Document:

Exhibit
      10.10

    
      

      

    

    

    

    

    EXECUTION
      COPY

    

    

    

    MORTGAGE
      LOAN FLOW PURCHASE, SALE, AND SERVICING AGREEMENT

    Dated
      and
      effective as of January 1, 2006

    

    

    

    

    RWT
      HOLDINGS, INC.

    (Purchaser)

    

    

    

    GREENPOINT
      MORTGAGE FUNDING, INC.

    (Seller)

    

    and

    

    

    

    REDWOOD
      TRUST, INC.

    (Guarantor)

    

    

    Adjustable
      Rate Conventional Mortgage Loans

    

    

    

    
      

      

    

    

    

    

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    Exhibit
      10.10

     

    This
      is a
      Mortgage Loan Flow Purchase, Sale and Servicing Agreement, dated and effec-tive
      as of January 1, 2006, and is executed between RWT Holdings, Inc., a Delaware
      corporation, as purchaser (hereinafter, the “Purchaser”), GreenPoint Mortgage
      Funding, Inc., a New York corporation, as seller and servicer (the “Seller”),
      and Redwood Trust, Inc., a Maryland corporation (the “Guarantor”).

    

    The
      Purchaser and the Seller desire to establish a flow program whereby the Seller
      will make Mortgage Loans which meet the applicable provisions of this Agreement,
      and the Purchaser will, on a regular basis, purchase such Mortgage Loans from
      the Seller, as applicable, provided the parties agree on the price, date and
      other conditions or considerations as set forth in this Agreement.

    

    All
      of
      the Mortgage Loans will be secured by first mort-gages or deeds of trust on
      residential dwellings situated within the state(s) indicated on the Mortgage
      Loan Schedule.

    

    The
      Purchaser and Seller wish to prescribe the manner of purchase by the Purchaser
      and the management, servicing and control of the Mortgage Loans.

    

    In
      consideration of the premises and the mutual agree-ments hereinafter set forth,
      the Purchaser and the Seller agree as follows:

    

    ARTICLE
      I

    

    DEFINITIONS

    

    Whenever
      used herein, the following words and phrases, unless the context otherwise
      requires, shall have the following meanings: 

    

    “Agreement”:
      This Mortgage Loan Flow Purchase, Sale and Servicing Agreement, including all
      exhibits hereto, and all amend-ments hereof and supplements hereto.

    

    “ALTA”:
      The American Land Title Association.

    

    “Annual
      Mortgage Interest Rate Cap”: The maximum amount, as provided in the Mortgage
      Note, that a Mortgage Interest Rate can change on any Interest Rate Change
      Date.

    

    “Appraised
      Value”: The amount set forth in an appraisal in connection with the origination
      of each Mortgage Loan as the value of the Mortgaged Property.

    

    “Assessment
      of Compliance” The statement as defined in Section 6.05 hereto.

    

    “Assignment
      of Mortgage”: An assignment of the Mort-gage, notice of transfer or equivalent
      instrument in recordable form (but not recorded) that, when properly completed
      and recorded, is sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect of record the sale of the
      Mortgage Loan to the Purchaser.

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    “Assumed
      Principal Balance”: As to each Mortgage Loan as of any date of determination,
      (i) the principal balance of the Mortgage Loan outstanding as of the Cut-off
      Date after application of payments due on or before the Cut-off Date, whether
      or
      not received, minus 

    ((ii)
      all
      amounts previously distributed to the Purchaser with respect to the Mortgage
      Loan pursuant to Section 5.01 and representing (a) payments or other recoveries
      of principal or (b) advances of scheduled principal payments made pursuant
      to
      Section 5.03.

    

    “Attestation
      Report”: The report as defined in Section 6.05 hereto.

    

    “Back-Up
      SOX Certificate”: The certification as defined in Section 12.02
      hereto.

    

    “Business
      Day”: Any day other than (i) a Saturday or Sunday, or (ii) a day on which
      banking or savings and loan institutions in the State of New York are authorized
      or obligated by law or executive order to be closed.

    

    “Compliance
      Statement” The statement as defined in Section 6.04 hereto.

    

    “Condemnation
      Proceeds”: All awards or settlements in respect of a taking of an entire
      Mortgaged Property by exercise of the power of eminent domain or
      condemnation.

    

    “Custodial
      Account”: The separate account or accounts created and maintained pursuant to
      Section 4.04.

    

    “Custodial
      Agreement”: The agreement for the retention of each Mortgage Note, Mortgage,
      Assignment of Mortgage and other documents, which agreement is in the form
      annexed hereto as Exhibit D.

    

    “Custodian”:
      The custodian under the Custodial Agree-ment, or its successor. 

    

    “Current
      Index”: The index, as provided in each Mortgage Note, used to adjust the
      Mortgage Interest Rate on each Interest Change Date.

    

    “Curtailment”:
      Any Principal Prepayment made by a Mortgagor that is not a Full Principal
      Prepayment.

    

    “Customary
      Servicing Procedures”: Procedures (includ-ing collection procedures) using the
      same care that the Seller customarily employs and exercises in servicing and
      administering mortgage loans for its own account and those of third-party
      investors giving due consideration to accepted mort-gage servicing
      practices.

    

    “Cut-off
      Date”: The first day of the month in which the respective Funding Date
      occurs.

    

    “Deleted
      Mortgage Loan”: A Mortgage Loan replaced or to be replaced with a Qualified
      Substitute Mortgage Loan in accordance with this Agreement.

    

    “Depositor”:
      With respect to any Pass-Through Transfer, the “depositor, if any, specified by
      the Purchaser and identified in related transaction documents.

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

      “Determination
        Date”: The 16th day (or if such 16th day is not a Business Day, the Business Day
        immediately preceding such 16th day) of the month of the related Remittance
        Date. 

    

     

    “Due
      Date”: The day of the month on which each Monthly Payment is due on a Mortgage
      Loan, exclusive of any days of grace.

    

    “Due
      Period”: With respect to each Remittance Date, the period beginning on the
      second day of the month preceding the month of the Remittance Date, and ending
      on the first day of the month of the Remittance Date. 

    

    “Eligible
      Depository Institution”: An account or accounts maintained with a depository
      institution which is acceptable to Fannie Mae or Freddie Mac for establishment
      of custodial accounts.

    

    “Eligible
      Investments”: Any one or more of the following obligations or
      securities:

    

    (i) obligations
      of or guaranteed as to principal and interest by the (a) United States, the
      Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Federal National
      Mortgage Association (“Fannie Mae”) or any agency or instrumentality of the
      United States when such obligations are backed by the full faith and credit
      of
      the United States; provided, that such obligations of Freddie Mac or Fannie
      Mae
      shall be limited to senior debt obligations and mortgage participation
      certificates except that investments in mortgage-backed or mortgage
      participation securities with yields evidencing extreme sensitivity to the
      rate
      of principal payments on the underlying mortgages shall not constitute Eligible
      Investments hereunder;

    

    (ii) repurchase
      agreements (which must be fully collateralized) on
      obligations specified in clause (i) maturing not more than one month from the
      date of acquisition thereof;

    

    (iii) federal
      funds, certificates of deposit, demand deposits, 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 or a remaining maturity of more than 30 days)
      denominated in United States dollars of any U.S. depository institution or
      trust
      company incorporated under the laws of the United States or any state thereof
      or
      of any domestic branch of a foreign depository institution or trust
      company;

    

    (iv) commercial
      paper (having original maturities of not more than 365 days) of any corporation
      incorporated under the laws of the United States or any state thereof which
      are
      rated at least A-1 or P-1 by S & P Corporation (“S & P”) and Moody’s
      Investor Services, Inc. (“Moody’s”), respectively;

    

    (v) obligations
      of major foreign commercial banks, limited to Eurodollar deposits, time
      deposits, certificate of deposits, bankers acceptances, Yankee Bankers
      acceptances and Yankee certificate of deposits;

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    (vi) obligations
      of major foreign corporations limited to commercial paper, auction rate
      preferred stock, medium term notes, master notes and loan
      participations;

    

    (vii) money
      market funds comprised of securities described in the aforementioned clauses
      (i-iv) and having a stated policy of maintaining a set net asset value per
      share
      (a “Money Market Fund”). All Money Market Funds will conform to Rule 2a-7 of the
      Investment Seller Act of 1940;

    

    provided,
      however, that no instrument shall be an Eligible Investment if it represents,
      either (1) the right to receive only interest payments with respect to the
      underlying debt instrument or (2) the right to receive both principal and
      interest payments derived from obligations underlying such instrument and the
      principal and interest with respect to such instrument provide a yield to
      maturity greater than 120% of the yield to maturity at par of such underlying
      obligations.

    

    “Escrow
      Account”: The separate account or accounts created and maintained pursuant to
      Section 4.06. 

    

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

    

    “Event
      of
      Default”: Any one of the conditions or circum-stances enumerated in Section
      9.01. 

    

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

    

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

    

    “Fidelity
      Bond”: A fidelity bond required to be maintained by the Seller pursuant to
      Section 4.13.

    

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

    

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

    

    “Full
      Principal Prepayment”: A Principal Prepayment made by a Mortgagor of the entire
      principal balance of a Mortgage Loan.

    

    “Funding
      Date”: Each date that the Purchaser purchases Mortgage Loans from the Seller
      hereunder.

    

    “Guarantor”:
      Redwood Trust, Inc., a Maryland corporation.

    

    “HUD”:
      The
      Department of Housing and Urban Development or any successor
      organization.

    

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    “Insurance
      Proceeds”: Proceeds of any Primary Insurance Policy, title policy, hazard policy
      or other insurance policy covering a Mortgage Loan, if any, to the extent such
      proceeds are not to be applied to the restoration of the related Mortgaged
      Property or released to the Mortgagor in accordance with Customary Servicing
      Procedures or in accordance with the terms of the related Mortgage Loan or
      applicable law.

    

    “Interest
      Rate Change Date”: The date on which the Mortgage Interest Rate is subject to
      change as provided in the related Mortgage Note.

    

    “Lifetime
      Mortgage Interest Rate Cap”: The maximum amount, as provided in the Mortgage
      Note, that a Mortgage Interest Rate can change over the life of the Mortgage
      Loan.

    

    “Liquidation
      Proceeds”: Cash, other than Insurance Proceeds, Condemnation Proceeds or REO
      Disposi-tion Proceeds, received in connection with the liquidation of a
      defaulted Mortgage Loan, whether through the sale or assignment of the Mortgage
      Loan, trustee's sale, fore-closure sale or other-wise.

    

    “Loan-to-Value
      Ratio” or “LTV”: With respect to any Mortgage Loan, the original principal
      balance of such Mortgage Loan divided by the Appraised Value of the related
      Mortgaged Property.

    

    “Margin”:
      The amount that is added to the Current Index value to determine the Mortgage
      Interest Rate on each Interest Rate Change Date.

    

    “Master
      Servicer”: With respect to a Pass-Through Transfer, the “master servicer”, if
      any, identified by the Purchaser and identified in related transaction
      documents.

    

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

    

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

     

    “Monthly
      Payment”: The scheduled monthly payment of principal and interest on a Mortgage
      Loan which is payable by a Mortgagor under the related Mortgage Note.

    

    “Mortgage”:
      The mortgage, deed of trust or other instru-ment creating a first lien on or
      first priority ownership inter-est in an estate in fee simple, or a leasehold
      estate, in real property securing a Mortgage Note, including any rider
      incorporated by reference therein. 

    

    “Mortgage
      File”: The documents, records and other items referred to in Exhibit A annexed
      hereto pertaining to a particular Mortgage Loan.

    

    “Mortgage
      Interest Rate”: The annual rate at which interest accrues at the time of
      determination on any Mortgage Loan in accordance with the provisions of the
      related Mortgage Note.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    
      Exhibit
        10.10

    “Mortgage
      Loan”: An individual mortgage loan that is the subject of this Agreement, each
      mortgage loan originally sold and subject to this Agreement being identified
      on
      the Mortgage Loan Schedule.

    

    “Mortgage
      Loan Remittance Rate”: As to each Mortgage Loan, the annual rate of interest
      required to be remitted hereun-der to the Purchaser, which shall be equal to
      the
      related Mortgage Interest Rate minus the related Servicing Fee
      Rate.

    

    “Mortgage
      Loan Schedule”: The schedule of Mortgage attached hereto as Exhibit E, such
      schedule setting forth the following information as to each Mortgage Loan,
      as
      applicable: (a) the Mortgage Loan identifying number, (b) state and zip code
      of
      the Mortgaged Property, (c) the Mortgage Interest Rate, (d) the original
      principal balance of the Mortgage Loan, (e) principal balance of the Mortgage
      Loan as of the Cut-off Date after deduction of payments of principal due on
      or
      before the Cut-off Date, whether or not collected, (f) the first payment date,
      (g) a code indicating whether the Mortgaged Property is occupied by the owner
      (and, if so, whether it is occupied as a primary, secondary or vacation
      residence), and (h) the purpose of the Mortgage Loan.

    

    “Mortgage
      Note”: The note or other evidence of the indebtedness of a Mortgagor secured by
      the related Mortgage.

    

    “Mortgaged
      Property”: The real property and improvements subject to a Mortgage,
      constituting security for repayment of the debt evidenced by the related
      Mortgage Note. 

    

    “Mortgagor”:
      The obligor on a Mortgage Note.

    

    “Nonrecoverable
      Advance”: Any advance previously made by the Seller pursuant to Section 5.03 or
      Section 5.04 or any expenses incurred pursuant to Section 4.08 which, in the
      good faith judgement of the Seller, may not be ultimately recoverable by the
      Seller from Liquidation Proceeds. The determination by the Seller that is has
      made a Nonrecoverable Advance, shall be evidenced by an Officer’s Certificate of
      the Seller delivered to the Purchaser and detailing the reasons for such
      determination.

    

    “Officers'
      Certificate”: A certificate signed by the President, a Senior Vice President or
      a Vice President and by the Treasurer or the Secre-tary or one of the Assistant
      Secretaries of the Seller, or by other duly authorized officers or agents of
      the
      Seller, and delivered to the Purchaser as required by this
      Agreement.

    

    “Opinion
      of Counsel”: A written opinion of counsel, who may be salaried counsel employed
      by the Seller.

    

    “P&I
      Advance”: As to any Mortgage Loan, any advance made by the Seller pursuant to
      Section 5.03.

    

    “Pass-Through
      Transfer”: The sale or transfer of some or all of the Mortgage Loans by the
      Purchaser to a trust to be formed as part of a publicly issued or privately
      placed mortgage-backed securities transaction.

    

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

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

    

    “Prepayment
      Interest Shortfall”: As to any Remittance Date and any Mortgage Loan, (a) if
      such Mortgage Loan was the subject of a Full Principal Prepayment during the
      related Principal Prepayment Period, the excess of one month’s interest
      (adjusted to the Mortgage Loan Remittance Rate) on the Assumed Principal Balance
      of such Mortgage Loan outstanding immediately prior to such prepayment, over
      the
      amount of interest (adjusted to the Mortgage Loan Remittance Rate) actually
      paid
      by the Mortgagor in respect of such Principal Prepayment Period, and (b) if
      such
      Mortgage Loan was the subject of a Curtailment during the related Principal
      Prepayment Period, an amount equal to one month’s interest at the Mortgage Loan
      Remittance Rate on the amount of such Curtailment.

    

    “Primary
      Insurance Policy”: With respect to each Mortgage Loan, the primary policy of
      mortgage insurance in effect, or any replacement policy therefor obtained by
      the
      Seller pursuant to Section 4.08.

    

    “Principal
      Prepayment”: Any payment or other recovery of principal on a Mortgage Loan which
      is received in advance of its scheduled Due Date, including any prepayment
      penalty or premium thereon, and is not accompanied by an amount of interest
      repre-sent-ing scheduled interest due on any date or dates in any month or
      months subsequent to the month of prepayment. 

    

    “Principal
      Prepayment Period”: As to any Remittance Date, the calendar month preceding the
      calendar month in which such Remittance Date occurs.

    

    “Purchase
      Price”: As to each Mortgage Loan to be sold hereunder, the price set forth in
      the Mortgage Loan Schedule and the related Purchase Price and Terms
      Letter.

    

    “Purchase
      Price and Terms Letter”: With respect to any pool of Mortgage Loans purchased
      and sold on any Funding Date, the letter agreement between the Purchaser and
      the
      Seller (including any exhibits, schedules and attachments thereto), setting
      forth the terms and conditions of such transaction and describing the Mortgage
      Loans to be purchased by the Purchaser on such Funding Date. A Purchase Price
      and Terms Letter may relate to more than one pool of Mortgage Loans to be
      purchased on one or more Funding Dates hereunder.

    

    “Purchase
      Price Percentage”: As to each Mortgage Loan to be sold hereunder, the percentage
      of the principal balance thereof being paid as part of the Purchase Price,
      as
      set forth in the Mortgage Loan Schedule and the related Purchase Price and
      Terms
      Letter.

    

    “Purchaser”:
      RWT Holdings, Inc., a Delaware corporation.

    

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted by the Seller for a
      Deleted Mortgage Loan which must, on the date of such substitution, (i) have
      a
      principal balance at the time of substitution not in excess of the principal
      balance of the Deleted Mortgage Loan (the amount of any difference being deemed
      to be a principal payment to be credited to or deposited by the Seller in the
      Custodial Account), (ii) have a Mortgage Interest Rate not less than and not
      more than 1% greater than that of the Deleted Mortgage Loan, (iii) have a
      remaining maturity not later than and not more than one year less than the
      remaining maturity of the Deleted Mortgage Loan, (iv)
      have
      a Lifetime Mortgage Interest Rate Cap not less than that of the Deleted Mortgage
      Loan and not more than two (2) percentage points above that of the Deleted
      Mortgage Loan, (v) have a Margin not less than that of the Deleted Mortgage
      Loan, (vi) have a Loan-to-Value Ratio at the time of substitution equal to
      or
      less than the Loan-to-Value Ratio of the Deleted Mortgage Loan at the time
      of
      substitution, (vii) Mortgage Loan, (viii) have the same Current Index as the
      Deleted Mortgage Loan, (ix) comply as of the date of substitution with each
      representation and warranty set forth in Section 3.02, (x) be in the same credit
      grade category as the Deleted Mortgage Loan, (xi) have the same prepayment
      penalty term, if any, and
      (xii)
      be, in the reasonable determination of the Seller, of the same type, quality
      and
      character as the Deleted Mortgage Loan as if the breach had not
      occurred.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

      

    

    

    “Reconstitution
      Agreement”: The agreement or agreements entered into by the Seller and the
      Purchaser and certain third parties on the Reconstitution Date or Dates with
      respect to any or all of the Mortgage Loans serviced hereunder, in connection
      with a Whole Loan Transfer or a Pass-Through Transfer as provided in Section
      12.01.

    

    “Reconstitution
      Date”: The date or dates on which any or all of the Mortgage Loans serviced
      under this Agreement shall be removed from this Agreement and reconstituted
      as
      part of a Whole Loan Transfer or Pass-Through Transfer pursuant to Section
      12.01
      hereof. On such date, the Mortgage Loans transferred shall cease to be covered
      by this Agreement and the Seller shall cease to service such Mortgage Loans
      under this Agreement.

    

    “Record
      Date”: The close of business of the last Busi-ness Day of the month preceding
      the month of the related Remit-tance Date. 

    

    “Refinanced
      Mortgage Loan”: A Mortgage Loan that was made to a Mortgagor who owned the
      Mortgaged Property prior to the origination of such Mortgage Loan.

    

    “Regulation
      AB”: Subpart 229.1100—Asset-Backed Securities (Regulation AB), 17 C.F.R.
      Sections 229.1100-1123, as such may be amended from time to time, and subject
      to
      such clarification and interpretation as have been provided by the SEC in the
      adopting release (Asset-Backed Securities, Securities Act Release No. 22-8518,
      70 Fed. Reg. 1,506, 1,531 (Jan.7, 2005) or by the staff of the SEC. or as may
      be
      provided by the SCE or its staff from time to time.

    

    “Remittance
      Date”: The 18th day of any month, or if such 18th day is not a Busi-ness Day,
      the first Business Day immediately prior thereto.

    

    “REO
      Disposition”: The final sale by the Seller of a Mortgaged Property acquired by
      the Seller in foreclosure or by deed in lieu of foreclosure. 

    

    “REO
      Disposition Proceeds”: All amounts received with respect to an REO Disposition
      pursuant to Section 4.14. 

    

    “REO
      Property”: A Mortgaged Property acquired by the Seller through foreclosure or
      deed in lieu of foreclosure, as described in Section 4.14. 

    

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    “Repurchase
      Price”: With respect to any Mortgage Loan to be repurchased by the Seller
      pursuant to Section 3.03, an amount equal to the Assumed Principal Balance
      of
      such Mortgage Loan as of the date of such repurchase, plus interest on such
      Assumed Principal Balance at the Mortgage Loan Remittance Rate from the date
      to
      which interest has last been paid to the day prior to the day of the
      repurchase.

    

    “SEC”:
      The United States Securities and Exchange Commission.

    

    “Seller”:
      GreenPoint Mortgage Funding, Inc., a New York corporation, or its successor
      in
      interest or any successor to the Seller under this Agreement appointed as herein
      provided. 

    

    “Servicing
      Advances”: All customary, reasonable and necessary “out of pocket” costs and
      expenses incurred in the performance by the Seller of its servicing obligations,
      includ-ing, but not limited to, the cost of (a) the preservation, restoration
      and protection of the Mortgaged Property, (b) any enforcement or judicial
      proceedings, including foreclosures, (c) the management and liquidation of
      REO
      Property pursuant to Section 4.14 and (d) compliance with the Seller's
      obligations described in Section 4.08.

    

    “Servicing
      Fee”: The amount of the annual fee the Purchaser shall pay to the Seller, equal
      to 0. 250% of the outstanding principal amount of each Mortgage Loan with
      respect to the period of time prior to the initial Interest Rate Change Date
      and, thereafter, 0.375% of the outstanding principal amount for that Mortgage
      Loan. Such fee shall be payable monthly and shall be computed on the basis
      of
      the same principal amount and for the period respecting which any related
      interest payment on a Mortgage Loan is computed. 

    

    “Servicing
      Officer”: Any officer of the Seller involved in, or responsible for, the
      administration and servicing of the Mortgage Loans whose name appears on a
      list
      of servicing officers furnished by the Seller to the Purchaser upon request,
      as
      such list may from time to time be amended.

    

    “Trust”:
      With respect to a Pass-Through Transfer, the “trust”, if any, specified by the
      Purchaser and identified in the related transaction documents.

    

    “Whole
      Loan Transfer”: Any sale or transfer of all of the Mortgage Loans by the
      Purchaser to a third party.

    

    ARTICLE
      II

    

    CONVEYANCE
      OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES;

    BOOKS
      AND RECORDS; CUSTODIAL AGREEMENT;

    DELIVERY
      OF MORTGAGE LOAN DOCUMENTS

    

    Section
      2.01 Conveyance
      of Mortgage Loans; Possession of Mortgage Files.
      

    

    The
      Seller agrees to sell and the Purchaser agrees to purchase, from time to time,
      those certain Mortgage Loans identified in a Mortgage Loan Schedule, at the
      price and on the terms set forth herein and in the related Purchase Price and
      Terms Letter. The Purchaser, on any Funding Date, shall be obligated to purchase
      only such Mortgage Loans set forth in the applicable Mortgage Loan Schedule,
      subject to the terms and conditions of this Agreement and the related Purchase
      Price and Terms Letter.

    

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    The
      Purchaser will purchase Mortgage Loan(s) from the Seller, on such Funding Dates
      as may be agreed upon by the Purchaser and the Seller. Each closing shall,
      at
      the Purchaser’s option be either: by telephone, confirmed by letter or wire as
      the parties shall agree; or conducted in person at such place, as the parties
      shall agree. On the Funding Date and subject to the terms and conditions of
      this
      Agreement, the Seller will sell, transfer, assign, set over and convey to the
      Purchaser, without recourse except as set forth in this Agreement, and the
      Purchaser will purchase, all of the right, title and interest of the Seller
      in
      and to the Mortgage Loans being conveyed by it hereunder, as identified on
      the
      Mortgage Loan Schedule.

    

    On
      the
      Funding Date and in accordance with the terms herein, the Purchaser will pay
      to
      the Seller, by wire transfer of immediately available funds, the Purchase Price,
      according to the instructions to be provided by the Seller. The Seller,
      simultaneously with the payment of the Purchase Price, shall execute and deliver
      to the Purchaser a Warranty Bill of Sale with respect to the Mortgage Loans
      in
      the form annexed hereto as Exhibit H.

    

    The
      Purchaser shall be entitled to all scheduled principal due after the Cut-off
      Date, all other recoveries of principal collected after the Cut-off Date and
      all
      payments of interest on the Mortgage Loans (minus that portion of any such
      payment which is allocable to the period prior to the Cut-off Date). The
      principal balance of each Mortgage Loan as of the Cut-off Date is determined
      after application of payments of principal due on or before the Cut-off Date
      whether or not collected. Therefore, payments of scheduled principal and
      interest prepaid for a due date beyond the Cut-off Date shall not be applied
      to
      the principal balance as of the Cut-off Date. Such prepaid amounts shall be
      the
      property of the Purchaser. The Seller shall hold any such prepaid amounts for
      the benefit of the Purchaser for subsequent remittance by the Seller to the
      Purchaser. All scheduled payments of principal due on or before the Cut-off
      Date
      and collected by the Seller after the Cut-off Date shall belong to the
      Seller.

    

    Pursuant
      to Section 2.03 hereof, the Seller shall have delivered a portion of each
      Mortgage File to the Custodian prior to the Funding Date. The contents of each
      Mortgage File not delivered to the Custodian are and shall be held in trust
      by
      the Seller for the benefit of the Purchaser as the owner thereof and the
      Seller's possession of the portion of each Mortgage File so retained is at
      the
      will of the Purchaser for the sole purpose of servicing the related Mortgage
      Loan, and such retention and possession by the Seller is in a custodial capacity
      only. On the Funding Date, the ownership of each Mortgage Note, Mortgage and
      each related Mortgage File is vested in the Purchaser and the ownership of
      all
      records and documents with respect to each related Mortgage Loan prepared by
      or
      which come into the possession of the Seller shall immediately vest in the
      Purchaser and shall be retained and main-tained, in trust, by the Seller at
      the
      will of the Purchaser in such custodial capacity only. The Mortgage File may
      be
      retained in microfilm, microfiche, optical storage or magnetic media in lieu
      of
      hard copy. The Seller shall maintain records (i) confirming the sale of the
      related Mortgage Loan to the Purchaser and (ii) confirming the Purchaser's
      ownership interest in the Mortgage File. The Seller shall release from its
      custody the contents of any Mortgage File only in accordance with written
      instructions from the Purchaser, unless such release is required as incidental
      to the Seller's servicing of the Mortgage Loans or is in connection with a
      repurchase of any Mortgage Loan or the removal of any Mortgage Loan or related
      REO Property from the terms of this Agreement pursuant to Section 3.03, in
      which
      cases such written instructions shall not be required.

    

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    Section
      2.02 Books
      and Records.

    

    Notwithstanding
      the sale of the Mortgage Loans to the Purchaser, record title to each Mortgage
      and the related Mortgage Note shall continue in the name of the Seller and
      be
      retained by the Seller in trust for the Purchaser for the sole purpose of
      facilitating the servicing and the supervision of the servic-ing of the Mortgage
      Loans. All rights arising out of the Mort-gage Loans including, but not limited
      to, all funds received on or in connection with a Mortgage Loan shall be held
      by
      the Seller in trust for the benefit of the Purchaser as the owner of the
      Mortgage Loans, subject to subsequent deduction of amounts to which the Seller
      is entitled pursuant to the terms of this Agreement.

    

    The
      sale
      of each Mortgage Loan shall be reflected on the Seller's balance sheet and
      other
      financial statements as a sale of assets by the Seller. The Seller shall be
      responsible for maintaining, and shall maintain, a complete set of books and
      records for each Mortgage Loan which shall be clearly marked to reflect the
      ownership of each Mortgage Loan by the Purchaser. 

    

    Section
      2.03 Custodial
      Agreement; Delivery of Mortgage Loan Documents.
      

    

    Pursuant
      to the Custodial Agreement, on or prior to each Funding Date, the Seller shall
      deliver to the Custodian each of the following documents for each Mortgage
      Loan:

    

    (a) The
      original Mortgage Note endorsed, “Pay to the order of ______________________,
      without recourse” and signed in the name of the Seller by an authorized officer.
      Such signature may be an original signature or a facsimile signature of such
      officer. If the Mortgage Loan was acquired by the Seller in a merger, the
      endorsement must be by “GreenPoint Mortgage Funding, Inc., successor by merger
      to [name of predecessor]”; and if the Mortgage Loan was acquired or originated
      by the Seller while doing business under another name, the endorsement must
      be
      by “GreenPoint Mortgage Funding, Inc., formerly known as [previous name]”. The
      Mortgage Note shall include all intervening endorsements showing a complete
      chain of title from the originator to the Seller. 

    

    (b) The
      original Mortgage, or a copy of the Mortgage with evidence of recording thereon
      certified by the appropriate recording office to be a true copy of the recorded
      Mortgage, or, if the original Mortgage has not yet been returned from the
      recording office, a copy of the original Mortgage together with a certificate
      of
      a duly authorized representative of the Seller (which certificate may consist
      of
      stamped text appearing on such copy of the Mortgage), the closing attorney
      or an
      officer of the title insurer which issued the related title insurance policy,
      certifying that the copy is a true copy of the original of the Mortgage which
      has been transmitted for recording in the appropriate recording office of the
      jurisdiction in which the Mortgaged Property is located.

