operates Shops within the Territory. 

    

    17.2
       Proof
      of Insurance.
      In
      connection with all areas of liability coverage, Master Franchisee must submit
      as proof of such insurance a fully paid insurance policy naming Franchisor
      and
      any other parties designated by Franchisor as additional insured parties, to
      Franchisor for Franchisor's prior approval before commencing the business
      contemplated hereunder. Any proposed changes in the insurance policies must
      be
      submitted to Franchisor for its prior approval. Master Franchisee must furnish
      to Franchisor a copy of the then prevailing insurance policies with assurances
      that the specified insurance is in full force and effect; that the insurance
      covers Master Franchisee, Franchisor and other designated parties as their
      respective interest may appear, and that said insurance policies will not be
      canceled or modified by the insurer without written notice to Franchisor at
      least 30 days prior to the proposed cancellation or modification including,
      but
      not limited to, products liability, property damage, personal injury, and
      contractual liability, with a combined single limit of at least $2,000,000.00
      or
      such larger amount as Franchisor may reasonably require.

     

    
      
        
        

      

      
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    17.3. Each
      insurance policy under this Agreement must contain a provision that the policy
      cannot be canceled without 10 days written notice to Franchisor. All insurance
      policies shall be issued by insurance companies with a financial rating of
      at
      least B status or better as rated in the most recent edition of Best’s Insurance
      Reports. All insurance coverage must be approved of by Franchisor prior to
      the
      opening of Master Franchisee’s first Shop. Franchisor’s acceptance of an
      insurance carrier does not constitute Franchisor’s representation or guarantee
      that the insurance carrier will be capable of meeting claims during the term
      of
      the insurance policy. Master Franchisee must deliver a certificate of the
      issuing insurance company evidencing each policy to Franchisor within 10 days
      after the policy is issued or renewed.

    

    18.
       ENFORCEMENT
      

     

    18.1
       Applicable
      Law.
      This
      Agreement shall be interpreted in accordance with the laws of the State of
      California. 

    

    18.2
       Internal
      Dispute Resolution.
      Master
      Franchisee must first bring any claim or dispute between Master Franchisee
      and
      Franchisor to Franchisor’s President and/or Chief Executive Officer. Master
      Franchisee must exhaust this internal dispute resolution procedure before
      Franchisee may bring Franchisee’s dispute before a third party.

    

    18.3 Mediation.
      At
      Franchisor’s option, all claims or disputes between Franchisor and the Master
      Franchisee arising out of, or in any way relating to this Agreement, or any
      of
      the parties’ respective rights and obligations arising out of this Agreement,
      shall be submitted first to mediation under the auspices of the International
      Dispute Resolution Centre (“IDRC”) division of the American Arbitration
      Association (“AAA”), in accordance with the IDRC’s commercial mediation rules
      then in effect. Before commencing any legal action or arbitration against
      Franchisor or its affiliates with respect to any such claim or dispute, Master
      Franchisee must submit a notice to Franchisor which specifies, in detail, the
      precise nature and grounds of such claims or dispute. Franchisor will have
      a
      period of thirty (30) days following receipt of such notice within which to
      notify Master Franchisee as to whether Franchisor or its affiliates elects
      to
      exercise its option to submit such claim or dispute to mediation. Master
      Franchisee may not commence any action against Franchisor or its affiliates
      with
      respect to any such claim or dispute in any forum unless Franchisor fails to
      exercise its option to submit such claim or dispute to mediation, or such
      mediation proceedings have been terminated either: (i) as the result of a
      written declaration of the mediator(s) that further mediation efforts are not
      worthwhile; or (ii) as a result of a written declaration by Franchisor.
      Franchisor’s rights to mediation, as set forth herein, may be specifically
      enforced by Franchisor.

     

    
      
        
        

      

      
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    18.4
       Arbitration.
      Except
      as otherwise provided in this Agreement, all controversies, disputes or claims
      arising between the Franchisor, its affiliates, and their respective officers,
      directors, shareholders, partners, agents, employees and attorneys (in their
      representative capacity) and Master Franchisee (and its owners, offices,
      directors, principals, Designated Managers, and Certified Employees and the
      guarantors of this Agreement) arising out of or related to the relationship
      of
      the parties hereto, this Agreement or any provision hereof, any Franchise
      Agreement or any related agreement, the validity of this Agreement or any
      provision hereof or any System Standard relating to the establishment or
      operation of a Store shall be submitted for arbitration to be administered
      in
      accordance with the rules and procedures of arbitration of the IDCR. Such
      arbitration shall be filed and litigated to conclusion in Davis, California
      on
      demand of either party. The following shall supplement and, in the event of
      a
      conflict, govern any arbitration:

    

    18.4.1.
       All
      disputes shall be heard by a panel of three arbitrators who shall interpret
      this
      Agreement in accordance with the laws of California in accordance with the
      then
      current commercial arbitration rules of the IDRC for international commercial
      arbitration. Each party shall appoint its own arbitrator, and the appointed
      arbitrators shall appoint a "neutral" arbitrator from the AAA's list of
      arbitrators. Each party shall bear their own costs of arbitration including
      the
      fee for their respective arbitrator; provided, however, that the parties will
      share equally the neutral arbitrator's fee. The arbitrators shall have no
      authority to amend or modify the terms of the Agreement. All arbitration
      proceedings shall be conducted in Davis, California. All matters within the
      scope of the Federal Arbitration Act of the United States (9 U.S.C. §§1 et seq.)
      shall be governed by it. 

     

    18.4.2.
       The
      arbitrators shall have the right to award or include in their award any relief
      which they deem proper in the circumstances, including without limitation,
      money
      damages (with interest on unpaid amounts from date due), specific performance,
      injunctive relief, legal fees and costs in accordance with this Section 18,
      provided that the arbitrators shall not have the authority to award exemplary,
      punitive or special damages. The award and decision of the arbitrators shall
      be
      conclusive and binding upon all parties hereto and judgment upon the award
      may
      be entered in any court of competent jurisdiction. The parties further agree
      to
      be bound by the provisions of any applicable limitation on the period of time
      in
      which claims must be brought under applicable law or this Agreement, whichever
      is less.

    

    18.4.3.
       Specifically
      excepted from this arbitration provision are any claims for money damages
      Franchisor may have against Master Franchisee. The parties agree that Franchisor
      may, at its election, bring these claims in any court of competent
      jurisdiction.

    

    18.4.4.  Master
      Franchisee and the Franchisor agree that there shall be no class action
      arbitration and that no arbitration proceeding conducted pursuant to this
      Agreement shall be consolidated with any other arbitration proceeding involving
      Franchisor and any other individual, corporation, partnership or
      entity.

    

    18.4.5.
      The
      provisions of this Section 18 are intended to benefit and bind certain third
      party non-signatories and will continue in full force and effect subsequent
      to,
      and notwithstanding the expiration or the termination of this Agreement, and
      any
      subsequent renewal periods. 

     

    
      
        
        

      

      
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    18.5
       Governing
      Law.
      This
      Agreement shall be governed by the laws of the State of California. Any action
      not subject to arbitration shall be commenced and litigated to conclusion only
      in a court of general jurisdiction located in California. Master Franchisee
      acknowledges that this Agreement has been entered into in the State of
      California and that Master Franchisee is to receive valuable and continuing
      services in California, including initial and ongoing assistance and support
      in
      all aspects of the Master Franchise Business. In recognition of such services
      and their origin, Master Franchisee hereby irrevocably consents to the personal
      jurisdiction of the state and federal courts of California as set forth
      above.

    

    18.6 Notice. As
      a
      condition precedent to commencing an action for damages or for violation or
      breach of this Agreement, Master Franchisee must notify Franchisor within thirty
      (30) days after the occurrence of the violation or breach and failure to timely
      give such notice shall preclude any claim for damages.

    

    18.7 Injunctive
      Relief.
      Nothing
      in this Agreement shall prevent Franchisor from obtaining injunctive relief
      against threatened conduct that will cause it loss or damages under the usual
      equity rules, including the applicable rules for obtaining restraining orders
      and preliminary and permanent injunctions.

     

    18.8 Limitation
      of Action.
      The
      parties further agree that no cause of action arising out of or under this
      Agreement may be maintained by either party against the other unless brought
      before the expiration of two (2) years after the act, transaction or occurrence
      upon which such action is based or the expiration of one (1) year after the
      complaining party becomes aware of facts or circumstances reasonably indicating
      that such party may have a claim against the other party hereunder, whichever
      occurs sooner and that any action not brought within this period shall be barred
      as a claim, counterclaim, defense or set-off.

    

    18.9 Waiver
      of Punitive Damages.
      Master
      Franchisee waives to the fullest extent permitted by law, any right to or claim
      for any punitive, exemplary, incidental, indirect, special or consequential
      damages (including, without limitation, lost profits) against Franchisor arising
      out of any cause whatsoever (whether such cause be based in contract,
      negligence, strict liability, other tort or otherwise) and agree that in the
      event of a dispute, Master Franchisee's recovery is limited to actual damages.
      If any other term of this Agreement is found or determined to be unconscionable
      or unenforceable for any reason, the foregoing provisions shall continue in
      full
      force and effect, including, without limitation, the waiver of any right to
      claim any consequential damages.

    

    18.10
       Jury
      Trial Waiver.
      The
      parties hereby agree to waive trial by jury in any action, proceeding or
      counterclaim, whether at law or equity, regardless of which party brings suit.
      This waiver shall apply to any matter whatsoever between the parties hereto
      which arises out of or is related in any way to this Agreement.

    

    18.11. Third
      Party Beneficiaries.
      Franchisor’s officers, directors, shareholders, agents and/or employees are
      express third party beneficiaries of the arbitration provisions set forth in
      this Section 18, each having authority to specifically enforce the right to
      mediate claims asserted against such person(s) by Franchisee. Moreover,
      Franchisor, its officers, directors, shareholders, and agents shall be express
      third party beneficiaries to any franchise agreements Master Franchisee may
      enter into with franchisee’s in the Territory. 

     

    
      
        
        

      

      
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    18.12. Cumulative
      Rights.
      The
      rights of the Franchisor are cumulative and no exercise or enforcement by
      franchisor of any right or remedy hereunder shall preclude the exercise or
      enforcement by Franchisor of any other right or remedy hereunder or which
      Franchisor is entitled by applicable law.

    

    18.13. Governing
      Language.
      The
      governing and official language of this Agreement shall be English, without
      reference to any translation. All notices, requests, demands, acceptances or
      other communications given under this Agreement shall be in English.

     

    19.
       MISCELLANEOUS
      PROVISIONS 

     

    19.1
       Modification.
      Franchisor may modify this Agreement only upon the execution of a written
      agreement by Franchisor and Master Franchisee. Franchisor reserves and will
      have
      the sole right to make changes in the Manual, the System and the Proprietary
      Marks at any time and without prior notice to Master Franchisee. Master
      Franchisee must promptly alter any signs, products, business materials or
      related items, at its sole cost and expense, upon written receipt of notice
      of
      such change or modification in order to conform to Franchisor’s revised
      specifications. In the event that any improvement or addition to the Manual,
      the
      System or the Proprietary Marks is developed by Master Franchisee, then Master
      Franchisee agrees to grant to Franchisor an irrevocable, world-wide, exclusive,
      royalty-free license, with the right to sublicense such improvement or
      addition.

    

    Master
      Franchisee understands and agrees that due to changes in competitive
      circumstances, presently unforeseen changes in the needs of customers, and/or
      presently unforeseen technological innovations, Franchisor's System must not
      remain static, in order that it best serve the interests of Franchisor, Master
      Franchisee and the System. Accordingly, Master Franchisee expressly understands
      and agrees that Franchisor may from time to time change the components of the
      System, including but not limited to, altering the programs, services, methods,
      standards, forms, policies and procedures of that System; adding to, deleting
      from or modifying those programs, products and services which the Shop is
      authorized to offer; and changing, improving or modifying the Proprietary Marks.
      Subject to the other provisions of this Agreement, Master Franchisee expressly
      agrees to abide by any such modifications, changes, additions, deletions and
      alterations.

    

    19.2
       Delegation.
      The
      Master Franchisee may not delegate any of its duties under this Agreement,
      unless it has received the prior written consent of the Franchisor.

    

    19.3
       Entire
      Agreement.
      This
      Agreement contains the entire agreement between the
      parties and supersedes any and all prior agreements concerning the subject
      matter hereof. The Master Franchisee agrees and understands that the Franchisor
      shall not be liable or obligated for any oral representations or commitments
      made prior to the execution hereof and that no modifications of this Agreement
      shall be effective except those in writing and signed by both parties. The
      Franchisor does not authorize and will not be bound by any representation of
      any
      nature other than those expressed in this Agreement. The Master Franchisee
      further acknowledges and agrees that no representations have been made to it
      by
      the Franchisor regarding projected sales volumes, market potential, revenues,
      profits, or operational assistance other than as stated in this Agreement or
      in
      any disclosure document provided in connection herewith. This Agreement shall
      not be effective until it is signed by an officer of the Franchisor.

     

    
      
        
        

      

      
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    19.4
       No
      Right to Set-Off.
      The
      Master Franchisee shall not be allowed to set off amounts owed to the Franchisor
      in respect of any amounts due hereunder, against any monies owed to the Master
      Franchisee, which right of set off is hereby expressly waived by the Master
      Franchisee. 

    

    19.5
       Fees
      and Costs.
      In the
      event of any default on the part of either party to this Agreement, in addition
      to all other remedies, the party in default will pay the aggrieved party all
      amounts due and all damages, costs and expenses, including reasonable attorneys'
      fees and translation costs, incurred
      by the aggrieved party in any legal action, arbitration or other proceeding
      as a
      result of such default, plus interest at the lesser of 20% annually or the
      highest rate allowable by law, accruing from the date of such default.

    

    19.6
       Severability.
      If any
      provision of this Agreement is held invalid in a final decision from which
      no
      appeal is or can be taken, such provision shall be deemed modified to eliminate
      the invalid element and, as so modified, such provision shall be deemed a part
      of this Agreement as though originally included. The remaining provisions of
      this Agreement shall not be affected by such modification. 

    

    19.7
       Notices.
      All
      notices required to be given under this Agreement shall be given in writing,
      by
      certified mail, or by hand, or by an overnight delivery service providing
      documentation of receipt, at the addresses set forth in the first paragraph
      of
      this Agreement or at such other addresses as the Franchisor or the Master
      Franchisee may designate from time to time, and shall be deemed to be received
      seven days from the date of mailing registered mail, or when received via
      overnight delivery, or immediately if delivered by hand, as may be applicable.
      

     

    19.8
       Excuse
      of Performance.
      Notwithstanding anything contained in this Agreement to the contrary, the
      obligations of the parties hereto shall be subject to all the laws, both present
      and future, of any requests of any such government
      or any department, agency or corporation thereof, and to war, acts of God,
      or
      any cause of like or different kind beyond the control of the parties, and
      the
      parties shall be excused from performance of any obligation hereunder to the
      extent such failure is caused by any law, order, regulation, direction, request
      or contingency; provided, however, that such excuse of performance shall be
      limited to the period during which such excuse of performance exists and shall
      not affect the running of the term of this Agreement. 

    

    19.9
       Approval
      Within Territory.
      Any
      approval of this Agreement by the appropriate authorities in the Territory
      which
      is required to enable the Master Franchisee to enter into this Agreement,
      perform under the terms of this Agreement, do business with the Franchisor,
      or
      to make payments to the Franchisor hereunder in United States dollars in the
      United States of America shall be the sole responsibility of the Master
      Franchisee, except as otherwise set forth herein. 

    

    19.10.
      Compliance
      with U.S., Middle Eastern, and other Anti-Terrorist and Related Laws and
      Regulations.

    

    Master
      Franchisee acknowledges that Franchisor is an American franchisor and certifies
      that neither Master Franchisee nor its owners, officers, directors, or
      principals is an American franchisor and certifies that neither Master
      Franchisee nor Master Franchisee’s owners, officers, directors , or employees,
      affiliates, or anyone associated with Master Franchisee is listed in the Annex
      to Executive Order 13224
      (http://www.treasury.gov/offices/enforcement/ofac/sanctions/terrorism.html).
      

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    Master
      Franchisee agrees not to hire or have any dealings with a person listed in
      the
      Annex. Master Franchisee certifies that it has no knowledge of information
      that,
      if generally known, would result in Master Franchisee, its Owners, employees,
      or
      anyone associated with Master Franchisee being listed in the Annex to Executive
      Order 132234. Master Franchisee agrees to comply with and/or assist Franchisor
      to the fullest extent possible in Franchisor’s efforts to comply with the
      Anti-Terrorism Laws (as defined below). In connection with such compliance,
      Master Franchisee certifies, represents, and warrants that none of its property
      or interests are subject to being “blocked” under any of the Anti-Terrorism Laws
      and that Master Franchisee and its owners are not otherwise in violation of
      any
      of the Anti-Terrorism Laws. Master Franchisee is solely responsible for
      ascertaining what actions must be taken by Master Franchisee to comply with
      all
      such Anti-Terrorism Laws, and Master Franchisee specifically acknowledges and
      agrees that Master Franchisee’s indemnification responsibilities as provided in
      Section 15 of this Agreement pertain to Franchisee’s obligations under this
      Agreement. Any misrepresentation by Master Franchisee under this Section or
      any
      violation of the Anti-Terrorism Laws by Master Franchisee, its Owners, or
      employees shall constitute grounds for immediate termination of this Agreement
      and any other agreement Master Franchisee has entered into with Franchisor
      or
      one of Franchisor’s affiliates in accordance with the terms of Section 13.B of
      this Agreement. As used herein, “Anti-Terrorism Laws” means Executive Order
      13224 issued by the President of the United States, the Terrorism Sanctions
      Regulations (Title 31, Part 595 of the U.S. Code of Federal Regulations), the
      Foreign Terrorist Organizations Sanctions Regulations (Title 31, Part 597 of
      the
      U.S. Code of Federal Regulations), the Cuban Assets Control Regulations (Title
      31, Part 515 of the U.S. Code of Federal Regulations), the USA PATRIOT Act,
      and
      all other present and future federal, state and local laws, ordinances,
      regulations, policies, lists and any other requirements of any governmental
      authority of the United States or any of the countries encompassed by the
      Territory (including, without limitation, the United States Department of
      Treasury Office of Foreign Assets Control) addressing or in any way relating
      to
      terrorist acts and acts of war.

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement effective as of the
      day and year first above written. Facsimile signatures will be deemed original
      for all purposes.

     

    
      	 JAVA UNIVERSE, LLC	 	 	JAVA DETOUR, INC.
	 	 	 	 
	 	 	 	 
	Signature:
              	 	
               

            	Signature:
              /s/
              Michael Binninger
	
              
                

              

            	 	 	
              
                

              

            
	
              By:
                

              
                

              

            	 	
               

            	By:
              Michael
              Binninger 
	
              Title

              
                

              

            	 	 	Title:  CEO

    

     

    
      
        
        

      

      
        42

        
          

        

      

       

    

    EXHIBIT
      A

    to

    JAVA
      DETOUR’S

    MASTER
      FRANCHISE AGREEMENT

    

    TERRITORY

    

    The
      following Countries:

    

    Tunisia

    Egypt

    Morocco

    Somalia

    Chad

    Israel

    Algeria

    Libya

    Sudan

    Republic
      of Yemen

    Djibouti
      Mauritsen

    Umm
      al
      Qaiwain

    Ras
      al
      Khaimah

    Bahrain

    Iran

    Iraq

    Jordan

    Kuwait

    Lebanon

    Omar

    Qatar

    Saudi
      Arabia

    Syria

    Dubai

    Abu
      dhabi

    Fujairah

    Agman

    Sharjah

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    

    TO
      JAVA
      DETOUR’S

    MASTER
      FRANCHISE AGREEMENT

    BY
      AND
      BETWEEN

    

    JAVA
      DETOUR, INC.

    

    AND
      

    

    JAVA
      UNIVERSE, LLC

    

    DATED
      March 30, 2007

     

    MASTER
      FRANCHISEE represents and warrants that it is duly organized and validly
      existing in good standing under the laws of the jurisdiction of its
      incorporation or organization, is qualified to do business in all jurisdictions
      in which its business activities or the nature of properties owned by MASTER
      FRANCHISEE requires such qualification, and has the corporate or other authority
      to execute, deliver and carry out all of the terms of this
      Agreement.

    

    MASTER
      FRANCHISEE further represents and warrants that all Owners and their interests
      in MASTER FRANCHISEE are completely and accurately listed on this Exhibit B
      and
      that MASTER FRANCHISEE will execute such revised Exhibits C as may be necessary
      during the term of this Agreement to reflect any changes in the information
      contained in the original Exhibit B.

    

    OWNERSHIP
      INTERESTS

    

    1. Ownership
      Structure.
      MASTER
      FRANCHISEE is a corporation, limited liability company, partnership or other
      entity, MASTER FRANCHISEE and its Owners represent and warrant that the
      Ownership structure of MASTER FRANCHISEE is as follows:

     

    
      
        	
                
                  Name
                    of Owner, Shareholder
Member
                  or Partner

              	 	
                
                  Percentage
                    Of  Total
Ownership
                  Interest

              
	 	 	 
	
                ___________________________

              	 	
                ___%

              
	 	 	 
	
                ___________________________

              	 	
                ___%

              
	 	 	 
	
                ___________________________

              	 	
                ___%

              
	 	 	 
	
                ___________________________

              	 	
                ___%

              

      

    

     

    MASTER
      FRANCHISEE, its Owners, shareholders, members or partners listed above (the
      “Named Persons”) are not named and will not be named as “Specially Designated
      Nationals” or “Blocked Persons” as designated by the United States Department of
      the Treasury’s Office of Foreign Asset Control. The Named Persons are not and
      will not become controlled by, or act directly or indirectly on behalf of,
      the
      governmental authorities of any country that is subject to a United States
      embargo. No governmental entity, official of an international organization,
      political party or official of any political party, or candidate for public
      office has any direct or indirect ownership interest in the Named Persons or
      in
      the respective revenues or profits.

    

    
      	 	 	 
	 	
                      

                

              

            
	 
 	 
 	 
 
	 	By: 	 
	
            	 	
              
 
	 	Its:	 ___________________________________

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    TO
      THE MASTER FRANCHISE AGREEMENT

    

    BY
      AND BETWEEN

    

    JAVA
      DETOUR, INC.

    

    AND
      

    

    JAVA
      UNIVERSE, LLC

     

    DATED
      March 30, 2007 

    

    As
      of the
      date of this Agreement, MASTER FRANCHISEE shall be authorized to use the
      following Marks in connection with the franchising of the JAVA DETOUR® business
      pursuant to this Agreement. Master Franchisee acknowledges and agrees that
      Master Franchisee presently has and shall acquire no ownership or proprietary
      interest in the Marks. These Marks are subject to change from time to
      time:

     

    
      
        	
                MARK

              	
                REGISTRATION
                  OR

              	
                CLASS

              
	 	
                APPLICATION
                  NO.

              	 

      

    

     

    (REGISTRATIONS
      AND/OR APPLICATIONS ARE IN PLACE AND WILL BE SUPPLIED BEFORE SIGNING OF THIS
      AGREEMENT)

     

    

      
        	
                JAVA
                  DETOUR, INC.

              	 	
                 

                
                  
 

              
		 	 
	 	 	 
	
                By:
                  Michael Binninger

              	
                By:
                  

              	
                 

              
	 	 	
                
 
	
                Its:
                  CEO

              	
                Its:

              	
                 

                 

                
                  

                

                 

              

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    EXHIBIT
      D

    

    ELECTRONIC
      FUND TRANSFER AGREEMENT

    

    DATED
      March 30, 2007

    

    BY
      AND
      BETWEEN

    

    JAVA
      DETOUR, INC.

    

    AND

    

    JAVA
      UNIVERSE, LLC

    

    

      
        	
                Bank
                  Name

              	: 	 ______________________
	 	 	 
	
                ABA#

              	:	 ______________________
	
              	 	 
	
                Acct.
                  No. 

              	:	 ______________________
	 	 	 
	
                Acct.
                  Name

              	:	 ______________________

      
  

    Effective
      as of the date of the signature below, [Master Franchisee’s Name] hereby
      authorizes Java Detour (“Franchisor”) or its designee to withdraw funds from the
      above-referenced bank account, electronically or otherwise, to make all payments
      due to Franchisor under the Master Franchise Agreement, including, but not
      limited to all Royalty Fees and all contributions to the Fund or Regional Fund.
      Such withdrawals shall occur on a weekly basis, or on such other schedule,
      as
      Franchisor shall specify in writing. Franchisor is also authorized to deposit
      funds into the above-referenced account, electronically or otherwise. This
      authorization shall remain in full force and effect until terminated in writing
      by Franchisor. [Master Franchisee Name] shall provide Franchisor, in conjunction
      with this authorization, a voided check from the above-referenced account.
      

     

    
      
        	FRANCHISEE
	 	 
	
                By:

              	  
	 	
                

              
	
                Print
                  name: 

              	
                 

                
                  
 

              
	
                Title:
                  

                 

              	
                 

                
                  
 

              

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

    

    FRANCHISEE
      MINIMUM QUALIFICATION STANDARDS 

    

    DATED
      March 30, 2007

    

    BY
      AND
      BETWEEN

    

    JAVA
      DETOUR, INC.

    

    AND

    

    JAVA
      UNIVERSE

     

    Prospective
      franchisees whall have the following:

     

    
      	 	
              1.

            	
              Net
                worth of $500,000 US dollars

            

    

    
      	 	 	 

      	 	
              2.

            	
              Good
                credit standing

            

      	 	 	 

    

    
      	 	
              3.

            	
              3
                years of business experience

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

    to

    JAVA
      DETOUR, INC.’S

    MASTER
      FRANCHISE AGREEMENT

    

    CONFIDENTIALITY
      AND RESTRICTIVE COVENANT AGREEMENT

    (for
      shareholders, officers, directors,
      general partners, members and managers and Key Manager of Master
      Franchisee)

    

    In
      consideration of my being a ________________________________________
      of _______________________
      (the
      "Master Franchisee"), and other good and valuable consideration, the receipt
      and
      sufficiency of which is acknowledged, I hereby acknowledge and agree that:
      _______________,
      doing
      business as ___________
      (the
      "Master Franchisee"), has acquired the right and master franchise from Java
      Detour, Inc. (the "Company") to establish and operate and license to others
      the
      right to establish and operate Java Detour Stores (the "Franchised Business")
      and the right to use in the operation of the Stores and in the grant of
      franchises the Company's trade names, trademarks and service marks (the
      "Proprietary Marks") and the Company's unique and distinctive format and system
      relating to the establishment and operation of Stores (the "System"), as they
      may be changed, improved and further developed from time to time in the
      Company's sole discretion, only in the following authorized and approved
      territory(s):
      ____________________________________________________________________________ (the
      “Territory"). 

    

    1. The
      Company possesses certain proprietary and confidential information relating
      to
      the operation of the System, which includes certain trade secrets, recipes
      and
      copyrighted materials, methods and other techniques and know-how (the
      "Confidential Information"). 

    

    2. Any
      and
      all information, knowledge, know-how, and techniques which the Company
      specifically designates as confidential shall be deemed to be Confidential
      Information for purposes of this Agreement. 

    

    3. As
      ___________ of
      the
      Master Franchisee, the Company and Master Franchisee will disclose the
      Confidential Information to me in furnishing to me the training program and
      subsequent ongoing training, the Java Detour, Inc. Operations Manual (the
      "Manual") and other general assistance during the term of this Agreement.

    

    4. I
      will
      not acquire any interest in the Confidential Information, other than the right
      to utilize it in the operation of the Franchised Business during the term
      hereof, and the use or duplication of the Confidential Information for any
      use
      outside the System would constitute an unfair method of competition.

    

    5. The
      Confidential Information is proprietary, involves trade secrets of the Company,
      and is disclosed to me solely on the condition that I agree, and I do hereby
      agree, that I shall hold in strict confidence all Confidential Information
      and
      all other information designated by the Company as confidential. Unless the
      Company otherwise agrees in writing, I will disclose and/or use the Confidential
      Information only in connection with my duties as ______________________ 
      of
      the
      Master Franchisee, and will continue not to disclose any such information even
      after I cease to be in that position and will not use any such information
      even
      after I cease to be in that position unless I can demonstrate that such
      information has become generally known or easily accessible other than by the
      breach of an obligation of Master Franchisee under the Franchise
      Agreement.

     

    6. Except
      as
      otherwise approved in writing by the Company, I shall not, while in my position
      with the Master Franchisee, and for a two year following termination of this
      Agreement for any reason, for myself, or through, on behalf of, or in
      conjunction with any person, persons, partnership, corporation or limited
      liability company, own, maintain, engage in, be employed by, or have any
      interest in any other business which operates or licenses any other retail
      Franchised Business which sells hot and cold gourmet and specialty coffee
      drinks, specialty teas, cold blended beverages, fruit smoothies and other
      non-alcoholic beverages, and the sale of baked goods, coffee beans, dry tea
      and
      related merchandise, except a Java Detour Franchised Business operating under
      the System and Proprietary Marks.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7. I
      agree
      that each of the foregoing covenants shall be construed as independent of any
      other covenant or provision of this Agreement. If all or any portion of a
      covenant in this Agreement is held unreasonable or unenforceable by a court
      or
      agency having valid jurisdiction in an unappealed final decision to which the
      Company is a party, I expressly agree to be bound by any lesser covenant
      subsumed within the terms of such covenant that imposes the maximum duty
      permitted by law, as if the resulting covenant were separately stated in and
      made a part of this Agreement. 

    

    8. I
      understand and acknowledge that the Company shall have the right, in its sole
      discretion, to reduce the scope of any covenant set forth in this Agreement,
      or
      any portion thereof, without my consent, effective immediately upon receipt
      by
      me of written notice thereof; and I agree to comply forthwith with any covenant
      as so modified.

    

    9. The
      Company, and its officers, directors, principals, and agents are third-party
      beneficiaries of this Agreement and may enforce it, solely and/or jointly with
      the Master Franchisee. I am aware that my violation of this Agreement will
      cause
      the Company and the Master Franchisee irreparable harm; therefore, I acknowledge
      and agree that the Master Franchisee and/or the Company may apply for the
      issuance of an injunction preventing me from violating this Agreement, and
      I
      agree to pay the Master Franchisee and the Company all the costs it/they
      incur(s), including, without limitation, legal fees and expenses, if this
      Agreement is enforced against me. Due to the importance of this Agreement to
      the
      Master Franchisee and the Company, any claim I have against the Master
      Franchisee or the Company is a separate matter and does not entitle me to
      violate, or justify any violation of this Agreement. 

    

    10. This
      Agreement shall be construed under the laws of the State of California. The
      only
      way this Agreement can be changed is in writing signed by both the Master
      Franchisee and me.

    

      
        	
                Signature:

              	
                 

                
                  
 

              
	
                Name:

              	
                 

                
                  

                

              
	
                Address:

              	
                 

                
                  
 

              
	
                Title:

              	
                 

                
                  

                

              

      

    

     

    ACKNOWLEDGED
      BY FRANCHISEE

     

    
      
        	
                By:

              	
                 

                
                  
 

              
	
                Name:

              	
                 

                
                  
 

              
	
                Title:EXECUTION

    

     

     

    POOLING
      AND SERVICING AGREEMENT

     

    among

     

    BAYVIEW
      FINANCIAL SECURITIES COMPANY, LLC,

    as
      Depositor

    

     

    WELLS
      FARGO BANK, N.A.,

    as
      Master
      Servicer

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    not
      in
      its individual capacity, but solely as Trustee

     

    

     

    BAYVIEW
      FINANCIAL MORTGAGE PASS-THROUGH TRUST 2007-A

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2007-A

     

    Dated
      as
      of April 1, 2007

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      TABLE
        OF
        CONTENTS

       

      Page

      
        	 	 
	
                ARTICLE
                  I DEFINITIONS

              	
                17

              
	 	 
	
                Section
                  1.01. Certain Defined Terms.

              	
                17

              
	
                Section
                  1.02. Provisions of General Application.

              	
                61

              
	 	 
	
                ARTICLE
                  II TRANSFER OF ASSETS

              	
                62

              
	 	 
	
                Section
                  2.01. Conveyance of Mortgage Loans.

              	
                62

              
	
                Section
                  2.02. Acceptance and Acknowledgement by Trustee.

              	
                65

              
	
                Section
                  2.03. Repurchase or Substitution of Mortgage Loans by the Seller
                  or the
                  Depositor.

              	
                67

              
	
                Section
                  2.04. Grant of Security Interest; Intended
                  Characterization.

              	
                71

              
	
                Section
                  2.05. Transmission of Mortgage Files.

              	
                72

              
	
                Section
                  2.06. REMIC Matters.

              	
                73

              
	 	 
	
                ARTICLE
                  III REPRESENTATIONS, WARRANTIES AND COVENANTS

              	
                75

              
	 	 
	
                Section
                  3.01. Representations and Warranties of the Master
                  Servicer.

              	
                75

              
	
                Section
                  3.02. Representations and Warranties of the Depositor.

              	
                77

              
	
                Section
                  3.03. Representations and Warranties of the Depositor with respect
                  to the
                  Mortgage Notes.

              	
                78

              
	 	 
	
                ARTICLE
                  IV ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS

              	
                79

              
	 	 
	
                Section
                  4.01. Duties of the Master Servicer.

              	
                79

              
	
                Section
                  4.02. Monitoring of Servicers’ Performance.

              	
                80

              
	
                Section
                  4.03. Master Servicer Fidelity Bond and Master Servicer Errors
                  and
                  Omissions Insurance Policy.

              	
                81

              
	
                Section
                  4.04. Master Servicer’s Financial Statements and Related
                  Information.

              	
                81

              
	
                Section
                  4.05. Power to Act; Procedures.

              	
                81

              
	
                Section
                  4.06. Servicing Agreements; Enforcement of Servicers’
                  Obligations.

              	
                82

              
	
                Section
                  4.07. Collection Account.

              	
                83

              
	
                Section
                  4.08. Application of Funds in the Collection Account.

              	
                84

              
	
                Section
                  4.09. Determination of LIBOR.

              	
                86

              
	
                Section
                  4.10. Termination of Servicing Agreements; Successor
                  Servicers.

              	
                86

              
	
                Section
                  4.11. Master Servicer Liable for Enforcement.

              	
                87

              
	
                Section
                  4.12. No Contractual Relationship Between Servicers and Master
                  Servicer or
                  Depositor.

              	
                87

              
	
                Section
                  4.13. Assumption by Trustee.

              	
                87

              
	
                Section
                  4.14. “Due-on-Sale” Clauses; “Due-on-Encumbrance” Clauses, Assumption
                  Agreements; Release of Collateral.

              	
                88

              
	
                Section
                  4.15. Release of Mortgage Files.

              	
                90

              
	
                Section
                  4.16. Documents, Records and Funds in Possession of Master Servicer
                  To Be
                  Held for Trustee.

              	
                90

              

      

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

      

      
        	
                Section
                  4.17. Removal of Master Servicer; Resignation of Master Servicer;
                  Term of
                  Servicing.

              	
                92

              
	
                Section
                  4.18. Cross-Collateralized Mortgage Loans.

              	
                95

              
	
                Section
                  4.19. Standard Hazard and Flood Insurance Policies.

              	
                95

              
	
                Section
                  4.20. Presentment of Claims and Collection of Proceeds.

              	
                96

              
	
                Section
                  4.21. Maintenance of the Primary Mortgage Insurance
                  Policies.

              	
                96

              
	
                Section
                  4.22. Trustee To Retain Possession of Certain Insurance Policies
                  and
                  Documents.

              	
                96

              
	
                Section
                  4.23. Realization Upon Defaulted Mortgage Loans.

              	
                97

              
	
                Section
                  4.24. Compensation to the Master Servicer.

              	
                97

              
	
                Section
                  4.25. REO Property.

              	
                97

              
	
                Section
                  4.26. Delinquency Advances and Servicing Advances.

              	
                98

              
	
                Section
                  4.27. Master Servicer Reports.

              	
                99

              
	
                Section
                  4.28. Annual Statements as to Compliance; Annual Assessments of
                  Compliance.

              	
                100

              
	
                Section
                  4.29. Annual Independent Public Accountants’ Servicing Statements;
                  Financial Statements.

              	
                101

              
	
                Section
                  4.30. Merger or Consolidation.

              	
                102

              
	
                Section
                  4.31. Reports filed with the Commission.

              	
                102

              
	
                Section
                  4.32. Assignment or Delegation of Duties by the Master
                  Servicer.

              	
                107

              
	
                Section
                  4.33. Limitation on Liability of the Master Servicer and
                  Others.

              	
                108

              
	
                Section
                  4.34. Transfer of Servicing.

              	
                108

              
	
                Section
                  4.35. Master Servicer Exchange Act Reporting Requirements.

              	
                110

              
	 	 
	
                ARTICLE
                  V THE CERTIFICATES

              	
                110

              
	 	 
	
                Section
                  5.01. The Certificates.

              	
                110

              
	
                Section
                  5.02. Certificate Register; Registration of Transfer and Exchange
                  of
                  Certificates.

              	
                111

              
	
                Section
                  5.03. [Reserved]

              	
                116

              
	
                Section
                  5.04. Mutilated, Destroyed, Lost or Stolen Certificates.

              	
                116

              
	
                Section
                  5.05. Persons Deemed Owners.

              	
                117

              
	
                Section
                  5.06. Access to List of Certificateholders’ Names and
                  Addresses.

              	
                117

              
	
                Section
                  5.07. Maintenance of Office or Agency.

              	
                117

              
	 	 
	
                ARTICLE
                  VI DEPOSITS AND DISTRIBUTIONS

              	
                117

              
	 	 
	
                Section
                  6.01. Rights of the Holders.

              	
                117

              
	
                Section
                  6.02. Establishment of Trust Accounts.

              	
                117

              
	
                Section
                  6.03. Investment of Amounts.

              	
                122

              
	
                Section
                  6.04. Collections.

              	
                122

              
	
                Section
                  6.05. Flow of Funds.

              	
                123

              
	
                Section
                  6.06. Disbursement of Funds.

              	
                134

              
	
                Section
                  6.07. Allocation of Losses.

              	
                135

              
	
                Section
                  6.08. Reports to Certificateholders.

              	
                135

              
	
                Section
                  6.09. Presentation of Certificates.

              	
                138

              
	
                Section
                  6.10. Compensating Interest.

              	
                138

              

      

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      

      
        	
                Section
                  6.11. Certain Provisions With Respect to the Cap
                  Agreement.

              	
                138

              
	
                Section
                  6.12. The Reserve Fund.

              	
                139

              
	
                Section
                  6.13. Substitution of Cap Providers.

              	
                140

              
	
                Section
                  6.14. Supplemental Interest Trust.

              	
                141

              
	
                Section
                  6.15. Rights of Swap Counterparty.

              	
                143

              
	
                Section
                  6.16. Swap Termination Receipts.

              	
                143

              
	 	 
	
                ARTICLE
                  VII REMEDIES

              	
                144

              
	 	 
	
                Section
                  7.01. Limitation on Suits.

              	
                144

              
	
                Section
                  7.02. Restoration of Rights and Remedies.

              	
                145

              
	
                Section
                  7.03. Rights and Remedies Cumulative.

              	
                145

              
	
                Section
                  7.04. Delay or Omission Not Waiver.

              	
                145

              
	
                Section
                  7.05. Control by Certificateholders.

              	
                146

              
	
                Section
                  7.06. Waiver of Past Defaults.

              	
                146

              
	
                Section
                  7.07. Undertaking for Costs.

              	
                146

              
	
                Section
                  7.08. Waiver of Stay or Extension Laws.

              	
                147

              
	 	 
	
                ARTICLE
                  VIII LIMITATION ON LIABILITY; INDEMNITIES

              	
                147

              
	 	 
	
                Section
                  8.01. Liabilities of Mortgagors.

              	
                147

              
	
                Section
                  8.02. Liability of the Depositor.

              	
                147

              
	
                Section
                  8.03. Relationship of Master Servicer.

              	
                147

              
	
                Section
                  8.04. Indemnities of the Master Servicer.

              	
                148

              
	 	 
	
                ARTICLE
                  IX CONCERNING THE TRUSTEE

              	
                148

              
	 	 
	
                Section
                  9.01. Duties of Trustee.

              	
                148

              
	
                Section
                  9.02. Certain Matters Affecting the Trustee.

              	
                150

              
	
                Section
                  9.03. Trustee’s Disclaimer.

              	
                150

              
	
                Section
                  9.04. Trustee May Own Certificates.

              	
                151

              
	
                Section
                  9.05. Compensation and Indemnity.

              	
                151

              
	
                Section
                  9.06. Replacement of Trustee.

              	
                151

              
	
                Section
                  9.07. Successor Trustee by Merger.

              	
                152

              
	
                Section
                  9.08. Appointment of Co-Trustee or Separate Trustee.

              	
                153

              
	
                Section
                  9.09. Eligibility; Disqualification.

              	
                154

              
	
                Section
                  9.10. Fees and Expenses.

              	
                154

              
	
                Section
                  9.11. Representations and Warranties.

              	
                154

              
	
                Section
                  9.12. Trustee Exchange Act Reporting Requirements.

              	
                155

              
	 	 
	
                ARTICLE
                  X MISCELLANEOUS

              	
                155

              
	 	 
	
                Section
                  10.01. Termination upon Liquidation or Purchase of all Mortgage
                  Loans.

              	
                155

              
	
                Section
                  10.02. Optional Termination; Final Distribution on the
                  Certificates.

              	
                156

              
	
                Section
                  10.03. Additional Termination Requirements.

              	
                158

              
	
                Section
                  10.04. Beneficiaries.

              	
                158

              
	
                Section
                  10.05. Amendment.

              	
                158

              
	
                Section
                  10.06. Notices.

              	
                160

              

      

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

      

      
        	
                Section
                  10.07. Merger and Integration.

              	
                162

              
	
                Section
                  10.08. Headings.

              	
                162

              
	
                Section
                  10.09. [Reserved]

              	
                162

              
	
                Section
                  10.10. Severability of Provisions.

              	
                162

              
	
                Section
                  10.11. No Proceedings.

              	
                162

              
	
                Section
                  10.12. Governing Law; Consent to Jurisdiction; Waiver of Jury
                  Trial.

              	
                163

              
	
                Section
                  10.13. Counterparts.

              	
                163

              
	
                Section
                  10.14. Taxes.

              	
                164

              
	
                Section
                  10.15. [Reserved]

              	
                165

              
	
                Section
                  10.16. Provision of Information.

              	
                165

              

      

       

      
        	
                EXHIBITS

              	 
	
                Exhibit
                  A

              	
                Form
                  of Certificates 

              
	
                Exhibit
                  B

              	
                Form
                  of Initial Certification

              
	
                Exhibit
                  C

              	
                Form
                  of Interim Certification

              
	
                Exhibit
                  D

              	
                Form
                  of Final Certification 

              
	
                Exhibit
                  E

              	
                Form
                  of Request for Release of Documents

              
	
                Exhibit
                  F

              	
                Class
                  A-IO Schedule

              
	
                Exhibit
                  G-1

              	
                Cap
                  Agreement

              
	
                Exhibit
                  G-2

              	
                Swap
                  Agreement

              
	
                Exhibit
                  H

              	
                List
                  of Servicing Agreements

              
	
                Exhibit
                  I

              	
                [Reserved]

              
	
                Exhibit
                  J

              	
                Non-Servicer
                  Obligated Mortgage Loans

              
	
                Exhibit
                  K

              	
                Form
                  of Investment Letter for Qualified Institutional Buyers

              
	
                Exhibit
                  L

              	
                Form
                  of ERISA Transfer Affidavit

              
	
                Exhibit
                  M

              	
                Form
                  Certification to be Provided to Depositor by Master
                  Servicer

              
	
                Exhibit
                  N

              	
                Form
                  of Residual Transferor Affidavit

              
	
                Exhibit
                  O

              	
                Form
                  of Residual Transferee Affidavit

              
	
                Exhibit
                  P-1

              	
                Servicing
                  Criteria to Be Addressed in Assessment of Compliance

              
	
                Exhibit
                  P-2

              	
                Additional
                  Form 8-K Disclosure

              
	
                Exhibit
                  P-3

              	
                Additional
                  Form 10-D Disclosure

              
	
                Exhibit

                  P-4

              	
                Additional
                  Form 10-K Disclosure

              
	
                Exhibit
                  P-5

              	
                Additional
                  Disclosure Notification

              

      

       

      
        	
                SCHEDULES

              	 
	
                Schedule
                  I

              	
                Mortgage
                  Loan Schedule (by Mortgage Pool)

              
	
                Schedule
                  I-A

              	
                Simple
                  Interest Mortgage Loans

              
	
                Schedule
                  I-B

              	
                Prepayment
                  Premium Conveyed Mortgage Loans

              
	
                Schedule
                  I-C

              	
                Non-Monthly
                  Mortgage Loans

              
	
                Schedule
                  I-D

              	
                Convertible
                  Mortgage Loans

              
	
                Schedule
                  I-E

              	
                Holdback
                  Mortgage Loans

              
	
                Schedule
                  I-F

              	
                [Reserved]

              

      

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

      

      
        	
                Schedule
                  I-G

              	
                Stripped
                  Mortgage Loans

              
	
                Schedule
                  I-H

              	
                60+
                  Delinquent Mortgage Loans

              
	
                Schedule
                  I-I

              	
                Foreclosure
                  Restricted Loans

              
	
                Schedule
                  II-A

              	
                2003-G
                  Re-sold Mortgage Loans

              
	
                Schedule
                  II-B

              	
                2004-B
                  Re-sold Mortgage Loans

              
	
                Schedule
                  II-C

              	
                2005-A
                  Re-sold Mortgage Loans

              
	
                Schedule
                  II-D

              	
                2005-E
                  Re-sold Mortgage Loans

              

      

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    POOLING
      AND SERVICING AGREEMENT, dated as of April 1, 2007 (this “Agreement” or “Pooling
      and Servicing Agreement”), among Bayview Financial Securities Company, LLC, a
      Delaware limited liability company, as depositor (“BFSC” or the “Depositor”),
      Wells Fargo Bank, N.A., a national banking association, its successors and
      permitted assigns, as master servicer (the “Master Servicer”) and U.S. Bank
      National Association, a national banking association, its successors and
      permitted assigns, not in its individual capacity, but solely as trustee (the
      “Trustee”).

     

    WITNESSETH:

     

    WHEREAS,
      Bayview Financial, L.P., a Delaware limited partnership (the “Seller”), has
      conveyed the Mortgage Loans to the Depositor pursuant to (except in the case
      of
      the Re-sold Mortgage Loans) the Purchase Agreement;

     

    WHEREAS,
      the Depositor will transfer such Mortgage Loans to the Trustee pursuant to
      this
      Agreement;

     

    WHEREAS,
      the 2003-G Revolving Trust will convey the 2003-G Re-sold Mortgage Loans and
      assign its rights under the 2003-G Revolving Purchase Agreement relating to
      such
      Re-sold Mortgage Loans to Bayview Financial Property Trust II (“BFPT II”)
      pursuant to the 2003-G Revolving Assignment Agreement, BFPT II will convey
      the
      2003-G Re-sold Mortgage Loans to the Depositor pursuant to the BFPT II
      Assignment Agreement, and the Depositor will transfer the 2003-G Re-sold
      Mortgage Loans to the Trustee pursuant to this Agreement;

     

    WHEREAS,
      the 2004-B Revolving Trust will convey the 2004-B Re-sold Mortgage Loans and
      assign its rights under the 2004-B Revolving Purchase Agreement relating to
      such
      Re-sold Mortgage Loans to BFPT II pursuant to the 2004-B Revolving Assignment
      Agreement, BFPT II will convey the 2004-B Re-sold Mortgage Loans to the
      Depositor pursuant to the BFPT II Assignment Agreement, and the Depositor will
      transfer the 2004-B Re-sold Mortgage Loans to the Trustee pursuant to this
      Agreement;

     

    WHEREAS,
      the 2005-A Revolving Trust will convey the 2005-A Re-sold Mortgage Loans and
      assign its rights under the 2005-A Revolving Purchase Agreement relating to
      such
      Re-sold Mortgage Loans to BFPT II pursuant to the 2005-A Revolving Assignment
      Agreement, BFPT II will convey the 2005-A Re-sold Mortgage Loans to the
      Depositor pursuant to the BFPT II Assignment Agreement, and the Depositor will
      transfer the 2005-A Re-sold Mortgage Loans to the Trustee pursuant to this
      Agreement;

     

    WHEREAS,
      the 2005-E Revolving Trust will convey the 2005-E Re-sold Mortgage Loans and
      assign its rights under the 2005-E Revolving Purchase Agreement relating to
      such
      Re-sold Mortgage Loans to BFPT II pursuant to the 2005-E Revolving Assignment
      Agreement, BFPT II will convey the 2005-E Re-sold Mortgage Loans to the
      Depositor pursuant to the BFPT II Assignment Agreement, and the Depositor will
      transfer the 2005-E Re-sold Mortgage Loans to the Trustee pursuant to this
      Agreement;

     

    WHEREAS,
      the Master Servicer is willing to act as the Master Servicer hereunder to
      supervise the servicing of the Mortgage Loans, as provided herein, on behalf
      of
      the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    NOW,
      THEREFORE, in consideration of the mutual agreements herein contained, the
      parties agree as follows:

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
      in return for the Certificates. As provided herein, the Trustee shall elect
      that
      the Trust Fund (exclusive of (i) the Cap Agreement, (ii) the Reserve Fund,
      (iii)
      the right to receive and the obligation to pay Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls, (iv) the right to receive and the obligation to pay
      AFC
      Shortfalls, (v) the right to receive and the obligation to pay the Class A-IO
      Termination Amount, (vi) the Swap Agreement, (vii) the Supplemental Interest
      Trust Account, (viii) the Supplemental Interest Trust and (ix) any Additional
      Collateral (collectively, the “Excluded Trust Assets”)) be treated for federal
      income tax purposes as comprising four real estate mortgage investment conduits
      under Section 860D of the Code (each a “REMIC” or, in the alternative “REMIC 1,”
“REMIC 2,” “REMIC 3” and “REMIC 4,” REMIC 4 also being referred to as the “Upper
      Tier REMIC”). Any inconsistencies or ambiguities in this Agreement or in the
      administration of this Agreement shall be resolved in a manner that preserves
      the validity of such REMIC elections.

     

    Each
      Certificate, other than the Class RL and Class R Certificates, represents
      ownership of a regular interest in the Upper Tier REMIC for purposes of the
      REMIC Provisions. In addition, each Certificate, other than the Class RL and
      Class R Certificates, the Interest-Only Certificates and the Class X and Class
      P
      Certificates, represents (i) the right to receive payments with respect to
      any
      Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (ii) the right to
      receive and the obligation to pay AFC Shortfalls. The Class R Certificates
      represent ownership of the sole Class of residual interest in each of REMIC
      2,
      REMIC 3 and the Upper Tier REMIC for purposes of the REMIC Provisions. The
      Class
      RL Certificates represent ownership of the sole class of residual interest
      in
      REMIC 1.

     

    The
      Upper Tier REMIC shall hold as its assets the uncertificated Interests in REMIC
      3, other than the R-3 Interest, and each such Interest is hereby designated
      as a
      regular interest in REMIC 3 for purposes of the REMIC Provisions. REMIC 3 shall
      hold as its assets the uncertificated Interests in REMIC 2, other than the
      R-2
      Interest, and each such Interest is hereby designated as a regular interest
      in
      REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall hold as its assets
      the uncertificated Interests in REMIC 1, other than the R-1 Interest, and each
      such Interest is hereby designated as a regular interest in REMIC 1 for purposes
      of the REMIC Provisions. REMIC 1 shall hold as its assets the property of the
      Trust Fund other than the Interests in REMIC 1, REMIC 2 and REMIC 3 and the
      Excluded Trust Assets.

     

    The
      startup day for each REMIC created hereby for purposes of the REMIC Provisions
      is the Closing Date. In addition, for purposes of the REMIC Provisions, the
      latest possible maturity date for each regular interest in each REMIC created
      hereby is the Latest Possible Maturity Date.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    REMIC
      1:

     

    The
      following table sets forth the designations, principal balances, and interest
      rates for each interest in REMIC 1, each of which (other than the R-1 Interest)
      is hereby designated as a regular interest in REMIC 1 (the “REMIC 1 Regular
      Interests”):

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            
	
              T1-Pool-1

            	 	
              (1)

            	 	
              (1)

            
	
              T1-A

            	 	
              (2)

            	 	
              (3)

            
	
              T1-F

            	 	
              $50,000,000.00

            	 	
              (4)

            
	
              T1-V

            	 	
              $50,000,000.00

            	 	
              (5)

            
	
              R-1

            	 	
              (6)

            	 	
              (6)

            

    

    

    
      	 	
              (1)

            	
              This
                REMIC 1 Regular Interest shall have an initial principal balance
                equal to
                the aggregate principal balance of the Mortgage Loans in Pool 1.
                The
                interest rate for this Lower Tier Interest for each Distribution
                Date (and
                the related Accrual Period) is a per annum rate equal to the weighted
                average of the Net Mortgage Rates of the Mortgage Loans in Pool 1
                as of
                the first day of the related Due Period for such Distribution Date,
                minus
                the product of (i) 12, (ii) the amount paid from the Trust Fund during
                the
                related Accrual Period to the extent such amounts were paid for ordinary
                or routine expenses (not including any expenses relating to the Swap
                Agreement) and were not taken into account in computing the Net Mortgage
                Rate of any Mortgage Loan and (iii) a fraction, the numerator of
                which is
                the aggregate principal balance, as of the beginning of the related
                Accrual Period, of the Mortgage Loans in Pool 1 and the denominator
                of
                which is the aggregate principal balance, as of the beginning of
                the
                related Accrual Period, of all the Mortgage
                Loans.

            

    

     

    
      	 	
              (2)

            	
              This
                REMIC 1 Regular Interest shall have an initial principal balance
                equal to
                the excess of the aggregate principal balance of the Mortgage Loans
                in
                Pool 2 as of the Cut-off Date over the sum of the initial principal
                balances of the Class T1-F and Class T1-V
                interests.

            

    

     

    
      	 	
              (3)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for the T1-A Interest is a per annum rate equal to the Pool 2 Net
                WAC,
                minus
                the product of (i) 12, (ii) the amount paid from the Trust Fund during
                the
                related Accrual Period to the extent such amounts were paid for ordinary
                or routine expenses (not including any expenses relating to the Swap
                Agreement) and were not taken into account in computing the Net Mortgage
                Rate of any Mortgage Loan and (iii) a fraction, the numerator of
                which is
                the aggregate principal balance, as of the beginning of the related
                Accrual Period, of the Mortgage Loans in Pool 2 and the denominator
                of
                which is the aggregate principal balance, as of the beginning of
                the
                related Accrual Period, of all the Mortgage Loans (the “Pool 2 REMIC
                WAC”).

            

    

     

    
      	 	
              (4)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for this REMIC 1 Regular Interest shall be the lesser
                of
                (i) 9.993%
                and (ii) the product of (a) the Pool 2 REMIC WAC and (b) 2.
                

            

    

     

    
      	 	
              (5)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for this REMIC 1 Regular Interest shall be the excess, if any, of
                (i) the
                product of (a) the Pool 2 REMIC WAC and (b) 2, over (ii)
                9.993%.

            

    

     

    
      	 	
              (6)

            	
              The
                R-1 Interest shall not have a principal amount and shall not bear
                interest. The R-1 Interest is hereby designated as the sole class
                of
                residual interest in REMIC 1. The Class RL Certificates shall represent
                ownership of the R-1 Interest.

            

    

     

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date, the Trustee shall first pay or charge as an expense of
      REMIC 1 all expenses of the Trust for such Distribution Date other than any
      expenses relating to the Swap Agreement.

     

    On
      each
      Distribution Date, interest distributable in respect of the Mortgage Loans
      for
      such Distribution Date shall be distributed to the Interests in REMIC 1 at
      the
      rates shown above.

     

    On
      each
      Distribution Date, all Realized Losses and all payments of principal in respect
      of the Mortgage Loans in Pool 1 shall be allocated to the Class T1-Pool-1
      Interest until the principal balance of such Interest is reduced to
      zero.

     

    On
      each
      Distribution Date, all Realized Losses and all payments of principal in respect
      of the Mortgage Loans in Pool 2 shall be allocated to the Class T1-A Interest
      until the principal balance of such Interest is reduced to zero, and then to
      the
      Class T1-F and Class T1-V Interests, in equal amounts to each such Class, until
      the principal balance of each such Interest is reduced to zero.

     

    On
      each
      Distribution Date, all prepayment premiums or penalties or yield maintenance
      payments received with respect to Pool 1 during the related Prepayment Period
      (to the extent payable to the Class P Certificates) shall be distributed to
      the
      T1-Pool-1 Interest. On each Distribution Date, all prepayment premiums or
      penalties or yield maintenance payments received with respect to Pool 2 during
      the related Prepayment Period (to the extent payable to the Class P
      Certificates) shall be distributed to the T1-F Interest.

     

    REMIC
      2:

     

    The
      following table sets forth the designations, principal balances, and interest
      rates for each interest in REMIC 2, each of which (other than the R-2 Interest)
      is hereby designated as a regular interest in REMIC 2 (the “REMIC 2 Regular
      Interests”):

    

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              
	
                T2-1A-IO-1

              	 	
                $
                  1,553,716.08

              	 	
                (1)

              
	
                T2-2A-IO-1

              	 	
                $
                  1,475,280.75

              	 	
                (1)

              
	
                T2-3A-IO-1

              	 	
                $
                  1,401,088.43

              	 	
                (1)

              
	
                T2-4A-IO-1

              	 	
                $
                  1,330,462.24

              	 	
                (1)

              
	
                T2-5A-IO-1

              	 	
                $
                  1,263,395.50

              	 	
                (1)

              
	
                T2-6A-IO-1

              	 	
                $
                  1,200,011.55

              	 	
                (1)

              
	
                T2-7A-IO-1

              	 	
                $
                  1,140,305.20

              	 	
                (1)

              
	
                T2-8A-IO-1

              	 	
                $
                  1,082,784.27

              	 	
                (1)

              
	
                T2-9A-IO-1

              	 	
                $
                  1,028,183.48

              	 	
                (1)

              
	
                T2-10A-IO-1

              	 	
                $   
                  976,378.92

              	 	
                (1)

              
	
                T2-11A-IO-1

              	 	
                $   
                  927,175.73

              	 	
                (1)

              
	
                T2-12A-IO-1

              	 	
                $   
                  880,426.98

              	 	
                (1)

              
	
                T2-13A-IO-1

              	 	
                $   
                  943,738.99

              	 	
                (1)

              
	
                T2-14A-IO-1

              	 	
                $
                  1,104,307.39

              	 	
                (1)

              

      

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              
	
                T2-15A-IO-1

              	 	
                $
                   1,026,082.14

              	 	
                (1)

              
	
                T2-16A-IO-1

              	 	
                $
                      953,388.72

              	 	
                (1)

              
	
                T2-17A-IO-1

              	 	
                $
                      885,836.53

              	 	
                (1)

              
	
                T2-18A-IO-1

              	 	
                $
                      823,062.42

              	 	
                (1)

              
	
                T2-19A-IO-1

              	 	
                $
                      764,729.07

              	 	
                (1)

              
	
                T2-20A-IO-1

              	 	
                $
                      710,522.73

              	 	
                (1)

              
	
                T2-21A-IO-1

              	 	
                $
                      660,151.87

              	 	
                (1)

              
	
                T2-22A-IO-1

              	 	
                $
                      613,345.53

              	 	
                (1)

              
	
                T2-23A-IO-1

              	 	
                $
                      569,851.92

              	 	
                (1)

              
	
                T2-24A-IO-1

              	 	
                $
                      529,436.90

              	 	
                (1)

              
	
                T2-25A-IO-1

              	 	
                $
                      491,882.88

              	 	
                (1)

              
	
                T2-26A-IO-1

              	 	
                $
                      456,987.70

              	 	
                (1)

              
	
                T2-27A-IO-1

              	 	
                $
                      424,563.44

              	 	
                (1)

              
	
                T2-28A-IO-1

              	 	
                $
                      394,435.38

              	 	
                (1)

              
	
                T2-29A-IO-1

              	 	
                $
                      366,441.18

              	 	
                (1)

              
	
                T2-30A-IO-1

              	 	
                $
                   4,784,397.78

              	 	
                (1)

              
	
                T2-Pool-1

              	 	
                (2)         
                  

              	 	
                (1)

              
	
                T2-IO-Swap

              	 	
                (3)         
                  

              	 	
                (3)

              
	
                T2-1A-IO-2

              	 	
                 $
                   7,283,661.60

              	 	
                (4)

              
	
                T2-2A-IO-2

              	 	
                $
                   6,915,964.90

              	 	
                (4)

              
	
                T2-3A-IO-2

              	 	
                $ 
                  9,203,865.80

              	 	
                (4)

              
	
                T2-4A-IO-2

              	 	
                $   
                   965,656.90

              	 	
                (4)

              
	
                T2-5A-IO-2

              	 	
                $11,433,692.00

              	 	
                (4)

              
	
                T2-6A-IO-2

              	 	
                $
                   9,698,896.05

              	 	
                (4)

              
	
                T2-7A-IO-2

              	 	
                $
                   5,106,024.23

              	 	
                (4)

              
	
                T2-8A-IO-2

              	 	
                $
                   3,159,104.01

              	 	
                (4)

              
	
                T2-9A-IO-2

              	 	
                $
                   4,820,018.66

              	 	
                (4)

              
	
                T2-10A-IO-2

              	 	
                $
                   4,337,554.64

              	 	
                (4)

              
	
                T2-11A-IO-2

              	 	
                $
                   3,388,065.92

              	 	
                (4)

              
	
                T2-12A-IO-2

              	 	
                 $   
                   533,205.82

              	 	
                (4)

              
	
                T2-13A-IO-2

              	 	
                $
                   3,918,940.37

              	 	
                (4)

              
	
                T2-14A-IO-2

              	 	
                $
                   3,721,251.37

              	 	
                (4)

              
	
                T2-15A-IO-2

              	 	
                $
                   3,533,949.44

              	 	
                (4)

              
	
                T2-16A-IO-2

              	 	
                $
                   1,678,164.29

              	 	
                (4)

              
	
                T2-17A-IO-2

              	 	
                $
                   4,863,269.88

              	 	
                (4)

              
	
                T2-18A-IO-2

              	 	
                $
                   3,025,323.82

              	 	
                (4)

              
	
                T2-19A-IO-2

              	 	
                $
                   2,872,434.81

              	 	
                (4)

              
	
                T2-20A-IO-2

              	 	
                $
                   1,050,051.43

              	 	
                (4)

              
	
                T2-21A-IO-2

              	 	
                $
                   4,725,685.27

              	 	
                (4)

              
	
                T2-22A-IO-2

              	 	
                $
                   2,917,869.36

              	 	
                (4)

              
	
                T2-23A-IO-2

              	 	
                $
                   3,068,736.85

              	 	
                (4)

              
	
                T2-24A-IO-2

              	 	
                $
                   3,317,505.85

              	 	
                (4)

              
	
                T2-25A-IO-2

              	 	
                $
                   3,205,716.56

              	 	
                (4)

              
	
                T2-26A-IO-2

              	 	
                $
                   2,994,122.96

              	 	
                (4)

              
	
                T2-27A-IO-2

              	 	
                $
                   1,981,424.17

              	 	
                (4)

              
	
                T2-28A-IO-2

              	 	
                $
                   3,034,365.29

              	 	
                (4)

              
	
                T2-29A-IO-2

              	 	
                $
                   1,669,910.16

              	 	
                (4)

              
	
                T2-30A-IO-2

              	 	
                $25,786,412.19

              	 	
                (4)

              
	
                T2-Pool-2

              	 	
                (5)         
                  

              	 	
                (4)

              
	
                R-2

              	 	
                (6)         

              	 	
                (6)

              

      

    

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
 

    
      (1)   The
        interest rate for this REMIC 2 Regular Interest for each Distribution Date
        (and
        the related Accrual Period) is equal to the interest rate on the T1-Pool-1
        Interest in REMIC 1.

       

      (2)   This
        interest shall have an initial principal balance equal to the excess of (a)
        the
        aggregate Principal Balance of each Mortgage Loan in Pool 1 as of the Cut-off
        Date over (b) the sum of the initial principal balances of the interests
        in
        REMIC 2 containing the letters “A-IO-1” in their class
        designations.

       

      (3)   The
        T2-IO-Swap Interest is an interest only class that does not have a principal
        balance. For each Distribution Date commencing in May 2007 through the
        Distribution Date in April 2011, the T2-IO-Swap Interest shall be entitled
        to
        interest accrued on the T1-F Interest at a per annum rate equal to the excess,
        if any, of (i) the interest rate for the T1-F Interest for such Distribution
        Date over (ii) Swap LIBOR for such Distribution Date.

       

      (4)   For
        any
        Distribution Date (and the related Accrual Period) the interest rate for
        each of
        these REMIC 2 Regular Interest is a per annum rate equal to the weighted
        average
        of the interest rates on the T1-A, T1-F and T1-V Interests for such Distribution
        Date, provided,
        however, that
        (i)
        for any Distribution Date on which the T2-IO-Swap Interest is entitled to
        a
        portion of the interest accruals on the T1-F Interest, as described in footnote
        three above, such weighted average shall be computed by first subjecting
        the
        rate on such REMIC 1 Regular Interest to a cap equal to Swap LIBOR for such
        Distribution Date.

       

      (5)   This
        Interest shall have an initial principal balance equal to the excess of (a)
        the
        aggregate Principal Balance of each Mortgage Loan in Pool 2 as of the Cut-off
        Date over (b) the sum of the initial principal balances of the Interests
        in
        REMIC 2 containing the letters “A-IO-2” in their class
        designations.

       

      (6)   The
        R-2
        Interest shall not have a principal amount and shall not bear interest. The
        R-2
        interest is hereby designated as the sole class of residual interest in REMIC
        2.

       

    

    On
      each
      Distribution Date, interest distributable in respect of the REMIC 1 Interests
      for such Distribution Date shall be distributed to the Interests in REMIC 2
      at
      the rates shown above.

     

    On
      each
      Distribution Date, all Realized Losses and all payments of principal in respect
      of the Mortgage Loans in Pool 1 shall be allocated to the T2-Pool-1 Interest
      until the principal balance of such Interest is reduced to zero, and then to
      the
      Interests having the letters “A-IO-1” in their Class designation in descending
      order of their numerical designation until the principal balance of each such
      Interest is reduced to zero.

     

    On
      each
      Distribution Date, all Realized Losses and all payments of principal in respect
      of the Mortgage Loans in Pool 2 shall be allocated to the T2-Pool-2 Interest
      until the principal balance of such Interest is reduced to zero, and then to
      the
      Interests having the letters “A-IO-2” in their Class designation in descending
      order of their numerical designation until the principal balance of each such
      Interest is reduced to zero.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date, all prepayment premiums or penalties or yield maintenance
      payments received with respect to Pool 1 during the related Prepayment Period
      (to the extent payable to the Class P Certificates) shall be distributed to
      the
      T2-30A-IO-1 Interest. On each Distribution Date, all prepayment premiums or
      penalties or yield maintenance payments received with respect to Pool 2 during
      the related Prepayment Period (to the extent payable to the Class P
      Certificates) shall be distributed to the T2-30A-IO-2 Interest. 

     

    REMIC
      3:

     

    The
      following table sets forth the designations, principal balances, and interest
      rates for each interest in REMIC 3, each of which (other than the R-3 Interest)
      is hereby designated as a regular interest in REMIC 3 (the “REMIC 3 Regular
      Interests”):

     

    
      	
              Class
                Designation

            	
              Initial
                Principal Balance

            	
              Interest
                Rate

            	
              Corresponding
                Class of
                

              Certificates
                or Component

            
	
              T3-1-A1

            	
              1⁄4
                Corresponding Class balance

            	
              (1)

            	
              1-A1

            
	
              T3-1-A2

            	
              1⁄4
                Corresponding Class balance

            	
              (1)

            	
              1-A2

            
	
              T3-1-A3

            	
              1⁄4
                Corresponding Class balance

            	
              (1)

            	
              1-A3

            
	
              T3-1-A4

            	
              1⁄4
                Corresponding Class balance

            	
              (1)

            	
              1-A4

            
	
              T3-1-A5

            	
              1⁄4
                Corresponding Class balance

            	
              (1)

            	
              1-A5

            
	
              T3-2-A

            	
              1⁄4
                Corresponding Class balance

            	
              (3)

            	
              2-A

            
	
              T3-M-1
                

            	
              1⁄4
                Corresponding Class balance

            	
              (5)

            	
              M-1

            
	
              T3-M-2
                

            	
              1⁄4
                Corresponding Class balance

            	
              (5)

            	
              M-2

            
	
              T3-M-3
                

            	
              1⁄4
                Corresponding Class balance

            	
              (5)

            	
              M-3

            
	
              T3-M-4
                

            	
              1⁄4
                Corresponding Class balance

            	
              (5)

            	
              M-4

            
	
              T3-B-1
                

            	
              1⁄4
                Corresponding Class balance

            	
              (5)

            	
              B-1

            
	
              T3-B-2

            	
              1⁄4
                Corresponding Class balance

            	
              (5)

            	
              B-2

            
	
              T3-B-3

            	
              1⁄4
                Corresponding Class balance

            	
              (5)

            	
              B-3

            
	
              T3-PSA-1

            	
              (8)

            	
              (1)

            	
              N/A

            
	
              T3-Pool-1

            	
              (9)

            	
              (1)

            	
              N/A

            
	
              T3-PSA-2

            	
              (10)

            	
              (3)

            	
              N/A

            
	
              T3-Pool-2

            	
              (11)

            	
              (3)

            	
              N/A

            
	
              T3-Q

            	
              (12)

            	
              (5)

            	
              X

            
	
              T3-1A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-2A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-3A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-4A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-5A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-6A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-7A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-8A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-9A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-10A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-11A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-12A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-13A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    
      	
              Class
                Designation

            	
              Initial
                Principal Balance

            	
              Interest
                Rate

            	
              Corresponding
                Class of
                

              Certificates
                or Component

            
	
              T3-14A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-15A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-16A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-17A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-18A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-19A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-20A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-21A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-22A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-23A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-24A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-25A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-26A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-27A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-28A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-29A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-30A-IO-1

            	
              (2)

            	
              (2)

            	
              A-IO(1)

            
	
              T3-1A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-2A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-3A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-4A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-5A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-6A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-7A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-8A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-9A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-10A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-11A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-12A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-13A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-14A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-15A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-16A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-17A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-18A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-19A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-20A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-21A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-22A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-23A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-24A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-25A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-26A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    
      	
              Class
                Designation

            	
              Initial
                Principal Balance

            	
              Interest
                Rate

            	
              Corresponding
                Class of
                

              Certificates
                or Component

            
	
              T3-27A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-28A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-29A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-30A-IO-2

            	
              (4)

            	
              (4)

            	
              A-IO(2)

            
	
              T3-IO-Swap

            	
              (6)

            	
              (6)

            	
              N/A

            
	
              R-3

            	
              (7)

            	
              (7)

            	
              R

            

    

    
 

    (1)  
      This
      interest rate with respect to any Distribution Date (and the related Accrual
      Period) for each of these REMIC 3 Regular Interests is a per annum rate equal
      to
      the greater of (i) 0.00% and (ii) the weighted average of the interest
      rates on each REMIC 2 Interest having an “A-IO-1” in its designation and the
      T2-Pool-1 Interest, computed after reducing the rate payable on each such REMIC
      2 Interest having an “A-IO-1” in its Class designation by the Class A-IO(1)
      Component Interest Rate for such Distribution Date, for any Distribution Date
      on
      which interest is payable on its Corresponding REMIC 3 A-IO-1 Interest (as
      described in footnote (2) below).

