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      GSR
        MORTGAGE LOAN TRUST 2007-AR1

       

      MORTGAGE
        PASS-THROUGH CERTIFICATES

       

      SERIES
        2007-AR1

       

       

      MASTER
        SERVICING
 

      and

       

      TRUST
        AGREEMENT

       

       

       

      among

       

       

       

      GS
        MORTGAGE SECURITIES CORP.,

      as
        Depositor,

       

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY,

      as
        Trustee and a Custodian,

       

      U.S.
        BANK NATIONAL ASSOCIATION,

      as
        a Custodian,

       

      and

       

      WELLS
        FARGO BANK, N.A.,

      as
        Securities Administrator, Master Servicer and a Custodian

       

      Dated
        as of January 1, 2007

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

    

    
      	 	 	 	
              Page

            
	
              ARTICLE
                I DEFINITIONS

            	
              1

            
	 	 	 	 
	
              Section
                1.01

            	 	
              Standard
                Terms.

            	
              1

            
	
              Section
                1.02

            	 	
              Defined
                Terms.

            	
              2

            
	 	 	 	
               

            
	
              ARTICLE
                II FORMATION OF TRUST; CONVEYANCE OF MORTGAGE LOANS

            	
              16

            
	 	 	 	
               

            
	
              Section
                2.01

            	 	
              Conveyance
                to the Trustee

            	
              16

            
	
              Section
                2.02

            	 	
              Acceptance
                by the Trustee.

            	
              17

            
	
              Section
                2.03

            	 	
              REMIC
                Elections and REMIC Designation.

            	
              17

            
	 	 	 	
               

            
	
              ARTICLE
                III REMITTING TO CERTIFICATEHOLDERS

            	
              21

            
	 	 	 	
               

            
	
              Section
                3.01

            	 	
              Distributions
                to Certificateholders.

            	
              21

            
	
              Section
                3.02

            	 	
              Allocation
                of Realized Losses and Shortfalls

            	
              25

            
	
              Section
                3.03

            	 	
              Crossover
                Amounts.

            	
              26

            
	 	 	 	
               

            
	
              ARTICLE
                IV THE SECURITIES

            	
              27

            
	 	 	 	
               

            
	
              Section
                4.01

            	 	
              The
                Certificates.

            	
              27

            
	
              Section
                4.02

            	 	
              Denominations.

            	
              27

            
	
              Section
                4.03

            	 	
              Redemption
                of Certificates.

            	
              28

            
	
              Section
                4.04

            	 	
              Securities
                Laws Restrictions.

            	
              28

            
	 	 	 	
               

            
	
              ARTICLE
                V MISCELLANEOUS PROVISIONS

            	
              28

            
	 	 	 	
               

            
	
              Section
                5.01

            	 	
              Request
                for Opinions.

            	
              28

            
	
              Section
                5.02

            	 	
              Schedules
                and Exhibits.

            	
              29

            
	
              Section
                5.03

            	 	
              Governing
                Law.

            	
              29

            
	
              Section
                5.04

            	 	
              Counterparts.

            	
              29

            
	
              Section
                5.05

            	 	
              Notices.

            	
              29

            

    

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    SCHEDULES
      AND EXHIBITS

    
      	 	
              Schedule
                I

            	
              Mortgage
                Loans

            
	 	
              Schedule
                IA

            	
              U.S.
                Bank National Association-custodied Mortgage Loans

            
	 	
              Schedule
                IB

            	
              Wells
                Fargo Bank, N.A.-custodied Mortgage Loans

            
	 	
              Schedule
                IC

            	
              Deutsche
                Bank National Trust Company-custodied Mortgage
                Loans

            

    

     

    

    Exhibit
      A    Forms
      of
      Certificates

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    MASTER
      SERVICING AND TRUST AGREEMENT

     

    THIS
      MASTER SERVICING AND TRUST AGREEMENT dated as of January 1, 2007 (this
“Trust
      Agreement”),
      is
      hereby executed by and among GS MORTGAGE SECURITIES CORP., a Delaware
      corporation (the “Depositor”),
      DEUTSCHE BANK NATIONAL TRUST COMPANY, as trustee (in such capacity, the
“Trustee”)
      and as
      a custodian (in such capacity, the “DB
      Custodian”),
      U.S.
      BANK NATIONAL ASSOCIATION, as a custodian (the “USB
      Custodian”),
      and
      WELLS FARGO BANK, N.A., as securities administrator (in such capacity, the
      “Securities
      Administrator”),
      master servicer (in such capacity, the “Master
      Servicer”)
      and a
      custodian (in such capacity, the “WFB
      Custodian”
and
      together with the DB Custodian and the USB Custodian, the “Custodians”
and
      each a “Custodian”).

     

    PRELIMINARY
      STATEMENT

     

    WHEREAS,
      the Depositor is duly authorized to form GSR Mortgage Loan Trust 2007-AR1 as
      a
      trust (the “Trust”)
      to
      issue a series of securities with an aggregate initial outstanding principal
      balance of $1,744,782,162 to be known as the Mortgage Pass-Through Certificates,
      Series 2007-AR1 (the “Certificates”).
      The
      Trust is formed by this Trust Agreement, which fully incorporates by reference
      the Standard Terms to Master Servicing and Trust Agreement January 2007 Edition
      (the “Standard
      Terms”).
      The
      Certificates in the aggregate evidence the entire beneficial ownership in the
      Trust. The Certificates consist of the 17 Classes of publicly offered
      certificates and 3 Classes of privately placed certificates set forth in Section
      2.03(d) herein.

     

    WHEREAS,
      pursuant to Section 11.01 of the Standard Terms, the Securities Administrator,
      on behalf of the Trust, will make an election to treat all of the assets of
      the
      Trust as two real estate mortgage investment conduits (each, a “REMIC”
and,
      individually, “REMIC I”
and
      “REMIC II”)
      for
      federal income tax purposes. The “startup
      day”
of
      each
      REMIC for purposes of the REMIC Provisions is the Closing Date.

     

    NOW,
      THEREFORE, in consideration of the mutual promises, covenants, representations
      and warranties hereinafter set forth, the Depositor, the Trustee, the
      Custodians, the Securities Administrator and the Master Servicer agree as
      follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01 Standard
      Terms. The
      Depositor, the Trustee, each Custodian, the Securities Administrator and the
      Master Servicer acknowledge that the Standard Terms prescribe certain
      obligations of each such entity, with respect to the Certificates. The
      Depositor, the Trustee, the Securities Administrator, each Custodian and the
      Master Servicer agree to observe and perform such prescribed duties,
      responsibilities and obligations, pursuant to the terms and conditions thereof
      and of this Trust Agreement, and acknowledge that, except to the extent
      inconsistent with the provisions of this Trust Agreement, the Standard Terms
      are
      and shall be a part of this Trust Agreement to the same extent as if set forth
      herein in full.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to Section 2.02(f) of the Standard Terms, the Depositor acknowledges the
      appointment of each of the Custodians and agrees to deliver, or cause to be
      delivered, to each applicable Custodian the applicable Mortgage Loan documents
      that are to be included in the respective Trustee Mortgage Loan File for each
      Mortgage Loan. The Depositor and each Custodian acknowledge that, pursuant
      to
      any existing Custodial Agreements entered into between a Custodian and
      predecessors in interest of the Depositor, such Custodian previously acted
      as
      custodian for such predecessors in interest and that in connection with the
      formation of the Trust, the Depositor shall assign each such Custodial Agreement
      (but solely with respect to the related Mortgage Loans) to the Trustee and
      cause
      a receipt to be issued in the name of the Trustee.

     

    Section
      1.02 Defined
      Terms. 
      Capitalized
      terms used but not defined herein shall have the respective meanings assigned
      to
      them in Section 1.01 of the Standard Terms or in the Sale and Servicing
      Agreements. In the event of a conflict between the Standard Terms and the Sale
      and Servicing Agreements, the Sale and Servicing Agreements shall govern. In
      the
      event of a conflict between the Standard Terms and this Trust Agreement, this
      Trust Agreement shall govern. As used herein, the following terms shall have
      the
      respective meanings assigned thereto:

     

    “Accrued
      Certificate Interest”:
      With
      respect to any Class of Certificates and any Distribution Date the sum of (a)
      Certificate Interest for the related Interest Accrual period for such Class
      of
      Certificates and (b) the aggregate of all Accrued Certificate Interest that
      remains unpaid from prior Distribution Dates.

     

    “Administrative
      Cost Rate”:
      For
      each Mortgage Loan, the applicable Servicing Fee Rate plus
      the
      Lender Paid Mortgage Insurance Rate, if applicable.

     

    “Affected
      Senior Certificate”:
      As
      defined in Section 3.03 hereof.

     

    “Affected
      Subordinate Certificate”:
      As
      defined in Section 3.01(g) hereof.

     

    “Assignment
      Agreements”:
      Each
      of the Step 1 Assignment Agreements and the Step 2 Assignment Agreements,
      collectively.

     

    “Available
      Distribution Amount”:
      For
      any Distribution Date and any Loan Group, the aggregate for all of the Mortgage
      Loans in such Loan Group of the following amounts:

     

    (1) the
      total
      amount of all cash received from or on behalf of the Borrowers or advanced
      by
      the applicable Servicer (or the Master Servicer or other successor master
      servicer) as successor servicer in the event the applicable Servicer fails
      to
      make such required advances, or by the Trustee in its capacity as successor
      master servicer in the event the Master Servicer fails to make any such required
      advances, in each case pursuant to Section 3.05 of the Standard Terms on the
      Mortgage Loans in such Loan Group and not previously distributed (including
      Advances made by such Servicer (or the Master Servicer as successor servicer)
      in
      the event the applicable Servicer fails to make any such required advances
      or
      the Trustee in its capacity as successor master servicer, or by another
      successor servicer, in the event the Master Servicer fails to make any such
      required advances, in each case pursuant to Section 3.05 of the Standard Terms),
      Compensating Interest Payments made by such Servicer (or the Master Servicer
      or
      the Trustee in its capacity as successor Master Servicer, as the case may be)
      and proceeds of Mortgage Loans that are liquidated, except:

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (a) all
      Scheduled Payments collected but due on a Due Date after such Distribution
      Date;

     

    (b) all
      Curtailments received after the previous calendar month;

     

    (c) all
      Payoffs received after the previous calendar month (together with any interest
      payment received with such Payoffs to the extent that such Payoffs represent
      the
      payment of interest accrued on such Mortgage Loans for the period after the
      previous calendar month);

     

    (d) Liquidation
      Proceeds and Insurance Proceeds received on the Mortgage Loans in such Loan
      Group after the previous calendar month;

     

    (e) all
      amounts in the REMIC I Distribution Account or the REMIC II Distribution Account
      from Mortgage Loans in the related Loan Groups that are then due and payable
      to
      the applicable Servicer under the related Sale and Servicing
      Agreement;

     

    (f) the
      Servicing Fee and the Lender Fee Paid Mortgage Insurance Amount for each
      Mortgage Loan in such Loan Group, net of any amounts payable as compensating
      interest by the applicable Servicer on that Distribution Date;

     

    (g) any
      Crossover Amount from such Loan Group required to be allocated to any other
      Loan
      Group pursuant to Section 3.03; and

     

    (h) such
      Loan
      Group’s share of all related indemnification amounts and other amounts
      reimbursable on such Distribution Date to the Master Servicer, the Securities
      Administrator, the Custodians and the Trustee as provided herein or in the
      Standard Terms.

     

    (2) the
      total
      amount of any cash received by the Securities Administrator or the applicable
      Servicer (or the Master Servicer or the Trustee) from the repurchase by the
      applicable Seller, the Depositor or GSMC of any Mortgage Loans pursuant to
      any
      Assignment Agreement or Sale and Servicing Agreement, together with any
      Substitution Adjustment Amount received by the Securities Administrator in
      connection with the substitution by the Depositor of a Qualified Substitute
      Mortgage Loan for a Deleted Mortgage Loan pursuant to Section 2.03 of the
      Standard Terms to this Trust Agreement, in each case as a result of defective
      documentation or breach of representations and warranties (provided that the
      obligation to repurchase arose before the related Due Date);

     

    (3) any
      Crossover Amount from any other Loan Group required to be allocated to such
      Loan
      Group pursuant to Section 3.03; and

    

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

     

    (4) any
      Subsequent Recoveries received with respect to the Mortgage Loans in such Loan
      Group.

     

    “Avelo”:
      Avelo
      Mortgage, L.L.C., or any successor in interest.

     

    “Bankruptcy
      Coverage”:
      For
      any Distribution Date, an amount equal to the greater of
      (i)(x) $501,358.02, or such lesser amount as may be determined by the
      Depositor from time to time upon written confirmation from each Rating Agency
      that the use of such lesser amount will not adversely affect the then current
      ratings assigned to any Class of Certificates by such Rating Agency,
minus
      (y) the aggregate amount of Bankruptcy Losses allocated to the Certificates
      prior to such date and (ii) zero.

     

    “Book-Entry
      Certificates”:
      The
      Senior Certificates (other than the Residual Certificates) and the Senior
      Subordinate Certificates.

     

    “Certificate
      Group”:
      Any of
      the Group 1 Certificates, the Group 2 Certificates, the Group 3 Certificates,
      the Group 4 Certificates, the Group 5 Certificates and the Group 6
      Certificates, as applicable.