    

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    (c) Unless
      the Mortgage Loan is registered on the MERS System, the original Assignment
      of
      Mortgage, assigned to ______________________, but otherwise in form and
      substance acceptable for recording and sent for recording; provided, however,
      that certain recording information will not be available if, as of the Funding
      Date, the Seller has not received the related Mortgage from the appropriate
      recording office. If the Mortgage Loan was acquired by the Seller in a merger,
      the assignment must be by “GreenPoint Mortgage Funding, Inc., successor by
      merger to [name of predecessor]”; and if the Mortgage Loan was acquired or
      originated by the Seller while doing business under another name, the assignment
      must be by “GreenPoint Mortgage Funding, Inc., formerly known as [previous
      name]”.

    

    (d) Originals
      or certified true copies from the appropriate recording offices of all
      assumption and modification agree-ments, if any or if the original has not
      yet
      been returned from the recording office, a copy of such original certified
      by
      the Seller. 

    

    (e) Originals,
      or certified true copies from the appropriate recording offices, of any
      intervening assignments of the Mort-gage with evidence of recording thereon,
      or,
      if the original intervening assignment has not yet been returned from the
      recording office, a certified copy of such assignment.

    

    The
      Custodian has certified its receipt of each such document as evidenced by its
      Initial Certification in the form annexed to the Custodial
      Agreement.

    

    Section
      2.04 Conditions
      Precedent to Closing.

    

    Each
      purchase of Mortgage Loans hereunder shall be subject to each of the following
      conditions:

    

    (a) All
      of
      the representations and warranties of the Seller and of the Purchaser under
      this
      Agreement shall be true and correct as of the Funding Date, and no event shall
      have occurred which, with notice or the passage of time, would constitute an
      Event of Default under this Agreement;

    

    (b) The
      Purchaser shall have received, or the Purchaser’s attorneys shall have received
      in escrow, all documents as specified herein, in such forms as are agreed upon
      and acceptable to the Purchaser, duly executed by all signatories other than
      the
      Purchaser as required pursuant to the respective terms thereof;

    

    (c) All
      other
      terms and conditions of this Agreement shall have been complied
      with.

    

    Subject
      to the foregoing conditions, the Purchaser shall pay to the Seller on each
      Funding Date the applicable Purchase Price as provided herein.

    

    Section
      2.05 First
      Payment Default; Early Full Principal Prepayment.

    

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    In
      the
      event any Mortgage Loan purchased hereunder goes into default because the first
      Monthly Payment due thereon becomes delinquent and remains delinquent for a
      period of 30 days, the Seller will repurchase such Mortgage Loan at the Purchase
      Price or substitute in its place a Qualified Substitute Mortgage Loan or Loans
      pursuant to the provisions of Section 3.03.

    

    In
      the
      event any Mortgage Loan purchased hereunder becomes the subject of a Full
      Principal Prepayment within 90 days after the related Funding Date, the Seller
      will remit to the Purchaser no later than the last Business Day of the month
      following the month in which such Full Principal Prepayment occurred, an amount
      equal to (a) the difference between the Purchase Price Percentage for such
      Mortgage Loan and 100%, times (b) the principal balance of such Mortgage Loan
      on
      the date of the Full Principal Prepayment.

    

    In
      the
      event that a mortgage loan, acquired by the Purchaser for a Purchase Price
      greater than 101.00%, pays off within the first 12 months from the Funding
      Date,
      the Seller shall reimburse the Purchaser the full premium paid for the
      loan.

    

    ARTICLE
      III

    

    REPRESENTATIONS
      AND WARRANTIES OF THE SELLER;

    REPURCHASE
      AND SUBSTITUTION;

    REVIEW
      OF MORTGAGE LOANS

    

    Section
      3.01 Representations
      and Warranties of the Seller.
      

    

    The
      Seller represents, warrants and covenants to the Purchaser, as of the Funding
      Date or as of such other date specified below, that:

    

    (i) The
      Seller is a validly existing corporation in good standing under the laws of
      the
      State of New York and is qualified to transact business in, is in good standing
      under the laws of, and possesses all licenses necessary for the conduct of
      its
      business in, each state in which any Mortgaged Property is located or is
      otherwise exempt or not required under applicable law to effect such
      qualification or license and no demand for such qualification or license has
      been made upon the Seller by any such state, and in any event the Seller is
      in
      compliance with the laws of each such State to the extent necessary to ensure
      the enforceability of each Mortgage Loan;

    

    (ii) The
      Seller has full power and authority to hold each Mortgage Loan, to sell each
      Mortgage Loan pursuant to this Agreement and to execute, deliver and perform,
      and to enter into and consummate all transactions contemplated by this Agreement
      and to conduct its business as presently conducted, has duly authorized the
      execution, delivery and performance of this Agreement, has duly executed and
      delivered this Agreement and each Assignment of Mortgage to the Purchaser
      constitutes a legal, valid and binding obligation of the Seller, enforceable
      against it in accordance with its terms subject to bankruptcy laws and other
      similar laws of general application affecting rights of creditors and subject
      to
      the application of the rules of equity, including those respecting the
      availability of specific performance;

    

    (iii) None
      of
      the execution and delivery of this Agreement, the origination of the Mortgage
      Loans by the Seller, the sale of the Mortgage Loans to the Purchaser, the
      consummation of the transactions contemplated hereby, or the fulfillment of
      or
      compliance with the terms and conditions of this Agreement will conflict with
      any of the terms, conditions or provisions of the Seller's articles of
      incorporation or by-laws or materially conflict with or result in a material
      breach of any of the terms, conditions or provisions of any legal restriction
      or
      any agreement or instrument to which the Seller is now a party or by which
      it is
      bound, or constitute a default or result in an acceleration under any of the
      foregoing, or result in the material violation of any law, rule, regulation,
      order, judgment or decree to which the Seller or its property is
      subject;

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    
      Exhibit
        10.10

    (iv) There
      is
      no litigation pending or to the best of Seller’s knowledge threatened with
      respect to the Seller which is reasonably likely to have a material adverse
      effect on the sale of the related Mortgage Loans, the execution, delivery or
      enforceability of this Agreement, or which is reasonably likely to have a
      material adverse effect on the financial condition of the Seller;

    

    (v) No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Seller
      of or
      compliance by the Seller with this Agreement, the sale of the Mortgage Loans
      or
      the consummation of the transactions contemplated by this Agreement except
      for
      consents, approvals, authorizations and orders which have been
      obtained;

    

    (vi) The
      consummation of the transactions contemplated by this Agreement is in the
      ordinary course of business of the Seller, and the transfer, assignment and
      conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant to
      this Agreement are not subject to bulk transfer or any similar statutory
      provisions in effect in any applicable jurisdiction; 

    

    (vii) Neither
      this Agreement nor any statement, report or other agreement, document or
      instrument furnished or to be furnished by the Seller pursuant to this Agreement
      contains or will contain any materially untrue statement of facts or omits
      or
      will omit to state a fact necessary to make the statements contained therein
      not
      misleading; and

    

    Section
      3.02 Representations
      and Warranties as to Individual Mortgage Loans.

    

    The
      Seller hereby represents and warrants to the Purchaser, as to each Mortgage
      Loan
      as of the Funding Date or such other date as may be specified below,
      that:

    

    (i) The
      information set forth in the Mortgage Loan Schedule is true, complete and
      correct in all material respects as of the Cut-Off Date;

    

    (ii) The
      Mortgage creates a first lien on or a first priority ownership interest in
      real
      property securing the related Mortgage Note, free and clear of all adverse
      claims, liens and encumbrances having priority over the first lien of the
      Mortgage subject only to (1) the lien of non-delinquent current real property
      taxes and assessments not yet due and payable, (2) covenants, conditions and
      restrictions, rights of way, easements and other matters of public record as
      of
      the date of recording which are acceptable to mortgage lending institutions
      generally and, with respect to any Mortgage Loan for which an appraisal was
      made
      prior to the Cut-Off Date, either (A) which are referred to or otherwise
      considered in the appraisal made for the originator of the Mortgage Loan, or
      (B)
      which do not adversely affect the appraised value of the Mortgaged Property
      as
      set forth in such appraisal, and (C) other matters to which like properties
      are
      commonly subject which do not materially interfere with the benefits of the
      security intended to be provided by the Mortgage or the use, enjoyment, value
      or
      marketability of the related Mortgaged Property. If the Mortgaged Property
      includes a leasehold estate, the lease is valid, in full force and affect,
      and
      conforms to the Fannie Mae requirements for leasehold estates. Any security
      agreement, chattel mortgage or equivalent document related to and delivered
      in
      connection with the Mortgage Loan establishes and creates a valid, subsisting
      and enforceable first lien and first priority security interest on the property
      described therein;

    

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    (iii) The
      Mortgage Loan has not been delinquent thirty (30) days or more at any time
      during the twelve (12) month period prior to the Cut-off Date for such Mortgage
      Loan. There are no defaults under the terms of the Mortgage Loan; and the Seller
      has not advanced funds, or induced, solicited or knowingly received any advance
      of funds from a party other than the owner of the Mortgaged Property subject
      to
      the Mortgage, directly or indirectly, for the payment of any amount required
      by
      the Mortgage Loan; 

    

    (iv) There
      are
      no delinquent taxes which are due and payable, ground rents, assessments or
      other outstanding charges affecting the related Mortgaged Property;

    

    (v) The
      terms
      of the Mortgage Note of the related Mortgagor and the Mortgage have not been
      impaired, waived, altered or modified in any respect, except by written
      instruments which have been recorded to the extent any such recordation is
      required by applicable law or is necessary to protect the interests of the
      Purchaser, and which have been approved by the title insurer and the primary
      mortgage insurer, as applicable, and copies of which written instruments are
      included in the Mortgage File. No other instrument of waiver, alteration or
      modification has been executed, and no Mortgagor has been released, in whole
      or
      in part, from the terms thereof except in connection with an assumption
      agreement, which assumption agreement is part of the Mortgage File and the
      terms
      of which are reflected on the Mortgage Loan Schedule;

    

    (vi) The
      Mortgage Note and the Mortgage are not subject to any right of rescission,
      set-off, counterclaim or defense, including the defense of usury, nor will
      the
      operation of any of the terms of the Mortgage Note and the Mortgage, or the
      exercise of any right thereunder, render the Mortgage Note or Mortgage
      unenforceable, in whole or in part, or subject to any right of rescission,
      set-off, counterclaim or defense, including the defense of usury, and no such
      right of rescission, set-off, counterclaim or defense has been asserted with
      respect thereto;

    

    (vii) All
      buildings upon the Mortgaged Property are insured by a generally acceptable
      insurer pursuant to standard hazard policies conforming to the requirements
      of
      Fannie Mae and Freddie Mac. All such standard hazard policies are in effect
      and
      on the date of origination contained a standard mortgagee clause naming the
      Seller and its successors in interest as loss payee and such clause is still
      in
      effect and all premiums due thereon have been paid. If the Mortgaged Property
      is
      located in an area identified by the Federal Emergency Management Agency as
      having special flood hazards under the Flood Disaster Protection Act of 1973,
      as
      amended, such Mortgaged Property is covered by flood insurance by a generally
      acceptable insurer in an amount not less than the requirements of Fannie Mae
      and
      Freddie Mac. The Mortgage obligates the Mortgagor thereunder to maintain all
      such insurance at the Mortgagor's cost and expense, and on the Mortgagor's
      failure to do so, authorizes the holder of the Mortgage to maintain such
      insurance at the Mortgagor's cost and expense and to seek reimbursement therefor
      from the Mortgagor;

    

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    (viii) Any
      and
      all requirements of any federal, state or local law including, without
      limitation, usury, truth-in-lending, real estate settlement procedures, consumer
      credit protection, equal credit opportunity or disclosure laws applicable to
      the
      Mortgage Loan have been complied with in all material respects;

    

    (ix) The
      Mortgage has not been satisfied, canceled or subordinated, in whole or in part,
      or rescinded, and the Mortgaged Property has not been released from the lien
      of
      the Mortgage, in whole or in part nor has any instrument been executed that
      would effect any such satisfaction, release, cancellation, subordination or
      rescission;

    

    (x) The
      Mortgage Note and the related Mortgage are original and genuine and each is
      the
      legal, valid and binding obligation of the maker thereof, enforceable in all
      respects in accordance with its terms subject to bankruptcy, insolvency and
      other laws of general application affecting the rights of creditors, and the
      Seller has taken all action necessary to transfer such rights of enforceability
      to the Purchaser. All parties to the Mortgage Note and the Mortgage had the
      legal capacity to enter into the Mortgage Loan and to execute and deliver the
      Mortgage Note and the Mortgage. The Mortgage Note and the Mortgage have been
      duly and properly executed by such parties. The proceeds of the Mortgage Note
      have been fully disbursed and there is no requirement for future advances
      thereunder, and any and all requirements as to completion of any on-site or
      off-site improvements and as to disbursements of any escrow funds therefor
      have
      been complied with;

    

    (xi) Immediately
      prior to the transfer and assignment to the Purchaser, the Mortgage Note and
      the
      Mortgage were not subject to an assignment or pledge, and the Seller had good
      and marketable title to and was the sole owner thereof and had full right to
      transfer and sell the Mortgage Loan to the Purchaser free and clear of any
      encumbrance, equity, lien, pledge, charge, claim or security
      interest;

    

    (xii) The
      Mortgage Loan is covered by an ALTA lender's title insurance policy or other
      generally acceptable form of policy of insurance, with all necessary
      endorsements, issued by a title insurer qualified to do business in the
      jurisdiction where the Mortgaged Property is located, insuring (subject to
      the
      exceptions contained in clause (b) (1), (2) and (3) above) the Seller, its
      successors and assigns, as to the first priority lien of the Mortgage in the
      original principal amount of the Mortgage Loan. Such title insurance policy
      affirmatively insures ingress and egress and against encroachments by or upon
      the Mortgaged Property or any interest therein. The Seller is the sole insured
      of such lender's title insurance policy, such title insurance policy has been
      duly and validly endorsed to the Purchaser or the assignment to the Purchaser
      of
      the Seller's interest therein does not require the consent of or notification
      to
      the insurer and such lender's title insurance policy is in full force and effect
      and will be in full force and effect upon the consummation of the transactions
      contemplated by this Agreement. No claims have been made under such lender's
      title insurance policy, and no prior holder of the related Mortgage has done,
      by
      act or omission, anything which would impair the coverage of such lender's
      title
      insurance policy;

    

    (xiii) There
      is
      no default, breach, violation or event of acceleration existing under the
      Mortgage or the related Mortgage Note and, to the Seller’s knowledge, no event
      which, with the passage of time or with notice and the expiration of any grace
      or cure period, would constitute a default, breach, violation or event
      permitting acceleration; and neither the Seller nor any prior mortgagee has
      waived any default, breach, violation or event permitting
      acceleration;

    

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    (xiv) To
      the
      best of the Seller’s knowledge, there are no mechanics, or similar liens or
      claims which have been filed for work, labor or material affecting the related
      Mortgaged Property which are or may be liens prior to or equal to the lien
      of
      the related Mortgage;

    

    (xv) All
      improvements subject to the Mortgage lie wholly within the boundaries and
      building restriction lines of the Mortgaged Property (and wholly within the
      project with respect to a condominium unit) and no improvements on adjoining
      properties encroach upon the Mortgaged Property except those which are insured
      against by the title insurance policy referred to in clause (xii) above and
      all
      improvements on the property comply with all applicable zoning and subdivision
      laws and ordinances;

    

    (xvi) The
      Mortgage Loan was originated by the Seller or by an eligible correspondent
      of
      the Seller. The Mortgage Loan complies in all material respects with all the
      terms, conditions and requirements of the Seller's underwriting standards
      attached here as Exhibit G. The Mortgage Notes and Mortgages are on forms
      acceptable to Fannie Mae or Freddie Mac;

    

    (xvii) The
      Mortgage Loan contains the usual and enforceable provisions of the originator
      at
      the time of origination for the acceleration of the payment of the unpaid
      principal amount if the related Mortgaged Property is sold without the prior
      consent of the mortgagee thereunder. The Mortgage Loan has an original term
      to
      maturity of not more than 40 years, with interest payable in arrears on the
      first day of each month. Except as otherwise set forth on the Mortgage Loan
      Schedule, the Mortgage Loan does not contain terms or provisions which would
      result in negative amortization nor contain “graduated payment”
features;

    

    (xviii) The
      Mortgaged Property at origination of the Mortgage Loan was and, to the Seller’s
      knowledge, currently is free of damage and waste and at origination of the
      Mortgage Loan there was, and, to the Seller’s knowledge, there currently is, no
      proceeding pending for the total or partial condemnation thereof;

    

    (xix) The
      related Mortgage contains enforceable provisions such as to render the rights
      and remedies of the holder thereof adequate for the realization against the
      Mortgaged Property of the benefits of the security provided thereby, including,
      (1) in the case of a Mortgage designated as a deed of trust, by trustee's sale,
      and (2) otherwise by judicial foreclosure; 

    

    (xx) If
      the
      Mortgage constitutes a deed of trust, a trustee, duly qualified if required
      under applicable law to act as such, has been properly designated and currently
      so serves and is named in the Mortgage, and no fees or expenses are or will
      become payable by the Purchaser to the trustee under the deed of trust, except
      in connection with a trustees sale or attempted sale after default by the
      Mortgagor;

    

    (xxi) If
      required by the applicable processing style, the Mortgage File contains an
      appraisal of the related Mortgaged Property made and signed prior to the final
      approval of the mortgage loan application by a qualified appraiser satisfying
      the requirements of Title XI of The Financial Institutions Reform, and
      Enforcement Act of 1989, as amended, and the regulations promulgated thereunder,
      that is acceptable to Fannie Mae or Freddie Mac and approved by the Seller.
      The
      appraisal, if applicable, is in a form generally acceptable to Fannie Mae or
      Freddie Mac;

    

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

    
      Exhibit
        10.10

       

    

    (xxii) All
      parties which have had any interest in the Mortgage, whether as mortgagee,
      assignee, pledgee or otherwise, are (or, during the period in which they held
      and disposed of such interest, were) (A) in substantial compliance with any
      and
      all applicable licensing requirements of the laws of the state wherein the
      Mortgaged Property is located, and (B) (1) organized under the laws of such
      state, or (2) qualified to do business in such state, or (3) federal savings
      and
      loan associations, national banks, a Federal Home Loan Bank or the Federal
      Reserve Bank, or (4) not doing business in such state;

    

    (xxiii) To
      the
      best of the Seller’s knowledge, there does not exist any circumstances or
      conditions with respect to the Mortgage, the Mortgaged Property, the Mortgagor
      or the Mortgagor's credit standing that could reasonably be expected to cause
      private institutional investors to regard the Mortgage Loan as an unacceptable
      investment, to cause the Mortgage Loan to become delinquent, or to materially
      adversely affect the value or marketability of the Mortgage Loan;

    

    (xxiv) Each
      of
      the Mortgaged Properties consists of a single parcel of real property with
      a
      detached single-family residence erected thereon, or a two- to four-family
      dwelling, or a townhouse, or an individual condominium unit in a condominium
      project or an individual unit in a planned unit development. Any condominium
      unit or planned unit development either conforms with applicable Fannie Mae
      or
      Freddie Mac requirements regarding such dwellings or is covered by a waiver
      confirming that such condominium unit or planned unit development is acceptable
      to Fannie Mae or Freddie Mac or is otherwise “warrantable” with respect thereto.
      No such residence is a mobile home or manufactured dwelling. 

    

    (xxv) The
      ratio
      of the original outstanding principal amount of the Mortgage Loan to the lesser
      of the appraised value (or stated value if an appraisal was not a requirement
      of
      the applicable processing style) of the Mortgaged Property at origination or
      the
      purchase price of the Mortgaged Property securing each Mortgage Loan (the
“Loan-to-Value Ratio”) is not in excess of 95.00%. The original Loan-to-Value
      Ratio of each Mortgage Loan either was not more than 95.00% or the excess over
      80.00% is insured as to payment defaults by a Primary Mortgage Insurance Policy
      issued by a primary mortgage insurer acceptable to Fannie Mae or Freddie
      Mac;

    

    (xxvi) The
      Seller is either, and each Mortgage Loan was originated by, a savings and loan
      association, savings bank, commercial bank, credit union, insurance company
      or
      similar institution which is supervised and examined by a federal or State
      authority, or by a mortgagee approved by the Secretary of Housing and Urban
      Development pursuant to Section 203 and 211 of the National Housing
      Act;

    

    (xxvii) The
      origination, collection and servicing practices with respect to each Mortgage
      Note and Mortgage have been legal in all material respects. With respect to
      escrow deposits and payments that the Seller collects, all such payments are
      in
      the possession of, or under the control of, the Seller, and there exist no
      deficiencies in connection therewith for which customary arrangements for
      repayment thereof have not been made. No escrow deposits or other charges or
      payments due under the Mortgage Note have been capitalized under any Mortgage
      or
      the related Mortgage Note; and

    

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    (xxviii) No
      fraud
      or misrepresentation of a material fact with respect to the origination of
      a
      Mortgage Loan has taken place on the part of the Seller.

    

    (xxix) No
      Mortgage Loan contains a provision whereby the related Mortgagor can convert
      the
      related Mortgage Loan to a fixed rate instrument.

    

    Section
      3.03 Repurchase
      and Substitution.

    

    The
      representations and warranties set forth in Sections 3.01 and 3.02 shall survive
      the sale of the Mortgage Loans and shall inure to the benefit of the Purchaser,
      notwithstand-ing any restrictive or qualified endorsement on any Mortgage Note
      or Assignment of Mortgage or the examination of any Mortgage File. Upon
      discovery by either the Seller or an Purchaser of a breach of any of the
      representations and warranties set forth in Sections 3.01 and 3.02
      (notwithstanding the Seller’s lack of knowledge of such representation and
      warranty), which breach materially and adversely affects the value of the
      Mortgage Loans or the interest of the Purchaser (or which materially and
      adversely affects the interest of the Purchaser in the related Mortgage Loan
      in
      the case of a repre-sentation and warranty relating to a particular Mortgage
      Loan), the party discovering such breach shall give prompt written notice to
      the
      other. Within 90 days of the earlier of either discovery by or notice to the
      Seller of any such breach, the Seller shall use its best efforts to promptly
      cure such breach in all material respects and, if such breach cannot be cured
      during such 90 day period, the Seller shall, at the Purchaser's option,
      repurchase such Mortgage Loan at the Repurchase Price. If any such breach shall
      involve any represent-ation or warranty set forth in Section 3.01, and such
      breach cannot be cured within 90 days of the earlier of either discovery by
      or
      notice to the Seller of such breach, all the Mortgage Loans shall, at the
      Purchaser's option, be repurchased by the Seller at the Repurchase Price;
      provided, however, that in the event of a breach of representation and warranty
      set forth in Section 3.01 that relates to less than all of the Mortgage Loans,
      the Seller shall repurchase only the Mortgage Loans to which such breach
      relates. However, the Seller may, at its option, replace a Mortgage Loan as
      to
      which a breach of representation of warranty has occurred as described in the
      foregoing sentences of this Section 3.03 and substi-tute in its place with
      a
      Qualified Substitute Mortgage Loan or Loans, provided, however, that any such
      substitution shall be effected not later than 120 days after the Funding Date.
      Any repurchase of a Mortgage Loan or Loans pursuant to the foregoing provisions
      of this Section 3.03 shall be accomplished by deposit in the Custodial Account
      of the amount of the Repurchase Price (after deducting therefrom any amounts
      received in respect of such repurchased Mortgage Loan or Loans and being held
      in
      the Custodi-al Account for future distribution).

    

    The
      Seller shall effect any substitution of a Qualified Substitute Mortgage Loan
      by
      delivering to the Custodian the documents as are required to be delivered by
      Section 2.03, with the Mortgage Note endorsed as required by Section 2.03.
      No
      substitution will be made in any calendar month after the Determination Date
      occurring in such month. The Seller shall deposit in the Custodial Account
      the
      Monthly Payment less the Servicing Fee due on such Qualified Substitute Mortgage
      Loan or Loans in the month following the date of such substitution. Monthly
      Payments due with respect to Qualified Substitute Mortgage Loans in the month
      of
      substitution will be retained by the Seller. For the month of substitution,
      distributions to the Purchaser will include the Monthly Payment due on such
      Deleted Mortgage Loan in the month of substitution, and the Seller shall
      thereafter be entitled to retain all amounts subsequently received by the Seller
      in respect of such Deleted Mortgage Loan. The Seller shall give written notice
      to the Purchaser that such substitution has taken place and shall amend the
      Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage Loan
      from
      the terms of this Agreement and the substitu-tion of the Qualified Substitute
      Mortgage Loan. Upon such substitution, such Qualified Substitute Mortgage Loan
      or Loans shall be subject to the terms of this Agreement in all respects, and
      the Seller shall be deemed to have made with respect to such Qualified
      Substitute Mortgage Loan or Loans, as of the date of substitu-tion, the
      covenants, representations and warranties set forth in Sections 3.01 and 3.02,
      except to the extent a representation contained in Section 3.02 relates to
      an
      expressly specified percentage of the Mortgage Loans.

    

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    For
      any
      month in which the Seller substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Seller will determine the
      amount (if any) by which the aggregate principal balance of all such Qualified
      Substitute Mortgage Loans as of the date of substitution is less than the
      aggregate Assumed Principal Balance of all such Deleted Mortgage Loans (after
      application of scheduled principal payments due in the month of substitution).
      The amount of such shortfall shall be distributed by the Seller in the month
      of
      substitution pursuant to Section 5.01. Accordingly, on the date of such
      substitution, the Seller will deposit from its own funds into the Custodial
      Account an amount equal to the amount of such shortfall.

    

    Indemnification.
      In
      addition to its repurchase and substitution obligations, Seller shall indemnify
      Purchaser and hold it harmless against any losses, damages, penalties, fines,
      forfeitutes, reasonable and necessary legal fees and related costs, judgments,
      and other costs and expenses resulting from any claim, demand, defense or
      assertion based on or grounded upon, or resulting from a breach of Seller’s
      representations and warranties contained in Sections 3.01 and 3.02 that
      materially and adversely affects the value of one or more of the Mortgage Loans.
      The obligations of Seller set forth in this Section 3.03 to cure, substitute
      for
      or repurchase a defective Mortgage Loan and to indemnify Purchaser as provided
      in this Section 3.03 constitute the sole remedies of Purchaser with respect
      to a
      breach of the foregoing representations and warranties.

    

    ARTICLE
      IV

    

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

    

    Section
      4.01 Seller
      to Act as Servicer.

    

    The
      Seller, as independent contract servicer, shall service and administer the
      Mortgage Loans for the benefit of the Purchaser in accordance with the terms
      of
      this Agreement and in conformity with Customary Servicing Procedures. In
      performing its obligations hereunder, the Seller shall exercise no less than
      the
      same care that it customarily employs and exercises in servicing and
      administering mortgage loans for its own account, but shall perform such
      obligations without regard to the Seller's obligation to make Servicing Advances
      or P&I Advances, or to the Seller's right to receive compensation for its
      services hereunder.

    

    Subject
      to the above-described servicing standards, the specific requirements and
      prohibitions of this Agreement and the respective Mortgage Loans, and the
      provisions of any Primary Insurance Policy and applicable law, the Seller shall
      have full power and authority, acting alone, to do any and all things in
      connection with such servicing and administration which the Seller may deem
      necessary or desirable. Without limiting the generality of the foregoing, the
      Seller shall, and is hereby authorized and empowered to (i) execute and deliver
      on behalf of itself and the Purchaser, any and all instruments of satisfaction
      or cancellation, or of partial or full release, discharge and all other
      comparable instruments, with respect to the Mortgage Loan and with respect
      to
      the Mortgaged Property and (ii) waive, modify or vary any term of any Mortgage
      Loan or consent to the postponement of strict compliance with any such term
      or
      in any manner grant indulgence to the related Mortgagor if in the Seller's
      reasonable and prudent determination such waiver, modification, postponement
      or
      indulgence is not materially adverse to the interests of the Purchaser and
      is
      not prohibited by a Primary Insurance Policy; provided, however, that the Seller
      may not, unless it has obtained the consent of the Purchaser, (a) permit any
      modification with respect to any Mortgage Loan that would vary the Mortgage
      Interest Rate, defer or forgive the payment of interest or of any principal,
      reduce the outstanding principal amount (other than as a result of its actual
      receipt of payment of principal on) or extend the final maturity date of such
      Mortgage Loan, (b) with respect to any Mortgage Loan for which any payment
      due
      remains delinquent for a period of 90 days or more, make any other
      modifications, or (c) accept substitute or additional collateral, or release
      any
      collateral, for a Mortgage Loan. If, with the consent of the Purchaser, the
      Seller permits the deferral of interest or principal payments on any Mortgage
      Loan, the Seller shall include in each remittance for any month in which any
      such principal or interest payment has been deferred an amount equal to the
      amount that the Seller would have been required to advance pursuant to Section
      5.03 if such deferred amounts had been delinquent, and shall be entitled to
      reimbursement for such advances only to the same extent as for P&I Advances
      made pursuant to Section 5.03. If reasonably required by the Seller, the
      Purchaser shall furnish the Seller with any powers of attorney and other
      documents necessary or appropriate to enable the Seller to carry out its
      servicing and administrative duties under this Agreement.

    

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    Section
      4.02 Liquidation
      of Mortgage Loans; Servicing Advances and Foreclo-sure.
      