     

    (2)  
      Each
      of
      these REMIC 3 Interests is an interest-only Interest and does not have a
      principal balance. For each Distribution Date on the chart below, the REMIC
      3
      Interest corresponding to such Distribution Date shall be entitled to interest
      payable on the REMIC 2 Interest corresponding to such Distribution Date at
      a
      rate equal to the lesser
      of (i)
      the applicable “A-IO(1) Component Interest Rate” for such date set forth on
      Exhibit F hereto and (ii) the interest rate of the REMIC 2 Interest
      corresponding to such distribution date. Each such REMIC 3 Interest shall be
      entitled to payments only for the Distribution Date to which it corresponds
      on
      the chart below. 

    
      	
               

              Distribution
                Date 

              occurring
                in

            	
               

            	
               

              Corresponding
                REMIC 3 Interest

            	
               

            	
              Corresponding
                REMIC 2 Interest

            
	
              May
                2007

            	
               

            	
              T3-1A-IO-1

            	
               

            	
              T2-1A-IO-1

            
	
              June
                2007

            	
               

            	
              T3-2A-IO-1

            	
               

            	
              T2-2A-IO-1

            
	
              July
                2007

            	
               

            	
              T3-3A-IO-1

            	
               

            	
              T2-3A-IO-1

            
	
              August
                2007

            	
               

            	
              T3-4A-IO-1

            	
               

            	
              T2-4A-IO-1

            
	
              September
                2007

            	
               

            	
              T3-5A-IO-1

            	
               

            	
              T2-5A-IO-1

            
	
              October
                2007

            	
               

            	
              T3-6A-IO-1

            	
               

            	
              T2-6A-IO-1

            
	
              November
                2007

            	
               

            	
              T3-7A-IO-1

            	
               

            	
              T2-7A-IO-1

            
	
              December
                2007

            	
               

            	
              T3-8A-IO-1

            	
               

            	
              T2-8A-IO-1

            
	
              January
                2008

            	
               

            	
              T3-9A-IO-1

            	
               

            	
              T2-9A-IO-1

            
	
              February
                2008

            	
               

            	
              T3-10A-IO-1

            	
               

            	
              T2-10A-IO-1

            
	
              March
                2008

            	
               

            	
              T3-11A-IO-1

            	
               

            	
              T2-11A-IO-1

            
	
              April
                2008

            	
               

            	
              T3-12A-IO-1

            	
               

            	
              T2-12A-IO-1

            
	
              May
                2008

            	
               

            	
              T3-13A-IO-1

            	
               

            	
              T2-13A-IO-1

            
	
              June
                2008

            	
               

            	
              T3-14A-IO-1

            	
               

            	
              T2-14A-IO-1

            
	
              July
                2008

            	
               

            	
              T3-15A-IO-1

            	
               

            	
              T2-15A-IO-1

            
	
              August
                2008

            	
               

            	
              T3-16A-IO-1

            	
               

            	
              T2-16A-IO-1

            
	
              September
                2008

            	
               

            	
              T3-17A-IO-1

            	
               

            	
              T2-17A-IO-1

            
	
              October
                2008

            	
               

            	
              T3-18A-IO-1

            	
               

            	
              T2-18A-IO-1

            
	
              November
                2008

            	
               

            	
              T3-19A-IO-1

            	
               

            	
              T2-19A-IO-1

            
	
              December
                2008

            	
               

            	
              T3-20A-IO-1

            	
               

            	
              T2-20A-IO-1

            
	
              January
                2009

            	
               

            	
              T3-21A-IO-1

            	
               

            	
              T2-21A-IO-1

            
	
              February
                2009

            	
               

            	
              T3-22A-IO-1

            	
               

            	
              T2-22A-IO-1

            
	
              March
                2009

            	
               

            	
              T3-23A-IO-1

            	
               

            	
              T2-23A-IO-1

            
	
              April
                2009

            	
               

            	
              T3-24A-IO-1

            	
               

            	
              T2-24A-IO-1

            
	
              May
                2009

            	
               

            	
              T3-25A-IO-1

            	
               

            	
              T2-25A-IO-1

            
	
              June
                2009

            	
               

            	
              T3-26A-IO-1

            	
               

            	
              T2-26A-IO-1

            
	
              July
                2009

            	
               

            	
              T3-27A-IO-1

            	
               

            	
              T2-27A-IO-1

            
	
              August
                2009

            	
               

            	
              T3-28A-IO-1

            	
               

            	
              T2-28A-IO-1

            
	
              September
                2009

            	
               

            	
              T3-29A-IO-1

            	
               

            	
              T2-29A-IO-1

            
	
              October
                2009

            	
               

            	
              T3-30A-IO-1

            	
               

            	
              T2-30A-IO-1

            

    

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (3)  
      This
      interest rate with respect to any Distribution Date (and the related Accrual
      Period) for each of these REMIC 3 Regular Interests is a per annum rate equal
      to
      the greater of (i) 0.00% and (ii) the weighted average of the interest
      rates on each REMIC 2 Interest having an “A-IO-2” in its designation and
      T2-Pool-2 Interest, computed after reducing the rate payable on each such REMIC
      2 Interest having an “A-IO-2” in its Class designation by the Class A-IO(2)
      Component Interest Rate for such Distribution Date, for any Distribution Date
      on
      which interest is payable on its Corresponding REMIC 3 A-IO-2 Interest (as
      described in footnote (4) below).

     

    (4)  
      Each
      of
      these REMIC 3 Interests is an interest-only Interest and does not have a
      principal balance. For each Distribution Date on the chart below, the REMIC
      3
      Interest corresponding to such Distribution Date shall be entitled to interest
      payable on the REMIC 2 Interest corresponding to such Distribution Date at
      a
      rate equal to the lesser
      of (i)
      the applicable “A-IO(2) Component Interest Rate” for such date set forth on
      Exhibit F hereto and (ii) the interest rate of the REMIC 2 Interest
      corresponding to such distribution date. Each such REMIC 3 Interest shall be
      entitled to payments only for the Distribution Date to which it corresponds
      on
      the chart below. 

     

    
      	
               

              Distribution
                Date 

              occurring
                in

            	 	
               

              Corresponding
                REMIC 3

              Interest

            	 	
              Corresponding
                REMIC 2 

              Interest

            
	
              May
                2007

            	 	
              T3-1A-IO-2

            	 	
              T2-1A-IO-2

            
	
              June
                2007

            	 	
              T3-2A-IO-2

            	 	
              T2-2A-IO-2

            
	
              July
                2007

            	 	
              T3-3A-IO-2

            	 	
              T2-3A-IO-2

            
	
              August
                2007

            	 	
              T3-4A-IO-2

            	 	
              T2-4A-IO-2

            
	
              September
                2007

            	 	
              T3-5A-IO-2

            	 	
              T2-5A-IO-2

            
	
              October
                2007

            	 	
              T3-6A-IO-2

            	 	
              T2-6A-IO-2

            
	
              November
                2007

            	 	
              T3-7A-IO-2

            	 	
              T2-7A-IO-2

            
	
              December
                2007

            	 	
              T3-8A-IO-2

            	 	
              T2-8A-IO-2

            
	
              January
                2008

            	 	
              T3-9A-IO-2

            	 	
              T2-9A-IO-2

            
	
              February
                2008

            	 	
              T3-10A-IO-2

            	 	
              T2-10A-IO-2

            
	
              March
                2008

            	 	
              T3-11A-IO-2

            	 	
              T2-11A-IO-2

            
	
              April
                2008

            	 	
              T3-12A-IO-2

            	 	
              T2-12A-IO-2

            
	
              May
                2008

            	 	
              T3-13A-IO-2

            	 	
              T2-13A-IO-2

            
	
              June
                2008

            	 	
              T3-14A-IO-2

            	 	
              T2-14A-IO-2

            
	
              July
                2008

            	 	
              T3-15A-IO-2

            	 	
              T2-15A-IO-2

            
	
              August
                2008

            	 	
              T3-16A-IO-2

            	 	
              T2-16A-IO-2

            
	
              September
                2008

            	 	
              T3-17A-IO-2

            	 	
              T2-17A-IO-2

            
	
              October
                2008

            	 	
              T3-18A-IO-2

            	 	
              T2-18A-IO-2

            
	
              November
                2008

            	 	
              T3-19A-IO-2

            	 	
              T2-19A-IO-2

            
	
              December
                2008

            	 	
              T3-20A-IO-2

            	 	
              T2-20A-IO-2

            
	
              January
                2009

            	 	
              T3-21A-IO-2

            	 	
              T2-21A-IO-2

            
	
              February
                2009

            	 	
              T3-22A-IO-2

            	 	
              T2-22A-IO-2

            
	
              March
                2009

            	 	
              T3-23A-IO-2

            	 	
              T2-23A-IO-2

            
	
              April
                2009

            	 	
              T3-24A-IO-2

            	 	
              T2-24A-IO-2

            
	
              May
                2009

            	 	
              T3-25A-IO-2

            	 	
              T2-25A-IO-2

            
	
              June
                2009

            	 	
              T3-26A-IO-2

            	 	
              T2-26A-IO-2

            
	
              July
                2009

            	 	
              T3-27A-IO-2

            	 	
              T2-27A-IO-2

            
	
              August
                2009

            	 	
              T3-28A-IO-2

            	 	
              T2-28A-IO-2

            
	
              September
                2009

            	 	
              T3-29A-IO-2

            	 	
              T2-29A-IO-2

            
	
              October
                2009

            	 	
              T3-30A-IO-2

            	 	
              T2-30A-IO-2

            

    

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (5)  
      This
      interest rate with respect to any Distribution Date (and the related Accrual
      Period) for each of these REMIC 3 Regular Interests is a per annum rate equal
      to
      the greater of (i) 0.00% and (ii) the weighted average of the interest
      rates on the each REMIC 2 Interest having an “A-IO” in its designation, the
      T2-Pool-1 Interest and T2-Pool-2 Interest, computed after (a) reducing the
      rate
      payable on each such REMIC 2 Interest having an “A-IO-1” in its Class
      designation by the Class A-IO(1) Component Interest Rate for such Distribution
      Date and (b) reducing the rate payable on each such REMIC 2 Interest having
      an
“A-IO-2” in its Class designation by the Class A-IO(2) Component Interest Rate
      for such Distribution Date, for each Distribution Date on which interest is
      payable on its Corresponding REMIC 3 A-IO Interest (as described in footnote
      (2)
      or (4) above).

     

    (6)  
      The
      T3-IO-Swap Interest shall not have a principal balance, but shall be entitled
      to
      receive, on each Distribution Date, 100% of the interest distributable on the
      Class T2-IO-Swap Interest in REMIC 2. 

     

    (7)  
      The
      R-3
      Interest shall not have a principal amount and shall not bear interest. The
      R-3
      interest is hereby designated as the sole class of residual interest in REMIC
      3.

     

    (8)  
      This
      interest shall have an initial principal amount equal to one percent of the
      Pool
      Subordinate Amount for Pool 1 as of the Cut-off Date.

     

    (9)  
      This
      interest shall have an initial principal amount equal to the excess of (i)
      one
      half of the sum of the outstanding principal balances of the Pool 1 Mortgage
      Loans as of the Cut-off Date over (ii) the aggregate initial principal balance
      of the T3-PSA-1 interest, the T3-1-A1 interest, the T3-1-A2 interest, the
      T3-1-A3 interest, the T3-1-A4 interest and the T3-1-A5 interest.

     

    (10)
      This
      interest shall have an initial principal amount equal to one percent of the
      Pool
      Subordinate Amount for Pool 2 as of the Cut-off Date.

     

    (11)
      This
      interest shall have an initial principal amount equal to the excess of (i)
      one
      half of the sum of the outstanding principal balances of the Pool 2 Mortgage
      Loans as of the Cut-off Date over (ii) the initial principal balance of the
      T3-PSA-2 interest and the T3-2-A interest.

     

    (12)
      This
      interest shall have an initial principal balance equal to the excess of the
      aggregate principal balance of the Mortgage Loans as of the Cut-off Date over
      the sum of the initial principal balances of each other interest in REMIC
      3.

     

    On
      each Distribution Date, interest distributable in respect of the REMIC 2 Regular
      Interests shall be distributed with respect to each of the Interests in REMIC
      3
      based on the above-described interest rates, provided, however,
      that interest that accrues on the T3-Q Interest shall be deferred to the extent
      necessary to make the principal distributions described in priorities (i)
      through (v) below for such Distribution Date. Any interest so deferred shall
      itself bear interest at the interest rate for the T3-Q Interest.

     

    On
      each Distribution Date, the principal distributed on the REMIC 2 Regular
      Interests (together with an amount equal to the interest deferred on the Class
      T3-Q Interest for such Distribution Date) shall be distributed, and Realized
      Losses shall be allocated, among the Interests in REMIC 3 in the following
      order
      of priority:

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (i) first,
      to
      the
      T3-PSA-1 interest until its outstanding principal amount equals one percent
      of
      the Pool Subordinate Amount for Pool 1 immediately after such Distribution
      Date;

     

    (ii) second,
      to
      the
      T3-PSA-2 interest until its outstanding principal amount equals one percent
      of
      the Pool Subordinate Amount for Pool 2 immediately after such Distribution
      Date;

     

    (iii) third,
      to each remaining interest in REMIC 3 having a Corresponding Class in REMIC
      4
      (other than a REMIC 3 interest having an “A-IO” in its class designation) until
      the outstanding principal amount of each such interest equals one-quarter of
      the
      outstanding principal amount of the Corresponding Class of Certificates for
      such
      interest immediately after such Distribution Date;

     

    (iv) fourth,
      to the T3-Pool-1 Interest until the aggregate principal balance of such
      interest, the T3-PSA-1 interest, the T3-1-A1 interest, the T3-1-A2 interest,
      the
      T3-1-A3 interest, the T3-1-A4 interest and the T3-1-A5 interest equals one
      half
      of the sum of the outstanding principal balances of the Pool 1 Mortgage Loans
      immediately after such Distribution Date;

     

    (v) fifth,
      to
      the T3-Pool-2 Interest until the aggregate principal balance of such interest,
      the T3-PSA-2 interest and the T3-2-A interest equals one half of the sum of
      the
      outstanding principal balances of the Pool 2 Mortgage Loans immediately after
      such Distribution Date; and

     

    (vi) finally,
      to the Class T3-Q Interest, any remaining amounts.

     

    On
      each
      Distribution Date, all prepayment premiums or penalties or yield maintenance
      payments received during the related Prepayment Period (to
      the extent payable to the Class P Certificates) with
      respect to the Mortgage Loans shall be distributed to the T3-Q
      Interest.

     

    REMIC
      4:

     

    The
      following table sets forth the designations, principal balances, and interest
      rates for each interest in REMIC 4, each of which (other than the R-4 Interest)
      is hereby designated as a regular interest in REMIC 4 (the “REMIC 4 Regular
      Interests”):

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

     

    
      	
              REMIC
                Interests

            	 	
              Initial
                Balance

            	 	
              Interest
                Rate

            	 	
              Corresponding
                

              Class
                of Certificates

            
	
              T4-A-IO

            	 	
              (1)

            	 	
              (1)

            	 	
              A-IO

            
	
              T4-IO-Swap

            	 	
              (2)

            	 	
              (2)

            	 	
              N/A

            
	
              T4-1-A1

            	 	
              $  97,625,000.00

            	 	
              (3)

            	 	
              1-A1

            
	
              T4-1-A2

            	 	
              $  47,831,000.00

            	 	
              (3)

            	 	
              1-A2

            
	
              T4-1-A3

            	 	
              $  10,751,000.00

            	 	
              (3)

            	 	
              1-A3

            
	
              T4-1-A4

            	 	
              $  19,534,000.00

            	 	
              (3)

            	 	
              1-A4

            
	
              T4-1-A5

            	 	
              $  19,534,000.00

            	 	
              (3)

            	 	
              1-A5

            
	
              T4-2-A

            	 	
              $209,975,000.00

            	 	
              (3)

            	 	
              2-A

            
	
              T4-M-1
                

            	 	
              $  24,190,000.00

            	 	
              (3)

            	 	
              M-1

            
	
              T4-M-2
                

            	 	
              $   
                7,190,000.00

            	 	
              (3)

            	 	
              M-2

            
	
              T4-M-3
                

            	 	
              $  11,730,000.00

            	 	
              (3)

            	 	
              M-3

            
	
              T4-M-4
                

            	 	
              $    5,510,000.00

            	 	
              (3)

            	 	
              M-4

            
	
              T4-B-1
                

            	 	
              $    5,270,000.00

            	 	
              (3)

            	 	
              B-1

            
	
              T4-B-2

            	 	
              $    4,790,000.00

            	 	
              (3)

            	 	
              B-2

            
	
              T4-B-3

            	 	
              $    5,030,000.00

            	 	
              (3)

            	 	
              B-3

            
	
              T4-X

            	 	
              (4)

            	 	
              (4)

            	 	
              X

            
	
              T4-P

            	 	
              $             
                 100.00

            	 	
              (5)

            	 	
              P

            
	
              R-4
                

            	 	
              (6)

            	 	
              (6)

            	 	
              R

            

    

    

    (1)   
      The
      T4-A-IO Interest shall not have a principal balance, but shall be entitled
      to
      receive, on each Distribution Date, 100% of the interest distributable on each
      REMIC 3 Regular Interest with the term “A-IO” in its designation.

     

    (2)  
      The
      T4-IO-Swap Interest shall not have a principal balance, but shall be entitled
      to
      receive, on each Distribution Date, 100% of the interest distributable on the
      Class T3-IO-Swap Interest in REMIC 3. 

     

    (3)   
      This
      Interest shall bear interest at the lesser
      of (i)
      the Interest Rate (determined without regard to the Pool 1, Pool 2, or
      Subordinate Available Funds Cap, as applicable) for the Corresponding Class
      of
      Certificates for such Interest and (ii) the weighted average of the interest
      rates of the REMIC 3 Regular Interests (other than any interest-only regular
      interest), weighted on the principal balances of such Interests (the “REMIC 3
      Net WAC Rate”). 

     

    (4)   The
      T4-X
      interest shall be comprised of a principal-only component and an interest-only
      component. The principal-only component shall have an initial principal balance
      of $10,063,045 but such amount shall not bear interest. The interest-only
      component shall have a notional balance equal to the aggregate Stated Principal
      Balance of the Mortgage Loans. The interest-only component shall bear interest
      at a rate equal to the excess, if any, of (i) the REMIC 3 Net WAC Rate over
      (ii)
      Adjusted Lower Tier WAC. For any Distribution Date, interest that accrues on
      the
      T4-X interest shall be deferred to the extent of any increase in the
      Overcollateralization Amount on such date. Such deferred interest shall not
      itself bear interest.

     

    (5)  
      The
      T4-P
      interest shall not be entitled to payments of interest, but shall be entitled
      to
      receive all prepayment premiums or penalties or yield maintenance payments
      received in respect of the Mortgage Loans to the extent payable to the Class
      P
      Certificates.

     

    (6)  
      The
      R-4
      Interest shall not have a principal amount and shall not bear interest. The
      R-4
      interest is hereby designated as the sole class of residual interest in REMIC
      4.

     

    On
      each Distribution Date, interest distributable in respect of the REMIC 3 Regular
      Interests for such Distribution Date shall be distributed to the Interests
      in
      REMIC 4 at the rates shown above.

     

    On
      each Distribution Date, each REMIC 4 Regular Interest shall be allocated
      Realized Losses and principal in amounts equal to those allocated to the
      Corresponding Class of Certificates for each such REMIC 4 Regular
      Interest.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Certificates:

     

    The
      following table sets forth certain characteristics of the Certificates, together
      with minimum denominations and integral multiples in excess thereof in which
      such Classes shall be issuable (except that one Class R Certificate representing
      the Tax Matters Person Certificate may be issued in a different
      amount):

     

    
      	
              Class
                Designation

            	 	
              Initial
                Class

              Principal

              Balance
                or 

              Class
                Notional

              Balance

            	 	
              Interest

              Rate

              (per
                annum)

            	 	
              Minimum

              Denomination

            	 	
              Integral

              Multiples

              in
                Excess of

              Minimum

            
	
              Class
                1-A1

            	 	
              $  97,625,000.00

            	 	
              (1)

            	 	
              $      
                 100,000

            	 	
              $
                1

            
	
              Class
                1-A2

            	 	
              $  47,831,000.00

            	 	
              (2)

            	 	
              $       
                100,000

            	 	
              $
                1

            
	
              Class
                1-A3

            	 	
              $  10,751,000.00

            	 	
              (3)

            	 	
              $       
                100,000

            	 	
              $
                1

            
	
              Class
                1-A4

            	 	
              $  19,534,000.00

            	 	
              (4)

            	 	
              $      
                 100,000

            	 	
              $
                1

            
	
              Class
                1-A5

            	 	
              $  19,534,000.00

            	 	
              (5)

            	 	
              $       
                100,000

            	 	
              $
                1

            
	
              Class
                2-A

            	 	
              $209,975,000.00

            	 	
              (6)

            	 	
              $        100,000

            	 	
              $
                1

            
	
              Class
                A-IO

            	 	
              (7)

            	 	
              (8)

            	 	
              $
                2,500,000(9)

            	 	
              (9)

            
	
              Class
                M-1

            	 	
              $  24,190,000.00

            	 	
              (10)

            	 	
              $        100,000

            	 	
              $
                1

            
	
              Class
                M-2

            	 	
              $  
                 7,190,000.00

            	 	
              (11)

            	 	
              $        100,000

            	 	
              $
                1

            
	
              Class
                M-3

            	 	
              $  11,730,000.00

            	 	
              (12)

            	 	
              $        100,000

            	 	
              $
                1

            
	
              Class
                M-4

            	 	
              $    5,510,000.00

            	 	
              (13)

            	 	
              $        100,000

            	 	
              $
                1

            
	
              Class
                B-1

            	 	
              $    5,270,000.00

            	 	
              (14)

            	 	
              $        100,000

            	 	
              $
                1

            
	
              Class
                B-2

            	 	
              $    4,790,000.00

            	 	
              (15)

            	 	
              $        100,000

            	 	
              $
                1

            
	
              Class
                B-3

            	 	
              $    5,030,000.00

            	 	
              (16)

            	 	
              $        100,000

            	 	
              $
                1

            
	
              Class
                X

            	 	
              (17)

            	 	
              (17)

            	 	
              (17)

            	 	
              (18)

            
	
              Class
                P

            	 	
              (19)

            	 	
              (20)

            	 	
              (20)

            	 	
              (20)

            
	
              Class
                R

            	 	
              (21)

            	 	
              (21)

            	 	
              (22)

            	 	
              (22)

            
	
              Class
                RL

            	 	
              (23)

            	 	
              (23)

            	 	
              (24)

            	 	
              (24)

            

    

     

    
      	
              (1)

            	
              The
                lesser
                of
                (i) 6.129% and (ii) the Pool 1 Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                specified
                in clause (i) shall be 6.629%. For purposes of the REMIC Provisions,
                Class
                1-A1 shall represent beneficial ownership of the T4-1-A1 Interest
                in REMIC
                4. Any amount distributed on the Class 1-A1 Certificates on any
                Distribution Date in excess of the amount distributable on the T4-1-A1
                Interest on such Distribution Date shall be treated as having been
                paid
                from the Reserve Fund, and any amount distributable on the T4-1-A1
                Interest on such Distribution Date in excess of the amount distributable
                on Class 1-A1 on such Distribution Date shall be treated as having
                been
                paid to the Reserve Fund, all pursuant to and as further described
                in
                Section 2.6(d) hereof.

            

    

     

    
      	
              (2)

            	
              The
                lesser
                of
                (i) 6.205% and (ii) the Pool 1 Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                specified
                in clause (i) shall be 6.705%
                For purposes of the REMIC Provisions, Class 1-A2 shall represent
                beneficial ownership of the T4-1-A2 Interest in REMIC 4. Any amount
                distributed on the Class 1-A2 Certificates on any Distribution Date
                in
                excess of the amount distributable on the T4-1-A2 Interest on such
                Distribution Date shall be treated as having been paid from the Reserve
                Fund, and any amount distributable on the T4-1-A2 Interest on such
                Distribution Date in excess of the amount distributable on Class
                1-A2 on
                such Distribution Date shall be treated as having been paid to the
                Reserve
                Fund, all pursuant to and as further described in Section 2.6(d)
                hereof.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
      	
              (3)

            	
              The
                lesser
                of
                (i) 6.423% and (ii) the Pool 1 Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                specified
                in clause (i) shall be 6.923% For purposes of the REMIC Provisions,
                Class
                1-A3 shall represent beneficial ownership of the T4-1-A3 Interest
                in REMIC
                4. Any amount distributed on the Class 1-A3 Certificates on any
                Distribution Date in excess of the amount distributable on the T4-1-A3
                Interest on such Distribution Date shall be treated as having been
                paid
                from the Reserve Fund, and any amount distributable on the T4-1-A3
                Interest on such Distribution Date in excess of the amount distributable
                on Class 1-A3 on such Distribution Date shall be treated as having
                been
                paid to the Reserve Fund, all pursuant to and as further described
                in
                Section 2.6(d) hereof.

            

    

     

    
      	
              (4)

            	
              The
                lesser
                of
                (i) 6.725% and (ii) the Pool 1 Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                specified
                in clause (i) shall be 7.225%. For purposes of the REMIC Provisions,
                Class
                1-A4 shall represent beneficial ownership of the T4-1-A4 Interest
                in REMIC
                4. Any amount distributed on the Class 1-A4 Certificates on any
                Distribution Date in excess of the amount distributable on the T4-1-A4
                Interest on such Distribution Date shall be treated as having been
                paid
                from the Reserve Fund, and any amount distributable on the T4-1-A4
                Interest on such Distribution Date in excess of the amount distributable
                on Class 1-A4 on such Distribution Date shall be treated as having
                been
                paid to the Reserve Fund, all pursuant to and as further described
                in
                Section 2.6(d) hereof.

            

    

     

    
      	
              (5)

            	
              The
                lesser
                of
                (i) 6.101%
                and (ii) the Pool 1 Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                specified
                in clause (i) shall be 6.601%. For purposes of the REMIC Provisions,
                Class
                1-A5 shall represent beneficial ownership of the T4-1-A5 Interest
                in REMIC
                4. Any amount distributed on the Class 1-A5 Certificates on any
                Distribution Date in excess of the amount distributable on the T4-1-A5
                Interest on such Distribution Date shall be treated as having been
                paid
                from the Reserve Fund, and any amount distributable on the T4-1-A5
                Interest on such Distribution Date in excess of the amount distributable
                on Class 1-A5 on such Distribution Date shall be treated as having
                been
                paid to the Reserve Fund, all pursuant to and as further described
                in
                Section 2.6(d) hereof.

            

    

     

    
      	
              (6)

            	
              The
                lesser
                of
                (i) LIBOR plus 0.350% and (ii) the Pool 2 Available Funds Cap;
                provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) shall be LIBOR plus 0.525%. For
                purposes
                of the REMIC Provisions, Class 2-A shall represent beneficial ownership
                of
                the T4-2-A Interest in REMIC 4. Any amount distributed on the Class
                2-A
                Certificates on any Distribution Date in excess of the amount
                distributable on the T4-2-A Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T4-2-A Interest on such Distribution Date in
                excess
                of the amount distributable on Class 2-A on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (7)

            	
              The
                Class A-IO Certificates shall accrue interest on their Class Notional
                Balance and shall not be entitled to receive any distributions of
                principal. For purposes of the REMIC Provisions, Class A-IO shall
                represent beneficial ownership of the T4-A-IO Interest in REMIC
                4.

            

    

     

    
      	
              (8)

            	
              Interest
                shall accrue on each Component of the Class A-IO Certificates at
                its
                Component Interest Rate, as provided in this
                Agreement.

            

    

     

    
      	
              (9)

            	
              Minimum
                denomination is based on the Class Notional Balance of such
                Class.

            

    

     

    
      	
              (10)

            	
              The
                lesser
                of
                (i) LIBOR plus 0.600%
                and (ii) the Subordinate Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) shall be LIBOR plus 0.900%. For
                purposes
                of the REMIC Provisions, Class M-1 shall represent beneficial ownership
                of
                the T4-M-1 Interest in REMIC 4. Any amount distributed on the Class
                M-1
                Certificates on any Distribution Date in excess of the amount
                distributable on the T4-M-1 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T4-M-1 Interest on such Distribution Date in
                excess
                of the amount distributable on Class M-1 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    
      	
              (11)

            	
              The
                lesser
                of
                (i) LIBOR plus 0.700% and (ii) the Subordinate Available Funds Cap;
                provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) shall be LIBOR plus 1.050%. For
                purposes
                of the REMIC Provisions, Class M-2 shall represent beneficial ownership
                of
                the T4-M-2 Interest in REMIC 4. Any amount distributed on the Class
                M-2
                Certificates on any Distribution Date in excess of the amount
                distributable on the T4-M-2 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T4-M-2 Interest on such Distribution Date in
                excess
                of the amount distributable on Class M-2 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (12)

            	
              The
                lesser
                of
                (i) LIBOR plus 1.650%
                and (ii) the Subordinate Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) shall be LIBOR plus 2.475%.
                For purposes of the REMIC Provisions, Class M-3 shall represent beneficial
                ownership of the T4-M-3 Interest in REMIC 4. Any amount distributed
                on the
                Class M-3 Certificates on any Distribution Date in excess of the
                amount
                distributable on the T4-M-3 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T4-M-3 Interest on such Distribution Date in
                excess
                of the amount distributable on Class M-3 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (13)

            	
              The
                lesser
                of
                (i) LIBOR plus 2.150% and (ii) the Subordinate Available Funds Cap;
                provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) shall be LIBOR plus 3.225%. For
                purposes
                of the REMIC Provisions, Class M-4 shall represent beneficial ownership
                of
                the T4-M-4 Interest in REMIC 4. Any amount distributed on the Class
                M-4
                Certificates on any Distribution Date in excess of the amount
                distributable on the T4-M-4 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T4-M-4 Interest on such Distribution Date in
                excess
                of the amount distributable on Class M-4 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (14)

            	
              The
                lesser
                of
                (i) LIBOR plus 3.000% and (ii) the Subordinate Available Funds Cap;
                provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) shall be LIBOR plus 4.500%. For
                purposes
                of the REMIC Provisions, Class B-1 shall represent beneficial ownership
                of
                the T4-B-1 Interest in REMIC 4. Any amount distributed on the Class
                B-1
                Certificates on any Distribution Date in excess of the amount
                distributable on the T4-B-1 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T4-B-1 Interest on such Distribution Date in
                excess
                of the amount distributable on Class B-1 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    
      	
              (15)

            	
              The
                lesser
                of
                (i) LIBOR plus 5.000% and (ii) the Subordinate Available Funds Cap;
                provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) shall be LIBOR plus 7.500%. For
                purposes
                of the REMIC Provisions, Class B-2 shall represent beneficial ownership
                of
                the T4-B-2 Interest in REMIC 4. Any amount distributed on the Class
                B-2
                Certificates on any Distribution Date in excess of the amount
                distributable on the T4-B-2 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T4-B-2 Interest on such Distribution Date in
                excess
                of the amount distributable on Class B-2 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (16)

            	
              The
                lesser
                of
                (i) LIBOR plus 6.000% and (ii) the Subordinate Available Funds Cap;
                provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) shall be LIBOR plus 9.000%. For
                purposes
                of the REMIC Provisions, Class B-3 shall represent beneficial ownership
                of
                the T4-B-3 Interest in REMIC 4. Any amount distributed on the Class
                B-3
                Certificates on any Distribution Date in excess of the amount
                distributable on the T4-B-3 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T4-B-3 Interest on such Distribution Date in
                excess
                of the amount distributable on Class B-3 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (17)

            	
              The
                Class X Certificates shall not have a principal balance and shall
                not bear
                interest; the Class X Certificates shall be entitled solely to
                distributions made pursuant to Section 6.05(e)(ix) and (x) hereof.
                For
                purposes of the REMIC Provisions, Class X shall represent (i) beneficial
                ownership of the T4-X Interest in REMIC 4; (ii) beneficial ownership
                of
                the T4-IO-Swap Interest in REMIC 4; (iii) beneficial ownership of
                the
                Reserve Fund; (iv) beneficial ownership of the Cap Agreement and
                (v) an
                interest in the notional principal contracts described in Section
                2.06(d)
                hereof.

            

    

     

    
      	
              (18)

            	
              The
                Class X Certificates shall be issued in minimum denominations in
                Percentage Interest of 10%.

            

    

     

    
      	
              (19)

            	
              The
                Class P Certificates shall have an initial Class P Principal Amount
                of
                $100.

            

    

     

    
      	
              (20)

            	
              The
                Class P Certificates shall be issued without an Interest Rate, and
                shall
                be issued in minimum denominations in Percentage Interest of 10%.
                For
                purposes of the REMIC Provisions, the Class P Certificates shall
                represent
                beneficial ownership of the T4-P Interest in REMIC
                4.

            

    

     

    
      	
              (21)

            	
              The
                Class R Certificates shall not have a principal balance and shall
                not bear
                interest.

            

    

     

    
      	
              (22)

            	
              The
                Class R Certificates shall be issued as two separate certificates,
                one
                having a Percentage Interest of 99.99999% and the Tax Matters Person
                Certificate having a Percentage Interest of 0.00001%. For purposes
                of the
                REMIC Provisions, the Class R Certificates shall represent beneficial
                ownership of the R-2, R-3 and R-4
                Interests.

            

    

     

    
      	
              (23)

            	
              The
                Class RL Certificates shall not have a principal balance and shall
                not
                bear interest.

            

    

     

    
      	
              (24)

            	
              The
                Class RL Certificates shall be issued as a single certificate. For
                purposes of the REMIC Provisions, the Class RL Certificates shall
                represent beneficial ownership of the R-1
                Interest.

            

    

     

    
      ARTICLE
        I

       

      DEFINITIONS

       

      Section
        1.01. Certain
        Defined Terms.

       

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

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      10-K
        Filing Deadline:
        As
        defined in Section 4.31(c) hereof.

       

      2003-G
        Re-sold Mortgage Loan:
        Any
        Mortgage Loan assigned by the 2003-G Revolving Trust to BFPT II and subsequently
        assigned by BFPT II to the Depositor pursuant to the BFPT II Assignment
        Agreement and identified on Schedule II-A hereto.

       

      2003-G
        Revolving Assignment Agreement:
        The
        Assignment and Relinquishment of Security Interest Agreement dated as of
        April
        1, 2007, by and among the 2003-G Revolving Trust, BFPT II and the Indenture
        Trustee, as such may be amended or supplemented from time to time.

       

      2003-G
        Revolving Purchase Agreement:
        The
        Mortgage Loan Purchase Agreement dated as of December 1, 2003, by and between
        the Seller and BFPT II, providing for the transfer of certain mortgage loans
        (including the 2003-G Re-sold Mortgage Loans) to BFPT II.

       

      2003-G
        Revolving Trust:
        Bayview
        Financial Revolving Asset Trust 2003-G.

       

      2004-B
        Re-sold Mortgage Loan:
        Any
        Mortgage Loan assigned by the 2004-B Revolving Trust to BFPT II and subsequently
        assigned by BFPT II to the Depositor pursuant to the BFPT II Assignment
        Agreement and identified on Schedule II-B hereto.

       

      2004-B
        Revolving Assignment Agreement:
        The
        Assignment and Relinquishment of Security Interest Agreement dated as of
        April
        1, 2007, by and among the 2004-B Revolving Trust, BFPT II and the Indenture
        Trustee, as such may be amended or supplemented from time to time.

       

      2004-B
        Revolving Purchase Agreement:
        The
        Mortgage Loan Purchase Agreement dated as of April 16, 2004, by and between
        the
        Seller and BFPT II, providing for the transfer of certain mortgage loans
        (including the 2004-B Re-sold Mortgage Loans) to BFPT II.

       

      2004-B
        Revolving Trust:
        Bayview
        Financial Revolving Asset Trust 2004-B.

       

      2005-A
        Re-sold Mortgage Loan:
        Any
        Mortgage Loan assigned by the 2005-A Revolving Trust to BFPT II and subsequently
        assigned by BFPT II to the Depositor pursuant to the BFPT II Assignment
        Agreement and identified on Schedule II-C hereto.

       

      2005-A
        Revolving Assignment Agreement:
        The
        Assignment and Relinquishment of Security Interest Agreement dated as of
        April
        1, 2007, by and among the 2005-A Revolving Trust, BFPT II and the Indenture
        Trustee, as such may be amended or supplemented from time to time.

       

      2005-A
        Revolving Purchase Agreement:
        The
        Mortgage Loan Purchase Agreement dated as of February 1, 2005, by and between
        the Seller and BFPT II, providing for the transfer of certain mortgage loans
        (including the 2005-A Re-sold Mortgage Loans) to BFPT II.

       

      2005-A
        Revolving Trust:
        Bayview
        Financial Revolving Asset Trust 2005-A.

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

      2005-E
        Re-sold Mortgage Loan:
        Any
        Mortgage Loan assigned by the 2005-E Revolving Trust to BFPT II and subsequently
        assigned by BFPT II to the Depositor pursuant to the BFPT II Assignment
        Agreement and identified on Schedule II-D hereto.

       

      2005-E
        Revolving Assignment Agreement:
        The
        Assignment and Relinquishment of Security Interest Agreement dated as of
        April
        1, 2007, by and among the 2005-E Revolving Trust, BFPT II and the Indenture
        Trustee, as such may be amended or supplemented from time to time.

       

      2005-E
        Revolving Purchase Agreement:
        The
        Mortgage Loan Purchase Agreement dated as of November 1, 2005, by and between
        the Seller and BFPT II, providing for the transfer of certain mortgage loans
        (including the 2005-E Re-sold Mortgage Loans) to BFPT II.

       

      2005-E
        Revolving Trust:
        Bayview
        Financial Revolving Asset Trust 2005-E.

       

      60-Day
        Delinquency Rate:
        With
        respect to any Due Period, the fraction, expressed as a percentage, (a) the
        numerator of which is the aggregate outstanding principal balance of all
        Mortgage Loans 60 days or more delinquent, all Mortgage Loans in foreclosure,
        and all Mortgage Loans relating to REO Property as of the close of business
        on
        the last day of such Due Period and (b) the denominator of which is the
        Aggregate Pool Balance on the last day of such Due Period.

       

      A-IO(1)
        Component Net Funds Cap:
        With
        respect to each Distribution Date and the A-IO(1) Component, a per annum
        rate
        equal to (a)
        a fraction, expressed as a percentage, the numerator of which is the product
        of
        (x) the Optimal Interest Remittance Amount for such Distribution Date and
        (y)
        12, and the denominator of which is the A-IO(1) Component Notional Balance
        for
        such Distribution Date.

       

      A-IO(2)
        Component Net Funds Cap:
        With
        respect to each Distribution Date and the Class A-IO(2) Component, a per
        annum
        rate equal to (a) the Pool 2 Net WAC minus
        (b)(1) a
        fraction, the numerator of which is the product of (x) the sum of any Net
        Swap
        Payment and Swap Termination Payment (not due to a Swap Counterparty Trigger
        Event) owed to the Swap Counterparty for the related Distribution Date and
        (y)
        12, and the denominator of which is the Pool Balance for Pool 2 for that
        Distribution Date.

       

      Accepted
        Master Servicing Practices:
        With
        respect to any Mortgage Loan, those customary mortgage master servicing
        practices of prudent mortgage servicing institutions that master service
        mortgage loans of the same type and quality as such Mortgage Loan in the
        jurisdiction where the related Mortgaged Property is located, to the extent
        applicable to the Master Servicer (except in its capacity as successor to
        a
        Servicer).

       

      Accrual
        Period:
        With
        respect to any Distribution Date and (i) the Group 1 Certificates, the calendar
        month immediately preceding such Distribution Date, provided
        that for
        purposes of determining the Accrual Period for the Group 1 Certificates,
        each
        Distribution Date shall be deemed to occur on the 28th
        calendar
        day of the related month, regardless whether such day is a Business Day,
        and
        (ii) the Class A-IO Certificates (and each Component thereof) and the LIBOR
        Certificates, the period commencing on the immediately preceding Distribution
        Date (or the Closing Date in the case of the first Accrual Period) and ending
        on
        the day immediately preceding the current Distribution Date. All calculations
        of
        interest on each Component of the Class A-IO Certificates and the Group 1
        Certificates shall be made on the basis of a 360-day year assumed to consist
        of
        twelve 30-day months, and all calculations of interest on the LIBOR Certificates
        will be made on the basis of the actual number of days elapsed in the related
        Accrual Period and a year of 360 days. 

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      Additional
        Collateral:
        With
        respect to any Additional Collateral Mortgage Loan, the marketable securities
        and other acceptable collateral pledged as collateral pursuant to the related
        pledge agreements.

       

      Additional
        Collateral Mortgage Loan:
        Each Mortgage Loan identified as such on the Mortgage Loan
        Schedule.

       

      Additional
        Disclosure Notification:
        As
        defined in Section 4.31(a) hereof.

       

      Additional
        Form 10-D Disclosure:
        As
        defined in Section 4.31(b) hereof.

       

      Additional
        Form 10-K Disclosure:
        As
        defined in Section 4.31(c) hereof.

       

      Additional
        Servicer:
        Each
        affiliate of each Servicer that Services any of the Mortgage Loans and each
        Person that is not an affiliate of each such Servicer that Services 10% or
        more
        of the Mortgage Loans. 

       

      Additional
        Termination Event:
        As
        defined in the Swap Agreement.

       

      Adjustable
        Rate Mortgage Loan:
        A
        Mortgage Loan that provides for the adjustment of the Mortgage Rate payable
        in
        respect thereto, identified as such on the Mortgage Loan Schedule.

       

      Adjusted
        Lower Tier WAC:
        For any
        Accrual Period, the product of (a) four and (b) the weighted average of the
        interest rates on the T3-Q, T3-Pool-1, T3-PSA-1, T3-Pool-2, T3-PSA-2, T3-1-A1,
        T3-1-A2, T3-1-A3, T3-1-A4, T3-1-A5, T3-2-A, T3-M-1, T3-M-2, T3-M-3, T3-M-4,
        T3-B-1, T3-B-2 and T3-B-3 Interests determined for this purpose by first
        subjecting the rate payable on the T3-Pool-1, T3-PSA-1, T3-Pool-2, T3-PSA-2
        and
        T3-Q Interests to a cap of zero, and subjecting the rate payable on each
        of the
        T3-1-A1, T3-1-A2, T3-1-A3, T3-1-A4, T3-1-A5, T3-2-A, T3-M-1, T3-M-2, T3-M-3,
        T3-M-4, T3-B-1, T3-B-2 and T3-B-3 Interests to a cap that corresponds to
        the
        Interest Rate for the Corresponding Class of Certificates; provided
        that the
        Interest Rate of each such Class shall be determined by substituting the
        REMIC 3
        Net WAC Rate for the Pool 1 Available Funds Cap, Pool 2 Available Funds Cap
        or
        the Subordinate Available Funds Cap, as applicable.

       

      Advances:
        Each of
        a Delinquency Advance and a Servicing Advance, as applicable.

       

      Adverse
        Claim:
        Any
        claim of ownership or any lien, security interest, title retention, trust
        or
        other charge or encumbrance, or other type of preferential arrangement having
        the effect or purpose of creating a lien or security interest, other than
        any
        security interest created under this Agreement.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

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

       

      AFC
        Shortfall:
        As defined in Section 2.06(d) hereof.

       

      Affected
        Party:
        As
        defined in the Swap Agreement.

       

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

       

      Aggregate
        Pool Balance:
        With
        respect to any Distribution Date, the aggregate Principal Balance of the
        Pool 1
        Mortgage Loans and the Pool 2 Mortgage Loans for such Distribution
        Date.

       

      Agreement:
        This
        Pooling and Servicing Agreement, as amended from time to time, including
        all
        exhibits and schedules hereto.

       

      Anniversary
        Year:
        The one-year period beginning on the Closing Date and ending on the first
        anniversary thereof, and each subsequent one-year period beginning on the
        day
        after the end of the preceding Anniversary Year and ending on next succeeding
        anniversary of the Closing Date.

       

      Applied
        Loss Amount:
        With
        respect to any Distribution Date, the amount, if any, by which (x) the aggregate
        principal balance of
        the
        Group 1 Certificates and the LIBOR Certificates, after
        giving effect to distributions on such date, but before giving effect to
        any
        application of the Applied Loss Amount, exceeds (y) the Aggregate Pool
        Balance for such Distribution Date.

       

      Assignment:
        With
        respect to each Mortgage Loan, an assignment of the Mortgage, notice of transfer
        or equivalent instrument sufficient under the laws of the jurisdiction wherein
        the related Mortgaged Property is located to reflect of record the transfer
        of
        the Mortgage.

       

      Assignment
        Agreement:
        Each of
        the 2003-G Revolving Assignment Agreement, the 2004-B Revolving Assignment
        Agreement, the 2005-A Revolving Assignment Agreement and the 2005-E Revolving
        Assignment Agreement.

       

      Authorized
        Officer:
        With
        respect to any corporation or limited liability company, the Chairman of
        the
        Board, the President, any Vice President, the Secretary, the Treasurer, any
        Assistant Secretary, any Assistant Treasurer and each other officer of such
        corporation or the members and manager of such limited liability company
        specifically authorized in resolutions of the Board of Directors of such
        corporation or limited liability company to sign agreements, instruments
        or
        other documents in connection with this Agreement on behalf of such corporation
        or limited liability company, as the case may be. With respect to any trust,
        any
        Authorized Officer of the corporate trustee or any individual
        co-trustee.

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

      Available
        Excess Interest:
        Not
        applicable.

       

      Balloon
        Loan:
        A
        Mortgage Loan with a Monthly Payment that does not fully amortize the principal
        amount of such Mortgage Loan over its term to stated maturity and that requires
        a substantial principal payment at maturity.

       

      Balloon
        Payment:
        With
        respect to any Balloon Loan, a payment of the unamortized principal balance
        of
        such Mortgage Loan in a single payment at the maturity of such Mortgage Loan
        that is greater than the preceding Monthly Payment.

       

      Basic
        Documents:
        This
        Agreement, the Purchase Agreement, the Servicing Agreements, the Assignment
        Agreements, the BFPT II Assignment Agreement, the Diligence Agreement, and
        any
        other agreements relating to the servicing of the Mortgage Loans, the Cap
        Agreement, the Swap Agreement and any amendment or supplement to any such
        document.

       

      Basis
        Risk Payment:
        With
        respect to any Distribution Date and the Group 1 Certificates and any Class
        of
        LIBOR Certificates, an amount equal to the sum of (i) any Basis Risk Shortfall,
        (ii) any Unpaid Basis Risk Shortfall, and (iii) any amount required to be
        deposited into the Reserve Fund in order to satisfy the Reserve Fund Requirement
        for such Distribution Date, less any amounts received by the Trust Fund pursuant
        to the Cap Agreement, or received by the Supplemental Interest Trust pursuant
        to
        the Swap Agreement; provided,
        however,
        that the
        amount of the Basis Risk Payment for any Distribution Date shall not exceed
        the
        amount of Excess Cashflow otherwise distributable to the Class X Certificates
        pursuant to Section 6.05(f)(x).

       

      Basis
        Risk Shortfall:
        With
        respect to any Distribution Date and any Class of Group 1 Certificates and
        LIBOR
        Certificates, the amount, if any, by which (i) the amount of interest for
        such
        Class calculated on the basis of the applicable Interest Rate but without
        regard
        to the Pool 1 Available Funds Cap, the Pool 2 Available Funds Cap or the
        Subordinate Available Funds Cap, as applicable, exceeds (ii) the aggregate
        amount of interest distributable on such Class on such date, calculated on
        the
        basis of the Pool 1 Available Funds Cap, the Pool 2 Available Funds Cap or
        the
        Subordinate Available Funds Cap, as applicable.

       

      BFPT
        II:
        Bayview
        Financial Property Trust II, a Delaware statutory trust.

       

      BFPT
        II Assignment Agreement:
        The
        assignment agreement dated as of April 1, 2007, between BFPT II and the
        Depositor, as such may be amended or supplemented from time to
        time.

       

      BLS:
        Bayview
        Loan Servicing, LLC, a Delaware limited liability company, or any successor
        thereto.

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

      Book-Entry
        Certificate:
        Any
        Certificate registered in the name of the Depository or its
        nominee.

       

      Business
        Day:
        Any day
        other than a Saturday or a Sunday, or another day on which banks in the State
        of
        Maryland, the State of Minnesota, or the State of New York (or such other
        states
        in which the Corporate Trust Office or the principal offices of the Master
        Servicer or any Servicer are subsequently located, as specified in writing
        by
        such party to the other parties hereto) are required, or authorized by law,
        to
        close.

       

      Cap
        Agreement:
        The
        interest rate cap agreement entered into by the Trustee on behalf of
        Certificateholders, which agreement provides for payment by the Cap Provider
        to
        the Trust Fund subject to the conditions provided therein, together with
        any
        schedules or other agreements relating thereto, attached hereto as part of
        Exhibit G-1.

       

      Cap
        Collateral Account:
        The
        account maintained by the Trustee in accordance with the provisions of Section
        6.11(b).

       

      Cap
        Credit Support Annex:
        The
        credit support annex to the Cap Agreement dated as of April 18, 2007, between
        the Trustee, on behalf of the Supplemental Interest Trust, and the Cap
        Provider.

       

      Cap
        Provider:
        The
        counterparty (or any guarantor) to the Trustee required to make payments
        to the
        Trust Fund under the Cap Agreement, and any successor in interest or assigns.
        Initially, the Cap Provider shall be Merrill Lynch Capital Services,
        Inc.

       

      Carryforward
        Interest:
        With
        respect to any Distribution Date and to each Class of Certificates (other
        than
        the Class A-IO, Class P and Class X Certificates and the Residual Certificates)
        and any Component of the Class A-IO Certificates, the amount, if any, by
        which
        (i) the sum of (x) Current Interest for such Class or Component for the
        immediately preceding Distribution Date and (y) any unpaid Carryforward
        Interest for
        such Class or Component from previous Distribution Dates exceeds (ii) the
        amount
        distributed in respect of interest on such Class or Component on such
        immediately preceding Distribution Date. Carryforward
        Interest with respect to the Class A-IO Certificates and any Distribution
        Date
        will equal the aggregate Carryforward Interest on the Components of the Class
        A-IO Certificates for such Distribution Date.

       

      CERCLA:
        The
        Comprehensive Environmental Response, Compensation and Liability Act of
        1980.

       

      Certificate:
        Any of
        the Certificates issued pursuant to this Agreement, substantially in the
        forms
        attached hereto as Exhibit A.

       

      Certificate
        Distribution Account:
        The
        separate Eligible Account established and maintained by the Trustee pursuant
        to
        Section 6.02(a).

       

      Certificate
        Group:
        Each of the Group 1 Certificates and the Group 2 Certificates.

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      Certificate
        Owner
        or
Owner:
        With
        respect to a Book-Entry Certificate, the Person who is the beneficial owner
        of
        such Certificate as reflected on the books and records of the Depository
        or on
        the books of a Direct Participant or on the books of an Indirect Participant
        for
        which a Direct Participant acts as agent.

       

      Certificate
        Register:
        The
        register maintained pursuant to Section 5.02 hereof.

       

      Certificate
        Registrar:
        The
        registrar specified in Section 5.02 hereof.

       

      Certificateholder
        or
Holder.
        The
        person in whose name a Certificate is registered in the Certificate
        Register.

       

      Civil
        Relief Act:
        The
        Servicemembers Civil Relief Act, as such may be amended from time to time,
        and
        similar state and local laws and regulations.

       

      Civil
        Relief Act Reduction:
        With
        respect to any Mortgage Loan as to which there has been a reduction in the
        amount of interest collectible thereon as a result of application of the
        Civil
        Relief Act, any amount by which interest collectible on such Mortgage Loan
        for
        the Due Date in the related Due Period is less than interest accrued thereon
        for
        the applicable one-month period at the Mortgage Rate without giving effect
        to
        such reduction.

       

      Class:
        Any
        Certificates having the same class designation.

       

      Class
        1-A5 Priority Amount:
        With respect to any Distribution Date, the product of (a) the applicable
        Class
        1-A5 Lockout Percentage, (b) a fraction, the numerator of which is equal
        to the
        Class Principal Balance of the Class 1-A5 Certificates immediately prior
        to such
        Distribution Date and the denominator of which is equal to the sum of the
        Class
        Principal Balances of the Group 1 Certificates immediately prior to such
        Distribution Date and (c) any amounts to be distributed to the Group 1
        Certificates on such Distribution Date pursuant to Sections 6.05(d)(i)(A)(2)(b),
        6.05(d)(i)(B)(3), 6.05(d)(ii)(C), 6.05(e)(i)and/or 6.05(e)(ii) for such
        Distribution Date. 

       

      Class
        1-A5 Lockout Percentage:
        With
        respect to any Distribution
        Date, the applicable percentage specified below with respect to such
        Distribution Date:

       

      
        	
                 

                Distribution
                  Date

              	 	
                Class
                  1-A5

                Lockout
                  Percentage

              
	 	 	 
	
                May
                  2007 through April 2010

              	 	
                0%

              
	
                May
                  2010 through April 2012

              	 	
                45%

              
	
                May
                  2012 through April 2013

              	 	
                80%

              
	
                May
                  2013 through April 2014

              	 	
                100%

              
	
                May
                  2014 and thereafter

              	 	
                300%

              

      

       

      Class
        A-IO Termination Amount:
        With
        respect to the Class A-IO Certificates and the date of termination of the
        Trust
        Fund pursuant to Section 10.02(a) or (b), an amount equal to the sum of (i)
        Current Interest thereon for such Distribution Date, (ii) the present value
        of
        the remaining scheduled distributions on the Class A-IO Certificates, calculated
        on the basis of a discount rate equal to 6.099% per annum and (iii) any
        previously unpaid accrued interest.

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

      Class
        Notional Balance:
        With
        respect to each Distribution Date, the related Accrual Period and the Class
        A-IO
        Certificates, the sum of the Component Notional Balances of the A-IO(1)
        Component and the A-IO(2) Component for such Distribution Date.

       

      Class
        P Distribution Amount:
        With
        respect to each Distribution Date, all prepayment premiums or penalties or
        yield
        maintenance payments received by the Servicers with respect to the Mortgage
        Loans so identified on the Mortgage Loan Schedule and remitted to the Master
        Servicer as provided in the applicable Servicing Agreement during the related
        Prepayment Period in connection with any Prepayments in Full or partial
        Principal Prepayments.

       

      Class
        P Principal Amount:
        As of
        the Closing Date, $100.00.

       

      Class
        Principal Balance:
        With
        respect to any Class of Certificates other than the Class P Certificates
        entitled to distributions in respect of principal and any date, the initial
        aggregate principal balance of the Certificates of such Class less the sum
        of
        (i) all amounts previously distributed to Holders of the Certificates of
        such
        Class with respect to principal pursuant to Section 6.05 hereof and (ii)
        in the
        case of the Subordinate Certificates, all Applied Loss Amounts previously
        allocated to such Class pursuant to Section 6.07; provided,
        however,
        that on
        any Distribution Date on which a Subsequent Recovery is distributed, the
        Class
        Principal Balance of any Class of Subordinate Certificates then outstanding
        to
        which an Applied Loss Amount has been applied will be increased, in order
        of
        seniority, by an amount equal to the lesser
        of (i)
        any Deferred Principal Amount for each such Class immediately prior to such
        Distribution Date and (ii) the total amount of any Subsequent Recovery
        distributed on such date to Certificateholders, after application (for this
        purpose) to more senior Classes of Subordinate Certificates.

       

      Class
        X Distributable Amount:
        On any
        Distribution Date, the amount of interest that has accrued on the Class X
        Notional Balance, as described in the Preliminary Statement to this Agreement,
        but that has not been distributed prior to such date. In addition, such amount
        shall include the initial Overcollateralization Amount of $10,063,145 (less
        $100
        of such amount allocated to the Class P Certificates) to the extent such
        amount
        has not been distributed on an earlier Distribution Date as part of the
        Overcollateralization Release Amount.

       

      Class
        X Excess Cap Amount:
        As
        defined in Section 6.12(b).

       

      Closing
        Date:
        April
        18, 2007.

       

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

       

      Collection
        Account:
        The
        separate Eligible Account established and maintained by the Master Servicer,
        on
        behalf of the Trustee, pursuant to Section 4.07.

       

      Combined
        Loan-to-Value Ratio:
        With
        respect to any Junior Mortgage Loan, the fraction, expressed as a percentage,
        the numerator of which is equal to the Principal Balance of such Mortgage
        Loan
        as of the Cut-off Date, plus
        the
        aggregate outstanding principal balance of the mortgage loan senior thereto,
        and
        the denominator of which is equal to the value of the related Mortgaged Property
        on the basis of (i) the lesser
        of the
        appraised value at origination or the sales price of such Mortgaged Property
        or
        (ii) a broker price opinion prepared after origination.

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

      Commission:
        The United States Securities and Exchange Commission.

       

      Compensating
        Interest:
        With
        respect to any Distribution Date, an amount equal to the lesser
        of (i)
        the aggregate of the Master Servicing Fees payable to the Master Servicer
        with
        respect to all Mortgage Loans for such Distribution Date and (ii) the aggregate
        of prepayment interest shortfalls with respect to Prepayments in Full on
        any
        Non-Servicer Obligated Mortgage Loans for such Distribution Date.

       

      Component:
        Each of
        the A-IO(1) Component and the A-IO(2) Component of the Class A-IO
        Certificates.

       

      Component
        Interest Rate:
        With
        respect to the A-IO(1) Component and (a) any Distribution Date up to and
        including the Distribution Date in October 2009, the lesser
        of (i)
        the applicable “A-IO(1) Component Interest Rate” for such Component set forth on
        Exhibit F hereto and (ii) the A-IO(1) Component Net Funds Cap for such
        Distribution Date and (b) any Distribution Date thereafter, zero. With respect
        to the A-IO(2) Component and (a) any Distribution Date up to and including
        the
        Distribution Date in October 2009, the lesser
        of (i)
        the applicable “A-IO(2) Component Interest Rate” for such Component set forth on
        Exhibit F hereto and (ii) the A-IO(2) Component Net Funds Cap for such
        Distribution Date and (b) any Distribution Date thereafter, zero. 

       

      Component
        Notional Balance:
        With
        respect to any Distribution Date and each of the A-IO(1) Component and the
        A-IO(2) Component, the applicable notional balance for such Component set
        forth
        on Exhibit F hereto. 

       

      Control:
        The
        meaning specified in Section 8-106 of the New York UCC.

       

      Convertible
        Mortgage Loan:
        Any
        Adjustable Rate Mortgage Loan listed, together with the applicable purchase
        price percentage, on Schedule I-D hereto, which by its terms grants to the
        related Mortgagor the option to convert the interest rate borne by such Mortgage
        Loan from an adjustable interest rate to a fixed interest rate.

       

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

       

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

       

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

       

      Cooperative
        Shares:
        Shares
        issued by a Cooperative Corporation.

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

      Corporate
        Trust Office:
        The
        office of the Trustee performing the corporate trust services to be performed
        under the Basic Documents, which shall initially be located at 60 Livingston
        Avenue, Mailcode: EP-MN-WS3D, St. Paul, Minnesota 55107, and at any time
        thereafter shall be the office designated by the Trustee to the other parties
        hereto in writing.

       

      Corresponding
        Class:
        The Class of Certificates that corresponds to a class of interests in REMIC
        3 or
        REMIC 4, as applicable.

       

      Corresponding
        REMIC 3 A-IO:
        With
        respect to each Lower Tier Interest in REMIC 4 having an “A-IO-1” in its
Class
        designation, the Class of Lower Tier Interest in REMIC 3 having an “A-IO-1” in
        its Class designation that has the same numeric designation. With respect
        to
        each Lower Tier Interest in REMIC 4 having an “A-IO-2” in its Class designation,
        the Class of Lower Tier Interest in REMIC 3 having an “A-IO-2” in its Class
        designation that has the same numeric designation.

       

      Cross-Collateralized
        Mortgage Loan:
        Any
        Mortgage Loan identified on the Mortgage Loan Schedule as cross-collateralized
        and cross-defaulted with one or more other Mortgage Loans.

       

      Cumulative
        Loss Trigger Event:
        A
        Cumulative Loss Trigger Event shall have occurred with respect to any
        Distribution Date if the fraction, expressed as a percentage, obtained by
        dividing (i) the aggregate amount of cumulative Realized Losses incurred
        on the
        Mortgage Loans from the Cut-off Date through the last day of the related
        Due
        Period by (ii) the Cut-off Date Aggregate Pool Balance, exceeds the applicable
        percentages set forth below with respect to such Distribution Date:

       

      
        	
                Distribution
                  Date

              	
                Loss
                  Percentage

              
	 	 
	
                May
                  2010 through April 2011 

              	
                1.70%
                  for the first month, plus an additional 1/12th of 1.05% for each
                  month
                  thereafter.

              
	 	 
	
                May
                  2011 through April 2012 

              	
                2.75%
                  for the first month, plus an additional 1/12th of 0.36% for each
                  month
                  thereafter.

              
	 	 
	
                May
                  2012 through April 2013 

              	
                3.11%
                  for the first month, plus an additional 1/12th of 0.14% for each
                  month
                  thereafter.

              
	 	 
	
                May
                  2013 and thereafter 

              	
                3.25%

              

      

       

      Cumulative
        Realized Loss Percentage:
        Not
        applicable.

       

      Current
        Interest:
        With
        respect to each Class of Certificates (other than the Residual Certificates and
        the Class A-IO, Class X and Class P Certificates) and any Component of the
        Class
        A-IO Certificates and any Distribution Date, the aggregate amount of interest
        accrued during the applicable Accrual Period at the applicable Interest Rate
        on
        the Class Principal Balance of such Class or the Component Notional Balance
        of
        such Component, as applicable, immediately prior to such Distribution Date.
        Current Interest with respect to the Class A-IO Certificates and any
        Distribution Date will equal the aggregate Current Interest on the Components
        of
        such Class for such Distribution Date.

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

      Custodial
        Account:
        The
        custodial account maintained by a Servicer pursuant to a Servicing
        Agreement.

       

      Custodian
        Fee:
        With
        respect to each Distribution Date, the product of the Custodian Fee Rate
        and the
        Aggregate Pool Balance as of the opening of business on the first day of
        the
        related Due Period (or, in the case of the first Distribution Date, as of
        the
        Cut-off Date).

       

      Custodian
        Fee Rate:
        0.0030%
        per annum.

       

      Cut-off
        Date:
        April
        1, 2007.

       

      Cut-off
        Date Aggregate Pool Balance:
        $479,023,145.42.

       

      Debt:
        For any
        Person, (a) indebtedness of such Person for borrowed money, (b) obligations
        of
        such Person evidenced by bonds, debentures, notes or other similar instruments,
        (c) obligations of such Person to pay the deferred purchase price of property
        or
        services, (d) obligations of such Person as lessee under leases which have
        been
        or should be, in accordance with GAAP, recorded as capital leases, (e)
        obligations secured by any lien or other charge upon property or assets owned
        by
        such Person, even though such Person has not assumed or become liable for
        the
        payment of such obligations, (f) obligations of such Person under direct
        or
        indirect guaranties in respect of, and obligations (contingent or otherwise)
        to
        purchase or otherwise acquire, or otherwise to assure a creditor against
        loss in
        respect of, indebtedness or obligations of others of the kinds referred to
        in
        clauses (a) through (e) above, and (g) liabilities in respect of unfunded
        vested
        benefits under plans covered by ERISA.

       

      Defaulting
        Party:
        As
        defined in the Swap Agreement.

       

      Deferred
        Principal Amount:
        With
        respect to any Distribution Date and to any Class of Subordinate Certificates,
        the amount, if any, by which (i) the aggregate of Applied Loss Amounts
        previously applied in reduction of the Class Principal Balance thereof, together
        with interest thereon at the applicable Interest Rate, exceeds (ii) the sum
        of
        (a) the aggregate of amounts previously distributed on such Class in
        reimbursement of such amounts and (b) the amount by which the Class Principal
        Balance of such Class has been increased due to any Subsequent
        Recovery.

       

      Deficient
        Valuation:
        With
        respect to any Mortgage Loan, the dollar amount of any reduction in the
        principal balance owed by the related Mortgagor, as ordered by a court in
        connection with a bankruptcy proceeding with respect to the related
        Mortgagor.

       

      Deleted
        Mortgage Loan:
        A
        Mortgage Loan replaced or to be replaced by a Qualified Substitute Mortgage
        Loan.

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

      Delinquency
        Advance:
        With
        respect to the Master Servicer, as defined in Section 4.26(a) hereof, and
        with
        respect to any Servicer, any advance of funds in respect of a delinquent
        Monthly
        Payment made pursuant to the terms of the applicable Servicing
        Agreement.

       

      Delinquency
        Event:
        A
        Delinquency Event will have occurred with respect to any Distribution Date
        if
        the Rolling Three Month Delinquency Rate as of the last day of the immediately
        preceding calendar month exceeds 13.00%,
        provided
        that for
        purposes of determining a Delinquency Event, each Distribution Date shall
        be
        deemed to occur on the 28th
        calendar
        day of the related month, regardless whether such day is a Business
        Day.

       

      Depositor:
        Bayview
        Financial Securities Company, LLC, a Delaware limited liability company,
        and its
        successors and assigns.

       

      Depository:
        The
        Depository Trust Company, 7 Hanover Square, New York, New York 10004 and
        any
        successor Depository hereafter named.

       

      Determination
        Date:
        With
        respect to any Distribution Date, the 18th day of the month in which such
        Distribution Date occurs, or if such day is not a Business Day, the immediately
        preceding Business Day.

       

      Diligence
        Agreement:
        The
        mortgage loan diligence agreement dated April 1, 2007, between the Seller,
        as
        agent, and the Depositor, as such may be amended or supplemented from time
        to
        time, relating to the Re-sold Mortgage Loans.

       

      Direct
        Participant:
        Any
        broker-dealer, bank or other financial institution for which the Depository
        holds the Book-Entry Certificates from time to time as a securities
        depository.

       

      Directly
        Operate:
        With
        respect to any REO Property, the furnishing or rendering of services to the
        tenants thereof that are not (within the meaning of Treasury Regulation Section
        1.512(b)-1(c)(5)) customarily provided to the tenants in connection with
        the
        rental of space for occupancy, the management or operation of such REO Property,
        the holding of such REO Property primarily for sale to customers in the ordinary
        course of a trade or business, the performance of any construction work thereon
        or any use of such REO Property in a trade or business, in each case other
        than
        through an Independent Contractor; provided,
        however,
        that
        the Servicer shall not be considered to Directly Operate an REO Property
        solely
        because the Servicer establishes rental terms, chooses tenants, enters into
        or
        renews leases, deals with taxes and insurance, or makes decisions as to repairs
        (of the type that would be deductible under Section 162 of the Code) or capital
        expenditures with respect to such REO Property or take other activities
        consistent with Section 1.856-4(b)(5)(iii) of the Treasury
        Regulations.

       

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

       

      Distribution
        Date:
        The
        28th calendar day of each month (or the immediately succeeding Business Day
        if
        such day is not a Business Day), commencing in May 2007.

       

      Dollar
        and
$:
        Lawful
        currency of the United States of America.

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

      Due
        Date:
        The day
        of the calendar month in which the Monthly Payment on a Mortgage Loan is
        due.

       

      Due
        Period:
        The
        period from and including the second day of the calendar month preceding
        the
        calendar month in which any Distribution Date occurs to and including the
        first
        day of the calendar month in which such Distribution Date occurs (or such
        other
        period as specified in the applicable Servicing Agreement) (provided
        that for
        purposes of determining the Due Period, each Distribution Date shall be deemed
        to occur on the 28th
        calendar
        day of the related month, regardless whether such day is a Business
        Day).

       

      EDGAR:
        As
        defined in Section 4.31(a) hereof.

       

      Effective
        Loan-to-Value Ratio:
        With
        respect to any Mortgage Loan as of any date of determination, a fraction,
        expressed as a percentage, the numerator of which is equal to the Principal
        Balance of such Mortgage Loan as of such date, less the amount of Additional
        Collateral required to secure such Mortgage Loan at the time of origination,
        if
        any, and the denominator of which is equal to the value of the related Mortgaged
        Property on the basis of (i) the lesser
        of the
        appraised value at origination or the sales price of such Mortgaged Property
        or
        (ii) a broker price opinion prepared after origination.

       

      Electronic
        Ledger:
        The
        electronic master record of the Mortgage Loans maintained by the Master Servicer
        or any Servicer.

       

      Eligible
        Account:
        (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, A-1+ by S&P
        and F-1+ by Fitch (in each case if such rating agency is a Rating Agency)
        at the
        time any amounts are held on deposit therein, (ii) an account or accounts
        the
        deposits in which are fully insured by the FDIC (to the limits established
        by
        such corporation), the uninsured deposits in which account are otherwise
        secured
        such that, as evidenced by an Opinion of Counsel delivered to 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 Eligible 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 or trust company acting in its fiduciary
        capacity or (iv) otherwise acceptable to each Rating Agency without reduction
        or
        withdrawal of their then current ratings of the Certificates as evidenced
        by a
        letter from each Rating Agency to the Trustee. Eligible Accounts may bear
        interest.

      

      Eligible
        Investments:
        Any of
        the following (which may be purchased by or through the Trustee, the Master
        Servicer or any of their respective Affiliates):

       

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

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

      (ii) repurchase
        agreements on obligations specified in clause (a); provided
        that the
        short-term debt obligations of the party agreeing to repurchase are rated
        no
        less than F1 by Fitch, A-1 by S&P and P-1 by Moody’s (in each case if such
        rating agency is a Rating Agency);

       

      (iii) federal
        funds, certificates of deposit, time deposits and bankers’ acceptances (which
        shall each have an original maturity of not more than 90 days and, in the
        case
        of bankers’ acceptances, shall in no event have an original maturity of more
        than 365 days) of any United States depository institution or trust company
        incorporated under the laws of the United States or any state; provided
        that the
        short-term obligations of such depository institution or trust company are
        rated
        no less than F1 by Fitch, A-1 by S&P and P-1 by Moody’s (in each case if
        such rating agency is a Rating Agency);

       

      (iv) commercial
        paper (having original maturities of not more than 30 days) of any corporation
        incorporated under the laws of the United States or any state thereof which
        on
        the date of acquisition is rated no less than F1 by Fitch, A-1 by S&P and
        P-1 by Moody’s (in each case if such rating agency is a Rating Agency);

       

      (v) securities
        bearing interest or sold at a discount issued by any corporation incorporated
        under the laws of the United States of America or any state thereof which
        have a
        short-term credit rating from each Rating Agency, at the time of investment
        or
        the contractual commitment providing for such investment, no less than F1
        by
        Fitch, A-1 by S&P and P-1 by Moody’s (in each case if such rating agency is
        a Rating Agency); provided,
        however,
        that
        securities issued by any particular corporation will not be Eligible Investments
        to the extent that investment therein will cause the then outstanding principal
        amount of securities issued by such corporation and held as part of the Trust
        Fund to exceed 20% of the Aggregate Pool Balance; provided,
        further,
        that
        such securities will not be Eligible Investments if they are identified as
        being
        under review with negative implications from any Rating Agency;

       

      (vi) securities
        of money market funds or mutual funds rated AAAm or AAAm-G by S&P, AAA or
        better by Fitch and Aa1 by Moody’s (in each case if such rating agency is a
        Rating Agency) (including any such funds for which the Trustee in its individual
        capacity or the Master Servicer, or any of their respective Affiliates, receives
        compensation as administrator, sponsor, agent or the like); and

       

      (vii) any
        other
        demand, money market, common trust fund or time deposit or obligation, or
        interest-bearing or other security, or other investment rated in the highest
        rating category by each Rating Agency or otherwise approved in writing by
        each
        Rating Agency;

       

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

      provided
        that (A)
        such obligation or security is held for a temporary period pursuant to Treasury
        Regulation Section 1.860G-2(g)(1) and (B) no instrument described above is
        permitted to evidence either the right to receive (a) only interest or only
        principal with respect to 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 provided a yield to maturity at par greater than 120% of the yield
        to
        maturity at par of the underlying obligations; and provided,
        further,
        that no
        instrument described above may be purchased at a price greater than par if
        such
        instrument may be prepaid or called at a price less than its purchase price
        prior to stated maturity.