     

    “Certificate
      Interest”:
      For
      each Class of Certificates, on each Distribution Date, an amount equal to the
      product of (a) the Certificate Rate for such Class, (b) a fraction,
      the numerator of which is 30 and the denominator of which is 360, and
      (c) the applicable Class Principal Balance, as applicable.

     

    “Certificate
      Rate”:
      With
      respect to each Class of Certificates on any Distribution Date, the percentage
      per
      annum
      rate or
      other entitlement to interest described in Section 2.03 hereof.

     

    “Certificates”:
      The
      Class 1A1, Class 1A2, Class 2A1, Class 2A2, Class 3A1, Class 3A2, Class 4A1,
      Class 4A2, Class 5A1, Class 5A2, Class 6A1, Class 6A2, Class B1, Class B2,
      Class
      B3, Class B4, Class B5, Class B6, Class RC and Class R
      Certificates.

     

    “Class”:
      Each
      class of Certificates or REMIC Interests.

     

    “Class
      B Certificates”:
      The
      Class B1, Class B2, Class B3, Class B4, Class B5, and Class B6
      Certificates.

     

    “Class
      I Interests”:
      The
      Class I-1B, Class I-1Q, Class I-2B, Class I-2Q, Class I-3B, Class I-3Q, Class
      I-4B, Class I-4Q, Class I-5B, Class I-5Q, Class I-6B and Class I-6Q Interests,
      each of which shall constitute a class of regular interests in REMIC
      I.

     

    “Class
      Principal Balance”:
      With
      respect to each Class of Certificates or Interests, as of the close of business
      on any Distribution Date, the initial balance of such Class of Certificates
      or
      Interests set forth in Section 2.03(b) reduced by (a) all principal payments
      (other than payments in reimbursement of Realized Losses) previously distributed
      to such Class of Certificates or Interests in accordance with the Trust
      Agreement, and (b) all Realized Losses, if any, previously allocated to such
      Class of Certificates or Interests pursuant to the Trust Agreement, and
      increased by (c) the amount of any Subsequent Recoveries allocated to that
      Class.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    “Class
      R Certificates”:
      The
      Certificates constituting the sole class of “residual interest” (as defined in
      Code Section 860G(a)(2)) in REMIC II.

     

    “Class
      RC Certificates”:
      The
      Certificates constituting the sole class of “residual interest” (as defined in
      Code Section 860G(a)(2)) in REMIC I.

     

    “Closing
      Date”:
      January 31, 2007.

     

    “CMT
      Rate”:
      A rate
      determined based on the average weekly yield on U.S. Treasury securities
      adjusted to a constant maturity of one year as published in Federal Reserve
      Statistical Release H.15 (519) during the last full week occurring 45 days
      prior
      to the applicable loan adjustment date, and annually thereafter.

     

    “Countrywide”:
      Countrywide Home Loans, Inc., or any successor in interest.

     

    “Countrywide
      Servicing”:
      Countrywide Home Loans Servicing, LP, or any successor in interest.

     

    “Crossover
      Amounts”:
      Amounts related to a Loan Group that are required to be paid to the Senior
      Certificates related to another Loan Group pursuant to Section
      3.03.

     

    “Curtailments”:
      Voluntary partial prepayments on a Mortgage Loan (i.e.,
      not
      including Payoffs, Liquidation Proceeds, Insurance Proceeds, or Condemnation
      Proceeds).

     

    “Custodial
      Agreement”:
      Each
      of (i) the Custodial Agreement dated as of October 1, 2005, between GSMC and
      the
      DB Custodian, (ii) the Custodial Agreement dated as of August 1, 2005,
      between GSMC and the USB Custodian and (iii) the Custodial Agreement dated
      as of August 1, 2003, as amended by Amendment No. 1 thereto dated as of October
      25, 2003, each between GSMC and the WFB Custodian.

     

    “Custodian”:
      Each
      of the DB Custodian, the USB Custodian and the WFB Custodian, each in its
      respective capacity as custodian under the applicable Custodial Agreements,
      and
      any successor Custodians thereunder.

     

    “Cut-Off
      Date”:
      January 1, 2007.

     

    “DB
      Custodian”:
      Deutsche Bank National Trust Company, or any successor in interest.

     

    “Delinquency/Loss
      Test”:
      The
      test as to whether on any Distribution Date: (A) the aggregate outstanding
      principal balance of the Mortgage Loans delinquent 60 days or more (including
      Mortgage Loans in bankruptcy or foreclosure and REO Property) averaged over
      the
      immediately preceding three-month period is less than or equal to 50% of the
      aggregate outstanding Class Principal Balance of the Subordinate Certificates
      as
      of such Distribution Date, and (B) cumulative Realized Losses as of each
      Distribution Date prior to February 2015, February 2016, February
      2017 and
      February 2018 (and each February thereafter) do not exceed 30%, 35%, 40%, 45%
      and 50%, respectively, of the aggregate initial Class Principal Balance of
      Subordinate Certificates.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    “Distribution
      Date”:
      The
      25th day of each month, or if such day is not a Business Day, the next Business
      Day following such day. The initial Distribution Date shall be February 26,
      2007.

     

    “Due
      Date”:
      For
      any Mortgage Loan, the first day in each calendar month.

     

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

     

    “Excess
      Bankruptcy Losses”:
      For
      any Distribution Date, the amount of Bankruptcy Losses for such Distribution
      Date in excess of the Bankruptcy Coverage for such Distribution
      Date.

     

    “Excess
      Fraud Losses”:
      For
      any Distribution Date, the amount of Fraud Losses for such Distribution Date
      in
      excess of the Fraud Coverage for such Distribution Date.

     

    “Excess
      Special Hazard Losses”:
      For
      any Distribution Date, the amount of Special Hazard Losses for such Distribution
      Date in excess of the Special Hazard Coverage for such Distribution
      Date.

     

    “Excess
      Special Losses”:
      Collectively, Excess Fraud Losses, Excess Bankruptcy Losses and Excess Special
      Hazard Losses.

     

    “Fitch”:
      Fitch
      Ratings, and its successors in interest.

     

    “Fraud
      Coverage”:
      For
      any Distribution Date, an amount equal to (i) the following percentage of
      the aggregate Scheduled Principal Balance of all Mortgage Loans, as of the
      Due
      Date in the preceding calendar month (or, in the case of the first Distribution
      Date, as of the Cut-Off Date): (A) for the period from and including the
      Cut-Off Date to but excluding the date of the third anniversary of the Cut-Off
      Date, 1.00% and (B) for the period from and including the date of the
      fourth anniversary of the Cut-Off Date to but excluding the date of the fifth
      anniversary of the Cut-Off Date, 1.00%, minus
      (ii) the aggregate amount of Fraud Losses allocated to the Certificates on
      or prior to such Distribution Date. On the date of the sixth anniversary of
      the
      Cut-Off Date, and for each Distribution Date thereafter, the Fraud Coverage
      shall be zero. In no event may the Fraud Coverage be less than
      zero.

     

    “Group
      1 Certificates”:
      The
      Class 1A1 and Class 1A2 Certificates. The Group 1 Certificates are related
      to
      Loan Group 1.

    “Group
      2 Certificates”:
      The
      Class 2A1 and Class 2A2 Certificates. The Group 2 Certificates are related
      to
      Loan Group 2.

     

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

    

    “Group
      3 Certificates”:
      The
      Class 3A1 and Class 3A2 Certificates. The Group 3 Certificates are related
      to
      Loan Group 3.

     

    “Group
      4 Certificates”:
      The
      Class 4A1 and Class 4A2 Certificates. The Group 4 Certificates are related
      to
      Loan Group 4.

     

    “Group
      5 Certificates”:
      The
      Class 5A1 and Class 5A2 Certificates. The Group 5 Certificates are related
      to
      Loan Group 5.

     

    “Group
      6 Certificates”:
      The
      Class 6A1, Class 6A2, Class R and Class RC Certificates. The Group 6
      Certificates are related to Loan Group 6.

     

    “Group
      1 Loans”:
      The
      Mortgage Loans in Loan Group 1.

     

    “Group
      2 Loans”:
      The
      Mortgage Loans in Loan Group 2.

     

    “Group
      3 Loans”:
      The
      Mortgage Loans in Loan Group 3.

     

    “Group
      4 Loans”:
      The
      Mortgage Loans in Loan Group 4.

     

    “Group
      5 Loans”:
      The
      Mortgage Loans in Loan Group 5.

     

    “Group
      6 Loans”:
      The
      Mortgage Loans in Loan Group 6.

     

    “Group
      Subordinate Amount”:
      As to
      any Distribution Date and (i) the Mortgage Loans in Loan Group 1, shall be
      equal
      to the excess of the aggregate Scheduled Principal Balance of the Mortgage
      Loans
      in Loan Group 1 for the preceding Distribution Date over the aggregate Class
      Principal Balance of the Group 1 Certificates after giving effect to
      distributions on such preceding Distribution Date; (ii) the Mortgage Loans
      in
      Loan Group 2, shall be equal to the excess of the aggregate Scheduled Principal
      Balance of the Mortgage Loans in Loan Group 2 for the preceding Distribution
      Date over the aggregate Class Principal Balance of the Group 2 Certificates
      after giving effect to distributions on such preceding Distribution Date; (iii)
      the Mortgage Loans in Loan Group 3, shall be equal to the excess of the
      aggregate Scheduled Principal Balance of the Mortgage Loans in Loan Group 3
      for
      the preceding Distribution Date over the aggregate Class Principal Balance
      of
      the Group 3 Certificates after giving effect to distributions on such preceding
      Distribution Date; (iv) the Mortgage Loans in Loan Group 4, shall be equal
      to
      the excess of the aggregate Scheduled Principal Balance of the Mortgage Loans
      in
      Loan Group 4 for the preceding Distribution Date over the aggregate Class
      Principal Balance of the Group 4 Certificates after giving effect to
      distributions on such preceding Distribution Date; (v) the Mortgage Loans in
      Loan Group 5, shall be equal to the excess of the aggregate Scheduled Principal
      Balance of the Mortgage Loans in Loan Group 5 for the preceding Distribution
      Date over the aggregate Class Principal Balance of the Group 5 Certificates
      after giving effect to distributions on such preceding Distribution Date and
      (vi) the Mortgage Loans in Loan Group 6, shall be equal to the excess of
      the aggregate Scheduled Principal Balance of the Mortgage Loans in Loan Group
      6
      for the preceding Distribution Date over the aggregate Class Principal Balance
      of the Group 6 Certificates after giving effect to distributions on such
      preceding Distribution Date.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    “GSMC”:
      Goldman Sachs Mortgage Company, a New York limited partnership, and its
      successors in interest.

     

    “Interest
      Accrual Period”:
      For
      any Distribution Date and each Class of Certificates, the calendar month
      preceding the month in which such Distribution Date occurs, calculated on the
      basis of a 360-day year consisting of twelve thirty-day months.

     

    “Interest
      Only Certificates”:
      [Reserved].

     

    “Junior
      Subordinate Certificates”:
      The
      Class B4, Class B5 and Class B6 Certificates.

     

    “Lender
      Paid Mortgage Insurance Amount”:
      With
      respect to any Lender Paid Mortgage Insurance Loan, the interest portion of
      each
      Scheduled Payment that is paid by the related Borrower that will be used to
      pay
      the monthly premium of the “lender paid” primary insurance policy on such Lender
      Paid Mortgage Insurance Loan, which is calculated by multiplying the Scheduled
      Principal Balance as of the related date of determination on such Lender Paid
      Mortgage Insurance Loan by the applicable Lender Paid Mortgage Insurance
      Rate.

     

    “Lender
      Paid Mortgage Insurance Loan”:
      Each
      of the Mortgage Loans identified on the Mortgage Loan Schedule as having a
      Lender Paid Mortgage Insurance Rate.

     

    “Lender
      Paid Mortgage Insurance Rate”:
      With
      respect to any Lender Paid Mortgage Insurance Loan, a per annum rate equal
      to
      the percentage indicated on the Mortgage Loan Schedule under the heading “Lender
      Paid Mortgage Insurance Rate.”

     

    “LIBOR”:
      [Reserved].

     

    “LIBOR
      Certificates”:
      [Reserved].

     

    “LIBOR
      Determination Date”:
      [Reserved].

     

    “Liquidated
      Mortgage Loan”:
      A
      Mortgage Loan for which the applicable Servicer has determined that it has
      received all amounts that it expects to recover from or on account of the
      Mortgage Loan, whether from Insurance Proceeds, Liquidation Proceeds, the
      liquidation of any assets pledged for the further security of such Mortgage
      Loan
      in addition to the Mortgaged Property or otherwise.

     

    “Liquidation
      Principal”:
      For
      any Distribution Date, the principal portion of Liquidation Proceeds received
      with respect to each Mortgage Loan that became a Liquidated Mortgage Loan during
      the calendar month preceding the month of the Distribution Date.

     

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

     

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

    

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

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

     

    “Loan
      Group 4”:
      The
      aggregate of the Mortgage Loans identified on Schedule I as being included
      in
      Loan Group 4.

     

    “Loan
      Group 5”:
      The
      aggregate of the Mortgage Loans identified on Schedule I as being included
      in
      Loan Group 5.

     

    “Loan
      Group 6”:
      The
      aggregate of the Mortgage Loans identified on Schedule I as being included
      in
      Loan Group 6.

     

    “London
      Business Day”:
      [Reserved].

     

    “Lydian”:
      Lydian
      Private Bank, or any successor in interest.

     

    “Master
      Servicer”:
      Wells
      Fargo Bank, N.A., its successors and assigns, including any successor master
      servicer.