    

    If
      any
      payment due under any Mortgage Loan and not postponed pursuant to Section 4.01
      is not paid when the same becomes due and payable, or if the Mortgagor fails
      to
      perform any other covenant or obligation under the Mortgage Loan and such
      failure continues beyond any applicable grace period, the Seller shall take
      such
      action as it shall deem to be in the best interests of the Purchaser. If any
      payment due under any Mortgage Loan and not postponed pursuant to Section 4.01
      remains delinquent for a period of 90 days or more, the Seller shall (a) act
      in
      the best interests of the Purchaser, and such action may include the
      commencement of foreclosure proceedings or the sale of such Mortgage Loan,
      (b)
      if the Seller commences foreclosure proceedings, notify the Purchaser thereof
      on
      the monthly remittance report delivered pursuant to Section 5.02 on the first
      Remittance Date following such commencement and (c) respond to reasonable
      inquiries of the Purchaser with respect to the Mortgage Loan or related REO
      Property. Notwithstanding
      the foregoing, the Seller may not sell a delinquent Mortgage Loan unless it
      has
      obtained the consent of the Purchaser. The Purchaser may instruct the Seller
      to
      commence foreclosure proceedings on any Mortgage Loan for which any payment
      remains delinquent for a period of 120 days or more. If
      the
      Seller has commenced foreclosure proceedings, it shall promptly notify the
      Purchaser and thereafter periodically advise the Purchaser of the status of
      the
      foreclosure proceedings and follow the Purchaser's instructions in connection
      therewith.

    

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    Whether
      in connection with the foreclosure of a Mortgage Loan or otherwise, the Seller
      shall from its own funds make all necessary and proper Servicing Advances;
      provided, however, that the Seller is not required to make a Servicing Advance
      unless the Seller determines in the exercise of its good faith reasonable
      judgment that such Servicing Advance would ultimately be recoverable from REO
      Dispositions, Insurance Proceeds or Condemnation Proceeds (with respect to
      each
      of which the Seller shall have the priority described in Section 4.05 for
      purposes of withdrawals from the Custodial Account). In the event that any
      Servicing Advance or any commitment to pay Servicing Advances in connection
      with
      any Mortgage Loan exceeds $5,000 in the aggregate, the Seller shall secure
      the
      written approval of the Purchaser.

    

    Section
      4.03 Collection
      of Mortgage Loan Payments.
      

    

    Continuously
      from the date hereof until the principal and interest on all Mortgage Loans
      are
      paid in full, the Seller will proceed diligently, in accordance with this
      Agreement, to collect all payments due under each of the Mortgage Loans when
      the
      same shall become due and payable, and will take special care in ascertaining
      and estimating annual taxes, assessments, fire and hazard insurance premiums,
      mortgage insurance premiums, and all other charges that, as provided in any
      Mortgage, will become due and payable in order that the installments payable
      by
      the Mort-gagors will be sufficient to pay such charges as and when they become
      due and payable. 

    

    Section
      4.04 Establishment
      of Custodial Account; Deposits in Custodial Account.
      

    

    The
      Seller shall segregate and hold all funds collec-ted and received pur-suant
      to
      each Mortgage Loan and REO Property separate and apart from any of its own
      funds
      and general assets and shall establish and maintain one or more Custodial
      Accounts (collec-tively, the “Custodial Account”), in the form of non-interest
      bearing time deposit or demand accounts. The Custodial Account shall be
      established with an Eligible Depository Institution. The creation of any
      Custodial Account shall be evidenced by a letter agree-ment substantially in
      the
      form of Exhibit B hereto. A copy of such certifi-ca-tion or letter agreement
      shall be furnished to any Purchaser upon request.

    

    The
      Seller shall deposit in a mortgage clearing account on a daily basis and in
      the
      Custodial Account no later than the second Business Day thereafter and retain
      therein:

    

    (i) all
      scheduled payments due after the Cutoff Date on account of principal, includ-ing
      Principal Prepayments collected after the Cutoff Date, on the Mortgage Loans;
      

    

    (ii) all
      payments on account of interest on the Mortgage Loans (minus the portion of
      any
      such payment which is allocable to the period prior to the Cutoff Date) adjusted
      to the Mortgage Loan Remittance Rate;

    

    (iii) all
      Liquidation Proceeds; 

    

    (iv) all
      Insurance Proceeds, including amounts required to be deposited pursuant to
      Section 4.10 and Section 4.11, other than proceeds to be held in the Escrow
      Account and applied to the restoration or repair of the Mortgaged Property
      or
      released to the Mortgagor in accordance with Custom-ary Servicing Procedures,
      the Mortgage Loan documents or applicable law; 

    

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    (v) all
      Condemnation Proceeds with respect to any Mort-gaged Property which are not
      released to the Mortgagor in accor-dance with Customary Servicing Procedures,
      the Mortgage Loan documents or applicable law; 

    

    (vi) any
      amounts payable in connection with the repurchase of any Mortgage Loan pursuant
      to Section 3.03 and all amounts required to be deposited by the Seller in
      connection with shortfalls in principal amount of Qualified Substitute Mortgage
      Loans pursuant to Section 3.03 or;

    

    (vii) any
      amount required to be deposited in the Custodial Account pursuant to Section
      5.04; and

    

    (viii) any
      amount required to be deposited in the Custodial Account pursuant to Sections
      4.01, 4.14, 5.01, 5.03 and 6.02.

    

    The
      foregoing requirements for deposit in the Custodial Account shall be exclusive.
      Without limiting the generality of the foregoing, payments in the nature of
      late
      payment charges, fees for special services provided to a Mortgagor and
      assumption fees need not be deposited by the Seller in the Custodial
      Account.

    

    The
      Seller may invest the funds in the Custodial Account in Eligible Investments
      designated in the name of the Seller for the benefit of the Purchaser, which
      shall mature not later than the Business Day next preceding the Remittance
      Date
      next following the date of such investment (except that (i) any investment
      in
      the institution with which the Custodial Account is maintained may mature on
      such Remittance Date and (ii) any other investment may mature on such Remittance
      Date if the Seller shall advance funds on such Remittance Date, pending receipt
      thereof to the extent necessary to make distributions to the Purchaser) and
      shall not be sold or disposed of prior to maturity. Notwithstanding anything
      to
      the contrary herein and above, all income and gain realized from any such
      investment shall be for the benefit of the Seller and shall be subject to its
      withdrawal or order from time to time. The amount of any losses incurred in
      respect of any such investments shall be deposited in the Custodial Account
      by
      the Seller out of its own funds immediately as realized.

     

    Section
      4.05 Withdrawals
      From the Custodial Account.
      

    

    The
      Seller shall, from time to time, withdraw funds from the Custodial Account
      for
      the following purposes: 

    

    (i) to
      make
      payments to the Purchaser in the amounts and in the manner provided for in
      Section 5.01; 

    

    (ii) to
      reimburse itself for P&I Advances, the Seller's right to reimburse itself
      pursuant to this subclause (ii) being limited to amounts received on the related
      Mortgage Loan that represent payments of principal and/or interest respecting
      which any such P&I Advance was made; 

    

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    (iii) to
      reimburse itself first
      for
      unreimbursed Servic-ing Advances, second
      for
      unreimbursed P&I Advances, and third
      for any
      unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this
      subclause (iii) with respect to any Mortgage Loan being limited to related
      Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition
      Proceeds and such other amounts as may be collected by the Seller from the
      Mortgagor or otherwise relating to the Mortgage Loan, it being understood that,
      in the case of any such reim-bursement, the Seller's right thereto shall be
      prior to the rights of the Purchaser unless the Seller is required to repurchase
      a Mortgage Loan pursuant to Section 3.03, in which case the Seller's right
      to
      such reimbursement shall be subse-quent to the payment to the Purchaser of
      the
      Repurchase Price pursuant to Section 3.03 and all other amounts required to
      be
      paid to the Purchaser with respect to such Mortgage Loan; 

    

    (iv) to
      reimburse itself for unreimbursed Servicing Advances and advances of Seller
      funds made pursuant to Section 5.03 to the extent that such amounts are
      nonrecoverable by the Seller pursuant to subclause (iii) above, provided that
      the Mortgage Loan for which such advances were made is not required to be
      repurchased by the Seller pursuant to Section 3.03, in which case the Seller's
      right to such reimbursement shall be subsequent to the payment to the Purchaser
      of the Repurchase Price pursuant to Section 3.03 and all other amounts required
      to be paid to the Purchaser with respect to such Mortgage Loan, and to reimburse
      itself for such amounts to the extent that such amounts are nonrecover-able
      from
      the disposition of REO Property pursuant to Section 4.14 hereof;

    

    (v) to
      reimburse itself for expenses incurred by and reimbursable to it pursuant to
      Section 8.01;

    

    (vi) to
      pay
      itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03
      all amounts collected in respect of such Mortgage Loan and remaining on deposit
      in the Custodial Account as of the date on which the related Repurchase Price
      is
      deposited into the Custodial Account (other than the amount of such Repurchase
      Price);

    

    (vii) to
      pay
      itself with respect to each Mortgage Loan servicing compensation pursuant to
      Section 6.03;

    

    (viii) to
      reimburse itself for any Nonrecoverable Advance or Advances; and

    

    (ix) to
      clear
      and terminate the Custodial Account upon the termination of this
      Agreement.

    

    On
      each
      Remittance Date, the Seller shall withdraw all funds from the Custodial Account
      except for those amounts which, pursuant to Section 5.01(a)(iv) and (v), the
      Seller is not obligated to remit on such Remittance Date. The Seller may use
      such with-drawn funds only for the purposes described in this Section
      4.05.

    

    Section
      4.06 Establishment
      of Escrow Account; Deposits in Escrow Account.
      

    

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    The
      Seller shall segregate and hold all funds collec-ted and received pur-suant
      to
      each Mortgage Loan which constitute Escrow Payments separate and apart from
      any
      of its own funds and general assets and shall establish and maintain one or
      more
      Escrow Accounts (collectively, the “Escrow Account”), in the form of
      non-interest bearing time deposit or demand accounts. The Escrow Account shall
      be established with an Eligible Depository Institution. The creation of any
      Escrow Account shall be evidenced by a letter agreement substantially in the
      form of Exhibit C hereto. Upon request, the Seller shall provide the Purchaser
      with a copy of a letter agreement evidencing the establishment of each Escrow
      Account. Notwithstanding the foregoing, the Seller may deposit in the Escrow
      Account amounts constituting escrow payments relating to mortgage loans not
      subject to this Agreement, provided, however, that all Escrow Payments in the
      Escrow Account are insured in a manner which shall provide the maximum available
      insurance by the FDIC thereon.

    

    The
      Seller shall deposit in a mortgage clearing account on a daily basis and no
      later than the second Business Day thereafter in the Escrow Account and retain
      therein: (i) all Escrow Payments held or collec-ted on account of the Mortgage
      Loans, for the purpose of effect-ing timely payment of any such items as
      required under the terms of this Agreement, (ii) all Insurance Proceeds that
      are
      to be applied to the restoration or repair of any Mortgaged Property and (iii)
      all revenues received with respect to the management, conservation, protection
      and operation of the REO Properties pursuant to Section 4.14. The Seller shall
      make withdrawals therefrom only to effect such payments as are required under
      this Agreement, and for such other purposes as shall be set forth in or in
      accordance with Section 4.07. The Seller shall pay to the Mortgagor interest
      on
      escrowed funds to the extent required by law notwithstanding that the Escrow
      Account is non-interest bearing.

    

    Section
      4.07 Withdrawals
      From Escrow Account.
      

    

    Withdrawals
      from the Escrow Account may be made by the Seller only (a) to effect timely
      payments of taxes, assessments, Primary Insurance Policy pre-miums, fire and
      hazard insurance premiums or other items consti-tuting Escrow Payments for
      the
      related Mortgage, (b) to reimburse the Seller for any Servicing Advance made
      by
      Seller pursuant to Section 4.08 hereof with respect to a related Mortgage Loan,
      but only from amounts received on the related Mortgage Loan which represent
      late
      payments or collec-tions of Escrow Payments there-under, (c) to refund to any
      Mort-gagor any funds found to be in excess of the amounts required under the
      terms of the related Mortgage Loan, (d) upon default of a Mortgagor or in
      accordance with the terms of the related Mortgage Loan and if permitted by
      applicable law, for transfer to the Custodial Account of such amounts as are
      to
      be applied to the indebtedness of a Mortgage Loan in accordance with the terms
      thereof, (e) for application to restoration or repair of the Mortgaged Property,
      (f) to deposit into the Custodial Account the funds required to be deposited
      therein pursuant to Section 4.14, (g) to pay to itself amounts to which it
      is
      entitled pursuant to Section 4.14, (h) to withdraw any Escrow Payments related
      to a Mortgage Loan repurchased by the Seller pursuant to Section 3.03, or (i)
      to
      clear and terminate the Escrow Account upon the termina-tion of this
      Agreement.

    

    Section
      4.08 Payment
      of Taxes, Insurance and Other Charges.

    

    With
      respect to each Mortgage Loan, the Seller shall maintain accurate records
      reflecting the status of taxes, assessments, and other charges for which an
      escrow is maintained and the status of Primary Insurance Policy premiums and
      fire and hazard insurance coverage and shall obtain, from time to time, all
      bills for the payment of such charges (including renewal premiums) and shall
      effect payment thereof employing for such purpose deposits of the Mortgagor
      in
      the Escrow Account which shall have been estimated and accumulated by the Seller
      in amounts sufficient for such purposes, as allowed under the terms of the
      Mortgage or applicable law. To the extent that a Mortgage does not provide
      for
      Escrow Payments, or the Seller has waived the escrow of Escrow Payments or
      the
      Seller is prohibited by applicable state law from requiring the escrow of Escrow
      Payments, the Seller shall determine that any such payments are made by the
      Mortgagor. The Seller assumes full responsibility for the timely payment of
      all
      such bills and shall effect timely payments of all such bills irrespective
      of
      each Mortgagor's faithful performance in the payment of same or the making
      of
      the Escrow Payments and shall make advances from its own funds to effect such
      payments. 

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

      

    

    

    Section
      4.09 Transfer
      of Accounts.
      

    

    The
      Seller may from time to time transfer the Custodial Account and the Escrow
      Account to any other Eligible Depository Institution. The Seller shall notify
      the Purchaser within 14 days of any such transfer under this Section
      4.09.

    

    Section
      4.10 Maintenance
      of Hazard Insurance.

    

    The
      Seller shall cause to be maintained for each Mortgage Loan, fire and hazard
      insurance with extended coverage customary in the area where the Mortgaged
      Property is located, in an amount which is, subject to applicable law, at least
      equal to the lesser of (i) the maximum insurable value of the improvements
      securing the related Mortgage Loan and (ii) the greater of (a) the outstanding
      principal balance of the Mortgage Loan and (b) the minimum amount necessary
      to
      prevent the Mortgagor and/or the mortgagee from becoming a co-insurer. If the
      Mortgaged Property is in an area identified in the Federal Register by the
      Federal Emergency Management Agency as having special flood hazards (and such
      flood insurance has been made available) the Seller will cause to be maintained
      a flood insurance policy meeting the requirements of the current guide-lines
      of
      the Federal Insurance Administration with a gener-ally acceptable insurance
      carrier, in an amount representing coverage not less than the least of (i)
      the
      out-standing principal balance of the Mortgage Loan, (ii) the full insurable
      value of the Mortgaged Property, or (iii) the maximum amount of insurance
      available under the National Flood Insurance Act of 1968 and the Flood Disaster
      Protection Act of 1973, each as amended. The Seller shall also maintain on
      any
      REO Property, fire and hazard insurance with extended coverage in an amount
      which is at least equal to the maximum insurable value of the improvements
      which
      are a part of such property, liability insur-ance and, to the extent required
      and available under the National Flood Insurance Act of 1968 and the Flood
      Disaster Protection Act of 1973, each as amended, flood insurance in an amount
      required above. Any amounts collected by the Seller under any such policies
      (other than amounts to be depos-ited in the Escrow Account and applied to the
      restoration or repair of the related Mortgaged Property, REO Property, or
      released to the Mortgagor in accordance with Customary Servicing Procedures
      or
      in accordance with the terms of the Mortgage Loan or applicable law) shall
      be
      depos-ited in the Custodial Account, subject to with-drawal pursuant to Section
      4.05. It is understood and agreed that no earthquake or other additional
      insurance need be required by the Seller of any Mortgagor or maintained on
      property acquired in respect of a Mortgage Loan, other than pursuant to such
      appli-cable laws and regulations as shall at any time be in force and as shall
      require such additional insurance. All policies required hereunder shall be
      endorsed with standard mortgagee clauses with loss payable to the Seller, its
      successors and its assigns, or, upon request of the Purchaser, to the Purchaser,
      and shall provide for at least 30 days prior written notice to the Seller of
      any
      cancellation thereof. The Seller shall not accept or obtain any such insur-ance
      policy from an insur-ance company that does not at that time maintain a General
      Policy Rating of B-III or better in Best's Key Rating Guide, or that is not
      licensed to do business in the State wherein the related Mortgaged Property
      is
      located.

    

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    Section
      4.11 Maintenance
      of Blanket Insurance Policy.

    

    If
      the
      Seller shall obtain and maintain a blanket insurance policy that is issued
      by an
      insurer generally acceptable to Fannie Mae and Freddie Mac and that insures
      against hazard losses on all of the Mortgage Loans, then, to the extent such
      policy provides coverage in an amount equal to the coverage required pursuant
      to
      Section 4.10 and otherwise complies with all other requirements of Section
      4.10,
      the Seller shall be deemed to have satisfied its obligations as set forth in
      Section 4.10. Such policy may contain a clause providing for a reasonable
      deductible, in which case the Seller shall, if there shall not have been
      maintained on the related Mortgaged Property a policy complying with Section
      4.10, and if there shall have been a loss that would have been covered by such
      policy, deposit in the Custodial Account the amount not otherwise payable under
      the blanket policy because of such deductible clause.

    

    Section
      4.12 Maintenance
      of Mortgage Impairment Insurance Policy.

    

    The
      Seller may satisfy its obligations under Section 4.10 and 4.11 pertaining to
      physical storage of insurance policies and general policy rating requirements
      by
      maintaining a mortgage impairment or other form of blanket policy that will
      protect the Seller and/or investor in the event of uninsured loss, insolvency
      of
      an insurance carrier or any other loss normally to be covered by a mortgage
      impairment policy. It is agreed that any expense incurred by the Seller in
      maintaining any such insurance shall be borne by the Seller. This shall be
      deemed to include any loss or any expense as a result of a deductible clause
      in
      such a policy.

    

    Section
      4.13 Fidelity
      Bond; Errors and Omissions Insurance.

    

    The
      Seller at its own expense shall maintain with responsible companies throughout
      the term of this Agreement a blanket fidelity bond and an errors and omissions
      insurance policy, with broad coverage on all officers, employees and other
      individuals acting on behalf of the Seller in connection with its activities
      under this Agreement. The amount of coverage shall be at least equal to the
      coverage that would be required of the Seller by Fannie Mae or Freddie Mac,
      if
      the Seller were servicing the Mortgage Loans for Fannie Mae or Freddie Mac,
      and
      such policy shall be issued by a company that is acceptable to Fannie Mae or
      Freddie Mac. The Fidelity Bond and errors and omissions insurance shall be
      in
      the form of the Mortgage Banker's Blanket Bond and shall protect and insure
      the
      Seller against losses caused by such individuals, including losses from forgery,
      theft, embezzlement, fraud, errors and omissions and negligent acts of such
      individuals. Such Fidelity Bond shall also protect and insure the Seller against
      losses in connection with the failure to maintain any insurance policies
      required pursuant to this Agreement and the release or satis-faction of a
      Mortgage Loan without having obtained payment in full of the indebtedness
      secured thereby. No provision of this Section 4.13 requiring such fidelity
      bond
      and errors and omis-sions insurance shall diminish or relieve the Seller from
      its duties and obligations as set forth in this Agreement.

    

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    Section
      4.14 Title,
      Management and Disposition of REO Property.
      

    

    If
      title
      to a Mortgaged Property is acquired in foreclosure or by deed in lieu of
      foreclosure, the deed or certificate of sale shall be taken in the name of
      the
      Seller or its nominee, in either case as nominee, for the benefit of the
      Purchaser on the date of acquisition of title (the “REO Purchaser”). In the
      event the Seller is not authorized or permitted to hold title to real property
      in the state in which the REO Property is located, or would be adversely
      affected under the “doing business” or tax laws of such state by so holding
      title, the deed or certificate of sale shall be taken in the name of such Person
      or Persons as shall be consistent with an opinion of counsel obtained by the
      Seller, at expense of the REO Purchaser, from an attorney duly licensed to
      practice law in the state where the REO Property is located. The Person or
      Persons holding such title other than the REO Purchaser shall acknowledge in
      writing that such title is being held as nominee for the REO Purchaser.

    

    The
      Seller, either itself or through an agent selected by the Seller, shall manage,
      conserve, protect and operate each REO Property for the REO Purchaser solely
      for
      the purpose of its prompt disposition and sale, and in same manner that it
      would
      be required to manage, conserve, protect and operate foreclosed property for
      its
      own account (subject to the condition described in the second paragraph of
      Section 4.02). The Seller shall attempt to sell the same (and may temporarily
      rent the same) on such terms and conditions as the Seller deems to be in the
      best interest of the REO Purchaser.

    

    The
      Seller shall cause to be deposited in the Escrow Account, on a daily basis
      upon
      receipt thereof, all revenues received with respect to the conservation and
      disposition of the related REO Property and shall withdraw therefrom funds
      necessary for the proper opera-tion, management and maintenance of the related
      REO Property, including the cost of maintaining any hazard insurance pursuant
      to
      Section 4.10 hereof and the fees of any managing agent acting on behalf of
      the
      Seller. Any disbursement in excess of $5,000 shall be made only with the written
      approval of the REO Purchaser. For purposes of the preceding sentence, any
      approval given by the Purchaser shall constitute approval by the REO Purchaser.
      On or before each Determination Date, the Seller shall withdraw from the Escrow
      Account and deposit into the Custodial Account the net income from the REO
      Property on deposit in the Escrow Account less any reserves required to be
      maintained in the Escrow Account from time to time to satisfy reasonably
      anticipated expenses. The Seller shall furnish to the Purchaser on each
      Remittance Date, an operating statement for each REO Property covering the
      operation of each REO Property for the previous month and the Seller's efforts
      in connection with the sale of that REO Property. Such statement shall be
      accompanied by such other information as the Purchaser shall reasonably request.
      

    

    Subject
      to Section 4.02, each REO Disposition shall be carried out by the Seller at
      such
      price, and upon such terms and conditions, as the Seller deems to be in the
      best
      interests of the REO Purchaser. If upon the acquisition of title to the
      Mortgaged Property by foreclosure sale or deed in lieu of foreclosure or
      otherwise, there remain outstanding unreimbursed P&I Advances pursuant to
      Section 5.03 with respect to the Mortgage Loan or if, upon liquidation as
      provided in this Section 4.14, there remain outstanding any unreimbursed
      Servicing Advances with respect to the Mortgaged Property or the Mortgage Loan,
      the Seller shall be entitled to reimbursement from the proceeds received in
      connection with the disposition of the Mortgaged Property, and from the
      Custodial Account if such proceeds are insufficient, for any related
      unreimbursed Servicing Advances or related unreimbursed P&I Advances
      pursuant to Section 5.03. On the Remittance Date immediately following the
      Principal Prepayment Period in which REO Disposition Proceeds are received,
      the
      net cash proceeds of such REO Disposition shall be distributed to the REO
      Purchaser. In the event that the Seller is billed for expenses related to an
      REO
      Property subsequent to the date on which the net cash proceeds of such REO
      Disposition are distributed to the REO Purchaser, the Seller shall pay such
      expenses and shall thereupon be entitled to reimburse itself therefor by
      withdrawing the amount of such expenses from the Custodial Account.

    

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    Section
      4.15 Adjustments
      to Mortgage Interest Rate and Monthly Payment.

    

    On
      each
      applicable Interest Rate Change Date, the Mortgage Interest Rate shall be
      adjusted, in compliance with the requirements of the related Mortgage and
      Mortgage Note, to equal the sum of the Current Index plus the Margin (rounded
      in
      accordance with the related Mortgage Note) subject to the applicable Annual
      Mortgage Interest Rate Cap and Lifetime Mortgage Interest Rate Cap, if any,
      as
      set forth in the Mortgage Note. The Seller shall execute and deliver the notices
      required by each Mortgage and Mortgage Note, Customary Servicing Procedures,
      applicable laws and regulations regarding interest rate
      adjustments.

    

    ARTICLE
      V

    

    PAYMENTS
      TO THE PURCHASER

    

    Section
      5.01 Distributions.

    

    (a) On
      each
      Remittance Date, the Seller shall remit to the Purchaser of record on the
      preced-ing Record Date (i) all amounts credited to the Custodial Account as
      of
      the close of business on the preced-ing Determination Date (net of charges
      against or withdraw-als from the Custodial Account pursuant to Section
      4.05(ii)-(iv), plus (ii) the aggregate amount of P&I Advances, if any, and
      payments pursuant to Section 5.03, if any, that the Seller is obligated to
      make
      on such Remittance Date, plus (iii) the aggregate amount of any Prepayment
      Interest Shortfall existing as of such Remittance Date, and minus (iv) any
      amounts that represent early receipts of Monthly Payments due on a Due Date
      or
      Due Dates subse-quent to the Due Date occurring in the Due Period for such
      Remittance Date or Principal Prepayments received during the month of such
      Remittance Date (except to the extent that, pursuant to Section 5.03, any funds
      described in this clause (iv) are to be remitted to the Purchaser in lieu of
      P&I Advances by the Seller out of its own funds).

    

    (b) Each
      remittance pursuant to this Section 5.01 shall be made by wire transfer of
      immediately available funds to, or by other means of transmission or transfer
      that causes funds to be immediately available in, the account which shall have
      been designated by the Purchaser.

    

    The
      Seller shall ten days prior to the Remittance Date on which the final
      distribution of funds to Purchaser is to be made hereunder, notify each
      Purchaser of the pendency of such distribution and such distribution shall
      be
      made to each Purchaser.

    

    Section
      5.02 Statements
      to the Purchaser.

    

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    Not
      later
      than the tenth (10th)
      day of
      each month, the Seller shall deliver to the Purchaser a monthly remittance
      statement in the form of, and providing the information described in, Exhibit
      F
      hereto.

    

    In
      addition, not more than 60 days after the end of each calendar year, upon
      receipt of written request by the Purchaser, the Seller will furnish at any
      time
      during such calendar year, a listing of the principal balances of the Mortgage
      Loans outstanding at the end of such calendar year.

    

    The
      Seller shall prepare and file any and all tax returns, information statements
      or
      other filings required to be delivered to any governmental taxing authority
      (other than those required to be filed by the Purchaser) or to the Purchaser
      pursuant to any applicable law with respect to the Mortgage Loans and the
      transactions contemplated hereby.

    

    Section
      5.03 P&I
      Advances by the Seller.

    

    Not
      later
      than the close of business on the Business Day preceding each Remittance Date,
      the Seller shall from its own funds deposit in the Custodial Account an amount
      equal to all Monthly Payments that were due on the related Due Date and that
      were delin-quent at the close of business on the related Determination Date,
      with the interest adjusted to the respective Mortgage Loan Remittance Rates;
      provided, however, that to the extent there are funds on deposit in the
      Custodial Account that are not otherwise required to be distributed to the
      Purchaser on such Remittance Date, the Seller may remit such funds in lieu
      of
      making advances of its own funds; and further provided that any such funds
      held
      for future distribution and so used shall be appropriately reflected in the
      Seller's records and replaced by the Seller by deposit into the Custodial
      Account on or before each Remittance Date to the extent that funds on deposit
      in
      the Custodial Account for the related Remittance Date (determined without regard
      to P&I Advances required to be made on such Remittance Date) shall be less
      than the aggregate amount required to be distributed to the Purchaser pursuant
      to Section 5.01 on such related Remittance Date. For purposes of this Section
      5.03, any Monthly Payment or portion thereof deferred pursuant to Section 4.01
      shall be considered delinquent until paid. The Seller's obligation to make
      P&I Advances as to any Mortgage Loan shall continue through the earlier to
      occur of (a) the repurchase of the Mortgage Loan by the Seller pursuant to
      Section 3.03, and (b) the Remittance Date following the ultimate liquidation
      of
      the Mortgage Loan and related REO Property.

    

    Notwithstanding
      the provisions of this Section 5.03, the Seller shall not be required to make
      any advance of principal and interest if, in the good faith judgment of the
      Seller, such advance of principal and interest will not ultimately be
      recoverable from the related Mortgagor, from Liquidation Proceeds or
      otherwise.

    

    Section
      5.04 Prepayment
      Interest Shortfalls.

    

    Not
      later
      than the close of business on the Business Day preceding each Remittance Date,
      the Seller shall from its own funds deposit in the Custodial Account an amount
      equal to the aggregate Prepayment Interest Shortfall, if any, existing in
      respect of the related Principal Prepayment Period.

    

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    ARTICLE
      VI

    

    GENERAL
      SERVICING PROCEDURE

    

    Section
      6.01 Assumption
      Agreements.

    

    The
      Seller shall use its best efforts to enforce any “due-on-sale” provision
      contained in each Mortgage or Mortgage Note to the extent permitted by law
      and
      provided that such enforcement would not impair any recovery under any related
      Primary Insurance Policy. The Seller shall be entitled to retain as additional
      servicing compensation any assumption fee collected by the Seller for entering
      into an assumption agreement.

    

    Section
      6.02 Release
      of Mortgage Files; Wrongful Satisfaction of Mortgages.

    

    Upon
      the
      payment in full of any Mortgage Loan, the Seller will obtain the portion of
      the
      Mortgage File that is in the possession of the Custodian, prepare and process
      any required satisfaction or release of the Mortgage and notify the Purchaser
      as
      provided in Section 5.02.