       

      Enhancement
        Percentage:
        With
        respect to the Group 1 Certificates and each Class of LIBOR Certificates
        and any
        Distribution Date, the fraction, expressed as a percentage, the numerator
        of
        which is the sum of (i) the aggregate Class Principal Balance of each Class
        of
        Subordinate Certificates having a lower priority of distribution than such
        Class
        after giving effect to application of the Principal Distribution Amount for
        each
        Mortgage Pool for such Distribution Date, (ii) the Overcollateralization
        Amount
        (which amount, for purposes of this definition only, shall not be less than
        zero) and shall be calculated on the basis of the assumption that the Principal
        Distribution Amounts with respect to both Mortgage Pools have been distributed
        on such Distribution Date and no Trigger Event has occurred), and (iii) amounts
        on deposit in the Reserve Fund after giving effect to withdrawals therefrom
        on
        such date, and the denominator of which is the Aggregate Pool Balance for
        such
        Distribution Date.

       

      Entitlement
        Holder:
        The
        meaning specified in Section 8-102(a)(7) of the New York UCC.

       

      Entitlement
        Order:
        The
        meaning specified in Section 8-102(a)(8) of the New York UCC (i.e.,
        generally, orders directing the transfer or redemption of any Financial
        Asset).

       

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

       

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

       

      ERISA-Restricted
        Certificates:
        Each of
        the Subordinate Certificates and the Class X, Class P, Class RL and Class
        R
        Certificates, and any Senior Certificate that is not rated at least “AA-” or
“Aa3” at the time of its acquisition.

       

      ERISA-Restricted
        Trust Certificate:
        Any
        Senior
        Certificate
        that is rated at least “AA-” or “Aa3” at the time of its
        acquisition.

       

      Event
        of Master Servicer Default:
        As
        defined in Section 4.17.

       

      Excess
        Cap Amount:
        Not
        applicable.

       

      Excess
        Cashflow:
        With
        respect to any Distribution Date, the sum of (a) Pool 1 Excess Interest and
        Pool
        2 Excess Interest for such Distribution Date, (b) the Overcollateralization
        Release Amount for such Distribution Date and (c) any amounts of Principal
        Distribution Amount remaining after application pursuant to Sections
        6.05(d)(i)(A)(10), (B)(10) and (ii)(C).

       

      
        
          
          

        

        
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      Excess
        Interest:
        With
        respect to any Distribution Date, the sum of Pool 1 Excess Interest and Pool
        2
        Excess Interest for such Distribution Date.

       

      Exchange
        Act:
        The
        Securities and Exchange Act of 1934, as amended.

       

      Excluded
        Servicing Obligations:
        As
        defined in Section 4.01 hereof.

       

      Excluded
        Trust Assets:
        As defined in the Preliminary Statement to this Agreement. 

       

      Fannie
        Mae:
        Fannie
        Mae, the entity formerly known as the Federal National Mortgage
        Association.

       

      FDIC:
        The
        Federal Deposit Insurance Corporation.

       

      FHA:
        The
        Federal Housing Administration.

       

      FHA
        Approved Mortgagee:
        A
        corporation or other entity approved as a mortgagee by FHA under the Housing
        Act
        and applicable FHA Regulations, and eligible to own and service, as applicable,
        loans insured by the FHA.

       

      FHA
        Insurance:
        An
        insurance policy granted by the FHA with respect to any Mortgage
        Loan.

       

      FHA
        Mortgage Loan:
        Not
        applicable.

       

      FHA
        Regulations:
        Regulations promulgated by HUD under the Housing Act, codified in 24 Code
        of
        Federal Regulations, and other HUD issuances relating to mortgage loans insured
        by the FHA, including, without limitation, related handbooks, circulars,
        notices
        and mortgagee letters.

       

      FHA/VA
        Claim Proceeds:
        Either
        (i) the amount of insurance proceeds received from the FHA under FHA Insurance
        in the event of a default with respect to an FHA Mortgage Loan or (ii) the
        amount of proceeds received from the VA under a VA Guaranty in the event
        of a
        default with respect to a VA Mortgage Loan.

       

      Final
        Scheduled Distribution Date:
        With
        respect to each Class of Certificates (other than the Class A-IO Certificates),
        the Distribution Date in May 2037; in the case of the Class A-IO Certificates,
        the Distribution Date in October 2009.

       

      Financial
        Asset:
        The
        meaning specified in Section 8-102(a)(9) of the New York UCC.

       

      Fitch:
        Fitch,
        Inc., or any successor thereto.

       

      Fixed
        Rate Mortgage Loan:
        A
        Mortgage Loan that has a fixed Mortgage Rate, identified as such on the Mortgage
        Loan Schedule.

       

      Foreclosure
        Restricted Loan:
        Each Mortgage Loan listed on Schedule I-I hereto and with respect to which
        foreclosure (or deed-in-lieu of foreclosure or similar) proceedings are
        instituted on or before the first anniversary of the Closing Date.

       

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

      Form
        8-K Disclosure Information:
        As
        defined in Section 4.31(a).

       

      Freddie
        Mac:
        Freddie
        Mac, the entity formerly known as the Federal Home Loan Mortgage
        Corporation.

       

      Full
        Recourse Servicing Agreement:
        Not
        applicable.

       

      GAAP:
        Generally accepted accounting principles as in effect in the United States,
        consistently applied, as of the date of such application.

       

      Governmental
        Authority:
        The
        United States of America, any state, local or other political subdivision
        thereof and any entity exercising executive, legislative, judicial, regulatory
        or administrative functions thereof or pertaining thereto.

       

      Gross
        Prepayment Interest Excess:
        With
        respect to any Distribution Date and the Non-Servicer Obligated Mortgage
        Loans,
        the excess of (x) the aggregate amount of interest paid in respect of any
        such
        Mortgage Loans that were the subject of a Prepayment in Full during the related
        Prepayment Period and any other amounts allocable to interest received in
        respect of such Mortgage Loans that are distributable on such Distribution
        Date
        over (y) the interest portion of the Monthly Payment due on such Mortgage
        Loans
        during the related Due Period.

       

      Gross
        Prepayment Interest Shortfall:
        With
        respect to any Distribution Date and the Non-Servicer Obligated Mortgage
        Loans,
        the excess of (x) the interest portion of the Monthly Payment due on any
        such
        Mortgage Loans during the related Due Period that were the subject of a
        Prepayment in Full during the related Prepayment Period over (y) the aggregate
        amount of interest paid by related Mortgagors in respect of the amounts of
        such
        Prepayments in Full and any other amounts allocable to interest received
        from
        such Mortgagors that are distributable on such Distribution Date. A Gross
        Prepayment Interest Shortfall will not result from a partial prepayment of
        a
        Mortgage Loan.

       

      Group
        1 Certificate:
        Any
        Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 or Class 1-A5
        Certificate.

       

      Group
        1 Senior Principal Distribution Percentage:
        With
        respect to any Distribution Date and the Group 1 Certificates, the percentage
        equivalent of a fraction, the numerator of which is the Principal Remittance
        Amount for Pool 1 and the denominator of which is the sum of the Principal
        Remittance Amounts for Pool 1 and Pool 2 for such Distribution
        Date.

       

      Group
        1 Senior Priority:
        With
        respect to the Group 1 Certificates, the priority of distributions provided
        in
        Section 6.05(d)(i)(A)(2).

       

      Group
        2 Certificate:
        Any
        Class 2-A Certificate.

       

      Group
        2 Senior Principal Distribution Percentage:
        With
        respect to any Distribution Date and the Group 2 Certificates, the percentage
        equivalent of a fraction, the numerator of which is the Principal Remittance
        Amount for Pool 2 and the denominator of which is the sum of the Principal
        Remittance Amounts for Pool 1 and Pool 2 for such Distribution
        Date.

       

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

      Holdback
        Amount:
        With
        respect to any Holdback Mortgage Loan, any portion of the indebtedness evidenced
        by the related Mortgage Note that is not disbursed to the related Mortgagor,
        and
        is held in a custodial account established by the Servicer for the benefit
        of
        the Trustee, as identified on Schedule I-E attached hereto.

       

      Holdback
        Mortgage Loan:
        Each
        Mortgage Loan listed on Schedule I-E attached hereto, as amended from time
        to
        time pursuant to the terms of this Agreement.

       

      Housing
        Act:
        The
        National Housing Act of 1934, as amended.

       

      HUD:
        United
        States Department of Housing and Urban Development.

       

      Independent:
        When
        used with respect to any Independent Public Accountant, a Person who is
“independent” within the meaning of Rule 2-01(b) of the Commission’s Regulation
        S-X. When used with respect to any other Person, a Person who (a) is in fact
        independent of another specified Person and any Affiliate of such other Person,
        (b) does not have any material direct financial interest in such other Person
        or
        any Affiliate of such other Person, (c) is not connected with such other
        Person
        or any Affiliate of such other Person as an officer, employee, promoter,
        underwriter, trustee, partner, director or Person performing similar functions
        and (d) is not a member of the immediate family of a Person defined in clause
        (b) or (c) above.

       

      Independent
        Contractor:
        (i) Any
        Person (other than the Subservicer) that would be an “independent contractor”
within the meaning of Section 856(d)(3) of the Code if the Servicer 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, or 35% or more of the aggregate of
        all
        Classes of the Certificates), so long as the Servicer does not receive or
        derive
        any income from such Person and provided
        that the
        relationship between such Person and the Servicer 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 Subservicer) if the Servicer has received an Opinion
        of
        Counsel, which Opinion of Counsel shall be an expense of the Servicer, 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.

       

      Independent
        Public Accountant:
        Any of
        (a) Deloitte & Touche LLP, (b) PricewaterhouseCoopers, LLP, (c) Ernst &
Young LLP and (d) KPMG LLP (and any successors of the foregoing); provided
        that
        such firm must be Independent with respect to the Master Servicer or any
        Servicer, as the case may be, within the meaning of the Securities
        Act.

       

      Index:
        With
        respect to each Adjustable Rate Mortgage Loan, the index specified in the
        related Mortgage Note or installment sale contract that, when added to the
        gross
        margin specified therein, equals the Mortgage Rate thereon.

       

      Indirect
        Participant:
        Any
        financial institution for which any Direct Participant holds an interest
        in a
        Book-Entry Certificate.

       

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

      Initial
        Aggregate Certificate Principal Balance:
        $470,391,000.

       

      Initial
        Overcollateralization Percentage:
        2.10%.

       

      Insurance
        Fee Rate:
        Not
        applicable.

       

      Insurance
        Policy:
        Any
        hazard, title, flood, environmental or primary mortgage or other insurance
        policy, including any Primary Mortgage Insurance Policy, relating to a Mortgage
        Loan.

       

      Insurance
        Proceeds:
        With
        respect to any Distribution Date, all insurance proceeds received by the
        Master
        Servicer or any Servicer during the related Prepayment Period (including,
        without limitation, the proceeds of any hazard insurance, flood insurance
        or
        title insurance policies, or Primary Mortgage Insurance Policies, and payments
        made by the Master Servicer or any Servicer pursuant hereto in respect of
        a
        deductible clause in any blanket policy) that are not Liquidation Proceeds,
        that
        are not applied to the restoration or repair of the related Property or other
        servicing expenses or released to the related Mortgagor in accordance with
        the
        normal servicing procedures of the Master Servicer or such Servicer, and
        were
        applied by the Master Servicer or such Servicer to reduce the Principal Balance
        of the related Mortgage Loan or to pay interest on the related Mortgage
        Loan.

       

      Interest:
        Each
        interest in a REMIC as designated in the Preliminary Statement to this
        Agreement.

       

      Interest-Only
        Certificate:
        Any
        Class A-IO Certificate.

       

      Interest
        Rate:
        With
        respect to each Class of Certificates other than the Class X, Class P, Class
        RL
        and Class R Certificates, the per annum rate of interest applicable to
        Certificates of such Class, as specified in the Preliminary Statement to
        this
        Agreement.

       

      Interest
        Remittance Amount:
        With
        respect to each Mortgage Pool and any Distribution Date, to the extent conveyed
        to the Trustee hereunder and received by the Master Servicer and to the extent
        provided in this Agreement and the applicable Servicing Agreement, (a) the
        sum
        of (i) all interest collected (other than Payaheads) or advanced or otherwise
        remitted in respect of Monthly Payments on the Mortgage Loans in such Mortgage
        Pool during the related Due Period, other than any prepayment premiums or
        yield
        maintenance payments, which will be distributed to the Class P Certificates
        and
        will not be available to make payments on any other Class of Certificates,
        less
        (x) the
        Master Servicing Fee, the applicable Servicing Fees, the premium for any
        lender-paid Primary Mortgage Insurance and the Retained Interest Rate, if
        any,
        on the Mortgage Loans in such Mortgage Pool, (y) Outstanding Advances with
        respect to the Mortgage Loans in such Mortgage Pool and the applicable Pool
        Percentage of other amounts due to the Master Servicer, the Servicers or
        the
        Trustee (other than the Trustee Fee and the Custodian Fee), in each case,
        to the
        extent allocable to interest, and (z) any Net Prepayment Interest Excess
        for such Distribution Date, (ii) any Compensating Interest paid by the
        Master Servicer and any amounts paid by any Servicer in respect of prepayment
        interest shortfalls on the Mortgage Loans in such Mortgage Pool with respect
        to
        such Distribution Date, (iii) the portion of the Purchase Price allocable
        to
        interest (less Outstanding Advances, to the extent allocable to interest,
        and
        other amounts due the Master Servicer, the Servicers or the Trustee, to the
        extent allocable to interest) of each Mortgage Loan that was purchased from
        such
        Mortgage Pool during the related Prepayment Period, (iv) the portion of any
        Substitution Amount allocable to interest and paid during the related Prepayment
        Period with respect to the Mortgage Loans in such Mortgage Pool and (v) all
        Net
        Liquidation Proceeds, Insurance Proceeds and other recoveries collected and
        remittances made during the related Prepayment Period with respect to the
        Mortgage Loans in such Mortgage Pool (including proceeds of Additional
        Collateral), to the extent allocable to interest, less Outstanding Advances,
        with respect to the Mortgage Loans in such Mortgage Pool, to the extent
        allocable to interest, and the applicable Pool Percentage of other amounts
        due
        the Master Servicer, the Servicers or the Trustee, to the extent allocable
        to
        interest, as reduced by (b) the applicable Pool Percentage of any expenses
        of
        the Trustee reimbursable pursuant to this Agreement and not reimbursed pursuant
        to clauses (a)(i), (a)(iii) or (a)(v) above.

       

      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

      Investment
        Company Act:
        The
        Investment Company Act of 1940, as amended.

       

      Junior
        Mortgage Loan:
        Not
        applicable.

       

      Latest
        Possible Maturity Date:
        The
        Distribution Date following the third anniversary of the scheduled maturity
        date
        of the Mortgage Loan having the latest scheduled maturity date as of the
        Closing
        Date.

       

      LIBOR:
        With
        respect to any Accrual Period other than the initial Accrual Period, the
        rate
        for one month United States dollar deposits that appears on the Telerate
        Screen
        Page 3750 as of 11:00 a.m., London time, on the related LIBOR Rate Adjustment
        Date. “Telerate Screen Page 3750” means the display designated as page 3750 on
        the Telerate Service (or such other page as may replace page 3750 on that
        service for the purpose of displaying London interbank offered rates of major
        banks). If such rate does not appear on such page (or such other page as
        may
        replace that page on that service, or if such service is no longer offered,
        such
        other service for displaying one-month LIBOR or comparable rates as may be
        selected by the Master Servicer), the rate will be the Reference Bank Rate.
        The
“Reference Bank Rate” will be determined on the basis of the rates at which
        deposits in U.S. Dollars are offered by the reference banks (which shall
        be
        three major banks that are engaged in transactions in the London interbank
        market, selected by the Depositor) as of 11:00 a.m., London time, on the
        LIBOR
        Rate Adjustment Date to prime banks in the London interbank market for a
        period
        of one month in amounts approximately equal to the aggregate principal balance
        of the LIBOR Certificates then outstanding. The Master Servicer will request
        the
        principal London office of each of the reference banks to provide a quotation
        of
        its rate. If at least two such quotations are provided, the rate will be
        the
        arithmetic mean of the quotations. If on such date fewer than two quotations
        are
        provided as requested, the rate will be the arithmetic mean of the rates
        quoted
        by one or more major banks in New York City, selected by the Master Servicer
        as
        of 11:00 a.m., New York City time, on such date for loans in U.S. Dollars
        to
        leading European banks for a period of one month. If no such quotations can
        be
        obtained, the rate will be LIBOR for the prior Distribution Date.

       

      LIBOR
        for
        the initial Accrual Period shall be 5.32%.

       

      LIBOR
        Business Day:
        Any day
        other than (i) a Saturday or a Sunday or (ii) a day on which banking
        institutions in the city of London, England or in The City of New York, New
        York
        are required or authorized by law to be closed.

       

      
        
          
          

        

        
          37

          
            

          

        

        
          
          

        

      

      LIBOR
        Certificate:
        Any
        Group
        2 Certificate or Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class
        B-2 or Class B-3 Certificate.

       

      LIBOR
        Rate Adjustment Date:
        With
        respect to any Accrual Period (other than the initial Accrual Period),
the
        second LIBOR Business Day immediately prior to the commencement of such Accrual
        Period.

       

      Liquidated
        Mortgage Loan:
        With
        respect to
        any
        Distribution Date, any Mortgage Loan in respect of which the related Servicer
        or
        the Master Servicer, as applicable, has determined, in accordance with the
        servicing procedures specified herein and in the applicable Servicing Agreement,
        as of the end of the related Due 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
        Expenses:
        Customary and reasonable out-of-pocket expenses exclusive of overhead which
        are
        incurred by a Servicer or the Master Servicer in connection with the liquidation
        of any defaulted Mortgage Loan, such expenses, including, without limitation,
        legal fees and expenses, and any Outstanding Advances expended by any Servicer
        or the Master Servicer with respect to such Mortgage Loan.

       

      Liquidation
        Proceeds:
        With
        respect to any Liquidated Mortgage Loan, any amounts (including the proceeds
        of
        any Insurance Policy and the proceeds from the sale of REO Property, and
        including any FHA/VA Claim Proceeds not retained by the applicable Servicer
        pursuant to the related Servicing Agreement) recovered by the Master Servicer
        or
        any Servicer in connection with such Liquidated Mortgage Loan, whether through
        trustee’s sale, foreclosure sale or otherwise, other than amounts required to be
        paid to the Mortgagor pursuant to the terms of the applicable Mortgage Loan
        or
        otherwise pursuant to law.

       

      Loan
        Collateral:
        With
        respect to any Mortgage Loan, the related Mortgaged Property and any personal
        property securing the related Mortgage Loan, including any lessor’s interest in
        such property, whether characterized or recharacterized as an ownership or
        security interest, and including any accounts or deposits pledged to secure
        such
        Mortgage Loan, and any Additional Collateral.

       

      Loan-to-Value
        Ratio:
        With
        respect to any Mortgage Loan as of any date of determination, the fraction,
        expressed as a percentage, the numerator of which is equal to the Principal
        Balance of such Mortgage Loan as of such date, and the denominator of which
        is
        equal to the value of the related Mortgaged Property on the basis of (i)
        the
lesser
        of the
        appraised value at origination or the sales price of such Mortgaged Property
        or
        (ii) a broker price opinion prepared after origination.

       

      Loss
        Amount:
        With
        respect to any Distribution Date, an amount equal to the aggregate of Realized
        Losses incurred during the related Prepayment Period.

       

      Manufactured
        Home:
        A new
        or used unit of manufactured housing.

       

      Manufactured
        Housing Loan:
        A
        Mortgage Loan made to finance the purchase of a Manufactured Home.

       

      
        
          
          

        

        
          38

          
            

          

        

        
          
          

        

      

      Master
        Servicer:
        Wells
        Fargo Bank, N.A., or any successor or permitted assign under the terms of
        this
        Agreement.

       

      Master
        Servicer Remittance Date:
        With
        respect to any Distribution Date, the Business Day immediately preceding
        such
        Distribution Date.

       

      Master
        Servicer’s Monthly Report:
        The
        report containing the information described in Section 4.27 hereof.

       

      Master
        Servicing Fee:
        Subject
        to Section 4.13, with respect to each Distribution Date and each Mortgage
        Loan,
        the product of the Master Servicing Fee Rate and the Principal Balance or
        principal amount of such Mortgage Loan as of the start of the related Due
        Period
        (or, in the case of the first Distribution Date, as of the Cut-off
        Date).

       

      Master
        Servicing Fee Rate:
        Subject
        to Section 4.13, 0.015% per annum.

       

      Maximum
        Master Servicing Fee Rate:
        0.035%
        per annum.

       

      MERS:
        Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or
        any
        successor in interest thereto.

       

      MERS
        Mortgage Loan:
        Any
        Mortgage Loan as to which the related Mortgage, or an Assignment, has been
        or
        will be recorded in the name of MERS, as agent for the holder from time to
        time
        of the Mortgage Note.

       

      Mixed
        Use Property:
        A
        property occupied for both residential and commercial purposes.

       

      Monthly
        Payment:
        The
        scheduled monthly principal and interest payment on a Mortgage Loan for any
        month, as such monthly payment may have been reduced by any Deficient Valuation.
        The Monthly Payment on each Balloon Loan with a delinquent Balloon Payment
        is
        equal to the assumed monthly payment that would have been due on the related
        Due
        Date based on the original principal amortization schedule for such Balloon
        Loan. The Monthly Payment for any Non-Monthly Mortgage Loan that provides
        for
        payments at two-week intervals shall be deemed to include all bi-weekly payments
        due on such Mortgage Loan during the related Due Period.

       

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

       

      Mortgage:
        The
        written instrument creating a valid lien on real property or a Manufactured
        Home, which instrument may be in the form of a mortgage, deed of trust, deed
        to
        secure debt or security deed, certificate of title or other instrument creating
        a lien on or interest in the Loan Collateral; or, in the case of a Cooperative
        Loan, the Security Agreement.

       

      Mortgage
        File:
        As
        defined in Section 2.01 hereof.

       

      Mortgage
        Loan:

       

      (a) either

       

      
        
          
          

        

        
          39

          
            

          

        

        
          
          

        

      

      (i) a
        fixed
        rate closed-end (which term includes a revolving line of credit under which
        no
        additional amounts may be drawn and a Holdback Mortgage Loan under which
        Holdback Amounts may be disbursed or applied to principal) mortgage loan
        and
        promissory note or installment sale contract, including the right to payment
        of
        any interest or finance charges and other obligations of the Mortgagor with
        respect thereto, listed on the Mortgage Loan Schedule and included as part
        of
        the Trust Fund; or

       

      (ii) an
        adjustable rate closed-end (which term includes a revolving line of credit
        under
        which no additional amounts may be drawn and a Holdback Mortgage Loan under
        which Holdback Amounts may be disbursed or applied to principal) mortgage
        loan
        and promissory note or installment sale contract, including the right to
        payment
        of any interest or finance charges and other obligations of the Mortgagor
        with
        respect thereto, listed on the Mortgage Loan Schedule and included as part
        of
        the Trust Fund;

       

      (b) all
        security interests or liens and real and personal property subject thereto
        from
        time to time purporting to secure payment by the related Mortgagor;

       

      (c) all
        guarantees, indemnities and warranties and proceeds thereof, proceeds of
        insurance policies, Uniform Commercial Code financing statements, certificates
        of title or other title documentation and other agreements or arrangements
        of
        whatever character from time to time supporting or securing payment of such
        Mortgage Loan;

       

      (d) all
        collections with respect to any of the foregoing;

       

      (e) all
        Records with respect to any of the foregoing; and

       

      (f) all
        proceeds of any of the foregoing.

       

      Mortgage
        Loan Certificate:
        With
        respect to each Mortgage Loan with FHA Insurance, the mortgage insurance
        certificate evidencing such insurance.

       

      Mortgage
        Loan Negative Amortization:
        With
        respect to any Adjustable Rate Mortgage Loan that provides for negative
        amortization, an amount added to the principal balance of such Mortgage Loan
        pursuant to the terms of the related Mortgage Note, generally equal to the
        excess, if any, of interest accrued at the Mortgage Rate for any month over
        the
        greater of (a) the amount of the Monthly Payment for such month and (b) the
        amount of interest received in respect of such month from the related
        Mortgagor.

       

      Mortgage
        Loan Schedule:
        As of
        any date, the list of Mortgage Loans included in the Trust Fund, attached
        hereto
        as Schedule I (and subdivided into Schedule I-A, Schedule I-B, Schedule I-C,
        Schedule I-D, Schedule I-E, Schedule I-F, Schedule I-G and Schedule I-H).
        The
        Mortgage Loan Schedule shall be prepared by or on behalf of the Depositor
        and
        shall set forth the following information with respect to each Mortgage
        Loan:

       

      (i) the
        Mortgage Loan identifying number;

       

      
        
          
          

        

        
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      (ii) the
        Mortgagor’s name;

       

      (iii) the
        street address of the Mortgaged Property including the city, state and zip
        code;

       

      (iv) a
        code
        indicating whether the Mortgaged Property is owner-occupied;

       

      (v) the
        type
        of residential dwelling, if any, constituting the Mortgaged
        Property;

       

      (vi) the
        lien
        position of such Mortgage Loan;

       

      (vii) whether
        such Mortgage Loan is a Balloon Loan;

       

      (viii) whether
        such Mortgage Loan is an Adjustable Rate Mortgage Loan or a Fixed Rate Mortgage
        Loan;

       

      (ix) the
        original term to maturity (from origination or, if such Mortgage Loan has
        been
        modified, from modification);

       

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

       

      (xi) the
        Loan-to-Value Ratio or, in the case of Junior Mortgage Loans, the Combined
        Loan-to-Value Ratio, at origination;

       

      (xii) the
        current Loan-to-Value Ratio or, in the case of Junior Mortgage Loans, the
        current Combined Loan-to-Value Ratio;

       

      (xiii) the
        Mortgage Rate as of the Cut-off Date;

       

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

       

      (xv) the
        Due
        Date currently in effect;

       

      (xvi) the
        stated maturity date;

       

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

       

      (xviii) the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance;

       

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

       

      (xx) the
        outstanding scheduled principal balance of the Mortgage Loan as of the close
        of
        business on the Cut-off Date;

       

      
        
          
          

        

        
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      (xxi) in
        the
        case of each Adjustable Rate Mortgage Loan, the gross margin;

       

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

       

      (xxiii) in
        the
        case of each Adjustable Rate Mortgage Loan, the maximum mortgage
        rate;

       

      (xxiv) in
        the
        case of each Adjustable Rate Mortgage Loan, the minimum mortgage
        rate;

       

      (xxv) the
        Mortgage Rate at origination;

       

      (xxvi) in
        the
        case of each Adjustable Rate Mortgage Loan, the periodic rate cap;

       

      (xxvii) in
        the
        case of each Adjustable Rate Mortgage Loan, the Index;

       

      (xxviii) 
        in the
        case of each Adjustable Rate Mortgage Loan, the first adjustment date
        immediately following the Cut-off Date;

       

      (xxix) in
        the
        case of each Adjustable Rate Mortgage Loan, the rounding code (nearest
        0.125%);

       

      (xxx) a
        code
        indicating the Servicer and related Servicing Fee Rate;

       

      (xxxi) a
        code
        indicating whether such Mortgage Loan is a Pool PMI-Insured Mortgage
        Loan;

       

      (xxxii) a
        code
        identifying the Pool PMI Insurer, if any;

       

      (xxxiii) whether
        such Mortgage Loan provides for negative amortization;

       

      (xxxiv) 
        in the
        case of a Holdback Mortgage Loan, the related Holdback Amount; 

       

      (xxxv) whether
        prepayment premiums or penalties or yield maintenance payments are to be
        retained by the related Servicer or allocated to the Class P
        Certificates;

       

      (xxxvi) if
        such
        Mortgage Loan is a Retained Interest Mortgage Loan, the Retained Interest
        Rate;

       

      (xxxvii) a
        code
        identifying if such Mortgage Loan is a Cross-Collateralized Mortgage Loan,
        and
        the related Mortgage Loan(s); 

       

      (xxxviii) a
        code
        identifying if such Mortgage Loan is an Additional Collateral Mortgage Loan;
        and

       

      
        
          
          

        

        
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      (xxxix) the
        Mortgage Pool in which such Mortgage Loan is included.

       

      Mortgage
        Note:
        The
        original executed promissory note evidencing the indebtedness of a Mortgagor
        under a Mortgage Loan or if such Mortgage is not evidenced by a promissory
        note,
        the original executed document or other instrument primarily evidencing the
        indebtedness of the Mortgagor under such Mortgage Loan.

       

      Mortgage
        Pool:
        Either
        Pool 1 or Pool 2. 

       

      Mortgage
        Rate:
        The
        annual rate of interest borne by a Mortgage Note, which is set forth in such
        Mortgage Note.

       

      Mortgaged
        Property:
        Any of
        (x) the fee simple interest (or, in the case of certain commercial real estate,
        leasehold interest) in real property, together with improvements thereto
        and any
        fixtures, leases and other real or personal property securing the related
        Mortgage Note, (y) the related Manufactured Home or (z) in the case of a
        Cooperative Loan, the related Cooperative Shares and Proprietary Lease, securing
        the indebtedness of the Mortgagor under the related Mortgage Loan.

       

      Mortgagor:
        With
        respect to any Mortgage Loan, the Person or Persons primarily obligated to
        make
        payments in respect thereto.

       

      M&T
        Bank:
        Manufacturers and Traders Trust Company, a New York banking corporation,
        or any
        successor thereto.

       

      Multifamily
        Property:
        A
        multifamily residential rental property consisting of five or more dwelling
        units.

       

      Net
        Insurance Proceeds:
        With
        respect to any Mortgage Loan, any Insurance Proceeds received with respect
        thereto net of amounts payable therefrom to the Master Servicer or any Servicer
        in respect of Outstanding Advances relating to such Mortgage Loan.

       

      Net
        Liquidation Proceeds:
        With
        respect to any Liquidated Mortgage Loan, Liquidation Proceeds net of amounts
        payable therefrom to the Master Servicer or any Servicer in respect of
        Liquidation Expenses and Outstanding Advances relating to such Mortgage
        Loan.

       

      Net
        Mortgage Rate:
        With
        respect to each Mortgage Loan, with respect to any date of determination,
        a rate
        per annum equal to the excess of the Mortgage Rate in effect as of the Due
        Date
        in the preceding calendar month over the sum of the applicable Servicing
        Fee
        Rate, the Master Servicing Fee Rate, the Trustee Fee Rate, the Custodian
        Fee
        Rate, any lender-paid primary mortgage insurance premium expressed as an
        annual
        rate and, in the case of a Pool PMI-Insured Mortgage Loan, the Insurance
        Fee
        Rate, and, with respect to Mortgage Loans identified on the Mortgage Loan
        Schedule as “Retained Interest Mortgage Loans,” the applicable Retained Interest
        Rate.

       

      Net
        Prepayment Interest Excess:
        With
        respect to any Distribution Date, the excess, if any, of the Gross Prepayment
        Interest Excess with respect to the Non-Servicer Obligated Mortgage Loans
        for
        such Distribution Date over the Gross Prepayment Interest Shortfall with
        respect
        to such Mortgage Loans for such Distribution Date.

       

      
        
          
          

        

        
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      Net
        Prepayment Interest Shortfall:
        With
        respect to any Distribution Date, the excess, if any, of any Prepayment Interest
        Shortfalls with respect to the Mortgage Loans for such Distribution Date
        over
        any amounts paid with respect to such shortfalls by the Servicers pursuant
        to
        the Servicing Agreements or by the Master Servicer pursuant to this
        Agreement.

       

      Net
        Swap Payment:
        With
        respect to each Swap Payment Date, the sum of (i) the net payment required
        to be
        made pursuant to the terms of the Swap Agreement, which net payment shall
        not
        take into account any Swap Termination Payment, and (ii) any unpaid amounts
        due
        on previous Swap Payment Dates and accrued interest thereon as provided in
        the
        Swap Agreement, as calculated by the Swap Counterparty and furnished to the
        Master Servicer and the Trustee.

       

      New
        York UCC:
        The
        Uniform Commercial Code as in effect in the State of New York.

       

      Non-MERS
        Mortgage Loan:
        Any
        Mortgage Loan other than a MERS Mortgage Loan.

       

      Non-Monthly
        Mortgage Loan:
        Each
        Mortgage Loan listed on Schedule I-C hereto.

       

      Non-permitted
        Foreign Holder:
        Any
        Person other than (A) a Person who is not a Non-U.S. Person or (B) a
        Non-U.S. Person that holds a Residual Certificate in connection with the
        conduct
        of a trade or business within the United States and has furnished the transferor
        and the Certificate Registrar with an effective Internal Revenue Service
        Form
        W-8ECI or successor form at the time and in the manner required by the
        Code.

       

      Non-Recoverable
        Advance:
        Any
        Advance which a Servicer (or subservicer, to the extent such subservicer
        makes
        Advances on behalf of a Servicer), the Master Servicer or the Trustee, as
        applicable, has determined in its good faith business judgment will not or,
        in
        the case of a proposed Advance, would not, be ultimately recoverable by such
        Servicer (or subservicer), the Master Servicer or the Trustee from late
        payments, Insurance Proceeds, Liquidation Proceeds and other collections
        or
        recoveries in respect of the related Mortgage Loan or REO Property. The
        determination by a Servicer (or subservicer) or the Master Servicer that
        it has
        made a Non-Recoverable Advance shall be evidenced by an Officer’s Certificate
        delivered to the Trustee and the Depositor (and in the case of a Servicer
        (or
        subservicer), the Master Servicer) setting forth such determination and the
        procedures and considerations of such Servicer (or subservicer) or the Master
        Servicer forming the basis of such determination, which shall include a copy
        of
        any information or reports obtained by a Servicer (or subservicer) or the
        Master
        Servicer which may support such determination.

       

      Non-Servicer
        Obligated Mortgage Loans:
        Each
        Mortgage Loan identified on Exhibit J hereto.

       

      Non-U.S.
        Person:
        Any
        person other than a “United States person” within the meaning of Section
        7701(a)(30) of the Code.

       

      
        
          
          

        

        
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      Officer’s
        Certificate:
        With
        respect to any Person, a certificate signed by an Authorized Officer of such
        Person or, in the case of the Master Servicer or a Servicer, by a Servicing
        Officer.

       

      Opinion
        of Counsel:
        A
        written opinion of counsel (who may be counsel to the Seller, the Depositor,
        the
        Master Servicer or a Servicer), which opinion is reasonably acceptable to
        the
        Trustee. With respect to any opinion dealing with federal income tax matters
        and
        as otherwise set forth in this Agreement, such counsel must (i) in fact be
        independent of the Seller, the Depositor, the Master Servicer, the Trustee
        and
        each Servicer, (ii) not have any direct financial interest in the Seller,
        the
        Depositor, the Master Servicer, the Trustee or a Servicer or in any Affiliate
        of
        any of them and (iii) not be connected with the Seller, the Depositor, the
        Master Servicer, the Trustee or a Servicer as an officer, employee, promoter,
        underwriter, trustee, partner, director or person performing similar
        functions.

       

      Optimal
        Interest Remittance Amount:
        With
        respect to each Distribution Date, an amount equal to the product of
(A)
        (x) the weighted average of the Net Mortgage Rates of the Pool 1 Mortgage
        Loans
        as of the first day of the related Due Period divided
        by
        (y) 12 and (B) the Pool Balance for Pool 1 as of the first day of the related
        Due Period (not including for this purpose Mortgage Loans in Pool 1 for which
        prepayments in full have been received and distributed in the month prior
        to
        that Distribution Date), minus
        any Net
        Swap Payment and Swap Termination Payment (not due to a Swap Counterparty
        Trigger Event) owed to the Swap Counterparty, to the extent not paid from
        collections on the Pool 2 Mortgage Loans.

       

      Originator:
        The
        Person that originated the Mortgage Loan pursuant to a written agreement
        with
        the related Mortgagor.

       

      Outstanding
        Advances:
        As of
        any date with respect to a Mortgage Loan, the total amount of Advances made
        on
        such Mortgage Loan for which the Master Servicer or any Servicer (or
        subservicer, to the extent such subservicer makes Advances on behalf of the
        Servicer) has not been reimbursed, to the extent that the Master Servicer
        is
        entitled to reimbursement hereunder or such Servicer is entitled to
        reimbursement therefor pursuant to the applicable Servicing
        Agreement.

       

      Overcollateralization
        Amount:
        With
        respect to any Distribution Date, the amount, if any, by which (a) the Aggregate
        Pool Balance for such Distribution Date exceeds (b) the aggregate Class
        Principal Balance of the Group 1 Certificates and the LIBOR Certificates
        on such
        date after giving effect to distributions on such Distribution Date. On the
        Closing Date, the initial Overcollateralization Amount shall be approximately
        equal to the product of (x) the Initial Overcollateralization Percentage
        and (y)
        the Aggregate Cut-off Date Pool Balance.

       

      Overcollateralization
        Floor:
        With
        respect to any Distribution date prior to May 2027, the product of (i) 0.50%
        and
        (ii) the Cut-off Date Aggregate Pool Balance. With respect to any Distribution
        Date on or after May 2027, the greater of (a) the product of (i) 0.50% and
        (ii)
        the Cut-off Date Aggregate Pool Balance and (b) the sum of (i) the aggregate
        Principal Balance of the Mortgage Loans with a remaining term to maturity
        as of
        the Cut-off Date greater than 30 years and (ii) the product of (x) 0.10%
        and (y)
        the Cut-off Date Aggregate Pool Balance.

       

      
        
          
          

        

        
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      Overcollateralization
        Release Amount:
        With
        respect to any Distribution Date, the lesser
        of (x)
        the Principal Remittance Amounts for both Mortgage Pools for such Distribution
        Date and (y) the amount, if any, by which (i) the Overcollateralization Amount
        for such Distribution Date, calculated for this purpose on the basis of the
        assumption that 100% of the Principal Remittance Amounts for both Mortgage
        Pools
        for such Distribution Date is applied on such date in reduction of the Class
        Principal Balances of the Group 1 Certificates and the LIBOR Certificates,
        exceeds (ii) the Targeted Overcollateralization Amount for such
        Distribution Date.

       

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

       

      Payahead:
        With
        respect to any Mortgage Loan and any Due Date therefor, any Monthly Payment
        received by the applicable Servicer during any Due Period in addition to
        the
        Monthly Payment due on such Due Date and intended by the Mortgagor to be
        applied
        at a future Due Date.

       

      PCAOB:
        The
        Public Company Accounting Oversight Board.

       

      Percentage
        Interest:
        The
        percentage interest (which may be expressed as a fraction) evidenced by any
        Certificate, which is equal (i) with respect to any Certificate other than
        a
        Class X, Class P, Class RL or Class R Certificate to a fraction, the numerator
        of which is the initial principal (or notional) balance of such Certificate,
        and
        the denominator of which is the initial Class Principal Balance (or Class
        Notional Balance) of all Certificates of the same Class, and (ii) with respect
        to any Class X, Class P, Class RL or Class R Certificate, the percentage
        interest specified thereon.

       

      Permitted
        Transferee:
        As defined in Section 5.02(d)(ii) hereof.

       

      Person:
        An
        individual, partnership, corporation (including a statutory trust), joint
        stock
        company, limited liability company, trust, association, joint venture,
        Governmental Authority or any other entity of whatever nature.

       

      Plan:
        An
        employee benefit plan or other retirement arrangement which is subject to
        Section 406 of ERISA and/or Section 4975 of the Code or any entity whose
        underlying assets include such plan’s or arrangement’s assets by reason of their
        investment in the entity.

       

      Policy:
        With
        respect to any FHA Mortgage Loan or VA Mortgage Loan, the applicable FHA
        Insurance or VA Guaranty.

       

      Pool
        Balance:
        With
        respect to each Mortgage Pool and any Distribution Date, the aggregate of
        the
        Principal Balances of the Mortgage Loans in such Mortgage Pool for such
        Distribution Date.

       

      Pool
        Percentage:
        With
        respect to each Mortgage Pool and any Distribution Date, the fraction, expressed
        as a percentage, the numerator of which is the Pool Balance for such Mortgage
        Pool for such Distribution Date and the denominator of which is the Aggregate
        Pool Balance for such Distribution Date.

       

      
        
          
          

        

        
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      Pool
        PMI Insurance Policy:
        Not
        applicable.

       

      Pool
        PMI Insurance Premium:
        Not
        applicable.

       

      Pool
        PMI-Insured Mortgage Loan:
        Not
        applicable.

       

      Pool
        PMI Insurer:
        Not
        applicable.

       

      Pool
        Subordinate Amount:
        With respect to any Mortgage Pool and any Distribution Date, the excess of
        the
        Pool Balance for such Mortgage Pool as of the first day of the immediately
        preceding Due Period over the sum of the aggregate Class Principal Balance
        of
        the Group 1 Certificates (in the case of Pool 1) and the Class Principal
        Balance
        of the Group 2 Certificates (in the case of Pool 2) immediately prior to
        the
        related Distribution Date.

       

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

       

      Pool
        1
        Available Funds Cap:
        With
        respect to the Group 1 Certificates and any Distribution Date, (A)(1)(a)
        the
        aggregate of interest accrued (whether or not collected or advanced) for
        the
        related Due Period on the Pool 1 Mortgage Loans at the applicable Net Mortgage
        Rates minus
        (b) the
        sum of (x) any Net Swap Payment or Swap Termination Payment owed to the Swap
        Counterparty (provided
        that any
        such Swap Termination Payment is not due to a Swap Counterparty Trigger Event)
        to the extent not paid from collections on the Pool 2 Mortgage Loans and
        (y) the
        aggregate of interest accrued for the related Accrual Period on the A-IO(1)
        Component for such Distribution Date, multiplied
        by
        (2) the
        Senior Available Funds Cap Percentage,
        divided by
        (3) the
        Class Principal Balance of the Group 1 Certificates immediately prior to
        such
        Distribution Date multiplied
        by
        (B)
        12.

       

      Pool
        1
        Excess Interest:
        With
        respect to any Distribution Date, the amount of any Interest Remittance Amount
        for Pool 1 remaining after application pursuant to clauses (i) through (xii)
        of
        Section 6.05(b) on such Distribution Date. 

       

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

       

      Pool
        2
        Available Funds Cap:
        With
        respect to the Group 2 Certificates and any Distribution Date, (A)(1)(a)
        the
        aggregate of interest accrued (whether or not collected or advanced) for
        the
        related Due Period on the Pool 2 Mortgage Loans at the applicable Net Mortgage
        Rates minus
        (b) the
        sum of (x) any Net Swap Payment or Swap Termination Payment owed to the Swap
        Counterparty (provided
        that any
        such Swap Termination Payment is not due to a Swap Counterparty Trigger Event)
        and (y) the aggregate of interest accrued for the related Accrual Period
        on the
        A-IO(2) Component for such Distribution Date, multiplied
        by
        (2) the
        Senior Available Funds Cap Percentage,
        divided by
        (3) the
        Class Principal Balance of the Group 2 Certificates immediately prior to
        such
        Distribution Date, multiplied
        by
        (B) the
        fraction, expressed as a percentage, the numerator of which is 360, and the
        denominator of which is the actual number of days in the related Accrual
        Period.

       

      
        
          
          

        

        
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      Pool
        2
        Excess Interest:
        With
        respect to any Distribution Date, the amount of any Interest Remittance Amount
        for Pool 2 remaining after application pursuant to clauses (i) through (xii)
        of
        Section 6.05(c) on such Distribution Date. 

       

      Pool
        2
        Net WAC:
        With
        respect to any Distribution Date, the weighted average (by Principal Balance)
        of
        the Net Mortgage Rates of the Pool 2 Mortgage Loans.

       

      Pool
        2
        REMIC WAC:
        As
        defined in the Preliminary Statement to this Agreement.

       

      Prepayment
        in Full:
        With
        respect to any Mortgage Loan, a Mortgagor payment consisting of a Principal
        Prepayment in the amount of the outstanding principal balance of such Mortgage
        Loan, together with interest thereon at the related Mortgage Rate to the
        date of
        such prepayment, and resulting in the full satisfaction of such Mortgage
        Loan.

       

      Prepayment
        Interest Shortfall:
        With
        respect to any Prepayment in Full, the excess, if any, of (i) one full month’s
        interest on the related Mortgage Loan at the applicable Mortgage Rate (as
        reduced by the Servicing Fee Rate) on the outstanding principal balance of
        such
        Mortgage Loan immediately prior to such prepayment over (ii) the amount of
        interest actually received with respect to such Mortgage Loan in connection
        with
        such Principal Prepayment.

       

      Prepayment
        Period:
        With
        respect to any Distribution Date, the calendar month immediately preceding
        the
        month of such Distribution Date (or such other period as specified in the
        applicable Servicing Agreement),
        provided
        that for
        purposes of determining the Prepayment Period, each Distribution Date shall
        be
        deemed to occur on the 28th
        calendar
        day of the related month, regardless whether such day is a Business
        Day.

       

      Preservation
        Expenses:
        Reasonable and customary expenditures made by the Master Servicer or a Servicer
        (or subservicer, to the extent such subservicer makes such expenditures on
        behalf of a Servicer) in connection with a foreclosed Mortgage Loan prior
        to the
        liquidation thereof, including, without limitation, expenditures for real
        estate
        property taxes and assessments, payments to senior lienholders or holders
        of any
        ground lease, hazard insurance premiums, property restoration or
        preservation.

       

      Primary
        Mortgage Insurance Policy:
        Any
        Pool PMI Insurance Policy, and any other policy of primary mortgage guaranty
        insurance issued by an insurance company, FHA Insurance or a VA Guaranty
        with
        respect to any Mortgage Loan.

       

      Principal
        Balance:
        With
        respect to any Mortgage Loan as of any Distribution Date, the principal balance
        of such Mortgage Loan remaining to be paid by the Mortgagor as of the Cut-off
        Date after deduction of all Monthly Payments due on or before the Cut-off
        Date,
plus
        any
        Mortgage Loan Negative Amortization, minus
        the sum
        of (i) all principal collected or advanced in respect of Monthly Payments
        due
        after the Cut-off Date through the last day of the related Due Period and
        (ii)
        all Principal Prepayments received, and the principal portion of all Liquidation
        Proceeds, Insurance Proceeds and other unscheduled recoveries collected (other
        than Subsequent Recoveries), through the last day of the related Prepayment
        Period.

       

      Principal
        Distribution Amount:
        With
        respect to each Mortgage Pool and any Distribution Date, the Principal
        Remittance Amount for such Mortgage Pool and such Distribution Date minus
        the
        Overcollateralization Release Amount, if any, allocable to such Mortgage
        Pool,
        determined on the basis of the Principal Remittance Amount for such Mortgage
        Pool. 

       

      
        
          
          

        

        
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      Principal
        Prepayment:
        With
        respect to any Mortgage Loan, any payment of principal made by the related
        Mortgagor in advance of the Due Date therefor other than the principal portion
        of (i) Monthly Payments other than Balloon Payments and (ii)
        Payaheads.

       

      Principal
        Remittance Amount:
        With
        respect to each Mortgage Pool and any Distribution Date, to the extent conveyed
        to the Trustee hereunder and received by the Master Servicer, the sum of
        (i) all
        principal collected (other than Payaheads) or advanced or otherwise remitted
        in
        respect of Monthly Payments on the Mortgage Loans in such Mortgage Pool during
        the related Due Period, (ii) all Prepayments in Full or partial Principal
        Prepayments received (or Prepayments in Full on Non-Servicer Obligated Mortgage
        Loans remitted by the related Servicer to the Master Servicer on a daily
        basis,
        which are deemed by the Master Servicer to have been received) during the
        applicable Prepayment Period on the Mortgage Loans in such Mortgage Pool,
        (iii)
        the portion of the Purchase Price of each Mortgage Loan that was purchased
        from
        such Mortgage Pool during the related Prepayment Period allocable to principal,
        (iv) the portion of any Substitution Amount allocable to principal paid
        during the related Prepayment Period with respect to the Mortgage Loans in
        such
        Mortgage Pool, (v) all Net Liquidation Proceeds, including Subsequent
        Recoveries, Insurance Proceeds and other recoveries collected and remittances
        made during the related Prepayment Period (including proceeds of Additional
        Collateral) with respect to the Mortgage Loans in such Mortgage Pool, to
        the
        extent allocable to principal, and (vi) any Holdback Amount applied in reduction
        of the principal balance of a Mortgage Loan in such Mortgage Pool during
        the
        applicable Prepayment Period, as reduced, in each case, to the extent provided
        in this Agreement or the applicable Servicing Agreement, by Outstanding Advances
        with respect to the Mortgage Loans in such Mortgage Pool, to the extent
        allocable to principal, and the applicable Pool Percentage of other amounts
        due
        to the Master Servicer, the Servicers or the Trustee, hereunder or under
        the
        Servicing Agreements, to the extent not reimbursed from amounts allocable
        to
        interest on the related Mortgage Loans for such Distribution Date. 

       

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

       

      Prospectus:
        The
        prospectus supplement dated April 13, 2007, together with the accompanying
        prospectus dated April 11, 2007, relating to the Group 1 Certificates, the
        Class
        A-IO Certificates and the LIBOR Certificates, together with any supplement
        thereto.

       

      Purchase
        Agreement:
        The
        Mortgage Loan Purchase Agreement dated as of April 1, 2007, by and between
        the
        Seller and the Depositor, providing for the transfer of the Mortgage Loans
        (other than the Re-sold Mortgage Loans) to the Depositor.

       

      Purchase
        Price:
        With
        respect to any Mortgage Loan, an amount equal to the sum of (i) the unpaid
        principal balance of such Mortgage Loan immediately prior to the repurchase
        date, (ii) any accrued and unpaid interest thereon from the date as to which
        interest was last paid to (but not including) the date of purchase, calculated
        at the Mortgage Rate thereon, (iii) any unreimbursed Servicing Advances with
        respect to such Mortgage Loan, and (iv) the
        amount of any costs and damages incurred by the Trust Fund as a result of
        any
        violation of any predatory or abusive lending law arising from or in connection
        with the origination of such Mortgage Loan.

       

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

      Qualified
        Substitute Mortgage Loan:
        A
        mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms
        of
        this Agreement which must, on the date of such substitution, (i) have an
        outstanding principal balance, after application of all scheduled payments
        of
        principal and interest due during or prior to the month of substitution,
        not in
        excess of the Principal Balance of the Deleted Mortgage Loan as of the Due
        Date
        in the calendar month during which the substitution occurs, (ii) have a Mortgage
        Rate not less than (and not more than one percentage point in excess of)
        the
        Mortgage Rate of the Deleted Mortgage Loan (taking into account the rate
        of any
        retained interest, if applicable), (iii) in the case of any Adjustable Rate
        Mortgage Loan, have a maximum Mortgage Rate not less than the maximum Mortgage
        Rate on the Deleted Mortgage Loan, (iv) in the case of any Adjustable Rate
        Mortgage Loan, have a minimum Mortgage Rate not less than the minimum Mortgage
        Rate of the Deleted Mortgage Loan, (v) in the case of any Adjustable Rate
        Mortgage Loan, have a gross margin not less than (and not more than one
        percentage point in excess of) the gross margin of the Deleted Mortgage Loan,
        (vi) in the case of any 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 (provided,
        however,
        that in
        no case shall such substitute mortgage loan have a maturity date later than
        the
        Final Scheduled Distribution Date), (viii) have the same Due Date as the
        Due
        Date on the Deleted Mortgage Loan, (ix) have a Loan-to-Value Ratio (or a
        Combined Loan-to-Value Ratio, as applicable) and an Effective Loan-to-Value
        Ratio as of the date of substitution equal to or lower than the Loan-to-Value
        Ratio and Effective Loan-to-Value Ratio, respectively (or Combined Loan-to-Value
        Ratio, as applicable) of the Deleted Mortgage Loan as of such date, (x) be
        an
        FHA Mortgage Loan if the Deleted Mortgage Loan was an FHA Mortgage Loan and
        be a
        VA Mortgage Loan if the Deleted Mortgage Loan was a VA Mortgage Loan, (xi)
        not
        be more than 29 days delinquent in payment, (xii) be a Pool PMI-Insured Mortgage
        Loan if the Deleted Mortgage Loan was a Pool PMI-Insured Mortgage Loan and
        (xiii) conform to the representations and warranties set forth in Section
        6 of
        the Purchase Agreement or Section 6 of the related Revolving Purchase Agreement
        applicable to the Deleted Mortgage Loan. In the event that one or more mortgage
        loans are substituted for one or more Deleted Mortgage Loans, the amounts
        described in clause (i) hereof shall be determined on the basis of aggregate
        principal balances, the Mortgage Rates described in clause (ii) hereof shall
        be
        determined on the basis of weighted average Mortgage Rates, the terms described
        in clause (vii) hereof shall be determined on the basis of weighted average
        remaining term to maturity (provided
        that the
        stated maturity date of any such mortgage loan shall not be later than the
        Final
        Scheduled Distribution Date), the Loan-to-Value Ratios (or Combined
        Loan-to-Value Ratios, as applicable) 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 (x) hereof must be satisfied as to each Qualified Substitute Mortgage
        Loan or in the aggregate, as the case may be.

       

      Rating
        Agency:
        Each of
        Fitch, Moody’s and S&P.

       

      Ratings
        Requirement:
        With
        respect to any action to which the Ratings Requirement applies, that each
        Rating
        Agency shall have been given 10 days (or such shorter period as is acceptable
        to
        each Rating Agency) prior notice thereof and that each Rating Agency shall
        have
        notified the Depositor and the Trustee in writing that such action will not
        result in a reduction or withdrawal of the then current rating of the rated
        Certificates.

       

      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

      Readjustment
        Act:
        The
        Serviceman’s Readjustment Act of 1944, as amended.

       

      Real
        Estate:
        All
        Loan Collateral as to which perfection is governed by state real estate statutes
        or other state real estate law.

       

      Realized
        Loss:
        An
        amount determined by the applicable Servicer and evidenced by an Officer’s
        Certificate of such Servicer delivered to the Master Servicer pursuant to
        the
        applicable Servicing Agreement, in connection with any Mortgage Loan equal
        to
        (a) with respect to any Liquidated Mortgage Loan (other than a Liquidated
        Mortgage Loan with respect to which a Deficient Valuation has occurred),
        the
        excess of the Principal Balance of such Liquidated Mortgage Loan plus
        interest
        thereon at a rate equal to the sum of the applicable Mortgage Rate less the
        Servicing Fee Rate from the Due Date as to which interest was last paid up
        to
        the Due Date next succeeding such liquidation over proceeds, if any, received
        in
        connection with such liquidation, after application of all withdrawals permitted
        to be made by the related Servicer or the Master Servicer from the related
        Custodial Account or the Collection Account with respect to such Mortgage
        Loan,
        or (b) with respect to any Mortgage Loan which has become the subject of
        a
        Deficient Valuation, the excess of the Principal Balance of the Mortgage
        Loan
        over the principal amount as reduced in connection with the proceedings
        resulting in the Deficient Valuation.

       

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

       

      Record
        Date:
        With
        respect to any Distribution Date and each Class of Certificates other than
        the
        Group 1 Certificates, the close of business on the Business Day immediately
        preceding such Distribution Date; and with respect to the Group 1 Certificates,
        the close of business on the last Business Day of the calendar month immediately
        preceding the month in which such Distribution Date occurs (or the Closing
        Date,
        in the case of the first Distribution Date), provided
        that for
        purposes of determining the Record Date for the Group 1 Certificates, each
        Distribution Date shall be deemed to occur on the 28th
        calendar
        day of the related month, regardless whether such day is a Business
        Day.

       

      Records:
        All
        documents, books, records and other information (including, without limitation,
        computer programs, tapes, disks, punch cards, data processing software and
        related property and rights) prepared and maintained by the Servicers and
        the
        Master Servicer or by or on behalf of the Seller with respect to the Mortgage
        Loans and the related Mortgagors.

       

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

       

      
        
          
          

        

        
          51

          
            

          

        

        
          
          

        

      

      Regulations:
        FHA
        Regulations or VA Regulations, as the case may be.

       

      Relevant
        Servicing Criteria:
        The
        Servicing Criteria applicable to each party as set forth on Exhibit P-1 hereto.
        Multiple parties can have responsibility for the same Relevant Servicing
        Criteria. With respect to a Servicing Function Participant engaged by the
        Master
        Servicer, the Trustee or a Servicer, the term “Relevant Servicing Criteria” may
        refer to a portion of the Relevant Servicing Criteria applicable to such
        parties.

       

      Relevant
        UCC:
        The
        Uniform Commercial Code as in effect in the applicable
        jurisdiction.

       

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

       

      REMIC
        1:
        As described in the Preliminary Statement to this Agreement.

       

      REMIC
        2:
        As described in the Preliminary Statement to this Agreement.

       

      REMIC
        3:
        As described in the Preliminary Statement to this Agreement.

       

      REMIC
        4:
        As described in the Preliminary Statement to this Agreement.

       

      REMIC
        3 Net WAC Rate:
        As
        described in the Preliminary Statement to this Agreement at footnote (3)
        under
        the table describing REMIC 4.

       

      REMIC
        Change of Law:
        Any
        proposed, temporary or final regulation, revenue ruling, revenue procedure
        or
        other official announcement or interpretation relating to REMICs and the
        REMIC
        Provisions issued after the Closing Date.

       

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

       

      Removable
        Mortgage Loan:
        Any
        Mortgage Loan as to which the related Mortgagor fails to make the first Monthly
        Payment of principal and interest due after the Closing Date.

       

      Rents
        from Real Property:
        With
        respect to any REO Property, gross income of the character described in Section
        856(d) of the Code as being included in the term “rents from real
        property.”

       

      REO
        Imputed Payment:
        With
        respect to any REO Property, for any calendar month during which such REO
        Property was at any time part of the Trust Fund, an amount equal to the
        scheduled Monthly Payment that would have been due on the related Mortgage
        Loan
        were such Mortgage Loan still outstanding, after giving effect to any adjustment
        of the Mortgage Rate, if applicable.

       

      
        
          
          

        

        
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      REO
        Property:
        Loan
        Collateral acquired by the Trustee, or by the Master Servicer or any Servicer
        (or agent or nominee thereof) on behalf of the Trustee, through foreclosure
        or
        deed-in-lieu of foreclosure or otherwise in connection with a defaulted Mortgage
        Loan.

       

      Reportable
        Event:
        As
        defined in Section 4.31(a) hereof.

       

      Request
        For Release:
        The
        form set forth as Exhibit E hereto.

       

      Required
        Certificateholders:
        Holders
        who hold Certificates evidencing not less than 51% of the aggregate Voting
        Rights of the Certificates; provided,
        however,
        that
        for purposes of Section 10.05(b), such percentage shall be increased to
        66-2/3%.

       

      Reserve
        Fund:
        The
        reserve fund established and maintained by the Trustee as an Eligible Account
        pursuant to Section 6.02(a)(iii) of this Agreement, which reserve fund is
        an
        asset of the Trust Fund but not of any REMIC.

       

      Reserve
        Fund Requirement:
        With
        respect to any Distribution Date, the greater of (i) the Targeted
        Overcollateralization Amount for such Distribution Date minus
        the
        Overcollateralization Amount for such Distribution Date and (ii)
        zero.

       

      Residual
        Certificate:
        Any
        Class R or Class RL Certificate.

       

      Re-sold
        Mortgage Loan:
        Any
        2003-G Re-sold Mortgage Loan, 2005-A Re-sold Mortgage Loan or 2005-E Re-sold
        Mortgage Loan.

       

      Responsible
        Officer:
        Any
        Vice President, any Assistant Vice President, any Assistant Secretary, any
        Assistant Treasurer, any Corporate Trust officer or any other officer of
        the
        Trustee customarily performing functions similar to those performed by any
        of
        the above-designated officers and also, with respect to a particular matter,
        any
        other officer to whom such matter is referred because of such officer’s
        knowledge of and familiarity with the particular subject, in each case having
        direct responsibility for the administration of this Agreement.

       

      Restricted
        Certificate:
        Each of
        the Class X, Class P, Class R and Class RL Certificates.

       

      Retained
        Certificates:
        The
        Class B-2 and Class B-3
        Certificates.

       

      Retained
        Interest:
        With
        respect to each Mortgage Loan identified on the Mortgage Loan Schedule as
        a
“Retained Interest Mortgage Loan,” interest in respect of each such Mortgage
        Loan retained by any Retained Interest Holder at the related Retained Interest
        Rate and remitted to such Retained Interest Holder pursuant to the related
        Servicing Agreement or pursuant to Section 4.08, as applicable.

       

      Retained
        Interest Holder:
        With
        respect to each Mortgage Loan identified on the Mortgage Loan Schedule as
        a
“Retained Interest Mortgage Loan,” the retained interest holder so specified
        thereon. 

       

      Retained
        Interest Rate:
        With
        respect to each Mortgage Loan identified on the Mortgage Loan Schedule as
        a
“Retained Interest Mortgage Loan,” the per annum rate so specified
        thereon.

       

      
        
          
          

        

        
          53

          
            

          

        

        
          
          

        

      

      Revolving
        Purchase Agreement:
        Each of
        the 2003-G Revolving Purchase Agreement, the 2005-A Revolving Purchase Agreement
        and the 2005-E Revolving Purchase Agreement.

       

      Revolving
        Trust:
        Each of
        the 2003-G Revolving Trust, the 2004-B Revolving Trust, the 2005-A Revolving
        Trust and the 2005-E Revolving Trust.

       

      Rolling
        Three Month Delinquency Rate:
        With
        respect to any Distribution Date, an amount equal to the average of the 60-Day
        Delinquency Rates for each of the three (or one or two, in the case of the
        first
        and second Distribution Dates, respectively) immediately preceding months,
        provided
        that for
        purposes of determining the Rolling Three Month Delinquency Rate, each
        Distribution Date shall be deemed to occur on the 28th
        calendar
        day of the related month, regardless whether such day is a Business
        Day.

       

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

       

      Sarbanes-Oxley
        Certification:
        As
        defined in Section 4.31(c) hereof.

       

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

       

      Securities
        Intermediary:
        The
        Person acting as Securities Intermediary under this Agreement (which initially
        is U.S. Bank National Association), its successor in interest, and any successor
        Securities Intermediary appointed pursuant to Section 6.02(c).

       

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

       

      Security
        Entitlement:
        The
        meaning specified in Section 8-102(a)(17) of the New York UCC.

       

      Seller:
        Bayview
        Financial, L.P., as seller under the Purchase Agreement.

       

      Seller
        Retained Interest Rate:
        Not
        applicable.

       

      Senior
        Certificate:
        Any
        Class A-IO Certificate, Group 1 Certificate or Group 2 Certificate.

       

      Senior
        Available Funds Cap Percentage:
        With
        respect to any Distribution Date, the percentage equivalent of a fraction,
        the
        numerator of which is the aggregate Class Principal Balance of the Group
        1
        Certificates and the Group 2 Certificates and the denominator of which is
        the
        aggregate Class Principal Balance of the Group 1 Certificates and the LIBOR
        Certificates, in each case immediately prior to that Distribution
        Date.

       

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

       

      
        
          
          

        

        
          54

          
            

          

        

        
          
          

        

      

      Servicer:
        The
        Servicers shall be BLS, M&T Bank, Washington Mutual Bank, PHH Mortgage
        Corporation, Aurora Loan Services, Inc., GMAC Mortgage, LLC, Washington Mutual
        Mortgage Securities Corp. and CitiMortgage, Inc. and their respective successors
        and assigns.

       

      Servicer
        Remittance Date:
        As
        defined in the applicable Servicing Agreement.

       

      Servicing
        Advance:
        The
        reasonable “out-of-pocket” costs and expenses incurred by the Servicers (or any
        subservicer, to the extent such subservicer incurs such costs and expenses
        on
        behalf of a Servicer) or the Master Servicer in connection with a default,
        delinquency or other unanticipated event in the performance of their respective
        servicing obligations or master servicing obligations, including, but not
        limited to, the cost of (i) the preservation, restoration and protection
        of a
        Mortgaged Property, (ii) any enforcement or judicial proceedings, including
        foreclosures, in respect of a particular Mortgage Loan, (iii) the management
        (including reasonable fees in connection therewith) and liquidation of any
        REO
        Property and (iv) all Preservation Expenses. Servicing Fees and Master Servicing
        Fees, to the extent not paid when due, shall be deemed, and shall be
        reimbursable as, a Servicing Advance.

       

      Servicing
        Agreement:
        Any
        written contract for the servicing of the Mortgage Loans to which the Trustee
        is
        either a party or a third party beneficiary. A list of the Servicing Agreements
        (including servicing acknowledgement agreements, if any) with respect to
        the
        Servicers as of the Closing Date is attached hereto as Exhibit H.

       

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

       

      Servicing
        Fee:
        With
        respect to each Distribution Date and each Mortgage Loan, the product of
        the
        applicable per annum Servicing Fee Rate and the Principal Balance or the
        unpaid
        principal balance, as applicable, of such Mortgage Loan immediately preceding
        the applicable Servicer Remittance Date.

       

      Servicing
        Fee Rate:
        With
        respect to each Mortgage Loan, the per annum rate specified in the related
        Servicing Agreement and the Mortgage Loan Schedule. 

       

      Servicing
        Function Participant:
        Any
        Subservicer, Subcontractor or any other Person, other than a Servicer, the
        Master Servicer or the Trustee, that is participating in the servicing function
        within the meaning of Regulation AB, unless such Person’s activities relate only
        to 5% or fewer of the Mortgage Loans.

       

      Servicing
        Officer:
        Any
        officer or employee of the Servicer or Master Servicer involved in, or
        responsible for, the administration and servicing or master servicing,
        respectively, of Mortgage Loans whose name appears on a list of servicing
        officers attached to Officer’s Certificates furnished to the Master Servicer and
        the Trustee, respectively, as such lists may be amended from time to
        time.

       

      
        
          
          

        

        
          55

          
            

          

        

        
          
          

        

      

      Servicing
        Rights Owner:
        The
        owner of the servicing rights under any Servicing Agreement.

       

      Servicing
        Standard:
        Shall
        have the meaning assigned thereto in each Servicing Agreement.

       

      Simple
        Interest Mortgage Loans:
        The
        Mortgage Loans listed in Schedule I-A attached hereto.

       

      Sponsor:
        Bayview
        Financial, L.P.

       

      Stepdown
        Date:
        The
        latest to occur of (i) the Distribution Date in May 2010, (ii) the first
        Distribution Date on which the Aggregate Pool Balance is equal to or less
        than
        50.00% of the Cut-off Date Aggregate Pool Balance and (iii) the first
        Distribution Date on which the Enhancement Percentage (calculated for this
        purpose after
        giving
        effect to payments or other recoveries in respect of the Mortgage Loans during
        the related Due Period but before
        giving
        effect to distributions on the Certificates on such Distribution Date) for
        each
        Class of Group 1 Certificates and each Class of LIBOR Certificates is greater
        than or equal to the applicable percentage set forth below:

       

      
        	
                Class

              	
                Percentage

              
	
                1-A1,
                  1-A2, 1-A3,

                1-A4,
                  1-A5, 2-A

              	
                32.60%

              
	
                M-1

              	
                22.50%

              
	
                M-2

              	
                19.50%

              
	
                M-3

              	
                14.60%

              
	
                M-4

              	
                12.30%

              
	
                B-1

              	
                10.10%

              
	
                B-2

              	
                  8.10%

              
	
                B-3

              	
                  6.00%

              
	 	
                 

              

      

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

       

      Subordinate
        Available Funds Cap:
        With
        respect to each Class of Subordinate Certificates that is a Class of LIBOR
        Certificates, (A)(1)(a) the aggregate of interest accrued (whether or not
        collected or advanced) for the related Due Period on all Mortgage Loans at
        the
        applicable Net Mortgage Rates minus
        (b) the
        sum of (x) any Net Swap Payment or Swap Termination Payment owed to the Swap
        Counterparty (provided
        that any
        such Swap Termination Payment is not due to a Swap Counterparty Trigger Event)
        and (y) the aggregate of interest accrued for the related Accrual Period
        on the
        Senior Certificates (excluding any Basis Risk Shortfalls and Unpaid Basis
        Risk
        Shortfalls), divided
        by (2)
        the
        aggregate Class Principal Balance of the Subordinate Certificates immediately
        prior to such Distribution Date multiplied
        by
        (B) the
        fraction, expressed as a percentage, the numerator of which is 360 and the
        denominator of which is the actual number of days in the related Accrual
        Period.

       

      
        
          
          

        

        
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      Subordinate
        Certificate:
        Any
        Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 or Class
        B-3
        Certificate.

       

      Subordination
        Trigger Event:
        A
        Subordination Trigger Event will have occurred with respect to any Distribution
        Date if the Enhancement Percentage for any Class of Group 1 Certificates
        or any
        Class of LIBOR Certificates for the immediately preceding Distribution Date
        is
        less than the applicable percentage set forth below: 

       

      
        	
                Class

              	
                Percentage

              
	
                1-A1,
                  1-A2,

                1-A3,
                  1-A4,

                1-A5,
                  2-A

              	
                32.60%

              
	
                M-1

              	
                22.50%

              
	
                M-2

              	
                19.50%

              
	
                M-3

              	
                14.60%

              
	
                M-4

              	
                12.30%

              
	
                B-1

              	
                10.10%

              
	
                B-2

              	
                  8.10%

              
	
                B-3

              	
                  6.00%

              

      

       

      Subsequent
        Recoveries:
        With
        respect to any Mortgage Loan, any collection or other recovery of amounts
        owed
        thereunder after such Mortgage Loan becomes a Liquidated Mortgage
        Loan.

       

      Subservicer:
        Any
        Person that (i) is considered to be a Servicing Function Participant, (ii)
        services Mortgage Loans on behalf of any Servicer and (iii) is responsible
        for
        the performance (whether directly or through subservicers or Subcontractors)
        of
        Servicing functions required to be performed under this Agreement, any related
        Servicing Agreement or any subservicing agreement that are identified in
        Item
        1122(d) of Regulation AB.

       

      Substitution
        Amount:
        As
        defined in Section 2.03(d).

       

      Successor
        Master Servicer:
        Any
        successor to the Master Servicer, which successor shall be an FHA Approved
        Mortgagee.

       

      Supplemental
        Interest Trust:
        The
        corpus of a trust created pursuant to Section 6.14 of this Agreement and
        designated as the “Supplemental Interest Trust,” consisting of the Reserve Fund
        and its assets (including, without limitation, the Cap Agreement), the Swap
        Agreement, the Supplemental Interest Trust Account, the right to receive
        the
        Class X Distributable Amount as provided in Section 6.05(e)(x) and the Class
        T4-IO-Swap Interest.

       

      
        
          
          

        

        
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      Supplemental
        Interest Trust Account:
        The
        account created pursuant to Section 6.14(a) of this Agreement.

       

      Swap
        Agreement:
        The
        interest rate swap agreement entered into by the Supplemental Interest Trust,
        which agreement provides for, among other things, a Net Swap Payment to be
        paid
        pursuant to the conditions provided therein, together with any schedules,
        confirmations or other agreements relating thereto, attached hereto as Exhibit
        G-2.

       

      Swap
        Amount:
        With
        respect to each Distribution Date and the related Swap Payment Date, the
        sum of
        any Net Swap Payment and any Swap Termination Payment deposited into the
        Supplemental Interest Trust Account.