     

    “Master
      Servicer Investment Period”:
      With
      respect to any Master Servicer Remittance Date and the related amounts in the
      Master Servicer Account, the period commencing on the fifth Business Day
      preceding such Distribution Date and ending on the Master Servicer Remittance
      Date.

     

    “Master
      Servicing Fee”:
      With
      respect to any Master Servicer Remittance Date, all income and gain realized
      from the investment of funds in the Master Servicer Account.

     

    “Moody’s”:
      [Reserved].

     

    “Mortgage
      Loans”:
      The
      mortgage loans listed on Schedule I hereto.

     

    “National
      City”:
      National City Mortgage Co., or any successor in interest.

     

    “Net
      Rate”:
      With
      respect to each Mortgage Loan, the interest rate of such Mortgage Loan less
      the
      Administrative Cost Rate applicable to such Mortgage Loan. For purposes of
      calculating the Certificate Rates of the REMIC Interests and Certificates,
      the
      Net Rate of a Mortgage Loan shall be calculated without regard to any
      modification, waiver or amendment of the interest rate of the Mortgage Loan,
      whether agreed to by any Servicer or resulting from a bankruptcy, insolvency
      or
      similar proceeding involving the related Borrower. Further, in the case of
      any
      Distribution Date and any Mortgage Loan that has a first payment date after
      the
      first day of the related Due Period, the Net Rate of such Mortgage Loan shall
      be
      treated as zero for purposes of calculating the Certificate Rates of the REMIC
      Interests and the Certificates.

     

    “Net
      WAC Rate”:
      With
      respect to any Distribution Date and each Loan Group, the per annum rate equal
      to a fraction (i) the numerator of which is the sum, for each Mortgage Loan
      in such Loan Group, of the product of (x) the Net Rate in effect for such
      Mortgage Loan as of the beginning of the related Due Period and (y) the
      Scheduled Principal Balance of such Mortgage Loan as of the beginning of the
      related Due Period (after taking into account scheduled payments of principal
      on
      such date), and (ii) the denominator of which is the aggregate Scheduled
      Principal Balance of the Mortgage Loans in such Loan Group as of the beginning
      of the related Due Period.

     

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    “Payoffs”:
      Voluntary prepayments in full on a Mortgage Loan.

     

    “PHH”:
      PHH
      Mortgage Corporation, or any successor in interest.

     

    “Prepayment
      Period”:
      As to
      each Distribution Date, the preceding calendar month.

     

    “Principal
      Payment Amount”:
      For
      any Distribution Date and any Loan Group, the sum, for all Mortgage Loans in
      such Loan Group, of the portion of Scheduled Payments due on the Due Date
      immediately before the Distribution Date that are allocable to principal on
      the
      Mortgage Loans in such Loan Group.

     

    “Principal
      Prepayment Amount”:
      For
      any Distribution Date and any Loan Group, the sum, for all of the Mortgage
      Loans
      in such Loan Group, of all Payoffs and Curtailments that were received during
      the related Prepayment Period.

     

    “Rating
      Agency”:
      (a) As to each Class of Certificates other than the Class B1, Class B2,
      Class B3, Class, B4, Class B5 and Class B6 Certificates, S&P and (b) as to
      each Class of Certificates other than the Class B6 Certificates,
      Fitch.

     

    “Record
      Date”:
      For
      any Distribution Date and any Class of Certificates, the last Business Day
      of
      the related Interest Accrual Period.

     

    “Reference
      Banks”:
      [Reserved].

     

    “Regular
      Certificates”:
      The
      Senior Certificates and the Subordinate Certificates.

     

    “Regular
      Interests”:
      The
      REMIC
      I
      Regular Interests.

     

    “REMIC”:
      REMIC
      I.

     

    “REMIC
      Interests”:
      Each
      Class of Regular Interests and the Class RC and Class R Certificates issued
      pursuant to Section 2.03.

     

    “REMIC
      I”:
      One of
      the real estate mortgage investment conduits created
      in the Trust, the assets of which consist of the Mortgage Loans and the REMIC
      I
      Distribution Account.

     

    “REMIC
      I Regular Interests”:
      The
      regular interests issued by REMIC I, consisting of the Class I
      Interests.

     

    “REMIC
      I Subordinated Balance Ratio”:
      The
      ratio
      among the principal balances of the Class I-1B Interest, Class I-2B Interest,
      Class I-3B Interest, Class I-4B Interest, Class I-5B Interest and Class I-6B
      Interests equal to the ratio among the Group Subordinate Amounts for each of
      Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5 and Loan
      Group 6.

    

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    “REMIC
      II”:
      One of
      the real estate mortgage investment conduits created in the Trust, the assets
      of
      which consist of the Certificate Account and the REMIC I Regular
      Interests.

     

    “REMIC
      II Regular Interests”:
      The
      regular interests issued by REMIC II, consisting of the Certificates (other
      than
      the Residual Certificates).

     

    “Remittance
      Date”:
      The
      18th
      day of
      each month, or if such day is not a Business Day, either the next succeeding
      business day or the business day immediately preceding such date, as set forth
      in the applicable Sale and Servicing Agreement.

     

    “Residual
      Certificates”:
      The
      Class R and Class RC Certificates.

     

    “RFC”:
      Residential Funding Company, LLC, or any successor in interest.

     

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

     

    “Sale
      and Servicing Agreement”:
      Each
      of (1) the Flow Servicing Agreement dated as of January 1, 2006, by and between
      Avelo and GSMC; (2) the Servicing Agreement dated as of July 1, 2004, between
      Countrywide Servicing and GSMC; (3) the Second Amended and Restated Flow
      Seller’s Warranties and Servicing Agreement dated as of January 1, 2006, as
      amended by Amendment No. 1 dated as of July 24, 2006 and Amendment No. 2, dated
      as of August 9, 2006, by and between National City and GSMC; (4) the Second
      Amended and Restated Mortgage Loan Flow Purchase, Sale & Servicing Agreement
      dated as of May 1, 2006, as amended by Amendment No. 1 dated as of August 1,
      2006, by and between PHH and GSMC; (5) the Standard Terms and Provision of
      Sale and Servicing Agreement dated September 29, 2005, by and between RFC and
      GSMC; (6) the Amended and Restated Master Seller’s Warranties and Servicing
      Agreement dated as of March 1, 2006, the Second Amended and Restated Master
      Seller’s Warranties and Servicing Agreement dated as of November 1, 2005, and
      the Assignment and Conveyance Agreement (2006-W74) dated August 30, 2006, each
      by and between GSMC and Wells Fargo Bank; in each case, in each case as modified
      by the related Assignment Agreements.

     

    “Scheduled
      Payment”:
      For
      each Mortgage Loan, payments of interest and principal scheduled to be paid
      on
      each Due Date in accordance with the terms of related Mortgage
      Note.

     

    “Securities
      Administrator”:
      Wells
      Fargo Bank, N.A. in its capacity as Securities Administrator under this Trust
      Agreement, or its successor in interest in such capacity.

     

    “Securities
      Administrator Fee”:
      With
      respect to any Distribution Date, an amount equal to all income and gain
      realized from the investment of funds in the Certificate Account during the
      period from and including the Distribution Date immediately preceding such
      Distribution Date, to but excluding such Distribution Date.

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    “Seller”:
      Each
      of Aegis Mortgage Corporation, Countrywide, E-Loan, Inc., Family Lending
      Services, Inc., National City, PHH, PNC Bank, National Association, Quicken
      Loans, Inc., RFC, SCME Mortgage Banks, Inc., Secured Bankers Mortgage Company
      and Wells Fargo Bank.

     

    “Senior
      Certificates”:
      Collectively, the Class 1A1, Class 1A2, Class 2A1, Class 2A2, Class 3A1, Class
      3A2, Class 4A1, Class 4A2, Class 5A1, Class 5A2, Class 6A1, Class 6A2, Class
      R
      and Class RC Certificates.

     

    “Senior
      Liquidation Amount”:
      For
      any Distribution Date and any Loan Group, shall equal the aggregate, for each
      Mortgage Loan in such Loan Group that became a Liquidated Mortgage Loan during
      the calendar month preceding the month of that Distribution Date, of the lesser
      of (i) the applicable Senior Percentage of the Scheduled Principal Balance
      of that Mortgage Loan and (ii) the applicable Senior Prepayment Percentage
      of the Liquidation Principal derived from such Mortgage Loan.

     

    “Senior
      Percentage”:
      For
      any Distribution Date and any Loan Group, shall equal the lesser of
      (a) 100% and (b) the sum of the Class Principal Balances (immediately
      before such Distribution Date) of the Senior Certificates related to such Loan
      Group, divided by the
      aggregate Scheduled Principal Balance of the Mortgage Loans in such Loan Group
      as of the beginning of the Due Period related to such Distribution
      Date.

     

    “Senior
      Prepayment Amount”:
      For
      any Distribution Date and any Loan Group, the product of (i) the applicable
      Senior Prepayment Percentage and (ii) the Principal Prepayment Amount for
      such Loan Group received during the related Prepayment Period.

     

    “Senior
      Prepayment Percentage”:
      For
      each Distribution Date and any Loan Group, the applicable Senior Percentage
      for
      such Distribution Date, plus
      the
      percentage of the Subordinate Percentage for the applicable Loan Group or Loan
      Groups identified below for the period during which such Distribution Date
      occurs:

     

    
      	
              Distribution
                Date

            	 	
              Percent
                of Applicable

              Subordinate
                Percentage

            
	
              February
                2007 through January 2014

            	 	
              100%

            
	
              February
                2014 through January 2015

            	 	
              70%

            
	
              February
                2015 through January 2016

            	 	
              60%

            
	
              February
                2016 through January 2017

            	 	
              40%

            
	
              February
                2017 through January 2018

            	 	
              20%

            
	
              February
                2018 and thereafter

            	 	
              0%

            

    

    

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

    

    provided,
      however,
      that,
      (i) on any Distribution Date, if the Senior Percentage for any Loan Group for
      such Distribution Date exceeds the initial Senior Percentage of such Loan Group
      as of the Closing Date, then the Senior Prepayment Percentage for such Loan
      Group and that Distribution Date shall equal 100%; (ii) if before the
      Distribution Date in February 2010, (x) the combined Subordinate Percentage
      for all Loan Groups for such Distribution Date is greater than or equal to
      twice
      the combined Subordinate Percentage as of the Closing Date and (y) the
      aggregate amount of Realized Losses realized on the Mortgage Loans in all Loan
      Groups is less than or equal to 20% of the initial aggregate Class Principal
      Balance of the Subordinate Certificates, then the Senior Prepayment Percentage
      for such Loan Group for such Distribution Date shall equal the Senior Percentage
      for the such Loan Group plus 50% of the Subordinate Percentage for that
      Distribution Date; and (iii) if on or after the Distribution Date in
      February 2010, (x) the Subordinate Percentage for all Loan Groups for such
      Distribution Date is greater than or equal to twice the combined Subordinate
      Percentage as of the Closing Date and (y) the aggregate amount of Realized
      Losses realized on the Mortgage Loans in all Loan Groups is less than or equal
      to 30% of the initial aggregate Class Principal Balance of the Subordinate
      Certificates, then the Senior Prepayment Percentage for each Loan Group for
      such
      Distribution Date shall equal the Senior Percentage for such Loan Group for
      such
      Distribution Date; and provided,
      further,
      that if
      the Delinquency/Loss Test is not satisfied for any Loan Group as of the
      respective Distribution Date, the Subordinate Percentage for such Loan Group
      used to calculate the Senior Prepayment Percentage for the related Distribution
      Date shall equal 100%. If on any Distribution Date the allocation to the Senior
      Certificates in the percentage required would reduce the sum of the Class
      Principal Balances of the Senior Certificates related to a Loan Group below
      zero, the Senior Prepayment Percentage for such Distribution Date and such
      Loan
      Group shall be limited to the percentage necessary to reduce such sum to
      zero.

     

    “Senior
      Principal Distribution Amount”:
      For
      each Distribution Date and each Loan Group, the sum of: (i) the applicable
      Senior Percentage of the Principal Payment Amount for such Loan Group, (ii)
      the
      applicable Senior Prepayment Percentage of the Principal Prepayment Amount
      for
      such Loan Group, (iii) the Senior Liquidation Amount for such Loan Group, (iv)
      Crossover Amounts (allocable to principal), if any, received from the other
      Loan
      Groups and (v) the applicable Senior Prepayment Percentage of any Subsequent
      Recoveries, with respect to the Mortgage Loans in such Loan Group.

    
       

      “Senior
        Subordinate Certificates”:
        The
        Class B1, Class B2 and Class B3 Certificates.

       

      “Senior
        Support Certificates”:
        The
        Class 1A2, Class 2A2, Class 3A2, Class 4A2, Class 5A2 and Class 6A2
        Certificates.

       

      “Servicer”:
        Each
        of Avelo, Countrywide Servicing, National City, PHH, RFC and Wells
        Fargo.

       

      “Servicing
        Fee”:
        With
        respect to each Distribution Date and each Mortgage Loan, the aggregate amount
        payable to the Servicer with respect to such Mortgage Loan, which amount
        payable
        is equal to one-twelfth of the applicable Servicing Fee Rate multiplied by
        the
        Scheduled Principal Balance of such Mortgage Loan as of the beginning of
        the Due
        Period related to such Distribution Date.

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    “Servicing
      Fee Rate”:
      For
      each Mortgage Loan, the applicable per annum rate listed on the Mortgage Loan
      Schedule.