    

    If
      the
      Seller satisfies or releases the lien of a Mort-gage without having obtained
      payment in full of the indebtedness secured by the Mortgage, the Seller, upon
      written demand, shall remit to the Purchaser the then Assumed Principal Balance
      of the related Mortgage Loan by deposit thereof in the Custodial Account. The
      Seller shall maintain the Fidelity Bond as provided for in Section 4.13 insuring
      the Seller against any loss it may sustain with respect to any Mortgage Loan
      not
      satisfied in accordance with the procedures set forth herein.

    

    Section
      6.03 Servicing
      Compensation.

    

    As
      compensation for its services hereunder, the Seller shall be entitled to
      withdraw from the Custodial Account or to retain from interest payments on
      the
      Mortgage Loans the amounts provided for as the Seller’s Servicing Fee.
      Additional servicing compensation in the form of assumption fees, as provided
      in
      Section 6.01, and late payment charges or otherwise shall be retained by the
      Seller. The Seller shall be entitled to request reimbursement for additional
      services, including:

    

    (a) express
      and other delivery charges and any other reasonable out-of-pocket expenses
      incurred by the Seller with respect to a Mortgage Loan to the extent not
      ordinary to the servicing function (but not including salaries, rent and other
      general operating expenses of Servicer normally classified as
      overhead);

    (b) preparation
      and delivery of any special reports, magnetic tapes, disks, or transmission
      outside the normal monthly accounting reports; and

    

    (c) to
      the
      extent not ordinary to the servicing function, any action taken by the Seller
      which the Seller reasonably determines to be necessary or appropriate in order
      to protect the rights of Purchaser, (including property preservation), with
      respect to any Mortgage Loan, not to exceed $5,000.00 without the prior approval
      by Purchaser (with the exception of advances for real estate taxes and insurance
      premiums).

    

    Section
      6.04 Annual
      Compliance Statement.

    

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    The
      Seller shall deliver to the Purchaser and any Master Servicer, on or before
      March 1 of each year, beginning March 1, 2007, an Officers' Certificate
      (“Compliance Statement”) to the effect that (i) a review of the activi-ties of
      the Seller during the preceding calendar year and of the Seller's performance
      under this Agreement has been made under such offi-cer's supervision, and (ii)
      to the best of such officer's knowledge, based on such review, the Seller has
      fulfilled all of its obligations under this Agreement in all material respects
      throughout such year, or, if there has been a failure to fulfill any such
      obliga-tion in any material respect, specifying each such failure and the nature
      and status thereof.

    

    Section
      6.05 Annual
      Assessment of Compliance and Attestation Report..

    

    The
      Seller shall deliver to the Purchaser and any Master Servicer, no later than
      March 1 of each year, beginning March 1, 2007, an assessment of compliance
      with
      servicing criteria on a certification substantially in the form of Exhibit
      I
      hereto
      (“Assessment of Compliance”) and related attestation report (“Attestation
      Report”) as of and for the period ending on December 31 of the preceding
      calendar year, which Assessment of Compliance and Attestation Report will relate
      to each of the servicing criteria identified as the Seller’s responsibility on
      Schedule 1122 thereto and shall comply with the provisions of Regulation AB.
      Each such Assessment of Compliance shall include (a) a statement of the party’s
      responsibility for assessing compliance with the servicing criteria applicable
      to such party, (b) a statement that such party used the criteria identified
      in
      Item 1122(d) of Regulation AB to assess compliance with the applicable servicing
      criteria, (c) disclosure of any material instance of noncompliance identified
      by
      such party, and (d) a statement that a registered public accounting firm has
      issued an Attestation Report on such party’s Assessment of Compliance with the
      applicable servicing criteria.

    

    Section
      6.06 Purchaser's
      Right to Examine Seller Records.

    

    The
      Purchaser shall have the right, upon reasonable notice to the Seller, to examine
      and audit any and all of the books, records or other information of the Seller
      whether held by the Seller or by another on behalf of the Seller, which may
      be
      relevant to the performance or observance by the Seller of the terms, covenants
      or conditions of this Agreement, and to discuss such books, records or other
      information with an officer or employee of the Seller who is knowledgeable
      about
      the matters contained therein.

    

    ARTICLE
      VII

    

    REPORTS
      TO BE PREPARED BY SELLER

    

    Section
      7.01 Seller
      Shall Provide Access and Information as Reasonably Required.

    

    The
      Seller shall furnish to the Purchaser upon written request, during the term
      of
      this Agreement, such periodic, special or other reports or information, whether
      or not provided for herein, as shall be necessary, reasonable or appropriate
      with respect to the purposes of this Agreement. The Seller may negotiate with
      the Purchaser for a reasonable fee for providing such report or information,
      unless (i) the Seller is required to supply such report or information pursuant
      to any other section of this Agreement, or (ii) the report or information has
      been requested in connection with Internal Revenue Service requirements. The
      Seller agrees to execute and deliver all such instruments as the Purchaser,
      from
      time to time, may reasonably request in order to effectuate the purposes and
      to
      carry out the terms of this Agreement.

    

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    Section
      7.02 Financial
      Statements.

    

    The
      Seller understands that, in connection with marketing the Mortgage Loans, the
      Purchaser may make available to a prospective Purchaser a consolidated statement
      of operations of Seller for the most recently completed five fiscal years for
      which such a statement is available as well as a consolidated statement of
      condition at the end of the last two fiscal years covered by such consolidated
      statement of operations. The Seller, if it has not already done so, agrees
      to
      promptly furnish to Purchaser copies of the statements specified
      above.

    

    The
      Seller also agrees to make available upon reasonable notice and during normal
      business hours to any prospective Purchaser a knowledgeable financial or
      accounting officer for the purposes of answering questions respecting recent
      developments affecting the Seller or the financial statements of the Seller
      and
      to permit upon reasonable notice and during normal business hours any
      prospective Purchaser to inspect the Seller’s servicing facilities for the
      purpose of satisfying such prospective Purchaser that the Seller has the ability
      to service the Mortgage Loans in accordance with this Agreement.

    

    ARTICLE
      VIII

    

    THE
      SELLER

    

    Section
      8.01 Indemnification;
      Third Party Claims.

    

    The
      Seller agrees to indemnify the Purchaser and hold them harmless against any
      and
      all claims, losses, penal-ties, fines, forfeitures, reasonable legal fees and
      related costs, judg-ments, and any other costs, fees and expenses that the
      Purchaser incurs directly resulting from the failure of the Seller to perform
      its duties and service the Mortgage Loans in material compliance with the terms
      of this Agreement. The Seller shall immediately notify the Purchaser if a claim
      is made by a third party with respect to this Agreement or any Mortgage Loans.
      The Seller shall follow any written instructions received from the Purchaser
      in
      connection with such claim.

    

    Section
      8.02 Merger
      or Consolidation of the Seller.
      

    

    The
      Seller shall keep in full effect its existence, rights and franchises as a
      corporation, and shall preserve its qualification to do business as a foreign
      corpora-tion in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Agreement, or
      the
      ability of the Seller to perform its duties under this Agreement. 

    

    Any
      Person into which the Seller may be merged or consolidated, or any corporation
      resulting from any merger, conversion or consolidation to which the Seller
      shall
      be a party, or any Person succeeding to the business of the Seller hereunder,
      shall be the successor of the Seller hereunder without the execution or filing
      of any paper or any further act on the part of either of the parties hereto,
      anything herein to the contrary notwithstanding; provided, however, that the
      successor or sur-viving Person shall be an institution (i) that is qualified
      to
      service mortgage loans on behalf of Fannie Mae or Freddie Mac and (ii) that
      has
      a net worth of not less than $15,000,000.

    

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

      
        Exhibit
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    Section
      8.03 Seller
      Not to Resign.
      

    

    The
      Seller shall not assign this Agreement (except to any affiliate or subsidiary
      of
      the Seller) or resign from the obligations and duties hereby imposed on it
      except by mutual consent of the Seller and the Purchaser or upon the
      determination that its duties hereunder are no longer permissible under
      applicable law and such incapacity cannot be cured by the Seller. Any such
      determination permitting the resignation of the Seller shall be evidenced by
      an
      Opinion of Counsel to such effect delivered to the Purchaser. No such
      resignation shall become effective until a successor shall have assumed the
      Seller’s responsibilities and obligations hereunder in the manner provided in
      Section 11.01.

    

    ARTICLE
      IX

    

    DEFAULT

    

    Section
      9.01  Events
      of Default.
      

    

    Event
      of
      Default, whenever used herein, means any one or more of the following events:
      

    

    (i) any
      failure by the Seller to remit to the Purchaser any payment required to be
      made
      under the terms of this Agreement that continues unremedied for a period of
      three (3) days after the date upon which written notice of such failure,
      requiring the same to be remedied, shall have been received by the Seller from
      the Purchaser; or

    

    (ii) any
      failure on the part of the Seller duly to observe or perform in any material
      respect any other of the covenants or agreements on the part of the Seller
      set
      forth in this Agreement or in the Custodial Agreement that continues unremedied
      for a period of 30 days after the date on which written notice of such failure,
      requiring the same to be remedied, shall have been received by the Seller from
      the Purchaser; or

    

    (iii) a
      decree
      or order of a court or agency or super-visory authority having jurisdiction
      for
      the appointment of a trustee in bankruptcy, conservator, receiver or liquidator
      in any bankruptcy, reorganization, insolvency, read-justment of debt,
      marshalling of assets and liabilities or similar proceedings, or for the
      winding-up or liquidation of its affairs, shall have been entered against the
      Seller and such decree or order shall have remained in force undischarged or
      unstayed for a period of 60 days; or

    

    (iv) the
      Seller ceases to be qualified to transact business in any jurisdiction where
      it
      is currently so qualified, but only to the extent such non-qualification
      materially and adversely affects the Seller’s ability to perform its obligations
      hereunder; or

    

    (v) the
      Seller shall consent to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to the Seller or of or
      relating to all or substantially all of its property; or

    

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    (vi) the
      Seller shall admit in writing its inability to pay its debts generally as they
      become due, file a petition to take advantage of any applicable insolvency,
      bankruptcy or reorganization statute, make an assignment for the benefit of
      its
      creditors or voluntarily suspend payment of its obligations. 

    

    If
      an
      Event of Default shall occur, then so long as such Event of Default shall not
      have been remedied, the Purchaser may, by notice in writing to the Seller,
      in
      addition to whatever rights the Purchaser may have at law or equity to damag-es,
      including injunctive relief and specific performance, termi-nate all the rights
      and obligations of the Seller under this Agreement and in and to the Mortgage
      Loans and the proceeds thereof. On or after the receipt by the Seller of such
      written notice, all authority and power of the Seller under this Agree-ment,
      whether with respect to the Mortgage Loans or otherwise, shall pass to and
      be
      vested in the successor appointed pursuant to Section 11.01. Upon written
      request from the Purchaser, the Seller shall prepare, execute and deliver,
      any
      and all documents and other instruments, place in such successor's possession
      all Mortgage Files, and do or accom-plish all other acts or things necessary
      or
      appropriate to effect the purposes of such notice of termination, whether to
      complete the transfer and endorsement or assignment of the Mortgage Loans and
      related documents, or otherwise, at the Seller's sole expense. The Seller shall
      cooperate with the Purchaser and such successor in effecting the termination
      of
      the Seller's responsi-bilities and rights hereunder, including, without
      limitation, the transfer to such successor for adminis-tration by it of all
      cash
      amounts (less any amounts due the Seller pursuant to the terms of this
      Agreement) which shall at the time be credited by the Seller to the Custodial
      Account or Escrow Account or thereafter received with respect to the Mortgage
      Loans.

    

    Section
      9.02 Waiver
      of Defaults.

    

    The
      Purchaser may in writing waive any past default by the Seller in the performance
      of its obligations hereunder and the consequences thereof and any default in
      remitting to Purchaser any required distribution in accordance with this
      Agreement, including the Seller's obligation to make P&I Advances. Subject
      to the preceding sentence, upon any waiver of a past default, such default
      shall
      be deemed not to exist and any Event of Default arising therefrom shall be
      deemed to have been remedied for every purpose of this Agreement, except as
      otherwise stated in such waiver; provided, however, that no such waiver shall
      extend to any subsequent or other default or impair any right consequent
      thereto, except as otherwise stated in such waiver.

    

    
      
        
        

      

      
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    Exhibit
      10.10

    ARTICLE
      X

    

    TERMINATION

    

    Section
      10.01 Termination.

    

    (a) This
      Agreement shall terminate upon either: (i) the later of the distribution to
      the
      Purchaser of final payment or liquidation with respect to the last Mortgage
      Loan
      (or advances of same by the Seller), or the disposition of all property acquired
      upon foreclosure or deed in lieu of foreclosure with respect to the last
      Mortgage Loan and the remittance of all funds due hereunder or (ii) mutual
      consent of the Seller and the Purchaser in writing.

    

    (b) The
      Seller, at its option but only upon thirty (30) days' prior written notice
      to
      the Purchaser, may terminate this Agreement at any time when the aggregate
      Assumed Principal Balance of the Mortgage Loans which remain subject to this
      Agreement (the “Remaining Mortgage Loans”) has been reduced by application of
      Monthly Payments or otherwise to an amount no greater than ten (10) percent
      of
      the aggregate Assumed Principal Balance of the Remaining Mortgage Loans as
      of
      the Cut-off Date; provided, however, that if any of such Mortgage Loans are
      included in a REMIC, the Servicer agrees not to exercise its right to repurchase
      such Mortgage Loans so included and unless and until such right can be exercised
      in conjunction with a "qualified liquidation" (as defined in Section 860F(a)(4)
      of the Code) of such REMIC, as advised by the Purchaser. Such termination shall
      be effected by the deposit by the Seller of an amount equal to the sum of (i)
      100% of the aggregate Assumed Principal Balance of the Remaining Mortgage Loans
      as of the first calendar day of the month in which such repurchase occurs (the
      “Repurchase Cut-off Date”) after application of principal due on such date
      whether or not received, and the appraised value of REO Properties, which
      appraisals shall be performed by an appraiser acceptable to Fannie Mae and
      Freddie Mac, and (ii) interest on the aggregate Assumed Principal Balance at
      the
      Mortgage Loan Remittance Rate from the Repurchase Cut-off Date to, but not
      including, the date of repurchase. Upon any such purchase of Mortgage Loans
      and
      REO Properties under this Section 10.01(b), the Purchaser shall, to the extent
      necessary, transfer or cause to be transferred to the Seller title to the
      repurchased Mortgage Loans and REO Properties by instruments of transfer or
      assignment, without recourse. The Seller may not purchase fewer than all of
      such
      Mortgage Loans and REO Properties. The Seller shall deposit the repurchase
      price
      for the remaining Mortgage Loans as described in (i) and (ii) above in the
      Custodial Account no later than one (1) Business Day prior to the first
      Remittance Date to occur after the expiration of thirty days following the
      notice described in the first sentence of this Section 10.01(b). Upon
      presentation and surrender of the outstanding Mortgage Loans, the Seller shall
      cause to be distributed to the Purchaser on such Remittance Date the repurchase
      price together with the amounts (including P&I Advances) that would be
      otherwise distributable to the Purchaser in respect of Mortgage Loans and REO
      Properties on such Remittance Date. Upon receipt of such final payment, the
      Purchaser shall deliver, or cause the Custodian to deliver to the Seller, the
      Mortgage Files in connection therewith and shall otherwise use its best efforts
      to effect or cause to be effected the orderly transfer of assets to the
      Seller.

    

    
      
        
        

      

      
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    Exhibit
      10.10

    ARTICLE
      XI

    

    MISCELLANEOUS
      PROVISIONS

    

    Section
      11.01 Successor
      to the Seller.

    

    Prior
      to
      termination of the Seller's responsibilities and duties under this Agreement
      pursuant to Section 8.03, 9.01 or 10.01(a)(ii), the Purchaser shall (i) succeed
      to and assume all of the Seller's responsibilities, rights, duties and
      obligations under this Agreement, or (ii) appoint a successor which shall
      succeed to all rights and assume all of the responsi-bilities, duties and
      liabil-ities of the Seller under this Agreement prior to the termina-tion of
      Seller's responsibilities, duties and liabilities under this Agreement. In
      connection with such appointment and assump-tion, the Purchaser may make such
      arrange-ments for the compensation of such successor out of payments on
      Mort-gage Loans as it and such successor shall agree. The Seller shall discharge
      its duties and responsibilities during the period from the date it acquires
      knowledge of such termination until the effective date thereof with the same
      degree of dili-gence and prudence that it is obligated to exercise under this
      Agreement. The resignation or removal of the Seller pursuant to the
      aforemen-tioned Sections shall not become effective until a successor shall
      be
      appointed pursuant to this Section and shall not relieve the Seller named herein
      of its obligations under Section 3.03.

    

    Any
      successor appointed as provided herein shall execute, acknowledge and deliver
      to
      the Seller and to the Purchaser an instrument accepting such appointment,
      whereupon such successor shall become fully vested with all the rights, powers,
      duties, responsibilities, obligations and liabil-ities of the Seller, with
      like
      effect as if originally named as a party to this Agreement. No termination
      of
      the Seller or this Agreement shall affect any claims that the Purchaser may
      have
      against the Seller arising prior to any such termina-tion or
      resignation.

    

    The
      Seller shall timely deliver to its successor the funds in the Custodial Account
      and the Escrow Account (less any amounts to which the Seller is entitled
      pursuant to the terms of this Agreement) and all Mortgage Files and related
      documents and statements held by it hereunder and the Seller shall account
      for
      all funds. The Seller shall execute and deliver such instruments and do such
      other things all as may reasonably be required to more fully and definitely
      vest
      and confirm in the successor all such rights, powers, duties, respon-sibilities,
      obligations and liabilities of the Seller.

    

    Upon
      a
      successor's acceptance of appointment as such, the Seller shall notify by mail
      the Purchaser of such appointment.

    

    In
      connection with the termination or resignation of the Seller hereunder, either
      (i) the successor shall represent and warrant that it is a member of MERS in
      good standing and shall agree to comply in all material respects with the rules
      and procedures of MERS in connection with the servicing of the Mortgage Loans
      that are registered with MERS, in which case the Seller shall cooperate with
      the
      successor in causing MERS to revise its records to reflect the transfer of
      servicing to the successor as necessary under MERS’ rules and regulations, or
      (ii) the Seller shall cooperate with the successor in causing MERS to execute
      and deliver an assignment of Mortgage in recordable form to transfer the
      Mortgage from MERS to the Purchaser and to execute and deliver such other
      notices, documents and other instruments as may be necessary or desirable to
      effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan
      on
      the MERS® System to the successor. The Seller shall file or cause to be filed
      any such assignment in the appropriate recording office. The Purchaser shall
      bear any and all fees of MERS, costs of preparing any assignments of Mortgage,
      and fees and costs of filing any assignments of Mortgage that may be required
      under this subsection (b). The successor shall cause such assignment to be
      delivered to the Purchaser or the Custodian promptly upon receipt of the
      original with evidence of recording thereon or a copy certified by the public
      recording office in which such assignment was recorded.

    

    
      
        
        

      

      
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        Exhibit
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    Section
      11.02 Repurchases
      and Related Assurances.

    

    In
      the
      event the Seller repurchases a Mortgage Loan pursuant to Section 3.03, the
      Purchaser shall upon any request of the Seller subsequent to the Remittance
      Date
      on which the Repurchase Price has been remitted to the Purchaser take actions
      reasonably necessary to effect the reconveyance of the Mortgage
      Loan.

    

    Section
      11.03 Amendment.

    

    This
      Agreement may be amended only by written agreement signed by the Seller and
      Purchaser hereunder.

    

    Section
      11.04 Reserved. 

    

    Section
      11.05 Duration
      of Agreement.
      

    

    This
      Agreement shall continue in existence and effect until terminated as herein
      provided. 

    

    Section
      11.06 Governing
      Law.
      

    

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, except to the extent preempted by federal law but without regard to
      principles of conflicts of laws, and the obligations, rights and reme-dies
      of
      the parties hereunder shall be determined in accordance with such laws.

    

    Section
      11.07 Notices.
      

    

    Any
      communications provided for or permitted hereunder shall be in writing and,
      unless otherwise expressly provided herein, shall be deemed to have been duly
      given if (a) personally delivered, (b) mailed by registered mail, postage
      prepaid, return receipt requested, and received by the addressee, (c) sent
      by
      express courier delivery service and received by the addressee, or (d)
      transmitted by telex, telecopy or telegraph and confirmed by a writing delivered
      by means of (a), (b) or (c), to: (i) in the case of the Seller, 100 Wood Hollow
      Drive, Novato, California 94945, Attention: Susan Davia, telecopy number: (415)
      878-3598, or such other address as may hereafter be fur-nished to the Purchaser
      and the Guarantor in writing by the Seller, (ii) in the case of the Purchaser,
      One Belvedere Place, Suite 310, Mill Valley, California 94941, Attn: John
      Isbrandtsen, telecopy number: (415) 381-1773, or such other address as may
      hereafter be furnished to the Seller in writing by the Purchaser, and (iii)
      in
      the case of the Guarantor, One Belvedere Place, Suite 300, Mill Valley,
      California 94941, Attn: Brett Nicholas, telecopy number: (415) 381-1773, or
      such
      other address as may hereafter be furnished to the Seller in writing by the
      Guarantor.

    

    
      
        
        

      

      
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        Exhibit
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    Section
      11.08 Severability
      of Provisions.

    

    If
      any
      one or more of the covenants, agreements, provi-sions or terms of this Agreement
      shall be held invalid for any reason whatso-ever, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this
      Agreement.

    

    Section
      11.09 No
      Partnership.
      

    

    Nothing
      herein contained shall be deemed or construed to create a co-partnership or
      joint venture between the parties hereto and the services of the Seller shall
      be
      rendered as an independent contractor and not as agent for the Purchaser.

    

    Section
      11.10 Counterparts.

    

    This
      Agreement may be executed in any number of coun-ter-parts and by different
      parties hereto on separate counter-parts, each of which shall be deemed to
      be an
      original. Such counterparts shall constitute one and the same
      agreement.

    

    Section
      11.11 Successors
      and Assigns.

    

    Notwithstanding
      anything to the contrary in this agreement, it is understood and agreed that
      the
      Purchaser may transfer its interest in this Agreement and the Mortgage Loans
      in
      whole or in part, in accordance with Article XII of this Agreement. This
      Agreement shall inure to the benefit of and be binding upon the Seller and
      the
      Purchaser and their respective successors and assigns permitted hereunder.
      

    

    Section
      11.12 General
      Interpretive Principles.

    

    For
      purposes of this Agreement, except as otherwise expressly pro-vided or unless
      the context otherwise requires:

    

    (a) the
      terms
      defined in this Agreement have the meanings assigned to them in this Agreement
      and include the plural as well as the singular, and the use of any gender herein
      shall be deemed to include the other gender;

    

    (b) accounting
      terms not otherwise defined herein have the meanings assigned to them in
      accordance with generally accepted accounting principles;

    

    (c) references
      herein to “Articles”, “Sections”, “Subsections”, “Paragraphs”, and other
      subdivisions without reference to a document are to designated Articles,
      Sections, Subsections, Paragraphs, Clauses and other subdivisions of this
      Agreement;

    

    
      
        
        

      

      
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        Exhibit
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    (d) a
      reference to a Subsection without further reference to a Section is a reference
      to such Subsection as contained in the same Section in which the reference
      appears, and this rule shall also apply to Paragraphs, Clauses, and other
      subdivisions;

    

    (e) the
      words
“herein”, “hereof”, “hereunder” and other words of similar import refer to this
      Agreement as a whole and not to any particular provision; and

    

    (f) the
      term
“include” or “including” shall mean without limitation by reason of
      enumeration.

    

    Section
      11.13 Intention
      of the Seller

    

    The
      Seller intends that the conveyance of the Seller’s right, title and interest in
      and to the Mortgage Loans to the Purchaser shall constitute a sale and not
      a
      pledge of security for a loan. If such conveyance is deemed to be a pledge
      of
      security for a loan, however, the Seller intends that the rights and obligations
      of the parties to such loan shall be established pursuant to the terms of this
      Agreement. The Seller also intends and agrees that, in such event, (i) the
      Seller shall be deemed to have granted to the Purchaser and its assigns a first
      priority security interest in the Seller’s entire right, title and interest in
      and to the Mortgage Loans, all principal and interest received or receivable
      with respect to the Mortgage Loans, all amounts held from time to time in the
      accounts mentioned pursuant to this Agreement and all reinvestment earnings
      on
      such amounts, together with all of the Seller’s right, title and interest in and
      to the proceeds of any title, hazard or other insurance policies related to
      such
      Mortgage Loans and (ii) this Agreement shall constitute a security agreement
      under applicable law. All rights and remedies of the Purchaser under this
      Agreement are distinct from, and cumulative with, any other rights or remedies
      under this Agreement or afforded by law or equity and such rights and remedies
      may be exercised concurrently, independently and successively.

    

    Section
      11.14 Guaranty
      of Purchaser’s Obligations

    

    The
      Guarantor hereby agrees to cause RWT Holdings, Inc. to perform all of its duties
      and obligations as the Purchaser hereunder, guaranties the timely performance
      of
      such duties and obligations by RWT Holdings, Inc. and agrees to be jointly
      and
      severally liable to the Seller for all such duties and obligations of RWT
      Holdings, Inc.

    

    Section
      11.15 Master
      Servicer as Third Party Beneficiary

    

    For
      purposes of Sections 6.04, 6.05 and 12.02 related to the requirements for
      deliver of Assessments of Compliance, Attestation Reports, Compliance
      Statements, Back-Up SOX Certificates and additional monthly reporting
      requirements, the Master Servicer shall be considered a third-party beneficiary
      of this Agreement, entitled to all rights and benefits hereof as if it were
      a
      party to the Agreement.

    

    ARTICLE
      XII

    

    WHOLE
      LOAN TRANSFER; PASS-THROUGH TRANSFER

    

    
      
        
        

      

      
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        Exhibit
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    Section
      12.01 Removal
      of Mortgage Loans from Inclusion under this Agreement upon a
      Whole Loan Transfer or a Pass-Through Transfer on One or more Reconstitution
      Dates

    

    The
      Seller acknowledges and the Purchaser agrees that with respect to some or all
      of
      the Mortgage Loans, the Purchaser may effect either:

    

    (1) one
      or
      more Whole Loan Transfers; and

    

    (2) one
      or
      more Pass Through Transfers.

    

    The
      Seller shall cooperate with the Purchaser in connection with any Whole Loan
      Transfer or Pass-Through Transfer contemplated by the Purchaser pursuant to
      this
      Section. In connection therewith, the Purchaser shall deliver any Reconstitution
      Agreement or other document related to the Whole Loan Transfer or Pass Through
      Transfer to the Seller at least 15 days prior to such transfer and the Seller
      shall execute any Reconstitution Agreement which contains servicing provisions
      substantially similar to those herein or otherwise reasonably acceptable to
      the
      Purchaser and the Seller and which restates the representations and warranties
      contained in Section 3.01 as of the Reconstitution Date (except to the extent
      any such representation or warranty is not accurate on such date) and Section
      3.02 herein as of the Funding Date. In
      addition, in connection with any Pass-Through Transfer, the Seller agrees:
      (a)
      to provide any information relating to the Mortgage Loans reasonably necessary
      to assist in the preparation of any disclosure documents, (b) to provide
      information relating to delinquencies and defaults with respect to the Seller’s
      servicing portfolio (or such portion thereof as is similar to the Mortgage
      Loans), (c) to enter into any other servicing, custodial or other similar
      agreements, that are consistent with the provisions of this Agreement, and
      which
      contain such provisions as are customary in securitizations rated “AAA”
(including a securitization involving a REMIC or CMO) (a “Securitization”) and
      (d) to provide such opinions of counsel as are customary in such transactions,
      provided, however, that any opinion of outside counsel shall be provided at
      the
      Purchaser’s expense. In connection with such a Securitization, the Purchaser may
      be required to engage a master servicer or trustee to determine the allocation
      of payments to and make remittances to the certificateholders, at the
      Purchaser’s sole cost and expense. In the event that a master servicer or
      trustee is requested by the Purchaser to determine the allocation of payments
      and to make remittances to the certificateholders, the Seller agrees to service
      the Mortgage Loans in accordance with the reasonable and customary requirements
      of such Securitization, which may include the Seller’s acting as a subservicer
      in a master servicing arrangement. The
      Purchaser hereby agrees to reimburse the Seller for reasonable “out-of-pocket”
expenses incurred by the Seller that relate to such Whole Loan Transfer or
      Pass-Through Transfer, but not including reimbursement for the amount which
      reasonably reflects time and effort expended by the Seller in connection
      therewith. It is understood and agreed by Purchaser and Seller that the right
      to
      effectuate such Whole Loan Transfer or Pass-Through Transfer as contemplated
      by
      this Section 12.01 is limited to the Purchaser.

    

    Any
      prospective assignees of the Purchaser who have entered into a commitment to
      purchase any of the Mortgage Loans in a Whole Loan Transfer may review and
      underwrite the Seller’s servicing and origination operations, upon reasonable
      prior notice to the Seller, and the Seller shall cooperate with such review
      and
      underwriting to the extent such prospective assignees request information or
      documents that are reasonable available and can be produced without unreasonable
      expense or effort. The Seller shall make the Mortgage Files related to the
      Mortgage Loans held by the Seller available at the Seller’s principal operations
      center for review by any such prospective assignees during normal business
      hours
      upon reasonable prior notice to the Seller (in no event less than five Business
      Days’ prior notice). The Seller may, in its sole discretion, require that such
      prospective assignees sign a confidentiality agreement with respect to such
      information disclosed to the prospective assignee which is not available to
      the
      public at large and a release agreement with respect to its activities on the
      Seller’s premises.

    

    
      
        
        

      

      
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        Exhibit
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    All
      Mortgage Loans not sold or transferred pursuant to a Whole Loan Transfer or
      Pass-Through Transfer shall be subject to this Agreement and shall continue
      to
      be serviced in accordance with the terms of this Agreement and with respect
      thereto this Agreement shall remain in full force and effect.