       

      Swap
        Collateral Account:
        The
        account maintained by the Trustee in accordance with the provisions of Section
        6.14(c).

       

      Swap
        Counterparty:
        The
        counterparty to the Supplemental Interest Trust under the Swap Agreement,
        and
        any successor in interest or assigns. Initially, the Swap Counterparty shall
        be
        The Bank of New York.

       

      Swap
        Counterparty Trigger Event:
        A Swap
        Counterparty Trigger Event shall have occurred if any of a Swap Default with
        respect to which the Swap Counterparty is a Defaulting Party, a Termination
        Event with respect to which the Swap Counterparty is the sole Affected Party
        or
        an Additional Termination Event with respect to which the Swap Counterparty
        is
        the sole Affected Party has occurred.

       

      Swap
        Credit Support Annex:
        The
        credit support annex to the Swap Agreement dated as of April 18, 2007, between
        the Trustee, on behalf of the Supplemental Interest Trust, and the Swap
        Counterparty.

       

      Swap
        Default:
        Any of
        the circumstances constituting an “Event of Default” under the Swap
        Agreement.

       

      Swap
        LIBOR:
        With
        respect to any Distribution Date and the related Swap Payment Date (and the
        Accrual Period relating to such Distribution Date), the product of (i) the
        Floating Rate Option (as defined in the Swap Agreement) for the related Swap
        Payment Date and (ii) two.

       

      Swap
        Payment Date:
        For so
        long as the Swap Agreement is in effect or any amounts remain unpaid thereunder,
        the Business Day immediately preceding each Distribution Date.

       

      Swap
        Replacement Receipts:
        As
        defined in Section 6.16.

       

      Swap
        Replacement Receipts Account:
        As
        defined in Section 6.16.

       

      Swap
        Termination Payment:
        Upon
        the designation of an “Early Termination Date” as defined in the Swap Agreement,
        the payment required to be made by the Supplemental Interest Trust to the
        Swap
        Counterparty, or by the Swap Counterparty to the Supplemental Interest Trust,
        as
        applicable, pursuant to the terms of the Swap Agreement, and any unpaid amounts
        due on previous Swap Payment Dates and accrued interest thereon as provided
        in
        the Swap Agreement, as calculated by the Swap Counterparty and furnished
        to the
        Trustee and the Master Servicer.

       

      
        
          
          

        

        
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      Swap
        Termination Receipts:
        As
        defined in Section 6.16.

       

      Swap
        Termination Receipts Account:
        As
        defined in Section 6.16.

       

      Targeted
        Overcollateralization Amount:
        With
        respect to any Distribution Date (i) prior to the Stepdown Date, the product
        of
        3.00% and the Cut-off Date Aggregate Pool Balance, (ii) on and after the
        Stepdown Date if a Trigger Event is not in effect, the greater of (a) the
        product of 6.00% and the Aggregate Pool Balance for such Distribution Date
        and
        (b) the Overcollateralization Floor for such Distribution Date and (iii)
        on and
        after the Stepdown Date if a Trigger Event is in effect, the amount calculated
        under this definition for the immediately preceding Distribution
        Date.

       

      Tax
        or
Taxes:
        All
        taxes, charges, fees, levies or other assessments, including, without
        limitation, income, gross receipts, profits, withholding, excise, property,
        sales, use, occupation and franchise taxes (including, in each such case,
        any
        interest, penalties or additions attributable to or imposed on or with respect
        to any such taxes, charges, fees or other assessments) imposed by the United
        States, any state or political subdivision thereof, any foreign government
        or
        any other jurisdiction or taxing authority.

       

      Tax
        Matters Person:
        The
        Person designated as “tax matters person” in the manner provided under Treasury
        regulation § 1.860F-4(d) and temporary Treasury regulation
§ 301.6231(a)(7)1T. Initially, the Tax Matters Person shall be the
        Trustee.

       

      Tax
        Matters Person Certificate:
        The
        Class R Certificate with a Denomination of 0.00001%.

       

      Termination
        Date:
        As
        defined in Section 10.01.

       

      Termination
        Event:
        As
        defined in the Swap Agreement.

       

      Termination
        Price:
        As
        defined in Section 10.02(a).

       

      Three
        Month Average 60-Day Delinquency Rate:
        Not
        applicable.

       

      Total
        Distribution Amount:
        With
        respect to any Distribution Date, the sum (without duplication) of the Interest
        Remittance Amount for each Mortgage Pool and the Principal Remittance Amount
        for
        each Mortgage Pool for such Distribution Date.

       

      Trigger
        Event:
        A
        Trigger Event will be in effect with respect to any Distribution Date if
        a
        Delinquency Event, a Cumulative Loss Trigger Event or a Subordination Trigger
        Event has occurred with respect to such Distribution Date.

       

      Trust
        Account:
        As
        defined in Section 6.02(b).

       

      
        
          
          

        

        
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      Trust
        Account Property:
        The
        Trust Accounts, all amounts and investments held from time to time in the
        Trust
        Accounts (whether in the form of deposit accounts, physical property, book-entry
        securities, uncertificated securities, securities entitlements, investment
        property or otherwise) and all proceeds of the foregoing.

       

      Trust
        Fund:
        The
        corpus of the trust created hereunder, consisting of all accounts, accounts
        receivable, contract rights, claims, choses in action, general intangibles,
        chattel paper, instruments, documents, money, deposit accounts, certificates
        of
        deposit, goods, notes, drafts, letters of credit, advices of credit, investment
        property, uncertificated securities and rights to payment of any and every
        kind
        consisting of, arising from or relating to any of the following: (a)(i) the
        Mortgage Loans (other than the related servicing rights), listed in the Mortgage
        Loan Schedules attached hereto as Schedule I (and subdivided into Schedule
        I-A,
        Schedule I-B, Schedule I-C, Schedule I-D, Schedule I-E, Schedule I-F, Schedule
        I-G, Schedule I-H and Schedule I-I) and Schedule II (and subdivided into
        Schedule II-A, Schedule II-B, and Schedule II-C), including all payments
        of
        interest (other than any Retained Interest), all prepayment premiums or
        penalties or yield maintenance payments received or receivable by the Depositor
        on or with respect to the Mortgage Loans listed on Schedule I-B hereto, and
        all
        principal and other amounts received or receivable on or with respect to
        the
        Mortgage Loans on or after the Cut-off Date (other than payments due on or
        prior
        to such date) and all payments due after such date but received prior to
        such
        date, (ii) the related Mortgage Files and all rights of the Depositor in
        the
        Loan Collateral, (iii) any Insurance Policies and (iv) any Insurance Proceeds,
        REO Property, Liquidation Proceeds and other recoveries (in each case, subject
        to clause (i) above), (b) the Collection Account, the Certificate Distribution
        Account and all amounts deposited therein pursuant to the applicable provisions
        of this Agreement, (c) any Eligible Investments held or amounts on deposit
        in
        any Trust Account, (d) the rights of the Depositor under the Purchase Agreement,
        the Assignment Agreements, the BFPT II Assignment Agreement, each Servicing
        Agreement and the Diligence Agreement, (e) the rights of the Trustee under
        each
        Servicing Agreement, (f) all Holdback Amounts on deposit in custodial accounts
        established by BLS for the benefit of the Trust Fund and (g) all income,
        revenues, issues, products, revisions, substitutions, replacements, profits,
        rents and all cash and non-cash proceeds of the foregoing.

       

      The
        Reserve Fund and its assets (including, without limitation, the Cap Agreement),
        the Swap Agreement, the Supplemental Interest Trust Account, the right to
        receive the Class X Distributable Amount as provided in Section 6.05(e)(x)
        and
        the Class T4-IO-Swap Interest are assets of the Supplemental Interest
        Trust.

       

      Trustee:
        U.S.
        Bank National Association, a national banking association, and any successor
        in
        interest, not in its individual capacity, but solely as Trustee
        hereunder.

       

      Trustee
        Fee:
        With
        respect to each Distribution Date, the product of the Trustee Fee Rate and
        the
        Aggregate Pool Balance as of the opening of business on the first day of
        the
        related Due Period (or, in the case of the first Distribution Date, as of
        the
        Cut-off Date).

       

      Trustee
        Fee Rate:
        0.0035%
        per annum.

       

      Underwriter:
        Each of
        J. P. Morgan Securities, Inc., Citigroup Global Markets Inc., and Merrill
        Lynch,
        Pierce, Fenner & Smith Incorporated.

       

      
        
          
          

        

        
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      Underwriter’s
        Exemption:
        Prohibited Transaction Exemption 2007-5, 72 Fed. Reg. 13,130 (March 20, 2007),
        as amended (or any successor thereto), or any substantially similar
        administrative exemption granted by the U.S. Department of Labor.

       

      Unpaid
        Basis Risk Shortfall:
        With
        respect to any Distribution Date and any Class of Group 1 Certificates or
        LIBOR
        Certificates, the aggregate of all Basis Risk Shortfalls with respect to
        such
        Class remaining unpaid from previous Distribution Dates, plus
        interest
        accrued thereon at the applicable Interest Rate (calculated without giving
        effect to the Pool 1 Available Funds Cap, Pool 2 Available Funds Cap or
        Subordinate Available Funds Cap, as applicable).

       

      Upper
        Tier REMIC:
        REMIC 4.

       

      U.S.
        Person:
        A
        person who is a “United States person” within the meaning of Section 7701(a)(30)
        of the Code.

       

      VA
        Guaranty:
        A
        guaranty granted by the VA with respect to any Mortgage Loan.

       

      VA:
        The
        U.S. Department of Veterans Affairs.

       

      VA
        Loan Guaranty Certificate:
        With
        respect to each Mortgage Loan with a VA Guaranty, the loan guaranty certificate
        evidencing such guaranty.

       

      VA
        Mortgage Loan:
        Not
        applicable.

       

      VA
        Regulations:
        Regulations promulgated by the VA pursuant to the Readjustment Act, codified
        in
        38 Code of Federal Regulations, and other VA issuances relating to mortgage
        loans guaranteed by the VA, including, without limitation, related handbooks,
        circulars, notices and mortgage letters.

       

      Voting
        Rights:
        The
        portion of the aggregate voting rights of all the Certificates evidenced
        by a
        Certificate. 90% of all voting rights under this Agreement shall be allocated
        among all holders of the Group 1 Certificates (subject, in the case of the
        Class
        1-A5 Certificates, to Section 5.03 hereof) and the LIBOR Certificates, in
        proportion to their then outstanding Class Principal Balances; 4% of all
        voting
        rights shall be allocated to the holders of the Class X Certificates; and
        6% of
        all voting rights shall be allocated to the holders of the Class RL
        Certificates. The Class A-IO, Class P and Class R Certificates shall not
        have
        voting rights.

       

      Section
        1.02. Provisions
        of General Application.

       

      (a) For
        all
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

       

      (i) All
        accounting terms not specifically defined herein shall be construed in
        accordance with GAAP.

       

      (ii) All
        terms
        used in Article 8 and Article 9 of the New York UCC, and not specifically
        defined herein, are used herein as defined in such Article.

       

      
        
          
          

        

        
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      (iii) The
        terms
        defined in this Article include the plural as well as the singular.

       

      (iv) The
        words
“herein,” “hereof” and “hereunder” and other words of similar import refer to
        this Agreement as a whole. All references to Articles and Sections shall
        be
        deemed to refer to Articles and Sections of this Agreement.

       

      (v) References
        to statutes are to be construed as including all statutory provisions
        consolidating, amending or replacing the statute to which reference is made
        and
        all regulations (including, when consistent with market practice, proposed
        regulations) promulgated pursuant to such statutes.

       

      (vi) Except
        with respect to accrued interest on the LIBOR Certificates or as otherwise
        specified herein, all per annum percentage rate calculations hereunder shall
        be
        based upon a 360-day year consisting of twelve 30-day months.

       

      (b) This
        Agreement is a “declaration of trust” for purposes of FHA
        Regulations.

       

      ARTICLE
        II

       

      TRANSFER
        OF ASSETS

       

      Section
        2.01. Conveyance
        of Mortgage Loans.

       

      On
        the
        Closing Date, the Depositor, in exchange for the delivery to the Depositor
        or
        its designee(s) of the Certificates, registered in such names as the Depositor
        shall designate, concurrently with the execution and delivery of this Agreement
        and on the terms set forth herein does hereby grant, transfer, assign, set
        over
        and otherwise convey to the Trustee, without recourse (except to the extent
        specified herein), all right, title and interest of the Depositor in, to
        and
        under the assets constituting the Trust Fund.

       

      In
        connection with such transfer and assignment, the Depositor does hereby also
        irrevocably transfer, assign, set over and otherwise convey to the Trustee
        all
        of the Depositor’s rights, but none of its obligations, under the Purchase
        Agreement (other than its rights to indemnification thereunder), the Servicing
        Agreements, the BFPT II Assignment Agreement, the Assignment Agreements and
        the
        Diligence Agreement. The Trustee hereby accepts such transfer and assignment
        of
        rights under such agreements, and, subject to the provisions hereof, shall
        be
        entitled to exercise all of the rights of the Depositor under such agreements
        as
        if, for such purpose, it were the Depositor.

       

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

       

      (i) (A)
        the
        original Mortgage Note, endorsed in the following form: “Pay to the order of
        U.S. Bank National Association, as Trustee (Bayview), without recourse” or in
        blank, with all prior and intervening endorsements showing a complete chain
        of
        endorsement from the originator to the Person so endorsing to the Trustee
        or (B)
        an original or copy of the installment sale contract for the purchase of
        the
        related Mortgaged Property;

       

      
        
          
          

        

        
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      (ii) with
        respect to each Mortgage Loan, (A) the original Mortgage or copy of the Mortgage
        with evidence of recording thereon (or, in the case of a Mortgage for which
        the
        related Mortgaged Property is located in the Commonwealth of Puerto Rico,
        a true
        copy of the Mortgage certified as such by the applicable notary) and (B)
        the
        original or a copy of recorded power of attorney, if the Mortgage was executed
        pursuant to a power of attorney, with evidence of recording
        thereon;

       

      (iii) with
        respect to each Non-MERS Mortgage Loan,
        an
        original Assignment of the Mortgage executed in the following form: “U.S. Bank
        National Association, as Trustee (Bayview),” or in blank;

       

      (iv) with
        respect to each Non-MERS Mortgage Loan, the original Assignment or Assignments
        of the Mortgage and if such Assignment of Mortgage is not executed in blank,
        originals or copies of all intervening assignments showing a complete chain
        of
        assignment from the originator (or, if applicable, from the U.S. Department
        of
        Housing and Urban Development) to the Person assigning the Mortgage to the
        Trustee as contemplated by the immediately preceding clause (iii), or, in
        the
        case of a Cooperative Loan, an original Assignment of the Security Agreement;
        provided,
        however,
        that
        such Assignment or Assignments of Mortgage need not be delivered in the case
        of
        a Mortgage for which the related Mortgaged Property is located in the
        Commonwealth of Puerto Rico;

       

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

       

      (vi) with
        respect to each Mortgage Loan other than a Cooperative Loan, the original
        lender’s title insurance policy or attorney’s opinion of title or a copy thereof
        certified as true and correct by the applicable insurer, together with all
        endorsements or riders that were issued with or subsequent to the issuance
        of
        such policy, insuring the priority of the Mortgage as a first lien or junior
        lien, as applicable, on the Mortgaged Property represented therein as a fee
        interest vested in the Mortgagor, or in the event such original title policy
        is
        unavailable, a written commitment or uniform binder or preliminary report
        of
        title issued by the title insurance or escrow company or a copy thereof
        certified by the title company, with the original policy of title insurance
        to
        be delivered within one year of the Closing Date;

       

      (vii) with
        respect to any Cooperative Loan, the following documents: the Security
        Agreement; a stock certificate evidencing the Cooperative Shares and related
        stock power; Proprietary Lease; and Recognition Agreement;

       

      (viii) with
        respect to each Mortgage Loan insured by the FHA, the original or a copy
        of the
        Mortgage Loan Certificate, and as to any Mortgage Loan guaranteed by the
        VA, the
        original VA Loan Guaranty Certificate, or in each case a “duplicate original”
thereof in accordance with applicable Regulations; and 

       

      
        
          
          

        

        
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      (ix) if
        any
        assignment of leases is separate from the Mortgage, the original or copy
        thereof, together with an executed reassignment of such instrument to the
        Trustee.

       

      With
        respect to each Mortgage Loan other than a MERS Mortgage Loan, the Depositor
        shall either (i) deliver an Opinion of Counsel (which must be independent
        counsel) acceptable to the Trustee and the Rating Agencies, to the effect
        that
        recording in related jurisdiction is not required to protect the Trustee’s
        interest in the related Mortgage Loan or (ii) promptly (and in no event later
        than 30 Business Days following the Closing Date) submit or cause to be
        submitted for recording, at the Depositor’s own expense, in the appropriate
        public office, each Assignment referred to in Sections 2.01(iii) or (iv)
        above.
        In the event that any such Assignment is lost or returned unrecorded because
        of
        a defect therein, the Depositor shall promptly prepare or cause to be prepared
        a
        substitute Assignment or cure or cause to be cured such defect, as the case
        may
        be, and thereafter cause each such Assignment to be duly recorded.

       

      With
        respect to each MERS Mortgage Loan, the Trustee, at the expense of the Depositor
        and at the direction and with the cooperation of the applicable Servicer,
        shall
        cause to be taken such actions as are necessary to cause the Trustee to be
        clearly identified as the owner of each such Mortgage Loan on the records
        of
        MERS for purposes of the system of recording transfers of beneficial ownership
        of mortgages maintained by MERS.

       

      In
        connection with the assignment of any MERS Mortgage Loan, the Depositor further
        agrees that it will cause, at the Depositor’s expense, within 30 Business Days
        after the Closing Date, the MERS system to indicate that such Mortgage Loans
        have been assigned by the Depositor to the Trustee in accordance with this
        Agreement for the benefit of the Certificateholders by including (or deleting,
        in the case of Mortgage Loans that are repurchased in accordance with this
        Agreement) in such computer files (a) the code in the field that identifies
        the
        Trustee and (b) the code in the field “Pool Field” which identifies the series
        of the Certificates issued. The Depositor further agrees that, within 30
        Business Days after the Closing Date, it will provide evidence satisfactory
        to
        the Trustee that the requirements set forth in the immediately preceding
        sentence have been complied with and that it will not permit the Master Servicer
        to, and the Master Servicer agrees that it will not, alter the codes referenced
        in this paragraph with respect to any Mortgage Loan during the term of this
        Agreement unless and until such Mortgage Loan is repurchased in accordance
        with
        the terms of this Agreement.

       

      If
        any
        original Mortgage Note referred to in Section 2.01(i)(A) cannot be located,
        the
        obligation of the Depositor to deliver such documents shall be deemed to
        be
        satisfied upon delivery to the Trustee of an original affidavit certifying
        that
        the original Mortgage Note has been lost, misplaced or destroyed. If any
        of the
        documents referred to in Section 2.01(i)(B) or Section 2.01(iii) 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 of a copy of each such document
        certified by the Seller 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 Seller, delivery to the Trustee promptly upon receipt thereof of either
        the
        original or a copy of such document certified by the applicable public recording
        office to be a true and complete copy of the original. Notice shall be provided
        to the Trustee and the Rating Agencies by the Seller if delivery pursuant
        to
        clause (2) above will be made more than 180 days after the Closing Date.
        If the
        original lender’s title insurance policy was not delivered pursuant to Section
        2.01(vi) above, the Depositor shall deliver or cause to be delivered to the
        Trustee, promptly after receipt thereof, the original lender’s title insurance
        policy. The Depositor shall deliver or cause to be delivered to the Trustee
        promptly upon receipt thereof any other original 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.

       

      
        
          
          

        

        
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      All
        original documents relating to the Mortgage Loans that are not delivered
        to the
        Trustee are and shall be held by or on behalf of the Seller, the Depositor,
        the
        Servicers or the Master Servicer, as the case may be, in trust for the benefit
        of the Trustee on behalf of the Certificateholders. In the event that any
        such
        original document is required pursuant to the terms of this Section to be
        a part
        of a Mortgage File, such document shall be delivered promptly to the Trustee.
        Any such original document delivered to or held by the Depositor that is
        not
        required pursuant to the terms of this Section to be a part of a Mortgage
        File,
        shall be delivered promptly to the related Servicer.

       

      The
        Depositor shall cooperate with the Trustee in providing any required transfer
        documentation with respect to such conveyance. Any payment received by the
        Depositor that shall be due to the Trust Fund hereunder shall be paid
        immediately to the Trustee.

       

      In
        addition, the Depositor herewith delivers to the Trustee an executed copy
        of the
        Purchase Agreement, the BFPT II Assignment Agreement, the Assignment Agreements
        and the Diligence Agreement.

       

      Section
        2.02. Acceptance
        and Acknowledgement by Trustee.

       

      Subject
        to the provisions of Section 2.01, the Trustee acknowledges receipt of the
        assets transferred by the Depositor to be included in the Trust Fund and
        has
        directed that the documents referred to in Section 2.01 and all other assets
        included in the definition of “Trust Fund” be delivered to the
        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 by it of the documents referred to
        in
        Section 2.01 (other than such documents described in Section 2.01(v)) 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” from time to
        time in
        trust
        for the benefit of all present and future Certificateholders.

       

      
        
          
          

        

        
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      At
        or
        prior to the Closing Date, the Trustee shall certify in substantially the
        form
        attached hereto as Exhibit B that with respect to each Mortgage Loan listed
        in
        the Mortgage Loan Schedule (other than any Mortgage Loan specifically identified
        in the exception report annexed thereto as not being covered by such
        certification) the related Mortgage File contains the documents specified
        in
        Exhibit B.

       

      The
        Trustee agrees, for the benefit of the Certificateholders, to review each
        Mortgage File within 45 days after the Closing Date (or, with respect to
        any
        document delivered after the Closing Date, within 45 days of receipt and
        with
        respect to any Qualified Substitute Mortgage Loan, within 45 days after the
        assignment thereof) and to certify, in substantially the form attached hereto
        as
        Exhibit C that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
        (other than any Mortgage Loan paid in full or any Mortgage Loan specifically
        identified in the exception report annexed thereto as not being covered by
        such
        certification), (i) all documents required to be delivered to it pursuant
        Section 2.01 of this Agreement are in its possession, (ii) such documents
        have
        been reviewed by it and have not been mutilated, damaged or torn and relate
        to
        such Mortgage Loan, and (iii) based on its examination and only as to the
        foregoing, the information set forth in the Mortgage Loan Schedule that
        corresponds to items (i) through (iii) of the definition of Mortgage Loan
        Schedule contained herein accurately reflects information set forth in the
        Mortgage File. It is herein acknowledged that, in conducting such review,
        the
        Trustee is not under any duty or obligation (i) 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, or (ii) to determine whether any Mortgage File
        should include any of the documents specified in clause (v) of Section 2.01.
        In
        addition, the Trustee makes no representation or warranty regarding
        collectibility, insurability, effectiveness or suitability of any Mortgage
        Loan.

       

      Prior
        to
        the first anniversary date of this Agreement, the Trustee shall deliver to
        the
        Depositor and the Master Servicer a final certification in the form annexed
        hereto as Exhibit D evidencing the completeness of the Mortgage Files, with
        any
        applicable exceptions noted thereon.

       

      If
        in the
        process of reviewing the Mortgage Files and making or preparing, as the case
        may
        be, the certifications referred to above, the Trustee finds any document
        or
        documents constituting a part of a Mortgage File to be missing or defective
        in
        any material respect, at the conclusion of its review the Trustee shall so
        notify the Depositor. In addition, upon the discovery by the Trustee, the
        Depositor or the Master 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 Seller in the related Revolving Purchase Agreement
        in
        respect of any Re-sold Mortgage Loan or in the Purchase Agreement in respect
        of
        any other Mortgage Loan or by the Depositor in this Agreement 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.

       

      
        
          
          

        

        
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      Section
        2.03. Repurchase
        or Substitution of Mortgage Loans by the Seller or the Depositor.

       

      (a) Pursuant
        to the Purchase Agreement, the Seller has made certain representations and
        warranties as to the characteristics of the Mortgage Loans as of the Closing
        Date, including representations and warranties that no Mortgage Loan is a
        “high-cost home loan” as defined under any local, state, or federal laws, and
        the Seller, the Depositor and the Trustee intend that the Mortgage Loans
        (including any Qualified Substitute Mortgage Loans) included in the Trust
        Fund
        satisfy such representations and warranties. Upon discovery or receipt of
        notice
        of (i) any materially defective document in, or that a document is missing
        from,
        a Mortgage File, (ii) the breach by the Seller of the representation set
        forth
        in Section 6(j) of the Purchase Agreement or (iii) the breach by the Seller
        of
        any other representation, warranty or covenant under the related Revolving
        Purchase Agreement or the Diligence Agreement in respect of any Re-sold Mortgage
        Loan or the Purchase Agreement in respect of any Mortgage Loan that in the
        case
        of this clause (iii) materially and adversely affects the value of such Mortgage
        Loan or the interest therein of the Certificateholders, the Trustee shall
        promptly notify the Seller of such defect, missing document or breach and
        request that the Seller deliver such missing document or cure such defect
        or
        breach within 90 days from the date the Seller was notified of such missing
        document, defect or breach, and if the Seller does not deliver such missing
        document or cure such defect or breach in all material respects during such
        period, the Trustee shall enforce the Seller’s obligation under the related
        Revolving Purchase Agreement or the Diligence Agreement or the Purchase
        Agreement (i) in connection with any such breach that could not reasonably
        have
        been cured within such 90 day period, if the Seller shall have commenced
        to cure
        such breach within such 90 day period, to proceed thereafter diligently and
        expeditiously to cure the same within the additional period provided under
        the
        related Revolving Purchase Agreement, the Diligence Agreement or the Purchase
        Agreement, (ii) in connection with any such breach (subject to clause (i)
        above)
        or any missing or defective document required to be delivered pursuant to
        Section 2.01(i) or 2.01(ii)(A), to purchase such Mortgage Loan from the Trust
        Fund at the Purchase Price within 120 days after the date on which the Seller
        was notified of such breach, and (iii) in connection with any other document
        required to be delivered pursuant to Section 2.01 hereof that is missing
        or
        defective, notwithstanding any delivery of an affidavit with respect to a
        missing Mortgage Note pursuant to Section 2.01, to purchase such Mortgage
        Loan
        from the Trust Fund at the Purchase Price within 10 Business Days after receipt
        of notification from the Trustee that the absence of such document or defect
        with respect thereto has materially impaired the ability of the Trustee to
        enforce the related Mortgage Note or Mortgage, in each case if and to the
        extent
        that the Seller is obligated to do so under the related Revolving Purchase
        Agreement, the Diligence Agreement or the Purchase Agreement, as applicable.
        The
        Trustee shall also enforce the Seller’s indemnification obligations under the
        related Revolving Purchase Agreement, the Diligence Agreement or the Purchase
        Agreement, if applicable. 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 Master Servicer of such deposit, shall release
        to
        the Seller the related Mortgage File and shall execute and deliver such
        instruments of transfer or assignment, in each case without recourse, as
        the
        Seller shall furnish to it and as shall be necessary to vest in the Seller
        any
        Mortgage Loan released pursuant hereto and the Trustee shall have no further
        responsibility with regard to such Mortgage File. In lieu of purchasing any
        such
        Mortgage Loan as provided above, if so provided in the related Revolving
        Purchase Agreement, the Diligence Agreement or the Purchase Agreement, as
        applicable, the Seller may cause such Mortgage Loan to be removed from the
        Trust
        Fund (in which case it shall become a Deleted Mortgage Loan) and substitute
        one
        or more Qualified Substitute Mortgage Loans in the manner and subject to
        the
        limitations set forth in Section 2.03(d). It is understood and agreed that
        the
        obligation of the Seller to cure, 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,
        or
        to indemnify the Trust Fund or the Trustee, shall constitute the sole remedy
        respecting such omission, defect or breach available to the Trustee on behalf
        of
        the Certificateholders.

       

      
        
          
          

        

        
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      In
        addition, if the Value of REO Property from Foreclosure Restricted Loans
        would
        equal or exceed 0.75% of the aggregate Principal Balance of the Mortgage
        Loans
        as of the end of any Due Period, the Seller, in accordance with the Purchase
        Agreement, shall purchase at fair market value on or prior to the related
        Distribution Date sufficient REO Property related to Foreclosure Restricted
        Loans or Foreclosure Restricted Loans which are in default to cause the Trustee
        to hold REO Property related to Foreclosure Restricted Loans with a Value
        of
        less than 0.75% of the aggregate Principal Balance of the Mortgage Loans
        and
        such proceeds shall be treated as received during the related Prepayment
        Period.
        For purposes of this paragraph, the “Value” of REO Property related to a
        Foreclosure Restricted Loan shall be treated as equal to the Principal Balance
        of the related Foreclosure Restricted Loan plus
        interest
        that had accrued on such Mortgage Loan as of the date of acquisition of the
        REO
        Property by the Trustee. The Trustee shall enforce the Seller’s obligations
        under this paragraph in accordance with the provision of the preceding paragraph
        of this Section with respect to breaches of representations and
        warranties.

       

      In
        the
        event that the purchase of a Foreclosure Restricted Loan cannot be effected
        prior to the acquisition of title to (or beneficial ownership interest in)
        the
        related REO Property and the acquisition of such title (or such beneficial
        ownership interest) would cause the limit described in the preceding paragraph
        to be exceeded, the Seller’s purchase of the related REO Property shall be
        deemed to have occurred on the date of (and immediately prior to) such
        acquisition of title or beneficial ownership interest and the fair market
        value
        for such Foreclosure Restricted Loan (which shall be computed as of such
        date)
        shall be paid by the Seller promptly upon notice from the Trustee that such
        title or beneficial ownership interest has been acquired.

       

      The
        Seller shall have the right, and the obligation, to repurchase Mortgage Loans
        from the Trust Fund to the limited extent provided in Section 7 of the Purchase
        Agreement or the Revolving Purchase Agreements, as applicable, and in this
        Section. Any repurchase of a Mortgage Loan by the Seller pursuant to Section
        7
        of the Purchase Agreement or a Revolving Purchase Agreement shall be effected
        in
        accordance with the provisions of this Section.

       

      The
        Seller shall have the option, but not the obligation, to substitute a Qualified
        Substitute Mortgage Loan for a Removable Mortgage Loan in the manner and
        subject
        to the limitations set forth in Section 2.03(d). The Seller’s option shall be
        exercisable on the date that such Mortgage Loan becomes 30 days delinquent,
        provided
        that in
        no event shall any such substitution occur more than 90 days following the
        Closing Date. If the Seller exercises such option with respect to any Removable
        Mortgage Loan, such Mortgage Loan shall be removed from the Trust Fund (in
        which
        case it shall become a Deleted Mortgage Loan). Without regard to whether
        the
        related Mortgagor subsequently makes a late Monthly Payment, the Seller shall
        retain its right to exercise the option described above.

       

      
        
          
          

        

        
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      (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 or warranty of the Depositor
        set
        forth in Section 3.03 with respect to any Mortgage Loan, which materially
        and
        adversely affects the value of such Mortgage Loan or the interest therein
        of the
        Certificateholders, and that does not also constitute a breach of a
        representation or warranty of the Seller in the related Revolving Purchase
        Agreement, the Depositor shall (i) cure such breach in all material respects,
        (ii) repurchase the Mortgage Loan from the Trustee at the Purchase Price
        or
        (iii) remove such Mortgage Loan 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). The Purchase Price for any repurchased Mortgage Loan shall be delivered
        to the Master Servicer for deposit in the Collection Account, and the Trustee,
        upon receipt of written certification from the Master Servicer of such deposit,
        shall at the Depositor’s direction release to the Depositor the related Mortgage
        File and shall execute and deliver such instruments of transfer or assignment
        furnished by the Depositor, in each case without recourse, as the Depositor
        shall furnish to it and as shall be necessary to vest in the Depositor any
        Mortgage Loan released pursuant hereto.

       

      (c) Within
        90
        days of the earlier of discovery by the Master Servicer or receipt of notice
        by
        the Master Servicer of the breach of any representation, warranty or covenant
        of
        the Master Servicer set forth in Section 3.01 which materially and adversely
        affects the interests of the Certificateholders in any Mortgage Loan, the
        Master
        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), in the case of the Seller, or Section 2.03(b),
        in the case of the Depositor, must be effected prior to the date that is
        two
        years after the Closing Date, unless the Seller delivers to the Trustee an
        Opinion of Counsel, which Opinion of Counsel shall not be at the expense
        of
        either the Trustee or the Trust Fund, addressed to the Trustee, to the effect
        that such substitution will not result in an Adverse REMIC Event.

       

      With
        respect to any Deleted Mortgage Loan for which the Seller or the Depositor
        substitutes a Qualified Substitute Mortgage Loan or Loans, such substitution
        shall be effected by the Seller or the Depositor, as the case may be, by
        delivering to the Trustee in exchange for such Qualified Substitute Mortgage
        Loan or Loans, the Mortgage Note, the Mortgage, the Assignment to the Trustee,
        and such other documents and agreements, with all necessary endorsements
        thereon, as are required by Section 2.01, together with an Officer’s Certificate
        providing that each such Qualified Substitute Mortgage Loan satisfies the
        definition thereof and specifying the Substitution Amount, if any, in connection
        with such substitution. The Trustee shall acknowledge receipt of such Qualified
        Substitute Mortgage Loan or Loans and, within 45 Business Days thereafter,
        review such documents as specified in Section 2.02 and deliver to the Depositor
        and the Master Servicer, with respect to such Qualified Substitute Mortgage
        Loan
        or Loans, a certification substantially in the form attached hereto as Exhibit
        C, with any applicable exceptions noted thereon. Within one year of the date
        of
        substitution, the Trustee shall deliver to the Depositor and the Master Servicer
        a certification substantially in the form of Exhibit D 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 Due Period of substitution will not be part of the
        Trust
        Fund and will be retained by the Depositor or the Seller, as the case may
        be.
        For the Due Period of substitution, distributions to Certificateholders will
        reflect the collections and recoveries in respect of such Deleted Mortgage
        Loan
        in such Due Period and the Depositor or the Seller, as the case may be, shall
        thereafter be entitled to retain all amounts subsequently received in respect
        of
        such Deleted Mortgage Loan. The Depositor shall give or cause to be given
        written notice to the Trustee that such substitution has taken place, shall
        amend the Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage
        Loan from the terms of this Agreement and the substitution of the Qualified
        Substitute Mortgage Loan or Loans and shall deliver a copy of such amended
        Mortgage Loan Schedule to the Trustee and to the Master Servicer. Upon such
        substitution, such Qualified Substitute Mortgage Loan or Loans shall constitute
        a Mortgage Loan hereunder and shall be subject in all respects to the terms
        of
        this Agreement and the related Revolving Purchase Agreement if such Qualified
        Substitute Mortgage Loan will replace a Re-sold Mortgage Loan or and the
        Purchase Agreement if the Qualified Substitution Mortgage Loan will replace
        any
        other Mortgage Loan, including all applicable representations and warranties
        thereof included in the Purchase Agreement or the related Revolving Purchase
        Agreement, as applicable, as of the date of substitution. In the case of
        any
        substitution effected by the Depositor, the Qualified Substitute Mortgage
        Loan
        shall have been acquired by the Depositor from the Seller pursuant to the
        Purchase Agreement and Depositor shall assign to the Trustee the representations
        and warranties made by the Seller with respect to such Qualified Substitute
        Mortgage Loan.

       

      
        
          
          

        

        
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      For
        any
        month in which the Depositor or the Seller substitutes one or more Qualified
        Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the Depositor
        or the Seller, as applicable, will determine the amount (the “Substitution
        Amount”), 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
        Mortgage Rate. On the date of such substitution, the Depositor or the Seller,
        as
        the case may be, will deliver or cause to be delivered to the Master Servicer
        for deposit in the Collection Account an amount equal to the Substitution
        Amount, if any, and the Trustee, upon receipt of the related Qualified
        Substitute Mortgage Loan or Loans and certification by the Master Servicer
        of
        such deposit, shall release to the Depositor or the Seller, as the case may
        be,
        the related Mortgage File or Files and the Trustee shall execute and deliver
        such instruments of transfer or assignment, in each case without recourse,
        as
        the Depositor or the Seller, as the case may be, shall deliver to it and
        as
        shall be necessary to vest therein any Deleted Mortgage Loan released pursuant
        hereto.

       

      Notwithstanding
        anything to the contrary set forth in this Agreement, upon discovery by the
        Depositor, the Master Servicer or the Trustee that any Mortgage Loan does
        not
        constitute a “qualified mortgage” within the meaning of Section 860G(a)(3) of
        the Code, the party discovering such fact shall promptly (and in any event
        within five (5) Business Days of discovery) give written notice thereof to
        the
        other parties. In connection therewith, the Trustee shall require the Seller,
        at
        the Seller’s option, to either (i) substitute, if the conditions in Section
        2.03(d) with respect to substitutions are satisfied, a Qualified Substitute
        Mortgage Loan for the affected Mortgage Loan, or (ii) repurchase the affected
        Mortgage Loan within 90 days of such discovery in the same manner as it would
        a
        Mortgage Loan for a breach of representation or warranty made pursuant to
        this
        Section 2.03. The Trustee shall reconvey to the Seller the Mortgage Loan
        to be
        released pursuant hereto in the same manner, and on the same terms and
        conditions, as it would a Mortgage Loan repurchased for breach of a
        representation or warranty contained in this Section 2.03.

       

      
        
          
          

        

        
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      Section
        2.04. Grant
        of Security Interest; Intended Characterization.

       

      (a) It
        is
        intended that the conveyance by the Depositor to the Trustee of the Mortgage
        Loans and other assets in the Trust Fund, as provided for in Section 2.01,
        be
        construed as a sale by the Depositor to the Trustee of such assets for the
        benefit of the Certificateholders. Further, it is not intended that any such
        conveyance be deemed to be a pledge of the Mortgage Loans by the Depositor
        to
        the Trustee to secure a debt or other obligation of the Depositor. However,
        in
        the event that the Mortgage Loans are held to be property of the Depositor
        or if
        for any reason this Agreement is held or deemed to create a security interest
        in
        the Mortgage Loans and other assets in the Trust Fund and the Supplemental
        Interest Trust, then it is intended that (a) this Agreement shall also be
        deemed
        to be a security agreement within the meaning of Articles 8 and 9 of the
        New
        York UCC (or the Relevant UCC if not the New York UCC); (b) the conveyances
        provided for in Section 2.01 shall be deemed to be (1) a grant by the
        Depositor to the Trustee of a security interest in all of the Depositor’s right
        (including the power to convey title thereto), title and interest, whether
        now
        owned or hereafter acquired, in and to (A) the Mortgage Loans, including
        with
        respect to each Mortgage Loan, the Mortgage Notes, the Mortgages, any related
        insurance policies and all other documents in the related Mortgage Files,
        (B)
        all amounts payable pursuant to the Mortgage Loans in accordance with the
        terms
        thereof, (C) any Eligible Investments held in any Trust Account, (E) all
        Holdback Amounts, (F) any and all general intangibles consisting of, arising
        from or relating to any of the foregoing, and all proceeds of the conversion,
        voluntary or involuntary, of the foregoing into cash, instruments, securities
        or
        other property, including without limitation all amounts from time to time
        held
        or invested in the Trust Accounts, whether in the form of cash, instruments,
        securities or other property and (G) the Supplemental Interest Trust and
        all
        proceeds of any and all property constituting the Supplemental Interest Trust
        and (2) an assignment by the Depositor to the Trustee of any security interest
        in any and all of the Depositor’s right (including the power to convey title
        thereto), title and interest, whether now owned or hereafter acquired, in
        and to
        the property described in the foregoing clauses (1)(A), (B), (C), (D), (E)
        and
        (F) (such security interest being, to the extent of the assets that constitute
        the Supplemental Interest Trust, pari
        passu
        with the
        security interest as provided in clause (c) below; (c) the Swap Counterparty
        shall be deemed, during the term of the Swap Agreement and while the Swap
        Agreement is the property of the Trustee, to have a security interest in
        all of
        the assets that constitute the Supplemental Interest Trust, but only to the
        extent of such Swap Counterparty’s right to payment under the Swap Agreement
        (such security interest being pari
        passu
        with the
        security interest as provided in clause (b) above); (d) the possession by
        the
        Trustee or any agent of the Trustee, on behalf of Certificateholders, of
        Mortgage Notes or such other items of property as constitute instruments,
        money,
        negotiable documents or chattel paper shall be deemed to be “possession by the
        secured party,” or possession by a purchaser or a person designated by such
        secured party, for purposes of perfecting the security interest pursuant
        to the
        New York UCC and any other Relevant UCC (including, without limitation, Section
        9-313, 8-313 or 8-321 thereof); and (e) notifications to persons holding
        such
        property, and acknowledgments, receipts or confirmations from persons holding
        such property, shall be deemed notifications to, or acknowledgments, receipts
        or
        confirmations from, financial intermediaries, bailees or agents (as applicable)
        of the Trustee on behalf of Certificateholders for the purpose of perfecting
        such security interest under applicable law.

       

      
        
          
          

        

        
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      (b) The
        Depositor and, at the Depositor’s direction, the Trustee on behalf of
        Certificateholders shall, to the extent consistent with this Agreement, take
        such reasonable actions as may be necessary to ensure that, if this Agreement
        were deemed to create a security interest in the Mortgage Loans and the other
        property described above, such security interest would be deemed to be a
        perfected security interest of first priority under applicable law and will
        be
        maintained as such throughout the term of this Agreement. Without limiting
        the
        generality of the foregoing, the Depositor shall prepare and forward for
        filing,
        or shall cause to be forwarded for filing, at the expense of the Depositor,
        all
        filings necessary to maintain the effectiveness of any original filings
        necessary under the Relevant UCC to perfect the Trustee’s security interest in
        or lien on the Mortgage Loans as evidenced by an Officer’s Certificate of the
        Depositor, including without limitation (x) continuation statements, and
        (y)
        such other statements as may be occasioned by (1) any change of name of the
        Seller, the Depositor or the Trustee, (2) any change of location of the place
        of
        business or the chief executive office of the Seller or the Depositor or
        (3) any
        transfer of any interest of the Seller or the Depositor in any Mortgage
        Loan.

       

      The
        Depositor shall not organize under the law of any jurisdiction other than
        the
        State under which it is organized as of the Closing Date (whether changing
        its
        jurisdiction of organization or organizing under an additional jurisdiction)
        without giving 30 days prior written notice of such action to its immediate
        and
        mediate transferee, including the Trustee. Before effecting such change,
        the
        Depositor shall prepare and file in the appropriate filing office any financing
        statements or other statements necessary to continue the perfection of the
        interests of its immediate and mediate transferees, including the Trustee,
        in
        the Mortgage Loans. In connection with the transactions contemplated by the
        Basic Documents, the Depositor authorizes its immediate or mediate transferee,
        including the Trustee, to file in any filing office any initial financing
        statements, any amendments to financing statements, any continuation statements,
        or any other statements or filings described in this Section
        2.04(b).

       

      (c) The
        Depositor shall not take any action inconsistent with the sale by the Depositor
        of all of its right, title and interest in and to the Trust Fund and shall
        indicate or shall cause to be indicated in its records and records held on
        its
        behalf that ownership of each Mortgage Loan and the other property of the
        Trust
        Fund is held by the Trustee on behalf of Certificateholders. In addition,
        the
        Depositor shall respond to any inquiries from third parties with respect
        to
        ownership of a Mortgage Loan or any other property of the Trust Fund by stating
        that it is not the owner of such Mortgage Loan and that ownership of such
        Mortgage Loan or other property of the Trust Fund is held by the Trustee
        on
        behalf of the Certificateholders.

       

      Section
        2.05. Transmission
        of Mortgage Files.

       

      Written
        instructions as to the method of shipment and shipper(s) the Trustee is directed
        to utilize in connection with transmission of files and loan documents in
        the
        performance of the Trustee’s duties hereunder shall be delivered by the
        applicable Servicer (or if the related Mortgage Loan is being serviced directly
        by the Master Servicer, the Master Servicer) to the Trustee prior to any
        shipment of any Mortgage Files and loan documents hereunder. In the event
        that
        the Servicer (or if the related Mortgage Loan is being serviced directly
        by the
        Master Servicer, the Master Servicer) fails to provide such written
        instructions, the Trustee shall be hereby authorized to use a nationally
        recognized courier service. The Servicer (or if the related Mortgage Loan
        is
        being serviced directly by the Master Servicer, the Master Servicer) will
        arrange for the provision of such services at its sole cost and expense (or,
        at
        the Trustee’s option, reimburse the Trustee for all costs and expenses incurred
        by the Trustee consistent with such instructions or for having used an overnight
        courier service) and will maintain such insurance in connection with shipment
        of
        the Mortgage Files against loss or damage to files and loan documents as
        the
        Servicer (or if the related Mortgage Loan is being serviced directly by the
        Master Servicer, the Master Servicer) deems appropriate. Without limiting
        the
        generality of the provisions of Section 8.04(a) hereof, it is expressly agreed
        that in no event shall the Trustee have any liability for any losses or damages
        to any Person with respect to the Mortgage Files arising out of actions of
        the
        Trustee consistent with instructions of the Servicer (or if the related Mortgage
        Loan is being serviced directly by the Master Servicer, the Master
        Servicer).

       

      
        
          
          

        

        
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      Section
        2.06. REMIC
        Matters.

       

      (a) The
        Preliminary Statement to this Agreement sets forth the designations and “latest
        possible maturity date” for federal income tax purposes of all interests in each
        of the REMICs created hereby. The “tax matters person” with respect to each
        REMIC hereunder shall be the Trustee and the Trustee shall hold the Tax Matters
        Person Certificate. Each REMIC’s fiscal year shall be the calendar
        year.

       

      (b) The
        Trustee shall treat each of the Reserve Fund and the Supplemental Interest
        Trust
        as an outside reserve fund within the meaning of Treasury Regulation Section
        1.860G-2(h) that is owned by the Class X Certificateholders and that is not
        an
        asset of any REMIC. For federal and state income tax purposes, the Class
        X
        Certificateholders shall be deemed to be the owners of each of the Reserve
        Fund
        and the Supplemental Interest Trust. Upon the termination of the Trust, all
        amounts remaining on deposit in each of the Reserve Fund and the Supplemental
        Interest Trust will be released from the lien of the Trust Fund and distributed
        to the Class X Certificateholders or their designees.

       

      (c) The
        Trustee shall treat all withdrawals from the Reserve Fund in respect of Loss
        Amounts and Deferred Principal Amounts as payments made pursuant to a “credit
        enhancement contract” within the meaning of Treasury Regulation Section
        1.860G-2(c) that is owned by REMIC 1.

       

      (d) The
        Trustee shall treat the holders of the Group 1 Certificates, Class A-IO
        Certificates and the LIBOR Certificates as having entered into a notional
        principal contract with respect to the holders of the Class X Certificates.
        Pursuant to each such notional principal contract, all holders of Group 1
        Certificates, Class A-IO Certificates and the LIBOR Certificates will be
        treated
        as having agreed to pay, on each Distribution Date, to the holders of the
        Class
        X Certificates an aggregate amount equal to the excess, if any, of (i) the
        amount payable on the Interest in REMIC 4 corresponding to such Class of
        Certificates on such Distribution Date over (ii) the amount payable on such
        Class of Certificates on such Distribution Date (such excess, an “AFC
        Shortfall”). Further, the Trustee shall treat the Class X Certificateholders as
        having agreed to pay the Holders of the Group 1 Certificates, Class A-IO
        Certificates and the LIBOR Certificates any interest payments in excess of
        the
        interest payable on the Interest in REMIC 4 corresponding to such Class of
        Certificates. Finally, the Trustee shall treat the Class X Certificateholders
        as
        having agreed to pay to the Class A-IO Certificateholders the excess, if
        any, of
        the amount distributable on the Class A-IO Certificates over the amount payable
        on the corresponding REMIC interest in REMIC 4. Any payments to the Certificates
        in light of the foregoing 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 Group 1 Certificates, Class A-IO Certificates or the LIBOR
        Certificates of an AFC Shortfall shall be treated for tax purposes as having
        been received by the holders of such Certificates in respect of their Interests
        in REMIC 4 and as having been paid by such holders to the Reserve Fund pursuant
        to the notional principal contract.

       

      
        
          
          

        

        
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      (e) Thus,
        each Group 1 Certificate and each LIBOR Certificate shall be treated as
        representing not only ownership of a regular interest in REMIC 4, but also
        rights and obligations with respect to a notional principal contract. For
        tax
        purposes, this notional principal contract will be deemed to have a value
        of
        $137,045.97 in respect of Class 1-A1 Certificates, a value of $189,908.20
        in
        respect of Class 1-A2 Certificates, a value of $65,913.31 in respect of Class
        1-A3 Certificates, a value of $173,323.23 in respect of Class 1-A4 Certificates,
        a value of $152,757.83 in respect of Class 1-A5 Certificates, a value of
        $845,401.34 in respect of Class 2-A Certificates, a value of $180,984.74
        in
        respect of Class M-1 Certificates, a value of $53,626.62 in respect of Class
        M-2
        Certificates, a value of $84,958.04 in respect of Class M-3 Certificates,
        a
        value of $39,302.83 in respect of Class M-4 Certificates, a value of $36,638.09
        in respect of Class B-1 Certificates, a value of $31,391.26 in respect of
        Class
        B-2 Certificates and a value of $31,391.26 in respect of Class B-3
        Certificates.

       

      (f) Notwithstanding
        the priority and sources of payments set forth in Article VI hereof or
        otherwise, the Trustee shall account for all distributions on the Certificates
        as set forth in this section. In no event shall any payments provided for
        in
        this section be treated as payments
        with respect to a “regular interest” in a REMIC within the meaning of Code
        Section 860G(a)(1).

       

      (g) Following
        the Closing Date, none of the Depositor, the Trustee or the Master Servicer
        shall accept any contributions of assets to any REMIC created hereunder unless
        the Depositor, the Trustee or the Master Servicer shall have received an
        Opinion
        of Counsel (at the expense of the party seeking to make such contribution)
        to
        the effect that the inclusion of such assets in a REMIC will not cause an
        Adverse REMIC Event.

       

      (h) None
        of
        the Depositor, the Trustee or the Master Servicer shall enter into any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit such REMIC to receive any income from assets other than
        “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
        investments” as defined in Section 860G(a)(5) of the Code.

       

      (i) None
        of
        the Depositor, Trustee or the Master Servicer shall sell, dispose of or
        substitute for any of the Mortgage Loans (except in connection with (i) the
        default, imminent default or foreclosure of a Mortgage Loan, including but
        not
        limited to, the acquisition or sale of a Mortgaged Property acquired by deed
        in
        lieu of foreclosure, (ii) the termination of any REMIC created hereunder
        pursuant to Article X of this Agreement or (iii) a purchase of Mortgage Loans
        pursuant to Article II of this Agreement) nor acquire any assets for a REMIC,
        nor sell or dispose of any investments in the Collection Account or the
        Certificate Account for gain to the extent such action would result in a
        tax
        under Section 860F(a)(2) nor accept any contributions to a REMIC after the
        Closing Date (a) unless it has received an Opinion of Counsel that such sale,
        disposition, substitution or acquisition will not affect adversely the status
        of
        any REMIC created hereunder as a REMIC or (b) unless the Master Servicer
        has
        determined in its sole discretion to indemnify the Trust Fund against any
        resulting tax.

       

      
        
          
          

        

        
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      (j) The
        Trustee and each beneficial owner of a Class A-IO Certificate, by its
        acquisition thereof, agree to treat any Class A-IO Termination Amount paid
        to
        such beneficial owner as a payment made pursuant to a contract for the transfer
        of such Class A-IO Certificate in connection with the termination of the
        Trust
        Fund and to treat such payment as having been made by the purchaser of the
        assets of the Trust Fund. For federal income tax purposes, this contract
        will be
        deemed to have a value of $5,000.
        No Class A-IO Termination Amount will be treated as having been made by any
        REMIC created hereby, and no Class A-IO Termination Amount will be treated
        as an
        amount paid on a REMIC regular interest. 

       

      ARTICLE
        III

       

      REPRESENTATIONS,
        WARRANTIES AND COVENANTS

       

      Section
        3.01. Representations
        and Warranties of the Master Servicer.

       

      The
        Master Servicer hereby represents, warrants and covenants to the Depositor
        and
        the Trustee for their own benefit and for the benefit of the Holders of the
        Certificates that, as of the Closing Date:

       

      (i) The
        Master Servicer is duly organized, validly existing and in good standing
        under
        the laws of the United States as a national banking association, and is duly
        qualified to do business, and is in good standing in each jurisdiction in
        which
        the nature of its business requires it to be so qualified.

       

      (ii) The
        execution and delivery of this Agreement by the Master Servicer and its
        performance and compliance with the terms of this Agreement have been duly
        authorized by all necessary corporate action on the part of the Master
        Servicer.

       

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

       

      (iv) The
        Master Servicer is not in violation of, and the execution, delivery and
        performance of this Agreement by the Master Servicer and its compliance with
        the
        terms hereof will not constitute a violation with respect to, any existing
        law
        or regulation or any order or decree of any court or any order, regulation
        or
        demand of any federal, state, municipal or governmental agency, which violation
        would materially and adversely affect the condition (financial or other)
        or
        operations of the Master Servicer or its properties or the Mortgage Loans
        or
        would materially and adversely affect its performance hereunder. The execution,
        delivery and performance of this Agreement by the Master Servicer and its
        compliance with the terms hereof will not in any material respect conflict
        with,
        result in any breach of any of the terms and provisions of, or constitute
        (with
        or without notice, lapse of time or both) a default under, the charter documents
        or by-laws of the Master Servicer, or any material indenture, agreement,
        mortgage, deed of trust or other instrument to which the Master Servicer
        is a
        party or by which it is bound, or result in the creation or imposition of
        any
        lien or encumbrance upon any of its material properties pursuant to the terms
        of
        any such indenture, agreement, mortgage, deed of trust or other
        instrument.

       

      
        
          
          

        

        
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      (v) No
        litigation, actions, proceedings or investigations are pending or, to the
        best
        of the Master Servicer’s knowledge threatened, against the Master Servicer which
        would have consequences that would prohibit its entering into this Agreement
        or
        that would materially and adversely affect the condition (financial or
        otherwise) or operations of the Master Servicer or its properties or would
        materially and adversely affect its performance hereunder, or the validity
        or
        enforceability of this Agreement, or prevent the consummation of any of the
        transactions contemplated by this Agreement.

       

      (vi) No
        certificate of an officer, statement furnished in writing or report delivered
        or
        to be delivered pursuant to the terms hereof by the Master Servicer contains
        or
        will contain any untrue statement of a material fact or omits or will omit
        to
        state any material fact necessary to make the certificate, statement or report,
        in light of the circumstances under which it was or will be made, not
        misleading.

       

      (vii) No
        consent, approval, authorization, license or order of any court or governmental
        agency or body is required for the execution, delivery and performance by
        the
        Master Servicer of or compliance by the Master Servicer with this Agreement
        or
        the consummation of the transactions contemplated by this Agreement, except
        for
        such consents, approvals, authorizations and orders (if any) as have been
        obtained.

       

      (viii) The
        Master Servicer, or an Affiliate thereof the primary business of which is
        the
        servicing of conventional residential mortgage loans, is a Fannie Mae and
        Freddie Mac approved seller/servicer, an FHA Approved Mortgagee and VA-approved
        lender, and no event has occurred, including, but not limited to, a change
        in
        insurance coverage, which would make the Master Servicer unable to comply
        with
        Fannie Mae, Freddie Mac FHA or VA eligibility requirements or which would
        require notification to any of Fannie Mae, Freddie Mac, FHA or VA.

       

      (ix) The
        Master Servicer has obtained an errors and omissions insurance policy and
        a
        fidelity bond, each of which is in full force and effect, and each of which
        provides at least such coverage as is required hereunder.

       

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

       

      
        
          
          

        

        
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      Section
        3.02. Representations
        and Warranties of the Depositor.

       

      The
        Depositor hereby represents and warrants to the Master Servicer and the Trustee
        for their own benefit and for the benefit of the Holders of the Certificates
        that as of the Closing Date:

       

      (i) The
        Depositor is a limited liability company duly formed, validly existing and
        in
        good standing under the laws of the State of Delaware, and is duly qualified
        to
        do business, and is in good standing in each jurisdiction in which the nature
        of
        its business requires it to be so qualified.

       

      (ii) The
        execution and delivery of this Agreement by the Depositor and its performance
        and compliance with the terms of this Agreement have been duly authorized
        by all
        necessary company action on the part of the Depositor.

       

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

       

      (iv) The
        Depositor is not in violation of, and the execution, delivery and performance
        of
        this Agreement by the Depositor and its compliance with the terms hereof
        will
        not constitute a violation with respect to, any existing law or regulation
        or
        any order or decree of any court or any order, regulation or demand of any
        federal, state, municipal or governmental agency, which violation would
        materially and adversely affect the condition (financial or other) or operations
        of the Depositor or its properties or would have consequences that would
        adversely affect its performance hereunder. The execution, delivery and
        performance of this Agreement by the Depositor and its compliance with the
        terms
        hereof will not conflict with, result in any breach of any of the terms and
        provisions of, or constitute (with or without notice, lapse of time or both)
        a
        default under, the certificate of formation or limited liability company
        agreement of the Depositor, or any material indenture, agreement, mortgage,
        deed
        of trust or other instrument to which the Depositor is a party or by which
        it is
        bound, or result in the creation or imposition of any lien or encumbrance
        upon
        any of its material properties pursuant to the terms of any such indenture,
        agreement, mortgage, deed of trust or other instrument.

       

      (v) No
        litigation, actions, proceedings or investigations are pending or, to the
        best
        of the Depositor’s knowledge, threatened against the Depositor which would have
        consequences that would prohibit its entering into this Agreement or that
        would
        materially and adversely affect the condition (financial or otherwise) or
        operations of the Depositor or its properties or would have consequences
        that
        would adversely affect its performance hereunder, or the validity or
        enforceability of this Agreement, or prevent the consummation of any of the
        transactions contemplated by this Agreement.

       

      
        
          
          

        

        
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      (vi) No
        certificate of an officer, statement furnished in writing or report delivered
        or
        to be delivered pursuant to the terms hereof by the Depositor contains or
        will
        contain any untrue statement of a material fact or omits or will omit to
        state
        any material fact necessary to make the certificate, statement or report,
        in
        light of the circumstances in which it was made or will be made, not
        misleading.

       

      (vii) All
        actions, approvals, consents, waivers, exemptions, variances, franchises,
        orders, permits, authorizations, rights and licenses required to be taken,
        given
        or obtained, as the case may be, by or from any court or any federal, state
        or
        other governmental authority or agency that are required in connection with
        the
        execution, delivery and performance by the Depositor of this Agreement, have
        been duly taken, given or obtained, as the case may be, are in full force
        and
        effect on the date hereof, are not subject to any pending proceedings or
        appeals
        (administrative, judicial or otherwise) and either the time within which
        any
        appeal therefrom may be taken or review thereof may be obtained has expired
        or
        no review thereof may be obtained or appeal therefrom taken, and are adequate
        to
        authorize the consummation of the transactions contemplated by this Agreement
        on
        the part of the Depositor and the performance by the Depositor of its
        obligations under this Agreement.

       

      (viii) The
        Depositor is conveying to the Trustee the entire interest in the Mortgage
        Loans,
        which the Depositor has acquired from the Seller and from BFPT II, as
        applicable, free and clear of any Adverse Claims created by, or for the benefit
        of, the Depositor.

       

      Section
        3.03. Representations
        and Warranties of the Depositor with respect to the Mortgage
        Notes.

       

      With
        respect to the Mortgage Notes, the
        Depositor hereby represents and warrants to the Master Servicer and the Trustee
        for their own benefit and for the benefit of the Holders of the Certificates
        that as of the Closing Date:

       

      (i) The
        Mortgage Notes constitute “instruments” within the meaning of the Relevant
        UCC;

       

      (ii) The
        Depositor owns and has good title to the Mortgage Notes free and clear of
        any
        lien, claim or encumbrance of any Person;

       

      (iii) The
        Depositor has received all consents and approvals required by the terms of
        the
        Mortgage Notes to the transfer of the Mortgage Notes hereunder to the
        Trustee;

       

      (iv) All
        original executed copies of each Mortgage Note have been or will be delivered
        to
        the Trustee, as set forth in this Agreement;

       

      
        
          
          

        

        
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      (v) The
        Depositor has received a written acknowledgement from the Trustee that the
        Trustee is holding the Mortgage Notes solely on behalf and for the benefit
        of
        the Certificateholders;

       

      (vi) Other
        than the transfer to the Trustee pursuant to this Agreement, the Depositor
        has
        not pledged, assigned, sold, granted a security interest in, or otherwise
        conveyed any of the Mortgage Notes. The Depositor has not authorized the
        filing
        of and is not aware of any financing statements against the Depositor that
        include a description of the collateral covering the Mortgage Notes other
        than a
        financing statement relating to the transfer to the Trustee hereunder or
        that
        has been terminated. The Depositor is not aware of any judgment or tax lien
        filings against the Depositor; and

       

      (vii) None
        of
        the Mortgage Notes has any marks or notations indicating that they have been
        pledged, assigned or otherwise conveyed to any Person other than the Trustee
        on
        behalf of Certificateholders.

       

      The
        representations and warranties set forth in this Section shall survive the
        Closing Date and shall not be waived.

       

      ARTICLE
        IV

       

      ADMINISTRATION
        AND MASTER SERVICING OF MORTGAGE LOANS

       

      Section
        4.01. Duties
        of the Master Servicer.

       

      The
        Master Servicer shall supervise, monitor and oversee the obligation of the
        Servicers to service and administer their respective Mortgage Loans in
        accordance with the terms of the applicable Servicing Agreements, except
        the
        activities of the Servicers with respect to Mortgage Loans that are in default,
        including collection activity, modification of Mortgage Loans, foreclosure,
        and
        disposition of REO Property, the processing of any FHA or VA claims and the
        activities of any subservicers (“Excluded Servicing Obligations”), and shall
        have full power and authority to do any and all things which it may deem
        necessary or desirable in connection with such master servicing and
        administration. In performing its obligations hereunder, the Master Servicer
        shall act in a manner consistent with Accepted Master Servicing Practices.
        Furthermore, the Master Servicer shall oversee and consult with each Servicer
        as
        necessary from time-to-time to carry out the Master Servicer’s obligations
        hereunder, shall, from time to time, receive, review and evaluate all reports,
        information and other data provided to the Master Servicer by each Servicer
        and
        shall otherwise exercise its reasonable best efforts to cause each Servicer
        to
        perform and observe the covenants, obligations and conditions to be performed
        or
        observed by such Servicer under the applicable Servicing Agreement. The Master
        Servicer shall independently and separately monitor each Servicer’s servicing
        activities with respect to each related Mortgage Loan, reconcile the results
        of
        such monitoring with such information provided in the previous sentence on
        a
        monthly basis and coordinate corrective adjustments to the Servicers’ and Master
        Servicer’s records, and based on such reconciled and corrected information,
        prepare the report specified in Section 4.27 and any other information,
        statements and reports required hereunder. Notwithstanding anything in this
        Agreement or any Servicing Agreement to the contrary, the Master Servicer
        shall
        have no duty or obligation to supervise, monitor or oversee the activities
        of
        any Servicer or to enforce the obligations of any Servicer under its Servicing
        Agreement with respect to (i) calculation of payments due under any Simple
        Interest Mortgage Loans or any Non-Monthly Mortgage Loans, (ii) the
        collection of amounts with respect to the Mortgage Loans described on the
        Mortgage Loan Schedule attached as Schedule I-B hereto representing principal
        and/or interest due and owing on any such Mortgage Loan prior to the Cut-off
        Date or (iii) any Additional Collateral or any limited purpose surety bond
        relating thereto, including, without limitation, the collection of any amounts
        owing to the Trust Fund in respect thereof (unless and until the Master Servicer
        shall have assumed the obligations of such Servicer as successor servicer
        under
        the related Servicing Agreement, in which case, as successor servicer, it
        shall
        be bound to serve and administer the Additional Collateral and any related
        limited purpose surety bond in accordance with the provisions of such Servicing
        Agreement). The Master Servicer shall reconcile the results of its Mortgage
        Loan
        monitoring with the actual remittances of the Servicers to the Collection
        Account pursuant to the applicable Servicing Agreements.

       

      
        
          
          

        

        
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      To
        the
        extent applicable to the obligations of the Master Servicer under this
        agreement, the Master Servicer shall at all times comply with the Housing
        Act,
        FHA Regulations, the Readjustment Act, VA Regulations, and any administrative
        guidelines issued thereunder.

       

      Section
        4.02. Monitoring
        of Servicers’ Performance.

       

      Subject
        to Section 4.01, the Master Servicer shall be responsible for reporting to
        the
        Trustee and the Depositor the compliance by each Servicer with its duties
        under
        the related Servicing Agreement. In the review of each Servicer’s activities,
        the Master Servicer may rely upon an Officer’s Certificate of the Servicer with
        regard to such Servicer’s compliance with the terms of its Servicing Agreement.
        In the event that the Master Servicer, in its reasonable judgment, determines
        that it requires reports from any Servicer in addition to the reports such
        Servicer is required to deliver to the Master Servicer pursuant to the
        applicable Servicing Agreement and the Master Servicer is obligated to reimburse
        the Servicer for the cost of such additional reports, the Master Servicer
        shall
        be reimbursed for such amounts from the Collection Account. In the event
        that
        the Master Servicer, in its judgment, determines that a Servicer should be
        terminated in accordance with its Servicing Agreement, or that a notice should
        be sent pursuant to such Servicing Agreement with respect to the occurrence
        of
        an event that, unless cured, would constitute grounds for such termination,
        the
        Master Servicer shall notify the Depositor and the Trustee thereof and, absent
        instructions to the contrary from the Trustee within five days of the delivery
        of such notice, the Master Servicer shall issue such notice or take such
        other
        action as it deems appropriate.

       

      Subject
        to the provisions of Section 4.01 hereof, the Master Servicer shall require
        each
        Servicer to comply with the remittance requirements and other obligations
        set
        forth in the related Servicing Agreement.

       

      Each
        Servicing Agreement shall include provisions to the effect that no modification,
        waiver or variance of the terms of a Mortgage Loan will (a) change the Mortgage
        Rate on any Mortgage Loan, (b) defer or forgive the payment of principal
        or
        interest of any Mortgage Loan, (c) reduce or increase the outstanding principal
        balance of the Mortgage Loan (except for actual payments of principal) or
        (d)
        change the final maturity date of any Mortgage Loan, unless the Servicer
        has
        determined, after consultation with its counsel, that such a modification
        would
        not be treated as a “substantial modification” that would cause a deemed
        exchange under Section 1001(a) of the Code or applicable temporary or final
        regulations thereunder at any time when the Mortgage Loan is held by any
        REMIC
        created pursuant to this Agreement, unless such Mortgage Loan is in default
        or
        default is reasonably foreseeable.

       

      
        
          
          

        

        
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      Reconciliations
        for each Custodial Account shall be prepared by the applicable Servicer within
        the number of days following the bank statement cutoff date that is specified
        in
        the applicable Servicing Agreement or, if no such number of days is specified,
        then as provided in Item 1122(d) of Regulation AB.

       

      Section
        4.03. Master
        Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
        Policy.

       

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

       

      Section
        4.04. Master
        Servicer’s Financial Statements and Related Information.

       

      For
        each
        year this Agreement is in effect, the Master Servicer shall submit to the
        Trustee each Rating Agency and the Depositor a copy of the Master Servicer’s
        annual unaudited financial statements on or prior to May 31 of each year,
        which
        may be in the form of the consolidated financial statements of the Master
        Servicer’s corporate parent. Such financial statements shall include a balance
        sheet, income statement and statement of retained earnings.

       

      Section
        4.05. Power
        to Act; Procedures.

       

      (a) The
        Master Servicer shall master service the Mortgage Loans as provided in this
        Agreement and shall have full power and authority to do any and all things
        that
        it may deem necessary or desirable in connection with the master servicing
        and
        administration of the Mortgage Loans, including but not limited to the power
        and
        authority (i) to execute and deliver, on behalf of the Certificateholders
        and
        the Trustee, customary consents or waivers and other instruments and documents,
        (ii) to consent to transfers of any Mortgaged Property and assumptions of
        the
        Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
        and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
        of the ownership of the Mortgaged Property securing any Mortgage Loan, in
        each
        case, in accordance with the provisions of this Agreement and the related
        Servicing Agreement, as applicable. The Trustee shall furnish the Master
        Servicer, upon request, with any powers of attorney empowering the Master
        Servicer or any Servicer to execute and deliver instruments of satisfaction
        or
        cancellation, or of partial or full release or discharge, and to foreclose
        upon
        or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend
        in
        any court action relating to the Mortgage Loans or the Mortgaged Property,
        in
        accordance with the applicable Servicing Agreement and this Agreement, and
        the
        Trustee shall execute and deliver such other documents, as the Master Servicer
        may request, necessary or appropriate to enable the Master Servicer to master
        service and administer the Mortgage Loans and carry out its duties hereunder,
        in
        each case in accordance with Accepted Master Servicing Practices (and the
        Trustee shall have no liability for misuse of any such powers of attorney
        or
        other such documents by the Master Servicer or any Servicer). If the Master
        Servicer or the Trustee has been advised that it is likely that the laws
        of the
        state in which action is to be taken prohibit such action if taken in the
        name
        of the Trustee or that the Trustee would be adversely affected under the
“doing
        business” or tax laws of such state if such action is taken in its name, then
        upon request of the Trustee, the Master Servicer shall join with the Trustee
        in
        the appointment of a co-trustee pursuant to Section 9.08 of this Agreement.
        In
        the performance of its duties hereunder, the Master Servicer shall be an
        independent contractor and shall not, except in those instances where it
        is
        taking action in the name of the Trustee, be deemed to be the agent of the
        Trustee.

       

      
        
          
          

        

        
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      (b) In
        master
        servicing and administering the Mortgage Loans, the Master Servicer shall
        employ
        procedures consistent with Accepted Master Servicing Practices.

       

      Section
        4.06. Servicing
        Agreements; Enforcement of Servicers’ Obligations.

       

      The
        Master Servicer, for the benefit of the Trustee and the Certificateholders,
        shall enforce the obligations of each Servicer under the related Servicing
        Agreement, and shall, in the event that a Servicer fails to perform its
        obligations in accordance with the related Servicing Agreement, in each case
        subject to Section 4.02, terminate the rights and obligations of such Servicer
        thereunder and either service the related Mortgage Loans in accordance with
        the
        terms and provisions of the related Servicing Agreement or enter into a
        Servicing Agreement with a successor Servicer. Such enforcement, including,
        without limitation, the legal prosecution of claims, termination of Servicing
        Agreements and the pursuit of other appropriate remedies, shall be in such
        form
        and carried out to such an extent and at such time as the Master Servicer,
        in
        its good faith business judgment, would require were it the owner of the
        related
        Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
        from
        its own funds, provided
        that the
        Master Servicer shall not be required to prosecute or defend any legal action
        except to the extent that the Master Servicer shall have received reasonable
        indemnity for its costs and expenses in pursuing such action or such amounts
        are
        permitted to be withdrawn from the Collection Account.

       

      With
        respect to Excluded Servicing Obligations, the obligation of the Master Servicer
        to terminate the rights and obligations of the applicable Servicer is
        conditioned upon the Master Servicer having notice or actual knowledge of
        such
        Servicer’s failure to comply with the requirements of such
        sections.

       

      In
        the
        event that the rights and obligations of the Servicer with respect to any
        Mortgage Loan listed on Schedule I-G hereto are terminated as provided in
        this
        Section, the Master Servicer shall, to the extent consistent with this Agreement
        and the applicable Servicing Agreement, appoint M&T Bank as successor
        Servicer.