     

    “Special
      Hazard Coverage”:
      For
      each Distribution Date, an amount equal to the greater of (i) the greatest
      of (A) the aggregate Scheduled Principal Balance of Mortgage Loans related
      to Mortgaged Properties located in the single California zip code area with
      the
      largest aggregate Scheduled Principal Balance of related Mortgage Loans,
      (B) 1% of the aggregate Scheduled Principal Balance of Mortgage Loans and
      (C) twice the Scheduled Principal Balance of the largest single Mortgage
      Loan, in each case calculated as of the Due Date in the immediately preceding
      month (or, in the case of the first Distribution Date, as of the Cut-Off Date);
      and (ii) $8,723,911.82, minus
      (iii) the aggregate amount of Special Hazard Losses allocated to the
      Certificates on or prior to such Distribution Date; provided,
      however,
      that, in
      no event may the Special Hazard Coverage be less than zero.

     

    “Special
      Hazard Loss”:
      Any
      loss on a Mortgage Loan resulting from (i) damage to the related Mortgaged
      Property caused by certain hazards (including earthquakes and, to a limited
      extent, tidal waves and related water damage) not insured against under the
      standard form of hazard insurance policy for the state in which the related
      Mortgaged Property is located or under a flood insurance policy if the Mortgaged
      Property is located in a federally designated flood area, or (ii) the
      application of the coinsurance clause contained in such hazard insurance policy;
      provided,
      however,
      that
      Special Hazard Losses shall not include losses caused by war, civil
      insurrection, action taken by governmental authority in hindering, combating
      or
      defending against an actual, impending or expected attack, errors in design,
      faulty workmanship or materials (unless the collapse of the property or a part
      thereof ensues, and then only the ensuing loss shall be considered a Special
      Hazard Loss), nuclear reaction, flood (if the Mortgaged Property is located
      in a
      federally designated flood area) and chemical contamination.

     

    “Special
      Losses”:
      Bankruptcy Losses, Fraud Losses or Special Hazard Losses. 

     

    “Standard
      Terms”:
      The
      Standard Terms to Master Servicing and Trust Agreement January 2007 Edition,
      incorporated by reference in the Trust Agreement.

     

    “Step
      1
      Assignment Agreements”:
      Each
      of (1) the Assignment, Assumption and Recognition Agreement dated as of January
      1, 2007, among GSMC, as assignor, the Depositor, as assignee, and Avelo, as
      seller and servicer; (2) Assignment, Assumption and Recognition Agreement dated
      as of January 1, 2007, among GSMC, as assignor, the Depositor, as assignee,
      and
      Countrywide Servicing, as servicer; (3) Assignment, Assumption and Recognition
      Agreement dated as of January 1, 2007, among GSMC, as assignor, the Depositor,
      as assignee, and Countrywide, as seller; (4) Assignment, Assumption and
      Recognition Agreement dated as of January 1, 2007, among GSMC, as assignor,
      the
      Depositor, as assignee, and National City, as seller and servicer; (5)
      Assignment, Assumption and Recognition Agreement dated as of January 1, 2007,
      among GSMC, as assignor, the Depositor, as assignee, and RFC, as seller and
      servicer; (6) the Assignment, Assumption and recognition Agreement dated as
      of January 1, 2007, among GSMC, as assignor, the Depositor, as assignee, and
      PHH, as seller and servicer and (7) the Assignment, Assumption and Recognition
      Agreement dated as of January 1, 2007, among GSMC, as assignor, the Depositor,
      as assignee, and Wells Fargo Bank, as seller and servicer.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    “Step
      2
      Assignment Agreements”:
      Each
      of (1) Assignment, Assumption and Recognition Agreement dated as of January
      1,
      2007, among the Depositor, as assignor, the Trustee, as assignee, and Avelo,
      as
      seller and servicer; (2) Assignment, Assumption and Recognition Agreement dated
      as of January 1, 2007, among the Depositor, as assignor, the Trustee, as
      assignee, Countrywide Servicing, as servicer, and Countrywide, as seller;
      (3) Assignment, Assumption and Recognition Agreement dated as of January 1,
      2007, among the Depositor, as assignor, the Trustee, as assignee, and National
      City, as seller and servicer; (4) Assignment, Assumption and Recognition
      Agreement dated as of January 1, 2007, among the Depositor, as assignor, the
      Trustee, as assignee, and RFC, as seller and servicer; (5) the Assignment,
      Assumption and Recognition Agreement dated as of January 1, 2007 among the
      Depositor, as assignor, the Trustee, as assignee, and PHH, as seller and
      servicer and (6) Assignment, Assumption and Recognition Agreement dated as
      of January 1, 2007, among the Depositor assignor, the Trustee, as assignee,
      and
      Wells Fargo Bank, as seller and servicer.

     

    “Subordinate
      Certificates”:
      The
      Class B Certificates.

     

    “Subordinate
      Percentage”:
      For
      any Distribution Date and any Loan Group, (x) 100%, minus
      (y) the
      Senior Percentage for such Loan Group.

     

    “Subordinate
      Principal Distribution Amount”:
      For
      any Distribution Date and any Loan Group, (x) the sum, for such Loan Group,
      of the Principal Payment Amount, the Principal Prepayment Amount and the
      Liquidation Principal, minus
      (y) the Senior Principal Distribution Amount for such Loan Group,
minus
      (z)
      Crossover Amounts, if any, allocable to principal paid to the Senior
      Certificates related to the other Loan Group.

     

    “Subordination
      Levels”:
      With
      respect to any Class of Subordinate Certificates on any specified date, the
      percentage obtained by dividing the sum of the Class Principal Balances of
      all
      Classes of Subordinate Certificates that are subordinate to that Class by the
      sum of the Class Principal Balances of all Classes of Certificates as of such
      date, before giving effect to distributions and allocations of Realized Losses
      to the Certificates on such date.

     

    “Subsequent
      Recoveries”:
      With
      respect to any Distribution Date and any Mortgage Loan, amounts received in
      respect of principal on such Mortgage Loan during the related Prepayment Period
      which have previously been allocated as a Realized Loss, Special Loss or Excess
      Special Loss to a Class of Certificates.

     

    “Super
      Senior Certificates”:
      The
      Class 1A1, Class 2A1, Class 3A1, Class 4A1, Class 5A1 and Class 6A1
      Certificates.

     

    “Trust
      Agreement”:
      This
      Master Servicing and Trust Agreement dated as of January 1, 2007, which
      incorporates by reference the Standard Terms. Any references in any documents
      required hereunder, including references in documents within the Trustee
      Mortgage Loan File, to a Trust Agreement dated as of January 1, 2007 shall
      be
      deemed to refer to this Trust Agreement.

     

    “Trust
      Estate”:
      As
      defined in Section 2.01 hereof.

    

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

    “Trustee”:
      Deutsche Bank National Trust Company, not in its individual capacity but solely
      as Trustee under this Trust Agreement, or its successor in interest in such
      capacity, or any successor trustee appointed as herein provided.

     

    “USB
      Custodian”:
      U.S.
      Bank National Association, or any successor in interest.

     

    “Wells
      Fargo Bank”:
      Wells
      Fargo Bank, N.A., or any successor in interest.

     

    “WFB
      Custodian”:
      Wells
      Fargo Bank, N.A., or any successor in interest.

     

    ARTICLE
      II

     

    FORMATION
      OF TRUST; CONVEYANCE OF MORTGAGE LOANS

     

    Section
      2.01 Conveyance
      to the Trustee 
      To
      provide for the distribution of the principal of and interest on the
      Certificates in accordance with their terms, all of the sums distributable
      under
      this Trust Agreement with respect to the Certificates and the performance of
      the
      covenants contained in this Trust Agreement, the Depositor hereby bargains,
      sells, conveys, assigns and transfers to the Trustee, in trust, without recourse
      and for the exclusive benefit of the Holders, all of the Depositor’s right,
      title and interest in and to any and all benefits accruing to the Depositor
      from: (a) the Mortgage Loans listed on each of Schedule
      I
      hereto,
      the related Trustee Mortgage Loan Files, and all Scheduled Payments due thereon
      after the Cut-Off Date and all principal prepayments collected with respect
      to
      the Mortgage Loans and paid by a Borrower on or after the Cut-Off Date, and
      proceeds of the conversion, voluntary or involuntary, of the foregoing;
      (b) the Sale and Servicing Agreements (other than GSMC’s rights to
      indemnification thereunder, which were retained by GSMC under the applicable
      Step 1 Assignment Agreements), as they relate to the Mortgage Loans;
      (c) the Custodial Agreements, as they relate to the Mortgage Loans;
      (d) the Assignment Agreements; (e) the REMIC I Distribution Account,
      the REMIC II Distribution Account, the Master Servicer Account, the Certificate
      Account and the Collection Accounts, as they relate to the Mortgage Loans and
      (f) proceeds of all of the foregoing (including, without limitation, all
      amounts, other than investment earnings, from time to time held or invested
      in
      the Collection Account, the REMIC I Distribution Account, the REMIC II
      Distribution Account and the Certificate Account, whether in the form of cash,
      instruments, securities or other property, all proceeds of any mortgage
      insurance, mortgage guarantees, hazard insurance, or title insurance policy
      relating to the Mortgage Loans, cash proceeds, accounts, accounts receivable,
      notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights
      to
      payment of any and every kind, and other forms of obligations and receivables,
      which at any time constitute all or part or are included in the proceeds of
      any
      of the foregoing) to pay the Certificates as specified herein (items (a) through
      (f) above shall be collectively referred to herein as the “Trust
      Estate”).

     

    The
      foregoing sale, transfer, assignment, set-over and conveyance does not and
      is
      not intended to result in the creation of an assumption by the Trustee of any
      obligation of the Depositor, the Seller or any other person in connection with
      the Mortgage Loans, the Sale and Servicing Agreements, the Assignment Agreements
      or under any agreement or instrument relating thereto except as specifically
      set
      forth herein.

    

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

    It
      is the
      policy and intention of the Trust that none of the mortgage loans included
      in
      the Trust is (i) a “High Cost Home Loan” as defined in the New Jersey Home
      Ownership Act effective November 27, 2003, (ii) a “High Cost Home Loan” as
      defined in the New Mexico Home Loan Protection Act effective January 1, 2004,
      (iii) a “High-Cost Home Mortgage Loan” as defined in the Massachusetts Predatory
      Home Loan Practices Act effective November 7, 2004, (iv) a “High Cost Home Loan”
as defined in the Indiana Home Loan Practices Act effective January 1, 2005,
      or
      (v) a “High Cost Home Loan” as defined in the Illinois High Risk Home Loan Act
      effective January 1, 2004.

     

    Section
      2.02 Acceptance
      by the Trustee. 
      By
      its
      execution of this Trust Agreement, the Trustee acknowledges and declares that
      it
      holds and will hold or has agreed to hold (in each case through the applicable
      Custodian) all documents delivered to any such person from time to time with
      respect to the Mortgage Loans and all assets included in the definition of
      “Trust
      Estate”
herein
      in trust for the exclusive use and benefit of all present and future Holders.
      The Trustee has not created and will not create, and no Responsible Officer
      of
      the Trustee has any actual knowledge or has received actual notice of, any
      interest in the Trust Estate contrary to the interests created by the Trust
      Agreement. The Trustee has not entered, nor intends to enter, into any
      subordination agreement or intercreditor agreement with respect to any asset
      included in the Trust Estate. The Trustee is hereby directed to execute and
      deliver, solely in its capacity as Trustee, the Step 2 Assignment
      Agreements.

     

    Section
      2.03 REMIC
      Elections and REMIC Designation. 
      

     

    Elections
      shall be made by the Securities Administrator to treat the assets of the Trust
      Estate described
      in the definition of the term “REMIC I” and the assets of the Trust Estate
      described in the definition of the term “REMIC II” as two separate
      REMICs
      for
      federal income tax purposes. The REMIC
      I
      Regular Interests shall constitute the regular interests in REMIC I and the
      REMIC II Regular Interests shall constitute the regular interests in REMIC
      II.
       REMIC
      I
      shall issue the Class RC Certificates, which shall constitute the sole class
      of
      residual interests in REMIC I and REMIC II shall issue the Class R Certificates,
      which shall constitute the sole class of residual interests in REMIC II.
      References in the Standard Terms to REMIC I and REMIC II shall be deemed, for
      purposes of this Trust Agreement, to refer to REMIC I and REMIC II referred
      to
      herein, as modified by this Trust Agreement.

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (a) REMIC
      I Designation.
      

     

    The
      pass-through rate with respect to the Class I-1B Interest and Class I-1Q
      Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group
      1.
      The pass-through rate with respect to the Class I-2B Interest and Class I-2Q
      Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group
      2.
      The pass-through rate with respect to the Class I-3B Interest and Class I-3Q
      Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group
      3.
      The pass-through rate with respect to the Class I-4B Interest and Class I-4Q
      Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group
      4.
      The pass-through rate with respect to the Class I-5B Interest and Class I-5Q
      Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group
      5.
      The pass-through rate with respect to the Class I-6B Interest and Class I-6Q
      Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group
      6.