    

    Section12.02
      Additional Requirements in Connection With Pass-Through Transfers.

    

    (a)
      The
      Seller shall provide to the Master Servicer, no later than March 1 of each
      year
      in which the Trust is required to file a Form 10-K with the SEC in connection
      with a Pass-Through Transfer, an Officer’s Certificate (a ”Back-Up Sox
      Certification”) in the form of Exhibit
      J
      attached
      hereto.

    

    (b)
      If so
      requested by the Purchaser or any Depositor in connection with any Pass Through
      Transfer, the Seller shall provide to the Purchaser such information regarding
      the Seller, as servicer and originator of the Mortgage Loans, as is reasonably
      requested for the purpose of compliance with Regulation AB.

    

    (c)
      If
      Seller uses subcontractors, contractors or vendors that are determined to be
      “participating in the servicing function” under this Agreement within the
      meaning of Item 1122 of Regulation AB,, Seller shall so advise the Purchaser
      and
      agrees to provide to the Purchaser and to the Master Servicer such disclosures,
      assessments of compliance, attestations, certifications and other documents
      required by Regulation AB related to such subcontractors, contractors and
      vendors.

    

    (d)
      Additional Monthly Reporting Requirements.

    

    
      	i.  	
              The
                Seller shall provide to the Master Servicer prompt notice of the
                occurrence of any of the following: any event of default under the
                terms
                of this Agreement; any merger, consolidation or sale of substantially
                all
                of the assets of the Seller; the Seller’s engagement of any subservicer,
                contractor or vendor to perform or assist in the performance of any
                of the
                Seller’s obligations under this Agreement; any material litigation
                involving the Seller; and any affiliation or other significant
                relationship between the Seller and other transaction
                parties.

            

    

     

    
      	ii.  	
              No
                later than ten days prior to the deadline for the filing of any
                Distribution Report that includes any of the Mortgage Loans serviced
                by
                the Seller, the Seller shall provide to the Master Servicer notice
                of the
                occurrence of any of the following events along with all information,
                data
                and materials related thereto as may be required to be included in
                the
                related Distribution Report (as specified in the provisions of Regulation
                AB referenced below):

            

    

    

    
      
        
        

      

      
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        Exhibit
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      	a.  	
              any
                material changes to the definition or determination of delinquencies,
                charge-offs and uncollectible accounts (Item 1121(a) (9) of Regulation
                AB);

            

    

    

    
      	b.  	
              any
                material modifications, extensions or waivers of pool asset terms,
                fees,
                penalties or payments during the distribution period or that have
                cumulatively become material over time (Item 1121(a) (11) of Regulation
                AB);

            

    

    

    
      	c.  	
              material
                breaches of pool asset representations or warranties or transaction
                covenants (Item 1121(a) (12) of Regulation
                AB);

            

    

    

    
      	d.  	
              information
                regarding new asset-backed security issuances backed by the same
                pool
                assets, any pool asset changes (such as, additions, substitutions
                or
                repurchases), and any material changes in origination, underwriting
                or
                other criteria for acquisition or selection of pool assets (Item
                1121(a)
                (14) of Regulation AB).

            

    

    

    (e)
      Additional Information. The Seller shall provide to the Master Servicer such
      additional information as the Master Servicer may reasonably request, including
      evidence of the authorization of the person signing any certification or
      statement, financial information and reports, and such other information related
      to the Seller or its performance hereunder.

    

    (f)
      Intention of the Parties and Interpretation. The Seller acknowledges and agrees
      that the purpose of Subsections 11.20, 11.21 and this 12.02 is to facilitate
      compliance by the Master Servicer and the Depositor with the provisions of
      Regulation AB, as such may be amended from time to time and subject to
      clarification and interpretive advice as may be issued by the staff of the
      SEC
      from time to time. Therefore, the Seller agrees that (a ) the obligations of
      the
      Seller hereunder shall be interpreted in such a manner as to accomplish that
      purpose, (b) the Seller’s obligations hereunder will be supplemented and
      modified as necessary to be consistent with any such amendments, interpretive
      advice or guidance, convention or consensus among active participants in the
      asset-backed securities markets, advice of counsel, or otherwise in respect
      of
      the requirements of Regulation AB, (c) the Seller shall comply with requests
      made by the Master Servicer or the Depositor for delivery of additional or
      different information as the Master Servicer or the Depositor may determine
      in
      good faith is necessary to comply with the provisions of Regulation AB, and
      (d)
      no amendment of this Agreement shall be required to effect such changes in
      the
      Seller’s obligations as are necessary to accommodate evolving interpretations of
      the provisions of Regulation AB.

    

    (g)
      Indemnification. The Seller shall indemnify and hold harmless the Purchaser
      and
      the Master Servicer and each of its directors, officers, employees, agents
      and
      affiliates from and against any and all claims, losses, damages, penalties,
      fines, forfeitures, reasonable legal fees and related costs, judgments and
      other
      costs and expenses arising out of or based upon (i) any breach by the Seller
      of
      any of its obligations hereunder, including particularly its obligations to
      provide any Compliance Statement, Assessment of Compliance, Attestation Report
      or any information, data or materials required to be included in any Exchange
      Act report; (ii) any misstatement or omission in any information data or
      materials provide by the Seller hereunder; or (iii) the negligence, bad faith
      or
      willful misconduct of the Seller in connection with its performance hereunder.
      If the indemnification provided for herein is unavailable or insufficient to
      hold harmless the Master Servicer, then the Seller agrees that it shall
      contribute to the amount paid or payable by the Master Servicer as a result
      of
      any claims, losses, damages or liabilities incurred by Master Servicer in such
      proportion as is appropriate to reflect the relative fault of Master Servicer
      on
      one hand and the Seller on the other. The indemnification in this subsection
      shall survive the termination of this Agreement or the termination of any party
      to this Agreement.

    

    
      
        
        

      

      
        -44-

        
          

        

      

      
        
        

      

      
        Exhibit
          10.10

         

      

    

    (h)
      The
      Purchaser and each Person who controls the Purchaser shall indemnify the Seller,
      each affiliate of the Seller, each Person who controls any of such parties
      or
      the Seller (within the meaning of Section 15 of the Securities Act and Section
      20 of the Exchange Act) and the respective present and former directors,
      officers, employees and agents of each of the foregoing and of the Seller,
      and
      shall hold each of them harmless from and against any losses, damages,
      penalties, fines, forfeitures, legal fees and expenses and related costs,
      judgments, and any other costs, fees and expenses that any of them may sustain
      arising out of or based upon:

    

    (i)
      any
      untrue statement of a material fact contained or alleged to be contained in
      any
      offering materials related to a securitization transaction, including without
      limitation the registration statement, prospectus, prospectus supplement, any
      private placement memorandum, any offering circular, any computational
      materials, and any amendments or supplements to the foregoing (collectively,
      the
“Securitization Materials”) or

    

    (ii)
      the
      omission or alleged omission to state in the securitization materials a material
      fact required to be stated in the securitization materials or necessary in
      order
      to make the statements therein, in the light of the circumstances under which
      they were made, not misleading, but only to the extent that such untrue
      statement or alleged untrue statement or omission or alleged omission is other
      than a statement or omission arising out of, resulting from, or based upon
      the
      information provided by Seller.

    

    12.03
      Confidentiality
      and Customer Information Security.
      All of
      the information and/or documentation, including any customer information of
      either party (the “Information”), disclosed by either party to the other party
      under the terms of this Agreement, except such Information as may be generally
      available to the public or to the finance or insurance industry, is and will
      be
      kept confidential unless its disclosure is required by law or is required to
      be
      submitted to the state or federal regulatory supervisors of either party. Such
      Information will be used by the party receiving the Information solely for
      the
      purposes for which the Information is provided. Further, in accordance with
      the
      requirements of the Interagency Guidelines Establishing Standards for
      Safeguarding Customer Information promulgated under section 39 of the Federal
      Deposit Insurance Act and sections 501 and 505(b) of the Gramm-Leach-Bliley
      Act,
      each party agrees, as applicable, to implement appropriate Information security
      measures, including disaster recovery measures, to meet the objectives of the
      Guidelines, and that the party providing the Information has the right to review
      audits, summaries of test results, or other equivalent evaluations of the party
      receiving the Information, or to conduct the same, in order to insure that
      the
      party receiving the Information is meeting the objectives of the Guidelines.
      All
      of the provisions of this Paragraph shall survive the termination of this
      Agreement.

    

     

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

    

    
      Exhibit
        10.10

       

    

    IN
      WITNESS WHEREOF, the Seller and the Purchaser have caused their names to be
      signed hereto by their respective officers thereunto duly authorized as of
      the
      day and year first above written. 

    

    GREENPOINT
      MORTGAGE FUNDING INC., Seller

    

    By:                                                                                     
       

    Name:                                                                                 
      

    Title:                                                                                   

    

    

    RWT
      HOLDINGS, INC.,

    Purchaser

    

    

    
      By:                                                                                     
         

      Name:                                                                                 
        

      Title:                                                                                   

    

    

    

    REDWOOD
      TRUST, INC.,

    Guarantor

    

    

    
      By:                                                                                     
         

      Name:                                                                                 
        

      Title:                                                                                   

    

    

    

    

    

     

    

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    

    CONTENTS
      OF MORTGAGE FILES

    

    

    With
      respect to each Mortgage Loan, the Mortgage File shall include each of the
      following items (except the items delivered to the Custodian pursuant to Section
      2.03), all of which shall be available for inspection by the Purchaser and
      which
      may be retained in microfilm, microfiche, optical storage or magnetic media
      in
      lieu of hard copy: 

    

    1. A
      copy of
      the Mortgage Note endorsed, “Pay to the order of _________________-__, without
      recourse” and signed in the name of the Seller by an authorized officer. Such
      signature may be an original signature or a facsimile signature of such officer.
      If the Mortgage Loan was acquired by the Seller in a merger, the endorsement
      must be by “GreenPoint Mortgage Funding, Inc., successor by merger to [name of
      predecessor]”; and if the Mortgage Loan was acquired or originated by the Seller
      while doing business under another name, the endorsement must be by “GreenPoint
      Mortgage Funding, Inc., formerly known as [previous name]”. The Mortgage Note
      shall include all intervening endorse-ments showing a complete chain of title
      from the originator to the Seller.

    

    2. The
      original Mortgage, or a copy of the Mortgage with evidence of recording thereon
      certified by the appropriate recording office to be a true copy of the recorded
      Mortgage, or, if the original Mortgage has not yet been returned from the
      recording office, a copy of the original Mortgage together with a certificate
      of
      a duly authorized representative of the Seller (which certificate may consist
      of
      stamped text appearing on such copy of the Mortgage), the closing attorney
      or an
      officer of the title insurer which issued the related title insurance policy,
      certifying that the copy is a true copy of the original of the Mortgage which
      has been transmitted for recording in the appropriate recording office of the
      jurisdiction in which the Mortgaged Property is located.

    

    3. Unless
      the Mortgage Loan is registered on the MERS System, the Assignment of Mortgage,
      executed in blank, but otherwise in form and substance acceptable for recording;
      provided, however, that certain recording information will not be available
      if,
      as of the Funding Date, the Seller has not received the related Mortgage from
      the appropriate recording office. If the Mortgage Loan was acquired by the
      Seller in a merger, the assignment must be by “GreenPoint Mortgage Funding,
      Inc., successor by merger to [name of predecessor]”; and if the Mortgage Loan
      was acquired or originated by the Seller while doing business under another
      name, the assignment must be by “GreenPoint Mortgage Funding, Inc., formerly
      known as [previous name]”. 

    

    4. The
      original policy of title insurance or, if such insurance is in force but the
      original policy of title insurance has not been delivered to the Seller by
      the
      issuing title insurer, the report of title insurance or other evidence of title
      insurance generally acceptable to Fannie Mae or Freddie Mac or, if the Mortgage
      Loan is the subject of a Fannie Mae or Freddie Mac approved master title
      insurance policy, a certified copy of the certificate of title insurance issued
      thereunder.

    

    5. Originals
      or certified true copies from the appropriate recording offices of all
      assumption and modification agree-ments, if any or if the original has not
      yet
      been returned from the recording office, a copy of such original certified
      by
      the Seller. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      
         

      

    

    6. Originals,
      or certified true copies from the appropriate recording offices, of any
      intervening assignments of the Mort-gage with evidence of recording thereon,
      or,
      if the original intervening assignment has not yet been returned from the
      recording office, a certified copy of such assignment.

    

    7. The
      original Primary Insurance Policy, if any, or, if the Primary Insurance Policy
      has been issued but the original thereof has not been delivered to the Seller
      by
      the issuer thereof, a copy of the Primary Insurance Policy certified by a duly
      authorized officer of the Seller to be a true, complete and correct copy of
      the
      original, which certification may be in the form of a blanket certification
      relating to more than one Mortgage Loan.

    

    8. Original
      hazard insurance policy or a binder evidencing such coverage and, if required
      by
      law, flood insurance policy, with extended coverage of the hazard insurance
      policy, unless the Mortgage Loan is the subject of a blanket mortgage impairment
      insurance policy meeting the requirements of Section 4.11 of the
      Agreement.

    

    9. Mortgage
      Loan closing statement (Form HUD-1 or HUD-1A). 

    

    10. Residential
      loan application. 

    

    11. Credit
      report on the Mortgagor. 

    

    12. Residential
      appraisal report, if applicable.

    

    13. Photograph
      of the property, if applicable. 

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

      
 

    

    EXHIBIT
      B

    

    CUSTODIAL
      ACCOUNT LETTER AGREEMENT

    

    
 

    

    To:  
_____________________________________

     _____________________________________

     _____________________________________

     (the
      “Depository”)

    

    

    As
      “Seller” under the Mortgage Loan Flow Purchase, Sale and Servicing Agreement,
      dated as of _____________, ______________ Mortgage Loans, Group No. ______
      (the
“Agree-ment”), we hereby authorize and request you to establish an account, as a
      Custodi-al Account pursuant to Section 4.04 of the Agreement, to be designated
      as “GreenPoint Mortgage Funding, Inc., in trust for the Purchaser as indicated
      on GreenPoint Mortgage Funding, Inc.’s records and various Mortgagors.” All
      deposits in the account shall be subject to withdrawal therefrom by order signed
      by the Seller. This letter is submitted to you in duplicate. Please execute
      and
      return one original to us. 

    

    GreenPoint
      Mortgage Funding, Inc.

    

    

    

    By
           

    

    The
      undersigned, as “Depository”, hereby certifies that the above described account
      has been established under Account Number ___________________, at the office
      of
      the Depository indi-cated above, and agrees to honor withdrawals on such account
      as provided above. The amount deposited at any time in the account will be
      insured by the Federal Deposit Insurance Corpora-tion to the extent available
      under applicable law.

    

                                                
      

    (name
      of
      Depository)

    

    

    

    By     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      C

    

    ESCROW
      ACCOUNT LETTER AGREEMENT

    

    

    

    

    
      

      To:  
_____________________________________

       _____________________________________

       _____________________________________

       (the
        “Depository”)

    

    As
      “Seller” under the Mortgage Loan Flow Purchase, Sale and Servicing Agreement,
      dated as of _____________, __________ Mortgage Loans, Group No. ______ (the
      “Agree-ment”), we hereby authorize and request you to certify that an account
      exists titled “GreenPoint Mortgage Funding, Inc., in trust for the Purchaser as
      indicated on GreenPoint Mortgage Funding, Inc.’s records and various
      mortgagors.” All deposits in the account shall be subject to withdrawal
      therefrom by order signed by the Seller. This letter is submitted to you in
      duplicate. Please execute and return one original to us.

    

    GreenPoint
      Mortgage Funding, Inc.

    

    

    

    By      

    

    

    The
      undersigned, as “Depository”, hereby certifies that the above described account
      has been established under Account Number ___________________, at the office
      of
      the Depository indi-cated above, and agrees to honor withdrawals on such account
      as provided above. The amount deposited at any time in the account will be
      insured by the Federal Deposit Insurance Corpora-tion to the extent available
      under applicable law.

    

     

    
                                                  
        

      (name
        of
        Depository)

      

      

      

      By     
    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      D

    

    CUSTODIAL
      AGREEMENT

    
      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      E

    MORTGAGE
      LOAN SCHEDULE

    
      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    EXHIBIT
      F

    FORM
      OF
      MONTHLY REMITTANCE STATEMENT

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      G

    UNDERWRITING
      STANDARDS

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

    

    FORM
      OF
      WARRANTY BILL OF SALE

     

    On
      this
      _______ day of ________, 200__, [Greenpoint Mortgage Funding, Inc.] ("Seller")
      as the Seller under that certain Mortgage Loan Flow Purchase, Sale &
Servicing Agreement, dated as of January 1, 2006 (the "Agreement") does hereby
      sell, transfer, assign, set over and convey to RWT Holdings, Inc. as Purchaser
      under the Agreement, without recourse, but subject to the terms of the
      Agreement, all rights, title and interest of the Seller in and to the Mortgage
      Loans listed on the Mortgage Loan Schedule attached hereto, together with the
      related Mortgage Files and all rights and obligations arising under the
      documents contained therein. Pursuant to Section 2.01 of the Agreement, the
      Seller has delivered to the Purchaser or its custodian a portion of each
      Mortgage File for each Mortgage Loan to be purchased as set forth in the
      Agreement. The contents of each related Mortgage File required to be retained
      by
      Seller to service the Mortgage Loans pursuant to the Agreement and thus not
      delivered to the Purchaser are and shall be held in trust by Seller for the
      benefit of the Purchaser as the owner thereof. Seller's possession of any
      portion of each such Mortgage File is at the will of the Purchaser for the
      sole
      purpose of facilitating servicing of the related Mortgage Loan pursuant to
      the
      Agreement, and such retention and possession by Seller shall be in a custodial
      capacity only. The ownership of each Mortgage Note, Mortgage, and the contents
      of the Mortgage File is vested in the Purchaser and the ownership of all records
      and documents with respect to the related Mortgage Loan prepared by or which
      come into the possession of Seller shall immediately vest in the Purchaser
      and
      shall be retained and maintained, in trust, by Seller at the will of the
      Purchaser in such custodial capacity only.

     

    The
      Seller confirms to the Purchaser that the representations and warranties set
      forth in Sections 3.01, and 3.02 of the Agreement are true and correct as of
      the
      date hereof

     

    Capitalized
      terms used herein and not otherwise defined shall have the meanings set forth
      in
      the Agreement.

     

    Greenpoint
      Mortgage Funding, Inc.

    

    (Seller)

    

    By:      

    

    Name:      

    

    Title:      

    

    
      
        
          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    

    EXHIBIT
      I

    

    FORM
      OF
      ASSESSMENT OF COMPLIANCE 

    

    To 
      RWT
      Holdings and [Master Servicer]

    

    Re: Residential
      Mortgage Loans (including first and second lien, closed-end and revolving
      balance HELOC mortgage loans 

    

    As
      of and
      for the year ended December 31, [ ], the undersigned officer(s) of Greenpoint
      Mortgage Funding, Inc.
      hereby
      certify as follows:

    

    

    
      	1.  	
              Greenpoint
                Mortgage Funding, Inc.
                is
                responsible for assessing compliance with the servicing criteria
                applicable to it (as identified in Appendix A hereto) for this asset
                class;

            

    

    

    

    
      	2.  	
              Greenpoint
                Mortgage Funding, Inc.
                used the criteria listed in paragraph (d) of Section 229.1122 of
                Regulation AB to assess compliance with the applicable servicing
                criteria;

            

    

    

    

    
      	3.  	
              [Except
                as described below,] Greenpoint
                Mortgage Funding, Inc.
                has complied, in all material respects, with the applicable servicing
                criteria for this asset class; and 

            

    

    

    [DESCRIBE
      ANY MATERIAL INSTANCE OF NONCOMPLIANCE]

    

    
      	4.  	
              a
                registered public accounting firm has issued an attestation report
                on
                Greenpoint
                Mortgage Funding, Inc.’s
                compliance with the applicable servicing criteria.
                

            

    

    

    
      
        

      

    

    Signature

    Name:

    Title:

    

    
      

    

    Signature

    Name:

    Title:

    

    

    [Date]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Schedule
      1122 to Exhibit I

    SERVICING
      CRITERIA

    

    NOTE:
      The
      criteria shown with a checked box þ
      are
applicable
      to
      Greenpoint Mortgage Funding, Inc.’s duties under any transaction agreement for
      any loans covered by this Servicer’s Report. Criteria shown with a blank box
 ̈
      are
inapplicable
      to this
      servicer.

    

    
      	(A)  	
              General
                Servicing
                Considerations

            

    

    

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

    

    þ 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.

    

    þ Any
      requirements in the transaction agreements to maintain a back-up servicer for
      the pool assets are maintained.

    

    þ 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.

    

    
      	(B)  	
              Cash
                Collection and
                Administration

            

    

    

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

    

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

    

    þ 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.

    

    þ 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.

    

    þ 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
      Section 240.13k-1(b)(1) of Regulation AB.

    

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

       

    

    þ Unissued
      checks are safeguarded so as to prevent unauthorized access.

    

    þ 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:

    

    

    
      	(A)  	
              Are
                mathematically accurate;

            

    

    

    
      	(B)  	
              Are
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction
                agreements;

            

    

    

    
      	(C)  	
              Are
                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.

            

    

    

    (C)
      Investor remittances and reporting

    

     ̈ Reports
      to investors, including those to be filed with the Securities Exchange
      Commission (the “Commission”), are maintained in accordance with the transaction
      agreements and applicable Commission requirements. Specifically, such
      reports:

    

    (A)
      Are
      prepared in accordance with timeframes and other terms set forth in the
      transaction agreements;

    

    

    (B)
      Provide information calculated in accordance with the terms specified in the
      transaction agreements;

    

    

    (C)
      Are
      filed with the Commission as required by its rules and regulations; and

    

    

    (D)
      Agree
      with investors’ or the trustee’s records as to the total unpaid principal
      balance and number of pool assets serviced by the servicer.

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

       

    

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

    

    

     ̈ 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.

    

    

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

    

    (D)
      Pool Asset Administration

    

    þ Collateral
      or security on pool assets is maintained as required by the transaction
      agreements or related pool asset documents.

    

    

    þ Pool
      assets and related documents are safeguarded as required by the transaction
      agreements.

    

    

    þ 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.

    

    

    þ Payments
      on pool assets, including any payoffs, made in accordance with the related
      pool
      asset documents are posted to the applicable 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 asset documents.

    

    

    þ Greenpoint
      Mortgage Funding, Inc.’s records regarding the pool assets agree with the
      servicer’s records with respect to an obligor’s unpaid principal
      balance.

    

    

    þ Changes
      with respect to the terms or status of an obligor’s pool asset (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.

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    þ 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.

    

    

    þ Records
      documenting collection efforts are maintained during the period a pool asset
      is
      delinquent in accordance with the transaction agreements. Such records are
      maintained on at least a monthly basis, or such other period specified in the
      transaction agreements, and describe Greenpoint Mortgage Funding, Inc.’s
      activities in monitoring delinquent pool assets including, for example, phone
      calls, letters and payment rescheduling plans in cases where delinquency is
      deemed temporary (e.g.,
      illness or unemployment).

    

    

    þ Adjustments
      to interest rates or rates of return for pool assets with variable rates are
      computed based on the related pool asset documents.

    

    

    þ Regarding
      any funds held in trust for an obligor (such as escrow accounts):

    

    (A)
      Such
      funds are analyzed, in accordance with the obligor’s pool asset documents, on at
      least an annual basis, or such other period specified in the transaction
      agreements;

    

    (B)
      Interest on such funds is paid, or credited, to obligors in accordance with
      applicable pool asset documents and state laws; and 

    

    (C)
      Such
      funds are returned to the obligor within 30 calendar days of full repayment
      of
      the related pool asset, or such other number of days specified in the
      transaction agreements.

    

    þ 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 Greenpoint Mortgage Funding, Inc. at least 30 calendar days prior to these
      dates, or such other number of days specified in the transaction
      agreements.

    

    

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

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    

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

    

    

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

    

    

    þ 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.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      J

    

    FORM
      OF BACK-UP SOX CERTIFICATION

    

    Re:
      Mortgage Loan Flow Purchase, Sale and Servicing Agreement dated and effective
      as
      of January 1, 2006 among RWT Holdings, Inc. (the “Purchaser”), Greenpoint
      Mortgage Funding, Inc. (“Seller”), and Redwood Trust, Inc. (“Guarantor”)(the
“Agreement”)

    

    I,
      [identify the certifying individual], certify to the Purchaser and to the Master
      Servicer and their officers, directors and affiliates, and with the knowledge
      and intent that they will rely upon this certification, that:

    

    
      	1.  	
              Based
                on my knowledge, the servicing information required to be provided
                to the
                Master Servicer and the Trustee by the Servicer under the Pooling
                and
                Servicing Agreement has been so
                provided;

            

    

    

    
      	2.  	
              I
                am responsible for reviewing the activities performed by the Servicer
                under the Pooling and Servicing Agreement and based upon my knowledge
                and
                the annual compliance review required under the Pooling and Servicing
                Agreement, and except as disclosed in the Annual Compliance Statement,
                Annual Assessment of Compliance and the Annual Attestation Report
                delivered to the Master Servicer in accordance with the terms of
                the
                Pooling and Servicing Agreement, the Servicer has, as of the date
                of this
                certification, fulfilled its obligations under the Pooling and Servicing
                Agreement:

            

    

    

    
      	3.  	
              Based
                on my knowledge, the information in the Annual Compliance Statement,
                the
                Annual Assessment of Compliance, the Annual Attestation and all servicing
                reports, officer’s certificates and other information relating to the
                servicing of the Mortgage Loans submitted to the Master Servicer
                , to the
                extent included in or relied upon in connection with any information
                included in any Form 8-Ks, Form 10-Ds, Form 10-Ks or similar forms
                required by the Securities and Exchange Commission (the “SEC”) from time
                to time, or incorporated by reference in any prospectus filed with
                the
                SEC, for the period covered by the Annual Assessment of Compliance,
                taken
                as a whole, does not contain any untrue statement of a material fact
                or
                omit to state a material fact necessary to make the statements made,
                in
                light of the circumstances under which such statements were made,
                not
                misleading as of the date of this
                certification;

            

    

    

    
      	4.  	
              I
                am responsible for reviewing the activities performed by the Seller
                as
                servicer under the Agreement and based on my knowledge and the compliance
                review conducted in preparing the Compliance Statement and except
                as
                disclosed in the Compliance Statement, the Assessment of Compliance
                or the
                Attestation Report, Seller has fulfilled its obligations under the
                Agreement in all material respects.

            

    

    

    
      	5.  	
              The
                Compliance Statement, the Assessment of Compliance and Attestation
                Report
                required to be provided by the Seller pursuant to the Agreement,
                have been
                provided to the [Purchaser][Master Servicer]. Any material instances
                of
                noncompliance described in such reports have been disclosed to the
                [Purchaser][Master Servicer].Any material instance of noncompliance
                has
                been disclosed in such reports 

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Date:__________________________

    

    _____________________________

    [Signature]

    [Title]

    

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    GREENPOINT
      - SEQUOIA TO TRUSTEE

    

    ASSIGNMENT,
      ASSUMPTION AND RECOGNITION AGREEMENT

    

    For

    

    Mortgage
      Loan Flow Purchase, Sale and Servicing Agreement

    

    

     

    THIS
      ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated as of August 30, 2007
      (the “Assignment”), is entered into among Sequoia Residential Funding, Inc. (the
“Assignor”), GreenPoint Mortgage Funding, Inc., as the seller (“Seller”) and the
      servicer (the “Servicer”), and HSBC Bank USA, National Association ("HSBC Bank")
      as Trustee under a Pooling and Servicing Agreement dated as of August 1, 2007
      (the “Pooling and Servicing Agreement”), among the Assignor, as Depositor, HSBC
      Bank (in such Trustee capacity, the “Assignee”) and Wells Fargo Bank, N. A., as
      Master Servicer and Securities Administrator.

     

    RECITALS

    

    

    WHEREAS,
      RWT Holdings, Inc. (“RWT”), the Seller and the Servicer and Redwood Trust, Inc.,
      as Guarantor, have entered into a certain Mortgage Loan Flow Purchase, Sale
      & Servicing Agreement, dated as of January 1, 2006 (the “Flow Purchase and
      Servicing Agreement”), and pursuant to the Purchase Price and Terms Letter(s)
      and Warranty Bill(s) of Sale issued under the Flow Purchase and Servicing
      Agreement and listed in Appendix
      A
      hereto
      (the “Purchase Price and Terms Letter(s)” and “Bill(s) of Sale,” respectively,
      and, together with the Flow Purchase and Servicing Agreement, the “Agreements”)
      RWT has acquired from the Seller certain Mortgage Loans (the “Mortgage Loans”)
      and the Servicer has agreed to service such Mortgage Loans; and

     

    WHEREAS,
      RWT has previously sold, assigned and transferred all of its right, title and
      interest in certain of the Mortgage Loans (the “Specified Mortgage Loans”) which
      are listed on the mortgage loan schedule attached as Exhibit
      I
      hereto
      (the “Specified Mortgage Loan Schedule”) and certain rights under the Agreements
      with respect to the Specified Mortgage Loans to Assignor; and

     

    WHEREAS,
      the parties hereto have agreed that the Specified Mortgage Loans shall be
      subject to the terms of this Assignment.

     

    NOW,
      THEREFORE, in consideration of the mutual promises contained herein and other
      good and valuable consideration (the receipt and sufficiency of which are hereby
      acknowledged), the parties agree as follows:

     

    1. Assignment
      and Assumption.

     

    (a) Effective
      on and as of the date hereof, the Assignor hereby pledges, assigns and transfers
      to the Assignee all of its right, title and interest in the Specified Mortgage
      Loans and all of its rights (but none of the Purchaser’s obligations) provided
      under the Agreements to the extent relating to the Specified Mortgage Loans,
      the
      Assignee hereby accepts such assignment from the Assignor, and the Seller and
      the Servicer hereby acknowledge such assignment and assumption.