       

      The
        parties acknowledge that there will be a transition period, not to exceed
        90
        days, in order to effect the transfer of servicing to a successor Servicer.
        To
        the extent that the costs and expenses of the Master Servicer related to
        any
        termination of a Servicer, appointment of a successor Servicer or the transfer
        and assumption of servicing by the Master Servicer are not fully and timely
        reimbursed by the Seller or the terminated Servicer, the Master Servicer
        shall
        be entitled to reimbursement of such costs and expenses from the Collection
        Account.

       

      
        
          
          

        

        
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      In
        the
        event that the Seller receives any amounts from a Servicer relating to a
        Mortgage Loan and such amounts constitute part of the Trust Fund, the Seller
        shall immediately notify the Master Servicer and transfer such amounts to
        the
        Collection Account by wire transfer of immediately available funds.

       

      Section
        4.07. Collection
        Account.

       

      (a) On
        the
        Closing Date, the Master Servicer shall open and shall thereafter maintain
        an
        account held in trust (the “Collection Account”), entitled “U.S. Bank National
        Association, as trustee, in trust for the benefit of the Holders of Bayview
        Financial Mortgage Pass-Through Trust 2007-A Mortgage Pass-Through Certificates,
        Series 2007-A.” The Collection Account shall relate solely to the Certificates
        issued by the Trustee hereunder, and funds in such Collection Account shall
        not
        be commingled with any other monies.

       

      (b) The
        Collection Account shall be an Eligible Account. If an existing Collection
        Account ceases to be an Eligible Account, the Master Servicer shall establish
        a
        new Collection Account that is an Eligible Account within 30 days and transfer
        all funds on deposit in such existing Collection Account into such new
        Collection Account.

       

      (c) The
        Master Servicer will give to the Trustee prior written notice of the name
        and
        address of the depository institution at which the Collection Account is
        maintained and the account number of such Collection Account. The Master
        Servicer shall take such actions as are necessary to cause the depository
        institution holding the Collection Account to hold such account in the name
        of
        the Trustee (subject to such Master Servicer’s right to direct payments and
        investments and its rights of withdrawal) under this Agreement. 

       

      (d) The
        Master Servicer shall deposit into the Collection Account, no later than
        the
        Business Day following the Closing Date, any amounts representing Monthly
        Payments on the Mortgage Loans due after the Cut-off Date and received by
        the
        Master Servicer on or before the Closing Date. Thereafter, promptly upon
        receipt, the Master Servicer shall deposit or cause to be deposited in the
        Collection Account all amounts remitted to it by the Servicers in respect
        of the
        Mortgage Loans (which deposits may be net of the Master Servicing Fee). Funds
        in
        the Collection Account may be invested in Eligible Investments (selected
        by the
        Master Servicer) which shall mature not later than the Master Servicer
        Remittance Date (except that if such Eligible Investment is an obligation
        of the
        Trustee and such Collection Account is maintained with the Trustee, then
        such
        Eligible Investment shall mature not later than such applicable Distribution
        Date) and any such Eligible Investment shall not be sold or disposed of prior
        to
        its maturity. All such Eligible Investments shall be made in the name of
        the
        Trustee (in its capacity as such) or its nominee. All income and gain realized
        from any such investment shall be for the benefit of the Master Servicer
        and
        shall be subject to its withdrawal or order from time to time and shall not
        be
        part of the Trust Fund. The amount of any losses incurred in respect of any
        such
        investments shall be deposited in the Collection Account by the Master Servicer
        out of its own funds, without any right of reimbursement therefor, immediately
        as realized. The Trustee has no duty with respect to and shall not be held
        liable by reason of any insufficiency in the Collection Account resulting
        from
        any investment loss on any investment included therein (except to the extent
        that the Trustee is the obligor and has defaulted thereon). The foregoing
        requirements for deposit in the Collection Account are exclusive, it being
        understood and agreed that, without limiting the generality of the foregoing,
        payments of interest on funds in the Collection Account and payments in the
        nature of late payment charges, assumption fees and other incidental fees
        and
        charges relating to the Mortgage Loans need not be deposited by the Master
        Servicer in the Collection Account and may be retained by the Master Servicer
        or, to the extent provided in the applicable Servicing Agreement, the applicable
        Servicer as additional servicing compensation. If the Master Servicer deposits
        in the Collection Account any amount not required to be deposited therein,
        it
        may at any time withdraw such amount from the Collection Account.

       

      
        
          
          

        

        
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      Section
        4.08. Application
        of Funds in the Collection Account.

       

      The
        Master Servicer shall, from time to time, make, or cause to be made, withdrawals
        from the Collection Account for the following purposes, in the following
        order
        of priority:

       

      (i) to
        withdraw funds deposited in error in the Collection Account;

       

      (ii) to
        make
        distributions of the Retained Interest to any Retained Interest Holder on
        each
        Distribution Date, to the extent not previously made by the applicable
        Servicer;

       

      (iii) to
        pay to
        itself income earned, net of losses incurred, on the investment of funds
        deposited in the Collection Account and any Net Prepayment Interest
        Excess;

       

      (iv) to
        reimburse itself or any Servicer for previously Outstanding Advances made
        by it
        or by such Servicer (or by a subservicer) pursuant to Section 4.26 or otherwise
        reimbursable pursuant to the terms of this Agreement or any Servicing Agreement;
        it being understood, in the case of any such reimbursement, that the Master
        Servicer’s or Servicer’s right thereto shall be limited to collections on the
        Mortgage Loans to which such Outstanding Advances relate and shall be prior
        to
        the rights of the Certificateholders;

       

      (v) to
        reimburse itself or any Servicer, following a final liquidation of a Mortgage
        Loan, for any amounts that represent Non-Recoverable Advances, it being
        understood, in the case of any such reimbursement, that such Master Servicer’s
        or Servicer’s right thereto shall be prior to the rights of the
        Certificateholders;

       

      (vi) to
        reimburse itself or the applicable Servicer from Liquidation Proceeds for
        Liquidation Expenses and for amounts expended by it pursuant to Sections
        4.23
        and 4.25(a) in good faith in connection with the restoration of damaged property
        and, to the extent that Liquidation Proceeds after such reimbursement exceed
        the
        unpaid principal balance of the related Mortgage Loan, together with accrued
        and
        unpaid interest thereon at the applicable Mortgage Rate less the Master
        Servicing Fee Rate and the Servicing Fee Rate for such Mortgage Loan to the
        Due
        Date next succeeding the date of its receipt of such Liquidation Proceeds,
        to
        pay to itself out of such excess the amount of any unpaid assumption fees,
        late
        payment charges or other Mortgagor charges on the related Mortgage Loan and
        to
        retain any excess remaining thereafter as additional servicing compensation,
        it
        being understood, in the case of any such reimbursement or payment, that
        such
        Master Servicer’s or Servicer’s right thereto shall be prior to the rights of
        the Certificateholders;

       

      
        
          
          

        

        
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      (vii) in
        the
        event it has elected not to pay itself the Master Servicing Fee out of any
        Mortgagor payment on account of interest or other recovery with respect to
        a
        particular Mortgage Loan prior to the deposit of such Mortgagor payment or
        recovery in the Collection Account, to pay to itself the Master Servicing
        Fee
        for each Distribution Date and any unpaid Master Servicing Fees for prior
        Distribution Dates from any Mortgagor payment as to interest or such other
        recovery with respect to that Mortgage Loan, as is permitted by this
        Agreement;

       

      (viii) to
        reimburse itself for expenses incurred by and recoverable by or reimbursable
        to
        it or any Servicer pursuant to Sections 4.02, 4.05, 4.06, 4.19, 4.25(a) or
        4.33,
        or any other provision of this Agreement, to the extent expressly permitted
        thereunder; 

       

      (ix) to
        reimburse the Trustee and the Securities Intermediary for the following:
        (a) to
        the Trustee, all reasonable ordinary out-of-pocket expenses incurred or made
        by
        it under this Agreement, including costs of collection and the reasonable
        compensation and expenses, disbursements and advances of the Trustee’s agents,
        counsel, accountants and experts, in each case, subject to the limitation
        set
        forth in Section 9.10, (b) to the Trustee, any indemnification amount
        reimbursable to the Trustee pursuant to Section 9.05 and (c) to the Securities
        Intermediary, expenses and indemnities reimbursable under Section 6.02 of
        this
        Agreement.

       

      (x) to
        reimburse a Successor Master Servicer (solely in its capacity as Successor
        Master Servicer), for any fee, expense or advance occasioned by a termination
        of
        the Master Servicer, and the assumption of such duties by the Trustee or
        a
        Successor Master Servicer appointed by the Trustee pursuant to Section 4.13
        or
        4.17, in each case to the extent not reimbursed by the terminated Master
        Servicer, it being understood, in the case of any such reimbursement or payment,
        that the right of the Master Servicer or the Trustee thereto shall be prior
        to
        the rights of the Certificateholders;

       

      (xi) to
        make
        payment to itself and others pursuant to any provision of this Agreement,
        to the
        extent expressly provided thereunder;

       

      (xii) to
        pay to
        itself, a Servicer, the Seller, the Depositor or any other appropriate Person,
        as the case may be, with respect to each Mortgage Loan or property acquired
        in
        respect thereof that has been purchased or otherwise transferred pursuant
        to
        Sections 2.03 or 10.02, all amounts received thereon and not required to
        be
        distributed to the Certificateholders as of the date on which the related
        Principal Balance or Purchase Price is determined;

       

      
        
          
          

        

        
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      (xiii) to
        reimburse any Servicer for such amounts as are due thereto from the Trust
        Fund
        pursuant to this Agreement and have not been retained by or paid to such
        Servicer, to the extent provided in such Servicing Agreement, or to reimburse
        any expenses of the Trust Fund or the Trustee expressly provided for in the
        Servicing Agreement;

       

      (xiv) to
        make
        payments to the Trustee for deposit into the Certificate Distribution Account
        in
        the amounts and in the manner provided for in Section 6.04; and

       

      (xv) to
        clear
        and terminate any Collection Account pursuant to Section 10.02.

       

      Section
        4.09. Determination
        of LIBOR.

       

      (a) On
        each
        LIBOR Rate Adjustment Date the Master Servicer shall determine LIBOR on the
        basis of the provisions of the definition of “LIBOR.”

       

      (b) The
        establishment of LIBOR by the Master Servicer and the Master Servicer’s
        subsequent calculation of the Interest Rate or Rates applicable to the LIBOR
        Certificates for the relevant Accrual Period, in the absence of manifest
        error,
        shall be final and binding. In all cases, absent manifest error, the Master
        Servicer may conclusively rely on quotations of LIBOR as such quotations
        appear
        on Telerate Screen Page 3750.

       

      Section
        4.10. Termination
        of Servicing Agreements; Successor Servicers.

       

      (a) The
        Master Servicer shall be entitled to terminate the rights and obligations
        of any
        Servicer under the applicable Servicing Agreement in accordance with the
        terms
        and conditions of such Servicing Agreement and this Agreement. In such event,
        within 90 days of such termination, the Master Servicer shall, subject to
        Section 4.06, appoint a successor Servicer or shall itself (or through an
        Affiliate) act as servicer of the related Mortgage Loans; provided,
        however,
        that
        for so long as the Seller is the Servicing Rights Owner under any such Servicing
        Agreement, the Seller shall have the right to appoint a successor Servicer
        within thirty (30) days of the Master Servicer providing notice to the Trustee
        and the Seller of the Master Servicer’s intent to terminate such Servicer,
        subject to the provisions of Section 4.34 hereof. If the Master Servicer
        assumes
        the role of successor Servicer, or until a successor Servicer is appointed,
        the
        Master Servicer shall (i) immediately make Advances and (ii) perform all
        responsibilities, duties and liabilities of the Servicer; provided,
        however,
        that for
        the first 90-day period following a termination of a Servicer, the Master
        Servicer, 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.

       

      (b) If
        the
        Master Servicer acts as Servicer, it will not assume liability for the
        representations and warranties of the Servicer, if any, that it replaces.
        The
        Master Servicer shall, however, be deemed to have made the representations
        contained in Section 3.01 hereof as of the assumption by the Master Servicer
        of
        the duties of the applicable Servicer. The Master Servicer shall use reasonable
        efforts to have the successor Servicer assume liability for the representations
        and warranties made by the terminated Servicer in respect of the related
        Mortgage Loans.

       

      
        
          
          

        

        
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      (c) In
        the
        event that the Master Servicer terminates the rights and obligations of any
        Servicer under a Full Recourse Servicing Agreement pursuant to this Section,
        the
        Master Servicer shall use its reasonable best efforts to appoint a successor
        Servicer that will service the related Mortgage Loans in accordance with
        the
        provisions of the applicable Full Recourse Servicing Agreement. If the Master
        Servicer is unable to appoint such a successor Servicer, the Master Servicer
        shall modify the provisions of such Full Recourse Servicing Agreement as
        it
        deems appropriate, in its reasonable best judgment and with the consent of
        the
        Depositor, and shall either appoint a successor Servicer or service such
        Mortgage Loans itself (or through an Affiliate) as provided herein. In no
        event
        shall the Master Servicer or any of its Affiliates be required to service
        any
        Mortgage Loans pursuant to any Full Recourse Servicing Agreement in the absence
        of such modification.

       

      (d) In
        no
        event shall the Master Servicer be responsible for monitoring, supervising
        or
        overseeing the obligations of any subservicer under any subservicing
        agreement.

       

      Section
        4.11. Master
        Servicer Liable for Enforcement.

       

      The
        Master Servicer shall, subject to the provisions hereof, enforce the provisions
        of each Servicing Agreement for the benefit of the
        Certificateholders.

       

      Section
        4.12. No
        Contractual Relationship Between Servicers and Master Servicer or
        Depositor.

       

      Any
        Servicing Agreement (or subservicing agreement) that may be entered into
        and any
        other transactions or services relating to the Mortgage Loans involving a
        Servicer shall be deemed to be between such Servicer and the other parties
        thereto (and to the extent the Trustee is assigned rights thereunder or made
        third-party beneficiaries thereof, the Trustee) and the Depositor and the
        Master
        Servicer shall not be deemed parties thereto and shall have no claims, rights,
        obligations, duties or liabilities with respect to such Servicing Agreement
        (except as set forth in this Article IV) or subservicing agreement.

       

      Section
        4.13. Assumption
        by Trustee.

       

      (a) In
        the
        event the Master Servicer shall for any reason no longer be the Master Servicer
        (including by reason of any Event of Master Servicer Default under this
        Agreement), the Trustee shall have the right to appoint a Successor Master
        Servicer, who shall assume all of the Master Servicer’s rights, duties and
        obligations hereunder. Until such Successor Master Servicer is appointed,
        the
        Trustee shall assume all of the rights and obligations of the Master Servicer
        hereunder (including the right to receive the Master Servicing Fee hereunder)
        in
        accordance with Section 4.17(a); provided,
        however,
        the
        Trustee shall not be required to make any of the representations or warranties
        in Section 3.01 hereof. The Trustee, its designee or any Successor Master
        Servicer appointed by the Trustee shall be deemed to have assumed all of
        the
        Master Servicer’s interest herein.

       

      The
        Trustee shall determine the Master Servicing Fee Rate applicable to a Successor
        Master Servicer (other than the Trustee in such capacity), such Master Servicing
        Fee Rate not to exceed the Maximum Master Servicing Fee Rate.

       

      
        
          
          

        

        
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      (b) In
        the
        event the Master Servicer is terminated, the Master Servicer shall,
        (i) upon request of the Trustee but at the expense of such Master Servicer,
        timely deliver to the assuming party all documents and records (including,
        without limitation, computer tapes, disks and other electronic or magnetic
        media, in each case in readable format) in its possession relating to each
        Servicing Agreement and the related Mortgage Loans and an accounting of amounts
        collected and held by it and otherwise use its best efforts to effect the
        orderly and efficient assumption of its duties as Master Servicer to the
        assuming party and (ii) make such reimbursements as are required under Section
        4.08(x) hereof.

       

      (c) The
        Master Servicer shall be entitled to terminate the rights and obligations
        of the
        Seller under the applicable Servicing Agreement, to the extent provided therein,
        in accordance with the terms and conditions of such Servicing Agreement and
        this
        Agreement. In such event, the applicable Servicer shall assume such rights
        and
        obligations to the extent provided in the applicable Servicing
        Agreement.

       

      Section
        4.14. “Due-on-Sale”
        Clauses; “Due-on-Encumbrance” Clauses, Assumption Agreements; Release of
        Collateral.

       

      (a) To
        the
        extent provided in the applicable Servicing Agreement, the Master Servicer
        shall
        enforce the obligation of the Servicers to approve a request from a Mortgager
        for the sale, assignment or other transfer of a Mortgaged Property in accordance
        with the applicable Servicing Agreement, provided
        that
        each such Servicer has received sixty (60) days’ prior written notice of the
        proposed transfer, no event of default under the related loan documents has
        occurred and is continuing, and the following criteria are satisfied, each
        as
        specified in the applicable Servicing Agreement: 

       

      (i) the
        current borrower shall pay any and all fees and out of pocket costs incurred
        in
        connection with the transfer of the Mortgaged Property (including without
        limitation counsel fees and disbursements and all recording fees, title
        insurance premiums and mortgage and intangible taxes);

       

      (ii) if
        applicable, the proposed transferee or its principals shall have demonstrated
        expertise in owning and operating properties similar in location, size and
        operation to the Mortgaged Property, which expertise shall be determined
        by the
        Servicer, in the Servicer’s sole discretion; 

       

      (iii) the
        proposed transferee and its principals shall, as of the date of such transfer,
        have an aggregate net worth and liquidity acceptable to the Servicer, in
        the
        Servicer’s sole discretion; 

       

      (iv) the
        proposed transferee shall assume all of the obligations of the current borrower
        under the related loan documents in all respects, including without limitation
        by entering into an assumption agreement in form and substance satisfactory
        to
        the Servicer (in the Servicer’s sole discretion) and, if applicable, shall
        execute in favor of the Trust a guaranty and an affidavit and indemnity of
        borrower and guarantor regarding hazardous and toxic materials;

       

      
        
          
          

        

        
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      (v) no
        event
        of default under the related loan documents, or other event which, with the
        giving of notice, passage of time or both would constitute an event of default
        under the related loan documents, shall otherwise occur as a result of such
        transfer, and the proposed transferee and its principals shall deliver (A)
        all
        organization documentation requested by the Servicer, which shall be
        satisfactory to the Servicer (in the Servicer’s sole discretion) and (B) all
        certificates, agreements and covenant required by the Servicer; and

       

      (vi) 
        the
        current borrower shall deliver, at its sole cost and expense, an endorsement
        to
        the existing title policy insuring the security instrument, as modified by
        the
        assumption agreement, as a valid first lien on the Mortgaged Property and
        naming
        the proposed transferee as owner of the Mortgaged Property, which endorsement
        shall insure that, as of the date of the recording of the assumption agreement
        the Mortgaged Property shall not be subject to any additional exceptions
        or
        liens other than those contained in the title policy issued in conjunction
        with
        the related loan documents. 

       

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

       

      (c) If
        any
        Mortgage Loan contains a provision in the nature of a “due-on-encumbrance”
clause, which by its terms: (i) provides that such Mortgage Loan shall (or
        may
        at the mortgagee’s option) become due and payable upon the creation of any lien
        or other encumbrance on the related Mortgaged Property or (ii) requires the
        consent of the related mortgagee to the creation of any such lien or other
        encumbrance on the related Mortgaged Property, the Master Servicer shall
        (to the
        extent provided in the applicable Servicing Agreement) cause the related
        Servicer, on behalf of the Trustee, to exercise (or decline to exercise)
        any
        right it may have as the mortgagee of record with respect to such Mortgage
        Loan
        to (x) accelerate the payments thereon, or (y) withhold its consent to the
        creation of any such lien or other encumbrance, in accordance with the
        applicable Servicing Standard.

       

      (d) The
        Master Servicer or the related Servicer, as the case may be, shall be entitled
        to approve a request from a Mortgagor for a partial release of the related
        Mortgaged Property, the granting of an easement thereon in favor of another
        Person, any alteration or demolition of the related Mortgaged Property or
        other
        similar matters if it has determined, and certified to the Trustee, exercising
        its good faith business judgment in the same manner as it would if it were
        the
        owner of the related Mortgage Loan, that the security for, and the timely
        and
        full collectibility of, such Mortgage Loan would not be adversely affected
        thereby. Any fee collected by the Master Servicer or the related Servicer
        for
        processing such a request will be retained by the Master Servicer or such
        Servicer as additional servicing compensation.

       

      
        
          
          

        

        
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      Section
        4.15. Release
        of Mortgage Files.

       

      (a) Upon
        becoming aware of the payment in full of any Mortgage Loan, or the receipt
        by
        any Servicer of a notification that payment in full has been escrowed in
        a
        manner customary for such purposes for payment to Certificateholders on the
        next
        Distribution Date, the Servicer will, if required under the applicable Servicing
        Agreement, promptly notify the Trustee by a certification substantially in
        the
        form of Exhibit E hereto (which certification shall include a statement to
        the effect that all amounts received in connection with such payment that
        are
        required to be deposited in the Collection Account maintained by the Master
        Servicer pursuant to Section 4.07 have been or will be so deposited) of a
        Servicing Officer and shall request the Trustee to deliver to the applicable
        Servicer the related Mortgage File. Upon receipt of such certification and
        request, the Trustee shall promptly release the related Mortgage File to
        the
        applicable Servicer and the Trustee shall have no further responsibility
        with
        regard to such Mortgage File. Upon any such payment in full, each Servicer
        is
        authorized to give, as agent for the Trustee, as the mortgagee under the
        Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
        assignment of mortgage without recourse) regarding the Mortgaged Property
        subject to the Mortgage, which instrument of satisfaction or assignment,
        as the
        case may be, shall be delivered to the Person or Persons entitled thereto
        against receipt therefor of such payment, it being understood and agreed
        that
        (unless otherwise expressly provided in the related Servicing Agreement)
        no
        expenses incurred in connection with such instrument of satisfaction or
        assignment, as the case may be, shall be chargeable to the Collection Account
        or
        any Custodial Account.

       

      (b) From
        time
        to time and as appropriate for the servicing or foreclosure of any Mortgage
        Loan
        and in accordance with the Servicing Standard and the applicable Servicing
        Agreement, the Trustee shall execute such documents as shall be prepared
        and
        furnished to the Trustee by a Servicer or the Master Servicer (in form
        reasonably acceptable to the Trustee) and as are necessary to the prosecution
        of
        any such proceedings. The Trustee shall, upon the request of a Servicer or
        the
        Master Servicer, and delivery to the Trustee of a Request for Release signed
        by
        a Servicing Officer substantially in the form of Exhibit E, release the related
        Mortgage File held in its possession or control to the Servicer or the Master
        Servicer. Such Request for Release shall obligate the Servicer or the Master
        Servicer to return the Mortgage File to the Trustee when the need therefor
        by
        the Servicer or the Master Servicer no longer exists unless the Mortgage
        Loan
        shall be liquidated, in which case, upon receipt of a certificate of a Servicing
        Officer similar to that hereinabove specified, the Request for Release shall
        be
        delivered by the Trustee to the Servicer or the Master Servicer.

       

      Section
        4.16. Documents,
        Records and Funds in Possession of Master Servicer To Be Held for
        Trustee.

       

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

       

      
        
          
          

        

        
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      (b) All
        Mortgage Files and funds collected or held by, or under the control of, the
        Master Servicer, in respect of any Mortgage Loans, whether from the collection
        of principal and interest payments or from Liquidation Proceeds or Insurance
        Proceeds, shall be held by the Master Servicer for and on behalf of the Trustee
        and the Certificateholders and shall be and remain the sole and exclusive
        property of the Trust Fund; provided,
        however,
        that the
        Master Servicer and each Servicer shall be entitled to deduct from any such
        funds any amounts that are permitted to be withdrawn by the Master Servicer
        pursuant to Section 4.08 hereof or by such Servicer under the applicable
        Servicing Agreement.

       

      (c) The
        Master Servicer hereby acknowledges that concurrently with the execution
        of this
        Agreement, the Trustee shall have a security interest in the Mortgage Loans
        and
        in all Mortgage Files representing such Mortgage Loans and in all funds now
        or
        hereafter held by, or under the control of, the Master Servicer that are
        collected by the Master Servicer in connection with the Mortgage Loans, whether
        as scheduled installments of principal and interest or as full or partial
        prepayments of principal or interest or as Liquidation Proceeds or Insurance
        Proceeds or otherwise, and in all proceeds of the foregoing and proceeds
        of
        proceeds (but excluding any fee or other amounts to which a Servicer is entitled
        under its Servicing Agreement, or the Master Servicer or the Depositor is
        entitled to hereunder); and the Master Servicer agrees that so long as the
        Mortgage Loans are assigned to and held by the Trustee, all documents or
        instruments constituting part of the Mortgage Files, and such funds relating
        to
        the Mortgage Loans which come into the possession or custody of, or which
        are
        subject to the control of, the Master Servicer shall be held by the Master
        Servicer for and on behalf of the Trustee as the Trustee’s agent and bailee for
        purposes of perfecting the Trustee’s security interest therein as provided by
        relevant Uniform Commercial Code or other laws.

       

      (d) The
        Master Servicer agrees that it shall not create, incur or subject any Mortgage
        Loans, or any funds that are deposited in any Custodial Account or the
        Collection Account, or any funds that otherwise are or may become due or
        payable
        to the Trustee, to any claim, lien, security interest, judgment, levy, writ
        of
        attachment or other encumbrance, nor assert by legal action or otherwise
        any
        claim or right of setoff against any Mortgage Loan or any funds collected
        on, or
        in connection with, a Mortgage Loan, except as otherwise expressly provided
        herein.

       

      
        
          
          

        

        
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      Section
        4.17. Removal
        of Master Servicer; Resignation of Master Servicer; Term of
        Servicing.

       

      (a) If
        any of
        the following events (each, an “Event of Master Servicer Default”) shall occur
        and be continuing:

       

      (i) Any
        failure by the Master Servicer (x) to deposit to the Collection Account all
        collections received by the Master Servicer from the Servicers within two
        Business Days following the Business Day on which such amounts are deposited
        by
        the Master Servicer to its general account (which shall be within one Business
        Day following receipt of such amount) and are determined by the Master Servicer
        to relate to the Mortgage Loans or (y) to remit to the Trustee for deposit
        in
        the Certificate Distribution Account any amount required to be deposited
        therein
        pursuant to Section 6.04(c) hereof by the related Master Servicer Remittance
        Date; or

       

      (ii) Failure
        on the part of the Master Servicer to observe or perform any term, covenant
        or
        agreement in this Agreement (other than those covered by clause (i) above
        or
        clause (v) below) or a failure to comply with the provisions of Accepted
        Master
        Servicing Practices, which failure materially and adversely affects the rights
        of the Holders of the Certificates, and which continues unremedied for 30
        days
        after the date on which written notice of such failure, requiring the same
        to be
        remedied, shall have been given to the Master Servicer by the Depositor,
        the
        Trustee or the Certificateholders who, in the aggregate, hold Certificates
        evidencing Voting Rights of 10% or more; or

       

      (iii) Any
        proceeding shall be instituted against the Master Servicer seeking to adjudicate
        it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
        arrangement, adjustment, protection, relief, or composition of it or any
        of its
        Debts under any law relating to bankruptcy, insolvency or reorganization
        or
        relief of debtors, or seeking the entry of an order for relief or the
        appointment of a receiver, trustee, custodian or other similar official for
        it
        or for any substantial part of its property, or any of the actions sought
        in
        such proceeding (including, without limitation, the entry of an order for
        relief
        against, or the appointment of a receiver, trustee, custodian or other similar
        official for, it or for any substantial part of its property) shall occur;
        or

       

      (iv) The
        commencement by the Master Servicer of a voluntary case or proceeding under
        any
        applicable Federal or state bankruptcy, insolvency, reorganization or other
        similar law or of any other case or proceeding to be adjudicated bankrupt
        or
        insolvent, or the consent by it to the entry of a decree or order for relief
        in
        respect of the Master Servicer in an involuntary case or proceeding under
        any
        applicable Federal or state bankruptcy, insolvency, reorganization or other
        similar law or to the commencement of any bankruptcy or insolvency case or
        proceeding against it, or the filing by it of a petition or answer or consent
        seeking reorganization or relief under any applicable Federal or state law,
        or
        the consent by it to the filing of such petition or to the appointment of
        or
        taking possession by a custodian, receiver, liquidator, assignee, trustee,
        sequestrator or similar official of the Master Servicer or of any substantial
        part of its property, or the making by it of an assignment for the benefit
        of
        creditors, or the admission by it in writing of its inability to pay its
        Debts
        generally as they become due, or the taking of corporate action by the Master
        Servicer in furtherance of any such action; or

       

      
        
          
          

        

        
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      (v) The
        Master Servicer shall fail to deliver a report expressly required by this
        Agreement, and the continuance of such failure for a period of three Business
        Days after the date upon which written notice of such failure shall have
        been
        given to the Master Servicer by the Depositor or the Trustee (except that
        such
        three Business Day period shall be deemed not to run as to any portion of
        such
        report during such time as the Master Servicer’s failure to provide such
        information is for cause or inability beyond its control and the Master Servicer
        provides the Trustee and the Depositor with an Officer’s Certificate of the
        Master Servicer to such effect);

       

      then
        the
        Trustee at the written direction of the Required Certificateholders shall,
        in
        each case by delivery to the Master Servicer of a written notice specifying
        the
        occurrence of any of the foregoing events terminate the responsibilities
        of the
        Master Servicer hereunder, without demand, protest or further notice of any
        kind, all of which are hereby waived by the Master Servicer; provided
        that, in
        the event any of the events described in subsections (i)(y), (iii) or (iv)
        shall
        have occurred, termination of the duties and responsibilities of the Master
        Servicer and the Trustee’s assumption all of the Master Servicer’s rights,
        duties and obligations hereunder shall automatically occur, without demand,
        protest, or further notice of any kind, all of which are expressly waived
        by the
        Master Servicer; provided
        that in
        the case of a proceeding described in subsection (iii) brought by a third
        party and not consented to by the Master Servicer, an Event of Master Servicer
        Default shall not be deemed to have occurred until the earliest to occur
        of (A)
        the failure of the relevant court to grant the Master Servicer’s motion to
        dismiss such proceeding within 90 days of the filing of such motion, (B)
        the
        denial of the Master Servicer’s motion to dismiss such proceeding by the
        relevant court, (C) the failure of the Master Servicer to file such a motion
        within 30 days of the notice of the proceeding and (D) the subsequent withdrawal
        by the Master Servicer of its motion to dismiss such proceeding.

       

      If
        an
        Event of Master Servicer Default occurs and is continuing and if a Responsible
        Officer of the Trustee has actual knowledge or has received notice thereof,
        the
        Trustee shall give prompt written notice of thereof to the Depositor, the
        Master
        Servicer, the Rating Agencies, the Swap Counterparty and each
        Certificateholder.

       

      (b) The
        Master Servicer shall not resign from the obligations and duties hereby imposed
        on it, except with the consent of the Depositor and the Trustee or upon
        determination that its 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, the other activities of the Master Servicer
        so causing such a conflict being of a type and nature carried on by the Master
        Servicer at the date of this Agreement. Any such determination permitting
        the
        resignation of the Master Servicer shall be evidenced by an Opinion of Counsel
        to the effect that such duties are not so permissible (the cost of which
        shall
        be borne by the Master Servicer) to such effect which shall be delivered
        to the
        Trustee, the Depositor, the Rating Agencies and the
        Certificateholders.

       

      
        
          
          

        

        
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      (c) Except
        as
        may be required by law, no resignation of the Master Servicer shall become
        effective until a Successor Master Servicer shall have assumed all of the
        Master
        Servicer’s responsibilities and obligations hereunder.

       

      (d) If
        the
        Master Servicer is removed or resigns and the Trustee does not appoint a
        Successor Master Servicer in accordance with Section 4.13 hereof, then the
        Trustee shall become the Successor Master Servicer. The Trustee shall be
        entitled to reimbursement from the predecessor Master Servicer for the costs
        and
        expenses of the Trustee related to a termination of the Master Servicer,
        the
        appointment of a successor Master Servicer or the transfer and assumption
        of
        servicing by the Trustee, as Successor Master Servicer, each due to an Event
        of
        Master Servicer Default. To the extent that such costs and expenses of the
        Trustee are not fully and timely reimbursed by the predecessor Master Servicer,
        the Trustee shall be entitled to reimbursement of such costs and expenses
        from
        the Collection Account in accordance with Section 4.08(x).

       

      (e) Any
        collections received by the Master Servicer after removal or resignation
        shall
        be endorsed by it and remitted directly and immediately to the Successor
        Master
        Servicer. The Master Servicer shall be entitled to receive the Master Servicing
        Fee through the day on which it is terminated as Master Servicer (which may
        be
        pro rated for a partial month).

       

      To
        the
        extent that the Master Servicer, at the time of its removal or resignation,
        has
        theretofore expended any amounts as Advances with respect to any Mortgage
        Loan,
        which Advances remain Outstanding Advances as of such date, the Master Servicer
        shall thereafter be entitled to receive from the Successor Master Servicer,
        monthly, such information as may be generated by the Successor Master Servicer
        as may be reasonably necessary to enable the Master Servicer to monitor the
        recovery of, and collection efforts undertaken with respect to, such Outstanding
        Advances, which information will include details of collection activities,
        payment records and trial balances. To the extent that the Successor Master
        Servicer receives any amounts which relate to reimbursement for Outstanding
        Advances made by the prior Master Servicer, such amounts shall be remitted
        to
        the prior Master Servicer on the related Distribution Date. To the extent
        that
        the Master Servicer, based upon the information supplied by the Successor
        Master
        Servicer, believes that any discrepancies exist between actual Outstanding
        Advances received by the Successor Master Servicer and the amounts forwarded
        to
        the Master Servicer as recovered Outstanding Advances, the Master Servicer
        and
        the Successor Master Servicer shall attempt in good faith to reconcile such
        discrepancies.

       

      (f) The
        Master Servicer agrees to cooperate reasonably with the Successor Master
        Servicer in effecting the termination of the Master Servicer’s servicing
        responsibilities and rights hereunder and shall promptly provide to the
        Successor Master Servicer all documents and records reasonably requested
        by it
        to enable it to assume the Master Servicer’s functions hereunder and shall
        promptly also transfer to the Successor Master Servicer all amounts which
        then
        have been or should have been deposited in the Collection Account, or which
        are
        thereafter received with respect to the Mortgage Loans. The Successor Master
        Servicer shall not be held liable for any acts or omissions of the prior
        Master
        Servicer or by reason of any failure to make, or any delay in making, any
        distribution hereunder or any portion thereof caused by (i) the failure of
        the
        Master Servicer to deliver, or any delay in delivering, cash, documents or
        records to it, or (ii) restrictions imposed by any regulatory authority having
        jurisdiction over the Master Servicer. The Master Servicer shall reimburse
        the
        Successor Master Servicer for its reasonable costs and expenses associated
        with
        the transfer of the master servicing following resignation of the Master
        Servicer or termination of the Master Servicer pursuant to this Section
        4.17.

       

      
        
          
          

        

        
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      Section
        4.18. Cross-Collateralized
        Mortgage Loans.

       

      The
        Master Servicer shall administer any Cross-Collateralized Mortgage Loans
        that
        are cross-collateralized with each other in accordance with this Agreement,
        as a
        single Mortgage Loan.

       

      All
        amounts collected in respect of any related Cross-Collateralized Mortgage
        Loans
        shall be applied between or among such Mortgage Loans in accordance with
        the
        express provisions of the related loan documents or, in the absence of such
        express provisions, on a pro
        rata
        basis in
        accordance with the respective amounts then due as to each of such Mortgage
        Loans.

       

      Notwithstanding
        anything to the contrary herein, the Master Servicer shall not waive any
        right
        that it has, or grant any consent it is otherwise entitled to withhold, under
        any related due-on-sale clause governing the transfer of any Mortgaged Property
        that secures Cross-Collateralized Mortgage Loans unless all of the Mortgaged
        Properties securing such Cross-Collateralized Mortgage Loans are transferred
        simultaneously to the same transferee.

       

      Section
        4.19. Standard
        Hazard and Flood Insurance Policies.

       

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

       

      Pursuant
        to Section 4.07, any amounts collected by the Master Servicer, or remitted
        to
        the Master Servicer by any Servicer, under any insurance policies maintained
        pursuant to this Section 4.19 (other than amounts to be applied to the
        restoration or repair of the property subject to the related Mortgage or
        released to the Mortgagor in accordance with the applicable Servicing Agreement)
        shall be deposited into the Collection Account, subject to withdrawal pursuant
        to Section 4.08. Any cost incurred by the Master Servicer or any Servicer
        in
        maintaining any such insurance if the Mortgagor defaults in its obligation
        to do
        so shall be added to the amount owing under the Mortgage Loan where the terms
        of
        the Mortgage Loan so permit; provided,
        however,
        that the
        addition of any such cost shall not be taken into account for purposes of
        calculating the distributions to be made to Certificateholders and shall
        be
        recoverable by the Master Servicer or such Servicer pursuant to Section
        4.08.

       

      
        
          
          

        

        
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      Section
        4.20. Presentment
        of Claims and Collection of Proceeds.

       

      The
        Master Servicer shall (subject to Section 4.01 and to the extent provided
        in the
        applicable Servicing Agreement) cause the related Servicer to prepare and
        present on behalf of the Trustee and the Certificateholders all claims under
        the
        Insurance Policies and take such actions (including the negotiation, settlement,
        compromise or enforcement of the insured’s claim and compliance with any
        applicable requirements of FHA or VA) as shall be necessary to realize recovery
        under such policies. Any proceeds disbursed to the Master Servicer (or disbursed
        to a Servicer and remitted to the Master Servicer) in respect of such policies,
        bonds or contracts shall be promptly deposited in the Collection Account
        upon
        receipt, except that any amounts realized that are to be applied to the repair
        or restoration of the related Mortgaged Property as a condition precedent
        to the
        presentation of claims on the related Mortgage Loan to the insurer under
        any
        applicable Insurance Policy need not be so deposited (or remitted).

       

      Section
        4.21. Maintenance
        of the Primary Mortgage Insurance Policies.

       

      (a) Subject
        to Section 4.01, the Master Servicer shall not take, or knowingly permit
        any
        Servicer (to the extent such action is prohibited under the applicable Servicing
        Agreement) to take, any action that would result in non-coverage under any
        applicable Primary Mortgage Insurance Policy of any loss which, but for the
        actions of such Master Servicer or Servicer, would have been covered thereunder.
        The Master Servicer shall, subject to Section 4.01, use its reasonable best
        efforts to cause each Servicer (to the extent required under the related
        Servicing Agreement) to keep in force and effect (to the extent that the
        Mortgage Loan requires the Mortgagor to maintain such insurance), primary
        mortgage insurance applicable to each Mortgage Loan in accordance with the
        provisions of this Agreement and the related Servicing Agreement, as applicable.
        The Master Servicer shall not, and shall not knowingly permit any Servicer
        (to
        the extent required under the related Servicing Agreement) to, cancel or
        refuse
        to renew any such Primary Mortgage Insurance Policy that is in effect at
        the
        date of the initial issuance of the Mortgage Note and is required to be kept
        in
        force hereunder except in accordance with the provisions of this Agreement
        and
        the related Servicing Agreement, as applicable.

       

      (b) The
        Master Servicer agrees, subject to Section 4.01, to present, or to cause
        each
        Servicer (to the extent required under the related Servicing Agreement) to
        present, on behalf of the Trustee and the Certificateholders, claims to the
        insurer under any Primary Mortgage Insurance Policies and, in this regard,
        to
        take such reasonable action as shall be necessary to permit recovery under
        any
        Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans.
        Pursuant to Section 4.07, any amounts collected by the Master Servicer or
        remitted to the Master Servicer by any Servicer under any Primary Mortgage
        Insurance Policies shall be deposited in the Collection Account, subject
        to
        withdrawal pursuant to Section 4.08.

       

      Section
        4.22. Trustee
        To Retain Possession of Certain Insurance Policies and Documents.

       

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

       

      
        
          
          

        

        
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      Section
        4.23. Realization
        Upon Defaulted Mortgage Loans.

       

      The
        Master Servicer shall, subject to Section 4.01, cause each Servicer (to the
        extent required under the related Servicing Agreement) to use its reasonable
        best efforts to foreclose upon, repossess or otherwise comparably convert
        the
        ownership of Mortgaged Properties securing such of the Mortgage Loans as
        come
        into and continue in default and as to which no satisfactory arrangements
        can be
        made for collection of delinquent payments, all in accordance with the
        applicable Servicing Agreement.

       

      Section
        4.24. Compensation
        to the Master Servicer.

       

      The
        Master Servicer shall be entitled either (a) to pay itself the Master Servicing
        Fee in respect of remittances from the Servicers prior to the deposit of
        such
        payment in the Collection Account or (b) to withdraw from the Collection
        Account, subject to Section 4.08, the Master Servicing Fee. Servicing
        compensation in the form of assumption fees, if any, late payment charges,
        as
        collected, if any, or otherwise (but not including any prepayment premium
        or
        penalty or yield maintenance payment) shall be retained by the Master Servicer
        (or the applicable Servicer) and shall not be deposited in the Collection
        Account. In addition, the Master Servicer will be entitled to retain any
        Net
        Prepayment Interest Excess. If the Master Servicer does not retain or withdraw
        the Master Servicing Fee from the Collection Account as provided herein,
        the
        Master Servicer shall be entitled to direct the Trustee to pay the Master
        Servicing Fee to the Master Servicer by withdrawal from the Certificate
        Distribution Account to the extent that payments have been received with
        respect
        to the applicable Mortgage Loan. The Master Servicer shall be required to
        pay
        all expenses incurred by it in connection with its activities hereunder and
        shall not be entitled to reimbursement therefor except as provided in this
        Agreement. Pursuant to Section 4.07 all income and gain realized from any
        investment of funds in the Collection Account shall be for the benefit of
        the
        Master Servicer as additional compensation.

       

      The
        Master Servicing Fee for each Distribution Date shall be reduced as provided
        in
        Section 6.10.

       

      Section
        4.25. REO
        Property.

       

      (a) In
        the
        event the Trustee acquires ownership of any REO Property in respect of any
        Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
        or to its nominee, on behalf of the related Certificateholders. The Master
        Servicer shall use its reasonable best efforts, subject to Section 4.01 and
        to
        the extent provided in the applicable Servicing Agreement, to cause the
        applicable Servicer to sell any REO Property as expeditiously as possible
        and in
        accordance with the provisions of this Agreement and the related Servicing
        Agreement, as applicable. The Master Servicer shall, subject to Section 4.01,
        cause the applicable Servicer to protect and conserve such REO Property in
        the
        manner and to the extent required by the applicable Servicing
        Agreement.

       

      
        
          
          

        

        
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      Each
        Servicing Agreement shall include provisions to the effect that (i) the Servicer
        shall sell each REO Property in any event within three years after title
        has
        been taken to such REO Property and (ii) the Servicer shall not Directly
        Operate
        any REO Property, but shall employ an Independent Contractor to operate REO
        Property.

       

      (b) The
        Master Servicer shall, subject to Section 4.01 and to the extent required
        by the
        related Servicing Agreement, cause the Servicer to deposit all funds collected
        and received in connection with the operation of any REO Property in the
        Collection Account.

       

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

       

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

       

      Section
        4.26. Delinquency
        Advances and Servicing Advances.

       

      (a) Not
        later
        than 12:00 noon New York City time on each Master Servicer Remittance Date,
        the
        Master Servicer, except as otherwise stated herein, shall advance funds (each
        such advance, a “Delinquency Advance”) to the Certificate Distribution Account
        in the amount of any Monthly Payment that is due during the related Due Period
        and not received by the Master Servicer from the related Servicer as of the
        related Determination Date; provided,
        however,
        that the
        Master Servicer will not be required to make any such Delinquency Advance
        (i) if
        the related Mortgage Loan is a Non-Servicer Obligated Mortgage Loan, (ii)
        with
        respect to any such amount representing a Civil Relief Act Reduction, or
        (iii)
        if the Master Servicer determines in reasonable good faith that such Delinquency
        Advance would be a Non-Recoverable Advance. Such determination by the Master
        Servicer will be evidenced by a certificate signed by a Servicing Officer
        delivered to the Trustee no later than such Master Servicer Remittance Date
        for
        the related Distribution Date. Each Delinquency Advance shall increase the
        Outstanding Advances with respect to the related Mortgage Loan. The Master
        Servicer shall be permitted to fund Delinquency Advances from its own funds,
        and
        from amounts then on deposit in the Collection Account in excess of the Total
        Distribution Amount for the related Master Servicer Remittance
        Date.

       

      
        
          
          

        

        
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      (b) The
        Master Servicer may recover Delinquency Advances (i) from the Collection
        Account
        out of collections on the Mortgage Loan whose delinquency gave rise to such
        Delinquency Advance subsequent to the related Due Period, from Liquidation
        Proceeds and/or Insurance Proceeds recovered on account of such Mortgage
        Loan to
        the extent of the amount of such Delinquency Advance prior to, or after,
        the
        deposit of such Liquidation Proceeds and/or Insurance Proceeds in the Collection
        Account and (ii) from the Collection Account generally, if such Delinquency
        Advance has been determined to be a Non-Recoverable Advance.

       

      (c) The
        Master Servicer, to the extent the Master Servicer becomes the successor
        to a
        Servicer pursuant to Section 4.10 and to the extent required by the related
        Servicing Agreement, will advance all “out-of-pocket” costs and expenses
        incurred in the performance of its servicing obligations with respect to
        defaulted Mortgage Loans, including, but not limited to, the cost of (i)
        Preservation Expenses, (ii) any enforcement or judicial proceedings, including
        foreclosures, and any reasonable legal expenses in connection with the assertion
        by a Mortgagor of any claim or defense that the Mortgagor may have had against
        the originator in connection with the sale, financing or construction of
        such
        Mortgagor’s home and which the Mortgagor asserts against the Master Servicer and
        (iii) the management and liquidation of REO Property, but shall only pay
        such
        costs and expenses to the extent the Master Servicer reasonably believes
        such
        costs and expenses will be recovered from the related Mortgage Loan and will
        increase Net Liquidation Proceeds on the related Mortgage Loan. Each such
        expenditure, if customary and reasonable, and exclusive of overhead, will
        constitute a “Servicing Advance.” The Master Servicer may recover a Servicing
        Advance from the Mortgagor to the extent permitted by the related Mortgage
        Loan,
        from the Collection Account out of collections on the related Mortgage Loan,
        from Liquidation Proceeds realized upon the liquidation of the related Mortgage
        Loan, from Insurance Proceeds collected with respect to the related Mortgage
        Loan prior to, or after, the deposit of such Liquidation Proceeds and/or
        Insurance Proceeds in the Collection Account or, if such Liquidation Proceeds
        and Insurance Proceeds are insufficient to reimburse the Master Servicer
        for
        such Servicing Advance, from the Collection Account.

       

      Section
        4.27. Master
        Servicer Reports.

       

      To
        the
        extent the Master Servicer receives timely information from each Servicer
        not
        later than 2:00 p.m. New York City time two Business Days prior to each
        Distribution Date, the Master Servicer shall deliver or cause to be delivered
        to
        the Trustee, the Seller and the Depositor the related Master Servicer’s Monthly
        Report which shall contain (i) a summary report of Mortgage Loan payment
        activity for such month, (ii) delinquency summary reports for Mortgage Loans
        with respect to which scheduled payments due in such month were not made,
        (iii)
        an itemization by category of all amounts to be paid on the Distribution
        Date,
        (iv) the aggregate principal balance of all Foreclosure Restricted Loans
        that
        are subject to foreclosure proceedings in such month (to the extent such
        information is required to be reported and is reported by the Servicer to
        the
        Master Servicer) and (v) such other information as is necessary for the Trustee
        to report items in Sections 6.08(a) and (b); provided,
        however,
        that
        the Master Servicer shall provide the information detailed in clauses (iii),
        (iv) and (v) above with respect to the assets of the Trust Fund other than
        the
        Mortgage Loans only to the extent that it receives such information in a
        timely
        manner from the parties that are required to provide such information to
        the
        Master Servicer. In the event the Master Servicer does not receive timely
        information from each Servicer, the Master Servicer shall deliver or cause
        to be
        delivered the Master Servicer’s Monthly Report to the Trustee within one
        Business Day following the Master Servicer’s receipt of the necessary
        information.

       

      
        
          
          

        

        
          99

          
            

          

        

        
          
          

        

      

      Section
        4.28. Annual
        Statements as to Compliance; Annual Assessments of Compliance.

       

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

       

      The
        Master Servicer shall enforce any obligation of a Servicer (and the applicable
        Servicing Agreement will provide that each Servicer shall enforce any
        obligations of an Additional Servicer engaged by such Servicer), to the extent
        set forth in the related Servicing Agreement (or, in the case of an Additional
        Servicer, such applicable agreement), to deliver to the Master Servicer an
        annual statement of compliance as may be required pursuant to the related
        Servicing Agreement (or, in the case of an Additional Servicer, such applicable
        agreement). The Master Servicer shall include such annual statements of
        compliance with its own annual statement of compliance to be submitted to
        the
        Depositor and the Trustee pursuant to this Section.

       

      (b) On
        or
        before March 10 (with a 5 calendar day cure period) of each year that a Form
        10-K is required to be filed in respect of the Trust Fund, commencing in
        March
        2008, the Master Servicer and the Trustee, each at its own expense, shall
        furnish, and each such party shall cause any Servicing Function Participant
        engaged by it to furnish, each at its own expense, to the Depositor and to
        the
        Trustee (in the case of the Master Servicer) or the Master Servicer (in the
        case
        of the Trustee), a report on an assessment of compliance with the Relevant
        Servicing Criteria that contains (i) a statement by such party of its
        responsibility for assessing compliance with the Relevant Servicing Criteria,
        (ii) a statement that such party used the Servicing Criteria to assess
        compliance with the Relevant Servicing Criteria, (iii) such party’s assessment
        of compliance with the Relevant Servicing Criteria as of and for the fiscal
        year
        covered by the Form 10-K required to be filed pursuant to Section 4.31(c),
        including, if there has been any material instance of noncompliance with
        the
        Relevant Servicing Criteria, a discussion of each such failure and the nature
        and status thereof and (iv) a statement that a registered public accounting
        firm
        has issued an attestation report on such party’s assessment of compliance with
        the Relevant Servicing Criteria as of and for such period.

       

      
        
          
          

        

        
          100

          
            

          

        

        
          
          

        

      

      No
        later
        than the end of each fiscal year for the Trust Fund for which a Form 10-K
        is
        required to be filed, the Trustee shall forward to the Master Servicer the
        name
        of each Servicing Function Participant, if any, engaged by it and a description
        of what Relevant Servicing Criteria will be addressed in the report on
        assessment of compliance prepared by each such Servicing Function Participant.
        When the Trustee submits its assessment to the Master Servicer pursuant to
        this
        Section, the Trustee shall also at such time include the assessment (and
        attestation pursuant to Section 4.29) of each Servicing Function Participant,
        if
        any, engaged by it.

       

      Promptly
        after receipt of each such report on assessment of compliance, (i) the Depositor
        shall review each such report and, if applicable, consult with the Master
        Servicer, the Trustee and any Servicing Function Participant engaged by such
        parties as to the nature of any material instance of noncompliance with the
        Relevant Servicing Criteria by each such party and (ii) the Master Servicer
        shall confirm that the assessments, taken as a whole, address all of the
        Servicing Criteria and taken individually address the Relevant Servicing
        Criteria for each party as set forth on Exhibit P-1 hereto and on any similar
        exhibit set forth in a Servicing Agreement in respect of the applicable Servicer
        and notify the Depositor of any exceptions. 

       

      The
        Master Servicer shall enforce any obligation of a Servicer (and the applicable
        Servicing Agreement will provide that each Servicer shall enforce any
        obligations of an Additional Servicer or Servicing Function Participant engaged
        by such Servicer), to the extent set forth in the related Servicing Agreement
        (or, in the case of an Additional Servicer or Servicing Function Participant,
        such applicable agreement), to deliver to the Master Servicer an annual report
        on assessment of compliance as may be required pursuant to the related Servicing
        Agreement (or, in the case of an Additional Servicer or Servicing Function
        Participant, such applicable agreement). The Master Servicer shall include
        such
        annual report on assessment of compliance with its own assessment of compliance
        to be submitted to the Depositor and the Trustee pursuant to this
        Section.

       

      (c) Unless
        otherwise made available on the Master Servicer’s internet website, copies of
        such statements shall be provided to any Certificateholder upon request,
        by the
        Master Servicer or by the Trustee at the Master Servicer’s expense if the Master
        Servicer failed to provide such copies (unless (i) the Master Servicer shall
        have failed to provide the Trustee with such statement or (ii) the Trustee
        shall
        be unaware of the Master Servicer’s failure to provide such
        statement).

       

      Section
        4.29. Annual
        Independent Public Accountants’ Servicing Statements; Financial
        Statements.

       

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

       

      
        
          
          

        

        
          101

          
            

          

        

        
          
          

        

      

      Promptly
        after receipt of such report from the Master Servicer, the Trustee or any
        Servicing Function Participant engaged by such parties, (i) the Depositor
        shall
        review the report and, if applicable, consult with or cause the Master Servicer
        to consult with such parties as to the nature of any defaults by such parties
        in
        the fulfillment of any of each such party’s obligations hereunder or under any
        other applicable agreement and (ii) the Master Servicer shall confirm that
        each
        assessment submitted pursuant to Section 4.28(b) is coupled with an attestation
        meeting the requirements of this Section and shall notify the Depositor of
        any
        exceptions. 

       

      The
        Master Servicer shall enforce any obligation of a Servicer (and the applicable
        Servicing Agreement will provide that each Servicer shall enforce any
        obligations of an Additional Servicer engaged by such Servicer), to the extent
        set forth in the related Servicing Agreement (or, in the case of an Additional
        Servicer, such applicable agreement), to deliver to the Master Servicer an
        attestation as may be required pursuant to the related Servicing Agreement
        (or,
        in the case of an Additional Servicer, such applicable agreement). The Master
        Servicer shall include such attestation with its own attestation to be submitted
        to the Depositor and the Trustee pursuant to this Section.

       

      Section
        4.30. Merger
        or Consolidation.

       

      Any
        Person into which the Master Servicer may be merged or consolidated, or any
        Person resulting from any merger, conversion, other change in form or
        consolidation to which the Master Servicer shall be a party, or any Person
        succeeding to the business of the Master Servicer, shall be the successor
        to the
        Master Servicer 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 to the Master Servicer shall be a Person that shall be qualified
        and
        approved to service mortgage loans for Fannie Mae, Freddie Mac, FHA and VA
        and
        shall have a net worth of not less than $15,000,000.

       

      Section
        4.31. Reports
        filed with the Commission.

       

      (a) The
        Depositor shall prepare and file or cause to be prepared and filed the initial
        current report on Form 8-K. Thereafter, within four Business Days after the
        occurrence of an event requiring disclosure in a current report on Form 8-K
        (each such event, a “Reportable Event”), and if requested by the Depositor, the
        Master Servicer shall prepare, sign on behalf of the Depositor and file with
        the
        Commission any Form 8-K, as required by the Exchange Act. Any disclosure
        or
        information related to a Reportable Event or that is otherwise required to
        be
        included on Form 8-K (“Form 8-K Disclosure Information”) shall be determined and
        prepared by and at the direction of the Depositor pursuant to the this Section
        4.31(a) and the Master Servicer shall have no duty or liability for any failure
        hereunder to determine or prepare any Form 8-K Disclosure Information or
        any
        Form 8-K, except as set forth in this Section 4.31(a).

       

      
        
          
          

        

        
          102

          
            

          

        

        
          
          

        

      

      As
        set
        forth on Exhibit P-2 hereto,
        for so long as the Trust Fund is subject to the Exchange Act reporting
        requirements, no later than 12:00 noon New York City time on the second Business
        Day after the occurrence of a Reportable Event (i) the parties to the Bayview
        Financial Mortgage Pass-Through Trust 2007-A Mortgage Pass-Through Certificates,
        Series 2007-A transaction shall be required to provide to the Master Servicer
        and the Depositor, to the extent known by a responsible officer thereof,
        in form
        compatible with the Commission’s Electronic Data Gathering and Retrieval System
        (“EDGAR”), or in such other form as otherwise agreed upon by the Master Servicer
        and such party, the form and substance of any Form 8-K Disclosure Information,
        if applicable, together with an Additional Disclosure Notification in the
        form
        of Exhibit P-5 hereto (an “Additional Disclosure Notification”), and (ii) the
        Depositor shall approve, as to form and substance, or disapprove, as the
        case
        may be, the inclusion of the Form 8-K Disclosure Information in writing to
        the
        Master Servicer no later than the Business Day prior to the date specified
        below
        for the execution and filing of such Form 8-K. The Depositor shall be
        responsible for any reasonable fees and expenses assessed or incurred by
        the
        Master Servicer in connection with including any Form 8-K Disclosure Information
        on Form 8-K pursuant to this paragraph.

       

      No
        later
        than 12:00 noon New York City time on the fourth Business Day after the
        Reportable Event, a duly authorized representative of the Master Servicer
        shall
        sign and file with the Commission the Form 8-K. If a Form 8-K cannot be filed
        on
        time or if a previously filed Form 8-K needs to be amended, the Master Servicer
        shall follow the procedures set forth in Section 4.31(d). Promptly (but no
        later
        than one Business Day) after filing with the Commission, the Master Servicer
        shall make available on its internet website (located at www.ctslink.com)
        a final
        executed copy of each Form 8-K filed by the Master Servicer. The signing
        party
        at the Master Servicer can be contacted by e-mail at cts.sec.notifications@wellsfargo.com
        or by
        facsimile at (410) 715-2380. The parties to this Agreement acknowledge that
        the
        performance by the Master Servicer of its duties under this Section 4.31(a)
        related to the timely preparation, execution and filing of Form 8-K is
        contingent upon such parties strictly observing all applicable deadlines
        in the
        performance of their duties under this Section 4.31. The Master Servicer
        shall
        have no liability for any loss, expense, damage or claim arising out of or
        with
        respect to any failure to properly prepare, execute and/or timely file such
        Form
        8-K, where such failure results from the Master Servicer’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.

       

      (b) Within
        15
        days after each Distribution Date (subject to permitted extensions under
        the
        Exchange Act), the Master Servicer shall prepare, sign on behalf of the
        Depositor and file with the Commission any distribution report on Form 10-D
        required by the Exchange Act, in form and substance as required by the Exchange
        Act. The Master Servicer shall file each Form 10-D with a copy of the related
        monthly statement attached thereto. Any disclosure in addition to the monthly
        statement that is required to be included on Form 10-D (“Additional Form 10-D
        Disclosure”) shall be determined and prepared by and at the direction of the
        Depositor pursuant to this Section 4.31(b) and the Master Servicer shall
        have no
        duty or liability for any failure hereunder to determine or prepare any
        Additional Form 10-D Disclosure, except as set forth in this Section
        4.31(b).

       

      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

      As
        set
        forth on Exhibit P-3 hereto, within 5 calendar days after the related
        Distribution Date, (i) the parties to the Bayview Financial Mortgage
        Pass-Through Trust 2007-A Mortgage Pass-Through Certificates, Series 2007-A
        transaction shall be required to provide to the Master Servicer and the
        Depositor, to the extent known by a responsible officer thereof, in
        EDGAR-compatible form, or in such other form as otherwise agreed upon by
        the
        Master Servicer and such party, the form and substance of any Additional
        Form
        10-D Disclosure, if applicable, together with an Additional Disclosure
        Notification and (ii) the Depositor will approve, as to form and substance,
        or
        disapprove, as the case may be, the inclusion of the Additional Form 10-D
        Disclosure on Form 10-D in writing to the Master Servicer no later than two
        Business Days prior to the date specified below for the execution and filing
        of
        such Form 10-D. The Depositor shall be responsible for any reasonable fees
        and
        expenses assessed or incurred by the Master Servicer in connection with
        including any Additional Form 10-D Disclosure on Form 10-D pursuant to this
        Section 4.31(b).

       

      No
        later
        than the 15th
        calendar
        day after the related Distribution Date, a duly-authorized representative
        of the
        Master Servicer shall sign and file the Form 10-D. If a Form 10-D cannot
        be
        filed on time or if a previously filed Form 10-D needs to be amended, the
        Master
        Servicer shall follow the procedures set forth in Section 4.31(d). Promptly
        (but
        no later than one Business Day) after filing with the Commission, the Master
        Servicer shall make available on its internet website (located at www.ctslink.com)
        a final
        executed copy of each Form 10-D filed by the Master Servicer. The signing
        party
        at the Master Servicer can be contacted by e-mail at cts.sec.notifications@wellsfargo.com
        or by
        facsimile at (410) 715-2380. Form 10-D requires the registrant to indicate
        (by
        checking “yes” or “no”) that it “(1) has filed all reports required to be filed
        by Section 13 or 15(d) of the Exchange Act during the preceding 12 months
        (or
        for such shorter period that the registrant was required to file such reports),
        and (2) has been subject to such filing requirements for the past 90 days.” At
        the date of filing of each annual report on Form 10-D with respect to the
        Trust
        Fund, the Depositor shall be deemed to represent to the Master Servicer that
        as
        of such date the Depositor has filed all such required reports during the
        preceding 12 months and that it has been subject to such filing requirement
        for
        the past 90 days. The Depositor shall notify the Master Servicer 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
        referenced in the first sentence of this paragraph should be “no.” Absent such
        notification, the Master Servicer shall be entitled to rely on the above
        representations in preparing, executing and/or filing any such report. Each
        party to this Agreement acknowledges that the performance by the Master Servicer
        of its duties under this Section 4.31(b) related to the timely preparation,
        execution and filing of Form 10-D is contingent upon such parties strictly
        observing all applicable deadlines in the performance of their duties under
        this
        Section 4.31(b). The Master Servicer shall have no liability for any loss,
        expense, damage or claim arising out of or with respect to any failure to
        properly prepare, execute and/or timely file such Form 10-D, where such failure
        results from the Master Servicer’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.

       

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

      (c) Within
        90
        days (including the 90th
        day)
        after the end of each fiscal year of the Trust Fund or such earlier date
        as may
        be required by the Exchange Act (the “10-K Filing Deadline”) (it being
        understood that the fiscal year for the Trust Fund ends on December
        31st
        of each
        year), commencing in March 2008, the Master Servicer shall prepare and file
        on
        behalf of the Depositor an annual report on 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 Master
        Servicer within the applicable time frames set forth in this Agreement and
        the
        related Servicing Agreement: (i) an annual compliance statement for each
        Servicer, each Additional Servicer, the Master Servicer and any Servicing
        Function Participant engaged by any such party (each, a “Reporting Servicer”) as
        described under Section 4.28(a), (ii)(A) the annual reports on assessment
        of
        compliance with servicing criteria for each Reporting Servicer, as provided
        in
        Section 4.28(b) and (B) if any Reporting Servicer’s report on assessment of
        compliance with servicing criteria described in Section 4.28(b) identifies
        any
        material instance of noncompliance, disclosure identifying such instance
        of
        noncompliance, or if any Reporting Servicer’s report on assessment of compliance
        with servicing criteria described in Section 4.28(a) is not included as an
        exhibit to such Form 10-K, disclosure that such report is not included and
        an
        explanation of why such report is not included, (iii)(A) the registered public
        accounting firm attestation report for each Reporting Servicer, as provided
        in
        Section 4.29 and (B) if any registered public accounting firm attestation
        report
        described in Section 4.29 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
        of why
        such report is not included and (iv) a certification pursuant to Section
        302 of
        the Sarbanes-Oxley Act of 2002 (a “Sarbanes-Oxley Certification”) provided by or
        on behalf of the Depositor. Any disclosure or information in addition to
        the
        disclosure or information specified in items (i) through (iv) above that
        is
        required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall
        be determined and prepared by and at the direction of the Depositor and the
        Master Servicer shall have no duty or liability for any failure hereunder
        to
        determine or prepare any Additional Form 10-K Disclosure, except as set forth
        in
        this Section 4.31(c).

       

      As
        set
        forth on Exhibit P-4 hereto, no later than March 15 of each year that the
        Trust
        Fund is subject to Exchange Act reporting requirements, commencing in 2008,
        (i)
        the parties to the Bayview Financial Mortgage Pass-Through Trust 2007-A Mortgage
        Pass-Through Certificates, Series 2007-A transaction shall be required to
        provide to the Master Servicer and the Depositor, to the extent known by
        a
        responsible officer thereof, in EDGAR-compatible form, or in such other form
        as
        otherwise agreed upon by the Master Servicer and such party, the form and
        substance of any Additional Form 10-K Disclosure, if applicable, together
        with
        an Additional Disclosure Notification. The Depositor shall 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 in writing to the Master Servicer
        no later than the Business Day prior to the date specified below for the
        execution and filing of such Form 10-K. The Depositor shall be responsible
        for
        any reasonable fees and expenses assessed or incurred by the Master Servicer
        in
        connection with including any Additional Form 10-K Disclosure on Form 10-K
        pursuant to this Section 4.31(c).

       

      No
        later
        than 12:00 noon New York City time on the fourth Business Day prior to the
        10-K
        Filing Deadline provided in this Section 4.31(c), the Depositor shall sign
        the
        Form 10-K and the Sarbanes-Oxley Certification and return to the Master Servicer
        an executed, electronic copy of such Form 10-K and such Sarbanes-Oxley
        Certification (with original, executed copies to follow by overnight mail).
        After receipt from the Depositor of the executed, electronic copies but no
        later
        than the filing deadline provided in this Section 4.31(c), the Master Servicer
        shall file the Form 10-K. The Master Servicer shall forward an electronic
        copy
        of the SEC’s confirmation of filing of such Form 10-K to the Depositor. If a
        Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
        to be
        amended, the Master Servicer shall follow the procedures set forth in Section
        4.31(d). Promptly (but no later than one Business Day) after filing with
        the
        Commission, the Master Servicer shall make available on its internet website
        (located at www.ctslink.com)
        a final
        executed copy of each Form 10-K filed by the Master Servicer. Form 10-K requires
        the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed
        all reports required to be filed by Section 13 or 15(d) of the Exchange Act
        during the preceding 12 months (or for such shorter period that the registrant
        was required to file such reports), and (2) has been subject to such filing
        requirements for the past 90 days.” At the date of filing of each annual report
        on From 10-K with respect to the Trust Fund, the Depositor shall be deemed
        to
        represent to the Master Servicer that as of such date the Depositor has filed
        all such required reports during the preceding 12 months and that it has
        been
        subject to such filing requirement for the past 90 days. The Depositor shall
        notify the Master Servicer in writing, no later than March 15th with respect
        to
        the filing of a report on Form 10-K, if the answer to the questions referenced
        in the first sentence of this paragraph should be “no.” Absent such
        notification, the Master Servicer shall be entitled to rely on the above
        representations in preparing, executing and/or filing any such report. The
        parties to this Agreement acknowledge that the performance by the Master
        Servicer of its duties under this Section 4.31(c) related to the timely
        preparation and filing of Form 10-K is contingent upon such parties (and
        any
        Additional Servicer or Servicing Function Participant) strictly observing
        all
        applicable deadlines in the performance of their duties under this Section
        4.31(c), Section 4.28 and Section 4.29. The Master Servicer 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 Master Servicer’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.

       

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

      (d) If
        directed to do so by the Depositor, on or before
        January 30, 2008, the Master Servicer shall, in accordance with industry
        standards, file a Form 15 Suspension Notification with respect to the Trust
        under the Exchange Act (a “Form 15”). The parties hereto hereby acknowledge
        that, in the event the Depositor shall, subsequent to the filing of a Form
        15,
        offer any Retained Certificates in an offering registered with the Commission,
        the Trust shall become subject to the Exchange Act reporting requirements
        at
        that time and, thereafter, prior to January 30 of the following calendar
        year,
        the Master Servicer shall, if directed to do so by the Depositor, in accordance
        with industry standards, file a Form 15. 

       

      In
        connection with any registered offering of any of the Retained Certificates:
        (i)
        the Depositor shall notify the Master Servicer in writing not less than 10
        days
        prior to the date on which such offering will be made; (ii) the Depositor
        shall
        cause to be prepared and filed the initial current report on Form 8-K required
        to be filed in connection with such offering; (iii) the Master Servicer,
        as
        directed by the Depositor, shall file a report on Form 10-D for the Payment
        Date
        following the month in which such offering occurs and, thereafter, any reports
        on forms 8-K, 10-K and 10-D in respect of the Trust as and to the extent
        required under the Exchange Act, as set forth in this Section 4.31 (other
        than
        the report referred to in clause (ii) above); (iv) the Depositor shall be
        responsible for notifying the other parties to the transaction of such offering
        and that the obligations of such parties to provide information in connection
        with the Depositor’s Exchange Act reporting requirements have been reinstated;
        and (v) the Depositor shall be responsible for all reasonable fees and expenses
        incurred by the Master Servicer in connection with such offering, including
        its
        review and approval of any offering document and any amendment to any Basic
        Document made in connection with such offering.

       

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

      In
        the
        event that the Master Servicer becomes aware that it will be unable to timely
        file with the Commission all or any required portion of any Form 8-K, 10-D
        or
        10-K required to be filed by this Agreement because required disclosure
        information was either not delivered to it or delivered to it after the delivery
        deadlines set forth in this Agreement or for any other reason, the Master
        Servicer shall promptly notify the Depositor. In the case of Form 10-D and
        10-K,
        the parties to this Agreement will cooperate and cause such other Servicers
        or
        Servicing Function Participants, as applicable, to cooperate, to prepare
        and
        file a Form 12b-25 and a 10-DA and 10-KA as applicable, pursuant to Rule
        12b-25
        of the Exchange Act. In the case of Form 8-K, the Master Servicer will, upon
        receipt of all required Form 8-K Disclosure Information and upon the approval
        and direction of the Depositor, include such disclosure information on the
        next
        Form 10-D. In the event that any previously filed Form 8-K, 10-D or 10-K
        needs
        to be amended, the Master Servicer shall notify the Depositor and each
        applicable Servicer and prepare any necessary 8-KA, 10-DA or 10-KA. Any Form
        15,
        Form 12b-25 or any amendment to Form 8-K or 10-D shall be signed by a duly
        authorized representative of the Master Servicer and the Depositor shall
        sign
        any amendment to Form 10-K. The parties to this Agreement acknowledge that
        the
        performance by the Master Servicer of its duties under this Section 4.31(d)
        related to the timely preparation, execution and filing, as applicable, of
        Form
        15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent
        upon
        each such party performing its duties under this Section. The Master Servicer
        shall have no liability for any loss, expense, damage or claim arising out
        of or
        with respect to any failure to properly prepare, execute and/or timely file,
        as
        applicable, any such Form 15, Form 12b-25 or any amendments to Forms 8-K,
        10-D
        or 10-K where such failure results from the Master Servicer’s inability or
        failure to receive, on a timely basis, any information from or on behalf
        of any
        other party hereto needed to prepare, arrange for execution or file such
        Form
        15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not resulting
        from
        its own negligence, bad faith or willful misconduct.

       

      (e) If
        so
        requested, the Master Servicer shall sign a certification (in the form attached
        hereto as Exhibit M) for the benefit of the Person(s) signing the Form 10-K
        Certification regarding certain aspects of such Form 10-K Certification
        (provided,
        however,
        that
        the Master Servicer shall not be required to undertake an analysis of the
        accountant’s report attached as an exhibit to the Form 10-K).

       

      Section
        4.32. Assignment
        or Delegation of Duties by the Master Servicer.