     

    As
      of the
      Closing Date and any date of determination, (i) the principal balance
      of the Class I-1B Interest shall equal 0.10% of the Group Subordinate Amount
      for
      Loan Group 1;
      (ii) the
      principal balance
      of the Class I-2B Interest shall equal 0.10% of the Group Subordinate Amount
      for
      Loan Group 2; (iii)
      the
      principal balance of the Class I-3B Interest shall equal 0.10% of the Group
      Subordinate Amount for Loan Group 3; (iv) the principal balance of the Class
      I-4B Interest shall equal 0.10% of the Group Subordinate Amount for Loan Group
      4; (v) the principal balance of the Class I-5B Interest shall equal 0.10% of
      the
      Group Subordinate Amount for Loan Group 5; and (vi) the principal balance of
      the
      Class I-6B Interest shall equal 0.10% of the Group Subordinate Amount for Loan
      Group 6.

     

    As
      of the
      Closing Date and any date of determination, (i) the principal balance of the
      Class I-1Q Interest shall equal the excess of the aggregate Scheduled Principal
      Balance of the Group 1 Loans as of the end of the related Prepayment Period
      over
      the principal balance of the Class I-1B Interest, (ii) the principal balance
      of
      the Class I-2Q Interest shall equal the excess of the aggregate Scheduled
      Principal Balance of the Group 2 Loans as of the end of the related Prepayment
      Period over the principal balance of the Class I-2B Interest, (iii) the
      principal balance of the Class I-3Q Interest shall equal the excess of the
      aggregate Scheduled Principal Balance of the Group 3 Loans as of the end of
      the
      related Prepayment Period over the principal balance of the Class I-3B Interest,
      (iv) the principal balance of the Class I-4Q Interest shall equal the excess
      of
      the aggregate Scheduled Principal Balance of the Group 4 Loans as of the end
      of
      the related Prepayment Period over the principal balance of the Class I-4B
      Interest, (v) the principal balance of the Class I-5Q Interest shall equal
      the
      excess of the aggregate Scheduled Principal Balance of the Group 5 Loans as
      of
      the end of the related Prepayment Period over the principal balance of the
      Class
      I-5B Interest and (vi) the principal balance of the Class I-6Q Interest shall
      equal the excess of the aggregate Scheduled Principal Balance of the Group
      6
      Loans as of the end of the related Prepayment Period (less $100 allocable to
      the
      Class RC Certificates until paid pursuant to Section 3.01(a)(vi)) over the
      principal balance of the Class I-6B Interest. 

     

    On
      each
      Distribution Date, prior to distributions on the Certificates as provided in
      Section 3.01(a): (i) the Available Distribution Amount (without regard to clause
      (1)(g) of the definition thereof) from Loan Group 1 shall be deemed distributed
      to the Class I-1B Interest and Class I-1Q Interest, (ii) the Available
      Distribution Amount (without regard to clause (1)(g) of the definition thereof)
      from Loan Group 2 shall be deemed distributed to the Class I-2B Interest and
      Class I-2Q Interest, (iii) the Available Distribution Amount (without regard
      to
      clause (1)(g) of the definition thereof) from Loan Group 3 shall be deemed
      distributed to the Class I-3B Interest and Class I-3Q Interest, (iv) the
      Available Distribution Amount (without regard to clause (1)(g) of the definition
      thereof) from Loan Group 4 shall be deemed distributed to the Class I-4B
      Interest and Class I-4Q Interest, (v) the Available Distribution Amount (without
      regard to clause (1)(g) of the definition thereof) from Loan Group 5 shall
      be
      deemed distributed to the Class I-5B Interest and Class I-5Q Interest and (vi)
      the Available Distribution Amount (without regard to clause (1)(g) of the
      definition thereof) from Loan Group 6 (other than amounts paid to the Class
      RC
      Certificates pursuant to Section 3.01) shall be deemed distributed to the Class
      I-6B Interest and Class I-6Q Interest.

    

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

    Distributions
      of principal shall be made, and Realized Losses shall be allocated:

     

    (i) first,
      to
      the Class I-1B Interest, Class I-2B Interest, Class I-3B Interest, Class I-4B
      Interest, Class I-5B Interest and Class I-6B Interest, each from the related
      Loan Group, so that the principal balance
      for each such interest (computed to at least eight decimal places) is equal
      to
0.10%
      of
      the Group Subordinate Amount for the related Loan Group; provided
      however,
      if
      any
      such amount is a larger number than in the preceding distribution period, the
      least amount of principal shall be distributed or losses shall be allocated
      to
      the Class I-1B Interest, Class I-2B Interest, Class I-3B Interest, Class I-4B
      Interest, Class I-5B and Class I-6B Interest, as applicable, such that the
      REMIC
      I Subordinated
      Balance
      Ratio is
      maintained; and

     

    (ii) second,
      any remaining amounts of principal shall be distributed and losses shall be
      allocated from the related Loan Group to the Class I-1Q Interest, Class I-2Q
      Interest,
      Class I-3Q Interest, Class I-4Q Interest, Class 1-5Q Interest and Class I-6Q
      Interest, respectively.

     

    (b) REMIC
      II Designation.
      

     

    The
      Trust
      shall issue each of the following Classes of Certificates, each of which shall
      have the following Certificate Rates and initial Class Principal Balances and
      shall evidence ownership of a regular interest in REMIC II except to the extent
      provided below:

     

    

      
        	
                Class
                  of Certificates

              	
                 

              	
                Initial
                  Class Principal Balance

              	
                 

              	
                Initial
                  Certificate Rate

              	
                 

              
	
                Class
                  1A1

              	
                 

              	
                $

              	
                74,245,000

              	
                 

              	
                 

              	
                (1

              	
                )

              
	
                Class
                  1A2

              	
                 

              	
                $

              	
                3,449,000

              	
                 

              	
                 

              	
                (1

              	
                )

              
	
                Class
                  2A1

              	
                 

              	
                $

              	
                1,080,259,000

              	
                 

              	
                 

              	
                (2

              	
                )

              
	
                Class
                  2A2

              	
                 

              	
                $

              	
                50,176,000

              	
                 

              	
                 

              	
                (2

              	
                )

              
	
                Class
                  3A1

              	
                 

              	
                $

              	
                160,221,000

              	
                 

              	
                 

              	
                (3

              	
                )

              
	
                Class
                  3A2

              	
                 

              	
                $

              	
                7,443,000

              	
                 

              	
                 

              	
                (3

              	
                )

              
	
                Class
                  4A1

              	
                 

              	
                $

              	
                60,686,000

              	
                 

              	
                 

              	
                (4

              	
                )

              
	
                Class
                  4A2

              	
                 

              	
                $

              	
                2,819,000

              	
                 

              	 	
                (4

              	
                )

              

      

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

         

      

      
        	 

                Class
                  of Certificates

              	 	 	
                Initial
                  Class Principal Balance 

              	 	 	
                Initial
                  Certificate Rate 

              	 
	
                Class
                  5A1

              	 	
                $

              	
                131,889,000

              	 	 	
                (5

              	
                )

              
	
                Class
                  5A2

              	 	
                $

              	
                6,127,000

              	 	 	
                (5

              	
                )

              
	
                Class
                  6A1

              	 	
                $

              	
                89,171,000

              	 	 	
                (6

              	
                )

              
	
                Class
                  6A2

              	 	
                $

              	
                4,142,000

              	 	 	
                (6

              	
                )

              
	
                Class
                  B1

              	 	
                $

              	
                39,259,000

              	 	 	
                (7

              	
                )

              
	
                Class
                  B2

              	 	
                $

              	
                13,085,000

              	 	 	
                (7

              	
                )

              
	
                Class
                  B3

              	 	
                $

              	
                7,851,000

              	 	 	
                (7

              	
                )

              
	
                Class
                  B4

              	 	
                $

              	
                5,234,000

              	 	 	
                (7

              	
                )

              
	
                Class
                  B5

              	 	
                $

              	
                4,361,000

              	 	 	
                (7

              	
                )

              
	
                Class
                  B6

              	 	
                $

              	
                4,365,162

              	 	 	
                (7

              	
                )

              
	
                Class
                  R

              	 	
                $

              	
                100

              	 	 	
                (8

              	
                )

              
	
                Class
                  RC

              	 	
                $

              	
                100

              	 	 	
                (9

              	
                )

              

      

    

     

     

    

       

      
        	
                (1)

              	
                For
                  each Distribution Date, the Certificate Rate for the Class 1A1
                  and Class
                  1A2 Certificates shall equal a per annum rate equal to the Net
                  WAC Rate
                  for Loan Group 1.

              

      

       

      
        	
                (2)

              	
                For
                  each Distribution Date, the Certificate Rate for the Class 2A1 and
                  Class 2A2 Certificates shall equal a per annum rate equal to the
                  Net WAC
                  Rate for Loan Group 2.

              

      

       

      
        	
                (3)

              	
                For
                  each Distribution Date, the Certificate Rate for the Class 3A1 and
                  Class 3A2 Certificates shall equal a per annum rate equal to the
                  Net WAC
                  Rate for Loan Group 3.

              

      

       

      
        	
                (4)

              	
                For
                  each Distribution Date, the Certificate Rate for the Class 4A1
                  and Class
                  4A2 Certificates shall equal a per annum rate equal to the Net
                  WAC Rate
                  for Loan Group 4. 

              

      

       

      
        	
                (5)

              	
                For
                  each Distribution Date the Certificate Rate for the Class 5A1 and
                  Class 5A2 Certificates shall equal a per annum rate equal to the
                  Net WAC
                  Rate for Loan Group 5.

              

      

       

      
        	
                (6)

              	
                For
                  each Distribution Date the Certificate Rate for the Class 6A1 and
                  Class 6A2 Certificates shall equal a per annum rate equal to the
                  Net WAC
                  Rate for Loan Group 6.

              

      

       

      
        	
                (7)

              	
                For
                  each Distribution Date, the Certificate Rate for the Class B1,
                  Class B2,
                  Class B3, Class B4, Class B5 and Class B6 Certificates will equal
                  a per
                  annum rate equal to the weighted average of the Net WAC Rates for
                  Loan
                  Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5 and
                  Loan Group 6, weighted on the basis of the related Group Subordinate
                  Amounts.

              

      

       

      
        	
                (8)

              	
                For
                  each Distribution Date, the Certificate Rate for the Class R Certificates
                  shall equal a per annum rate equal to the Net WAC Rate for Loan
                  Group 6.
                  The Class R Certificates represent beneficial ownership of the
                  sole class
                  of residual interest in REMIC II.

              

      

       

      
        	
                (9)

              	
                For
                  each Distribution Date, the Certificate Rate for the Class RC Certificates
                  shall equal a per annum rate equal to the Net WAC Rate for Loan
                  Group 6.
                  The Class RC Certificates represent the sole class of residual
                  interests
                  in REMIC I.

              

      

    

     

    (c) REMIC
      Final Scheduled Distribution.
      The
“latest possible maturity date” for each REMIC and each Class of Certificates
      and REMIC Regular Interests is the 36th Distribution Date following the latest
      stated maturity date of any Mortgage Loan included in the Trust as of the
      Closing Date.

    

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

    

    ARTICLE
      III

     

    REMITTING
      TO CERTIFICATEHOLDERS

     

    Section
      3.01 Distributions
      to Certificateholders. 

     

    (a) Distributions.
      In
      accordance with Section 3.01(d) of the Standard Terms and subject to the
      exceptions set forth below, on each Distribution Date, the Securities
      Administrator shall withdraw the aggregate Available Distribution Amount (less
      any amounts withdrawn pursuant to Section 3.01(a)(iv) of the Standard Terms)
      for
      Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5 and Loan
      Group 6 and shall distribute it in the following manner and order of
      priority:

     

    (i) the
      Available Distribution Amount for Loan Group 1 and such Distribution Date shall
      be distributed in the following order of priority:

     

    (A)
      first
      (based
      on
      the Accrued Certificate Interest thereon for such Distribution Date), to the
      Class 1A1 and Class 1A2 Certificates, Accrued Certificate Interest thereon
      for
      such Distribution Date; and

     

    (B) second,
      pro
      rata (based
      on
      their respective Class Principal Balances), to the Class 1A1 and Class 1A2
      Certificates, as principal, in an amount up to the Senior Principal Distribution
      Amount for Loan Group 1 for such Distribution Date, until the Class Principal
      Balance of each such Class has been reduced to zero;

     

    (ii) the
      Available Distribution Amount for Loan Group 2 and such Distribution Date shall
      be distributed in the following order of priority:

     

    (A)
      first,
      pro
      rata (based
      on
      the Accrued Certificate Interest thereon for such Distribution Date), to the
      Class 2A1 and Class 2A2 Certificates, Accrued Certificate Interest thereon;
      and

     

    (B)
      second,
      pro
      rata (based
      on
      their respective Class Principal Balances), to the Class 2A1 and Class 2A2
      Certificates, as principal, in an amount up to the Senior Principal Distribution
      Amount for Loan Group 2 for such Distribution Date, until the Class Principal
      Balance of each such Class has been reduced to zero;

     

    (iii) the
      Available Distribution Amount for Loan Group 3 and such Distribution Date shall
      be distributed in the following order of priority:

     

    (A)
      first,
      pro
      rata
      (based
      on the Accrued Certificate Interest thereon for such Distribution Date), to
      the
      Class 3A1 and Class 3A2 Certificates, Accrued Certificate Interest thereon;
      and

     

    (B)second,
      pro
      rata,
      (based
      on their respective Class Principal Balances), to the Class 3A1 and Class 3A2
      Certificates, as principal, in an amount up to the Senior Principal Distribution
      Amount for Loan Group 3 for such Distribution Date, until the Class Principal
      Balance of each such Class has been reduced to zero;

    