     

    

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    (b) Effective
      on and as of the date hereof, the Assignor represents and warrants to the
      Assignee that the Assignor has not taken any action that would serve to impair
      or encumber the Assignee’s interest in the Specified Mortgage Loans since the
      date of the Assignor’s acquisition of the Specified Mortgage Loans.

     

    2. Recognition
      of the Assignee.

     

    From
      and
      after the date hereof, subject to Section 3 below, the Seller and the Servicer
      shall recognize the Assignee as the holder of the rights and benefits of the
      Purchaser with respect to the Specified Mortgage Loans and the Servicer will
      service the Specified Mortgage Loans for the Assignee as if the Assignee and
      the
      Servicer had entered into a separate servicing agreement for the servicing
      of
      the Specified Mortgage Loans in the form of the Agreements (as amended hereby)
      with the Assignee as the Purchaser thereunder, the terms of which Agreements
      are
      incorporated herein by reference and amended hereby. It is the intention of
      the
      parties hereto that this Assignment will be a separate and distinct agreement,
      and the entire agreement, between the parties hereto to the extent of the
      Specified Mortgage Loans and shall be binding upon and for the benefit of the
      respective successors and assigns of the parties hereto.

     

    3. Assignor’s
      Continuing Rights and Responsibilities.

     

    Notwithstanding
      Sections 1 and 2 above, the parties hereto agree that the Assignor rather than
      the Assignee shall have the ongoing rights to take action and the
      responsibilities of the Purchaser under the following sections of the
      Agreements:

     

    Flow
      Purchase and Servicing Agreement:

     

    
      	
              Section

            	
              Matter

            
	 	 
	
              2.05

            	
              (a)
                First Payment Default; Early Full Principal Prepayment.

            
	 	 
	
              3.03,
                1st¶

            	
              (b) Repurchase
                and Substitution.

            
	 	 
	
              4.01,
                2nd¶

            	
              (c) Seller
                to Act as Servicer.

            
	 	 
	
              4.02

            	
              (d) Liquidation
                of Mortgage Loans; Servicing 

              Advances
                and Foreclosure.

            

    

    

    
      	
              4.14,
                3rd¶

            	
              (e) Title,
                Management and Disposition of REO Property.

            
	 	 
	
              6.06

            	
              (f) Purchaser’s
                Right to Examine Seller Records.

            
	 	 
	
              7.01

            	
              (g) Seller
                Shall Provide Access and Information as

              Reasonably
                Required.

            
	 	 
	
              7.02,
                2nd¶

            	
              (h) Financial
                Statements.

            
	 	 
	
              8.01

            	
              (i) Indemnification;
                Third Party Claims.

            
	 	 
	
              8.03

            	
              (j) Seller
                Not to Resign.

            
	 	 

    

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    In
      addition, the Servicer agrees to furnish to the Assignor and the Master Servicer
      copies of reports, notices, statements and other communications required to
      be
      delivered by the Servicer pursuant to any of the sections of the Agreements
      referred to above and under the following sections, at the times therein
      specified:

     

    Flow
      Purchase and Servicing Agreement:

     

    
      	
              Section

            	 
	 	 
	
              4.09

            	
              (a) Transfer
                of Accounts.

            
	 	 
	
              5.02

            	
              (b) Statements
                to the Purchaser.

            
	 	 
	
              6.04

            	
              (c) Annual
                Compliance Statement.

            
	 	 
	
              6.05

            	
              (d) Annual
                Assessment of Compliance and Attestation Report.

            
	 	 
	
              12.02(a)

            	
              (e)
                Additional Requirements in Connection With Pass-Through
                Transfers.

            
	 	 

    

    

     

    4. Amendment
      to the Agreements.

     

    The
      Agreements are hereby amended as set forth in Appendix
      B
      hereto
      with respect to the Specified Mortgage Loans.

     

    5. Representations
      and Warranties.

     

    (a) Each
      of
      the parties hereto represents and warrants that it is duly and legally
      authorized to enter into this Assignment.

     

    (b) Each
      of
      the parties hereto represents and warrants that this Assignment has been duly
      authorized, executed and delivered by it and (assuming due authorization,
      execution and delivery thereof by each of the other parties hereto) constitutes
      its legal, valid and binding obligation, enforceable against it in accordance
      with its terms, except as such enforcement may be limited by bankruptcy,
      insolvency, reorganization or other similar laws affecting the enforcement
      of
      creditors’ rights generally and by general equitable principles (regardless of
      whether such enforcement is considered in a proceeding in equity or at
      law).

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    

    6. Continuing
      Effect.

     

    Except
      as
      contemplated hereby, the Agreements shall remain in full force and effect in
      accordance with its terms. This Assignment constitutes a Reconstitution
      Agreement as contemplated in Article XII of the Flow Purchase and Servicing
      Agreement and the Reconstitution Date shall be the date hereof with respect
      to
      the Specified Mortgage Loans listed on Exhibit
      I
      on the
      date hereof.

     

    7. Governing
      Law.

     

    This
      Assignment and the rights and obligations hereunder shall be governed by and
      construed in accordance with the internal laws of the State of New
      York.

     

    8. Notices.

     

    Any
      notices or other communications permitted or required under the Agreements
      to be
      made to the Assignor and Assignee shall be made in accordance with the terms
      of
      the Agreements and shall be sent to the Assignor and Assignee as follows:

     

    

     

    Sequoia
      Residential Funding, Inc.

    One
      Belvedere Place, Suite 330

    Mill
      Valley, CA 94941

    

    HSBC
      Bank
      USA, National Association

    452
      Fifth
      Avenue

    New
      York,
      NY 10018

    Attn:
      Corporate Trust & Loan Agency

    

    

    or
      to
      such other address as may hereafter be furnished by the Assignor or Assignee
      to
      the other parties in accordance with the provisions of the
      Agreements.

     

    9. Counterparts.

     

    This
      Assignment may be executed in counterparts, each of which when so executed
      shall
      be deemed to be an original and all of which when taken together shall
      constitute one and the same instrument.

     

    10. Definitions.

     

    Any
      capitalized term used but not defined in this Assignment has the same meaning
      as
      in the Agreements.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    11. Master
      Servicer.

     

    The
      Seller and the Servicer hereby acknowledges that the Assignee has appointed
      Wells Fargo Bank, N. A. (the “Master Servicer”) to act as master servicer and
      securities administrator under the Pooling and Servicing Agreement and hereby
      agrees to treat all inquiries, instructions, authorizations and other
      communications from the Master Servicer as if the same had been received from
      the Assignee. The Master Servicer, acting on behalf of the Assignee, shall
      have
      the rights of the Assignee as the Purchaser under the Agreements to enforce
      the
      obligations of the Servicer thereunder. Any notices or other communications
      permitted or required under the Agreements to be made to the Assignee shall
      be
      made in accordance with the terms of the Agreements and shall be sent to the
      Master Servicer at the following address:

     

    Wells
      Fargo Bank, N. A.

    P.O.
      Box 98

    Columbia,
      Maryland 21046 

    (or,
      for overnight deliveries, 9062 Old Annapolis Road, Columbia, Maryland
      21045)

    Attention:
      Sequoia Mortgage Trust 2007-4

    

    or
      to
      such other address as may hereafter be furnished by the Master Servicer to
      Servicer. Any such notices or other communications permitted or required under
      the Agreements may be delivered in electronic format unless manual signature
      is
      required in which case a hard copy of such report or communication shall be
      required.

     

    The
      Seller and the Servicer further acknowledges that the Assignor has engaged
      the
      Master Servicer to provide certain default administration and that the Master
      Servicer, acting as agent of the Assignor, may exercise any of the rights of
      the
      Purchaser retained by the Assignor in Section 3 above.

    

    The
      Servicer shall make all distributions under the Agreements, as they relate
      to
      the Specified Mortgage Loans, to the Master Servicer by wire transfer of
      immediately funds to:

    

    Wells
      Fargo Bank, NA

    San
      Francisco, CA

    ABA#
      121-000-248

    Acct#
      3970771416

    Acct
      Name: SAS Clearing

    FFC:
      53173800

     

    12. Successors
      and Assigns.

     

    Upon
      a
      transfer of the Specified Mortgage Loans by the Assignee (other than in respect
      of repurchases pursuant to Section 2.01, Section 2.05 or Section 7.03 of the
      Flow Purchase and Servicing Agreement) to a buyer (“buyer”), such transfer shall
      constitute a Reconstitution subject to the terms of Article XII of the Flow
      Purchase and Servicing Agreement. Upon the closing of such transfer, the rights
      and obligations of Purchaser retained by the Assignor pursuant to this
      Assignment shall automatically terminate and the buyer shall be deemed to
      possess all of the rights and obligations of Purchaser under the Flow Purchase
      and Servicing Agreement, provided,
      however,
      that the
      Assignor shall remain liable for any obligations as Purchaser arising from
      or
      attributable to the period from the date hereof to the closing date of such
      transfer.

     

    [remainder
      of page intentionally left blank] 

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Assignment the day and
      year first above written.

     

    ASSIGNOR:

    

    SEQUOIA
      RESIDENTIAL FUNDING, INC.

    

    

    By:       

    Name:      

    Title:      

    

    

    ASSIGNEE:

    

    HSBC
      BANK
      USA, NATIONAL

    ASSOCIATION

    

    

    
      By:       

      Name:      

      Title:      
     

    

    

    SELLER:

    

    GREENPOINT
      MORTGAGE FUNDING, INC.

    

    

    
      By:       

      Name:      

      Title:      
      

    

    

    SERVICER:

    

    GREENPOINT
      MORTGAGE FUNDING, INC.

    

    

    
      By:       

      Name:      

      Title:      
     

    

    

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    APPENDIX
      A

     

    
      	
              Purchase
                Price and Terms Letter(s)

            	 	
              Warranty
                Bill(s) of Sale

            
	
               

            	 	 
	 	 	 
	 	 	 
	
              3/29/06

            	 	 
	
              4/13/06

            	 	 
	
              12/01/06

            	 	 
	
              4/11/07

            	 	 
	
              4/25/07

            	 	 
	
              7/03/07

            	 	 
	
              8/03/07

            	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    APPENDIX
      B

     

    

    1. The
      definition of “Business Day” is hereby revised to read as follows:

    

    “Business
      Day”: Any day other than (i) a Saturday or Sunday, or (ii) a day on which
      banking or savings and loan institutions in the States of New York, Maryland
      or
      Minnesota are authorized or obligated by law or executive order to be
      closed.

    

    2. Notwithstanding
      anything to the contrary in the Agreements, any Custodial Accounts established
      by the Servicer pursuant to Section 4.04 of the Flow Purchase and Servicing
      Agreement shall qualify as Eligible Accounts as defined in the Pooling and
      Servicing Agreement. 

    3. Notwithstanding
      anything to the contrary in the Agreements, the definition of Eligible
      Investments is hereby deleted in its entirety and replaced by the definition
      of
      Permitted Investments from the Pooling and Servicing Agreement.

    

    4. Section
      3.02 is hereby revised to add the following representations and warranties
      to
      the end of such section:

    

    “(xxx)
      No
      Mortgage Loan was originated on or after October 1, 2002 and prior to March
      7,
      2003, which is secured by property located in the State of Georgia. No Mortgage
      Loan originated on or after March 7, 2003is a “high cost home loan” as defined
      under the Georgia Fair Lending Act, which became effective October 1, 2002;
      

    

    (xxxi) Each
      Mortgage Loan at the time it was made complied in all material respects with
      applicable local, state, and federal laws, including, but not limited to, all
      applicable predatory and abusive lending laws;

    

    (xxxii) At
      the
      time it was originated, none of the mortgage loans were High Cost as defined
      by
      the applicable local, state and federal predatory and abusive lending laws
      and
      at the time of origination no mortgage loan was a “high cost” or “covered”
mortgage loan, as applicable (as such terms are defined in the then current
      Standard and Poor’s LEVELS Glossary);

    

    (xxxiii)
      No Mortgage Loan which is secured by property located in the State of New Jersey
      and which was originated after the effective date of the New Jersey Home
      Ownership Act of November 27, 2003 (the “New Jersey Act”) is a “High-Cost Home
      Loan” as defined in the New Jersey Act;

    

    (xxxiv)  
      No
      Mortgage Loan which is secured by property located in the State of New Mexico
      and which was originated after the effective date of New Mexico Home Loan
      Protection Act, effective January 1, 2004 (the “New Mexico Act”), is a
“High-Cost Home Loan” as defined in the New Mexico Act;

    

    (xxxv)  No
      Mortgage Loan which is secured by property located in the State of Kentucky
      and
      which was originated after the effective date of the Kentucky House Bill 287,
      effective June 24, 2003 (the “Kentucky Act”), is a “High-Cost Home Loan” as
      defined in the Kentucky Act; 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (xxxvi)  No
      Mortgage Loan which is secured by property located in the Commonwealth of
      Massachusetts and which was originated after the effective date of the
      Massachusetts Predatory Home Loan Practices Act (Mass. Ann. Laws ch. 183C),
      effective November 7, 2004 (the “Massachusetts Act”), is a "High Cost Home
      Mortgage Loan" as defined in the Massachusetts Act;

    

    (xxxvii)  No
      Mortgage Loan that is secured by property located in the State of Illinois
      and
      that was originated after the effective date of the Illinois High Risk Home
      Loan
      Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.) (the
“Illinois Act”), is a "High-Risk Home Loan" as defined in the Illinois Act; and
      none of the Mortgage Loans that are secured by property located in the State
      of
      Illinois and that were originated after the effective date of the Illinois
      Interest Act are in violation of the provisions of the Illinois Interest Act
      (815 Ill. Comp. Stat. 205/1 et. seq.); 

    

    (xxxviii)  No
      Mortgage Loan that is secured by property located in the State of Indiana and
      that was originated after the effective date of Indiana’s Home Loan Practices
      Act (I.C. 24-9), effective January 1, 2005 (the “Indiana Act”), is a "High Cost
      Home Loan" as defined in the Indiana Act;

    

    (xxxix)  

    

    (xl)  None
      of
      the proceeds of any Mortgage Loan were used to finance the purchase of single
      premium credit insurance policies; and

    

    (xli)  No
      Mortgage Loan contains prepayment penalties that extend beyond five years after
      the date of origination.”

     

    5. Section
      4.13 is amended to add the following at the end of such section:

    

    “The
      Seller shall provide to the Purchaser, any Master Servicer and any Depositor,
      copies or other evidence of the Fidelity Bond and errors and omissions insurance
      policy upon request.”

    

    6. New
      definitions are added in their proper alphabetical order:

    

    “Code”:
      The Internal Revenue Code of 1986, as the same may be amended from time to
      time
      (or any successor statute thereto.

    

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

    

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

    

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Subcontractor”:
      Any vendor, subcontractor or other Person that is not responsible for the
      overall servicing (as “servicing” is commonly understood by participants in the
      mortgage-backed securities market) of Mortgage Loans but performs one or more
      discrete functions identified in Item 1122(d) of Regulation AB with
      respect to Mortgage Loans under the direction or authority of the Seller or
      a
      Subservicer.

     

    “Subservicer”:
      Any Person that services Mortgage Loans on behalf of the Seller or any
      Subservicer and is responsible for the performance (whether directly or through
      Subservicers or Subcontractors) of a substantial portion of the material
      servicing functions required to be performed by the Seller under this Agreement
      or any Reconstitution Agreement that are identified in Item 1122(d) of
      Regulation AB.

    

    

    

    7. Section
      3.03 is revised to add a new paragraph at the end of such section:

    

    “In
      the
      event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
      provision of this Agreement, with respect to any Mortgage Loan that is not
      in
      default or as to which no default is imminent Purchaser may, in connection
      with
      any repurchase or substitution of a Deleted Mortgage Loan, pursuant to this
      Section 3.03, require that the Seller deliver, at the Seller’s expense, an
      Opinion of Counsel to the effect that such repurchase or substitution will
      not
      (i) result in the imposition of taxes on ‘prohibited transactions’ of such REMIC
      (as defined in Section 869 of the Code) or otherwise subject the REMIC to tax,
      or (ii) cause the REMIC to fail to qualify as a REMIC at any time.”

    

    8. Section
      4.14 is revised to add new paragraphs at the end of such section:

    

    “The
      REO
      Property must be sold within three years following the end of the calendar
      year
      of the date of acquisition if a REMIC election has been made with respect to
      the
      arrangement under which the Mortgage Loans and REO Property are held, unless
      (i)
      the Purchasers shall have been supplied with an Opinion of Counsel (at the
      Company’s expense) to the effect that the holding by the related trust of such
      Mortgage Property subsequent to such three-year period (and specifying the
      period beyond such three-year period for which the Mortgaged Property may be
      held) will not result in the imposition of taxes on “prohibited transactions” of
      the related trust as defined in Section 860F of the Code, or cause the related
      REMIC to fail to qualify as a REMIC, in which case the related trust may
      continue to hold such Mortgage Property (subject to any conditions contained
      in
      such Opinion of Counsel), or (ii) the Purchaser (at the Seller’s expense) or the
      Seller shall have applied for, prior to the expiration of such three-year
      period, an extension of such three-year period in the manner contemplated by
      Section 856(e)(3) of the Code, in which case the three-year period shall be
      extended by the applicable period. If a period longer than three years is
      permitted under the foregoing sentence and is necessary to sell any REO
      Property, the Seller shall report monthly to the Purchaser as to progress being
      made in selling such REO Property.

    

    Notwithstanding
      any other provision of this Agreement, if a REMIC election has been made, no
      Mortgaged Property held by a REMIC shall be rented (or allowed to continue
      to be
      rented) or otherwise used for the production of income by or on behalf of the
      related trust or sold in such a manner or pursuant to any terms that would
      (i)
      cause such Mortgage Property to fail to qualify at any time as “foreclosure
      property” within a meaning of Section 860G(a)(8) of the Code, (ii) subject the
      related trust to the imposition of any federal or state income taxes on “net
      income from foreclosure property” with respect to such Mortgaged Property within
      the meaning of Section 860G(c) of the Code, or (iii) cause the sale of such
      Mortgage Property to result in the receipt by the related trust or any income
      from non-permitted assets as described in Section 860F(a) (2)(B) of the Code,
      unless the Company has agreed to indemnify and hold harmless the related trust
      with respect to the imposition of any such taxes.”

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9. 
      Section
      4.15 of the Flow Purchase and Servicing Agreement is revised to read in full
      as
      follows:

    

    “Section
      4.15 Adjustments
      to Mortgage Interest Rate and Monthly Payment.

    

    As
      to
      each Adjustable Rate Loan, Seller shall make periodic Mortgage Interest Rate
      and
      Monthly Payment adjustments, as applicable, in compliance with terms of
      requirements of the related Mortgage and Mortgage Note, On each applicable
      Interest Rate Change Date, the Mortgage Interest Rate shall be adjusted, in
      compliance with such requirements, to equal the sum of the Current Index plus
      the Margin (rounded in accordance with the related Mortgage Note) subject to
      the
      applicable Annual Mortgage Interest Rate Cap and Lifetime Mortgage Interest
      Rate
      Cap, if any, as set forth in the Mortgage Note. The Seller shall execute and
      deliver the notices required by each Mortgage and Mortgage Note, Customary
      Servicing Procedures, applicable laws and regulations regarding interest rate
      adjustments. If Seller fails to mad a timely and correct Mortgage Interest
      Rate
      adjustment or Monthly Payment adjustment, Seller shall deposit in the Custodial
      Account out of its own funds any amounts necessary to satisfy any shortage
      in
      the Mortgagor’s Monthly Payment for so long as such shortage
      continues.”

    

    10. The
      Flow
      Purchase and Servicing Agreement is revised to add a new Section 4.16 as
      follows:

    

    “4.16
      Compliance
      with REMIC Provisions

    

    If
      a
      REMIC election has been made with respect to the arrangement under which the
      Mortgage Loans and REO Property are held, the Seller shall not take any action,
      cause the REMIC to take any action or fail to take (or fail to cause to be
      taken), any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be could (i) endanger the status of the REMIC as a REMIC or (ii)
      result in the imposition of a tax upon the REMIC (including but not limited
      to
      the tax on “prohibited transactions” as defined in Section 860F(a) (2) of the
      Code and the tax on “contribution” to a REMIC set forth in Section 860G(d) of
      the Code unless the Seller has received an Opinion of Counsel (at the expense
      of
      the party seeking to take such actions) to the effect that the contemplated
      action will not endanger such REMIC status or result in the imposition of any
      such tax.”

    

    11. Section
      5.01 is revised to include the following after the first sentence of the second
      paragraph:

    

    “With
      respect to any remittance received by Purchaser after the Business Day on which
      such payment was due, Seller shall pay to Purchaser interest on any such late
      payment at the daily federal rate. Such interest shall be paid by Seller to
      Purchaser on the date such late payment is made and shall cover the period
      commencing with the Business Day on which such payment was due and up to and
      including the Business Day on which such payment is made. The payment by Seller
      of any such interest shall not be deemed an extension of time for payment or
      a
      waiver of any Event of Default by Seller.”

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    12. Section
      6.05 is hereby deleted in its entirety and replaced with the
      following:

    

    “Section
      6.05 Annual
      Assessment of Compliance and Attestation Report

    

    (a) On
      or
      before March 1 of each calendar year, commencing in 2008, the Servicer
      shall:

    

    (i) deliver
      to the Owner ,any Depositor and any Master Servicer a report (in form and
      substance reasonably satisfactory to the Owner, such Depositor and such Master
      Servicer) regarding the Servicer’s assessment of compliance with the Servicing
      Criteria during the immediately preceding calendar year, as required under
      Rules
      13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such
      report shall be addressed to the Owner, such Depositor, and such Master Servicer
      and signed by an authorized officer of the Servicer, and shall address each
      of
      the applicable Servicing Criteria specified on of Exhibit A to Exhibit I hereto
      (wherein “Investor” shall mean the Master Servicer on behalf of the
      trust);

    

    (ii) deliver
      to the Owner, any Depositor and any Master Servicer a report of a registered
      public accounting firm reasonably acceptable to the Owner, such Depositor and
      such Master Servicer that attests to, and reports on, the assessment of
      compliance made by the Servicer and delivered pursuant to the preceding
      paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and
      2-02(g) of Regulation S-X under the Securities Act and the Exchange
      Act;

    

    (iii) cause
      each Subservicer, and each Subcontractor determined by the Servicer pursuant
      to
      Section 6.06(b) to be “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB, to deliver to the Owner, any Depositor
      and any Master Servicer an assessment of compliance and accountants’ attestation
      as and when provided in paragraphs (a) and (b) of this Section; and

    

    (iv) deliver,
      and cause each Subservicer and Subcontractor described in Clause (iii) to
      deliver, to the Owner, any Depositor, any Master Servicer and any other Person
      that will be responsible for signing the certification (a “Sarbanes
      Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act
      (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of an
      asset-backed issuer with respect to a Securitization a certification in the
      form
      attached hereto as Exhibit I.

    

    The
      Servicer acknowledges that the parties identified in clause (a)(iv) above may
      rely on the certification provided by the Servicer pursuant to such clause
      in
      signing a Sarbanes Certification and filing such with the
      Commission.

    

    (b) Each
      assessment of compliance provided by a Subservicer pursuant to Section
      6.05(a)(iii) shall address each of the applicable Servicing Criteria specified
      on Exhibit __ hereto or, in the case of a Subservicer subsequently appointed
      as
      such, on or prior to the date of such appointment. An assessment of compliance
      provided by a Subcontractor pursuant to Section 6.05(a)(iii) need not address
      any elements of the Servicing Criteria other than those specified by the
      Servicer pursuant to Section 6.07.”

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    13. A
      new
      Section 6.07 is hereby added to the Agreement as follows:

    

    “Section
      6.07. Use
      of
      Subservicers and Subcontractors.

    

    The
      Servicer shall not hire or otherwise utilize the services of any Subservicer
      to
      fulfill any of the obligations of the Servicer as servicer under the Agreement
      or any Reconstitution Agreement unless the Servicer complies with the provisions
      of paragraph (a) of this Section. The Servicer shall not hire or otherwise
      utilize the services of any Subcontractor, and shall not permit any Subservicer
      to hire or otherwise utilize the services of any Subcontractor, to fulfill
      any
      of the obligations of the Servicer as servicer under the Agreement or any
      Reconstitution Agreement unless the Servicer complies with the provisions of
      paragraph (b) of this Section.

    

    (a) It
      shall
      not be necessary for the Servicer to seek the consent of the Owner, any
      Depositor or any Master Servicer to the utilization of any Subservicer. The
      Servicer shall cause any Subservicer used by the Servicer (or by any
      Subservicer) for the benefit of the Owner and any Depositor to comply with
      the
      provisions of this Section and with Sections 6.04, 6.05 and 12.02 of this
      Agreement to the same extent as if such Subservicer were the Servicer, and
      to
      provide the information required with respect to such Subservicer under Section
      12.02(d) of this Agreement. The Servicer shall be responsible for obtaining
      from
      each Subservicer and delivering to the Owner and any Depositor any servicer
      compliance statement required to be delivered by such Subservicer under Section
      6.04, any assessment of compliance and attestation and other certification
      required to be delivered by such Subservicer under Section 6.05 and any
      certification required to be delivered to the Person that will be responsible
      for signing the Sarbanes Certification under Section 12.02 as and when required
      to be delivered.

    

    (b) It
      shall
      not be necessary for the Servicer to seek the consent of the Owner, any
      Depositor or any Master Servicer to the utilization of any Subcontractor. The
      Servicer shall promptly upon request provide to the Owner, any Depositor (or
      any
      designee of the Depositor, such as a Master Servicer or administrator) a written
      description (in form and substance satisfactory to the Owner and such Depositor)
      of the role and function of each Subcontractor utilized by the Servicer or
      any
      Subservicer, specifying (i) the identity of each such Subcontractor, (ii) which
      (if any) of such Subcontractors are “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, and (iii) which elements
      of
      the Servicing Criteria will be addressed in assessments of compliance provided
      by each Subcontractor identified pursuant to clause (ii) of this
      paragraph.

    

    As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the Servicer shall cause any such Subcontractor used by the
      Servicer (or by any Subservicer) for the benefit of the Owner and any Depositor
      to comply with the provisions of Sections 6.04 and 6.05 of this Agreement to
      the
      same extent as if such Subcontractor were the Servicer. The Servicer shall
      be
      responsible for obtaining from each Subcontractor and delivering to the Owner
      and any Depositor any assessment of compliance and attestation and the other
      certifications required to be delivered by such Subcontractor under Section
      6.05, in each case as and when required to be delivered.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    14. Section
      8.01 is revised to include the words “Master Servicer” after the word
“Purchaser” in the first, third, fifth and seventh lines.

    

    15. Section
      8.02 is revised to delete the word “and” in the last line and to add the
      following at the end of the sentence: “and (iii) be reasonably acceptable to any
      Master Servicer in a Pass-Through Transfer involving some or all of the Mortgage
      Loans.”

    

    16. Section
      9.01 is revised to include a new subsection (vii) as follows:

    

    “any
      failure by the Seller to duly perform, within the required time period, its
      obligations under Sections 6.04, 6.05, 6.07 and 12.02 of this Agreement, which
      failure continues unremedied for a period of ten (10) days.”

    

    17. In
      Section 12.02, “subservicers, ” is added before the word
“subcontractors.”

    

    18. The
      first
      full sentence of Section 12.02(f) is revised to correct section references
      as
      follows:

    

    “(f)
      Intention of the Parties and Interpretation. The Seller acknowledges and agrees
      that the purpose of Subsections 6.04, 6.05, 6.07 and this 12.02 is to facilitate
      compliance by the Master Servicer and the Depositor with the provisions of
      Regulation AB, as such may be amended from time to time and subject to
      clarification and interpretive advice as may be issued by the staff of the
      SEC
      from time to time.”

    

    19. Notwithstanding
      any provision in the Agreement to the contrary, the Seller agrees that it will
      report to the Master Servicer on a monthly basis on the date specified therein
      using the formats attached hereto as Exhibit 1.

    

    20. Exhibit
      I
      to the Agreements, the Form of Assessment of Compliance, is hereby deleted
      in
      its entirety and replaced by Exhibit II attached to this
      Assignment.

    

    21. Exhibit
      J
      to the Agreements, the Form of Back-Up SOX Certification, is hereby deleted
      in
      its entirety and replaced by Exhibit III attached to this
      Assignment.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      1

    
      	 	
              Standard
                Loan Level File Layout - Master Servicing

            	
               

            	
               

            	
               

            
	 	 	
               

            	
               

            	
               

            
	
              Exhibit
                12A: 
                Layout

            	 	
               

            	
               

            	
               

            
	
              Column
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            	
              Max
                Size

            
	
              Each
                file requires the following fields:

            	
               

            	
               

            	
               

            
	
              SER_INVESTOR_NBR

            	
              A
                value assigned by the Servicer to define a group of loans.

            	
               

            	
              Text
                up to 20 digits

            	
              20

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the investor.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer. This may be different
                than the LOAN_NBR.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              SCHED_PAY_AMT

            	
              Scheduled
                monthly principal and scheduled interest payment that a borrower
                is
                expected to pay, P&I constant.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NOTE_INT_RATE

            	
              The
                loan interest rate as reported by the Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              NET_INT_RATE

            	
              The
                loan gross interest rate less the service fee rate as reported by
                the
                Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_RATE

            	
              The
                servicer's fee rate for a loan as reported by the Servicer.
                

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_AMT

            	
              The
                servicer's fee amount for a loan as reported by the Servicer.
                