       

      Except
        as
        expressly provided herein, the Master Servicer shall not assign or transfer
        any
        of its rights, benefits or privileges hereunder to any other Person, or delegate
        to or subcontract with, or authorize or appoint any other Person to perform
        any
        of the duties, covenants or obligations to be performed by the Master Servicer
        hereunder; provided,
        however,
        that the
        Master Servicer shall have the right without the prior written consent of
        the
        Trustee, the Depositor or the Rating Agencies to delegate or assign to or
        subcontract with or authorize or appoint an Affiliate of the Master Servicer
        to
        perform and carry out any duties, covenants or obligations to be performed
        and
        carried out by the Master Servicer hereunder. In no case, however, shall
        any
        such delegation, subcontracting or assignment to an Affiliate of the Master
        Servicer relieve the Master Servicer of any liability hereunder. Notice of
        such
        permitted assignment shall be given promptly by the Master Servicer to the
        Depositor and the Trustee. If, pursuant to any provision hereof, the duties
        of
        the Master Servicer are transferred to a Successor Master Servicer, the entire
        amount of the Master Servicing Fee and other compensation payable to the
        Master
        Servicer pursuant hereto after the date of such transfer, including amounts
        payable to or permitted to be retained or withdrawn by the Master Servicer
        pursuant to Section 4.24 hereof, shall thereafter be payable to such Successor
        Master Servicer.

       

      
        
          
          

        

        
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      Section
        4.33. Limitation
        on Liability of the Master Servicer and Others.

       

      Neither
        the Master Servicer nor any of the directors, officers, employees or agents
        of
        the Master Servicer shall be under any liability to the Trustee, the Depositor
        or the Certificateholders for any action taken or for refraining from the
        taking
        of any action in good faith pursuant to this Agreement, or for errors in
        judgment; provided,
        however,
        that
        this provision shall not protect the Master Servicer or any such person against
        any liability that would otherwise be imposed by reason of willful misfeasance,
        bad faith or negligence in its performance of its duties or by reason of
        reckless disregard for its obligations and duties under this Agreement. The
        Master Servicer and any director, officer, employee or agent of the Master
        Servicer may rely in good faith on any document of any kind prima facie properly
        executed and submitted by any Person respecting any matters arising hereunder.
        The Master Servicer shall be under no obligation to appear in, prosecute
        or
        defend any legal action that is not incidental to its duties to master service
        the Mortgage Loans in accordance with this Agreement and that in its opinion
        may
        involve it in any expense or liability; provided,
        however,
        that the
        Master Servicer may in its sole discretion undertake any such action that
        it may
        deem necessary or desirable in respect to this Agreement and the rights and
        duties of the parties hereto and the interests of the Certificateholders
        hereunder. In such event, the legal expenses and costs of such action and
        any
        liability resulting therefrom shall be expenses, costs and liabilities of
        the
        Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
        out of the Collection Account as provided in Section 4.08.

       

      The
        Master Servicer shall not be liable, and shall be indemnified from the Trust
        Fund, for any acts or omissions of any Servicer except to the extent the
        Trust
        Fund incurs damages or expenses as a result of such acts or omissions and
        such
        damages and expenses would not have been incurred but for the negligence,
        willful misfeasance, bad faith or recklessness of the Master Servicer in
        supervising, monitoring and overseeing the obligations of the Servicers in
        accordance with Section 4.01 hereof.

       

      Section
        4.34. Transfer
        of Servicing.

       

      The
        Servicing Rights Owner shall provide written notice to the Trustee, the
        Depositor, the Swap Counterparty and the Master Servicer thirty days prior
        to
        any transfer or assignment by the Servicing Rights Owner of its rights under
        any
        Servicing Agreement or of the servicing thereunder or delegation of its rights
        or duties thereunder or any portion thereof to any other Person. In addition,
        the transfer or assignment of rights and delegation of duties under any
        Servicing Agreement or the transfer of the servicing thereunder to a successor
        servicer (whether by the Servicing Rights Owner or the Master Servicer) shall
        be
        subject to the following conditions:

       

      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

      (a) Such
        successor servicer must satisfy the seller/servicer eligibility standards
        in the
        applicable Servicing Agreement and any applicable Pool PMI Insurance Policy
        and
        must be reasonably acceptable to the Master Servicer, whose approval shall
        not
        be unreasonably withheld;

       

      (b) Such
        successor servicer must execute and deliver to the Trustee and the Master
        Servicer an agreement, in form and substance reasonably satisfactory to the
        Trustee and the Master Servicer, that contains an assumption by such successor
        servicer of the due and punctual performance and observance of each covenant
        and
        condition to be performed and observed by the Servicer under the applicable
        Servicing Agreement;

       

      (c) There
        must be delivered to the Trustee and the Master Servicer a letter from each
        Rating Agency to the effect that such transfer of servicing will not result
        in a
        qualification, withdrawal or downgrade of the then-current rating of any
        of the
        Certificates; provided,
        however,
        that
        this requirement shall not apply to any transfer of servicing to M&T Bank or
        to a successor servicer that is, prior to the date of such transfer, a Servicer
        of Mortgage Loans;

       

      (d) The
        Servicing Rights Owner shall, at its cost and expense, take such steps, or
        cause
        the terminated Servicer to take such steps, as may be necessary or appropriate
        to effectuate and evidence the transfer of the servicing of the related Mortgage
        Loans to such successor servicer, including, but not limited to, the following:
        (i) to the extent required by the terms of the Mortgage Loans and by applicable
        federal and state laws and regulations, the Servicing Rights Owner shall
        cause
        the prior Servicer to timely mail to each obligor under a Mortgage Loan any
        required notices or disclosures describing the transfer of servicing of the
        Mortgage Loans to the successor servicer; (ii) prior to the effective date
        of
        such transfer of servicing, the Servicing Rights Owner shall cause the prior
        Servicer to transmit to any related insurer notification of such transfer
        of
        servicing; (iii) on or prior to the effective date of such transfer of
        servicing, the Servicing Rights Owner shall cause the prior Servicer to deliver
        to the successor servicer all related loan documents and any related records
        or
        materials; (iv) on or prior to the effective date of such transfer of servicing,
        the Servicing Rights Owner shall cause the prior Servicer to transfer to
        the
        successor servicer, or, if such transfer occurs after a Servicer Remittance
        Date
        but before the next succeeding Master Servicer Remittance Date, to the Master
        Servicer, all funds held by the Servicer in respect of the Mortgage Loans;
        (v)
        on or prior to the effective date of such transfer of servicing, the Servicing
        Rights Owner shall cause the prior Servicer to, after the effective date
        of the
        transfer of servicing to the successor servicer, continue to forward to such
        successor servicer, within one Business Day of receipt, the amount of any
        payments or other recoveries received by the prior Servicer, and to notify
        the
        successor servicer of the source and proper application of each such payment
        or
        recovery; and (vi) the Servicing Rights Owner shall cause the prior Servicer
        to,
        after the effective date of transfer of servicing to the successor servicer,
        continue to cooperate with the successor servicer to facilitate such transfer
        in
        such manner and to such extent as the successor servicer may reasonably
        request;

       

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

      (e) In
        the
        event that the Servicing Rights Owner transfers its servicing rights under
        the
        applicable Servicing Agreement, any successor Servicing Rights Owner of the
        servicing rights shall acknowledge in writing that it is subject to the
        provisions of Section 4.06 in respect of the obligations of the Seller
        thereunder and Section 4.34 of this Agreement; and

       

      (f) Prior
        to
        amending any Servicing Agreement or consenting to any amendment or modification
        thereof, the Servicing Rights Owner shall obtain the prior written consent
        of
        the Master Servicer and the Trustee (such consent to be not unreasonably
        withheld) and shall obtain the consent of any Pool PMI Insurer, to the extent
        that such consent is required under the related Pool PMI Insurance
        Policy.

       

      Section
        4.35. Master
        Servicer Exchange Act Reporting Requirements.

       

      Notwithstanding
        any other provision of this Agreement, to the extent that, following the
        Closing
        Date, the contents of Forms 8-K, 10-D, 10-K or other Forms required by the
        Exchange Act and the rules and regulations of the Commission, or the time
        by
        which such Forms are required to be filed, differ from the provisions of
        this
        Agreement, the Master Servicer hereby agrees that it shall reasonably cooperate
        to amend the provisions of this Agreement (in accordance with Section 10.05)
        in
        order to comply with such amended reporting requirements. Any such amendment
        to
        this Agreement may result in the reduction or increase of the reports filed
        under the Exchange Act. Notwithstanding the foregoing, the Master Servicer
        shall
        not be obligated to enter into any amendment pursuant to this Section that
        adversely affects its obligations and immunities under this
        Agreement.

       

      ARTICLE
        V

       

      THE
        CERTIFICATES 

       

      Section
        5.01. The
        Certificates.

       

      The
        Certificates shall be substantially in the forms attached hereto as Exhibit
        A.
        The Certificates shall be issuable in registered form, in the minimum
        denominations, integral multiples in excess thereof (except that one Certificate
        in each Class may be issued in a different amount which must be in excess
        of the
        applicable minimum denomination) and aggregate denominations per Class set
        forth
        in the Preliminary Statement to this Agreement. The Trustee agrees to hold
        the
        Trust Fund for the benefit of all present and future Holders of the
        Certificates.

       

      Subject
        to Section 10.02 respecting the final distribution on the Certificates, on
        each
        Distribution Date the Trustee shall make distributions to each Certificateholder
        of record on the preceding Record Date either by wire transfer in immediately
        available funds or by check, as provided in Section 6.06.

       

      The
        Certificates shall be executed by manual or facsimile signature on behalf
        of the
        Trustee by an authorized 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 Trustee,
        notwithstanding that such individuals or any of them have ceased to be so
        authorized prior to the countersignature 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 countersigned by the Trustee by manual signature, and such
        countersignature upon any Certificate shall be conclusive evidence, and the
        only
        evidence, that such Certificate has been duly executed and delivered hereunder.
        All Certificates shall be dated the date of their countersignature. On the
        Closing Date, the Trustee shall countersign the Certificates to be issued
        at the
        direction of the Depositor, or any affiliate thereof.

       

      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

      The
        Depositor shall provide, or cause to be provided, to the Trustee on a continuous
        basis, an adequate inventory of Certificates to facilitate
        transfers.

       

      Section
        5.02. Certificate
        Register; Registration of Transfer and Exchange of Certificates.

       

      (a) The
        Trustee shall maintain, or cause to be maintained in accordance with the
        provisions of Section 5.06 hereof, a Certificate Register for the Trust Fund
        in
        which, subject to the provisions of subsections (b), (c) and (d) below and
        to
        such reasonable regulations as it may prescribe, the Trustee shall provide
        for
        the registration of Certificates of transfers and exchanges of Certificates
        as
        herein provided; provided,
        however,
        that
        the Residual Certificates shall be issued and maintained in fully registered
        form. Upon surrender for registration of transfer of any Certificate, the
        Trustee shall execute and deliver, in the name of the designated transferee
        or
        transferees, one or more new Certificates of the same Class and aggregate
        Percentage Interest. The Trustee initially shall be the “Certificate Registrar.”

       

      At
        the
        option of a Certificateholder, Certificates may be exchanged for other
        Certificates of the same Class in authorized denominations and evidencing
        the
        same aggregate Percentage Interest upon surrender of the Certificates to
        be
        exchanged at the office or agency of the Trustee. Whenever any Certificates
        are
        so surrendered for exchange, the Trustee shall execute, 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 be accompanied by a written instrument of transfer in form
        satisfactory to the Trustee duly executed by the holder thereof or his attorney
        duly authorized in writing.

       

      No
        service charge to the Certificateholders shall be made for any registration
        of
        transfer or exchange of Certificates, but 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 may be required.

       

      All
        Certificates surrendered for registration of transfer or exchange shall be
        cancelled and subsequently destroyed by the Trustee in accordance with the
        Trustee’s customary procedures.

       

      (b) No
        transfer of a Restricted Certificate shall be made unless the Trustee shall
        have
        received from the transferee a certification in substantially the form set
        forth
        in Exhibit K hereto, addressed to the Trustee and the Certificate Registrar
        and
        any of their respective successors, to the effect that:

       

      (i) Such
        Person is a “qualified institutional buyer” as defined in Rule 144A under the
        Securities Act;

       

      
        
          
          

        

        
          111

          
            

          

        

        
          
          

        

      

      (ii) Such
        Person is duly authorized to purchase the Restricted Certificates and its
        purchase of investments having the characteristics of the Restricted
        Certificates is authorized under, and not directly or indirectly in
        contravention of, any law, charter, trust instrument or other operative
        document, investment guidelines or list of permissible or impermissible
        investments that is applicable to the investor; and

       

      (iii) Such
        Person understands that each holder of a Certificate, by virtue of its
        acceptance thereof, assents to the terms, provisions and conditions of this
        Agreement.

       

      In
        the
        event that a Certificate is transferred to a Person that does not meet the
        requirements of this Section 5.02, such transfer will be of no force and
        effect,
        will be void ab
        initio,
        and
        will not operate to transfer any rights to such Person, notwithstanding any
        instructions to the contrary to the Issuer, the Trustee or any intermediary;
        and
        the Trustee shall not make any distributions on such Certificate for as long
        as
        such Person is the Holder of such Certificate and the Trustee shall have
        the
        right to compel such Person to transfer such Certificate to a Person who
        does
        meet the requirements of this Section 5.02.

       

      Each
        Holder of a Restricted Certificate (or Certificate Owner) desiring to effect
        such a 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 federal and state securities laws and any
        other restrictions specified in this Section 5.02. Each holder of a Book-Entry
        Certificate shall be deemed to have consented to such transfer
        restrictions.

       

      The
        Trustee shall cause each Certificate to contain a legend substantially similar
        to the applicable legend provided in Exhibit A hereto stating that transfer
        of
        such Certificates is subject to certain restrictions as set forth
        herein.

       

      (c) (i)
        No
        transfer of an ERISA-Restricted Certificate shall be made unless the Trustee
        shall have received either (A) a representation from the transferee of such
        Certificate acceptable to and in form and substance satisfactory to the Trustee
        (substantially in the form of Exhibit L, or in the event such ERISA-Restricted
        Certificate is a Residual Certificate substantially in the form of Exhibit
        O),
        to the effect that (x) such transferee is neither a Plan nor a person acting
        for, on behalf of, or with the assets of, any such Plan to effect such transfer
        or (y) if the ERISA-Restricted Certificate has been the subject of an
        ERISA-Qualifying Underwriting, the purchaser is an insurance company which
        is
        purchasing such Certificates with funds contained in an “insurance company
        general account” (as such term is defined in Section (V)(e) of prohibited
        transaction class exemption 95-60 (“PTCE 95-60”)) and the purchase and holding
        of ERISA-Restricted Certificates are covered under Sections I and III of
        PTCE
        95-60; or (B) in the case of any such ERISA-Restricted Certificate presented
        for
        registration in the name of a Plan or a person acting for, on behalf of,
        or with
        the assets of, a Plan, an Opinion of Counsel satisfactory to the Trustee,
        which
        Opinion of Counsel shall not be an expense of any of the Trustee, the Depositor,
        the Master Servicer, any Servicer, the Seller or the Trust Fund, addressed
        to
        the Trustee to the effect that the purchase and holding of such ERISA-Restricted
        Certificate will not result in a non-exempt prohibited transaction under
        Section
        406 of ERISA or Section 4975 of the Code and will not subject the Trustee,
        the
        Depositor, the Master Servicer, any Servicer or the Seller to any obligation
        in
        addition to those expressly undertaken in this Agreement. For purposes of
        the
        preceding sentence, with respect to an ERISA-Restricted Certificate that
        is not
        a Residual Certificate, in the event the representation letter referred to
        in
        the preceding sentence is not so furnished, such representation shall be
        deemed
        to have been made to the Trustee by the transferee’s (including an initial
        acquirer’s) acceptance of the ERISA-Restricted Certificates. Notwithstanding
        anything else to the contrary herein, any purported transfer of an
        ERISA-Restricted Certificate to or on behalf of a Plan without the delivery
        to
        the Trustee of an Opinion of Counsel or representation letter satisfactory
        to
        the Trustee as described above shall be void and of no effect.

       

      
        
          
          

        

        
          112

          
            

          

        

        
          
          

        

      

      To
        the
        extent permitted under applicable law (including, but not limited to, ERISA),
        the Trustee shall be under no liability to any Person for any registration
        of
        transfer of any ERISA-Restricted Certificate that is in fact not permitted
        by
        this Section 5.02(c) or for making any payments due on such Certificate to
        the
        Holder thereof or taking any other action with respect to such Holder under
        the
        provisions of this Agreement so long as the transfer was registered by the
        Trustee in accordance with the foregoing requirements.

       

      (ii) No
        transfer of an ERISA-Restricted Trust Certificate prior to the termination
        of
        the Swap Agreement shall be made unless the Trustee shall have received a
        representation letter from the transferee of such Certificate, substantially
        in
        the form set forth in Exhibit L, to the effect that either (x) such transferee
        is neither a Plan nor a Person acting on behalf of any such Plan or using
        the
        assets of any such Plan to effect such transfer or (y) the acquisition and
        holding of the ERISA-Restricted Trust Certificate are eligible for exemptive
        relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1,
        PTCE 91-38, PTCE 95-60, PTCE 96-23 or the non-fiduciary service provider
        exemption under Section 408(b)(17) of ERISA. Notwithstanding anything else
        to
        the contrary herein, any purported transfer of an ERISA-Restricted Trust
        Certificate prior to the termination of the Swap Agreement to or on behalf
        of a
        Plan without the delivery to the Trustee of a representation letter as described
        above shall be void and of no effect. If the ERISA-Restricted Trust Certificate
        is a Book-Entry Certificate, the transferee will be deemed to have made a
        representation as provided in clause (x) or (y) of this paragraph, as
        applicable.

       

      If
        any
        ERISA-Restricted Trust Certificate, or any interest therein, is acquired
        or held
        in violation of the provisions of the preceding paragraph, the next preceding
        permitted beneficial owner will be treated as the beneficial owner of that
        Certificate, retroactive to the date of transfer to the purported beneficial
        owner. Any purported beneficial owner whose acquisition or holding of an
        ERISA-Restricted Trust Certificate, or interest therein, was effected in
        violation of the provisions of the preceding paragraph shall indemnify to
        the
        extent permitted by law and hold harmless the Depositor, the Trustee and
        the
        Master Servicer from and against any and all liabilities, claims, costs or
        expenses incurred by such parties as a result of such acquisition or
        holding.

       

      To
        the
        extent permitted under applicable law (including, but not limited to, ERISA),
        the Trustee shall be under no liability to any Person for any registration
        of
        transfer of any ERISA-Restricted Trust Certificate that is in fact not permitted
        by this Section 5.02(c)(ii) or for making any payments due on such Certificate
        to the Holder thereof or taking any other action with respect to such Holder
        under the provisions of this Agreement so long as the transfer was registered
        by
        the Trustee in accordance with the foregoing requirements.

       

      
        
          
          

        

        
          113

          
            

          

        

        
          
          

        

      

      (d) 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 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
        Ownership Interest in a Residual Certificate may be registered on the Closing
        Date or thereafter transferred, and the Trustee shall not register the Transfer
        of any Residual Certificate unless, in addition to the certificates required
        to
        be delivered to the Trustee under subparagraph (b) above, the Trustee shall
        have
        been furnished with an affidavit of the transferor in the form attached hereto
        as Exhibit N (a “Transferor Affidavit”) and of the proposed transferee in the
        form attached hereto as Exhibit O (a “Transferee Affidavit”), representing and
        warranting, among other things, that such transferee is neither a Disqualified
        Organization, an agent or nominee acting on behalf of a Disqualified
        Organization, nor a Non-permitted Foreign Holder (any such transferee, a
        “Permitted Transferee”); provided
        that no
        such affidavit shall be required to register on the Closing Date an Ownership
        Interest of the Seller (or an Affiliate thereof) or the Trustee in a Residual
        Certificate.

       

      (iii) Each
        Person holding or acquiring any Ownership Interest in a Residual Certificate
        shall agree (A) to obtain a Transferee Affidavit from any other Person to
        whom
        such Person attempts to Transfer its Ownership Interest in a Residual
        Certificate, (B) to obtain a Transferee Affidavit from any Person for whom
        such
        Person is acting as nominee, trustee or agent in connection with any Transfer
        of
        a Residual Certificate and (C) not to Transfer its Ownership Interest in
        a
        Residual Certificate or to cause the Transfer of an Ownership Interest in
        a
        Residual Certificate to any other Person if it has actual knowledge that
        such
        Person is not a Permitted Transferee.

       

      (iv) Any
        attempted or purported Transfer of any Ownership Interest in a Residual
        Certificate in violation of the provisions of this Section 5.02(d) shall
        be
        absolutely null and void and shall vest no rights in the purported Transferee.
        If any purported transferee shall become a Holder of a Residual Certificate
        in
        violation of the provisions of this Section 5.02(d), then the last preceding
        Permitted Transferee shall 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 Section 5.02(c) and this Section 5.02(d) or for making any payments due
        on
        such Certificate to the Holder thereof or taking any other action with respect
        to such Holder under the provisions of this Agreement so long as the Transfer
        was registered after receipt of the related Transferor Affidavit, Transferee
        Affidavit and either the Rule 144A Letter or the Investment Letter. The Trustee
        shall be entitled but not obligated to recover from any Holder of a Residual
        Certificate that was in fact not a Permitted Transferee at the time it became
        a
        Holder or, at such subsequent time as it became other than a Permitted
        Transferee, all payments made on such Residual Certificate at and after either
        such time. Any such payments so recovered by the Trustee shall be paid and
        delivered by the Trustee to the last preceding Permitted Transferee of such
        Certificate.

       

      
        
          
          

        

        
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      (v) The
        Depositor shall use its best efforts to make available, upon receipt of written
        request from the Trustee, all information necessary to compute any tax imposed
        under Section 860E(e) of the Code as a result of a Transfer of an Ownership
        Interest in a Residual Certificate to any Holder who is not a Permitted
        Transferee.

       

      The
        restrictions on transfers of a Residual Certificate set forth in this Section
        5.02(d) shall cease to apply (and the applicable portions of the legend on
        a
        Residual Certificate may be deleted) with respect to transfers occurring
        after
        delivery to the Trustee of an Opinion of Counsel, which Opinion of Counsel
        shall
        not be an expense of the Trust Fund, the Trustee, the Seller or the Master
        Servicer, to the effect that the elimination of such restrictions will not
        cause
        an Adverse REMIC Event, or the imposition of any tax on a Certificateholder
        or
        another Person. Each Person holding or acquiring any Ownership Interest in
        a
        Residual Certificate hereby consents to any amendment of this Agreement which,
        based on an Opinion of Counsel furnished to the Trustee, is reasonably necessary
        (a) to ensure that the record ownership of, or any beneficial interest in,
        a
        Residual Certificate is not transferred, directly or indirectly, to a Person
        that is not a Permitted Transferee and (b) to provide for a means to compel
        the
        Transfer of a Residual Certificate which is held by a Person that is not
        a
        Permitted Transferee to a Holder that is a Permitted Transferee.

       

      (e) The
        preparation and delivery of all certificates and opinions referred to above
        in
        this Section 5.02 in connection with transfer shall be at the expense of
        the
        parties to such transfers.

       

      (f) Except
        as
        provided 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 the 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
        Book-Entry Certificates; (iii) ownership and transfers of registration of
        the
        Book-Entry 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 deal with the Depository, Depository
        Participants and indirect participating firms as representatives of the
        Certificate Owners of the Book-Entry Certificates for purposes of exercising
        the
        rights of holders under this Agreement, and requests and directions for and
        votes of such representatives shall not be deemed to be inconsistent if they
        are
        made with respect to different Certificate Owners; and (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.

       

      
        
          
          

        

        
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      (g) 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 Owner. Each Depository Participant
        shall only transfer Book-Entry Certificates of Certificate Owners it represents
        or of brokerage firms for which it acts as agent in accordance with the
        Depository’s normal procedures.

       

      If
        (x)
        (i) the Depository or the Depositor advises the Trustee in writing that the
        Depository is no longer willing or able to properly discharge its
        responsibilities as Depository, and (ii) the Trustee or the Depositor is
        unable
        to locate a qualified successor, or (y) after the occurrence of an Event
        of
        Master Servicer Default, Certificate Owners representing at least 51% of
        the
        aggregate Class Principal Balance of the Book-Entry Certificates together
        advise
        the Trustee and the Depository through the Depository Participants in writing
        that the continuation of a book-entry system through the Depository is no
        longer
        in the best interests of the Certificate Owners, the Trustee shall notify
        all
        Certificate Owners, through the Depository, of the occurrence of any such
        event
        and of the availability of definitive, fully registered Certificates (the
        “Definitive Certificates”) to Certificate Owners requesting the same. Upon
        surrender to the Trustee of the related Class of Certificates by the Depository,
        accompanied by the instructions from the Depository for registration, the
        Trustee shall issue the Definitive Certificates. Neither the Master Servicer,
        the Depositor nor the Trustee shall be liable for any delay in delivery of
        such
        instruction and each may conclusively rely on, and shall be protected in
        relying
        on, such instructions. Upon the issuance of Definitive Certificates all
        references herein to obligations imposed upon or to be performed by the
        Depository shall be deemed to be imposed upon and performed by the Trustee,
        to
        the extent applicable with respect to such Definitive Certificates and the
        Trustee shall recognize the Holders of the Definitive Certificates as
        Certificateholders hereunder; provided
        that the
        Trustee shall not by virtue of its assumption of such obligations become
        liable
        to any party for any act or failure to act of the Depository.

       

      Section
        5.03. [Reserved]

       

      Section
        5.04. Mutilated,
        Destroyed, Lost or Stolen Certificates.

       

      If
        (a)
        any mutilated Certificate is surrendered to the Trustee, or the Trustee receives
        evidence to its satisfaction of the destruction, loss or theft of any
        Certificate and (b) there is delivered to the Master Servicer and the Trustee
        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 that such Certificate
        has been acquired by a bona fide purchaser, the Trustee shall execute,
        countersign and deliver, in exchange for or in lieu of any such mutilated,
        destroyed, lost or stolen Certificate, a new Certificate of like Class, tenor
        and Percentage Interest. In connection with the issuance of any new Certificate
        under this Section 5.04, the Trustee 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)
        connected therewith. Any replacement Certificate issued pursuant to this
        Section
        5.04 shall constitute complete and indefeasible evidence of ownership, as
        if
        originally issued, whether or not the lost, stolen or destroyed Certificate
        shall be found at any time.

       

      
        
          
          

        

        
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      Section
        5.05. Persons
        Deemed Owners.

       

      The
        Master Servicer, the Trustee and any agent of the Master Servicer or the
        Trustee
        may treat the Person in whose name any Certificate is registered as the owner
        of
        such Certificate for the purpose of receiving distributions as provided in
        this
        Agreement and for all other purposes whatsoever, and neither the Master
        Servicer, the Trustee nor any agent of the Master Servicer or the Trustee
        shall
        be affected by any notice to the contrary.

       

      Section
        5.06. Access
        to List of Certificateholders’ Names and Addresses.

       

      If
        three
        or more Certificateholders (a) request such information in writing from the
        Trustee, (b) state that such Certificateholders desire to communicate with
        other
        Certificateholders with respect to their rights under this Agreement or under
        the Certificates, and (c) provide a copy of the communication which such
        Certificateholders propose to transmit, or if the Depositor or Master Servicer
        shall request such information in writing from the Trustee, then the Trustee
        shall, within ten Business Days after the receipt of such request, provide
        the
        Depositor, the Master Servicer or such Certificateholders at such recipients’
expense the most recent list of the Certificateholders of such Trust Fund
        held
        by the Trustee, if any. The Depositor and every Certificateholder, by receiving
        and holding a Certificate, agree that the Trustee shall not be held accountable
        by reason of the disclosure of any such information as to the list of the
        Certificateholders hereunder, regardless of the source from which such
        information was derived.

       

      Section
        5.07. Maintenance
        of Office or Agency.

       

      The
        Trustee will maintain or cause to be maintained at its expense an office
        or
        offices or agency or agencies in New York City where Certificates may be
        surrendered for registration of transfer or exchange. The Trustee initially
        designates its Corporate Trust Office for such purposes. The Trustee will
        give
        prompt written notice to the Certificateholders of any change in such location
        of any such office or agency.

       

      ARTICLE
        VI

       

      DEPOSITS
        AND DISTRIBUTIONS

       

      Section
        6.01. Rights
        of the Holders.

       

      Amounts
        held by the Trustee for future distribution to the Certificateholders,
        including, without limitation, amounts in the Collection Account, the Reserve
        Fund and the Certificate Distribution Account, shall not be distributed except
        in accordance with the terms of this Agreement.

       

      Section
        6.02. Establishment
        of Trust Accounts.

       

      (a) (i)
        The
        Master Servicer shall establish and maintain in the name of the Trustee the
        Collection Account as provided in Section 4.07, which account shall be property
        of the Trust Fund.

       

      
        
          
          

        

        
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      (ii) The
        Trustee, for the benefit of the Certificateholders, shall establish and maintain
        in the name of the Trustee an Eligible Account (the “Certificate Distribution
        Account”), bearing a designation clearly indicating that the funds deposited
        therein (without regard to any income or gain resulting from the investment
        thereof) are held for the benefit of the Certificateholders.

       

      (iii) The
        Trustee, for the benefit of the holders of the Group 1 Certificates, the
        LIBOR
        Certificates and the Class X Certificates, shall establish and maintain in
        the
        name of the Trustee an Eligible Account (the “Reserve Fund”), bearing a
        designation clearly indicating that the funds deposited therein are held
        for the
        benefit of the above-referenced Certificateholders.

       

      (b) (i) Funds
        on
        deposit in the Collection Account and the Certificate Distribution Account
        (each, a “Trust Account”) may be invested, and if invested shall be invested in
        Eligible Investments selected by the Master Servicer, in the case of the
        Collection Account, and the Trustee, in the case of the Certificate Distribution
        Account, and such investments shall not be sold or disposed of prior to their
        maturity. All such investments shall be made in the name of the Trustee in
        the
        manner provided herein. All such investments shall be held by the Master
        Servicer or the Trustee, as applicable, for the benefit of the
        Certificateholders; provided
        that
        amounts on deposit in the Collection Account shall be applied as provided
        in the
        last sentence of this paragraph; and provided,
        further,
        that
        the Trustee shall be entitled to any income or gain realized on any such
        investment of amounts on deposit in the Certificate Distribution Account.
        Other
        than as permitted by each Rating Agency, funds on deposit in the Trust Accounts,
        if invested, shall be invested in Eligible Investments that will mature not
        later than the Business Day immediately preceding the next Distribution Date
        (or
        on such next Distribution Date if either (x) such investment is held in the
        trust department of the institution with which such Trust Account is then
        maintained and is invested in a time deposit of the Trustee rated at least
        A-1
        (or the equivalent) by each Rating Agency (such account being maintained
        within
        the trust department of the Trustee) or (y) the Trustee (so long as the
        short-term unsecured debt obligations of the Trustee are either (A) rated
        at
        least A-1 (or the equivalent) by each Rating Agency on the date such investment
        is made or (B) guaranteed by an entity whose short-term unsecured debt
        obligations are rated at least A-1 (or the equivalent) by each Rating Agency
        on
        the date such investment is made) has agreed to advance funds on such
        Distribution Date to such Trust Account in the amount payable on such investment
        on such Distribution Date pending receipt thereof to the extent necessary
        to
        make distributions on such Distribution Date). For the purposes of the
        foregoing, unless the Trustee affirmatively agrees in writing to make such
        advance with respect to such investment prior to the time an investment is
        made,
        it shall not be deemed to have agreed to make such advance and it shall not
        be
        responsible to make such advance. The Master Servicer shall deposit into
        the
        Collection Account an amount equal to any loss realized on any investment
        of
        funds in the Collection Account immediately as any such loss is realized.
        The
        Trustee shall deposit in the Certificate Distribution Account, an amount
        equal
        to any loss realized on any investment of funds in such account immediately
        as
        any such loss is realized. Funds on deposit in the Collection Account shall
        be
        withdrawn therefrom by the Master Servicer on the Master Servicer Remittance
        Date immediately preceding each Distribution Date to make deposits and
        distributions on each such date in the manner and priorities set forth in
        Section 4.08.

       

      
        
          
          

        

        
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      (ii) Funds
        on
        deposit in the Reserve Fund shall be invested only in Eligible Investments
        specified in clause (i) of the definition thereof at the written direction
        of
        the Sponsor or by an investment manager in Eligible Investments selected
        by such
        investment manager; provided
        that (A)
        such investment manager shall be selected by the Sponsor, (B) such investment
        manager shall have agreed to comply with the terms of this Agreement as it
        relates to investing such funds and (C) any investment so selected by such
        investment manager shall be made in the name of the Trustee (or its nominee)
        and
        shall be settled by a delivery to the Trustee (or its nominee) that complies
        with the terms of this Agreement as it relates to investing such funds. Such
        investments shall not be sold or disposed of prior to their maturity. All
        income
        and gain realized from such investments shall be applied as provided in Section
        6.12. The Trustee shall not in any way be held liable by reason of any
        insufficiency in the Reserve Fund resulting from any investment loss on any
        investment made hereunder.

       

      (c) The
        Trustee shall possess all right, title and interest in all funds on deposit
        from
        time to time in the Trust Accounts and in all proceeds thereof (including
        all
        income thereon) and all such funds, investments, proceeds and income shall
        be
        part of the Trust Fund. The Trust Accounts shall be under the sole dominion
        and
        control of the Trustee for the benefit of the Certificateholders. If, at
        any
        time, any of the Trust Accounts ceases to be an Eligible Account, the Trustee
        (or the Master Servicer on its behalf) shall within 30 Business Days establish
        a
        new Trust Account as applicable, as an Eligible Account and shall transfer
        any
        cash and/or any investments to such new account.

       

      The
        Depositor and the Trustee hereby appoint U.S. Bank National Association as
        Securities Intermediary with respect to the Trust Accounts and the Trustee
        shall
        hold, for the benefit of the Certificateholders, the Certificate Distribution
        Account and the Security Entitlements to all Financial Assets credited to
        the
        Trust Accounts, including without limitation all amounts, securities,
        investments, Financial Assets, investment property and other property from
        time
        to time deposited in or credited to the Trust Accounts and
        all
        proceeds thereof. Amounts held from time to time in the Trust Accounts will
        continue to be held by the Securities Intermediary for the benefit of the
        Trustee for the benefit of the Certificateholders.
        Upon the termination of the Trust Fund the Trustee shall inform the Securities
        Intermediary of such termination. By acceptance of their Certificates or
        interests therein, the Certificateholders shall be deemed to have appointed
        U.S.
        Bank
        National Association
        as Securities Intermediary. U.S.
        Bank
        National Association
        hereby accepts such appointment as Securities Intermediary.

       

      (i) With
        respect to the Trust Account Property credited to the Trust Accounts, the
        Securities Intermediary agrees that:

       

      (A) with
        respect to any Trust Account Property that is held in deposit accounts, each
        such deposit account shall be subject to the exclusive custody and control
        of
        the Securities Intermediary, and the Securities Intermediary shall have sole
        signature authority with respect thereto;

       

      (B) the
        sole assets permitted in the Trust Accounts shall be those as the Securities
        Intermediary agrees to treat as Financial Assets; and

       

      
        
          
          

        

        
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      (C) any
        such Trust Account Property that is, or is treated as, a Financial Asset
        shall
        be physically delivered (accompanied by any required endorsements) to, or
        credited to an account in the name of, the Securities Intermediary or other
        eligible institution maintaining any Trust Account in accordance with the
        Securities Intermediary’s customary procedures such that the Securities
        Intermediary or such other institution establishes a Security Entitlement
        in
        favor of the Trustee with respect thereto over which the Securities Intermediary
        or such other institution has Control;

       

      (ii) The
        Securities Intermediary hereby confirms that (A) each Trust Account is an
        account to which Financial Assets are or may be credited, and the Securities
        Intermediary shall, subject to the terms of this Agreement, treat the Trustee
        as
        entitled to exercise the rights that comprise any Financial Asset credited
        to
        any Trust Account, (B) all Trust Account Property in respect of any Trust
        Account will be promptly credited by the Securities Intermediary to such
        account, and (C) all securities or other property underlying any Financial
        Assets credited to any Trust Account shall be registered in the name of the
        Securities Intermediary, endorsed to the Securities Intermediary or in blank
        or
        credited to another securities account maintained in the name of the Securities
        Intermediary and in no case will any Financial Asset credited to any Trust
        Account shall be registered in the name of the Seller or the Depositor, payable
        to the order of the Seller or the Depositor or specially endorsed to the
        Seller
        or the Depositor, except to the extent the foregoing have been specially
        endorsed to the Securities Intermediary or in blank;

       

      (iii) The
        Securities Intermediary hereby agrees that each item of property (whether
        investment property, Financial Asset, security, instrument or cash) credited
        to
        any Trust Account shall be treated as a Financial Asset;

       

      (iv) If
        at any
        time the Securities Intermediary shall receive any order from the Trustee
        directing transfer or redemption of any Financial Asset relating to any Trust
        Account, the Securities Intermediary shall comply with such Entitlement Order
        without further consent by the Seller, the Depositor or any other
        Person;

       

      (v) In
        the
        event that the Securities Intermediary has or subsequently obtains by agreement,
        operation of law or otherwise a security interest in any Trust Account or
        any
        Financial Asset credited thereto, the Securities Intermediary hereby agrees
        that
        such security interest shall be subordinate to the ownership interest of
        the
        Trustee. The Financial Assets credited to the Trust Accounts will not be
        subject
        to deduction, set-off, banker’s lien, or any other right in favor of any Person
        other than the Trustee (except that the Securities Intermediary may set-off
        (i)
        all amounts due to it in respect of its customary fees and expenses for the
        routine maintenance and operation of the Trust Accounts, and (ii) the face
        amount of any checks which have been credited to any Trust Account but are
        subsequently returned unpaid because of uncollected or insufficient
        funds);

       

      (vi) There
        are
        no other agreements entered into between the Securities Intermediary in such
        capacity and the Depositor with respect to any Trust Account. In the event
        of
        any conflict between this Agreement (or any provision of this Agreement)
        and any
        other agreement now existing or hereafter entered into, the terms of this
        Agreement shall prevail;

       

      
        
          
          

        

        
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      (vii) The
        rights and powers granted herein to the Trustee have been granted in order
        to
        perfect its ownership interest in the Trust Accounts and the Security
        Entitlements to the Financial Assets credited thereto, and are powers coupled
        with an interest and will neither be affected by the dissolution or bankruptcy
        of the Depositor nor by the lapse of time. The obligations of the Securities
        Intermediary hereunder shall continue in effect until the ownership interest
        of
        the Trustee in the Trust Accounts, and in such Security Entitlements, has
        been
        terminated pursuant to the terms of this Agreement and the Trustee has notified
        the Securities Intermediary of such termination in writing; and

       

      (viii) Notwithstanding
        anything else contained herein, the Depositor and the Trustee agree that
        the
        Trust Accounts will be established only with the Securities Intermediary
        or
        another institution meeting the requirements of this Section, which by
        acceptance of its appointment as Securities Intermediary agrees substantially
        as
        follows: (1) it will comply with Entitlement Orders related to the Trust
        Accounts issued by the Trustee without further consent by the Seller or the
        Depositor; (2) until termination of the Trust Fund, it will not enter into
        any other agreement related to such accounts pursuant to which it agrees
        to
        comply with Entitlement Orders of any Person other than the Trustee; and
        (3) all
        assets delivered or credited to it in connection with such accounts and all
        investments thereof will be promptly credited to the applicable
        account.

       

      (d) Notwithstanding
        the foregoing, the Depositor shall have the power, revocable by the Trustee,
        to
        instruct the Trustee and the Master Servicer to make withdrawals and
        distributions from the Trust Accounts for the purpose of permitting the Master
        Servicer, the Trustee or the Depositor to carry out its respective duties
        hereunder.

       

      (e) The
        Depositor agrees to take or cause to be taken such further actions, to execute,
        deliver and file or cause to be executed, delivered and filed such further
        documents and instruments (including, without limitation, any financing
        statements under the Relevant UCC or this Agreement) as may be necessary
        to
        perfect the interests created by this Section in favor of the Trustee on
        behalf
        of Certificateholders and otherwise fully to effectuate the purposes, terms
        and
        conditions of this Section. The Depositor shall:

       

      (i) promptly
        execute, deliver and file any financing statements, amendments, continuation
        statements, assignments, certificates and other documents with respect to
        such
        interests and perform all such other acts as may be necessary in order to
        perfect or to maintain the perfection of the Trustee’s ownership interest in the
        Trust Account Property; and

       

      (ii) make
        the
        necessary filings of financing statements or amendments thereto within five
        days
        after the occurrence of any of the following: (1) any change in its corporate
        name or any trade name or its jurisdiction of organization; (2) any change
        in
        the location of its chief executive office or principal place of business;
        and
        (3) any merger or consolidation or other change in its identity or corporate
        structure and promptly notify the Trustee of any such filings.

       

      
        
          
          

        

        
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      The
        Depositor shall not organize under the law of any jurisdiction other than
        the
        State under which it is organized as of the Closing Date (whether changing
        its
        jurisdiction of organization or organizing under an additional jurisdiction)
        without giving 30 days prior written notice of such action to its immediate
        and
        mediate transferee, including the Trustee. Before effecting such change,
        the
        Depositor shall prepare and file in the appropriate filing office any financing
        statements or other statements necessary to continue the perfection of the
        interests of its immediate and mediate transferees, including the Trustee,
        in
        the Trust Account Property. In connection with the transactions contemplated
        by
        the Basic Documents relating to the Trust Account Property, the Depositor
        authorizes its immediate or mediate transferee, including the Trustee, to
        file
        in any filing office any initial financing statements, any amendments to
        financing statements, any continuation statements, or any other statements
        or
        filings described in this Section 6.02(e).

       

      None
        of
        the Securities Intermediary or any director, officer, employee or agent of
        the
        Securities Intermediary shall be under any liability to the Trustee or the
        Certificateholders for any action taken, or not taken, in good faith pursuant
        to
        this Agreement, or for errors in judgment; provided,
        however,
        that
        this provision shall not protect the Securities Intermediary against any
        liability to the Trustee or the Certificateholders which would otherwise
        be
        imposed by reason of the Securities Intermediary’s willful misconduct, bad faith
        or negligence in the performance of its obligations or duties hereunder.
        The
        Securities Intermediary and any director, officer, employee or agent of the
        Securities Intermediary may rely in good faith on any document of any kind
        which, prima
        facie,
        is
        properly executed and submitted by any Person respecting any matters arising
        hereunder. The Securities Intermediary shall be under no duty to inquire
        into or
        investigate the validity, accuracy or content of such document. The Trust
        Fund
        shall indemnify the Securities Intermediary for and hold it harmless against
        any
        loss, liability or expense arising out of or in connection with this Agreement
        and carrying out its duties hereunder, including the costs and expenses of
        defending itself against any claim of liability, except in those cases where
        the
        Securities Intermediary has been guilty of bad faith, negligence or willful
        misconduct. The foregoing indemnification shall survive any termination of
        this
        Agreement.

       

      Section
        6.03. [Reserved]

       

      Section
        6.04. Collections.

       

      (a) The
        Master Servicer shall provide each Servicer with such instructions as are
        necessary to permit the transfer by wire transfer in immediately available
        funds
        of all amounts on deposit in the Custodial Accounts which constitute collections
        to the Collection Account on the Servicer Remittance Date specified in the
        related Servicing Agreement.

       

      (b) On
        or
        prior to each Master Servicer Remittance Date, the Master Servicer shall
        determine (by Mortgage Pool and in the aggregate) the Interest Remittance
        Amount, the Principal Remittance Amount, the Principal Distribution Amount,
        the
        Total Distribution Amount, the Trustee Fee and the Custodian Fee, in each
        case
        for the related Distribution Date. For purposes of this Section 6.04 and
        Section
        6.08, with respect to any Distribution Date, in determining the amount received
        from the Cap Provider, the Master Servicer shall be entitled to rely
        conclusively on the accuracy of the information provided to it by the Cap
        Provider or by the Trustee, as applicable, and the Master Servicer shall
        not be
        obligated to verify, recompute, reconcile or recalculate any such
        amount.

       

      
        
          
          

        

        
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      (c) On
        each
        Master Servicer Remittance Date, the Master Servicer shall remit the Total
        Distribution Amount for the related Distribution Date, exclusive of any amounts
        received with respect to the related Distribution Date under the Cap Agreement
        that have not been deposited in the Collection Account, to the Certificate
        Distribution Account. Prior
        to
        disbursing the Total Distribution Amount, the Trustee shall withdraw from
        the
        Certificate Distribution Account on each Distribution Date and pay, solely
        from
        and in reduction of the Interest Remittance Amount (from each Mortgage Pool
        in
        accordance with the applicable Pool Percentage), (i) to itself, the Trustee
        Fee
        and the Custodian Fee for such Distribution Date, (ii)
        to
        the applicable Retained Interest Holder, any Retained Interest not paid thereto
        by the applicable Servicer (including the remittance to the Seller of the
        Seller’s Retained Interest with respect to Mortgage Loans identified on the
        Mortgage Loan Schedule as “Seller Retained Interest Mortgage Loans,” at the
        applicable Seller Retained Interest Rate specified in the Mortgage Loan
        Schedule), and (iii) to any Pool PMI Insurer, the related Pool PMI Insurance
        Premium for such Distribution Date.

       

      (d) The
        Trustee shall deposit into the Certificate Distribution Account on the day
        on
        which, or, if such day is not a Business Day, the Business Day immediately
        following the day on which, any payments or distributions are received by
        the
        Trustee with respect to the Cap Agreement, all such amounts.

       

      Section
        6.05. Flow
        of Funds.

       

      (a) On
        each
        Distribution Date (or with respect to payments to the Swap Counterparty,
        on the
        related Swap Payment Date), the Trustee shall withdraw from the Certificate
        Distribution Account, to the extent of funds on deposit therein, the Total
        Distribution Amount (net of the Trustee Fee, the Custodian Fee, any Retained
        Interest and the Pool PMI Insurance Premiums, if any (and related amounts,
        which
        will generally not exceed 0.01% of the monthly premium)) and amounts that
        are
        available for payment to the Swap Counterparty, and shall allocate such amounts
        to the Interests issued in respect of each REMIC created hereby, as set forth
        in
        the Preliminary Statement to this Agreement, and shall distribute such amounts
        as specified in this Section. All allocations and distributions made between
        and
        with respect to Pool 1 and Pool 2 in this Section shall be made
        concurrently.

       

      (b) On
        each
        Distribution Date (or, with respect to clause (i) below, the related Swap
        Payment Date), the Trustee shall distribute the Interest Remittance Amount
        for
        Pool 1 for such date in the following order of priority:

       

      (i) for
        deposit into the Supplemental Interest Trust Account, an amount equal to
        the
lesser
        of (A)
        the amount of any Net Swap Payment or Swap Termination Payment (to the extent
        not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty
        and
        (B) the Interest Remittance Amount for Pool 1 for such Distribution Date,
        to the
        extent not paid pursuant to Section 6.05(c)(i);

       

      
        
          
          

        

        
          123

          
            

          

        

        
          
          

        

      

      (ii) to
        the
        A-IO(1) Component, Current Interest and any Carryforward Interest for such
        Component and such Distribution Date;

       

      (iii) concurrently,
        to the
        Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5 Certificates,
        in
        each case in proportion to the amounts distributable under this Section
        6.05(b)(iii), Current Interest and any Carryforward Interest for each such
        Class
        and such Distribution Date;

       

      (iv) to
        the
        Class 2-A Certificates, Current Interest and any Carryforward Interest (after
        giving effect to distributions pursuant to Section 6.05(c)(iii) below) for
        such
        Class and such Distribution Date; 

       

      (v) to
        the
        Class M-1 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (vi) to
        the
        Class M-2 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (vii) to
        the
        Class M-3 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (viii) to
        the
        Class M-4 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (ix) to
        the
        Class B-1 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (x) to
        the
        Class B-2 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (xi) to
        the
        Class B-3 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date; 

       

      (xii) to
        the
        Trustee, the Pool 1 allocable portion (based on the applicable Pool Percentage)
        of any amounts reimbursable pursuant to this Agreement and not previously
        reimbursed to the Trustee due to application of the limitations on amounts
        reimbursable in any Anniversary Year; and

       

      (xiii) for
        application as part of Pool 1 Excess Interest for such Distribution Date,
        as
        provided in subsection (e) of this Section, any Interest Remittance Amount
        for
        Pool 1 remaining after application pursuant to clauses (i) through (xii)
        above.

       

      (c) On
        each
        Distribution Date (or with respect to clause (i) below, the related Swap
        Payment
        Date), the Trustee shall distribute the Interest Remittance Amount for Pool
        2
        for such date in the following order of priority:

       

      (i) for
        deposit into the Supplemental Interest Trust Account, the lesser
        of (A)
        the amount of any Net Swap Payment or Swap Termination Payment (to the extent
        not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty
        and
        (B) the Interest Remittance Amount for Pool 2 for such Distribution
        Date;

       

      
        
          
          

        

        
          124

          
            

          

        

        
          
          

        

      

      (ii) to
        the
        A-IO(2) Component, Current Interest and any Carryforward Interest for such
        Component and such Distribution Date;

       

      (iii) to
        the
        Class 2-A Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (iv) concurrently,
        to the
        Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5 Certificates,
        in
        each case in proportion to the amounts distributable under this Section
        6.05(c)(iv), Current Interest and any Carryforward Interest (after giving
        effect
        to distributions pursuant to Section 6.05(b)(iii) above) for each such Class
        and
        such Distribution Date;

       

      (v) to
        the
        Class M-1 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (vi) to
        the
        Class M-2 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (vii) to
        the
        Class M-3 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (viii) to
        the
        Class M-4 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (ix) to
        the
        Class B-1 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (x) to
        the
        Class B-2 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date;

       

      (xi) to
        the
        Class B-3 Certificates, Current Interest and any Carryforward Interest for
        such
        Class and such Distribution Date; 

       

      (xii) to
        the
        Trustee, the Pool 2 allocable portion (based on the applicable Pool Percentage)
        of any amounts reimbursable pursuant to this Agreement and not previously
        reimbursed to the Trustee due to application of the limitations on amounts
        reimbursable in any Anniversary Year; and

       

      (xiii) for
        application as part of Pool 2 Excess Interest for such Distribution Date,
        as
        provided in subsection (e) of this Section, any Interest Remittance Amount
        for
        Pool 2 remaining after application pursuant to clauses (i) through (xii)
        above.

       

      
        
          
          

        

        
          125

          
            

          

        

        
          
          

        

      

      (d) On
        each
        Distribution Date (or with respect to clauses (i)(A)(1), (i)(B)(1), (ii)(A)
        and
        (ii)(B) below, the related Swap Payment Date), the Trustee shall distribute
        the
        Principal Distribution Amount with respect to each Mortgage Pool as
        follows:

       

      (i) for
        each
        Distribution Date occurring (a) before the Stepdown Date or (b) on or after
        the
        Stepdown Date and for which a Trigger Event is in effect, the Trustee shall
        make
        the following distributions, concurrently:

       

      (A) For
        Pool 1: Until
        the
        aggregate Class Principal Balance of the Group 1 Certificates and the LIBOR
        Certificates equals the Aggregate Pool Balance for such Distribution Date
        minus
        the
        Targeted Overcollateralization Amount for such Distribution Date, in the
        following order of priority:

       

      (1)
         for
        deposit into the Supplemental Interest Trust Account, an amount equal to
        the
lesser
        of (A)
        the amount of any Net Swap Payment or Swap Termination Payment (to the extent
        not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty,
        to
        the extent not paid pursuant to Sections 6.05(b)(i), 6.05(c)(i) or
        6.05(d)(i)(B)(1), and (B) the Principal Remittance Amount for Pool 1 for
        such
        Distribution Date;

       

      (2)
         to
        the
        Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5 Certificates,
        in
        the following order of priority:

       

      (a) to
        the
        Class 1-A5 Certificates, the Class 1-A5 Priority Amount for such Distribution
        Date, in reduction of their Class Principal Balance, until the Class Principal
        Balance of such Class has been reduced to zero; and

       

      (b) to
        the
        Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5 Certificates,
        sequentially in that order, in reduction of their respective Class Principal
        Balances, until the Class Principal Balance of each such Class has been reduced
        to zero; 

       

      (3)
         to
        the
        Class 2-A Certificates, in reduction of their Class Principal Balance, after
        giving effect to distributions pursuant to Section 6.05(d)(i)(B)(2) below,
        until
        the Class Principal Balance of such Class has been reduced to zero;

       

      (4)
         to
        the
        Class M-1 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (5)
         to
        the
        Class M-2 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      
        
          
          

        

        
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      (6)
         to
        the
        Class M-3 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (7)
         to
        the
        Class M-4 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (8)
         to
        the
        Class B-1 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (9)
         to
        the
        Class B-2 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (10) to
        the
        Class B-3 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero; and

       

      (11) any
        remaining amount, for application as part of Excess Cashflow pursuant to
        Section
        6.05(e); 

       

      (B) For
        Pool 2: Until
        the
        aggregate Class Principal Balance of the Group 1 Certificates and the LIBOR
        Certificates equals the Aggregate Pool Balance for such Distribution Date
        minus
        the
        Targeted Overcollateralization Amount for such Distribution Date, in the
        following order of priority:

       

      (1)
         for
        deposit into the Supplemental Interest Trust Account, an amount equal to
        the
lesser
        of (A)
        the amount of any Net Swap Payment or Swap Termination Payment (to the extent
        not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty
        and
        (B) the Principal Remittance Amount for Pool 2 for such Distribution Date,
        to
        the extent not paid pursuant to Sections 6.05(b)(i) or 6.05(c)(i);

       

      (2)
         to
        the
        Class 2-A Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero; 

       

      (3)
         to
        the
        Group 1 Certificates, in reduction of their respective Class Principal Balances,
        in accordance with the Group 1 Senior Priority, after giving effect to
        distributions pursuant to Section 6.05(d)(i)(A)(2) above, until the Class
        Principal Balance of each Class of Group 1 Certificates has been reduced
        to
        zero;

       

      (4) to
        the
        Class M-1 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      
        
          
          

        

        
          127

          
            

          

        

        
          
          

        

      

      (5)
         to
        the
        Class M-2 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (6)
         to
        the
        Class M-3 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (7)
         to
        the
        Class M-4 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (8)
         to
        the
        Class B-1 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (9)
         to
        the
        Class B-2 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (10) to
        the
        Class B-3 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero; and

       

      (11) any
        remaining amount, for application as part of Excess Cashflow pursuant to
        Section
        6.05(e); and

       

      (ii) for
        each
        Distribution Date occurring on or after the Stepdown Date and for which a
        Trigger Event is not in effect, as follows:

       

      (A) for
        Pool
        2, for deposit into the Supplemental Interest Trust Account, an amount equal
        to
        the lesser
        of (1)
        the amount of any Net Swap Payment or Swap Termination Payment (to the extent
        not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty,
        to
        the extent not paid pursuant to Sections 6.05(b)(i) or 6.05(c)(i), and (2)
        the
        Principal Remittance Amount for Pool 2 for such Distribution Date;

       

      (B) for
        Pool
        1, for deposit into the Supplemental Interest Trust Account, an amount equal
        to
        the lesser
        of (1)
        the amount of any Net Swap Payment or Swap Termination Payment (to the extent
        not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty,
        to
        the extent not paid pursuant to Sections 6.05(b)(i), 6.05(c)(i) or
        6.05(d)(ii)(A), and (2) the Principal Remittance Amount for Pool 1 for such
        Distribution Date;

       

      (C) concurrently,
        to the
        Group 1 Certificates, as a group, the Group 2 Certificates and the Subordinate
        Certificates, in proportion to the respective Class Principal Balances of
        such
        Certificates, in reduction of their respective Class Principal Balances,
        until
        the Class Principal Balance of each such Class has been reduced to zero;
        provided
        that
        distributions between the Group 1 Certificates and the Group 2 Certificates
        shall be allocated on the basis of the Group 1 Senior Principal Distribution
        Percentage and the Group 2 Senior Principal Distribution Percentage,
        respectively, and, in the case of the Group 1 Certificates, shall be made
        in
        accordance with the Group 1 Senior Priority; and

       

      
        
          
          

        

        
          128

          
            

          

        

        
          
          

        

      

      (D) any
        remaining amount, for application as part of Excess Cashflow pursuant to
        Section
        6.05(e).

       

      (e) On
        each
        Distribution Date, the Trustee shall distribute the Excess Cashflow, together
        with (to the extent specified below) amounts received in respect of the Cap
        Agreement for such Distribution Date and amounts on deposit in the Reserve
        Fund,
        in the following order of priority:

       

      (i) to
        the
        extent of Excess Interest for such Distribution Date, for each Distribution
        Date
        occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date
        and
        for which a Trigger Event is in effect, until (after giving effect to
        distributions of principal made pursuant to Section 6.05(d) hereof for such
        Distribution Date) the aggregate Class Principal Balance of the Group 1
        Certificates and the LIBOR Certificates equals the Aggregate Pool Balance
        for
        such Distribution Date minus
        the
        Targeted Overcollateralization Amount for such Distribution Date, in the
        following order of priority:

       

      (A) concurrently,
        to the
        Group 1 Certificates, as a group, and the Group 2 Certificates, in proportion
        to
        the respective Class Principal Balances of such Certificates, in reduction
        of
        their respective Class Principal Balances, until the Class Principal Balance
        of
        each such Class has been reduced to zero; provided
        that
        distributions between the Group 1 Certificates and the Group 2 Certificates
        shall be allocated on the basis of the Group 1 Senior Principal Distribution
        Percentage and the Group 2 Senior Principal Distribution Percentage,
        respectively, and, in the case of the Group 1 Certificates, shall be made
        in
        accordance with the Group 1 Senior Priority;

       

      (B) to
        the
        Class M-1 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (C) to
        the
        Class M-2 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (D) to
        the
        Class M-3 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (E) to
        the
        Class M-4 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (F) to
        the
        Class B-1 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero; 

       

      
        
          
          

        

        
          129

          
            

          

        

        
          
          

        

      

      (G) to
        the
        Class B-2 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero; and

       

      (H) to
        the
        Class B-3 Certificates, in reduction of their Class Principal Balance, until
        the
        Class Principal Balance of such Class has been reduced to zero;

       

      (ii) to
        the
        extent of Excess Interest for such Distribution Date, for each Distribution
        Date
        occurring on or after the Stepdown Date and for which a Trigger Event is
        not in
        effect, until (after giving effect to distributions of principal made pursuant
        to Section 6.05(d) hereof for such Distribution Date) the aggregate Class
        Principal Balance of the Group 1 Certificates and the LIBOR Certificates
        equals
        the Aggregate Pool Balance for such Distribution Date minus
        the
        Targeted Overcollateralization Amount for such Distribution Date, in the
        following order of priority:

       

      concurrently,
        to the
        Group 1 Certificates, as a group, the Group 2 Certificates and the Subordinate
        Certificates, in proportion to the respective Class Principal Balances of
        such
        Certificates, in reduction of their respective Class Principal Balances,
        until
        the Class Principal Balance of each such Class has been reduced to zero;
        provided
        that
        distributions between the Group 1 Certificates and the Group 2 Certificates
        shall be allocated on the basis of the Group 1 Senior Principal Distribution
        Percentage and the Group 2 Senior Principal Distribution Percentage,
        respectively, and, in the case of the Group 1 Certificates, shall be made
        in
        accordance with the Group 1 Senior Priority;

       

      (iii) to
        the
        extent of any amounts received in respect of the Cap Agreement for such
        Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest
        remaining unpaid, and then from the Reserve Fund to the Group 1 Certificates
        and
        the LIBOR Certificates, for application pursuant to the priorities specified
        in
        Sections 6.05(b) and (c), any such unpaid Carryforward Interest for each
        such
        Class for such Distribution Date;

       

      (iv) to
        the
        extent of any remaining amounts received in respect of the Cap Agreement
        for
        such Distribution Date, to the Reserve Fund, the amount of any Loss Amount
        for
        such Distribution Date, and then from the Reserve Fund to the Group 1
        Certificates and the LIBOR Certificates, in reduction of their respective
        Class
        Principal Balances, for application pursuant to the priorities specified
        in
        clause (i) or (ii), as applicable, of this Section 6.05(e), such Loss Amount
        for
        such Distribution Date;

       

      (v) to
        the
        extent of any remaining amounts received in respect of the Cap Agreement
        for
        such Distribution Date, to the Reserve Fund, the amount of any Basis Risk
        Payment, and then from the Reserve Fund, together with any remaining Excess
        Interest for such Distribution Date, to the Group 1 Certificates and the
        LIBOR
        Certificates, for application pursuant to the priorities specified in Sections
        6.05(b) and (c), any Basis Risk Shortfall and Unpaid Basis Risk Shortfall
        for
        such Class for such Distribution Date;

       

      
        
          
          

        

        
          130

          
            

          

        

        
          
          

        

      

      (vi) to
        the
        extent of any remaining amounts received in respect of the Cap Agreement
        for
        such Distribution Date, to the Reserve Fund, the amount of any Deferred
        Principal Amount, and then from the Reserve Fund, together with any remaining
        Excess Interest for such Distribution Date, to the Subordinate Certificates,
        in
        order of seniority, any Deferred Principal Amount for each such Class for
        such
        Distribution Date;

       

      (vii) on
        the
        Distribution Date in April 2014 (or the final Distribution Date, if sooner),
        $100.00 to the Class P Certificates in reduction of the Class P Principal
        Amount;

       

      (viii) to
        pay
        any up-front fee payable to any substitute Cap Provider as provided in Section
        6.13(d);

       

      (ix) to
        the
        Supplemental Interest Trust Account (limited, with respect to any amounts
        on
        deposit in the Reserve Fund, to amounts in excess of the Reserve Fund
        Requirement for such Distribution Date after giving effect to any distributions
        pursuant to clauses (i) through (viii) above on such Distribution Date),
        any
        Swap Termination Payment due to a Swap Counterparty Trigger Event;

       

      (x) to
        the
        Supplemental Interest Trust Account, the sum of (A) any amounts remaining
        in the
        Reserve Fund after giving effect to any distributions pursuant to clauses
        (i)
        through (ix) above on such Distribution Date, in excess of the Reserve Fund
        Requirement for such Distribution Date, and (B) any amounts payable under
        the
        Cap Agreement and distributable to the Class X Certificates under Section
        6.12(b), for application pursuant to Section 6.05(f)(x) below;

       

      (xi) to
        the
        Supplemental Interest Trust Account, the Class X Distributable Amount for
        such
        Distribution Date, for application pursuant to Section 6.05(f)(x) below;
        and

       

      (xii)  to
        the
        Class RL Certificates, any remaining Excess Cashflow.

       

      (f) On
        each
        Distribution Date (or, with respect to clauses (i) and (ii) below, on the
        related Swap Payment Date), the Trustee shall distribute the Swap Amount,
        together with any amounts deposited into the Supplemental Interest Trust
        Account
        pursuant to Sections 6.05(e)(ix) and (x) for such date as follows:

       

      (i) to
        the
        Swap Counterparty, any Net Swap Payment owed to the Swap Counterparty pursuant
        to the Swap Agreement for such Swap Payment Date;

       

      (ii) to
        the
        Swap Counterparty, any unpaid Swap Termination Payment not due to a Swap
        Counterparty Trigger Event owed to the Swap Counterparty pursuant to the
        Swap
        Agreement for such Swap Payment Date;

       

      
        
          
          

        

        
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      (iii) to
        the
        Group 1 Certificates and the LIBOR Certificates, for application pursuant
        to the
        priorities specified in Sections 6.05(b) and (c), any unpaid Carryforward
        Interest for each such Class for such Distribution Date;

       

      (iv) to
        the
        Group 1 Certificates and the LIBOR Certificates, in reduction of their
        respective Class Principal Balances, for application pursuant to the priorities
        specified in Section 6.05(e)(i) or (ii), as applicable, any Loss Amount not
        distributed pursuant to Section 6.05(e)(iv) for such Distribution
        Date;

       

      (v) to
        the
        Group 1 Certificates and the LIBOR Certificates, any unpaid Basis Risk
        Shortfalls and unpaid Unpaid Basis Risk Shortfalls for each such Class and
        for
        such Distribution Date, for application pursuant to the priorities specified
        in
        Sections 6.05(b) and (c);

       

      (vi) to
        the
        Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 and Class
        B-3
        Certificates, sequentially in that order, any Deferred Principal Amount for
        each
        such Class for such Distribution Date;

       

      (vii) if
        applicable, to the Swap Termination Receipts Account for application to the
        purchase of a replacement swap agreement pursuant to Section 6.16;

       

      (viii) to
        the
        Reserve Fund, any amounts necessary to achieve the Reserve Fund
        Requirement;

       

      (ix) to
        the
        Swap Counterparty, any unpaid Swap Termination Payment due to a Swap
        Counterparty Trigger Event owed to the Swap Counterparty pursuant to the
        Swap
        Agreement;

       

      (x) to
        the
        Class X Certificates, any amount deposited into the Supplemental Interest
        Trust
        Account pursuant to Sections 6.05(e)(x) or (xi) and any remaining Swap Amount;
        and

       

      (xi) on
        the
        first Distribution Date on which the Class Principal Balance of each Class
        of
        Certificates has been reduced to zero, to the Class X Certificates, all amounts
        remaining in the Supplemental Interest Trust Account.

       

      (g) On
        each
        Distribution Date, the Trustee shall distribute from amounts remaining in
        the
        Reserve Fund after application pursuant to Section 6.05(e) the amount of
        any
        Loss Amount not distributed pursuant to Section 6.05(e)(iv) or Section
        6.05(f)(iv), to the Group 1 Certificates and the LIBOR Certificates, in
        reduction of their respective Class Principal Balances, for application pursuant
        to the priorities specified in clause (i) or (ii), as applicable, of Section
        6.05(e).

       

      (h) On
        each
        Distribution Date, the Trustee shall distribute the Class P Distribution
        Amount
        for such Distribution Date to the Class P Certificates.

       

      (i) On
        the
        Termination Date, the Trustee shall distribute to each Class of Certificates
        the
        amounts set forth in Section 10.02 hereof
        in
        the following order of priority:

       

      
        
          
          

        

        
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      (i) The
        Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO
        Certificates if the Trust Fund is terminated pursuant to Section
        10.02(a);

       

      (ii) The
        Trustee shall distribute the amount of the Termination Price allocable to
        interest in the following order of priority:

       

      (A) for
        deposit into the Supplemental Interest Trust Account, the amount of any Swap
        Termination Payment owed to the Swap Counterparty as a result of an optional
        purchase of the Mortgage Loans under Section 10.02(a);

       

      (B) to
        the
        Class A-IO Certificates, any accrued and unpaid interest on the outstanding
        Class Notional Balance thereof;

       

      (C) concurrently,
        to the
        Group 1 Certificates and the Group 2 Certificates, in proportion to the
        respective Class Principal Balances of such Certificates, any accrued and
        unpaid
        interest on the respective outstanding Class Principal Balances thereof;
        

       

      (D) to
        the
        Class M-1 Certificates, any accrued and unpaid interest on the outstanding
        Class
        Principal Balance thereof;

       

      (E) 
        to the
        Class M-2 Certificates, any accrued and unpaid interest on the outstanding
        Class
        Principal Balance thereof;

       

      (F) to
        the
        Class M-3 Certificates, any accrued and unpaid interest on the outstanding
        Class
        Principal Balance thereof;

       

      (G) to
        the
        Class M-4 Certificates, any accrued and unpaid interest on the outstanding
        Class
        Principal Balance thereof;

       

      (H) to
        the
        Class B-1 Certificates, any accrued and unpaid interest on the outstanding
        Class
        Principal Balance thereof;

       

      (I) to
        the
        Class B-2 Certificates, any accrued and unpaid interest on the outstanding
        Class
        Principal Balance thereof;

       

      (J) to
        the
        Class B-3 Certificates, any accrued and unpaid interest on the outstanding
        Class
        Principal Balance thereof; and

       

      (K) any
        remaining amount, for application as part of Excess Cashflow pursuant to
        Section
        6.05(e);

       

      (iii) The
        Trustee shall distribute the amount of the Termination Price, as applicable,
        allocable to principal in the following order of priority:

       

      (A) for
        deposit into the Supplemental Interest Trust Account, the amount of any Swap
        Termination Payment owed to the Swap Counterparty as a result of an optional
        purchase of the Mortgage Loans under Section 10.02(a), to the extent not
        paid
        pursuant to clause (ii)(A) of this Section 6.05(i);

       

      
        
          
          

        

        
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      (B) to
        the
        Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4, Class 1-A5 and Class 2-A
        Certificates, in proportion to their respective Class Principal Balances,
        until
        the Class Principal Balance of each such Class has been reduced to
        zero;

       

      (C) to
        the
        Class M-1 Certificates, until the Class Principal Balance of such Class has
        been
        reduced to zero;

       

      (D) 
        to the
        Class M-2 Certificates, until the Class Principal Balance of such Class has
        been
        reduced to zero;

       

      (E) to
        the
        Class M-3 Certificates, until the Class Principal Balance of such Class has
        been
        reduced to zero;

       

      (F) to
        the
        Class M-4 Certificates, until the Class Principal Balance of such Class has
        been
        reduced to zero;

       

      (G) to
        the
        Class B-1 Certificates, until the Class Principal Balance of such Class has
        been
        reduced to zero;

       

      (H) to
        the
        Class B-2 Certificates, until the Class Principal Balance of such Class has
        been
        reduced to zero;

       

      (I) to
        the
        Class B-3 Certificates, until the Class Principal Balance of such Class has
        been
        reduced to zero; and

       

      (J) any
        remaining amount, for application as part of Excess Cashflow pursuant to
        Section
        6.05(e).

       

      Section
        6.06. Disbursement
        of Funds.

       

      All
        distributions shall be made pursuant to Section 6.05 by wire transfer of
        immediately available funds to the account of the Person entitled thereto
        at a
        bank or other entity having appropriate facilities therefor if such Person
        shall
        have so notified the Trustee in writing at least five Business Days prior
        to the
        Record Date immediately prior to such Distribution Date; provided
        that, a
        Certificateholder shall only be entitled to receive distributions by wire
        transfer if such Certificateholder is the registered Holder of Certificates
        having an initial aggregate principal amount equal to or in excess of $5,000,000
        or a Percentage Interest equal to or in excess of 25%; and in all other cases
        by
        check mailed to each such Certificateholder at such Holder’s address appearing
        in the Certificate Register.

       

      
        
          
          

        

        
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      Section
        6.07. Allocation
        of Losses.

       

      (a) On
        each
        Distribution Date, the Class Principal Balance of each Class of Subordinate
        Certificates shall be reduced by the amount of any Applied Loss Amount for
        such
        Distribution Date, in the following order of priority:

       

      (i) in
        reduction of the Class Principal Balance of the Class B-3 Certificates, until
        the Class Principal Balance thereof has been reduced to zero;

       

      (ii) in
        reduction of the Class Principal Balance of the Class B-2 Certificates, until
        the Class Principal Balance thereof has been reduced to zero;

       

      (iii) in
        reduction of the Class Principal Balance of the Class B-1 Certificates, until
        the Class Principal Balance thereof has been reduced to zero;

       

      (iv) in
        reduction of the Class Principal Balance of the Class M-4 Certificates, until
        the Class Principal Balance thereof has been reduced to zero;

       

      (v) in
        reduction of the Class Principal Balance of the Class M-3 Certificates, until
        the Class Principal Balance thereof has been reduced to zero;

       

      (vi) in
        reduction of the Class Principal Balance of the Class M-2 Certificates, until
        the Class Principal Balance thereof has been reduced to zero; and

       

      (vii) in
        reduction of the Class Principal Balance of the Class M-1 Certificates, until
        the Class Principal Balance thereof has been reduced to zero.