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

    (iv) the
      Available Distribution Amount for Loan Group 4 and such Distribution Date shall
      be distributed as follows:

     

    (A)
      first,
      pro
      rata
      (based
      on the Accrued Certificate Interest thereon for such Distribution Date), to
      the
      Class 4A1 and Class 4A2 Certificates, Accrued Certificate Interest thereon;
      and

     

    (B)
      second,
      pro
      rata,
      (based
      on their respective Class Principal Balances), to the Class 4A1 and Class 4A2
      Certificates, as principal, in an amount up to the Senior Principal Distribution
      Amount for Loan Group 4 for such Distribution Date, until the Class Principal
      Balance of each such Class has been reduced to zero; and

     

    (v) the
      Available Distribution Amount for Loan Group 5 and such Distribution Date shall
      be distributed as follows:

     

    (A)
      first,
      pro
      rata
      (based
      on the Accrued Certificate Interest thereon for such Distribution Date), to
      the
      Class 5A1 and Class 5A2 Certificates, Accrued Certificate Interest thereon;
      and

     

    (B)
      second,
      pro rata,
      (based
      on their respective Class Principal Balances), to the Class 5A1 and Class 5A2
      Certificates, as principal, in an amount up to the Senior Principal Distribution
      Amount for Loan Group 5 for such Distribution Date, until the Class Principal
      Balance of each such Class has been reduced to zero;

     

    (vi) the
      Available Distribution Amount for Loan Group 6 and such Distribution Date shall
      be distributed as follows:

     

    (A)
      first,
      pro
      rata
      (based
      on the Accrued Certificate Interest thereon for such Distribution Date), to
      the
      Class R, Class RC, Class 6A1 and Class 6A2 Certificates, Accrued Certificate
      Interest thereon; and

     

    (B)
      second,
      pro rata,
      (based
      on their respective Class Principal Balances), to the Class R, Class RC, Class
      6A1 and Class 6A2 Certificates, as principal, in an amount up to the Senior
      Principal Distribution Amount for Loan Group 6 for such Distribution Date,
      until
      the Class Principal Balance of each such Class has been reduced to
      zero;

     

    (b) Subject
      to the exceptions described below, unless the Class Principal Balance of a
      Class
      of Subordinate Certificates has been previously reduced to zero, the portion
      of
      the Available Distribution Amount for all of the Loan Groups in the aggregate
      remaining after making the distributions described above in Section (a)(i)
      shall
      be distributed in the following order of priority:

    

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

    (i) first,
      to
      the Class B1 Certificates, Accrued Certificate Interest thereon for such
      Distribution Date;

     

    (ii) second,
      to the Class B1 Certificates, as principal, their pro rata share (based on
      their
      Class Principal Balance) of the related Subordinate Principal Distribution
      Amount for such Distribution Date, until their Class Principal Balance has
      been
      reduced to zero;

     

    (iii) third,
      to
      the Class B2 Certificates, Accrued Certificate Interest thereon for such
      Distribution Date;

     

    (iv) fourth,
      to the Class B2 Certificates, as principal, their pro rata share (based on
      their
      Class Principal Balance) of the related Subordinate Principal Distribution
      Amount for such Distribution Date, until their Class Principal Balance has
      been
      reduced to zero;

     

    (v) fifth,
      to
      the Class B3 Certificates, Accrued Certificate Interest thereon for such
      Distribution Date;

     

    (vi) sixth,
      to
      the Class B3 Certificates, as principal, their pro rata share (based on their
      Class Principal Balance) of the related Subordinate Principal Distribution
      Amount for such Distribution Date, until their Class Principal Balance has
      been
      reduced to zero;

     

    (vii) seventh,
      to the Class B4 Certificates, Accrued Certificate Interest thereon for such
      Distribution Date;

     

    (viii) eighth,
      to the Class B4 Certificates, as principal, their pro rata share (based on
      their
      Class Principal Balance) of the related Subordinate Principal Distribution
      Amount for such Distribution Date, until their Class Principal Balance has
      been
      reduced to zero;

     

    (ix) ninth,
      to
      the Class B5 Certificates, Accrued Certificate Interest thereon for such
      Distribution Date;

     

    (x) tenth,
      to
      the Class B5 Certificates, as principal, their pro rata share (based on their
      Class Principal Balance) of the related Subordinate Principal Distribution
      Amount for such Distribution Date, until their Class Principal Balance has
      been
      reduced to zero;

     

    (xi) eleventh,
      to the Class B6 Certificates, Accrued Certificate Interest thereon for such
      Distribution Date; 

     

    (xii) twelfth,
      to the Class B6 Certificates, as principal, their pro rata share (based on
      their
      Class Principal Balance) of the related Subordinate Principal Distribution
      Amount for such Distribution Date, until their Class Principal Balance has
      been
      reduced to zero; and

    

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

    (xiii) thirteenth,
      to each Class of Certificates in order of seniority (and among Classes of Senior
      Certificates, pro
      rata,
      based
      on the amount of unreimbursed Realized Losses allocated to such Classes), up
      to
      the amount of unreimbursed Realized Losses previously allocated to that Class,
      if any (unless the allocation of Realized Losses has reduced any Class of
      Certificates to zero on a previous Distribution Date, in which case no amounts
      shall be reimbursed to that Class); provided,
      however,
      that
      any amounts distributed pursuant to this paragraph (b)(xiii) shall not cause
      a
      further reduction in the Class Principal Balance of any Class of
      Certificates.

     

    (c)
      At
      such
      time as all Classes of Certificates have been paid in full and all related
      Realized Losses previously allocated have been reimbursed in full (unless the
      allocation of Realized Losses has reduced any Class of Certificates to zero
      on a
      previous Distribution Date, in which case no amounts shall be reimbursed to
      such
      Class), all remaining amounts shall be distributed to the Class R
      Certificates to the extent attributable to REMIC II and to the Class RC
      Certificates to the extent attributable to REMIC I.

     

    (d)
[Reserved].

     

    (e)
      [Reserved].

     

    (f)
      [Reserved].

     

    (g)
      Notwithstanding
      the above, if the Subordination Level for any Class of Subordinate Certificates
      on any Distribution Date is less than the Subordination Level on the Closing
      Date for such Class of Certificates (such Class, the “Affected
      Subordinate Certificates”),
      the
      aggregate portion of the Principal Prepayment Amount otherwise payable on such
      Distribution Date to Classes of Subordinate Certificates shall be allocated
      as
      follows:

    (i) pro
      rata
      (based
      on their respective Class Principal Balances) to each Class of related
      Subordinate Certificates whose Subordination Level equals or exceeds its initial
      Subordination Level and the related Class of Affected Subordinate Certificates
      having the lowest numerical designation, or

     

    (ii) if
      no
      class of related Subordinate Certificates has a Subordination Level equal to
      or
      in excess of its initial Subordination Level, to the related Class of Affected
      Subordinate Certificates having the lowest numerical designation up to an amount
      sufficient to restore its Subordination Level to its initial Subordination
      Level, and then to the related Class of Affected Subordinate Certificates having
      the next lowest numerical designation, in the same manner.

     

    (h)
      All
      distributions or allocations made with respect to each Class of Certificates
      on
      each Distribution Date shall be allocated pro
      rata
      among
      the outstanding Certificates of such Class based on the outstanding principal
      balance of each such Certificate. Payment shall be made either (1) by check
      mailed to the address of each Certificateholder as it appears in the Certificate
      Register on the Record Date immediately prior to such Distribution Date or
      (2)
      with respect to the Regular Certificates, by wire transfer of immediately
      available funds to the account of a Holder at a bank or other entity having
      appropriate facilities therefor, if such Holder shall have so notified the
      Securities Administrator in writing by the Record Date immediately prior to
      such
      Distribution Date and such Holder is the registered owner of Regular
      Certificates with an initial principal amount of at least $1,000,000. The
      Securities Administrator may charge the Holder a fee for any payment made by
      wire transfer. Final distribution on the Certificates shall be made only upon
      surrender of the Certificates at the offices of the Certificate Registrar set
      forth in the notice of such final distribution.

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    (i)
      In
      the
      event that the Mortgage Loans are purchased at the election of the Master
      Servicer pursuant to the terms of Section 4.03 hereof and Sections 10.02 and
      10.03 of the Standard Terms, the Securities Administrator shall remit the amount
      of any Fair Market Value Excess with respect to the Mortgage Loans by wire
      transfer of immediately available funds to the Holders of the Class RC
      Certificates in accordance with the instructions of the applicable
      Certificateholder.

     

    (j) Any
      amounts remaining in the Certificate Account on any Distribution Date after
      all
      allocations and distributions required to be made by this Trust Agreement have
      been made shall be paid to the Holders of the applicable Residual Certificates
      with respect to the related REMIC.

     

    Section
      3.02 Allocation
      of Realized Losses and Shortfalls. 
      (i)
      On
      each Distribution Date, Realized Losses and Special Losses (other than Excess
      Special Losses) realized during the prior calendar month shall be allocated
      to
      reduce the Class Principal Balances of the related Subordinate Certificates
      in
      reverse numerical order, in each case until the Class Principal Balance of
      each
      such Class has been reduced to zero. If the Class Principal Balances of the
      Subordinate Certificates have been reduced to zero, further Realized Losses
      and
      Special Losses shall be allocated to the Senior Certificates related to the
      Loan
      Group in which such Realized Losses or Special Losses occurred, based on the
      outstanding Class Principal Balances of such Senior Certificates, in each case
      until each such Class Principal Balance has been reduced to zero; provided,
      however,
      that
      Realized Losses (other than Excess Special Losses) otherwise allocable (A)
      to
      the Class 1A1 Certificates shall first
      be
      allocated to the Class 1A2 Certificates, to reduce the Certificate Balance
      of
      each such Class until such Certificate Balance has been reduced to zero, and
      thereafter
      such
      Realized Losses shall be allocated to the Class 1A1 Certificates, to reduce
      the
      Certificate Balance of such Class until such Certificate Balance has been
      reduced to zero, (A) to the Class 2A1 Certificates shall first
      be
      allocated to the Class 2A2 Certificates, to reduce the Certificate Balance
      of
      each such Class until such Certificate Balance has been reduced to zero, and
      thereafter
      such
      Realized Losses shall be allocated to the Class 2A1 Certificates, to reduce
      the
      Certificate Balance of such Class until such Certificate Balance has been
      reduced to zero, (B) to the Class 3A1 Certificates shall first
      be
      allocated to the Class 3A2 Certificates, to reduce the Certificate Balance
      of
      such Class until such Certificate Balance has been reduced to zero, and
thereafter
      such
      Realized Losses shall be allocated to the Class 3A1 Certificates, to reduce
      the
      Certificate Balance of such Class until such Certificate Balance has been
      reduced to zero, (C) to the Class 4A1 Certificates shall first
      be
      allocated to the Class 4A2 Certificates, to reduce the Certificate Balance
      of
      such Class until such Certificate Balance has been reduced to zero, and
thereafter
      such
      Realized Losses shall be allocated to the Class 4A1 Certificates, to reduce
      the
      Certificate Balance of such Class until such Certificate Balance has been
      reduced to zero, (D) to the Class 5A1 Certificates shall first
      be
      allocated to the Class 5A2 Certificates, to reduce the Certificate Balance
      of
      such Class until such Certificate Balance has been reduced to zero, and
thereafter
      such
      Realized Losses shall be allocated to the Class 5A1 Certificates, to reduce
      the
      Certificate Balance of such Class until such Certificate Balance has been
      reduced to zero and (E) to the Class 6A1 Certificates shall first
      be
      allocated to the Class 6A2 Certificates, to reduce the Certificate Balance
      of
      such Class until such Certificate Balance has been reduced to zero, and
thereafter
      such
      Realized Losses shall be allocated to the Class 6A1 Certificates, to reduce
      the
      Certificate Balance of such Class until such Certificate Balance has been
      reduced to zero.

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    (ii) On
      any
      Distribution Date, any Excess Special Losses realized during the prior calendar
      month shall be allocated, pro
      rata,
      to (x)
      all Classes of Senior Certificates related to the Loan Group in which such
      losses occurred and (y) the related Subordinate Certificates, based on the
      aggregate Class Principal Balance of such Senior Certificates and the related
      Group Subordinate Amount of the related Subordinate Certificates,
      respectively.

     

    (iii)
      Whenever
      Realized Losses, Special Losses or Excess Special Losses are required to be
      allocated to a Class of Certificates, the Realized Loss, Special Loss or Excess
      Special Loss, as applicable, shall be allocated to Certificates of such Class
      of
      the related Loan Group or Loan Groups, as the case may be, based on their
      respective outstanding principal amounts.

     

    (b) Interest
      Shortfall.
      Notwithstanding anything in the Standard Terms or this Trust Agreement to the
      contrary, on each Distribution Date, before any distributions are made on the
      Certificates, any Shortfall with respect to any Mortgage Loan shall be allocated
      to reduce the Accrued Certificate Interest on each Class of Senior Certificates
      related to the Loan Group of such Mortgage Loan and each Class of related
      Subordinate Certificates pro rata, based on the amount of Accrued Certificate
      Interest otherwise owing to each such Class, in the case of the Senior
      Certificates, and the related Group Subordinate Amount, in the case of the
      Subordinate Certificates, pursuant to clause (i) of the definition of Accrued
      Certificate Interest.