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_PAY_AMT

            	
              The
                new loan payment amount as reported by the Servicer. 

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_LOAN_RATE

            	
              The
                new loan rate as reported by the Servicer. 

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ARM_INDEX_RATE

            	
              The
                index the Servicer is using to calculate a forecasted
                rate.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ACTL_BEG_PRIN_BAL

            	
              The
                borrower's actual principal balance at the beginning of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_END_PRIN_BAL

            	
              The
                borrower's actual principal balance at the end of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date at the end of processing cycle that the borrower's next payment
                is
                due to the Servicer, as reported by Servicer.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              SERV_CURT_AMT_1

            	
              The
                first curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_1

            	
              The
                curtailment date associated with the first curtailment amount.
                

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_1

            	
              The
                curtailment interest on the first curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_AMT_2

            	
              The
                second curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_2

            	
              The
                curtailment date associated with the second curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_2

            	
              The
                curtailment interest on the second curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	 	 	 	 
	
              Exhibit
                1: Continued

            	
              Standard
                Loan Level File Layout 

            	
               

            	
               

            	
               

            
	
              Column
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            	
               Max
                Size

            
	
              SERV_CURT_AMT_3

            	
              The
                third curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_3

            	
              The
                curtailment date associated with the third curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_AMT_3

            	
              The
                curtailment interest on the third curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_AMT

            	
              The
                loan "paid in full" amount as reported by the Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_DATE

            	
              The
                paid in full date as reported by the Servicer.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
               

              ACTION_CODE

            	
               

              The
                standard FNMA numeric code used to indicate the default/delinquent
                status
                of a particular loan.

            	
               

            	
              Action
                Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                65=Repurchase,70=REO 

            	
              2

            
	
              INT_ADJ_AMT

            	
              The
                amount of the interest adjustment as reported by the
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SOLDIER_SAILOR_ADJ_AMT

            	
              The
                Soldier and Sailor Adjustment amount, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NON_ADV_LOAN_AMT

            	
              The
                Non Recoverable Loan Amount, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              LOAN_LOSS_AMT

            	
              The
                amount the Servicer is passing as a loss, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              Plus
                the following applicable fields:

            	
               

            	
               

            	
               

            
	
              SCHED_BEG_PRIN_BAL

            	
              The
                scheduled outstanding principal amount due at the beginning of the
                cycle
                date to be passed through to investors.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_END_PRIN_BAL

            	
              The
                scheduled principal balance due to investors at the end of a processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_PRIN_AMT

            	
              The
                scheduled principal amount as reported by the Servicer for the current
                cycle -- only applicable for Scheduled/Scheduled Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_NET_INT

            	
              The
                scheduled gross interest amount less the service fee amount for the
                current cycle as reported by the Servicer -- only applicable for
                Scheduled/Scheduled Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_PRIN_AMT

            	
              The
                actual principal amount collected by the Servicer for the current
                reporting cycle -- only applicable for Actual/Actual
                Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_NET_INT

            	
              The
                actual gross interest amount less the service fee amount for the
                current
                reporting cycle as reported by the Servicer -- only applicable for
                Actual/Actual Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                AMT

            	
              The
                penalty amount received when a borrower prepays on his loan as reported
                by
                the Servicer. 

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                WAIVED

            	
              The
                prepayment penalty amount for the loan waived by the
                servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	 	 	 	 
	
              Exhibit
                1: Continued

            	
              Standard
                Loan Level File Layout 

            	
               

            	
               

            	
               

            
	
              Column
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            	
              Max
                Size

            
	
              MOD_DATE

            	
              The
                Effective Payment Date of the Modification for the loan.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              MOD_TYPE

            	
              The
                Modification Type.

            	
               

            	
              Varchar
                - value can be alpha or numeric

            	
              30

            
	
              DELINQ_P&I_ADVANCE_AMT

            	
              The
                current outstanding principal and interest advances made by
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
               

              BREACH_FLAG

            	
              Flag
                to indicate if the repurchase of a loan is due to a breach of
                Representations and Warranties

            	 	
              Y=Breach

              N=NO
                Breach

              Let
                blank if N/A

            	
              1

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Exhibit
      12B : Standard
      File Layout - Delinquency Reporting

    

      *The
      column/header names in bold
      are
      the minimum fields Wells Fargo must receive from every
      Servicer

    
      	
              Column/Header
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer. This may be different
                than the LOAN_NBR

            	 	
               

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the originator.

            	 	
               

            
	
              CLIENT_NBR

            	
              Servicer
                Client Number

            	 	 
	
              SERV_INVESTOR_NBR

            	
              Contains
                a unique number as assigned by an external servicer to identify a
                group of
                loans in their system.

            	 	
               

            
	
              BORROWER_FIRST_NAME

            	
              First
                Name of the Borrower.

            	 	 
	
              BORROWER_LAST_NAME

            	
              Last
                name of the borrower.

            	 	 
	
              PROP_ADDRESS

            	
              Street
                Name and Number of Property

            	 	
               

            
	
              PROP_STATE

            	
              The
                state where the property located.

            	 	
               

            
	
              PROP_ZIP

            	
              Zip
                code where the property is located.

            	 	
               

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date that the borrower's next payment is due to the servicer at the
                end of
                processing cycle, as reported by Servicer.

            	 	
              MM/DD/YYYY

            
	
              LOAN_TYPE

            	
              Loan
                Type (i.e. FHA, VA, Conv)

            	 	
               

            
	
              BANKRUPTCY_FILED_DATE

            	
              The
                date a particular bankruptcy claim was filed.

            	 	
              MM/DD/YYYY

            
	
              BANKRUPTCY_CHAPTER_CODE

            	
              The
                chapter under which the bankruptcy was filed.

            	 	
               

            
	
              BANKRUPTCY_CASE_NBR

            	
              The
                case number assigned by the court to the bankruptcy
                filing.

            	 	
               

            
	
              POST_PETITION_DUE_DATE

            	
              The
                payment due date once the bankruptcy has been approved by the
                courts

            	 	
              MM/DD/YYYY

            
	
              BANKRUPTCY_DCHRG_DISM_DATE

            	
              The
                Date The Loan Is Removed From Bankruptcy. Either by Dismissal, Discharged
                and/or a Motion For Relief Was Granted. 

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_APPR_DATE

            	
              The
                Date The Loss Mitigation Was Approved By The Servicer

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_TYPE

            	
              The
                Type Of Loss Mitigation Approved For A Loan Such As;

            	 	 
	
              LOSS_MIT_EST_COMP_DATE

            	
              The
                Date The Loss Mitigation /Plan Is Scheduled To End/Close

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_ACT_COMP_DATE

            	
              The
                Date The Loss Mitigation Is Actually Completed

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_APPROVED_DATE

            	
              The
                date DA Admin sends a letter to the servicer with instructions to
                begin
                foreclosure proceedings.

            	 	
              MM/DD/YYYY

            
	
              ATTORNEY_REFERRAL_DATE

            	
              Date
                File Was Referred To Attorney to Pursue Foreclosure

            	 	
              MM/DD/YYYY

            
	
              FIRST_LEGAL_DATE

            	
              Notice
                of 1st legal filed by an Attorney in a Foreclosure Action

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_EXPECTED_DATE

            	
              The
                date by which a foreclosure sale is expected to occur.

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_DATE

            	
              The
                actual date of the foreclosure sale.

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_AMT

            	
              The
                amount a property sold for at the foreclosure sale.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              EVICTION_START_DATE

            	
              The
                date the servicer initiates eviction of the borrower.

            	 	
              MM/DD/YYYY

            
	
              EVICTION_COMPLETED_DATE

            	
              The
                date the court revokes legal possession of the property from the
                borrower.

            	 	
              MM/DD/YYYY

            
	
              LIST_PRICE

            	
              The
                price at which an REO property is marketed.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              LIST_DATE

            	
              The
                date an REO property is listed at a particular price.

            	 	
              MM/DD/YYYY

            
	
              OFFER_AMT

            	
              The
                dollar value of an offer for an REO property.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              OFFER_DATE_TIME

            	
              The
                date an offer is received by DA Admin or by the Servicer.

            	 	
              MM/DD/YYYY

            
	
              REO_CLOSING_DATE

            	
              The
                date the REO sale of the property is scheduled to close.

            	 	
              MM/DD/YYYY

            
	
              REO_ACTUAL_CLOSING_DATE

            	
              Actual
                Date Of REO Sale

            	 	
              MM/DD/YYYY

            
	
              OCCUPANT_CODE

            	
              Classification
                of how the property is occupied.

            	 	
               

            
	
              PROP_CONDITION_CODE

            	
              A
                code that indicates the condition of the property.

            	 	
               

            
	
              PROP_INSPECTION_DATE

            	
              The
                date a property inspection is performed.

            	 	
              MM/DD/YYYY

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              APPRAISAL_DATE

            	
              The
                date the appraisal was done.

            	 	
              MM/DD/YYYY

            
	
              CURR_PROP_VAL

            	
               The
                current "as is" value of the property based on brokers price opinion
                or
                appraisal.

            	
              2

            	
               

            
	
              REPAIRED_PROP_VAL

            	
              The
                amount the property would be worth if repairs are completed pursuant
                to a
                broker's price opinion or appraisal.

            	
              2

            	
               

            
	
              If
                applicable:

            	
               

            	 	
               

            
	
              DELINQ_STATUS_CODE

            	
              FNMA
                Code Describing Status of Loan

            	 	 
	
              DELINQ_REASON_CODE

            	
              The
                circumstances which caused a borrower to stop paying on a loan. Code
                indicates the reason why the loan is in default for this
                cycle.

            	 	 
	
              MI_CLAIM_FILED_DATE

            	
              Date
                Mortgage Insurance Claim Was Filed With Mortgage Insurance
                Company.

            	 	
              MM/DD/YYYY

            
	
              MI_CLAIM_AMT

            	
              Amount
                of Mortgage Insurance Claim Filed

            	 	
              No
                commas(,) or dollar signs ($)

            
	
              MI_CLAIM_PAID_DATE

            	
              Date
                Mortgage Insurance Company Disbursed Claim Payment

            	 	
              MM/DD/YYYY

            
	
              MI_CLAIM_AMT_PAID

            	
              Amount
                Mortgage Insurance Company Paid On Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              POOL_CLAIM_FILED_DATE

            	
              Date
                Claim Was Filed With Pool Insurance Company

            	 	
              MM/DD/YYYY

            
	
              POOL_CLAIM_AMT

            	
              Amount
                of Claim Filed With Pool Insurance Company

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              POOL_CLAIM_PAID_DATE

            	
              Date
                Claim Was Settled and The Check Was Issued By The Pool
                Insurer

            	 	
              MM/DD/YYYY

            
	
              POOL_CLAIM_AMT_PAID

            	
              Amount
                Paid On Claim By Pool Insurance Company

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_A_CLAIM_FILED_DATE

            	
               Date
                FHA Part A Claim Was Filed With HUD

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_A_CLAIM_AMT

            	
               Amount
                of FHA Part A Claim Filed

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_A_CLAIM_PAID_DATE

            	
               Date
                HUD Disbursed Part A Claim Payment

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_A_CLAIM_PAID_AMT

            	
               Amount
                HUD Paid on Part A Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_B_CLAIM_FILED_DATE

            	
                Date
                FHA Part B Claim Was Filed With HUD

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_B_CLAIM_AMT

            	
                Amount
                of FHA Part B Claim Filed

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_B_CLAIM_PAID_DATE

            	
                 Date
                HUD Disbursed Part B Claim Payment

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_B_CLAIM_PAID_AMT

            	
               Amount
                HUD Paid on Part B Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              VA_CLAIM_FILED_DATE

            	
               Date
                VA Claim Was Filed With the Veterans Admin

            	 	
              MM/DD/YYYY

            
	
              VA_CLAIM_PAID_DATE

            	
               Date
                Veterans Admin. Disbursed VA Claim Payment

            	 	
              MM/DD/YYYY

            
	
              VA_CLAIM_PAID_AMT

            	
               Amount
                Veterans Admin. Paid on VA Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              MOTION_FOR_RELIEF_DATE

            	
              The
                date the Motion for Relief was filed

            	
              10

            	
              MM/DD/YYYY

            
	
              FRCLSR_BID_AMT

            	
              The
                foreclosure sale bid amount

            	
              11

            	
              No
                commas(,) or dollar signs ($)

            
	
              FRCLSR_SALE_TYPE

            	
              The
                foreclosure sales results: REO, Third Party, Conveyance to
                HUD/VA

            	
               

            	
               

            
	
              REO_PROCEEDS

            	
              The
                net proceeds from the sale of the REO property. 

            	
               

            	
              No
                commas(,) or dollar signs ($)

            
	
              BPO_DATE

            	
              The
                date the BPO was done.

            	
               

            	
               

            
	
              CURRENT_FICO

            	
              The
                current FICO score

            	
               

            	
               

            
	
              HAZARD_CLAIM_FILED_DATE

            	
              The
                date the Hazard Claim was filed with the Hazard Insurance
                Company.

            	
              10

            	
              MM/DD/YYYY

            
	
              HAZARD_CLAIM_AMT

            	
              The
                amount of the Hazard Insurance Claim filed.

            	
              11

            	
              No
                commas(,) or dollar signs ($)

            
	
              HAZARD_CLAIM_PAID_DATE

            	
              The
                date the Hazard Insurance Company disbursed the claim
                payment.

            	
              10

            	
              MM/DD/YYYY

            
	
              HAZARD_CLAIM_PAID_AMT

            	
              The
                amount the Hazard Insurance Company paid on the claim.

            	
              11

            	
              No
                commas(,) or dollar signs ($)

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              ACTION_CODE

            	
              Indicates
                loan status

            	 	
              Number

            
	
              NOD_DATE

            	
               

            	
               

            	
              MM/DD/YYYY

            
	
              NOI_DATE

            	
               

            	
               

            	
              MM/DD/YYYY

            
	
              ACTUAL_PAYMENT_PLAN_START_DATE

            	
               

            	
               

            	
              MM/DD/YYYY

            
	
              ACTUAL_PAYMENT_
                PLAN_END_DATE

            	
               

            	
               

            	
               

            
	
              ACTUAL_REO_START_DATE

            	
               

            	
               

            	
              MM/DD/YYYY

            
	
              REO_SALES_PRICE

            	
               

            	
               

            	
              Number

            
	
              REALIZED_LOSS/GAIN

            	
              As
                defined in the Servicing Agreement

            	
               

            	
              Number

            

    

     

    

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting

     

    The
      Loss
      Mit Type
      field
      should show the approved Loss Mitigation Code as follows: 

     

    
      	·  	
              ASUM-Approved
                Assumption

            

    

     

    
      	·  	
              BAP-Borrower
                Assistance Program

            

    

     

    
      	·  	
              CO-
                Charge Off

            

    

     

    
      	·  	
              DIL-
                Deed-in-Lieu

            

    

     

    
      	·  	
              FFA-
                Formal Forbearance Agreement

            

    

     

    
      	·  	
              MOD-
                Loan Modification

            

    

     

    
      	·  	
              PRE-
                Pre-Sale

            

    

     

    
      	·  	
              SS-
                Short Sale

            

    

     

    
      	·  	
              MISC-Anything
                else approved by the PMI or Pool
                Insurer

            

    

     

    NOTE:
      Wells Fargo Bank will accept alternative Loss Mitigation Types to those above,
      provided that they are consistent with industry standards. If Loss Mitigation
      Types other than those above are used, the Servicer must supply Wells Fargo
      Bank
      with a description of each of the Loss Mitigation Types prior to sending the
      file.

     

    The
      Occupant
      Code
      field should show the current status of the property code as
      follows:

     

    
      	·  	
              Mortgagor

            

    

     

    
      	·  	
              Tenant

            

    

     

    
      	·  	
              Unknown
                

            

    

     

    
      	·  	
              Vacant

            

    

     

    The
      Property
      Condition
      field should show the last reported condition of the property as follows:

     

    
      	·  	
              Damaged

            

    

     

    
      	·  	
              Excellent

            

    

     

    
      	·  	
              Fair

            

    

     

    
      	·  	
              Gone

            

    

     

    
      	·  	
              Good

            

    

     

    
      	·  	
              Poor

            

    

     

    
      	·  	
              Special
                Hazard

            

    

     

    
      	·  	
              Unknown

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting, Continued

     

    

     

    The
      FNMA
      Delinquent Reason Code
      field should show the Reason for Delinquency as follows: 

     

    

    
      	
              Delinquency
                Code

            	
              Delinquency
                Description

            
	
              001

            	
              FNMA-Death
                of principal mortgagor

            
	
              002

            	
              FNMA-Illness
                of principal mortgagor

            
	
              003

            	
              FNMA-Illness
                of mortgagor’s family member

            
	
              004

            	
              FNMA-Death
                of mortgagor’s family member

            
	
              005

            	
              FNMA-Marital
                difficulties

            
	
              006

            	
              FNMA-Curtailment
                of income

            
	
              007

            	
              FNMA-Excessive
                Obligation

            
	
              008

            	
              FNMA-Abandonment
                of property

            
	
              009

            	
              FNMA-Distant
                employee transfer

            
	
              011

            	
              FNMA-Property
                problem

            
	
              012

            	
              FNMA-Inability
                to sell property

            
	
              013

            	
              FNMA-Inability
                to rent property

            
	
              014

            	
              FNMA-Military
                Service

            
	
              015

            	
              FNMA-Other

            
	
              016

            	
              FNMA-Unemployment

            
	
              017

            	
              FNMA-Business
                failure

            
	
              019

            	
              FNMA-Casualty
                loss

            
	
              022

            	
              FNMA-Energy
                environment costs

            
	
              023

            	
              FNMA-Servicing
                problems

            
	
              026

            	
              FNMA-Payment
                adjustment

            
	
              027

            	
              FNMA-Payment
                dispute

            
	
              029

            	
              FNMA-Transfer
                of ownership pending

            
	
              030

            	
              FNMA-Fraud

            
	
              031

            	
              FNMA-Unable
                to contact borrower

            
	
              INC

            	
              FNMA-Incarceration

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting, Continued

    

     

    The
      FNMA
      Delinquent Status Code
      field should show the Status of Default as follows: 

     

    

    
      	
              Status
                Code

            	
              Status
                Description

            
	
              09

            	
              Forbearance

            
	
              17

            	
              Pre-foreclosure
                Sale Closing Plan Accepted

            
	
              24

            	
              Government
                Seizure

            
	
              26

            	
              Refinance

            
	
              27

            	
              Assumption

            
	
              28

            	
              Modification

            
	
              29

            	
              Charge-Off

            
	
              30

            	
              Third
                Party Sale

            
	
              31

            	
              Probate

            
	
              32

            	
              Military
                Indulgence

            
	
              43

            	
              Foreclosure
                Started

            
	
              44

            	
              Deed-in-Lieu
                Started

            
	
              49

            	
              Assignment
                Completed

            
	
              61

            	
              Second
                Lien Considerations

            
	
              62

            	
              Veteran’s
                Affairs-No Bid

            
	
              63

            	
              Veteran’s
                Affairs-Refund

            
	
              64

            	
              Veteran’s
                Affairs-Buydown

            
	
              65

            	
              Chapter
                7 Bankruptcy

            
	
              66

            	
              Chapter
                11 Bankruptcy

            
	
              67

            	
              Chapter
                13 Bankruptcy

            

    

     

    

    

    
      
        
          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    Exhibit
      12C: Calculation
      of Realized Loss/Gain Form 332- Instruction Sheet

    NOTE:
      Do not net or combine items. Show all expenses individually and all credits
      as
      separate line items. Claim packages are due on the remittance report date.
      Late
      submissions may result in claims not being passed until the following month.
      The
      Servicer is responsible to remit all funds pending loss approval and /or
      resolution of any disputed items. 

     

    The
      numbers on the 332 form correspond with the numbers listed
      below.

    Liquidation
      and Acquisition Expenses:

     

    1. The
      Actual Unpaid Principal Balance of the Mortgage Loan. For documentation, an
      Amortization Schedule from date of default through liquidation breaking out
      the
      net interest and servicing fees advanced is required.

    2. The
      Total
      Interest Due less the aggregate amount of servicing fee that would have been
      earned if all delinquent payments had been made as agreed. For documentation,
      an
      Amortization Schedule from date of default through liquidation breaking out
      the
      net interest and servicing fees advanced is required.

    3.
       Accrued
      Servicing Fees based upon the Scheduled Principal Balance of the Mortgage Loan
      as calculated on a monthly basis. For documentation, an Amortization Schedule
      from date of default through liquidation breaking out the net interest and
      servicing fees advanced is required.

    4-12. Complete
      as applicable. Required documentation:

    *
      For
      taxes and insurance advances - see page 2 of 332 form - breakdown required
      showing period

    of
      coverage, base tax, interest, penalty. Advances prior to default require
      evidence of servicer efforts to recover advances.

    *
      For
      escrow advances - complete payment history 

    (to
      calculate advances from last positive escrow balance forward)

    *
      Other
      expenses -  copies of corporate advance history showing all payments

    *
      REO
      repairs > $1500 require explanation

    *
      REO
      repairs >$3000 require evidence of at least 2 bids.

    *
      Short
      Sale or Charge Off require P&L supporting the decision and
      WFB’s approved Officer Certificate 

    *
      Unusual
      or extraordinary items may require further documentation. 

    13.  The
      total
      of lines 1 through 12.

     

    Credits:
      

     

    14-21. Complete
      as applicable. Required documentation:

    *
      Copy of
      the HUD 1 from the REO sale. If a 3rd
      Party
      Sale, bid instructions and Escrow
      Agent / Attorney

    Letter
      of
      Proceeds
      Breakdown.

    *
      Copy of
      EOB for any MI or gov't guarantee 

    *
      All
      other credits need to be clearly defined on the 332
      form      
     

     

    
      	 	
              22.

            	
              The
                total of lines 14 through 21.

            

    

     

    Please
      Note: For
      HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
      Part
      B/Supplemental proceeds.

     

    Total
      Realized Loss (or Amount of Any Gain)

     

    23. The
      total
      derived from subtracting line 22 from 13. If the amount represents a realized
      gain, show the amount in parenthesis ( ). 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      3A: Calculation
      of Realized Loss/Gain Form 332

    

     

    Prepared
      by: __________________   Date:
      _______________

     

    Phone:
      ______________________ Email Address:_____________________

     

     

    
      	 	 	 	 	 
	
              Servicer
                Loan No.

            	 	
              Servicer
                Name

            	 	
              Servicer
                Address 

               

               

            

    

     

    

     

     

    WELLS
      FARGO BANK, N.A. Loan No._____________________________

     

    Borrower's
      Name: _________________________________________________________

    Property
      Address: _________________________________________________________

     

    Liquidation
      Type: REO Sale  
      3rd
      Party Sale  Short
      Sale     Charge
      Off 

     

    Was
      this loan granted a Bankruptcy deficiency or cramdown  Yes      No

    If
“Yes”,
      provide deficiency or cramdown amount
      _______________________________

     

    
      	
              Liquidation
                and Acquisition Expenses:

            	 
	
              (1)

            	
              Actual
                Unpaid Principal Balance of Mortgage Loan

            	
              $
                ______________

            	
              (1)

            
	
              (2)

            	
              Interest
                accrued at Net Rate

            	
              ________________

            	
              (2)

            
	
              (3)

            	
              Accrued
                Servicing Fees

            	
              ________________

            	
              (3)

            
	
              (4)

            	
              Attorney's
                Fees

            	
              ________________

            	
              (4)

            
	
              (5)

            	
              Taxes
                (see page 2)

            	
              ________________

            	
              (5)

            
	
              (6)

            	
              Property
                Maintenance

            	
              ________________

            	
              (6)

            
	
              (7)

            	
              MI/Hazard
                Insurance Premiums (see page 2)

            	
              ________________

            	
              (7)

            
	
              (8)

            	
              Utility
                Expenses

            	
              ________________

            	
              (8)

            
	
              (9)

            	
              Appraisal/BPO

            	
              ________________

            	
              (9)

            
	
              (10)

            	
              Property
                Inspections

            	
              ________________

            	
              (10)

            
	
              (11)

            	
              FC
                Costs/Other Legal Expenses

            	
              ________________

            	
              (11)

            
	
              (12)

            	
              Other
                (itemize)

            	
              ________________

            	
              (12)

            
	 	
              Cash
                for Keys__________________________

            	
              ________________

            	
              (12)

            
	 	
              HOA/Condo
                Fees_______________________

            	
              ________________

            	
              (12)

            
	 	
              ______________________________________

            	
              ________________

            	
              (12)

            
	 	 	 	 
	 	
              Total
                Expenses

            	
              $
                _______________

            	
              (13)

            
	
              Credits:

            	 	 	 
	
              (14)

            	
              Escrow
                Balance

            	
              $
                _______________

            	
              (14)

            
	
              (15)

            	
              HIP
                Refund

            	
              ________________

            	
              (15)

            
	
              (16)

            	
              Rental
                Receipts

            	
              ________________

            	
              (16)

            
	
              (17)

            	
              Hazard
                Loss Proceeds

            	
              ________________

            	
              (17)

            
	
              (18)

            	
              Primary
                Mortgage Insurance / Gov’t Insurance

            	
              ________________

            	
              (18a)
                HUD Part A

            
	 	 	
              ________________

            	
              (18b)
                HUD Part B

            
	
              (19)

            	
              Pool
                Insurance Proceeds

            	
              ________________

            	
              (19)

            
	
              (20)

            	
              Proceeds
                from Sale of Acquired Property

            	
              ________________

            	
              (20)

            
	
              (21)

            	
              Other
                (itemize)

            	
              ________________

            	
              (21)

            
	 	
              _________________________________________

            	
              ________________

            	
              (21)

            
	 	 	 	 
	 	
              Total
                Credits

            	
              $________________

            	
              (22)

            
	 	
              Total
                Realized Loss (or Amount of Gain)

            	
              $________________

            	
              (23)

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Escrow
      Disbursement Detail

    

    

    
      	
              Type

              (Tax
                /Ins.)

            	
              Date
                Paid

            	
              Period
                of Coverage

            	
              Total
                Paid

            	
              Base
                Amount

            	
              Penalties

            	
              Interest

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      II

     

    EXHIBIT
      I

     

    

     

    FORM
      OF
      ASSESSMENT OF COMPLIANCE 

     

    Re:
       The
      [
 ]
      agreement dated as of [  ],
      200[ ]
      (the “Agreement”), among

     

    [IDENTIFY
      PARTIES] 

     

    

     

    I,
      ________________________________, the _____________________ of GreenPoint
      Mortgage Funding, Inc., certify to [the Purchaser], [the Depositor], and the
      [Master Servicer] [Securities Administrator] [Trustee], and their officers,
      with
      the knowledge and intent that they will rely upon this certification, that:
      

     

    (1)
       I
      have
      reviewed the servicer compliance statement of the Company provided in accordance
      with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
      assessment of the Company’s compliance with the servicing criteria set forth in
      Item 1122(d) of Regulation AB and identified as the responsibility of the
      Company on Exhibit A hereto (the “Servicing Criteria”), provided in accordance
      with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
      (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
      Assessment”), the registered public accounting firm’s attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and
      Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
      reports, officer’s certificates and other information relating to the servicing
      of the Mortgage Loans by the Company during 200[ ] that were delivered by the
      Company to the [Depositor] [Master Servicer] [Securities Administrator]
      [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
      Information”); 

     

    (2)
       Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information; 

     

    (3)
       Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the [Depositor] [Master
      Servicer] [Securities Administrator] [Trustee]; 

     

    (4)
       I
      am
      responsible for reviewing the activities performed by the Company as servicer
      under the Agreement, and based on my knowledge and the compliance review
      conducted in preparing the Compliance Statement and except as disclosed in
      the
      Compliance Statement, the Servicing Assessment or the Attestation Report, the
      Company has fulfilled its obligations under the Agreement in all material
      respects; and 

     

    (5)
       The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Company and by any Subservicer or Subcontractor pursuant to
      the
      Agreement, have been provided to the [Depositor] [Master Servicer]. Any material
      instances of noncompliance described in such reports have been disclosed to
      the
      [Depositor] [Master Servicer]. Any material instance of noncompliance with
      the
      Servicing Criteria has been disclosed in such reports. 

     

    

     

    

     

    Date:__________________________________       

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    By: ___________________________________   

     

    Name:
      

    Title:
      

     

    

     

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

    The
      assessment of compliance to be delivered by [the Company] [Name of Subservicer]
      shall address, at a minimum, the criteria identified as below as “Applicable
      Servicing Criteria”;
      

     

     

    

    
      	
              Servicing
                Criteria

            	
              Applicable
                

              Servicing
                

              Criteria
                

            
	
              Reference
                

            	
              Criteria
                

            	 
	 	
              General
                Servicing Considerations 

            	 
	 	
              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)(i)
                

            
	
              1122(d)(1)(ii)
                

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

            	
              x

            
	
              1122(d)(1)(iii)
                

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

            	 
	
              1122(d)(1)(iv)
                

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

            	
              x

            
	 	
              Cash
                Collection and Administration 

            	 
	
              1122(d)(2)(i)
                

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

            	
              x

            
	
              1122(d)(2)(ii)
                

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

            	
              x

            
	
              1122(d)(2)(iii)
                

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

            	
              x

            
	
              1122(d)(2)(iv)
                

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

            	
              x

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                Servicing
                  Criteria

              	
                Applicable
                  

                Servicing
                  

                Criteria
                  

              
	
                Reference
                  

              	
                Criteria
                  

              	 

      

    

    
      	
              1122(d)(2)(v)
                

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                

              that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	
              x

            
	
              1122(d)(2)(vi)
                

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              x

            
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction 

              agreements;
                (C) reviewed and approved by someone other than the person who prepared
                the reconciliation; and (D) contain explanations for reconciling
                items.
                These reconciling items are resolved within 90 calendar days of their
                original identification, or such other number of 

              days
                specified in the transaction agreements. 