       

      (b) Any
        Realized Losses so allocated to a Class of Certificates shall be allocated
        among
        the Certificates of such Class in proportion to their respective principal
        balances. Any allocation of an Applied Loss Amount pursuant to this Section
        shall be accomplished by reducing the Class Principal Balance of the applicable
        Class and the principal balance of each related Certificate on the applicable
        Distribution Date.

       

      Section
        6.08. Reports
        to Certificateholders.

       

      (a) On
        each
        Distribution Date, concurrently with the distribution to the Certificateholders,
        the Trustee shall furnish to the Certificateholders, the Seller, the Depositor,
        the Swap Counterparty and each Rating Agency, a report, based solely on
        information provided to the Trustee by the Master Servicer and in the Master
        Servicer’s Monthly Report, containing the following information:

       

      (i) the
        amount of the distribution on such Distribution Date with respect to each
        Class
        of Certificates;

       

      (ii) the
        amount of such distributions allocable to principal, separately identifying
        the
        aggregate amount of any prepayments or other unscheduled recoveries of principal
        included therein;

       

      
        
          
          

        

        
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      (iii) the
        amount of such distributions allocable to interest;

       

      (iv) the
        Class
        Principal Balance (or Class Notional Balance) for each Class of Certificates
        as
        of such Distribution Date together with the principal amount or notional
        amount
        of the Certificates of the related Class (based on a Certificate in the original
        principal amount or notional amount of $1,000) then outstanding, in each
        case
        after giving effect to any payment of principal on such Distribution
        Date;

       

      (v) the
        level
        of LIBOR and the Interest Rates applicable to the LIBOR Certificates for
        such
        Distribution Date;

       

      (vi) if
        applicable, a statement that interest distributable on one or more Classes
        of
        Certificates on such Distribution Date represents interest accrued on such
        Classes at a rate equal to the Pool 1 Available Funds Cap, the Pool 2 Available
        Funds Cap, the Subordinate Available Funds Cap, the A-IO(1) Component Net
        Funds
        Cap or the A-IO(2) Component Net Funds Cap, as applicable;

       

      (vii) the
        Aggregate Pool Balance, the Pool Balance of Pool 1 and the Pool Balance of
        Pool
        2 as of such Distribution Date;

       

      (viii) the
        Overcollateralization Amount for such Distribution Date;

       

      (ix) by
        Mortgage Pool and in the aggregate, the amount of any Delinquency Advances
        for
        such Distribution Date, and the amount of any Outstanding Advances in respect
        of
        Delinquency Advances remaining after such Distribution Date;

       

      (x) the
        amount of any Purchase Prices deposited into the Collection
        Account;

       

      (xi) by
        Mortgage Pool and in the aggregate, the amount of current and cumulative
        Realized Losses on the Mortgage Loans;

       

      (xii) by
        Mortgage Pool and in the aggregate, the number of Mortgagor
        bankruptcies;

       

      (xiii) by
        Mortgage Pool and in the aggregate, the number of Mortgage Loans and the
        aggregate Principal Balance thereof that were repurchased by the Seller or
        Depositor pursuant Section 2.03 hereof during the one-month period immediately
        preceding the related Determination Date;

       

      (xiv) the
        amount of any Realized Losses applied to any Class of Certificates on such
        Distribution Date;

       

      (xv) the
        amount of any Basis Risk Shortfall and Unpaid Basis Risk Shortfall with respect
        to any Class of Certificates;

       

      
        
          
          

        

        
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      (xvi) the
        amount of any shortfalls in distributions of interest with respect to each
        Class
        of Certificates on such Distribution Date and the cumulative amount of any
        unreimbursed shortfalls in distributions of interest from prior Distribution
        Dates;

       

      (xvii) the
        amount of Servicing Fees, the Master Servicing Fee, the Trustee Fee, the
        Custodian Fee and the Pool PMI Insurance Premium, if any, paid with respect
        to
        such Distribution Date; 

       

      (xviii) the
        amount of any payments received under the Cap Agreement; and

       

      (xix) the
        amount of any Net Swap Payment to the Supplemental Interest Trust made pursuant
        to Section 6.14, any Net Swap Payment to the Swap Counterparty made pursuant
        to
        Section 6.14, any Swap Termination Payment to the Supplemental Interest Trust
        made pursuant to Section 6.14 and any Swap Termination Payment to the Swap
        Counterparty made pursuant to Section 6.14.

       

      Items
        (i)
        through (iii) above shall, with respect to the Certificates be presented
        on the
        basis of a Certificate having an original $1,000 denomination and on an
        aggregate basis. The Trustee shall make the information set forth above
        available each month to Certificateholders and the parties to this Agreement
        via
        the Trustee’s internet website initially located at www.usbank.com/abs.
        The
        Trustee shall provide such information by mail to any Certificateholder that
        requests paper copies. Each calendar year following any year during which
        the
        Certificates are outstanding, the Trustee shall furnish a report to each
        Certificateholder of record at any time during such calendar year as to the
        aggregate of amounts reported pursuant to items (i), (ii) and (iii) above
        with
        respect to the related Certificates for such calendar year.

       

      (b) In
        addition, on each Distribution Date the Trustee will distribute to each
        Certificateholder (which shall be the Depository Trust Company as long as
        the
        Certificates are in book-entry form), the following information (based upon
        information provided to the Trustee by the Master Servicer) as of the close
        of
        business on the last business day of the prior calendar month:

       

      (i) the
        total
        number of Mortgage Loans and the aggregate principal balances thereof, together
        with the number and aggregate principal balances of Mortgage Loans (a) 30-59
        days delinquent, (b) 60-89 days delinquent and (c) 90 or more days
        delinquent;

       

      (ii) the
        number and aggregate principal balance of Mortgage Loans in foreclosure
        proceedings (and whether any such Mortgage Loans are also included in any
        of the
        statistics described in the foregoing clause (i)); and

       

      (iii) the
        number and aggregate principal balance of all Mortgage Loans relating to
        REO
        Properties (and whether any such Mortgage Loans are also included in any
        of the
        statistics described in the foregoing clauses (i) and (ii)).

       

      (c) Annually,
        in January of each year, the Trustee shall furnish to each Person that was
        a
        Certificateholder during the prior calendar year a statement showing the
        aggregate interest and the aggregate principal received by such Person with
        respect to the Certificates during the prior calendar year, together with
        any
        standard federal income tax reporting form for such information, and information
        furnished by the Trustee upon request pursuant to Section 6049(d)(7)(C) of
        the
        Code and the regulations promulgated thereunder to assist the Certificateholders
        in computing their market discount.

       

      
        
          
          

        

        
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      Section
        6.09. Presentation
        of Certificates.

       

      Upon
        receipt of notice of the final Distribution Date with respect to any Class,
        the
        Trustee will notify each affected Certificateholder that the next Distribution
        Date will be the final Distribution Date. In the event that a Certificateholder
        fails to deliver its Certificate(s) for cancellation on the final Distribution
        Date, by its purchase of a Certificate it agrees to indemnify the Depositor,
        the
        Master Servicer, the Trustee and the Trust Fund against all claims with respect
        to such Certificate arising following such Distribution Date. Claims against
        the
        Trust for payment on such Certificate shall be void unless made within three
        years from the Termination Date.

       

      Section
        6.10. Compensating
        Interest.

       

      Prior
        to
        each Distribution Date, the Master Servicer shall deposit into the Certificate
        Distribution Account from its own funds, but not in excess of the amount
        of the
        Master Servicing Fee for such Distribution Date, the amount of any Compensating
        Interest for such Distribution Date.

       

      Section
        6.11. Certain
        Provisions With Respect to the Cap Agreement.

       

      (a) If
        the
        Master Servicer or the Trustee shall not have received a payment with respect
        to
        the Cap Agreement by the date on which such payment was due and payable pursuant
        to the terms thereof, the Trustee shall make demand upon the Cap Provider,
        as
        applicable, for immediate payment, and may, and at the direction of a majority
        (by Voting Rights) of the Certificateholders shall, take any available legal
        action, including the prosecution of any claims in connection therewith.
        The
        Depositor shall cooperate with the Trustee in connection with any such demand
        or
        action to the extent reasonably requested by the Trustee. The reasonable
        legal
        fees and expenses incurred by the Trustee in connection with the prosecution
        of
        any such legal action shall be reimbursable to the Trustee from the Trust
        Fund.

       

      (b) Funds
        or
        collateral required to be held pursuant to the Cap Credit Support Annex shall
        be
        deposited into the Cap Collateral Account. Funds posted by the Cap Provider
        (or
        its credit support provider) in the Cap Collateral Account shall be invested
        in
        Eligible Investments at the written direction of the Cap Provider. Any interest
        earnings on such amounts shall be remitted to the Cap Provider pursuant to
        the
        terms of the Cap Credit Support Annex. For federal income tax purposes, the
        Cap
        Provider shall be considered owner of funds deposited in the Cap Collateral
        Account. The Trustee shall not be liable for any losses incurred on such
        investments. In the absence of written instructions from the Cap Provider
        (or
        its credit support provider) as to investment of funds on deposit in the
        Cap
        Collateral Account, such funds shall remain uninvested. On any Distribution
        Date
        as to which a shortfall exists with respect to Interest Rate Cap Amounts
        owed by
        the Cap Counterparty as a result of its failure to make payments pursuant
        to the
        Cap Agreement, amounts necessary to cover such shortfall shall be removed
        from
        the Collateral Account, remitted to the Interest Rate Cap Account and
        distributed as all or a portion of such Interest Rate Cap Amount pursuant
        to
        Section 6.05(e). Any amounts on deposit in the Cap Collateral Account required
        to be returned to the Swap Counterparty (or its credit support provider)
        as a
        result of (i) the termination of the Swap Agreement, (ii) the procurement
        of a
        guarantor or (iii) the reinstatement of required ratings shall be released
        directly to the Cap Provider, pursuant to the terms of the Cap Credit Support
        Annex.

       

      
        
          
          

        

        
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      (c) Upon
        termination of the Trust Fund, any amounts remaining in the Cap Collateral
        Account shall be distributed as required pursuant to the terms of the Cap
        Credit
        Support Annex.

       

      (d) In
        the
        event that the Cap Provider fails to perform any of its obligations under
        the
        Cap Agreement (including, without limitation, its obligations to make any
        payment or transfer collateral), or breaches any of its representations and
        warranties under the Cap Agreement, or in the event that an Event of Default,
        Termination Event, or Additional Termination Event occurs (as such terms
        are
        defined in the Cap Agreement), the Trustee, on behalf of the Supplemental
        Interest Trust, shall (upon a Responsible Officer of the Trustee’s receiving
        written notice or having actual knowledge of the occurrence thereof), as
        soon as
        practicable following such failure, breach or occurrence, notify the Cap
        Provider and give any notice of such failure and make any demand for payment
        pursuant to the Cap Agreement. In the event that the Cap Provider’s obligations
        under the Cap Agreement are at any time guaranteed by a third party, then
        to the
        extent that the Cap Provider fails to make any payment or delivery required
        under terms of the Cap Agreement, the Trustee, on behalf of the Supplemental
        Interest Trust, shall (upon a Responsible Officer of the Trustee’s receiving
        written notice or having actual knowledge of the occurrence thereof), as
        soon as
        practicable following such failure, demand that such guarantor make any and
        all
        payments then required to be made by the applicable guarantor.

       

      Section
        6.12. The
        Reserve Fund.

       

      (a) On
        the
        Closing Date, the Trustee shall establish and maintain, in its name, in trust
        for the benefit of the holders of the Group 1 Certificates and the LIBOR
        Certificates, the Reserve Fund into which the Sponsor shall deposit $1,000.
        In
        addition, the Trustee shall hold the Cap Agreement as an asset in the Reserve
        Fund. The Reserve Fund shall be an Eligible Account, and funds on deposit
        therein shall be held separate and apart from, and shall not be commingled
        with,
        any other moneys, including, without limitation, other moneys of the Trustee
        held pursuant to this Agreement. The Reserve Fund shall be an asset of the
        Supplemental Interest Trust created pursuant to Section 6.15 of this
        Agreement.

       

      (b) On
        each
        Distribution Date on which there is a payment received by the Trustee under
        the
        Cap Agreement that is based on a notional amount in excess of the aggregate
        Class Principal Balance of the Group 1 Certificates and the LIBOR Certificates
        (such amount, the “Class X Excess Cap Amount”), the
        Trustee shall not treat such payments as amounts on deposit in the Reserve
        Fund
        for purposes of determining the Reserve Fund Requirement for any Distribution
        Date. Any such Class X Excess Cap Amount shall not be an asset of the Trust
        Fund
        and, instead, shall be paid
        into
        and distributed out of a separate trust created by this Agreement for the
        benefit of the Class X Certificateholders, and the Trustee shall distribute
        such
        amount to the Class
        X Certificateholders pursuant
        to Section 6.05(f)(x).

       

      
        
          
          

        

        
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      On
        each
        Distribution Date the Trustee shall deposit into and make withdrawals from
        the
        Reserve Fund to make distributions in the order of priority and to the extent
        specified in Section 6.05(e) and (g) of this Agreement of the sum of (without
        duplication) (i) any payments made by the Cap Provider to the Trust Fund
        for
        such Distribution Date with respect to the Cap Agreement, (ii) any amounts
        then
        on deposit in the Reserve Fund, including any earnings thereon, in respect
        of
        the Cap Agreement, (iii) any amounts in respect of Basis Risk Shortfalls
        and
        Unpaid Basis Risk Shortfalls, (iv) any amounts in respect of Loss Amounts
        and
        (v) any amounts in respect of Deferred Principal Amounts. On each Distribution
        Date, any amounts that the Trustee is not required to distribute from the
        Reserve Fund pursuant to Section 6.05(e) and (g) of this Agreement shall
        remain
        on deposit in the Reserve Fund and shall be invested as provided in this
        Agreement. All such deposits into and withdrawals from the Reserve Fund shall
        be
        based upon information received from the Master Servicer.

       

      (c) The
        Class
        X Certificates shall evidence ownership of the Reserve Fund for federal income
        tax purposes.

       

      Section
        6.13. Substitution
        of Cap Providers.

       

      (a) The
        Trustee, on behalf of the Trust Fund, shall maintain in effect Cap Agreements,
        on substantially the same terms and conditions as the related Cap Agreement
        in
        effect on the Closing Date, with Cap Providers or substitute Cap Providers
        (1)
        whose long-term senior unsecured debt obligations are rated at least "Aa3"
        by
        Moody's and at least "AA-" by S&P and whose short-term unsecured debt
        obligations are rated at least "A-1" by S&P or (2) with respect to any such
        substitute Cap Provider not rated at least "Aa3" by Moody's and at least
        "AA-"
        by S&P, a Cap Provider whose obligations in respect of any Cap Agreement are
        absolutely and unconditionally guaranteed by an Affiliate of such Cap Provider,
        so long as such Affiliate's long-term senior unsecured debt obligations are
        rated at least "A1" by Moody's and so long as such Affiliate's short-term
        unsecured debt obligations are rated at least "A-1" by S&P.

       

      (b) At
        any
        time when the Trustee, on behalf of the Trust Fund, is permitted to terminate
        a
        Cap Agreement pursuant to the terms of such Cap Agreement (whether due to
        the
        occurrence of an event of default, a termination event or otherwise), the
        Trustee, on behalf of the Trust Fund, shall terminate such Cap Agreement
        (i)
        subject to satisfaction of the Ratings Requirement or (ii) at the written
        direction of the Rating Agencies; provided
        that
        prior to or simultaneously with any termination of the Cap Agreement by the
        Trustee as a result of any downgrade of the ratings of the Cap Provider or
        the
        Credit Support Provider, the Trustee, on behalf of the Trust Fund, shall
        have
        entered into a substitute Cap Agreement in accordance with written notice
        from
        the Depositor provided pursuant to Section 6.13(c).

       

      (c) In
        the
        event of an early termination of a Cap Agreement, the Trustee, on behalf
        of the
        Trust Fund, shall enter into a substitute Cap Agreement (i) within 20 days
        after
        the termination of such existing Cap Agreement or (ii) prior to or
        simultaneously with the termination of the existing Cap Agreement as described
        in the proviso to Section 6.13(b), with a substitute counterparty meeting
        the
        eligibility requirements set forth in Section 6.13(a) hereof. The Depositor,
        on
        behalf of the Trust Fund, shall send written notice to the Trustee and the
        Rating Agencies as promptly as practicable prior to termination of the existing
        Cap Agreement, identifying a proposed counterparty with respect to the
        substitute Cap Agreement. Any proposed substitute counterparty shall be subject
        to the prior written approval of the Rating Agencies. 

       

      
        
          
          

        

        
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      (d) Any
        up-front fee payable to a replacement Cap Provider or other cost or expense
        associated with the Trustee entering into a new Cap Agreement pursuant to
        this
        Section 6.13 shall be payable by or on behalf of the Trust Fund from any
        payment
        received under the terminated Cap Agreement; provided,
        however,
        if such
        amount received is not sufficient to pay such up-front fee, the difference
        shall
        be paid pursuant to Section 6.05(e)(viii).

       

      (e) Promptly
        upon termination of a Cap Agreement, the Trustee shall mail notice thereof
        by
        first-class mail, postage prepaid, to each Rating Agency and the
        Certificateholders at their last addresses appearing upon the Certificate
        Register.

       

      Section
        6.14. Supplemental
        Interest Trust.

       

      (a) A
        separate trust is hereby established (the “Supplemental Interest Trust”), the
        corpus of which shall be held by the Trustee, in trust, for the benefit of
        the
        Certificateholders. The Trustee, as trustee of the Supplemental Interest
        Trust,
        shall establish an account (the “Supplemental Interest Trust Account”), into
        which the Sponsor shall initially deposit $1,000. The Supplemental Interest
        Trust 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
        monies, including, without limitation, other monies of the Trustee held pursuant
        to this Agreement. 

       

      (b) The
        Reserve Fund established under Section 6.12 and its assets (including, without
        limitation, the Cap Agreement) shall be an asset of the Supplemental Interest
        Trust.

       

      (c) In
        addition, on the Closing Date, the Trustee, on behalf of the Supplemental
        Interest Trust, shall establish an account (the “Swap Collateral Account”) into
        which funds shall be deposited pursuant to Section 6.14(f). The Swap Collateral
        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 monies,
        including, without limitation, other monies of the Trustee held pursuant
        to this
        Agreement.

       

      (d) The
        Trustee shall deposit into the Supplemental Interest Trust Account any Net
        Swap
        Payment required pursuant to Sections 6.05(b), (c) and (e), any Swap Termination
        Payment required pursuant to Sections 6.05(b), (c), (e) and (i) and any amounts
        received from the Swap Counterparty under the Swap Agreement, and shall
        distribute from the Supplemental Interest Trust Account any Net Swap Payment
        required pursuant to Section 6.05(f)(i) or Swap Termination Payment required
        pursuant to Sections 6.05(f)(ii) or (ix), as applicable. 

       

      (e) Funds
        in
        the Supplemental Interest Trust Account shall be invested in Eligible
        Investments. Any earnings on such amounts shall be distributed on each
        Distribution Date pursuant to Section 6.05(f). The Class X Certificates shall
        evidence ownership of the Supplemental Interest Trust Account for federal
        income
        tax purposes and the Holder thereof shall direct the Trustee, in writing,
        as to
        investment of amounts on deposit therein. The Sponsor shall be liable for
        any
        losses incurred on such investments. In the absence of written instructions
        from
        the Class X Certificateholders as to investment of funds on deposit in the
        Supplemental Interest Trust Account, such funds shall be invested in the
        Class A
        First American Government Obligations Fund or comparable investment vehicle.
        Any
        amounts on deposit in the Supplemental Interest Trust Account in excess of
        the
        Swap Amount on any Distribution Date shall be held for distribution pursuant
        to
        Section 6.05(f), on the following Distribution Date.

       

      
        
          
          

        

        
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      (f) Funds
        or
        collateral required to be held pursuant to the Swap Credit Support Annex
        shall
        be deposited into the Swap Collateral Account. Funds posted by the Swap
        Counterparty (or its credit support provider) in the Swap Collateral Account
        shall be invested in Eligible Investments at the written direction of the
        Swap
        Counterparty. Any interest earnings on such amounts shall be remitted to
        the
        Swap Counterparty pursuant to the terms of the Swap Credit Support Annex.
        For
        federal income tax purposes, the Swap Counterparty shall be considered owner
        of
        funds deposited in the Swap Collateral Account. The Trustee shall not be
        liable
        for any losses incurred on such investments. In the absence of written
        instructions from the Swap Counterparty (or its credit support provider)
        as to
        investment of funds on deposit in the Swap Collateral Account, such funds
        shall
        remain uninvested. On the first Distribution Date immediately following any
        Swap
        Payment Date as to which a shortfall exists with respect to a Net Swap Payment
        or a Swap Termination Payment owed by the Swap Counterparty as a result of
        its
        failure to make payments pursuant to the Swap Agreement, amounts necessary
        to
        cover such shortfall shall be removed from the Swap Collateral Account, remitted
        to the Swap Account and distributed as all or a portion of such Net Swap
        Payment
        or Swap Termination Payment pursuant to Section 6.05(f). Any amounts on deposit
        in the Swap Collateral Account required to be returned to the Swap Counterparty
        (or its credit support provider) as a result of (i) the termination of the
        Swap
        Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of
        required ratings or (iv) otherwise pursuant to the Swap Agreement, shall
        be
        released directly to the Swap Counterparty, pursuant to the terms of the
        Swap
        Credit Support Annex.

       

      (g) Upon
        termination of the Trust Fund, any amounts remaining in the Supplemental
        Interest Trust Account shall be distributed pursuant to the priorities set
        forth
        in Section 6.05(f).

       

      (h) Upon
        termination of the Trust Fund, any amounts remaining in the Swap Collateral
        Account shall be distributed as required pursuant to the terms of the Swap
        Credit Support Annex.

       

      (i) 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 X Certificates unless and
        until
        the date when either (a) there is more than one Holder of the Class X
        Certificates or (b) any Class of Certificates in addition to the Class X
        Certificates is recharacterized as an equity interest in the Supplemental
        Interest Trust for federal income tax purposes. Neither the Master Servicer
        nor
        the Trustee shall be responsible for any entity level tax reporting for the
        Supplemental Interest Trust.

       

      (j) To
        the
        extent that the Supplemental Interest Trust is determined to be a separate
        legal
        entity from the Trustee, any obligation of the Trustee under the Swap Agreement
        shall be deemed to be an obligation of the Supplemental Interest
        Trust.

       

      (k) In
        the
        event that the Swap Counterparty fails to perform any of its obligations
        under
        the Swap Agreement (including, without limitation, its obligations to make
        any
        payment or transfer collateral), or breaches any of its representations and
        warranties under the Swap Agreement, or in the event that an Event of Default,
        Termination Event, or Additional Termination Event occurs (as such terms
        are
        defined in the Swap Agreement), the Trustee, on behalf of the Supplemental
        Interest Trust, shall (upon a Responsible Officer of the Trustee’s receiving
        written notice or having actual knowledge of the occurrence thereof), as
        soon as
        practicable following such failure, breach or occurrence, notify the Swap
        Counterparty and give any notice of such failure and make any demand for
        payment
        pursuant to the Swap Agreement. In the event that the Swap Counterparty’s
        obligations under the Swap Agreement are at any time guaranteed by a third
        party, then to the extent that the Swap Counterparty fails to make any payment
        or delivery required under terms of the Swap Agreement, the Trustee, on behalf
        of the Supplemental Interest Trust, shall (upon a Responsible Officer of
        the
        Trustee’s receiving written notice or having actual knowledge of the occurrence
        thereof), as soon as practicable following such failure, demand that such
        guarantor make any and all payments then required to be made by the applicable
        guarantor.

       

      
        
          
          

        

        
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      Section
        6.15. Rights
        of Swap Counterparty.

       

      The
        Swap
        Counterparty 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, upon
        designation of an “Early Termination Date” (as defined in the Swap Agreement),
        to enforce its rights under this Agreement, which rights include but are
        not
        limited to the obligation of the Trustee (A) to deposit any Net Swap Payment
        required pursuant to Sections 6.05(b), (c) and (e), and any Swap Termination
        Payment required pursuant to Sections 6.05(b), (c), (e) and (i), into the
        Supplemental Interest Trust Account, (B) to pay any Net Swap Payment required
        pursuant to Section 6.05(f), or Swap Termination Payment required pursuant
        to
        Sections 6.05(f) to the Swap Counterparty and (C) to establish and maintain
        the
        Supplemental Interest Trust Account, to make such deposits thereto, investments
        therein and distributions therefrom as are required pursuant to Section 6.14.
        For the protection and enforcement of the provisions of this Section the
        Swap
        Counterparty shall be entitled to such relief as can be given either at law
        or
        in equity.

       

      Section
        6.16. Swap
        Termination Receipts.

       

      In
        the
        event of an “Early Termination Event” as defined under the Swap Agreement, (i)
        any Swap Termination Payment made by the Swap Counterparty to the Supplemental
        Interest Trust Account and paid pursuant to Section 6.05(f)(vii) (“Swap
        Termination Receipts”) will be deposited in a segregated non-interest bearing
        account which shall be an Eligible Account established by the Trustee (the
“Swap
        Termination Receipts Account”) and (ii) any amounts received from a replacement
        Swap Counterparty (“Swap Replacement Receipts”) will be deposited in a
        segregated non-interest bearing account which shall be an Eligible Account
        established by the Trustee (the “Swap Replacement Receipts Account”). The
        Trustee shall invest, or cause to be invested, funds held in the Swap
        Termination Receipts Account and the Swap Replacement Receipts Account in
        time
        deposits of the Trustee as permitted by clause (ii) of the definition of
        Eligible Investments as directed in writing by the Required Certificateholders.
        In the absence of such written direction, such funds shall remain uninvested.
        All such investments must be payable on demand or mature on a Swap Payment
        Date,
        a Distribution Date or such other date as directed by the Required
        Certificateholders. All such Eligible Investments will be made in the name
        of
        the Trustee of the Supplemental Interest Trust (in its capacity as such)
        or its
        nominee. All income and gain realized from any such investment shall be
        deposited in the Swap Termination Receipts Account or the Swap Replacement
        Receipts Account, as applicable, and all losses, if any, shall be borne by
        the
        related account. 

       

      
        
          
          

        

        
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      Unless
        otherwise permitted by the Rating Agencies as evidenced in a written
        confirmation, the Depositor shall arrange for replacement Swap Agreement(s)
        or
        procure a replacement guarantor, if applicable, and the Trustee shall promptly,
        upon written direction of, and with the assistance and cooperation of the
        Depositor, use amounts on deposit in the Swap Termination Receipts Account,
        if
        necessary, to enter into replacement Swap Agreement(s) or to execute any
        other
        agreements with respect to such replacement guarantor, if applicable, which
        shall be executed and delivered by the Trustee on behalf of the Supplemental
        Interest Trust upon receipt of written confirmation from each Rating Agency
        (if
        required pursuant to the terms of the Swap Agreement) that such replacement
        Swap
        Agreement(s) 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.
        

       

      Amounts
        on deposit in the Swap Replacement Receipts Account shall be held for the
        benefit of the related Swap Counterparty and paid to such Swap Counterparty
        if
        the Supplemental Interest Trust is required to make a payment to such Swap
        Counterparty following an event of default or termination event with respect
        to
        the Supplemental Interest Trust under the related Swap Agreement. Any amounts
        not so applied shall, following the termination or expiration of such
        replacement swap agreement, be paid to the Class X Certificates.

       

      ARTICLE
        VII

       

      REMEDIES

       

      Section
        7.01. Limitation
        on Suits.

       

      No
        Certificateholder shall have any right to institute any proceeding, judicial
        or
        otherwise, with respect to this Agreement, or for the appointment of a receiver
        or trustee, or for any other remedy hereunder, unless:

       

      (i) there
        is
        a continuing Event of Master Servicer Default and such Certificateholder
        has
        previously given written notice to the Trustee of a continuing Event of Master
        Servicer Default;

       

      (ii) the
        Required Certificateholders shall have made written request to the Trustee
        to
        institute proceedings in respect of such Event of Master Servicer Default
        in its
        own name as Trustee hereunder;

       

      (iii) such
        Certificateholders have offered to the Trustee reasonable indemnity against
        the
        costs, expenses and liabilities to be incurred in compliance with such
        request;

       

      (iv) the
        Trustee, for 30 days after its receipt of such notice, request and offer
        of
        indemnity, has failed to institute any such proceeding; and

       

      
        
          
          

        

        
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      (v) no
        direction inconsistent with such written request has been given to the Trustee
        during such 30-day period by the Required Certificateholders;

       

      it
        being
        understood and intended that no one or more Certificateholders shall have
        any
        right in any manner whatever by virtue of, or by availing of, any provision
        of
        this Agreement to affect, disturb or prejudice the rights of any other
        Certificateholders, or to obtain or to seek to obtain priority or preference
        over any other Certificateholders or to enforce any right under this Agreement,
        except in the manner herein provided and for the ratable benefit of all the
        Certificateholders as provided herein.

       

      Notwithstanding
        anything to the contrary herein, no Certificateholder, solely by virtue of
        its
        status as a Certificateholder, shall have any right by virtue of or by availing
        itself of any provision of this Agreement to institute any suit, action or
        proceeding in equity or at law against FHA or HUD upon or under or with respect
        to any policy of FHA Insurance applicable to a Mortgage Loan or any purported
        rights thereunder. All such direct rights against FHA or HUD shall be held
        by
        the Trustee as the designated mortgagee of record with respect to the FHA
        Mortgage Loans and shall include, without limitation, the right to enforce
        such
        policy of FHA Insurance against FHA or HUD and require the payment by FHA
        or HUD
        of any amount due thereunder.

       

      Section
        7.02. Restoration
        of Rights and Remedies.

       

      If
        the
        Trustee or any Certificateholder has instituted any proceeding to enforce
        any
        right or remedy under this Agreement and such proceeding has been discontinued
        or abandoned for any reason, or has been determined adversely to the Trustee
        or
        to such Certificateholder, then and in every such case, subject to any
        determination in such proceeding, the Seller, the Trustee and the
        Certificateholders shall be restored severally and respectively to their
        former
        positions hereunder and thereafter all rights and remedies of the Trustee
        and
        the Certificateholders shall continue as though no such proceeding had been
        instituted.

       

      Section
        7.03. Rights
        and Remedies Cumulative.

       

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

       

      Section
        7.04. Delay
        or Omission Not Waiver.

       

      No
        delay
        or omission of the Trustee or of any Certificateholder to exercise any right
        or
        remedy accruing upon any Event of Master Servicer Default shall impair any
        such
        right or remedy or constitute a waiver of any such Event of Master Servicer
        Default or an acquiescence therein. Every right and remedy given by this
        Article
        or by law to the Trustee or to the Certificateholders may be exercised from
        time
        to time, and as often as may be deemed expedient, as permitted under the
        terms
        hereof, by the Trustee or by the Certificateholders, as the case may
        be.

       

      
        
          
          

        

        
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      Section
        7.05. Control
        by Certificateholders.

       

      (a) Subject
        to Section 7.06 hereof, the Required Certificateholders shall have the right
        to
        direct the time, method and place of conducting any proceeding for any remedy
        available to the Trustee or exercising any trust or power conferred on the
        Trustee hereunder; provided
        that (i)
        such direction shall not be in conflict with any rule of law or with this
        Agreement, (ii) such direction shall not involve any action for which the
        Trustee reasonably believes it may not obtain compensation or reimbursement
        for
        hereunder or, if the Trustee determines that such compensation or reimbursement
        is not available, such Certificateholders have not offered the Trustee
        reasonable indemnity for the cost of such actions, and (iii) the Trustee
        may
        take any other action deemed proper by the Trustee which is not inconsistent
        with such direction.

       

      (b) Prior
        to
        the occurrence of an Event of Master Servicer Default hereunder and after
        the
        curing or waiver of all Events of Master Servicer Default which may have
        occurred, the Trustee shall not be bound to make any investigation into the
        facts or matters stated in any resolution, certificate, statement, instrument,
        opinion, report, notice, request, consent, order, approval, bond or other
        paper
        or document, unless requested in writing to do so by the Required
        Certificateholders;
        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
        Certificate afforded to it by the terms of this Agreement, the Trustee may
        require reasonable indemnity against such expense or liability as a condition
        to
        taking any such action. The reasonable expense of every such examination
        relating to an Event of Master Servicer Default shall be paid by the Master
        Servicer if an Event of Master Servicer Default shall have occurred and be
        continuing, and otherwise by the Certificateholders requesting the
        investigation.

       

      Section
        7.06. Waiver
        of Past Defaults.

       

      The
        Required Certificateholders may on behalf of the Certificateholders of all
        the
        Certificates waive any past default hereunder and its consequences.

       

      Upon
        any
        such waiver, such default shall cease to exist, and any Event of Master Servicer
        Default arising therefrom shall be deemed to have been cured, for every purpose
        of this Agreement; but no such waiver shall extend to any subsequent or other
        default or impair any right consequent thereon.

       

      Section
        7.07. Undertaking
        for Costs.

       

      All
        parties to this Agreement agree, and each Certificateholder by the acceptance
        of
        a Certificate shall be deemed to have agreed, that any court may in its
        discretion require, in any suit for the enforcement of any right or remedy
        under
        this Agreement, or in any suit against the Trustee for any action taken,
        suffered or omitted by it as Trustee, the filing by any party litigant in
        such
        suit of an undertaking to pay the costs of such suit, and that such court
        may in
        its discretion assess reasonable costs, including reasonable attorneys’ fees and
        disbursements, against any party litigant in such suit, having due regard
        to the
        merits and good faith of the claims or defenses made by such party litigant;
        but
        the provisions of this Section 7.07 (other than this clause) shall not apply
        to
        any suit instituted by the Depositor, by the Trustee, by the Master Servicer,
        by
        any Certificateholder or group of Certificateholders holding in the aggregate
        more than 10% of the Voting Rights of the outstanding Certificates, or to
        any
        suit instituted by any Certificateholder for the enforcement of the payment
        of
        any principal of or interest on any Certificate.

       

      
        
          
          

        

        
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      Section
        7.08. Waiver
        of Stay or Extension Laws.

       

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

       

      ARTICLE
        VIII

       

      LIMITATION
        ON LIABILITY; INDEMNITIES

       

      Section
        8.01. Liabilities
        of Mortgagors.

       

      No
        obligation or liability of any Mortgagor under any of the Mortgage Loans
        is
        intended to be assumed by the Depositor, the Master Servicer, the Trustee,
        the
        Holder of any Certificate under or as a result of this Agreement and the
        transactions contemplated hereby and, to the maximum extent permitted and
        valid
        under mandatory provisions of law, the Master Servicer, the Trustee and the
        Holders of each Certificate expressly disclaim such assumption.

       

      Section
        8.02. Liability
        of the Depositor.

       

      (a) The
        Depositor shall be liable in accordance herewith only to the extent of the
        obligations specifically imposed by this Agreement.

       

      (b) Neither
        the Depositor, nor any of the directors, officers, employees or agents of
        the
        Depositor, shall be under any liability to the Trust Fund, the Master Servicer,
        the Trustee or any Certificateholder for any action taken, or for refraining
        from the taking of any action, in good faith pursuant to this Agreement,
        or for
        errors in judgment; provided,
        however,
        that
        this provision shall not protect the Depositor or any such Person against
        any
        breach of warranties or representations made herein, or against any specific
        liability imposed on each such party pursuant to this Agreement or against
        any
        liability which would otherwise be imposed by reason of willful misfeasance,
        bad
        faith or negligence in the performance of duties or by reason of reckless
        disregard of obligations or duties hereunder.

       

      Section
        8.03. Relationship
        of Master Servicer.

       

      The
        relationship of the Master Servicer (and of any Successor Master Servicer
        under
        this Agreement) to the Trustee and the Depositor under this Agreement is
        intended by the parties hereto to be that of an independent contractor and
        not
        of a joint venturer, partner or agent of the Trustee or the Depositor, except
        as
        otherwise stated herein.

       

      
        
          
          

        

        
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      Section
        8.04. Indemnities
        of the Master Servicer.

       

      (a) Subject
        to Section 4.33 hereof, the Master Servicer agrees to indemnify the Trust
        Fund,
        the Trustee and the Depositor and their respective directors, officers,
        employers and agents (the “Indemnified Parties”) from, and hold them harmless
        against, any and all costs, expenses (including reasonable attorney fees
        and
        disbursements), losses, claims, damages and liabilities that the Indemnified
        Parties may sustain to the extent attributable to the failure of the Master
        Servicer to perform its duties under this Agreement in compliance with its
        obligations hereunder, including, without limitation, its obligation to master
        service the Mortgage Loans in compliance with the terms of this Agreement.
        Each
        Indemnified Party shall immediately notify the Master Servicer if a claim
        is
        made by a third party with respect to this Agreement or the Mortgage Loans
        entitling the Trust Fund, the Depositor or the Trustee to indemnification
        hereunder, whereupon the Master Servicer 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 it or them in respect of such claim. This indemnification
        shall survive the termination of this Agreement and the resignation or removal
        of the Master Servicer.

       

      (b) This
        Section 8.04 shall survive the termination of this Agreement, the resignation
        or
        removal of the Master Servicer, and the resignation or removal of the Trustee,
        with respect to the acts or omissions of the Master Servicer while it acted
        as
        Master Servicer.

       

      ARTICLE
        IX

       

      CONCERNING
        THE TRUSTEE

       

      Section
        9.01. Duties
        of Trustee.

       

      (a) If
        an
        Event of Master Servicer Default has occurred and is continuing, the Trustee
        shall exercise the rights and powers vested in it by this Agreement and use
        the
        same degree of care and skill in its exercise as a prudent person would exercise
        or use under the circumstances in the conduct of such person’s own
        affairs.

       

      (b) Except
        during the continuance of an Event of Master Servicer Default:

       

      (i) the
        Trustee undertakes to perform such duties and only such duties as are
        specifically set forth in this Agreement and shall not be liable except for
        the
        performance of such duties and obligations as are specifically set forth
        in this
        Agreement and no implied covenants or obligations shall be read into this
        Agreement against the Trustee; and

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      (iii) the
        Trustee shall not be required to take notice or be deemed to have notice
        or
        knowledge of any default or Event of Master Servicer Default, unless a
        Responsible Officer of the Trustee obtains actual knowledge or written notice
        of
        such default or Event of Master Servicer Default. In the absence of such
        actual
        knowledge or notice, the Trustee may conclusively assume that there is no
        default or Event of Master Servicer Default.

       

      (d) Every
        provision of this Agreement that in any way relates to the Trustee is subject
        to
        paragraphs (a), (b), (c) and (g) of this Section.

       

      (e) The
        Trustee shall not be liable for indebtedness evidenced by or arising under
        any
        of the Basic Documents, including principal of or interest on the Certificates,
        or interest on any money received by it except as the Trustee may agree in
        writing.

       

      (f) Money
        held in trust by the Trustee need not be segregated from other funds except
        to
        the extent required by law or the terms of this Agreement.

       

      (g) No
        provision of this Agreement shall require the Trustee to expend, advance
        or risk
        its own funds or otherwise incur financial liability in the performance of
        any
        of its duties hereunder or in the exercise of any of its rights or powers,
        if it
        shall have reasonable grounds to believe that repayment of such funds or
        adequate indemnity against such risk or liability is not reasonably assured
        to
        it provided,
        however,
        that the
        Trustee shall not refuse or fail to perform any of its duties hereunder solely
        as a result of nonpayment of its normal fees and expenses.

       

      (h) Every
        provision of this Agreement or any Basic Document relating to the conduct
        or
        affecting the liability of or affording protection to the Trustee shall be
        subject to the provisions of this Section and Section 9.02.

       

      (i) The
        Trustee shall execute and deliver this Agreement, the Servicing Agreements,
        the
        Cap Agreement, the Swap Agreement and such other documents and instruments
        as
        shall be necessary or appropriate in accordance with its duties and obligations
        hereunder, including without limitation, any agreement relating to any Pool
        PMI
        Insurance Policy. The Depositor hereby directs the Trustee to perform its
        obligations under and make the representations contained in the Swap Agreement
        and the Cap Agreement (including but not limited to the Tax Representations
        in
        Part 2 of the related documents) on the Closing Date and thereafter on behalf
        of
        the Supplemental Interest Trust, solely in its capacity as trustee of the
        Supplemental Interest Trust and not in its individual capacity. Furthermore,
        the
        Depositor hereby authorizes the Trustee, in its capacity as trustee on behalf
        of
        the Supplemental Interest Trust, to (a) take direction from the applicable
        Certificateholders as specified in the Swap Agreement and the Cap Agreement
        and
        (b) accept any “Firm Offer” or “offer capable when made of becoming legally
        binding” as specified in the definition of “Market Quotation” in the schedule to
        the Swap Agreement or the Cap Agreement, as applicable.

       

      
        
          
          

        

        
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      Section
        9.02. Certain
        Matters Affecting the Trustee.

       

      (a) The
        Trustee, and any director, officer, employee or agent of the Trustee may
        rely in
        good faith on any document of any kind which, prima facie, is properly executed
        and submitted by any appropriate Person respecting any matters arising
        hereunder. The Trustee may rely on any document believed by it to be genuine
        and
        to have been signed or presented by the proper person. The Trustee need not
        investigate any fact or matter stated in the document.

       

      (b) Before
        the Trustee acts or refrains from acting, it may require an Officer’s
        Certificate or an Opinion of Counsel, which shall not be at the expense of
        the
        Trustee. The Trustee shall not be liable for any action it takes or omits
        to
        take in good faith in reliance on an Officer’s Certificate or Opinion of
        Counsel. The right of the Trustee to perform any discretionary act enumerated
        in
        this Agreement or in any Basic Document 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.

       

      (c) 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
        or
        nominee.

       

      (d) The
        Trustee shall not be liable for any action it takes or omits to take in good
        faith which it believes to be authorized or within its rights or powers;
        provided
        that the
        Trustee’s conduct does not constitute willful misconduct, negligence or bad
        faith.

       

      (e) The
        Trustee may consult with counsel, and any Opinion of Counsel with respect
        to
        legal matters relating to this Agreement, any Basic Document and the
        Certificates shall be full and complete authorization and protection from
        liability in respect to any action taken, omitted or suffered by it hereunder
        in
        good faith and in accordance with any Opinion of Counsel of such
        counsel.

       

      (f) In
        the
        event that the Trustee is also acting as Certificate Registrar hereunder
        or
        under any Basic Document, the rights and protections afforded to the Trustee
        pursuant to this Article Six shall be afforded to such Certificate
        Registrar.

       

      Section
        9.03. Trustee’s
        Disclaimer.

       

      The
        Trustee shall not be responsible for and makes no representation as to the
        validity or adequacy of any of the Basic Documents, the assets of the Trust
        Fund, the assets of the Supplemental Interest Trust or the Certificates;
        it
        shall not be accountable for the Depositor’s use of the proceeds from the
        Certificates, and it shall not be responsible for any statement of the
        Depositor, the Master Servicer, a Servicer or the Swap Counterparty in this
        Agreement, any other Basic Documents or in any document issued in connection
        with the sale of the Certificates or in the Certificates other than the
        Trustee’s certificate of authentication.

       

      
        
          
          

        

        
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      Section
        9.04. 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 the
        Trustee.

       

      Section
        9.05. Compensation
        and Indemnity.

       

      The
        Trustee shall be entitled, as compensation for its services as trustee, to
        the
        Trustee Fee, and for its services as custodian, to the Custodian Fee, as
        provided herein. The Trustee’s compensation shall not be limited by any law on
        compensation of a trustee of an express trust. The Trustee shall be reimbursed
        subject to Section 9.10 hereof from the Trust Fund, as provided in this
        Agreement, for all reasonable expenses incurred or made by it under this
        Agreement, including costs of collection, in addition to the compensation
        for
        its services (as provided in this Agreement). Such expenses shall include
        the
        reasonable compensation and expenses, disbursements and advances of the
        Trustee’s agents, counsel, accountants and experts.

       

      The
        Trust
        Fund shall indemnify the Trustee and the Trustee’s employees, directors and
        agents, as provided in the this Agreement, against any and all claim, loss,
        liability or expense (including attorneys’ fees) incurred by it in connection
        with the administration of this trust, the Reserve Fund and the Supplemental
        Interest Trust, and the performance of its duties hereunder or under any
        Basic
        Document (to the extent not previously reimbursed above), including, without
        limitation, the execution and filing of any federal or state tax returns
        and
        information returns and being the mortgagee of record with respect to the
        Mortgage Loans. The Trustee shall notify the Depositor promptly of any claim
        for
        which it may seek indemnity. Failure by the Trustee to so notify the Depositor
        shall not relieve the Trust Fund of its obligations hereunder. The Trustee
        may
        have separate counsel and the fees and expenses of such counsel shall be
        paid
        from the Trust Fund. The Trust Fund shall not be required to reimburse any
        expense or indemnify against any loss, liability or expense incurred by the
        Trustee through the Trustee’s own willful misconduct, negligence or bad
        faith.

       

      The
        Trustee’s rights pursuant to this Section shall survive the discharge of this
        Agreement.

       

      Section
        9.06. Replacement
        of Trustee.

       

      No
        resignation or removal of the Trustee and no appointment of a successor Trustee
        shall become effective until the acceptance of appointment by the successor
        Trustee pursuant to this Section. The Trustee may resign at any time by giving
        90 days’ written notice thereof to the Master Servicer, the Depositor, each
        Certificateholder, each Rating Agency and the Swap Counterparty. The Depositor
        shall remove the Trustee if:

       

      (viii) the
        Trustee fails to comply with Section 9.09;

       

      (ix) the
        Trustee is adjudged bankrupt or insolvent;

       

      
        
          
          

        

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

       

      (xi) the
        Trustee otherwise becomes incapable of acting.

       

      If
        the
        Trustee resigns or is removed or if a vacancy exists in the office of the
        Trustee for any reason (the Trustee in such event being referred to herein
        as
        the retiring Trustee), the Depositor shall promptly appoint a successor Trustee
        that satisfies the eligibility requirements of Section 9.09.

       

      The
        resigning or removed Trustee agrees to cooperate with the Master Servicer
        and
        any successor Trustee in effecting the termination of the resigning or removed
        Trustee’s responsibilities and rights hereunder and shall promptly provide such
        successor Trustee all documents and records reasonably requested by it to
        enable
        it to assume the Trustee’s functions hereunder.

       

      A
        successor Trustee shall deliver a written acceptance of its appointment to
        the
        retiring Trustee and to the Depositor. Thereupon the resignation or removal
        of
        the retiring Trustee shall become effective, and the successor Trustee shall
        have all the rights, powers and duties of the Trustee under this Agreement.
        The
        successor Trustee shall mail a notice of its succession to Certificateholders.
        The retiring Trustee shall promptly transfer all property held by it as Trustee
        to the successor Trustee.

       

      If
        a
        successor Trustee does not take office within 30 days after the retiring
        Trustee
        resigns or is removed, the retiring Trustee, the Depositor or the Required
        Certificateholders may petition any court of competent jurisdiction for the
        appointment of a successor Trustee.

       

      If
        the
        Trustee fails to comply with Section 9.09, any Certificateholder may petition
        any court of competent jurisdiction for the removal of the Trustee and the
        appointment of a successor Trustee.

       

      Section
        9.07. Successor
        Trustee by Merger.

       

      If
        the
        Trustee consolidates with, merges or converts into, or transfers all or
        substantially all its corporate trust business or assets to, another corporation
        or banking association, the resulting, surviving or transferee corporation
        without any further act shall be the successor Trustee; provided
        that
        such corporation or banking association shall be otherwise qualified and
        eligible under Section 9.09. The Trustee shall provide each Rating Agency
        prior
        written notice of any such transaction.

       

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

       

      
        
          
          

        

        
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      Section
        9.08. Appointment
        of Co-Trustee or Separate Trustee.

       

      (a) Notwithstanding
        any other provisions of this Agreement, at any time, for the purpose of meeting
        any legal requirement of any jurisdiction in which any part of the Trust
        Fund
        may at the time be located, the Trustee shall have the power and may execute
        and
        deliver all instruments to appoint one or more Persons to act as a co-trustee
        or
        co-trustees, or separate trustee or separate trustees, of all or any part
        of the
        Trust Fund and to vest in such Person or Persons, in such capacity and for
        the
        benefit of the Certificateholders, such title to the Trust Fund, or any part
        hereof, and, subject to the other provisions of this Section, such powers,
        duties, obligations, rights and trusts as the Trustee may consider necessary
        or
        desirable. No co-trustee or separate trustee hereunder shall be required
        to meet
        the terms of eligibility as a successor trustee under Section 9.09 and no
        notice
        to Certificateholders of the appointment of any co-trustee or separate trustee
        shall be required under Section 9.06 hereof.

       

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

       

      (i) all
        rights, powers, duties and obligations conferred or imposed upon the 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 the
        Trustee
        shall be incompetent or unqualified to perform such act or acts, in which
        event
        such rights, powers, duties and obligations (including the holding of title
        to
        the Trust Fund or any portion thereof in any such jurisdiction) shall be
        exercised and performed singly by such separate trustee or co-trustee, but
        solely at the direction of the Trustee;

       

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

       

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

       

      (c) Any
        notice, request or other writing given to the 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
        Six.
        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.

       

      (d) Any
        separate trustee or co-trustee may at any time constitute the Trustee, its
        agent
        or attorney-in-fact with full power and authority, to the extent not prohibited
        by law, to do any lawful act under or in respect of this Agreement on its
        behalf
        and in its name. If any separate trustee or co-trustee shall die, become
        incapable of acting, resign or be removed, all of its estates, properties,
        rights, remedies and trusts shall vest in and be exercised by the Trustee,
        to
        the extent permitted by law, without the appointment of a new or successor
        trustee.

       

      
        
          
          

        

        
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      Section
        9.09. Eligibility;
        Disqualification.

       

      The
        Trustee (or any Affiliate of the Trustee, in the case of (iv) below) shall
        at
        all times (i) have a combined capital and surplus of at least $100,000,000
        as
        set forth in its most recent published annual report of condition, (ii) have
        a
        long term deposit rating of at least A or the equivalent by each Rating Agency,
        (iii) not be an Affiliate of the Depositor or the Master Servicer or any
        Servicer, (iv) be an FHA Approved Mortgagee and be qualified to own and hold
        VA
        Mortgage Loans, (v) be in compliance with all applicable Regulations, (vi)
        be a
        corporation or association organized and doing business under the laws of
        the
        United States or any State thereof, (vii) be authorized to exercise corporate
        trust powers and (viii) be subject to supervision or examination by a federal
        or
        state authority. In case at any time the Trustee shall cease to be eligible
        in
        accordance with provisions of this Section, the Trustee shall resign immediately
        in the manner and with the effect specified in Section 9.06.

       

      Section
        9.10. Fees
        and Expenses.

       

      On
        each
        Distribution Date, the Trustee shall be entitled to withdraw from the
        Certificate Distribution Account, pursuant to Section 6.04(c) hereof, the
        Trustee Fee and the Custodian Fee. In addition, the Trustee and any co-trustee
        are entitled to reimbursement from the Collection Account, in accordance
        with
        Section 4.08(ix) of this Agreement, for all reasonable expenses, disbursements
        and advances incurred or made by the Trustee or any co-trustee in accordance
        with any provisions of this Agreement (including the reasonable compensation
        and
        the expenses and disbursements of its counsel and of all persons not regularly
        in its employ, and the expenses incurred by the Trustee or any co-trustee
        in
        connection with the appointment of an office or agency pursuant to Section
        9.08
        hereof) except any such expense, disbursement or advance as may arise from
        its
        negligence, bad faith or willful misconduct; provided,
        however,
        that the Trustee’s reimbursable fees and expenses may not exceed $100,000 during
        any Anniversary Year. In the event that the Trustee incurs reimbursable fees
        and
        expenses in excess of $100,000, it may seek reimbursement for such amounts
        in
        subsequent Anniversary Years, but in no event shall more than $100,000 be
        reimbursed to the Trustee per Anniversary Year.

       

      Section
        9.11. Representations
        and Warranties.

       

      The
        Trustee hereby represents and covenants that:

       

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

       

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

       

      
        
          
          

        

        
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      (iii) the
        consummation of the transactions contemplated by this Agreement and the
        fulfillment of the terms hereof do not conflict with, result in any breach
        of
        any of the terms and provisions of, or constitute (with or without notice
        or
        lapse of time) a default under the articles of organization or bylaws of
        the
        Trustee or any agreement or other instrument to which the Trustee is a party
        or
        by which it is bound;

       

      (iv) to
        the
        Trustee’s best knowledge, there are no proceedings or investigations pending or
        threatened before any court, regulatory body, administrative agency or other
        governmental instrumentality having jurisdiction over the Trustee or its
        properties: (i) asserting the invalidity of this Agreement, (ii) seeking
        to
        prevent the consummation of any of the transactions contemplated by this
        Agreement or (iii) seeking any determination or ruling that might materially
        and
        adversely affect the performance by the Trustee of its obligations under,
        or the
        validity or enforceability of, this Agreement; and

       

      (v) the
        Trustee is an FHA Approved Mortgagee and is qualified to own and hold VA
        Mortgage Loans, shall at all times maintain such status, and shall, at its
        own
        expense, maintain compliance with all applicable Regulations.

       

      Section
        9.12. Trustee
        Exchange Act Reporting Requirements.

       

      Notwithstanding
        any other provision of this Agreement, the Trustee
        shall
        (i) agree to such modifications and enter into such amendments to this Agreement
        as may be reasonably necessary for the Depositor to comply with any rules
        promulgated by the Commission and any interpretations thereof by the staff
        of
        the Commission (collectively, “SEC Rules”), provided
        that the Trustee has the right to negotiate any change affecting its rights
        or
        responsibilities under this Agreement and (ii) promptly upon request provide
        to
        the Depositor for inclusion in any periodic report required to be filed under
        the Exchange Act such items of information regarding this Agreement and matters
        related to the Trustee,
        including as applicable (by way of example and not limitation), a description
        of
        any material litigation or governmental action or proceeding involving the
        Trustee
        or its affiliates;
        provided
        that such information shall be required to be provided by the Trustee only
        to
        the extent that such shall be reasonably necessary for the Depositor to comply
        with any SEC Rules.

       

      ARTICLE
        X

       

      MISCELLANEOUS

       

      Section
        10.01. Termination
        upon Liquidation or Purchase of all Mortgage Loans.

       

      Subject
        to Section 10.03, the respective obligations and responsibilities of the
        Master
        Servicer, the Depositor and the Trustee created hereby (other than obligations
        expressly stated to survive the termination of the Trust Fund) shall terminate
        on the date (the “Termination Date”) which is the earlier to occur
        of:

       

      (i) the
        day
        after the day on which the Certificates, including any Deferred Principal
        Amounts owed thereon, are paid in full (including payment pursuant to Section
        10.02 below); and

       

      
        
          
          

        

        
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      (ii) the
        date
        that is 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.

       

      Section
        10.02. Optional
        Termination; Final Distribution on the Certificates.

       

      (a) On
        any
        Distribution Date on or after the first Distribution Date on which the Aggregate
        Pool Balance as of the beginning of the related Due Period is less than ten
        percent of the Cut-off Date Aggregate Pool Balance, the Master Servicer,
        acting
        directly or through one or more Affiliates, shall have the option to purchase
        from the Trustee all (but not fewer than all) of the Mortgage Loans and all
        other property of the Trust Fund at a cash price equal to the sum of (u)
        the
        greater of (i) the sum of (a) the unpaid principal balance of each Mortgage
        Loan
        immediately prior to the date of purchase and (b) the
        amount of any costs and damages incurred by the Trust Fund as a result of
        any
        violation of any predatory or abusive lending law arising from or in connection
        with the origination of such Mortgage Loan
        and (ii)
        the fair market value of such Mortgage Loans (disregarding accrued interest),
        (v) any accrued and unpaid interest on the Mortgage Loans from the date as
        to
        which interest was last paid to (but not including) the Due Date in the Due
        Period immediately preceding the related Distribution Date, calculated at
        the
        Mortgage Rate thereon to but not including the related Distribution Date,
        (w)
        any unreimbursed Servicing Advances with respect to such Mortgage Loan, (x)
        the
        Class A-IO Termination Amount (y) the fair market value of all other property
        of
        the Trust Fund and (z) any Swap Termination Payment owed to the Swap
        Counterparty as a result of such optional purchase of the Mortgage Loans
        that
        remain outstanding (the sum of the amounts in clauses (u) through (z), the
        “Termination Price”). The Master Servicer shall deliver written notice of its
        intention to exercise such option to the Trustee not less than ten days prior
        to
        the applicable Distribution Date. Upon exercise of such option, the property
        of
        the Trust Fund shall be sold to the Master Servicer at a price equal to the
        Termination Price. 

       

      In
        connection with such purchase, the Master Servicer shall remit to the Trustee
        all amounts then on deposit in the Collection Account in respect of the related
        Total Distribution Amount for deposit to the Certificate Distribution Account,
        which deposit shall be deemed to have occurred immediately preceding such
        purchase.

       

      (b) If
        on any
        Determination Date the Master Servicer determines that there are no outstanding
        Mortgage Loans and no other funds or assets in the Trust Fund other than
        the
        funds in the Certificate Distribution Account, the Master Servicer shall
        direct
        the Trustee promptly to send a final distribution notice to each
        Certificateholder. If the Master Servicer elects to terminate the Trust Fund
        pursuant to clause (a) of Section 10.02, at least 10 days prior to the date
        notice is to be mailed to the affected Certificateholders the Master Servicer
        shall notify the Depositor and the Trustee of the date of termination of
        the
        Trust Fund and of the applicable repurchase price of the Mortgage Loans and
        REO
        Properties.

       

      Notice
        of
        any termination of the Trust Fund, specifying the Distribution Date on which
        Certificateholders may surrender their Certificates for payment of the final
        distribution and cancellation, shall be given promptly by the Trustee by
        letter
        to Certificateholders mailed not earlier than the 5th day and no later than
        the
        28th day of the month next preceding the month of such final distribution.
        Any
        such notice shall specify (a) the Distribution Date upon which final
        distribution on the Certificates will be made upon presentation and surrender
        of
        Certificates at the office therein designated, (b) the amount of such final
        distribution, (c) the location of the office or agency at which such
        presentation and surrender must be made, and (d) 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 therein specified. The Trustee will give such notice to each Rating
        Agency at the time such notice is given to Certificateholders.

       

      
        
          
          

        

        
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      In
        the
        event such notice is given, the Master Servicer shall cause all funds in
        the
        Collection Account to be remitted to the Trustee for deposit in the Certificate
        Distribution Account on the Business Day prior to the applicable Distribution
        Date in an amount equal to the final distribution in respect of the
        Certificates. Upon such final deposit with respect to the Trust Fund and
        the
        receipt by the Trustee of a Request for Release therefor, the Trustee shall
        promptly release to the purchaser the Mortgage Files for the Mortgage
        Loans.

       

      Upon
        presentation and surrender of the Certificates, the Trustee shall cause to
        be
        distributed to the Certificateholders of each Class, in each case on the
        final
        Distribution Date and in the order set forth in Section 6.05(i), in proportion
        to their respective Percentage Interests, with respect to Certificateholders
        of
        the same Class, an amount equal to (i) as to each Class of Regular Certificates,
        the Class Principal Balance thereof plus
        accrued
        interest thereon (or on their Class Notional Balance, if applicable) in the
        case
        of an interest bearing Certificate (plus,
        as to
        the Class A-IO Certificates, the Class A-IO Termination Amount, in the case
        of
        termination pursuant to Section 10.02(a) above), and (ii) as to the Class
        RL
        Certificates, the amount, if any, which remains on deposit in the Certificate
        Distribution Account (other than the amounts retained to meet claims) after
        application pursuant to clause (i) above.

       

      In
        the
        event that any affected Certificateholders shall not surrender Certificates
        for
        cancellation within six months after the date specified in the above-mentioned
        written notice, the Trustee shall give a second written notice to the remaining
        Certificateholders to surrender their Certificates for cancellation and receive
        the final distribution with respect thereto. If within six months after the
        second notice all the applicable Certificates shall not have been surrendered
        for cancellation, the Trustee may take appropriate steps, to contact the
        remaining Certificateholders concerning surrender of their Certificates,
        and the
        cost thereof shall be paid out of the funds and other assets which remain
        a part
        of the Trust Fund. If within one year after the second notice all Certificates
        shall not have been surrendered for cancellation, the Class RL Certificates
        shall be entitled to all unclaimed funds and other assets of the Trust Fund
        which remain subject hereto.

       

      (c) In
        connection with any purchase of the property of the Trust Fund pursuant to
        paragraphs (a) or (b) of this Section 10.02, the Master Servicer shall reimburse
        itself and each applicable Servicer for any amounts to be reimbursed to the
        Master Servicer or such Servicer pursuant to this Agreement and the applicable
        Servicing Agreements from funds in the Collection Account prior to remitting
        the
        balance of the funds in the Collection Account to the Certificate Distribution
        Account. Promptly following any such purchase pursuant to paragraphs (a)
        or (b)
        of this Section, the Trustee shall release the Mortgage Files to the purchaser
        of such Mortgage Loans pursuant to this Section 10.02, or otherwise upon
        its
        order.

       

      
        
          
          

        

        
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      (d) Promptly
        following the sale of the Mortgage Loans pursuant to this Section, the Master
        Servicer shall notify each Servicer in writing of the date of sale and the
        identity of the purchaser.

       

      Section
        10.03. Additional
        Termination Requirements.

       

      (a) In
        the
        event that the Master Servicer exercises the purchase option as provided
        in
        Section 10.02(a) on its own behalf, the “Terminating Party”), the Trust Fund
        shall be terminated in accordance with the following additional requirements,
        unless the Trustee has been supplied with an Opinion of Counsel, at the expense
        of the Terminating Party, to the effect that the failure to comply with the
        requirements of this Section 10.03 will not result in an Adverse REMIC
        Event:

       

      (i) Within
        90
        days prior to the final Distribution Date set forth in the notice given under
        Section 10.02, the Terminating Party shall prepare and the Trustee, at the
        expense of the Terminating Party, shall adopt a plan of complete liquidation
        within the meaning of section 860F(a)(4) of the Code which, as evidenced
        by an
        Opinion of Counsel (which opinion shall not be an expense of the Trustee
        or the
        Tax Matters Person), meets the requirements of a qualified liquidation;
        and

       

      (ii) Within
        90
        days after the time of adoption of such a plan of complete liquidation, the
        Trustee shall sell all of the assets of the Trust Fund to the Master Servicer
        for cash.

       

      (b) The
        Trustee as agent for any REMIC hereby agrees to adopt and sign such a plan
        of
        complete liquidation upon the written request of the Master Servicer, and
        the
        receipt of the Opinion of Counsel referred to in Section 10.03(a)(i) and
        to take
        such other action in connection therewith as may be reasonably requested by the
        Master Servicer.

       

      (c) By
        their
        acceptance of the Certificates, the Holders thereof hereby authorize the
        Terminating Party to prepare and the Trustee to adopt and sign a plan of
        complete liquidation.

       

      Section
        10.04. Beneficiaries.

       

      This
        Agreement will inure to the benefit of and be binding upon the parties hereto,
        the Holders of the Certificates, and their respective successors and permitted
        assigns. No other Person will have any right or obligation hereunder, except
        to
        the extent specified in Section 6.15.

       

      Section
        10.05. Amendment.

       

      (a) This
        Agreement may be amended from time to time by the Depositor, the Master Servicer
        and the Trustee, without the consent of any of the Holders of the Certificates
        or the Swap Counterparty (i) to cure any ambiguity; (ii) to correct or
        supplement any provision herein that may be inconsistent with any other
        provision herein, to correct any error or to conform the provisions hereof
        to
        statements made in the Prospectus; (iii) to obtain or maintain a rating for
        a
        Class of Certificates from a nationally recognized statistical rating
        organization; (iv) to change the timing and/or nature of deposits in the
        Trust
        Accounts or to change the name in which the Collection Account is maintained
        (except that (x) deposits into the Certificate Distribution Account must
        be made
        no later than the related Distribution Date and (y) such change will not
        result
        in a qualification, withdrawal or downgrade of the then-current rating of
        any
        rated Classes of Certificates, as evidenced by letters from the Rating
        Agencies); (v) to modify, eliminate or add to any of its provisions (x) to
        the
        extent necessary to (1) maintain the qualification of any REMIC as a REMIC
        under
        the Code, (2) avoid or minimize the risk of imposition of any tax on the
        Trust
        Fund or any REMIC or (3) comply with other requirements of the Code,
provided
        that the
        Trustee has received an Opinion of Counsel to the effect that such action
        is
        necessary or desirable to avoid or minimize such risk or (y) to restrict
        the
        transfer of any Residual Certificate; and (vi) to make any other provisions
        with
        respect to matters or questions arising under this Agreement, provided
        that
        such action will not adversely affect in any material respect the interests
        of
        any Certificateholder or the Swap Counterparty as evidenced by either an
        Opinion
        of Counsel or by a letter from each Rating Agency to the effect that such
        change
        will not adversely affect the applicable ratings of any rated Classes of
        the
        Certificates, and provided,
        further,
        that if
        any Class of Certificates rated by S&P remains outstanding at the time of
        such proposed amendment, such letter from S&P shall be required under this
        clause (vi), notwithstanding the immediately preceding proviso.

       

      
        
          
          

        

        
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      (b) This
        Agreement may also be amended from time to time by the Master Servicer, the
        Depositor and the Trustee, with the consent of the Required Certificateholders
        and the Swap Counterparty, for the purpose of adding any provisions to or
        changing in any manner or eliminating any of the provisions of this Agreement
        or
        of modifying in any manner the rights of the Holders of the Certificates;
        provided,
        however,
        that no
        such amendment shall (a) reduce in any manner the amount of, or delay the
        timing
        of, collections of payments on the Mortgage Loans or distributions which
        are
        required to be made on any Certificate then outstanding, (b) reduce the
        percentage required to consent to any such amendment, (c) cause the Trust
        to be
        taxable as a corporation for federal income tax purposes or (d) modify this
        Section 10.05(b) without the consent of the Holders of all of the Certificates
        affected by such amendment. The Trustee may set a record date for purposes
        of
        determining the holders entitled to give a written consent or waive compliance
        as authorized or permitted by this Section 10.05(b). Such record date shall
        not
        be more than 30 days prior to the first solicitation to such consent or
        waiver.

       

      (c) Promptly
        after the execution of any amendment or consent pursuant to this Section
        10.05,
        the Trustee shall furnish a copy of such amendment to each Holder of a
        Certificate and, not later than the tenth Business Day preceding the
        effectiveness of any such amendment, to each Rating Agency and the Swap
        Counterparty.

       

      (d) The
        manner of obtaining consents and of evidencing the authorization of the
        execution thereof by Holders of the Certificates shall be subject to such
        reasonable requirements as the Trustee may prescribe.

       

      (e) The
        Trustee may, but shall not be obligated to, enter into any such amendment
        which
        affects the Trustee’s own rights, duties or immunities under this Agreement or
        otherwise.

       

      (f) In
        connection with any amendment pursuant to this Section 10.05, the Trustee,
        the
        Master Servicer and the Depositor shall be entitled to receive an Opinion
        of
        Counsel to the effect that (i) such amendment is authorized or permitted
        by the
        Agreement and that all conditions precedent to the execution of such amendment
        in accordance with the relevant provisions of this Section 10.05 have been
        met
        and (ii) such amendment will not result in an Adverse REMIC Event.

       

      
        
          
          

        

        
          159

          
            

          

        

        
          
          

        

      

      (g) Notwithstanding
        anything to the contrary in this Section 10.05, this Agreement may be amended
        from time to time by the Depositor, the Master Servicer and the Trustee to
        the
        extent necessary, in the judgment of the Depositor and its counsel, to comply
        with the SEC Rules.

       

      Section
        10.06. Notices.

       

      (a) All
        communications and notices to the parties hereto shall be in writing and
        delivered as follows:

       

      If
        to
        the Master Servicer, to:

      

      Wells
        Fargo Bank, N.A.

      P.O.
        Box
        98

      Columbia,
        Maryland 21046

      Attention:
        Master Servicing - Bayview 2007-A

      Telephone:
        (410) 884-2000

      Telecopier:
        (410) 715-2380

      

      If
        to
        the Master Servicer via overnight delivery to:

      

      9062
        Old
        Annapolis Rd.

      Columbia,
        Maryland 21045

      Attention:
        Master Servicing - Bayview 2007-A

      Telephone:
        (410) 884-2000

      Telecopier:
        (410) 715-2380

       

      If
        to
        the Trustee, to:
        

      

      U.S.
        Bank
        National Association

      60
        Livingston Avenue

      EP-MN-WS3D

      St.
        Paul,
        Minnesota 55107

      Attention:
        Corporate Trust Services - Bayview 2007-A

      Telephone:
        (651) 495-3848

      Facsimile:
        (651) 495-8089

       

      If
        to
        the Depositor, to:

      

      Bayview
        Financial Securities Company, LLC

      4425
        Ponce de Leon Boulevard, 5th
        Floor

      Coral
        Gables, Florida 33146

      Telephone:
        (305)
        341-5632

      Facsimile:
        (305) 854-2031

       

      
        
          
          

        

        
          160

          
            

          

        

        
          
          

        

      

      If
        to
        the Rating Agencies, to:

       

      Fitch
        Ratings

      One
        State
        Street Plaza, 30th
        Floor

      New
        York,
        New York 10004

      Attn:
        Bayview 2007-A

      Telephone:
        (212) 908-0500

      Telecopier:
        (212) 480-4435

       

      Standard
        & Poor’s Ratings Services

      55
        Water
        Street, 41st
        Floor

      New
        York,
        New York 10041

      Attn:
        Bayview 2007-A

      Telephone:
        (212) 438-2000

      Telecopier:
        (212) 438-2661

       

      Moody’s
        Investors Service, Inc.

      99
        Church
        Street

      New
        York,
        New York 10007

      Attn:
        Bayview 2007-A

      Telephone:
        (212) 553-0300

      Telecopier:
        (212) 553-0881

       

      If
        to
        the Cap Provider, to:

       

      Merrill
        Lynch Capital Services, Inc.

      Merrill
        Lynch World Headquarters

      4
        World
        Financial Center, 18th Floor

      New
        York,
        New York 10080

      Attention:
        Swap Group

       

      Telephone: 
        (212)
        449-2467

       

      Telecopier:
        (917) 778-0836

       

      If
        to
        the Swap Counterparty, to:

       

      The
        Bank
        of New York

      Swaps
        and
        Derivative Products Group

      Global
        Market Division

      32
        Old
        Slip 15th Floor

      New
        York,
        New York 10286

      Attention:
        Steve Lawler

       

      with
        a
        copy to:

       

      The
        Bank
        of New York

      Swaps
        and
        Derivative Products Group

      32
        Old
        Slip 16th Floor

      New
        York,
        New York 10286

      
        
          
          

        

        
          161

          
            

          

        

        
          
          

        

      

      Attention:
        Andrew Schwartz

      Telephone:
        (212) 804-5103

      Telecopier:
        (212) 804-5818/5837

       

      or
        at
        such other address as the party may designate by notice to the other parties
        hereto, which shall be effective when received.

       

      (b) The
        Trustee shall, at the expense of the Trust Fund, make available to each Rating
        Agency such information as such Rating Agency may reasonably request regarding
        the Certificates or the Trust Fund, to the extent that such information is
        reasonably available to the Trustee.

       

      (c) All
        communications and notices to Certificateholders given pursuant hereto shall
        be
        in writing and mailed first class mail, postage prepaid at the address shown
        above, or, in the case of the Certificateholders, at the address shown in
        the
        Certificate Register, as applicable. Such notices shall be deemed given when
        mailed.

       

      Section
        10.07. Merger
        and Integration.

       

      Except
        as
        specifically stated otherwise herein, this Agreement sets forth the entire
        understanding of the parties relating to the subject matter hereof, and all
        prior understandings, written or oral, are superseded by this Agreement.
        This
        Agreement may not be modified, amended, waived or supplemented except as
        provided herein.