     

    (c) Modification
      Losses.
      Notwithstanding anything in the Standard Terms or this Trust Agreement to the
      contrary, in the event that the Note Rate on a Mortgage Loan is reduced as
      a
      result of a modification, waiver or amendment of the terms of such Mortgage
      Loan, whether agreed to by any Servicer or resulting from a bankruptcy,
      insolvency or similar proceeding involving the related Borrower, such
      modification, waiver or amendment shall be disregarded for purposes of
      calculating the Certificate Rate on any Class of Certificates. 

     

    (d) Subsequent
      Recoveries.
      With
      respect to any Subsequent Recoveries received with respect to a Mortgage Loan,
      such Subsequent Recoveries shall be treated as a principal prepayment. In
      addition, the Class Principal Balance of each Class of Certificates to which
      Realized Losses have been allocated shall be increased, sequentially in the
      order of payment priority, by the amount of Subsequent Recoveries, but not
      by
      more than the amount of Realized Losses previously allocated to reduce the
      Class
      Principal Balance of such Class.

     

    Section
      3.03 Crossover
      Amounts. 

     

    (a) If,
      on
      any Distribution Date, the aggregate Class Principal Balance of the Group 1,
      Group 2, Group 3, Group 4, Group 5 or Group 6 Certificates exceeds the
      outstanding aggregate principal balance of the Mortgage Loans in the related
      Loan Group (such class or classes, the related “Affected
      Senior Certificates”),
      then
      future principal payments otherwise allocable to the Subordinate Certificates
      shall be “crossed over” or used to repay principal of the Affected Senior
      Certificates by increasing the Senior Principal Distribution Amount for the
      Loan
      Group related to the Affected Senior Certificates in an amount equal to the
      lesser of (i) the aggregate amount of principal otherwise payable to the
      Subordinate Certificates on such Distribution Date and (ii) the amount required
      to be paid to the Affected Senior Certificates so that their aggregate Class
      Principal Balance is equal to the outstanding aggregate principal balance of
      the
      Mortgage Loans in the related Loan Group. 

    

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

    (b) In
      addition, if, as a result of rapid prepayments, the aggregate Class Principal
      Balance of the Group 1, Group 2, Group 3, Group 4, Group 5 or Group 6
      Certificates has been reduced to zero and such Senior Certificates are retired,
      amounts otherwise distributable as principal on each class of Subordinate
      Certificates shall instead be distributed as principal to the Senior
      Certificates related to the other Loan Groups which remain outstanding, until
      the Class Principal Balances of the Senior Certificates related to such Loan
      Groups have been reduced to zero. In order for the distribution priority
      described in the foregoing sentence to apply on any Distribution Date, it must
      also be true that either (a) the related Subordinate Percentage for that
      Distribution Date is less than 200% of such Subordinate Percentage as of the
      Cut-Off Date, or (b) the average outstanding principal balance of the Mortgage
      Loans in Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group
      5
      and Loan Group 6 that are delinquent 60 days or more (including any such
      Mortgage Loans in foreclosure or bankruptcy and REO properties) during the
      most
      recent three calendar months as a percentage of the related Subordinate
      Percentage is greater than or equal to 50%.

     

    (c) All
      distributions described in this Section 3.03 shall be made in accordance with
      the priorities set forth in Section 3.01.

     

    

    ARTICLE
      IV

    

    THE
      SECURITIES

     

    Section
      4.01 The
      Certificates. 
      The
      Certificates shall be designated generally as the Mortgage Pass-Through
      Certificates, Series 2007-AR1. The aggregate principal amount of Certificates
      that may be executed and delivered under this Trust Agreement is limited to
      $1,744,782,362, except for Certificates executed and delivered upon registration
      of transfer of, or in exchange for, or in lieu of, other Certificates pursuant
      to Section 5.04 or 5.06 of the Standard Terms. On the Closing Date, the
      Securities Administrator shall execute, and the Certificate Registrar shall
      authenticate and deliver Mortgage Pass-Through Certificates in the names and
      amounts and to the Persons as directed by the Depositor. The table in Section
      2.03(b) sets forth the Classes of Certificates and the initial Class Principal
      Balance for each Class of the Certificates.

     

    Section
      4.02 Denominations. 
      Each
      of
      the Senior Certificates and the Senior Subordinate Certificates (other than
      the
      Residual Certificates) shall be issued in fully-registered, book-entry form
      and
      shall be Book-Entry Certificates. The Senior Certificates (other than the
      Residual Certificates) shall be issued in minimum denominations of $25,000
      initial certificate principal balance each and multiples of $1 in excess
      thereof. The Subordinate Certificates shall be issued in minimum denominations
      of $100,000 initial certificate principal balance each and multiples of $1
      in
      excess thereof. In addition, one certificate of each Class (other than the
      Residual Certificates) may be issued evidencing the sum of an authorized
      denomination thereof and the remainder of the aggregate initial Class Principal
      Balance of such Class. Each Class of Residual Certificates shall be issued
      in
      percentage interests of 99.99% and 0.01%. Each of the Residual Certificates
      and
      the Junior Subordinate Certificates shall be issued in fully-registered,
      certificated form.

     

    
      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

    

    

    Section
      4.03 Redemption
      of Certificates. 
      Notwithstanding
      anything to the contrary in Section 10.02 of the Standard Terms, the obligations
      created by the Trust Agreement shall terminate upon payment to the
      Certificateholders of all amounts held in the Collection Account, the
      Certificate Account and the REMIC I Distribution Account, following the earlier
      of: (i) the final payment or other liquidation of the last Mortgage Loan
      remaining in the Trust or the disposition of all property acquired upon
      foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the
      assets of the Trust by Avelo, upon request by the Depositor, on any Distribution
      Date on which the aggregate Scheduled Principal Balance of the Mortgage Loans
      is
      equal to or less than 10% of the aggregate Scheduled Principal Balance of the
      Mortgage Loans as of the Cut-Off Date (provided, that if Avelo is no longer
      acting as a Servicer of any of the Mortgage Loans, the Depositor may request
      the
      Master Servicer to purchase or arrange for the purchase of the Mortgage Loans
      and all other property of the Trust in a Terminating Purchase). Written notice
      of any such termination shall be given to each Certificateholder, and the final
      distribution shall be made only upon surrender and cancellation of the
      Certificates at an office or agency appointed by the Securities Administrator
      which will be specified in the notice of termination. Any repurchase of the
      assets of the Trust pursuant to this Section 4.03 shall be made at a price
      equal
      to the Termination Price.

     

    Section
      4.04 Securities
      Laws Restrictions. 
      Each
      of
      the Junior Subordinate Certificates is subject to the restrictions on transfer
      contained in Section 5.05(a) of the Standard Terms. Each of the Residual
      Certificates is subject to Section 5.05(c) of the Standard Terms.

     

    ARTICLE
      V

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      5.01 Request
      for Opinions. 
      (a) The
      Depositor hereby requests and authorizes McKee Nelson LLP, as its special
      counsel in this transaction, to issue on behalf of the Depositor such legal
      opinions to the Securities Administrator, Trustee and each Rating Agency as
      may
      be (i) required by any and all documents, certificates or agreements executed
      in
      connection with the Trust, or (ii) requested by the Securities Administrator,
      the Trustee, and Rating Agency or their respective counsels.

     

    (b) The
      Trustee hereby requests and authorizes its counsel to issue on its behalf (at
      the expense of the Depositor) such legal opinions to the GSMC as may be required
      by any and all documents, certificates or agreements executed in connection
      with
      the establishment of the Trust and the issuance of the
      Certificates.

    

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

    Section
      5.02 Schedules
      and Exhibits. 
      Each
      of
      the Schedules and Exhibits attached hereto or referenced herein are incorporated
      herein by reference as contemplated hereby and by the Standard Terms. Each
      Class
      of Certificates shall be in substantially the form attached hereto, as set
      forth
      in the Exhibit index.

     

    Section
      5.03 Governing
      Law. 
      THIS
      TRUST AGREEMENT SHALL
      BE
      GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
      WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401
      OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
      THE
      PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section
      5.04 Counterparts. 
      This
      Trust Agreement may be executed in any number of counterparts, each of which
      so
      executed shall be deemed to be an original but all of such counterparts shall
      together constitute but one and the same instrument.

     

    Section
      5.05 Notices. 
      All
      demands and notices hereunder shall be in writing and shall be deemed to have
      been duly given if personally delivered at or mailed by first class mail,
      postage prepaid, or by express delivery service, to (a) in the case of the
      Depositor, 85 Broad Street, New York, New York 10004, Attention: President
      (telecopy number (212) 902-3000 and email addresses: howard.altarescu@gs.com
      and
      melkizedeck.okudo@gs.com) or such other address, telecopy number or email
      address as may hereafter be furnished to each party to the Trust Agreement
      in
      writing by the Depositor, (b) in the case of the Securities Administrator,
      Sixth
      Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: GSR
      2007-AR1 or such other address or telecopy number as may hereafter be furnished
      to each party to the Trust Agreement in writing by the Securities Administrator
      (c) in the case of the Trustee, Deutsche
      Bank National Trust Company, 1761 East St. Andrew Place, Santa Ana, CA
      92705-4934, Attention: GSR 2007-AR1, Facsimile:
      (714)
      247-6470, with a copy to the Corporate Trust Office, or
      such
      other address, telecopy number or email may hereafter be furnished to each
      party
      to the Trust Agreement in writing by the Trustee, and (d) in the case of the
      Master Servicer, Wells Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046,
      Attention: Corporate Trust Group (GSR 2007-AR1) (or in the case of overnight
      deliveries, 9062 Old Annapolis Road, Columbia, Maryland 21045), Telephone:
      (410)
      884-2000, Facsimile: (410) 715-2380. The addresses of the rating agencies
      required to be stated herein pursuant to Section 11.08(c) of the Standard Terms
      are Standard & Poor’s Ratings Services, 55 Water Street, 40th
      Floor,
      New York, New York 10041 and Fitch Ratings, One
      State
      Street Plaza, New York, New York 10004.

     

    [Signature
      page follows]

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Trustee, the Master Servicer, the Securities
      Administrator and the Custodians have caused this Trust Agreement to be duly
      executed by their respective officers thereunto duly authorized and their
      respective signatures duly attested all as of the day and year first above
      written.

     

    
      	 	 	 
	 	
              GS
                MORTGAGE SECURITIES CORP.,

              as
                Depositor

            
	 
 	 
 	 
 
	 	By:  	/s/
              Greg
              A. Finck
	 	
              
Name:
              Greg A. Finck
	 	Title:
              Managing Director 

    

     

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.,
                
                as
                  Master Servicer

              

            
	 
 	 
 	  
	 	By:  	/s/
              Martin Reed
	 	
              
Name:
              Martin Reed
	 	Title:
              Vice President 

    

     

    
      	 	 	 
	 	DEUTSCHE
              BANK NATIONAL TRUST COMPANY
              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	/s/
              Melissa Wilman 
	 	
              
Name:
              Melissa Wilman
	 	Title:
              Vice President 

    

    
      	 	 	 
	 	 	 
	 	By:  	/s/
              Karlene Benvenuto
	 	
              
Name:
              Karlene Benvenuto
	 	Title:
              Authorized Signer 

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.,

              as
                Securities Administrator

            
	 
 	 
 	 
 
	 	By:  	/s/
              Martin Reed 
	 	
              
Name:
              Martin Reed
	 	Title:
              Vice President 

    

     

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.,

              as
                a Custodian

            
	 
 	 
 	 
 
	 	By:  	/s/
              Martin Reed
	 	
              
Name:
              Martin Reed
	 	Title:
              Vice President 

    

     

    
      	 	 	 
	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY,

              as
                a Custodian

            
	 
 	 
 	 
 
	 	By:  	/s/
              Melissa Wilman
	 	
              
Name:
              Melissa Wilman
	 	Title:
              Vice President 

    

    
      	 	 	 
	 	 	 
	 	By:  	/s/
              Karlene Benvenuto
	 	
              
Name:
              Karlene Benvenuto
	 	Title:
              Authorized Signer 

    

     

    
      	 	 	 
	 	
              U.S.
                BANK
                NATIONAL ASSOCIATION,

              as
                a Custodian

            
	 
 	 
 	 
 
	 	By:  	/s/
              Sheryl Johnson
	 	
              
Name:
              Sheryl Johnson
	 	Title:
              Vice President 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      I

     

    MORTGAGE
      LOANS

     

    [To
      be
      retained in a separate closing binder entitled “GSR 2007-AR1 Mortgage Loan
      Schedules”

    at
      the
      Washington D.C. Offices of McKee Nelson LLP]

    

    
      
        
        

      

      
        SCHEDULE
          I-1

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      IA

     

    U.S.
      BANK NATIONAL ASSOCIATION-CUSTODIED MORTGAGE LOANS

     

    [To
      be
      retained in a separate closing binder entitled “GSR 2007-AR1 Mortgage Loan
      Schedules”

    at
      the
      Washington D.C. Offices of McKee Nelson LLP]

    

    
      
        
        

      

      
        SCHEDULE
          IA-1

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      IB

     

    WELLS
      FARGO BANK, N.A.-CUSTODIED MORTGAGE LOANS

     

    [To
      be
      retained in a separate closing binder entitled “GSR 2007-AR1 Mortgage Loan
      Schedules”

    at
      the
      Washington D.C. Offices of McKee Nelson LLP]

    

    
      
        
        

      

      
        SCHEDULE
          IB-1

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      IC

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY-CUSTODIED MORTGAGE LOANS

     

    [To
      be
      retained in a separate closing binder entitled “GSR 2007-AR1 Mortgage Loan
      Schedules”

    at
      the
      Washington D.C. Offices of McKee Nelson LLP]

    

    
      
        
        

      

      
        SCHEDULE
          IC-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    FORMS
      OF CERTIFICATES

    
      
        
        

      

      
        EXHIBIT
          A-1Unassociated Document

    EXECUTION

     

    
      
        

    

    

    

    

    

    STANDARD
      TERMS

    

    

    

    TO

    

    

    MASTER
      SERVICING

    

    

    

    AND

    

    

    TRUST
      AGREEMENT

    

    

    

    _______________________

    

    

    

    GS
      Mortgage Securities Corp.