            	
              x

            
	 	
              Investor
                Remittances and Reporting 

            	 
	
              1122(d)(3)(i)
                

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

            	
              x

            
	
              1122(d)(3)(ii)
                

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

            	
              x

            
	
              1122(d)(3)(iii)
                

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

            	
              x

            
	
              1122(d)(3)(iv)
                

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

            	
              x

            
	 	
              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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

       

      

      
        	
                Servicing
                  Criteria

              	
                Applicable
                  

                Servicing
                  

                Criteria
                  

              
	
                Reference
                  

              	
                Criteria
                  

              	 

      

    

    
      	
              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. 

            	
              x

            
	
              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.
                

            	
              x

            
	
              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. 

            	
              x

            
	
              1122(d)(4)(vii)
                

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	
              x

            
	
              1122(d)(4)(viii)
                

            	
              Records
                documenting collection efforts are maintained during the period a
                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).
                

            	
              x

            
	
              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.
                

            	
              x

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      

      
        	
                Servicing
                  Criteria

              	
                Applicable
                  

                Servicing
                  

                Criteria
                  

              
	
                Reference
                  

              	
                Criteria
                  

              	 

      

    

    
      	
              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 Mortgage Loans,
                or such
                other number of days specified in the transaction agreements.
                

            	
              x

            
	
              1122(d)(4)(xi)
                

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

            	
              x

            
	
              1122(d)(4)(xii)
                

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

            	
              x

            
	
              1122(d)(4)(xiii)
                

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

            	
              x

            
	
              1122(d)(4)(xiv)
                

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

            	
              x

            
	
              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. 

            	 

    

    

    

     

     

     

     

     

    [GREENPOINT
      MORTGAGE FUNDING]

     

    [NAME
      OF
      SUBSERVICER] 

     

    

     

    

     

    Date:
      ____________________________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    

     

    By:
      _____________________________________       

     

    Name:
      

     

    Title:
      

     

    
      

    

     

    

     

    

    
      
        
          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    

    EXHIBIT
      III

    

    EXHIBIT
      J

    

    FORM
      OF BACK-UP SOX CERTIFICATION

    

    

    Re: The
      [ ]
      agreement dated as of [ ],
      200[ ]
      (the “Agreement”), among [IDENTIFY PARTIES]

     

    I,
      ________________________________, the _______________________ of [NAME OF
      SELLER] (the “Company”), hereby certify to [DEPOSITOR] and [MASTER SERVICER],
      with the knowledge and intent that they will rely upon this certification,
      that:

     

    (1) I
      have
      reviewed the servicer compliance statement of Seller provided in accordance
      with
      Item 1123 of Regulation AB (the “Compliance Statement”), the report on
      assessment of Seller’s compliance with the servicing criteria set forth in Item
      1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance with
      Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the
      “Exchange Act”) and Item 1122(a) of Regulation AB (the “Servicing Assessment”),
      the registered public accounting firm’s attestation report provided in
      accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section
      1122(b) of Regulation AB (the “Attestation
      Report”), and all servicing reports and officer certificates related to the
      servicing of the Mortgage Loans during 200__, that were delivered pursuant
      to
      the Agreement (collectively, the “Company Servicing Information”);

     

    (2) Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made therein, in the light of the circumstances
      under which such statements were made, not misleading with respect to the period
      of time covered by Company Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the [DEPOSITOR], [MASTER
      SERVICER][SECURITIES ADMINISTRATOR][TRUSTEE];

     

    (4) I
      am
      responsible for reviewing the activities performed by Seller as servicer under
      the Agreement, and based on my knowledge and the compliance review conducted
      in
      preparing the Compliance Statement, and except as disclosed in the Compliance
      Statement, the Servicing Assessment or the Attestation Report, Seller has
      fulfilled its obligations under the Agreement in all material respects;
      and

    

    (5) The
      Compliance Statement required to be delivered by Seller pursuant to the
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by Seller and by any Subservicer and Subcontractor pursuant to the
      Agreement, have been provided to [DEPOSITOR][MASTER SERVICER]. Any material
      instances of noncompliance with the Agreement and any Reconstitution Agreement
      and any material instances of noncompliance with the Servicing Criteria have
      been disclosed in such reports.

    

    GREENPOINT
      MORTGAGE FUNDING, INC.

    

    

    

    By:____________________________________

    Name:
       ________________________________

    Title:
       ________________________________ Date: _________________________EXHIBIT
      10.1

     

    AMENDMENT
      NO. 1 TO REGISTRATION RIGHTS AGREEMENT

     

    This
      AMENDMENT
      NO. 1 TO REGISTRATION RIGHTS AGREEMENT (this
      “Amendment”)
      dated
      September 7, 2007, is entered into by and among Synvista Therapeutics, Inc.,
      a
      Delaware corporation (the “Company”),
      and
      the purchasers (the “Purchasers”)
      identified on the signature pages to that certain Registration Rights Agreement
      dated as of July 25, 2007 (the “Registration
      Rights Agreement”).
      

    

    WHEREAS,
      in connection with the execution and delivery of that certain Series B Preferred
      Stock and Warrant Purchase Agreement dated April 5, 2007, by and among the
      Company and the Purchasers, the Company issued and sold to the Purchasers (i)
      an
      aggregate of 10,000,000 of its Series B Convertible Preferred Stock, $0.01
      par
      value per share (the “Series
      B Preferred Stock”),
      and
      (ii) warrants (the “Warrants”),
      each
      dated July 25, 2007, to purchase and aggregate of 3,100,000 shares of the Series
      B Preferred Stock, and pursuant to the Registration Rights Agreement, the
      Company granted the Purchasers certain registration rights with respect to
      the
      common stock, $0.01 par value per share (“Common
      Stock”),
      of
      the Company issuable upon conversion of the Series B Preferred Stock,
      and 

    

    WHEREAS,
      in accordance with Section 6(g) of the Registration Rights Agreement, the
      Company and the Purchasers desire to amend the Registration Rights Agreement
      as
      set forth herein.

    

    NOW
      THEREFORE, in consideration of the mutual covenants contained herein, and for
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the Company and each of the Purchasers agree as follows:

    

    1.  Amendment
      to Registration Rights Agreement.

    

    	a)  	
            The
              definition of Effectiveness Date is hereby deleted in its entirety
              and
              replaced with the following:

          

     

    “Effectiveness
      Date”
means,
      with respect to each Registration Statement required to be filed hereunder,
      the
      60th calendar day following the date on which such Registration Statement is
      filed (the 90th calendar day in the case of a “full review” by the Commission)
      if the Registration Statement is on Form S-3 or the 240th
      calendar
      day following the date on which such Registration Statement is filed if the
      Registration Statement is on Form S-1; provided,
      however,
      in the
      event the Company is notified by the Commission that one of the above
      Registration Statements will not be reviewed or is no longer subject to further
      review and comments, the Effectiveness Date as to such Registration Statement
      shall be the fifth Trading Day following the date on which the Company is so
      notified if such date precedes the dates required above.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

       

    

    	b)  	
            The
              definition of Filing Date is hereby deleted in its entirety and replaced
              with the following:

          

     

    “Filing
      Date”
means,
      as applicable, the First Filing Date, the Second Filing Date or the Final Filing
      Date, and with respect to any additional Registration Statements which are
      requested pursuant to Section 2(a), the 30th
      calendar
      day following the date of such request, and with respect to any additional
      Registration Statements which may be required pursuant to Section 6(f)(ii),
      the
      60th
      calendar
      day following the date on which the Company notifies the Holders of such
      request.

     

    	c)  	
            The
              definition of Registration Statement is hereby deleted in its entirety
              and
              replaced with the following:

          

     

    “Registration
      Statement”
means
      the registration statements required to be filed hereunder and any additional
      registration statements contemplated by Section 6(f)(ii), including (in each
      case) the Prospectus, amendments and supplements to such registration statement
      or Prospectus, including pre- and post-effective amendments, all exhibits
      thereto, and all material incorporated by reference or deemed to be incorporated
      by reference in such registration statement.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    	d)  	
            The
              following definitions are hereby added to Section
              1

          

     

    “First
      Filing Date”
means,
      with respect to the initial Registration Statement required pursuant to Section
      2(a) hereunder, September 7, 2007.

     

    “Second
      Filing Date”
means,
      with respect to the second Registration Statement required pursuant to Section
      2(a) hereunder, the date that is 6 months following the effectiveness of the
      Registration Statement filed on the First Filing Date.

     

    “Final
      Filing Date”
means,
      with respect to the final Registration Statement required pursuant to Section
      2(a) hereunder, the date that is 6 months following the effectiveness of the
      Registration Statement filed on the Second Filing Date.

     

    “Non-Affiliate
      Public Float”
means
      the number of shares of issued and outstanding shares of Common Stock, not
      including shares of Common Stock held by Affiliates, as such term is used and
      construed in the Securities Act.

     

    	e)  	
            The
              first sentence of Section 2(a) is hereby deleted in its entirety and
              replaced with the following:

          

     

    “On
      or
      prior to each of the First Filing Date and the Second Filing Date, the Company
      shall prepare and file with the Commission a “Shelf” Registration Statement
      covering the resale of an amount of Registrable Securities equal to
      approximately one-third (1/3) of the then current Non-Affiliate Public Float,
      or
      if greater, the maximum number of Registrable Securities permitted by
      publicly-available written guidance, rules of general applicability of the
      Commission staff, or written comments, requirements or request of the Commission
      staff to the Company in connection with the review of any Registration Statement
      as determined jointly by the Company and a majority of the Holders of
      Registrable Securities (the “Commission
      Guidance”)
      for an
      offering to be made on a continuous basis pursuant to Rule 415. On or prior
      to
      the Final Filing Date, the Company shall prepare and file with the Commission
      a
“Shelf” Registration Statement covering, as requested by the Holders of a
      majority of the Registrable Securities, either (i) the resale of the Registrable
      Securities not covered by the Registration Statements filed on the First Filing
      Date and the Second Filing Date that are then effective, or (ii) the maximum
      number of Registrable Securities permitted by the Commission Guidance for an
      offering to be made on a continuous basis pursuant to Rule 415. Commencing
      on
      the six month anniversary of the Final Filing Date, at any time upon written
      notice from a majority of the Holders of Registrable Securities, the

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    Company
      shall prepare and file with the Commission such “Shelf” Registration Statements
      covering, as requested by the Holders of a majority of the Registrable
      Securities, either (i) the resale of the Registrable Securities not covered
      by
      the Registration Statements filed prior to the date of such notice that are
      then
      effective or (ii) the maximum number of Registrable Securities permitted by
      the
      Commission Guidance for an offering to be made on a continuous basis pursuant
      to
      Rule 415. If the amount of the Registrable Securities to be registered in any
      Registration Statement is less than the amount of the total number of
      Registrable Securities not included in any other Registration Statements that
      are then effective, then, the number of Registrable Securities to be registered
      on such Registration Statement will first be reduced by the Registrable
      Securities issuable upon exercise of the Warrants and second by the Registrable
      Securities issuable upon the conversion of the Preferred Stock, each on a pro
      rata basis based on the total number of Registrable Securities not included
      in
      any other Registration Statements that are then effective held by each
      Holder.

     

    	f)  	
            Section
              2(b) is hereby deleted in its entirety and replaced with the
              following:

          

     

    If:
      (i) a Registration Statement is not filed on or prior to its Filing Date (if
      the
      Company files a Registration Statement without affording the Holders the
      opportunity to review and comment on the same as required by Section 3(a),
      the
      Company shall not be deemed to have satisfied this clause (i)), or (ii) the
      Company fails to file with the Commission a request for acceleration in
      accordance with Rule 461 promulgated under the Securities Act, within five
      Trading Days of the date that the Company is notified (orally or in writing,
      whichever is earlier) by the Commission that a Registration Statement will
      not
      be “reviewed,” or not subject to further review, or (iii) prior to its
      Effectiveness Date, the Company fails to file a pre-effective amendment and
      otherwise respond in writing to comments made by the Commission in respect
      of
      such Registration Statement within 15 calendar days after the receipt of
      comments by or notice from the Commission that such amendment is required in
      order for a Registration Statement to be declared effective, or (iv) a
      Registration Statement filed or required to be filed hereunder is not declared
      effective by the Commission by its Effectiveness Date, or (v) after the
      Effectiveness Date, a Registration Statement ceases for any reason to remain
      continuously effective as to all Registrable Securities for which it is required
      to be effective, or the Holders are otherwise not permitted to utilize the
      Prospectus therein to resell such Registrable Securities for more than 15
      consecutive calendar days or more than an aggregate of 25 calendar days during
      any 12-month period (which need not be consecutive calendar days) (any such
      failure or breach being referred to as an “Event”,
      and for purposes of clause (i) or (iv) the date on which such Event occurs,
      or
      for purposes of clause (ii) the date on which such five Trading Day period
      is
      exceeded, or for purposes of clause (iii) the date which such 15 calendar day
      period is exceeded, or for purposes of clause (v) the date on which

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    such
      15
      or 25 calendar day period, as applicable, is exceeded being referred to as
      the
“Event Date”), then in addition to any other rights the Holders may have
      hereunder or under applicable law, on such Event Date and on each monthly
      anniversary of such Event Date (if the applicable Event shall not have been
      cured by such date) until the applicable Event is cured, the Company shall
      pay
      to each Holder an amount in cash, as partial liquidated damages and not as
      a
      penalty, equal to 1% of the aggregate purchase price paid by such Holder
      pursuant to the Purchase Agreement for any Securities then held by such Holder,
      subject to an overall limit of 8% for each calendar year, provided, however,
      that, with respect to a Registration Statement filed pursuant to Section 2(a),
      (a) in the case of (iv), if the Commission does not declare the Registration
      Statement effective on or before the Effectiveness Date, or (b), if the
      Commission allows the Registration Statement to be declared effective at any
      time before or after the Effectiveness Date, subject to the withdrawal of
      certain Registrable Securities from the Registration Statement, and the reason
      for (a) or (b) is the Commission’s determination that (x) the offering of any of
      the Registrable Securities constitutes a primary offering of securities by
      the
      Company, (y) Rule 415 may not be relied upon for the registration of any or
      all
      of the Registrable Securities, and/or (z) a Holder of any Registrable Securities
      must be named as an underwriter, the Holders understand and agree that the
      Company may reduce, on a pro rata basis, the total number of Registrable
      Securities to be registered on behalf of each such Holder, and the failure
      to
      include such Registrable Securities in any Registration Statement shall not
      constitute an Event and the Company shall not be required to pay any partial
      liquidated damages as described above. The partial liquidated damages pursuant
      to the terms hereof shall apply on a daily pro rata basis for any portion of
      a
      month prior to the cure of an Event.

     

    	g)  	
            Section
              3(c) is hereby deleted in its entirety and replaced with the
              following:

          

     

    “[Intentionally
      Omitted]”

     

    	h)  	
            The
              first sentence of Section 4 is hereby deleted in its entirety and replaced
              with the following:

          

     

    All
      fees and expenses (exclusive of underwriting discounts and commissions) incident
      to the preparation, filing and obtaining and maintaining the effectiveness
      of
      the first three Registration Statements required to be filed pursuant to Section
      2(a) of this Agreement shall be borne by the Company whether or not any
      Registrable Securities are sold pursuant to such Registration Statements;
      provided, however, the Company shall pay up to a maximum of $30,000 for
      reasonable fees and expenses of no more than one special counsel for the

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    Purchasers
      if such Registration Statements are on Form S-3 or up to a maximum of $60,000
      for reasonable fees and expenses of no more than one special counsel for the
      Purchasers if the Company is not then eligible to register for resale the
      Registrable Securities on Form S-3. The Holders of Registrable Securities shall
      be responsible for the payment all of their own, as well as 50% of the
      Company’s, fees and expenses (exclusive of underwriting discounts and
      commissions) incident to the preparation, filing and obtaining and maintaining
      the effectiveness of all other Registration Statements required to be filed
      pursuant to Section 2(a) and incident to the performance of or compliance with
      Section 6(f)(ii) of this Agreement on a pro rata basis based on the number
      of
      Registrable Shares included by each Holder in such Registration Statement,
      provided, however, that the Holders of Registrable Securities shall pay up
      to a
      maximum of the lesser of (i) $10,000 or (ii) 0.5% of the value of the
      Registrable Securities included on such Registration Statement as determined
      by
      the Closing Price on the effective date of such Registration Statement of the
      Company’s reasonable fees and expenses in connection with the preparation and
      filing of each Registration Statement on Form S-3 or up to a maximum of the
      lesser of (i) $25,000 or (ii) 0.5% of the value of the Registrable Securities
      included on such Registration Statement as determined by the Closing Price
      on
      the effective date of such Registration Statement of the Company’s reasonable
      fees and expenses in connection with the preparation and filing of each
      Registration Statement on Form S-1.

     

    	i)  	
            Section
              6(f) is hereby deleted in its entirety and replaced with the
              following:

          

     

    (i)
      Piggy-Back Registrations. 

     

    (A)
      If at any time during the Effectiveness Period there is not an effective
      Registration Statement covering the Registrable Securities that are then
      required to be registered in accordance with Section 2(a) or Section 6(f)(ii)
      hereof, and the Company shall determine to prepare and file with the
      Commission a registration statement relating to an offering for its own account
      or the account of others under the Securities Act of any of its equity
      securities, other than on Form S-4 or Form S-8 (each as promulgated under the
      Securities Act) or their then equivalents relating to equity securities to
      be
      issued solely in connection with any acquisition of any entity or business
      or
      equity securities issuable in connection with the stock option or other employee
      benefit plans, then the Company shall send to each Holder a written notice
      of
      such determination and, if within 15 days after the date of such notice, any
      such Holder shall so request in writing, the Company shall include in such
      registration statement all or any part of the Registrable Securities required
      to
      be included pursuant to Section 2(a), but not so included, that such Holder
      requests to be registered; provided, however, that, the Company shall not be
      required to register any Registrable Securities pursuant to this Section
      6(f)(i)(A) that are eligible for resale pursuant to Rule 144(k) promulgated
      under the Securities Act or that are the subject of a then effective
      Registration Statement.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (B)
      If,
      at any time, the Company shall determine to prepare and file with the Commission
      a registration statement relating to an underwritten public offering for its
      own
      account or the account of others under the Securities Act of any of its equity
      securities, other than on Form S-4 (as promulgated under the Securities Act)
      or
      its then equivalent relating to equity securities to be issued solely in
      connection with any acquisition of any entity or business, then the Company
      shall send to each Holder a written notice of such determination and, if within
      15 days after the date of such notice, any such Holder shall so request in
      writing, the Company shall include in such registration statement all or any
      part of such Registrable Securities such Holder requests to be registered;
      provided,
      however,
      that,
      the Company shall not be required to register any Registrable Securities of
      a
      Holder, if all of the Registrable Securities of such Holder pursuant to this
      Section 6(f)(i)(B) that are eligible for resale pursuant to Rule 144(k)
      promulgated under the Securities Act or are the subject of one or more then
      effective Registration Statements. If the total amount of Registrable Securities
      that are to be included by the Company for its own account and at the request
      of
      Holders thereof exceeds the amount of securities that the underwriters
      reasonably believe compatible with the success of the offering, then the Company
      will include in such registration only the number of securities which in the
      opinion of such underwriters can be sold, in the following order:

     

    (1)
       first,
      the equity securities to be registered on behalf of the Company; 

     

    (2)
       then,
      the
      Registrable Securities requested to be included by the Holders pro rata based
      on
      the number of Registrable Securities owned by each of them which each of them
      request be included in such registration; provided,
      however,
      that
      the number of Registrable Securities shall not be reduced below 30% of the
      securities included in such registration statement; and

     

    (3)
       then,
      any
      other equity securities.

     

    (ii)
      Demand
      Registrations.

     

    (a) If,
      at any time the Company shall receive a written request (specifying that it
      is
      being made pursuant to this Section 6(f)(ii)) from Holders of a majority of
      Registrable Securities not registered in any then effective Registration
      Statement that the Company file a registration statement under the Securities
      Act in connection with an underwritten public offering, then the Company shall
      send to each Holder a written notice of such request and if within 15 days
      after
      the date of such notice, any such Holder shall so request in writing, the
      Company shall 

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    include
      in such Registration Statement all or any part of such Registrable Securities
      not registered in any then effective Registration Statement such Holder requests
      to be registered and shall file such Registration Statement by its Filing Date.
      Subject to the terms of this Agreement, the Company shall use its good faith
      commercially reasonable efforts to cause a Registration Statement to be declared
      effective under the Securities Act as promptly as possible after the filing
      thereof, but in any event prior to the applicable Effectiveness Date. The
      Company shall telephonically request effectiveness of such Registration
      Statement as of 5:00 pm Eastern Time on a Trading Day. 

     

    (b) Notwithstanding
      the foregoing obligations, if the Company furnishes to Holders requesting a
      registration pursuant to this Section 6(f)(ii) a certificate signed by the
      Company’s chief executive officer stating that in the good faith judgment of the
      Company’s Board of Directors as evidenced by a board resolution, it would be
      materially detrimental to the Company and its stockholders for such registration
      statement to either become effective or remain effective for as long as such
      registration statement otherwise would be required to remain effective, because
      such action would (i) materially interfere with a significant acquisition,
      corporate reorganization, or other similar transaction involving the Company;
      (ii) require premature disclosure of material information that the Company
      has a
      bona fide business purpose for preserving as confidential; or (iii) render
      the
      Company unable to comply with requirements under the Securities Act or Exchange
      Act, then the Company shall have the right to defer taking action with respect
      to such filing, and any time periods with respect to filing or effectiveness
      thereof shall be tolled correspondingly, for a period of not more than ninety
      (90) days after the request of the Initiating Holders is given; provided,
      however, that the Company may not invoke this right more than once in any twelve
      (12) month period, and provided further that the Company shall not register
      any
      securities for its own account or that of any other stockholder during such
      ninety (90) day period.

     

    (c) The
      Company shall immediately notify the Holders via facsimile or electronic
      transmission of the effectiveness of a Registration Statement on the same
      Trading Day that the Company telephonically confirms effectiveness with the
      Commission, which shall be the date requested for effectiveness of a
      Registration Statement. The Company shall, by 9:30 am Eastern Time on the
      Trading Day after the Effective Date, file a final Prospectus with the
      Commission as required by Rule 424. Failure to so notify the Holder within
      one
      (1) Trading Day of such notification or effectiveness or failure to file a
      final
      Prospectus as aforesaid shall be deemed an Event under Section 2(b). If the
      total amount of Registrable Securities that are to be included at the request
      of
      Holders thereof and by the Company for its own account and exceeds the amount
      of
      securities that the underwriters reasonably believe compatible with the success
      of the offering, then the Company will include in such registration statement
      only the number of securities which in the opinion of such underwriters can
      be
      sold, in the following order:

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    (1)
       first,
      the Registrable Securities requested to be included by the Holders pro rata
      based on the number of Registrable Securities owned by each of them which each
      of them request be included in such registration; 

     

    (2)
       then,
      the
      equity securities to be registered on behalf of the Company; and

     

    (3)
       then,
      any
      other equity securities.

     

    (iii) Underwriting
      Requirements.

     

    The
      Company shall (together with all Holders proposing to distribute their
      securities through such underwriting) enter into an underwriting agreement
      with
      the underwriters selected for such underwriting either (A) by the Company in
      the
      case of an underwriting pursuant to Section 6(f)(i)(B) or (B) by the Holders
      of
      a majority of the Registrable Securities being registered and agreed to by
      the
      Company in the case of an underwriting pursuant to Section 6(f)(ii). In any
      registration pursuant to Sections 6(f)(i)(B) or 6(f)(ii), each Holder shall
      take
      all action with respect to executing such underwriting agreement, including
      being liable in respect of (A) any representations and warranties being made
      by
      each Holder, and (B) any indemnification agreements and “lock-up” agreements
      made by each Holder for the benefit of the underwriters in such underwriting
      agreement; provided,
      however,
      that
      (1) with respect to individual representations and warranties regarding such
      matters as legal capacity or due organization of such Holder, authority to
      participate in the underwritten public offering, compliance by such Holder
      with
      laws and agreements applicable to it, ownership (free and clear of liens,
      charges, encumbrances and adverse claims) of Registrable Securities to be sold
      by such Holder and accuracy of information with respect to such Holder furnished
      for inclusion in any disclosure document relating to each underwritten public
      offering, the aggregate amount of such liability shall not exceed the net
      proceeds received by such participating Holder from the underwritten public
      offering and (2) to the extent selling stockholders give further
      representations, warranties and indemnities, then with respect to all other
      representations, warranties and indemnities of sellers of shares in such
      underwritten public offering, the aggregate amount of such liability shall
      not
      exceed the lesser of (y) such Holder’s pro rata portion of any such
      liability, in accordance with such Holder’s portion of the total number of
      Registrable Securities included in the underwritten public offering or (z)
      the
      net proceeds received by such Holder from the underwritten public
      offering.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    2.  Ratification.
      The
      parties hereby ratify and confirm in all respects the Registration Rights
      Agreement, as amended by this Amendment.

    

    3.  Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of the Registration Rights Agreement shall be governed by and construed and
      enforced in accordance with the internal laws of the State of New York, without
      regard to the principles of conflicts of law thereof. 

    

    4.  Other
      Matters.
      The
      Company hereby acknowledges and agrees that the execution and delivery by the
      Purchasers of this Amendment shall not be deemed to create a course of dealing
      or otherwise obligate the Purchasers to execute similar extensions, amendments
      or waivers under the same or similar circumstances in the future.

    

    5.  Execution.
      This
      Amendment may be executed in two or more counterparts, all of which when taken
      together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party, it being understood that both parties need not sign the same
      counterpart. In the event that any signature is delivered by facsimile
      transmission or by e-mail delivery of a “.pdf” format data file, such signature
      shall create a valid and binding obligation of the party executing (or on whose
      behalf such signature is executed) with the same force and effect as if such
      facsimile or “.pdf” signature page were an original thereof.

     

    

    [remainder
      left intentionally blank]

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the undersigned hereby executes this Amendment as of the date
      first set forth above.

     

    
      	SYNVISTA
              THERAPEUTICS, INC. 	 	 	
              Address
                for Notice:

            
	 	 	 	 
	/s/ Noah
              Berkowitz	 	 	221
              West Grand
              Avenue
	
              

              Name:
                Noah Berkowitz

              Title:
                President

            	 	 	
              Montvale,
                NJ 07645

            
	 	 	 	 
	
              With
                a copy to (which shall not constitute notice):

               

              Mintz
                Levin Cohn Ferris Glovsky and Popeo, P.C.

              One
                Financial Center

              Boston,
                MA 02111

              Attn:
                William T. Whelan, Esq.

            	 	 	 

    

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
      PAGE FOR PURCHASER FOLLOWS]

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the undersigned hereby executes this Amendment No. 1 as of
      the
      date first set forth above. 

     

    
      	Atticus Global
              Advisors,
              Ltd. 	 	BAKER/TISCH INVESTMENTS,
              L.P.   
	 	 	 	 	 
	By:  	/s/ Matthew
              Edmonds	 	By: 	Baker/Tisch
              Capital, L.P.,
	 	
              

              Name:
                Matthew Edmonds

              Title:
                Director

            	 	
By: 	its general partner
Baker/Tisch
              Capital (GP), LLC,
              
              its
                general partner

            
	 	 	 	 	 
	 	 	 	By: 	/s/ Felix Baker, Ph.D. 
	 	 	 	 	
              

              Name:
                Felix Baker, Ph.D.

              Title:
                Managing Member  

            

    

     

    
      
        	Green Way Managed
                Account
                Series, Ltd.,
                in respect to 
its segregated account, Green Way Portfolio
                D	 	BAKER BIOTECH
                FUND I,
                L.P. 
	 	 	 	 	 
	By:  	/s/ Dominique
                Ould-Ferhat	 	By: 	Baker
                Biotech
                Capital, L.P., 
	 	
                

                Name:
                  Dominique Ould-Ferhat
                  
                  Title:
                    President and Director

                

              	 	
By: 	its general partner

                Baker
                  Biotech Capital (GP), LLC, 
its general
                  partner

              
	 	 	 	 	 
	 	 	 	By: 	/s/ Felix Baker, Ph.D. 
	 	 	 	 	
                

                Name:
                  Felix Baker, Ph.D.

                Title:
                  Managing Member  

              

      

      
         

        
          
            	Rodman
                    and Renshaw LLC	 	Baker Brothers
                    Life
                    Sciences, L.P.
	 	 	 	 	 
	By:  	/s/
                    Thomas G.
                    Pinou	 	By: 	Baker
                    Brothers
                    Life Sciences Capital, L.P.
	 	
                    

                    
                      
                        Name:
                          Thomas G. Pinou

                        Title:
                          Chief Financial Officer

                      

                    

                  	 	
By: 	its general partner

                    Baker
                      Brothers Life Sciences Capital (GP), LLC 
its general
                      partner

                  
	 	 	 	 	 
	 	 	 	By: 	/s/ Felix Baker, Ph.D. 
	 	 	 	 	
                    

                    Name:
                      Felix Baker, Ph.D.

                    Title:
                      Managing Member  

                  

          

          
             

            
              
                	 	 	14159,
                        L.P.
	 	 	 	 	 
	 	 	 	By: 	14159
                        Capital,
                        L.P., 
	 	
                        
                          

                          

                        

                      	 	
By: 	its general partner

                        14159
                          Capital (GP), LLC, 
its general partner

                      
	 	 	 	 	 
	 	 	 	By: 	/s/ Felix Baker, Ph.D. 
	 	 	 	 	
                        

                        Name:
                          Felix Baker, Ph.D.

                        Title:
                          Managing Member

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