       

      Section
        10.08. Headings.

       

      The
        headings herein are for purposes of reference only and shall not otherwise
        affect the meaning or interpretation of any provision hereof.

       

      Section
        10.09. [Reserved]

       

      Section
        10.10. Severability
        of Provisions.

       

      If
        any
        one or more of the covenants, provisions or terms of this Agreement shall
        be for
        any reason whatsoever held invalid, then such covenants, provisions or terms
        shall be deemed severable from the remaining covenants, provisions or terms
        of
        this Agreement, and shall in no way affect the validity or enforceability
        of the
        other provisions of this Agreement, the rights of the Certificateholders
        or the
        rights of the Trustee.

       

      Section
        10.11. No
        Proceedings.

       

      Notwithstanding
        any prior termination of this Agreement, the Trustee, the Master Servicer
        and
        the Depositor shall not, prior to the date which is one year and one day
        after
        the termination of this Agreement, acquiesce, petition or otherwise invoke
        or
        cause any Person to invoke the process of any court or government authority
        for
        the purpose of commencing or sustaining a case against the Depositor or the
        Trust Fund under any federal or state bankruptcy, insolvency or similar law
        or
        appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
        or
        other similar official of the Depositor or the Trust Fund or any substantial
        part of their respective property, or ordering the winding up or liquidation
        of
        the affairs of the Depositor or the Trust Fund.

       

      
        
          
          

        

        
          162

          
            

          

        

        
          
          

        

      

      Section
        10.12. Governing
        Law; Consent to Jurisdiction; Waiver of Jury Trial.

       

      (a) THIS
        AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
        OF THE
        STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
        THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS,
        RIGHTS
        AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
        SUCH LAWS.

       

      (b) THE
        MASTER SERVICER, THE DEPOSITOR AND THE TRUSTEE HEREBY SUBMIT (TO THE EXTENT
        PERMITTED BY LAW) TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE
        STATE
        OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF
        MANHATTAN IN NEW YORK CITY, SOLELY WITH RESPECT TO MATTERS ARISING UNDER
        THIS
        AGREEMENT, AND EACH WAIVES (TO THE EXTENT PERMITTED BY LAW) PERSONAL SERVICE
        OF
        ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS
        BE
        MADE BY REGISTERED MAIL DIRECTED TO THE ADDRESS SET FORTH IN SECTION 10.06
        HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED UPON RECEIPT THEREOF.
        THE MASTER SERVICER, THE DEPOSITOR AND THE TRUSTEE EACH HEREBY WAIVES (TO
        THE
        EXTENT PERMITTED BY LAW) ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND
        ANY
        OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE
        GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE
        COURT. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF THE MASTER SERVICER,
        THE DEPOSITOR AND THE TRUSTEE TO SERVE LEGAL PROCESS IN ANY OTHER MANNER
        PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY SUCH PERSON TO BRING ANY ACTION
        OR
        PROCEEDING IN THE COURTS OF ANY OTHER JURISDICTION.

       

      (c) THE
        MASTER SERVICER, THE DEPOSITOR AND THE TRUSTEE EACH HEREBY WAIVES (TO THE
        EXTENT
        PERMITTED BY LAW) ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE,
        WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE ARISING OUT OF, CONNECTED
        WITH,
        RELATED TO, OR IN CONNECTION WITH THIS AGREEMENT. INSTEAD, ANY DISPUTE RESOLVED
        IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

       

      Section
        10.13. Counterparts.

       

      This
        Agreement may be executed in counterparts each of which shall be an original,
        but all of which together shall constitute one and the same
        instrument.

       

      
        
          
          

        

        
          163

          
            

          

        

        
          
          

        

      

      Section
        10.14. Taxes.

       

      It
        is
        intended that the assets with respect to which any REMIC election is to be
        made,
        as set forth in the Preliminary Statement to this Agreement, shall constitute,
        and that the conduct of matters relating to such assets shall be such as
        to
        qualify such assets as, a “real estate mortgage investment conduit” as defined
        in and in accordance with the REMIC Provisions. In furtherance of such
        intention, the Master Servicer covenants and agrees that it shall act as
        agent
        (and the Master Servicer is hereby appointed to act as agent) on behalf of
        any
        such REMIC and that in such capacity it shall: (a) prepare and file, or cause
        to
        be prepared and filed, in a timely manner, a U.S. Real Estate Mortgage
        Investment Conduit Income Tax Return (Form 1066 or any successor form adopted
        by
        the Internal Revenue Service) and prepare and file or cause to be prepared
        and
        filed with the Internal Revenue Service and applicable state or local tax
        authorities income tax or information returns for each taxable year with
        respect
        to any such REMIC, containing such information and at the times and in the
        manner as may be required by the Code or state or local tax laws, regulations,
        or rules, and furnish or cause to be furnished to Certificateholders the
        schedules, statements or information at such times and in such manner as
        may be
        required thereby; (b) within thirty days of the Closing Date, furnish or
        cause
        to be furnished to the Internal Revenue Service, on Forms 8811 or as otherwise
        may be required by the Code, the name, title, address, and telephone number
        of
        the person that the holders of the Certificates may contact for tax information
        relating thereto, together with such additional information as may be required
        by such Form, and update such information at the time or time in the manner
        required by the Code; (c) make or cause to be made elections that such assets
        be
        treated as a REMIC on the federal tax return for its first taxable year (and,
        if
        necessary, under applicable state law); (d) prepare and forward, or cause
        to be
        prepared and forwarded, to the Certificateholders and to the Internal Revenue
        Service and, if necessary, state tax authorities, all information returns
        and
        reports as and when required to be provided to them in accordance with the
        REMIC
        Provisions, including without limitation, the calculation of any original
        issue
        discount using the Prepayment Assumption; (e) provide information necessary
        for
        the computation of tax imposed on the transfer of a Residual Certificate
        to a
        Person that is not a Permitted Transferee, or agent (including a broker,
        nominee
        or other middleman) of a Non-Permitted Transferee, or a pass-through entity
        in
        which a Non-Permitted Transferee is the record holder of an interest (the
        reasonable cost of computing and furnishing such information may be charged
        to
        the Person liable for such tax); (f) to the extent that they are under its
        control conduct matters relating to such assets at all times that any
        Certificates are outstanding so as to maintain the status as a REMIC under
        the
        REMIC Provisions; (g) not knowingly or intentionally take any action or omit
        to
        take any action that would cause the termination of any REMIC status; (h)
        pay,
        from the sources specified in the last paragraph of this Section 10.14, the
        amount of any federal or state tax, including prohibited transaction taxes
        as
        described below, imposed on any such REMIC prior to its termination when and as
        the same shall be due and payable (but such obligation shall not prevent
        the
        Trustee or any other appropriate Person from contesting any such tax in
        appropriate proceedings and shall not prevent the Trustee from withholding
        payment of such tax, if permitted by law, pending the outcome of such
        proceedings); (i) ensure that federal, state or local income tax or information
        returns shall be signed by the Trustee or such other person as may be required
        to sign such returns by the Code or state or local laws, regulations or rules;
        (j) maintain records relating to any such REMIC, including but not limited
        to
        the income, expenses, assets and liabilities thereof and adjusted basis of
        the
        assets determined at such intervals as may be required by the Code, as may
        be
        necessary to prepare the foregoing returns, schedules, statements or
        information; and (k) as and when necessary and appropriate, represent any
        such
        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 such REMIC, enter into settlement
        agreements with any governmental taxing agency, extend any statute of
        limitations relating to any tax item of any such REMIC, and otherwise act
        on
        behalf of any such REMIC in relation to any tax matter or controversy involving
        it.

       

      
        
          
          

        

        
          164

          
            

          

        

        
          
          

        

      

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

       

      In
        the
        event that any tax is imposed on “prohibited transactions” of any REMIC
        hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from
        foreclosure property” of such REMIC as defined in Section 860G(c) of the Code,
        on any contribution to any REMIC hereunder after the Startup Day pursuant
        to
        Section 860G(d) of the Code, or any other tax is imposed, including, without
        limitation, any minimum tax imposed upon any REMIC hereunder pursuant to
        Sections 23153 and 24874 of the California Revenue and Taxation Code, if
        not
        paid as otherwise provided for herein, such tax shall be paid by (i) the
        Trustee, if any such other tax arises out of or results from a breach by
        the
        Trustee of any of its obligations under this Agreement, (ii) the Master
        Servicer, in the case of any such minimum tax, or if such tax arises out
        of or
        results from a breach by the Master Servicer of any of its obligations under
        this Agreement, (iii) the Seller, if any such tax arises out of or results
        from
        the Seller’s obligation to repurchase a Mortgage Loan pursuant to Section 2.02
        or 2.03 or (iv) in all other cases, or in the event that the Trustee, the
        Master
        Servicer or the Seller fails to honor its obligations under the preceding
        clauses (i), (ii) or (iii), any such tax will be paid with amounts otherwise
        to
        be distributed to the Certificateholders.

       

      Section
        10.15. [Reserved]

       

      Section
        10.16. Provision
        of Information.

       

      (a) For
        so
        long as any of the Restricted Certificates are “restricted securities” within
        the meaning of Rule 144(a)(3) under the Securities Act, the Trustee agrees
        to
        provide to any holder of Restricted Certificates and to any prospective
        purchaser of Restricted Certificates designated by such a Certificateholder,
        upon the request of such Certificateholder or prospective purchaser, the
        information specified below, which is intended to satisfy the condition set
        forth in Rule 144A(d)(4) under the Securities Act; provided
        that
        this Section shall require, as to the Depositor, the Trustee or the Master
        Servicer, only that the Trustee provide publicly available information regarding
        it, the Depositor, the Trust Fund or the Master Servicer in response to any
        such
        request:

       

      
        
          
          

        

        
          165

          
            

          

        

        
          
          

        

      

      (i) the
        Prospectus and any amendments and supplements thereto;

       

      (ii) the
        Basic
        Documents and any amendments thereto;

       

      (iii) the
        Master Servicer’s certificate required pursuant to Section 4.28 of this
        Agreement and the corresponding certificate of each Servicer required pursuant
        to the applicable Servicing Agreement;

       

      (iv) copies
        of
        each statement or report sent to Certificateholders pursuant to Section 6.08
        during the 12 months immediately prior to such request; and

       

      (v) such
        other information as is reasonably available to the Trustee and is directly
        related to the distributions on the Certificates and the servicing and
        performance of the Mortgage Loans.

       

      Any
        recipient of information provided pursuant to this Section shall agree that
        such
        information shall not be disclosed or used for any purpose other than the
        evaluation of the Certificates by the prospective purchaser. The Depositor
        and
        the Trustee shall have no responsibility for the sufficiency under Rule 144A
        of
        any information so provided by the Trustee to any Certificateholder or
        prospective purchaser of Restricted Certificates.

       

      (b) The
        Master Servicer will make available on its internet website at www.ctslink.com
        (i) a
        copy (excluding exhibits) of reports on Form 8-K (or other prescribed form)
        or
        Form 10-K filed with the Commission pursuant to Section 4.31 and (ii) a copy
        of
        any other document incorporated by reference in the Prospectus. Any reasonable
        out-of-pocket expenses incurred by the Master Servicer in providing copies
        of
        such documents shall be reimbursed by the Depositor.

       

      
        
          
          

        

        
          166

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused this Pooling and Servicing
        Agreement to be executed by their respective officers thereunto duly authorized
        on the day and year first above written.

      

       

      BAYVIEW
        FINANCIAL SECURITIES 

      COMPANY,
        LLC, as Depositor

      

      By: 
        /s/ Jason Somerville            

      Name:
        Jason Somerville

      Title:
        Vice President

       

      

      WELLS
        FARGO BANK, N.A.,

      as
        Master
        Servicer

       

      By: 
        /s/ Darron Woodus            

      Name:
        Darron Woodus

      Title:
        Assistant Vice President

       

      

      U.S.
        BANK
        NATIONAL ASSOCIATION, not in its 

      individual
        capacity, but solely as Trustee

       

      By: 
        /s/ Becky Warren              

      Name:
        Becky Warren

      Title:
        Assistant Vice President

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Accepted
        and Agreed to for purposes of Section 2.01,

      Section
        4.06, Section 4.34 and Section 6.02 only:

       

      BAYVIEW
        FINANCIAL, L.P.

       

      By:
        BAYVIEW FINANCIAL MANAGEMENT CORP.,

      its
        General Partner

       

      By: 
        /s/ Jason Somerville                

      Name:
        Jason Somerville

      Title:
        First Vice President

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

      FORMS
        OF
        CERTIFICATES

      

       

      

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      FORM
        OF INITIAL CERTIFICATION

       

      [Date]

       

      Bayview
        Financial Securities Company, LLC

      4425
        Ponce de Leon Boulevard, 5th
        Floor

      Coral
        Gables, Florida 33146

      

      Wells
        Fargo Bank, N.A.

      9062
        Old Annapolis Road

      Columbia,
        Maryland 21045

      
        	 	 	 
	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of April 1, 2007, among Bayview
                  Financial Securities Company, LLC,
                  as depositor, Wells Fargo Bank, N.A., as master servicer, and U.S.
                  Bank
                  National Association, as trustee

              
	 	 	
                (the
                  “Pooling and Servicing Agreement”)

              
	 	 	 

      

      Ladies
        and Gentlemen:

       

      In
        accordance with the provisions of the Pooling and Servicing Agreement, the
        undersigned, as Trustee, hereby certifies that as to any Mortgage Loan listed
        in
        the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or
        any
        Mortgage Loan listed on the exceptions report attachment hereto), it has
        reviewed the documents delivered to it pursuant to the Pooling and Servicing
        Agreement and has determined that (i) all Mortgage Notes and Assignments,
        installment sale contracts or contracts for purchase required to be delivered
        to
        it pursuant to the Pooling and Servicing Agreement are in its possession
        and
        (ii) each such Mortgage Note and Assignment, installment sale contract or
        contract for purchase has been reviewed by it and appears regular on its
        face,
        appears to bear original signatures, and has not been mutilated, damaged,
        torn
        or otherwise physically altered and relates to such Mortgage Loan. The
        undersigned has made no independent examination of such documents beyond
        the
        review specifically required in the Pooling and Servicing Agreement. The
        undersigned makes no representations or warranties as to: (i) the validity,
        legality, enforceability or genuineness of any such documents contained in
        each
        or any of the Mortgage Loans identified in the Mortgage Loan Schedule, or
        (ii)
        the collectibility, insurability, effectiveness or suitability of any such
        Mortgage Loan.

       

      This
        Certification is subject in all respects to the Pooling and Servicing Agreement
        including, but not limited to, Section 2.02.

       

      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

       

      U.S.
        BANK NATIONAL ASSOCIATION,

      as
        Trustee

      

      By:________________________________

      Name:

      Title:

      
        
          
          

        

        
          B-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      FORM
        OF
        INTERIM CERTIFICATION

      

      [Date]

       

      Bayview
        Financial Securities Company, LLC

      4425
        Ponce de Leon Boulevard, 5th
        Floor

      Coral
        Gables, Florida 33146

      

      Wells
        Fargo Bank, N.A.

      9062
        Old Annapolis Road

      Columbia,
        Maryland 21045

      
        	 	 	 
	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of April 1, 2007, among Bayview
                  Financial Securities Company, LLC,
                  as depositor, Wells Fargo Bank, N.A., as master servicer, and U.S.
                  Bank
                  National Association, as trustee

              
	 	 	
                (the
                  “Pooling and Servicing Agreement”)

              
	 	 	 

      

      Ladies
        and Gentlemen:

       

      In
        accordance with the provisions 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 any
        Mortgage Loan listed on the exceptions report attached hereto), it has received
        the applicable documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies 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 identified above and has determined that (a) each
        such
        document has not been mutilated, damaged or torn and relates to the Mortgage
        Loan identified in such document and (b) the information set forth in the
        Mortgage Loan Schedule that corresponds to items (i) through (iii) of the
        definition of Mortgage Loan Schedule contained in the Pooling and Servicing
        Agreement accurately reflects information set forth in the Mortgage
        File.

       

      This
        Certification is qualified in all respects by the terms of the Pooling and
        Servicing Agreement including, but not limited to, Section 2.02.

       

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

       

      U.S.
        BANK NATIONAL ASSOCIATION,

      as
        Trustee

      

      By:________________________________

      Name:

      Title:

      

      

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

      

      FORM
        OF FINAL CERTIFICATION

       

      [Date]

       

      Bayview
        Financial Securities Company, LLC

      4425
        Ponce de Leon Boulevard, 5th
        Floor

      Coral
        Gables, Florida 33146

      

      Wells
        Fargo Bank, N.A.

      9062
        Old Annapolis Road

      Columbia,
        Maryland 21045

      
        	 	 	 
	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of April 1, 2007, among Bayview
                  Financial Securities Company, LLC,
                  as depositor, Wells Fargo Bank, N.A., as master servicer, and U.S.
                  Bank
                  National Association, as trustee

              
	 	 	
                (the
                  “Pooling and Servicing Agreement”)

              
	 	 	 

      

      Ladies
        and Gentlemen:

       

      In
        accordance with the provisions 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 any
        Mortgage Loan listed on the exceptions report attached hereto), it 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 in
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in items (i) through (iii) of the Mortgage
        Loan Schedule is correct.

       

      This
        Certification is qualified in all respects by the terms of the Pooling and
        Servicing Agreement including, but not limited to, Section 2.02.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

       

      U.S.
        BANK NATIONAL ASSOCIATION,

      as
        Trustee

      

      By:________________________________

      Name:

      Title:

      
        
          
          

        

        
          D-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF REQUEST FOR RELEASE OF DOCUMENTS

       

      U.S.
        Bank National Association,

      as
        Trustee

      60
        Livingston Avenue

      Mailcode:
        EP-MN-WS3D

      St.
        Paul, Minnesota 55107

      
        	 	 	 
	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of April 1, 2007, among Bayview
                  Financial Securities Company, LLC,
                  as depositor, Wells Fargo Bank, N.A., as master servicer, and U.S.
                  Bank
                  National Association, as trustee

              
	 	 	
                (the
                  “Pooling and Servicing Agreement”) 

              
	 	 	 

      

      In
        connection with the administration of Mortgage Loans held by you as Trustee,
        we
        hereby request the release, and acknowledge receipt, of the [specify documents]
        for the Mortgage Loans described below, for the reason indicated.

       

      Mortgagor’s
        Name Address and Zip Code:

       

      Mortgage
        Loan Number:

       

      Reason
        for Requesting Documents
        (check one):

       

          1. Mortgage
        Loan
        Paid in
        Full. (All amounts received in connection therewith have been credited to
        the
        Collection Account and remitted to the Trustee for deposit into the Certificate
        Distribution Account pursuant to the Pooling and Servicing
        Agreement.)

       

          2. Mortgage
        Loan Liquidated. (All proceeds of foreclosure, insurance or other liquidation
        have been finally received and credited to the Collection Account and remitted
        to the Trustee for deposit into the Certificate Distribution Account pursuant
        to
        the Pooling and Servicing Agreement.)

       

          3. Mortgage
        Loan
        in
        foreclosure or another method of liquidation pursuant to the Pooling and
        Servicing Agreement.

       

          4. Mortgage
        Loan subject to documentation corrections for errors and ambiguities. (The
        documentation released pursuant to this Request for Release of Documents
        has
        errors or ambiguities that require correction and such documentation shall
        be
        corrected in a prompt manner and returned to the Trustee in accordance with
        the
        Pooling and Servicing Agreement; provided,
        however,
        that no
        more than one hundred Mortgage Files shall be released at any one
        time.)

       

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

          5. Mortgage
        Loan repurchased pursuant to Section 2.03 of the Pooling and Servicing
        Agreement. (The Purchase Price, or the Substitution Amount, if any, has been
        credited to the Collection Account and remitted to the Trustee for deposit
        into
        the Certificate Distribution Account pursuant to the Pooling and Servicing
        Agreement.)

       

      
        
              6.
            Subject
            to the approval of the Trustee set forth below, other release
            (explain):

        

      

       

      If
        box 1,
        2 or 5 above is checked, and if all or part of the Mortgage Files were
        previously released to Bayview Financial Securities Company, LLC, please
        release
        to Bayview
        Financial Securities Company, LLC
        its
        previous request and receipt on file with you, as well as any additional
        documents in your possession relating to the specified Mortgage
        Loan.

       

      If
        box 3
        or 4 above is checked, upon the return of all of the above documents to you
        as
        the Trustee, please acknowledge your receipt by signing in the space indicated
        below, and returning this form.

       

      If
        box 6
        above is checked, and the Mortgage Loan is being foreclosed, the Mortgage
        File
        will be returned when no longer required for such purpose.

       

      

       

      

       

      
        
          
          

        

        
          E-2

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used and not otherwise defined herein shall have the meanings set forth
        in
        the Pooling and Servicing Agreement.

       

      [SERVICER][SELLER]

       

      By:                        

      Name:
        

      Title:

      Date:
        

       

      

       

      
        
          
          

        

        
          E-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

      

      Class
        A-IO Schedule

      

      
        	
                 

                 

                 

                Distribution
                  Date

                occurring
                  in:

              	 	
                 

                A-IO(1)
                  Component Interest Rate

                        (%):       

              	 	
                A-IO(1)
                  Component Notional Balance: the lesser of (i) the Pool Balance
                  for Pool 1
                  and (ii) the following          amounts
                  ($):        

              	 	
                 

                A-IO(2)
                  Component Interest
                  Rate

                        (%):       

              	 	
                A-IO(2)
                  Component Notional Balance: the lesser of (i) the Pool Balance
                  for Pool 2
                  and (ii) the
                  following amounts ($):

              	 
	
                May
                  2007

              	 	 	
                1.887

              	 	 	
                30,762,371.70
                  

              	 	 	
                0.500

              	 	 	
                144,210,844.60
                  

              	 
	
                June
                  2007

              	 	 	
                2.067

              	 	 	
                29,208,655.62
                  

              	 	 	
                3.500

              	 	 	
                136,927,183.00
                  

              	 
	
                July
                  2007

              	 	 	
                2.143

              	 	 	
                27,733,374.87
                  

              	 	 	
                3.500

              	 	 	
                130,011,218.10
                  

              	 
	
                August
                  2007

              	 	 	
                1.850

              	 	 	
                26,332,286.44
                  

              	 	 	
                3.500

              	 	 	
                120,807,352.30
                  

              	 
	
                September
                  2007

              	 	 	
                2.160

              	 	 	
                25,001,824.20
                  

              	 	 	
                3.500

              	 	 	
                119,841,695.40
                  

              	 
	
                October
                  2007

              	 	 	
                1.322

              	 	 	
                23,738,428.70
                  

              	 	 	
                3.500

              	 	 	
                108,408,003.40
                  

              	 
	
                November
                  2007

              	 	 	
                1.552

              	 	 	
                22,538,417.15
                  

              	 	 	
                3.500

              	 	 	
                98,709,107.35
                  

              	 
	
                December
                  2007

              	 	 	
                1.477

              	 	 	
                21,398,111.95
                  

              	 	 	
                3.500

              	 	 	
                93,603,083.12
                  

              	 
	
                January
                  2008

              	 	 	
                1.152

              	 	 	
                20,315,327.68
                  

              	 	 	
                3.500

              	 	 	
                90,443,979.11
                  

              	 
	
                February
                  2008

              	 	 	
                1.439

              	 	 	
                19,287,144.20
                  

              	 	 	
                3.500

              	 	 	
                85,623,960.45
                  

              	 
	
                March
                  2008

              	 	 	
                1.541

              	 	 	
                18,310,765.28
                  

              	 	 	
                3.500

              	 	 	
                81,286,405.81
                  

              	 
	
                April
                  2008

              	 	 	
                1.450

              	 	 	
                17,383,589.55
                  

              	 	 	
                3.500

              	 	 	
                77,898,339.89
                  

              	 
	
                May
                  2008

              	 	 	
                2.815

              	 	 	
                16,503,162.57
                  

              	 	 	
                4.060

              	
                 

              	 	
                77,365,134.07
                  

              	 
	
                June
                  2008

              	 	 	
                2.084

              	 	 	
                15,559,423.58
                  

              	 	 	
                4.060

              	
                 

              	 	
                73,446,193.70
                  

              	 
	
                July
                  2008

              	 	 	
                1.120

              	 	 	
                14,455,116.19
                  

              	 	 	
                4.060

              	 	 	
                69,724,942.33
                  

              	 
	
                August
                  2008 

              	 	 	
                2.914

              	 	 	
                13,429,034.05
                  

              	 	 	
                4.060

              	 	 	
                66,190,992.89
                  

              	 
	
                September
                  2008

              	 	 	
                1.890

              	 	 	
                12,475,645.33
                  

              	 	 	
                4.060

              	 	 	
                64,512,828.60
                  

              	 
	
                October
                  2008

              	 	 	
                3.211

              	 	 	
                11,589,808.80
                  

              	 	 	
                4.060

              	 	 	
                59,649,558.72
                  

              	 
	
                November
                  2008

              	 	 	
                3.150

              	 	 	
                10,766,746.38
                  

              	 	 	
                4.060

              	 	 	
                56,624,234.90
                  

              	 
	
                December
                  2008

              	 	 	
                2.300

              	 	 	
                10,002,017.31
                  

              	 	 	
                4.060

              	 	 	
                53,751,800.09
                  

              	 
	
                January
                  2009

              	 	 	
                3.950

              	 	 	
                9,291,494.58
                  

              	 	 	
                4.060

              	 	 	
                52,701,748.66
                  

              	 
	
                February
                  2009

              	 	 	
                4.714

              	 	 	
                8,631,342.71
                  

              	 	 	
                4.060

              	 	 	
                47,976,063.39
                  

              	 
	
                March
                  2009

              	 	 	
                4.817

              	 	 	
                8,017,997.18
                  

              	 	 	
                4.060

              	 	 	
                45,058,194.03
                  

              	 
	
                April
                  2009

              	 	 	
                4.922

              	 	 	
                7,448,145.26
                  

              	 	 	
                4.060

              	 	 	
                41,989,457.18
                  

              	 
	
                May
                  2009

              	 	 	
                4.540

              	 	 	
                6,918,708.36
                  

              	 	 	
                4.060

              	 	 	
                38,671,951.33
                  

              	 
	
                June
                  2009

              	 	 	
                5.139

              	 	 	
                6,426,825.48
                  

              	 	 	
                4.060

              	 	 	
                35,466,234.77
                  

              	 
	
                July
                  2009

              	 	 	
                5.176

              	 	 	
                5,969,837.78
                  

              	 	 	
                4.060

              	 	 	
                32,472,111.81
                  

              	 
	
                August
                  2009

              	 	 	
                5.175

              	 	 	
                5,545,274.34
                  

              	 	 	
                4.060

              	 	 	
                30,490,687.64
                  

              	 
	
                September
                  2009

              	 	 	
                5.544

              	 	 	
                5,150,838.96
                  

              	 	 	
                4.060

              	 	 	
                27,456,322.35
                  

              	 
	
                October
                  2009

              	 	 	
                5.172

              	 	 	
                4,784,397.78
                  

              	 	 	
                4.060

              	 	 	
                25,786,412.19
                  

              	 
	
                November
                  2009 and thereafter

              	 	 	
                0.000

              	 	 	
                0.00

              	 	 	
                0.000

              	 	 	
                0.00

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

      

      

      
        
          
          

        

        
          F-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-1

      

      CAP
        AGREEMENT

      

      
        
          
          

        

        
          G-1-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-2

      

      SWAP
        AGREEMENT

      

       

      

      
        
          
          

        

        
          G-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      LIST
        OF
        SERVICING AGREEMENTS

      

      1. Servicing
        Agreement dated as of April 1, 2007, between the Trustee and Aurora Loan
        Services LLC, as servicer, and acknowledged by the Master Servicer.

      

      2. Servicing
        Agreement dated as of April 1, 2007, between Bayview Financial, L.P. (“Bayview”)
        and Bayview Loan Servicing, LLC (“BLS”), as servicer.

      

      3. Mortgage
        Loan Purchase and Servicing Agreement dated as of December 2, 2005, between
        Bayview Financial, L.P. (formerly known as Bayview Financial Trading Group,
        L.P.) (“Bayview”), and CitiMortgage, Inc. (“CitiMortgage”) together with (i) the
        Assignment, Assumption and Recognition Agreement dated as of April 1, 2007,
        among Bayview, Bayview Financial Securities Company, LLC (“BFSC”) and
        CitiMortgage and (ii) the Assignment, Assumption and Recognition Agreement
        dated
        as of April 1, 2007, among BFSC, the Trustee and CitiMortgage, and acknowledged
        by the Master Servicer.

      

      4. Flow
        Servicing Agreement dated as of September 1, 2003, between FBLP and GMAC
        Mortgage, LLC, as amended by Amendment No. 1 dated as of November 1, 2006,
        together with (i) the Confirmation Agreement dated as of April 1, 2007, among
        the Depositor, Bayview and GMAC Mortgage, LLC, (ii) the Assignment, Assumption
        and Recognition Agreement dated as of April 1, 2007, among Bayview, the
        Depositor and GMAC Mortgage, LLC and (iii) the Assignment, Assumption and
        Recognition Agreement dated as of April 1, 2007, among the Depositor, the
        Trustee and GMAC Mortgage, LLC, and acknowledged by the Master
        Servicer.

      

      5. Flow
        Servicing Agreement (Non-Full Recourse) dated as of January 1, 2006, between
        Bayview and Manufacturers And Traders Trust Company (a/k/a M&T Bank) (as
        successor by merger with M&T Mortgage Corporation), as servicer, together
        with (i) the Confirmation Agreement dated as of April 1, 2007, among the
        Depositor, Bayview and M&T Bank, (ii) the Assignment, Assumption and
        Recognition Agreement dated as of April 1, 2007, among Bayview, the Depositor
        and M&T Bank and (iii) the Assignment, Assumption and Recognition Agreement
        dated as of April 1, 2007, among the Depositor, the Trustee and M&T Bank,
        and acknowledged by the Master Servicer.

      

      6. Mortgage
        Loan Flow Purchase, Sale & Servicing Agreement dated as of April 29, 2003,
        between J.P. Morgan Mortgage Acquisition Corp., Cendant Mortgage Corporation
        and
        Bishop’s Gate Residential Mortgage Trust (formerly known as Cendant Residential
        Mortgage Trust) and the Servicing Agreement dated as of April 1, 2007 between
        PHH Mortgage Corporation (formerly known as Cendant Mortgage Corporation)
        and
        the Trustee and acknowledged by BLS and the Master Servicer.

      

      7. Amended
        and Restated Flow Servicing Agreement by and between Washington Mutual Bank
        and
        Bayview Financial, L.P., dated as of May 1, 2006, together with (i) the
        Confirmation Agreement dated as of April 1, 2007, among the Depositor, Bayview
        and Washington Mutual Bank, (ii) the Assignment, Assumption and Recognition
        Agreement dated as of April 1, 2007, among Bayview, the Depositor and Washington
        Mutual Bank and (iii) the Assignment, Assumption and Recognition Agreement
        dated
        as of April 1, 2007, among the Depositor, the Trustee and Washington Mutual
        Bank, and acknowledged by the Master Servicer.

      

      
        
          
          

        

        
          H-1

          
            

          

        

        
          
          

        

      

      8. Reconstituted
        Servicing Agreement dated as of April 1, 2007, between Washington Mutual
        Mortgage Securities Corp. and the Trustee and acknowledged by the Master
        Servicer.

      

      
        
          
          

        

        
          H-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      [Reserved]

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        J

       

      NON-SERVICER
        OBLIGATED MORTGAGE LOANS

       

      (None)

       

      
        
          
          

        

        
          J-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

      

      FORM
        OF
        INVESTMENT LETTER

       

      FOR
        QUALIFIED INSTITUTIONAL BUYERS

       

                      

      date

      Bayview
        Financial Securities Company, LLC

      4425
        Ponce de Leon Boulevard, 5th Floor

      Coral
        Gables, Florida 33146

       

      U.S.
        Bank National Association,

      as
        Trustee

      60
        Livingston Avenue

      Mailcode:
        EP-MN-WS3D

      St.
        Paul, Minnesota 55107

      
        	 	 	 
	 	
                Re:

              	
                Bayview
                  Financial Mortgage Pass-Through Trust 2007-A

              
	 	 	
                Mortgage
                  Pass-Through Certificates, Series 2007-A(the
                  “Certificates”)

              
	 	 	 

      

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above-referenced certificates, we
        certify
        that (a) we understand that the Certificates have not been 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 a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Act (a
“QIB”) as that term is defined below 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 and we are able to bear the economic
        risks of such an investment, (c) we understand that each proposed purchaser
        of
        Certificates is responsible for making its own independent review of such
        information as it deems relevant to its investment decision and we have had
        the
        opportunity to ask questions of and receive answers from the transferor
        concerning the purchase of the Certificates and all matters relating thereto
        or
        any additional information deemed necessary to our decision to purchase the
        Certificates and we have been furnished with, and have had an opportunity
        to
        review, a copy of the Pooling and Servicing Agreement dated as of April 1,
        2007,
        among Bayview Financial Securities Company, LLC, as depositor, Wells Fargo
        Bank,
        N.A., as master servicer, and U.S. Bank National Association as trustee,
        (d) we
        are acquiring the Certificates for investment for our own account, or for
        the
        accounts of other qualified institutional buyers, 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), (e) we understand that the certificates evidencing the Certificates
        purchased by us will bear one or more legends in substantially the form set
        forth in Exhibit A of the Pooling and Servicing Agreement, (f) we have not,
        nor
        has anyone acting on our behalf, offered, transferred, pledged, sold or
        otherwise disposed of the Certificates or any interest in the Certificates,
        or
        solicited any offer to buy, transfer, pledge or otherwise dispose of the
        Certificates or any interest in the Certificates from any person in any manner,
        or made any general solicitation by means of general advertising or in any
        other
        manner, or taken any other action that would constitute a distribution of
        the
        Certificates under the Act or that would render the disposition of the
        Certificates a violation of Section 5 of the Act or any state securities
        laws or
        require registration pursuant thereto, and we will not act, or authorize
        any
        person to act, in such manner with respect to the Certificates, 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 and in compliance with any relevant
        state
        securities laws 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) we have informed the
        purchaser or transferee of such Certificate of the transfer restrictions
        applicable to such Certificate, (3) the purchaser or transferee of such
        Certificate has executed and delivered to you a certificate to substantially
        the
        same effect as this certificate and (4) the purchaser or transferee has
        otherwise complied with any conditions for transfer set forth in the Pooling
        and
        Servicing Agreement.

       

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

      We
        agree
        to indemnify the Depositor, the Master Servicer and the Trustee against any
        liability that may result if we sell or transfer such Certificate to a purchaser
        or transferee who does not comply with any conditions for transfer set forth
        in
        the Pooling and Servicing Agreement.

       

      We
        are
        duly authorized to purchase the Certificates and our purchase of investments
        having the characteristics of the Certificates is authorized under, and not
        directly or indirectly in contravention of, any law, charter, trust instrument
        or other operative document, investment guidelines or list of permissible
        or
        impermissible investments that is applicable to us; and we understand that
        by
        virtue of our acceptance of the Certificates, we assent to the terms, provisions
        and conditions of the Pooling and Servicing Agreement.

       

      Very
        truly yours,

       

                              

      [Name
        of
        Transferee]

       

       

      By:                    

      Authorized
        Officer

      
        
          
          

        

        
          K-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

      

      FORM
        OF
        ERISA TRANSFER AFFIDAVIT

       

      
        	
                STATE
                  OF NEW YORK 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 
	 	 	 

      

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1. The
        undersigned is the ______________________ of ______________ (the “Investor”), a
        [corporation duly organized] and existing under the laws of __________, on
        behalf of which he makes this affidavit.

       

      2. In
        the
        case of an ERISA-Restricted Certificate, the Investor either (a) is not,
        and on
        ___________ [date of transfer] will not be, an employee benefit plan or other
        retirement arrangement subject to Section 406 of the Employee Retirement
        Income
        Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal
        Revenue Code of 1986, as amended (the “Code”), (collectively, a “Plan”) or a
        person acting on behalf of any such Plan or investing the assets of any such
        Plan; (b) if the ERISA-Restricted Certificate has been the subject of an
        ERISA-Qualifying Underwriting, is an insurance company that is purchasing
        the
        Certificate with funds contained in an “insurance company general account” as
        defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60
        and the purchase and holding of the Certificate are covered under Sections
        I and
        III of PTCE 95-60; or (c) herewith delivers to the Trustee an opinion of
        counsel satisfactory to the Trustee, to the effect that the purchase or holding
        of such Certificate by the Investor will not constitute or result in any
        non-exempt prohibited transactions under Section 406 of ERISA or Section
        4975 of
        the Code and will not subject the Trustee, the Master Servicer, any Servicer,
        the Seller or the Depositor to any obligation in addition to those undertaken
        by
        such entities in the Pooling and Servicing Agreement, which opinion of counsel
        shall not be an expense of the Trust Fund or the above parties.

       

      3. In
        the
        case of an ERISA-Restricted Trust Certificate, the Investor either (a) is
        not,
        and on ___________ [date of transfer] will not be (i) a Plan or a person
        acting
        on behalf of any such Plan or using the assets of any such Plan to effect
        such
        transfer or (ii) the acquisition and holding of this Certificate are eligible
        for exemptive relief under PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60,
        PTCE
        96-23 or the non-fiduciary service provider exemption under Section 408(b)(17)
        of ERISA.

       

      4. The
        Investor hereby acknowledges that under the terms of the Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”), by
        and
        among Bayview Financial Securities Company, LLC, as Depositor, Wells Fargo
        Bank,
        N.A., as Master Servicer and U.S. Bank National Association, as
        Trustee,
        no transfer of the ERISA-Restricted Certificates shall be permitted to be
        made
        to any person unless the Trustee has received a certificate from such transferee
        in the form hereof.

       

      
        
          
          

        

        
          L-1

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to proper authority, by its duly authorized officer, duly
        attested, this ____ day of _______________ 20___.

       

      _________________________________

      [Investor]

       

      By:______________________________

      Name:

      Title:

       

      ATTEST:

       

      

       

      _____________________________

      

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF

              	
                )

              	 
	 	 	 

      

      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 Investor, and acknowledged that he executed the
        same
        as his free act and deed and the free act and deed of the Investor.

       

      Subscribed
        and sworn before me this _____ day of _________ 20___.

       

      ______________________________

      NOTARY
        PUBLIC

       

      My
        commission expires the

      _____
        day of __________ 20___.

       

       

      
        
          
          

        

        
          L-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M

      

      FORM
        OF
        CERTIFICATION TO BE PROVIDED

      TO
        DEPOSITOR BY MASTER SERVICER

       

      

      
        	 	
                Re:

              	
                Bayview
                  Financial Mortgage Pass-Through Trust 2007-A

              
	 	 	
                Mortgage
                  Pass-Through Certificates, Series 2007-A

              
	 	 	 

      

      Wells
        Fargo Bank, N.A., as master servicer (the “Master Servicer”) of the Bayview
        Financial Mortgage Pass-Through Trust 2007-A Mortgage Pass-Through Certificates,
        Series 2007-A, hereby certifies to [ ] (the
“[       ]”), and its officers, directors and
        affiliates, and with the knowledge and intent that they will rely upon this
        certification, that:

       

      
        	 	
                (i)

              	
                The
                  Master Servicer has reviewed the annual report on Form 10-K for
                  the fiscal
                  year [ ], and all reports on Form 10-D (or other prescribed form)
                  containing distribution reports filed in respect of periods included
                  in
                  the year covered by that annual report, relating to the above-referenced
                  trust;

              

      

       

      
        	 	
                (ii)

              	
                Based
                  on the Master Servicer’s knowledge, the information in these distribution
                  reports prepared by the Master Servicer under the Pooling and Servicing
                  Agreement, taken as a whole, does not contain any untrue statement
                  of a
                  material fact or omit to state a material fact necessary to make
                  the
                  statements made, in light of the circumstances under which such
                  statements
                  were made, not misleading as of the last day of the period covered
                  by that
                  annual report; and

              

      

       

      
        	 	
                (iii)

              	
                Based
                  on the Master Servicer’s knowledge, the distribution information required
                  to be provided by the Trustee under the Pooling and Servicing Agreement
                  is
                  included in these reports.

              

      

       

      

      Date:_____________________________________

       

      Wells
        Fargo Bank, N.A., as Master Servicer

      

      

      By:______________________________________

      [Name]

      [Title]

      

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

      

      RESIDUAL
        CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

       

      ______________________

      Date             
        

       

      
        	 	
                Re:

              	
                Bayview
                  Financial Mortgage Pass-Through Trust 2007-A

              
	 	 	
                Mortgage
                  Pass-Through Certificates, Series 2007-A

              
	 	 	 

      

      This
        letter is delivered to you in connection with the sale by______________(the
        “Seller”) to ___________(the “Purchaser”) of _______% Percentage Interest of
        Bayview Financial Mortgage Pass-Through Trust 2007-A Mortgage Pass-Through
        Certificates, Series 2007-A, [Class R/Class RL] (the “Certificate”), pursuant to
        Section 5.02(d) of the Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”) dated as of April 1, 2007, among Bayview Financial
        Securities Company, LLC, as depositor (the “Depositor”), Wells Fargo Bank, N.A.,
        as master servicer (the “Master Servicer”), and U.S. Bank National Association,
        as trustee (the “Trustee”). All terms used herein and not otherwise defined
        shall have the meanings set forth in the Pooling and Servicing Agreement.
        The
        Seller hereby certifies, represents and warrants to, and covenants with the
        Depositor, the Master Servicer and the Trustee that:

       

      1. No
        purpose of the Seller relating to the sale of the Certificate by the Seller
        to
        the Purchaser is or will be to enable the Seller to impede the assessment
        or
        collection of tax.

       

      2. The
        Seller understands that the Purchaser has delivered to the Trustee, the Master
        Servicer and the Depositor a transferee affidavit and agreement in the form
        attached to the Pooling and Servicing Agreement as Exhibit O. The Seller
        does
        not know or believe that any representation contained therein is
        false.

       

      3. The
        Seller has no actual knowledge that the Purchaser is not a Permitted
        Transferee.

       

      4. The
        Seller has no actual knowledge that the Purchaser would be unwilling or unable
        to pay taxes due on its share of the taxable income attributable to the
        Certificates.

       

      5. At
        the
        time of this transfer (I) the Seller has conducted a reasonable investigation
        of
        the financial condition of the Purchaser and, as a result of the investigation,
        found that the Purchaser has historically paid its debts as they came due,
        and
        found no significant evidence to indicate that the Purchaser will not continue
        to pay its debts as they come due in the future, (II) the Purchaser represents
        that it will not cause income from the Certificates to be attributable to
        a
        foreign permanent establishment or fixed base (within the meaning of an
        applicable income tax treaty) of the Purchaser or another U.S. Person and
        (III)
        either (A) the Seller both (1) has determined all of the following: (i) at
        the
        time of the transfer, and at the close of each of the Purchaser’s two fiscal
        years preceding the year of transfer, the Purchaser’s gross assets for financial
        reporting purposes exceed $100 million and its net assets for such purposes
        exceed $10 million (disregarding, for purposes of determining gross or net
        assets, the obligation of any person related to the Purchaser within the
        meaning
        of section 860L(g) of the Code or any other asset if a principal purpose
        for
        holding or acquiring that asset is to permit the Purchaser to satisfy this
        minimum gross asset or net asset requirement), (ii) the Purchaser is a domestic
        C corporation for United States federal income tax purposes that is not for
        such
        purposes an exempt corporation, a regulated investment company, a real estate
        investment trust, a REMIC, or a cooperative organization to which part I
        of
        subchapter T of the Code applies, (iii) there are no facts or circumstances
        on
        or before the date of transfer (or anticipated) which would reasonably indicate
        that the taxes associated with the Certificates will not be paid, (iv) the
        Purchaser is not a foreign branch of a domestic corporation, and (v) the
        transfer does not involve a transfer or assignment to a foreign branch of
        a
        domestic corporation (or any other arrangement by which any Certificate is
        at
        any time subject to net tax by a foreign country or U.S. possession) and
        the
        Purchaser will not hereafter engage in any such transfer or assignment (or
        any
        such arrangement), and (2) does not know or have reason to know that the
        Purchaser will not honor the restrictions on subsequent transfers of any
        Certificate described in paragraph 12 of the Transferee’s Transfer Affidavit, or
        (B) the Seller has determined that the present value of the anticipated tax
        liabilities associated with the holding of the Certificates does not exceed
        the
        sum of (1) the present value of any consideration given to the Purchaser
        to
        acquire the Certificates, (2) the present value of the expected future
        distributions on the Certificates, and (3) the present value of the anticipated
        tax savings associated with holding the Certificates as the REMIC generates
        losses (having made such determination by (I) assuming that the Purchaser
        pays
        tax at a rate equal to the highest rate of tax specified in Section 11(b)(1)
        of
        the Code (provided that, if the Purchaser 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, then the Purchaser may use the tax rate specified in Section
        55(b)(1)(B) of the Code), and (II) utilizing a discount rate for present
        valuation purposes equal to the Federal short-term rate prescribed by Section
        1274(d) of the Code.

       

      
        
          
          

        

        
          N-1

          
            

          

        

        
          
          

        

      

      6. The
        Purchaser has represented to the Seller that, if the Certificate constitutes
        a
        noneconomic residual interest, it (i) understands that as holder of a
        noneconomic residual interest it may incur tax liabilities in excess of any
        cash
        flows generated by the interest, and (ii) intends to pay taxes associated
        with
        its holding of the Certificates as they become due.

       

      The
        Seller understands that the transfer of the Certificates may not be respected
        for United States income tax purposes (and the Seller may continue to be
        liable
        for United States income taxes associated therewith) unless there is compliance
        with the standards of paragraph 5 above as to any transfer.

       

      
        
          
          

        

        
          N-2

          
            

          

        

        
          
          

        

      

      We
        agree
        to indemnify the Depositor, the Master Servicer and the Trustee against any
        liability that may result if we sell or transfer a Certificate to a purchaser
        or
        transferee who does not comply with any conditions for transfer set forth
        in the
        Pooling and Servicing Agreement.

       

      Very
        truly yours,

       

      _______________________________

      Name:

      Title:

      
        
          
          

        

        
          N-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

      

      FORM
        OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

       

      
        	
                STATE
                  OF

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF

              	
                )

              	 
	 	 	 

      

      [NAME
        OF
        OFFICER], _________________ being first duly sworn, deposes and
        says:

       

      
        	 	
                1.

              	
                That
                  he [she] is [title of officer] ________________________ of [name
                  of
                  Purchaser] _________________________________________ (the “Purchaser”), a
                  _______________________ [description of type of entity] duly organized
                  and
                  existing under the laws of the [State of __________] [United States],
                  on
                  behalf of which he [she] makes this
                  affidavit.

              

      

       

      
        	 	
                2.

              	
                That
                  the Purchaser’s Taxpayer Identification Number is
                  [           ].

              

      

       

      
        	 	
                3.

              	
                That
                  the Purchaser is not a “disqualified organization” within the meaning of
                  Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                  (the
                  “Code”) and will not be a “disqualified organization” as of [date of
                  transfer], and that the Purchaser is not acquiring a Residual Certificate
                  (as defined in the Agreement) for the account of, or as agent (including
                  a
                  broker, nominee, or other middleman) for, any person or entity
                  from which
                  it has not received an affidavit substantially in the form of this
                  affidavit. For these purposes, a “disqualified organization” means the
                  United States, any state or political subdivision thereof, any
                  foreign
                  government, any international organization, any agency or instrumentality
                  of any of the foregoing (other than an instrumentality if all of
                  its
                  activities are subject to tax and a majority of its board of directors
                  is
                  not selected by such governmental entity), any cooperative organization
                  furnishing electric energy or providing telephone service to persons
                  in
                  rural areas as described in Code Section 1381(a)(2)(C), any “electing
                  large partnership” within the meaning of Section 775 of the Code, or any
                  organization (other than a farmers’ cooperative described in Code Section
                  521) that is exempt from federal income tax unless such organization
                  is
                  subject to the tax on unrelated business income imposed by Code
                  Section
                  511.

              

      

       

      
        	 	
                4.

              	
                The
                  Purchaser either (a) is not, and on ___________ [date of transfer]
                  will
                  not be, an employee benefit plan or other retirement arrangement
                  subject
                  to Section 406 of the Employee Retirement Income Security Act of
                  1974, as
                  amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986,
                  as amended (the “Code”), (collectively, a “Plan”) or a person acting on
                  behalf of any such Plan or investing the assets of any such Plan
                  to
                  acquire a Residual Certificate; (b) if a Residual Certificate has
                  been the subject of an ERISA-Qualifying Underwriting, is an insurance
                  company that is purchasing the Certificate with funds contained
                  in an
                  “insurance company general account” as defined in Section V(e) of
                  Prohibited Transaction Class Exemption (“PTCE”) 95-60 and the purchase and
                  holding of a Residual Certificate are covered under Sections I
                  and III of
                  PTCE 95-60; or (c) herewith delivers to the Trustee an opinion of
                  counsel satisfactory to the Trustee, to the effect that the purchase
                  or
                  holding of such Residual Certificate by the Investor will not constitute
                  or result in any non-exempt prohibited transactions under Section
                  406 of
                  ERISA or Section 4975 of the Code and will not subject the Trustee,
                  the
                  Master Servicer, any Servicer, the Seller or the Depositor to any
                  obligation in addition to those undertaken by such entities in
                  the Pooling
                  and Servicing Agreement, which opinion of counsel shall not be
                  an expense
                  of the Trust Fund or the above
                  parties.

              

      

       

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

      
        	 	
                5.

              	
                That
                  the Purchaser hereby acknowledges that under the terms of the Pooling
                  and Servicing Agreement dated as of April 1, 2007 (the “Agreement”), by
                  and among Bayview Financial Securities Company, LLC, as Depositor,
                  Wells
                  Fargo Bank, N.A., as Master Servicer, and U.S. Bank National Association,
                  as Trustee with respect to Bayview Financial Mortgage Pass-Through
                  Trust
                  2007-A Mortgage Pass-Through Certificates,
                  Series 2007-A, no transfer of the Residual Certificates shall be
                  permitted
                  to be made to any person unless the Trustee has received a certificate
                  from such transferee containing the representations in paragraphs
                  3 and 4
                  hereof.

              

      

       

      
        	 	
                6.

              	
                That
                  the Purchaser does not hold REMIC residual securities as nominee
                  to
                  facilitate the clearance and settlement of such securities through
                  electronic book-entry changes in accounts of participating organizations
                  (such entity, a “Book-Entry
                  Nominee”).

              

      

       

      
        	 	
                7.

              	
                That
                  the Purchaser does not have the intention to impede the assessment
                  or
                  collection of any federal, state or local taxes legally required
                  to be
                  paid with respect to such Residual
                  Certificate.

              

      

       

      
        	 	
                8.

              	
                That
                  the Purchaser will not transfer a Residual Certificate to any person
                  or
                  entity (i) as to which the Purchaser has actual knowledge that
                  the
                  requirements set forth in paragraph 3, paragraph 6 or paragraph
                  10 hereof
                  are not satisfied or that the Purchaser has reason to believe does
                  not
                  satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                  without
                  obtaining from the prospective Purchaser an affidavit substantially
                  in
                  this form and providing to the Trustee a written statement substantially
                  in the form of Exhibit C to the
                  Agreement.

              

      

       

      
        	 	
                9.

              	
                That
                  the Purchaser understands that, as the holder of a Residual Certificate,
                  the Purchaser may incur tax liabilities in excess of any cash flows
                  generated by the interest and that it intends to pay taxes associated
                  with
                  holding such Residual Certificate as they become
                  due.

              

      

       

      
        	 	
                10.

              	
                That
                  (I) the Purchaser (i) is not a Non-U.S. Person, (ii) is a Non-U.S.
                  Person
                  that holds a Residual Certificate in connection with the conduct
                  of a
                  trade or business within the United States and has furnished the
                  transferor and the Trustee with an effective Internal Revenue Service
                  Form
                  W-8ECI
                  (Certificate of Foreign Person’s Claim for Exemption From Withholding on
                  Income Effectively Connected With the Conduct of a Trade or Business
                  in
                  the United States)
                  or successor form at the time and in the manner required by the
                  Code or
                  (iii) is a Non-U.S. Person that has delivered to the transferor,
                  the
                  Trustee an opinion of a nationally recognized tax counsel to the
                  effect
                  that the transfer of such Residual Certificate to it is in accordance
                  with
                  the requirements of the Code and the regulations promulgated thereunder
                  and that such transfer of a Residual Certificate will not be disregarded
                  for federal income tax purposes and (II) if Purchaser is a partnership
                  for
                  U.S. federal income tax purposes, each person or entity that holds
                  an
                  interest (directly, or indirectly through a pass-through entity)
                  is a
                  person or entity described in (I). “Non-U.S. Person” means any person
                  other than a “United States person” within the meaning of Section
                  7701(a)(30) of the Code.

              

      

       

      
        
          
          

        

        
          O-2

          
            

          

        

        
          
          

        

      

      
        	 	
                11.

              	
                The
                  Purchaser will not cause income from the Residual Certificate to
                  be
                  attributable to a foreign permanent establishment or fixed base
                  of the
                  Purchaser or another U.S. taxpayer.

              

      

       

      
        	 	
                12.

              	
                The
                  Purchaser will, in connection with any transfer that it makes of
                  the
                  Residual Certificate, deliver to the Certificate Registrar a
                  representation letter substantially in the form of Exhibit N to
                  the
                  Pooling and Servicing Agreement. [The Purchaser hereby agrees that
                  it will
                  not make any transfer of any Residual Certificate unless (i) the
                  transfer
                  is to an entity which is a domestic C corporation (other than an
                  exempt
                  corporation, a regulated investment company, a real estate investment
                  trust, a REMIC, or a cooperative organization to which part I of
                  Subchapter T of the Code applies) for federal income tax purposes,
                  and
                  (ii) the transfer is in compliance with the conditions set forth
                  in
                  paragraph 5 of Exhibit N of the Pooling and Servicing
                  Agreement.](1)

              

      

       

      
        	 	
                [13.

              	
                The
                  Purchaser hereby represents to and for the benefit of the transferor
                  that
                  (i) at the time of the transfer, and at the close of each of the
                  Purchaser’s two fiscal years preceding the year of transfer, the
                  Purchaser’s gross assets for financial reporting purposes exceed $100
                  million and its net assets for such purposes exceed $10 million
                  (disregarding, for purposes of determining gross or net assets,
                  the
                  obligation of any person related to the Purchaser within the meaning
                  of
                  section 860L(g) of the Code or any other asset if a principal purpose
                  for
                  holding or acquiring that asset is to permit the Purchaser to satisfy
                  this
                  minimum gross asset or net asset requirement), (ii) the Purchaser
                  is a
                  domestic C corporation for United States federal income tax purposes
                  that
                  is not for such purposes an exempt corporation, a regulated investment
                  company, a real estate investment trust, a REMIC, or a cooperative
                  organization to which part I of subchapter T of the Code applies,
                  (iii)
                  there are no facts or circumstances on or before the date of transfer
                  (or
                  anticipated) which would reasonably indicate that the taxes associated
                  with the Residual Certificate will not be paid, and (iv) the Purchaser
                  is
                  not a foreign branch of a domestic corporation, the transfer does
                  not
                  involve a transfer or assignment to a foreign branch of a domestic
                  corporation (or any other arrangement by which any Residual Certificate
                  is
                  at any time subject to net tax by a foreign country or U.S. possession),
                  and the Purchaser will not hereafter engage in any such transfer
                  or
                  assignment (or any such
                  arrangement).](2)

              

      

                  

        1   
          Bracketed
          text to be included if the Purchaser is relying on the transferee’s compliance
          with the “Asset Test Safe Harbor” rather than the “Formula Test Safe
          Harbor.”

        2  Bracketed
          text to be included if the Purchaser is relying on the transferee’s compliance
          with the “Asset Test Safe Harbor” rather than the “Formula Test Safe
          Harbor.”

         

      

      
        
          
          

        

        
          O-3

          
            

          

        

        
          
          

        

      

      
        	 	
                14.

              	
                That
                  the Purchaser agrees to such amendments of the Pooling and Servicing
                  Agreement as may be required to further effectuate the restrictions
                  on
                  transfer of any Residual Certificate to such a “disqualified
                  organization,” an agent thereof, a Book-Entry Nominee, or a person that
                  does not satisfy the requirements of paragraph 7 and paragraph
                  10
                  hereof.

              

      

       

      
        	 	
                15.

              	
                That
                  the Purchaser consents to the designation of the Trustee to act
                  as agent
                  for the “tax matters person” of each REMIC created by the Trust Fund
                  pursuant to the Pooling and Servicing
                  Agreement.

              

      

       

      We
        agree
        to indemnify the Depositor, the Master Servicer and the Trustee against any
        liability that may result if we sell or transfer a Residual Certificate to
        a
        purchaser or transferee who does not comply with any conditions for transfer
        set
        forth in the Pooling and Servicing Agreement.

       

      

        
          
            
            

          

          
            O-4

            
              

            

          

          
            
            

          

        

      IN
        WITNESS WHEREOF, the Purchaser has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its [title of
        officer] this _____ day of __________ 20__.

       

      _________________________________

      [name
        of Purchaser]

       

      By:______________________________

      Name:
        

      Title:
        

       

      Personally
        appeared before me the above-named [name of officer] ________________, known
        or
        proved to me to be the same person who executed the foregoing instrument
        and to
        be the [title of officer] _________________ of the Purchaser, and acknowledged
        to me that he [she] executed the same as his [her] free act and deed and
        the
        free act and deed of the Purchaser.

       

      Subscribed
        and sworn before me this _____ day of __________ 20__.

       

      NOTARY
        PUBLIC

       

      ______________________________

       

      COUNTY
        OF_____________________

       

      STATE
        OF______________________

       

      My
        commission expires the _____ day of __________ 20__.

      
        
          
          

        

        
          O-5

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-1

      

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by the parties listed in the table
        below shall address, at a minimum, the criteria identified below as “Applicable
        Servicing Criteria” for each such party:

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                Wells
                  Fargo       Bank      

              	
                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

              	 
	
                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

              
	
                1122(d)(1)(iii)

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

              	 	 
	
                1122(d)(1)(iv)

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

              	
                X

              	 
	
                 

              	
                Cash
                  Collection and Administration

              	 	 
	
                1122(d)(2)(i)

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

              	
                X

              	
                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

              
	
                1122(d)(2)(iii)

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

              	
                X

              	 
	
                1122(d)(2)(iv)

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

              	
                X

              	
                X

              
	
                1122(d)(2)(v)

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

              	
                X

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                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

              

      

      
        
          
          

        

        
          P-1-1

          
            

          

        

        
          
          

        

      

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                Wells
                  Fargo       Bank      

              	
                Trustee

              
	
                 

              	
                Investor
                  Remittances and Reporting

              	 	 
	
                1122(d)(3)(i)

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

              	
                X

              	 
	
                1122(d)(3)(ii)

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

              	
                X

              	
                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

              
	
                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

              
	
                 

              	
                Pool
                  Asset Administration

              	 	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	 	
                X

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	 	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	 	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 	 
	
                1122(d)(4)(ix)

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

              	 	 
	
                1122(d)(4)(x)

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

              	 	 

      

      
        
          
          

        

        
          P-1-2

          
            

          

        

        
          
          

        

      

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                Wells
                  Fargo       Bank      

              	
                Trustee

              
	
                1122(d)(4)(xi)

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

              	 	 
	
                1122(d)(4)(xii)

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

              	 	 
	
                1122(d)(4)(xiii)

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

              	 	 
	
                1122(d)(4)(xiv)

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

              	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 	 
	
                 

              	
                 

              	 	 

      

      

       

      [NAME
        OF PARTY]

       

      Date: _________________________

       

      

       

      By:
        ________________________________

      Name:
        

      Title:
        

      

       

      

      
        
          
          

        

        
          P-1-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-2

      

      ADDITIONAL
        FORM 8-K DISCLOSURE

      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

                 

                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a
                  party.

                 

                Example:
                  servicing agreement

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                Depositor

              
	
                Item
                  1.02- Termination of a Material Definitive Agreement

                 

                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party.

                 

                Example:
                  servicing agreement 

              	
                Depositor

              
	
                Item
                  1.03 - Bankruptcy or Receivership

                 

                Disclosure
                  is required regarding the bankruptcy or receivership, with respect
                  to any
                  of the following:

              	 
	
                · Sponsor
                  (Seller)

              	
                Depositor

              
	
                · Depositor

              	
                Depositor

              
	
                · Master
                  Servicer

              	
                Master
                  Servicer

              
	
                · Affiliated
                  Servicer

              	
                Depositor

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

              	
                Depositor

              
	
                · Other
                  material servicers

              	
                Depositor

              
	
                · Trustee
                  

              	
                Trustee
                  

              

      

      
        
          
          

        

        
          P-2-1

          
            

          

        

        
          
          

        

      

      

      
        	
                · Significant
                  Obligor 

              	
                Depositor
                  

              
	
                · Credit
                  Enhancer (10% or more)

              	
                Depositor
                  

              
	
                · Cap
                  Provider

              	
                Depositor
                  

              
	
                · Swap
                  Counterparty

              	
                Depositor

              
	
                Item
                  2.04- Triggering Events that Accelerate or Increase a Direct Financial
                  Obligation or an Obligation under an Off-Balance Sheet
                  Arrangement

                 

                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the monthly report to Certificateholders. 

              	
                Depositor

              
	
                Item
                  3.03- Material Modification to Rights of Security
                  Holders

                 

                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement.

              	
                Depositor

              
	
                Item
                  5.03- Amendments of Articles of Incorporation or Bylaws; Change
                  of Fiscal
                  Year

                 

                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”.

              	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational
                  Material

              	
                Depositor

              
	
                Item
                  6.02- Change of Servicer or Trustee

                 

                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers or
                  trustee.

              	
                Depositor,
                  Master Servicer, Trustee

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

              	
                Depositor,
                  Master Servicer

              
	
                Regulation
                  AB disclosure about any new Trustee is also required.

              	
                Trustee

              
	
                Item
                  6.03- Change in Credit Enhancement or External
                  Support

                 

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

              	
                Depositor

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

              	
                Depositor
                  

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Trustee

              
	
                Item
                  6.05- Securities Act Updating Disclosure

                 

                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the Certificates from the description in the final
                  prospectus,
                  provide updated Regulation AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                Item
                  7.01- Regulation FD Disclosure

              	
                Depositor

              
	
                Item
                  8.01- Other Events

                 

                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to
                  Certificateholders

              	
                Depositor

              
	
                Item
                  9.01- Financial Statements and Exhibits

              	
                Depositor

              

      

      

      
        
          
          

        

        
          P-2-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-3

       

      ADDITIONAL
        FORM 10-D DISCLOSURE

      

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  1: Distribution and Pool Performance Information

              	 
	
                Information
                  included in the monthly report to Certificateholders

              	
                Servicer,
                  Trustee

              
	
                Any
                  information required by Item 1121 which is not included on the
                  monthly
                  report to Certificateholders

              	
                Servicer

              
	
                Item
                  2: Legal Proceedings

                 

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

              	 
	
                · Issuing
                  Entity (Trust Fund)

              	
                Depositor,
                  Master Servicer

              
	
                · Sponsor
                  (Seller) 

              	
                Depositor
                  

              
	
                · Depositor
                  

              	
                Depositor
                  

              
	
                · Trustee

              	
                Trustee
                  

              
	
                · Master
                  Servicer

              	
                Master
                  Servicer 

              
	
                · 1110(b)
                  Originator

              	
                Depositor

              
	
                · Any
                  1108(a)(2) Servicer (other than the Master Servicer or Trustee)
                  

              	
                Depositor

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

              	
                Depositor
                  

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

                 

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

                 

                With
                  respect to any sale of Certificates 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 Certificates were not registered.
                  

              	
                Depositor

              

      

      
        
          
          

        

        
          P-3-1

          
            

          

        

        
          
          

        

      

      

      
        	
                Item
                  4: Defaults Upon Senior Securities

                 

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

                 

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

              	
                Trustee

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

                 

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

              	
                Depositor

              
	
                Item
                  6: Significant Obligors of Pool Assets

                 

                Item
                  1112(b) - Significant Obligor Financial Information*

              	
                Depositor

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

              	 
	
                Item
                  7: Significant Enhancement Provider Information

                 

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

              	
                Depositor

              
	
                · Determining
                  applicable disclosure threshold

              	
                Depositor
                  

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

              	
                Depositor
                  

              
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information*

              	 
	
                · Determining
                  current maximum probably exposure 

              	
                Depositor
                  

              
	
                · Determining
                  current significance percentage

              	
                Depositor
                  

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

              	
                Depositor

              

      

      
        
          
          

        

        
          P-3-2

          
            

          

        

        
          
          

        

      

      

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

              	 
	
                Item
                  8: Other Information

                 

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

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  9: Exhibits

              	 
	
                Monthly
                  Report to Certificateholders

              	
                Master
                  Servicer

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

              	
                Depositor

              

      

      
        
          
          

        

        
          P-3-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-4

      

      ADDITIONAL
        FORM 10-K DISCLOSURE

      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                Item
                  1B: Unresolved Staff Comments

                 

              	
                Depositor

              
	
                Item
                  9B: Other Information

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

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	
                Depositor

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

              	 
	
                Significant
                  Obligor Financial Information*

              	
                Depositor
                  

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

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

              	 
	
                · Determining
                  applicable disclosure threshold 

              	
                Depositor

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

              	
                Depositor

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

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

              	 
	
                · Determining
                  current maximum probable exposure

              	
                Depositor

              
	
                · Determining
                  current significance percentage

              	
                Depositor

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

              	
                Depositor

              

      

      
        
          
          

        

        
          P-4-1

          
            

          

        

        
          
          

        

      

      

      
        	
                *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.

              	
                Depositor

              
	
                Regulation
                  AB Item 1117: Legal Proceedings

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

              	 
	
                · Issuing
                  Entity (Trust Fund)

              	
                Master
                  Servicer

              
	
                · Sponsor
                  (Seller) 

              	
                Depositor
                  

              
	
                · Depositor
                  

              	
                Depositor
                  

              
	
                · Trustee

              	
                Trustee
                  

              
	
                · Master
                  Servicer

              	
                Master
                  Servicer 

              
	
                · 1110(b)
                  Originator

              	
                Depositor

              
	
                · Any
                  1108(a)(2) Servicer (other than the Master Servicer or Trustee)
                  

              	
                Depositor

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

              	
                Depositor
                  

              
	
                Regulation
                  AB item 1119: Affiliations and Relationships

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

              	 
	
                · Master
                  Servicer

              	
                Master
                  Servicer

              
	
                · Trustee

              	
                Trustee

              
	
                · Any
                  other 1108(a)(3) servicer

              	
                Depositor

              
	
                · Any
                  1110 Originator 

              	
                Depositor

              
	
                · Any
                  1112(b) Significant Obligor 

              	
                Depositor

              
	
                · Any
                  1114 Credit Enhancement Provider

              	
                Depositor

              
	
                · Any
                  1115 Derivative Counterparty Provider 

              	
                Depositor

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

              	
                Depositor

              

      

      
        
          
          

        

        
          P-4-2

          
            

          

        

        
          
          

        

      

      

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

              	
                Depositor,
                  as to (a)

              
	
                · Master
                  Servicer

              	
                Master
                  Servicer

              
	
                · Trustee

              	
                Trustee

              
	
                · Any
                  other 1108(a)(3) servicer

              	
                Servicer

              
	
                · Any
                  1110 Originator 

              	
                Depositor

              
	
                · Any
                  1112(b) Significant Obligor 

              	
                Depositor

              
	
                · Any
                  1114 Credit Enhancement Provider

              	
                Depositor

              
	
                · Any
                  1115 Derivative Counterparty Provider 

              	
                Depositor

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

              	
                Depositor

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

              	
                Depositor,
                  as to (a)

              
	
                · Master
                  Servicer

              	
                Master
                  Servicer

              
	
                · Trustee

              	
                Trustee

              
	
                · Any
                  other 1108(a)(3) servicer

              	
                Depositor

              
	
                · Any
                  1110 Originator 

              	
                Depositor

              
	
                · Any
                  1112(b) Significant Obligor 

              	
                Depositor

              
	
                · Any
                  1114 Credit Enhancement Provider

              	
                Depositor

              
	
                · Any
                  1115 Derivative Counterparty Provider 

              	
                Depositor

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

              	
                Depositor

              

      

      
        
          
          

        

        
          P-4-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-5

      

      ADDITIONAL
        DISCLOSURE NOTIFICATION

      

      **SEND
        VIA FAX TO (410) 715-2380 AND VIA E-MAIL TO cts.sec.notifications@wellsfargo.com
        AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW

      

      Wells
        Fargo Bank, N.A., as Master Servicer

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Master Servicing - Bayview 2007-A

      

      Re:
        Additional
        Form [10-D] [10-K] [8-K] Disclosure Required

      

      Ladies
        and Gentlemen:

      

      In
        accordance with Section 4.31[(a)] [(b)] [(c)] of the Pooling and Servicing
        Agreement dated as of April 1, 2007, among Bayview Financial Securities Company,
        LLC, as Depositor, Wells Fargo Bank, N.A., as Master Servicer, and U.S. Bank
        National Association, as Trustee, the undersigned, as
        [     ], hereby notifies you that certain events have
        come to our attention that [will] [may] need to be disclosed on Form [10-D]
        [10-K] [8-K].

      

      Description
        of Additional [10-D] [10-K] [8-K] Disclosure: 

      

      

      List
        of any Attachments hereto to be included in the Additional [10-D] [10-K]
        [8-K]
        Disclosure:

      

      

      Any
        inquiries related to this notification should be directed to
        [                 ],
        phone number: [          ];
        e-mail address:
        [                      ].

      

      [NAME
        OF
        PARTY],

      as
        [role]

      

      

      By:
        _________________________

      Name:

      Title:

       

      
        
          
          

        

        
          P-5-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      

      

      

      
        
          
          

        

        
          Sch.
            I-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I-A

      

      SIMPLE
        INTEREST MORTGAGE LOANS

      

      (None)

      

      

      

      

      
        
          
          

        

        
          Sch.
            I-A-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I-B

      

      PREPAYMENT
        PREMIUM CONVEYED MORTGAGE LOANS

      

      

      

      
        
          
          

        

        
          Sch.
            I-B-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I-C

      

      NON-MONTHLY
        MORTGAGE LOANS

      

      

      

      
        
          
          

        

        
          Sch.
            I-C-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I-D

      

      CONVERTIBLE
        MORTGAGE LOANS

      

      

      

      
        
          
          

        

        
          Sch.
            I-D-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I-E

      

      HOLDBACK
        MORTGAGE LOANS

      

      None.

      

      
        
          
          

        

        
          Sch.
            I-E-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I-F

      

      [Reserved]

      

      
        
          
          

        

        
          Sch.
            I-F-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I-G

      

      STRIPPED
        MORTGAGE LOANS

      

      

      

      

      
        
          
          

        

        
          Sch.
            I-G-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I-H

      

      60+
        DELINQUENT MORTGAGE LOANS

      

      None.

      
        
          
          

        

        
          Sch.
            I-H-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I-I

      

      FORECLOSURE
        RESTRICTED LOANS

      

      (None)

      
        
          
          

        

        
          Sch.
            I-I-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II-A

      

      2003-G
        RE-SOLD MORTGAGE LOANS

      
        
          
          

        

        
          Sch.
            II-A-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II-B

      

      2004-B
        RE-SOLD MORTGAGE LOANS

      
        
          
          

        

        
          Sch.
            II-B-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II-C

      

      2005-A
        RE-SOLD MORTGAGE LOANS

      
        
          
          

        

        
          Sch.
            II-C-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II-D

      

      2005-E
        RE-SOLD MORTGAGE LOANS

      
        
          
          

        

        
          Sch.
            II-D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]