    Depositor

    

    GSR
      Mortgage Loan Trust 2007-AR1 

    Mortgage
      Pass-Through Certificates, Series 2007-AR1

    

    January
      2007 Edition

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      TABLE
        OF CONTENTS

      ____________

      Page

       

    

    
      
        
          	
                  STANDARD
                    TERMS

                	
                  1

                
	 	 
	
                  ARTICLE
                    I DEFINITIONS

                	
                  1

                
	
                  Section
                    1.01

                	
                  Defined
                    Terms.

                	
                  1

                
	 	 
	
                  ARTICLE
                    II MORTGAGE LOAN FILES

                	
                  23

                
	
                  Section
                    2.01

                	
                  Mortgage
                    Loan Files.

                	
                  23

                
	
                  Section
                    2.02

                	
                  Acceptance
                    by the Trustee.

                	
                  23

                
	
                  Section
                    2.03

                	
                  Purchase
                    of Mortgage Loans by a Servicer, a Seller, GSMC or the
                    Depositor.

                	
                  26

                
	
                  Section
                    2.04

                	
                  Representations
                    and Warranties of the Depositor.

                	
                  29

                
	 	 
	
                  ARTICLE
                    III ADMINISTRATION OF THE TRUST

                	
                  32

                
	
                  Section
                    3.01

                	
                  The
                    Collection Accounts; the Master Servicer Account; the Distribution
                    Accounts and the Certificate Account.

                	
                  32

                
	
                  Section
                    3.02

                	
                  Filings
                    with the Commission.

                	
                  34

                
	
                  Section
                    3.03

                	
                  Securities
                    Administrator to Cooperate; Release of Mortgage Files.

                	
                  41

                
	
                  Section
                    3.04

                	
                  Amendments
                    to Servicing Agreement.

                	
                  41

                
	
                  Section
                    3.05

                	
                  Monthly
                    Advances by Master Servicer or Trustee.

                	
                  43

                
	
                  Section
                    3.06

                	
                  Enforcement
                    of Servicing Agreement.

                	
                  44

                
	 	 
	
                  ARTICLE
                    IV REPORTING/REMITTING TO CERTIFICATEHOLDERS

                	
                  44

                
	
                  Section
                    4.01

                	
                  Statements
                    to Certificateholders.

                	
                  44

                
	
                  Section
                    4.02

                	
                  Remittance
                    Reports and other Reports from the Servicers.

                	
                  47

                
	
                  Section
                    4.03

                	
                  Compliance
                    with Withholding Requirements.

                	
                  47

                
	
                  Section
                    4.04

                	
                  Reports
                    of Certificate Balances to The Depository Trust Company.

                	
                  48

                
	
                  Section
                    4.05

                	
                  Preparation
                    of Regulatory Reports.

                	
                  48

                
	
                  Section
                    4.06

                	
                  Management
                    and Disposition of REO Property.

                	
                  48

                
	 	 
	
                  ARTICLE
                    V THE INTERESTS AND THE SECURITIES

                	
                  49

                
	
                  Section
                    5.01

                	
                  REMIC
                    Interests.

                	
                  49

                
	
                  Section
                    5.02

                	
                  The
                    Certificates.

                	
                  49

                
	
                  Section
                    5.03

                	
                  Book-Entry
                    Securities.

                	
                  50

                
	
                  Section
                    5.04

                	
                  Registration
                    of Transfer and Exchange of Certificates.

                	
                  51

                
	
                  Section
                    5.05

                	
                  Restrictions
                    on Transfer.

                	
                  52

                
	
                  Section
                    5.06

                	
                  Mutilated,
                    Destroyed, Lost or Stolen Certificates.

                	
                  57

                
	
                  Section
                    5.07

                	
                  Persons
                    Deemed Owners.

                	
                  58

                
	
                  Section
                    5.08

                	
                  Appointment
                    of Paying Agent.

                	
                  58

                
	 	 
	
                  ARTICLE
                    VI THE DEPOSITOR

                	
                  58

                
	
                  Section
                    6.01

                	
                  Liability
                    of the Depositor.

                	
                  58

                
	
                  Section
                    6.02

                	
                  Merger
                    or Consolidation of the Depositor.

                	
                  58

                
	 	 
	
                  ARTICLE
                    VII TERMINATION OF SERVICING ARRANGEMENTS

                	
                  59

                
	
                  Section
                    7.01

                	
                  Termination
                    and Substitution of Servicer.

                	
                  59

                
	
                  Section
                    7.02

                	
                  Notification
                    to Certificateholders.

                	
                  61

                
	 	 
	
                  ARTICLE
                    VIII ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER
                    SERVICER

                	
                  61

                

        

         

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                  Section
                    8.01

                	
                  Duties
                    of the Master Servicer; Enforcement of Servicer’s and Master Servicer’s
                    Obligations. 

                	
                  61

                
	
                  Section
                    8.02

                	
                  Maintenance
                    of Fidelity Bond and Errors and Omissions Insurance.

                	
                  64

                
	
                  Section
                    8.03

                	
                  Representations
                    and Warranties of the Master Servicer.

                	
                  65

                
	
                  Section
                    8.04

                	
                  Master
                    Servicer Events of Default.

                	
                  67

                
	
                  Section
                    8.05

                	
                  Waiver
                    of Default.

                	
                  69

                
	
                  Section
                    8.06

                	
                  Successor
                    to the Master Servicer.

                	
                  69

                
	
                  Section
                    8.07

                	
                  Fees
                    and Other Amounts Payable to the Master Servicer.

                	
                  70

                
	
                  Section
                    8.08

                	
                  Merger
                    or Consolidation.

                	
                  71

                
	
                  Section
                    8.09

                	
                  Resignation
                    and Removal of Master Servicer.

                	
                  71

                
	
                  Section
                    8.10

                	
                  Assignment
                    or Delegation of Duties by the Master Servicer.

                	
                  71

                
	
                  Section
                    8.11

                	
                  Limitation
                    on Liability of the Master Servicer and Others.

                	
                  72

                
	
                  Section
                    8.12

                	
                  Indemnification;
                    Third-Party Claims.

                	
                  72

                
	 	 
	
                  ARTICLE
                    IX CONCERNING THE TRUSTEE

                	
                  73

                
	
                  Section
                    9.01

                	
                  Duties
                    of Trustee.

                	
                  73

                
	
                  Section
                    9.02

                	
                  Certain
                    Matters Affecting the Trustee.

                	
                  74

                
	
                  Section
                    9.03

                	
                  Trustee
                    Not Liable for Certificates or Mortgage Loans.

                	
                  77

                
	
                  Section
                    9.04

                	
                  Trustee
                    May Own Certificates.

                	
                  77

                
	
                  Section
                    9.05

                	
                  Trustee’s
                    Fees and Expenses.

                	
                  78

                
	
                  Section
                    9.06

                	
                  Eligibility
                    Requirements for Trustee.

                	
                  78

                
	
                  Section
                    9.07

                	
                  Resignation
                    and Removal of the Trustee.

                	
                  78

                
	
                  Section
                    9.08

                	
                  Successor
                    Trustee.

                	
                  79

                
	
                  Section
                    9.09

                	
                  Merger
                    or Consolidation of Trustee.

                	
                  80

                
	
                  Section
                    9.10

                	
                  Appointment
                    of Co-Trustee or Separate Trustee.

                	
                  80

                
	
                  Section
                    9.11

                	
                  Appointment
                    of Custodians.

                	
                  81

                
	
                  Section
                    9.12

                	
                  Delegation
                    of Obligations

                	
                  81

                
	
                  Section
                    9.13

                	
                  Representation
                    and Warranties of the Trustee.

                	
                  81

                
	 	 
	
                  ARTICLE
                    X TERMINATION OF TRUST

                	
                  82

                
	
                  Section
                    10.01

                	
                  Qualified
                    Liquidation.

                	
                  82

                
	
                  Section
                    10.02

                	
                  Termination.

                	
                  82

                
	
                  Section
                    10.03

                	
                  Procedure
                    for Termination.

                	
                  83

                
	
                  Section
                    10.04

                	
                  Additional
                    Termination Requirements.

                	
                  84

                
	 	 
	
                  ARTICLE
                    XI CONCERNING THE SECURITIES ADMINISTRATOR

                	
                  85

                
	
                  Section
                    11.01

                	
                  Certain
                    Matters Affecting the Securities Administrator.

                	
                  85

                
	
                  Section
                    11.02

                	
                  Securities
                    Administrator Not Liable for Certificates or Mortgage
                    Loans.

                	
                  90

                
	
                  Section
                    11.03

                	
                  Securities
                    Administrator May Own Certificates.

                	
                  90

                
	
                  Section
                    11.04

                	
                  Custodian’s
                    and Securities Administrator's Fees, Expenses and
                    Indemnification.

                	
                  90

                
	
                  Section
                    11.05

                	
                  Resignation
                    and Removal of the Securities Administrator.

                	
                  91

                
	
                  Section
                    11.06

                	
                  Successor
                    Securities Administrator.

                	
                  92

                
	
                  Section
                    11.07

                	
                  Representations
                    and Warranties of the Securities Administrator.

                	
                  92

                
	
                  Section
                    11.08

                	
                  Eligibility
                    Requirements for the Securities Administrator.

                	
                  93

                
	 	 
	
                  ARTICLE
                    XII REMIC TAX PROVISIONS

                	
                  94

                
	
                  Section
                    12.01

                	
                  REMIC
                    Administration.

                	
                  94

                
	
                  Section
                    12.02

                	
                  Prohibited
                    Activities.

                	
                  96

                
	 	 
	
                  ARTICLE
                    XIII MISCELLANEOUS PROVISIONS

                	
                  97

                
	
                  Section
                    13.01

                	
                  Amendment
                    of Trust Agreement.

                	
                  97

                
	
                  Section
                    13.02

                	
                  Recordation
                    of Agreement; Counterparts.

                	
                  98

                

        

         

        
          
             

          

          
            ii

            
              

            

          

          
             

          

        

        
          	
                  Section
                    13.03

                	
                  Limitation
                    on Rights of Certificateholders.

                	
                  99

                
	
                  Section
                    13.04

                	
                  [Reserved].

                	
                  100

                
	
                  Section
                    13.05

                	
                  Notices.

                	
                  100

                
	
                  Section
                    13.06

                	
                  Severability
                    of Provision.

                	
                  100

                
	
                  Section
                    13.07

                	
                  Sale
                    of Mortgage Loans.

                	
                  100

                
	
                  Section
                    13.08

                	
                  Notice
                    to Rating Agencies

                	
                  101

                
	
                  Section
                    13.09

                	
                  Custodian’s
                    Limitation of Liability.

                	
                  102

                

        

      

       

    

    
      
        	
                Exhibit A

              	
                Form
                  of Trust Receipt

              
	
                Exhibit B

              	
                Form
                  of Final Certification

              
	
                Exhibit C-1

              	
                Form
                  of Rule 144A Agreement - QIB Certification

              
	
                Exhibit
                  C-2

              	
                Form
                  of Transfer Certificate for Transfer from Rule 144A Certificate
                  to
                  Regulation S Global Security

              
	
                Exhibit
                  C-3 

              	
                Form
                  of Transfer Certificate for Transfer from Regulation S Global Security
                  to
                  Rule 144A Certificate

              
	
                Exhibit D

              	
                Form
                  of Transferee Agreement

              
	
                Exhibit E

              	
                Form
                  of Benefit Plan Affidavit

              
	
                Exhibit F

              	
                Form
                  of Residual Transferee Agreement

              
	
                Exhibit G-1

              	
                Form
                  of Non-U.S. Person Affidavit

              
	
                Exhibit G-2

              	
                Form
                  of U.S. Person Affidavit

              
	
                Exhibit H

              	
                Form
                  of Securities Administrator Certification

              
	
                Exhibit I

              	
                Form
                  of Master Servicer Certification

              
	
                Exhibit
                  J

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

              
	
                Exhibit
                  K

              	
                Form
                  8-K Disclosure Information

              
	
                Exhibit
                  L

              	
                Additional
                  Form 10-D Disclosure

              
	
                Exhibit
                  M

              	
                Additional
                  Form 10-K Disclosure

              
	
                Schedule
                  I

              	
                Bond
                  Level Report

              
	
                Schedule
                  II

              	
                Loan
                  Level Report

              
	
                Schedule
                  III

              	
                Remittance
                  Report

              

      

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

    

    
      
        
          

          RECITALS

           

          GS
            Mortgage Securities Corp. (the “Depositor”),
            a
            trustee (together with its successors and assigns, the “Trustee”),
            a
            securities administrator (together with its successors and assigns, the
            “Securities
            Administrator”),
            custodians (together with their successors and assigns, the “Custodians”),
            and a
            master servicer (together with its successors and assigns, the “Master
            Servicer”)
            identified in the Trust Agreement (as defined below) have entered into
            the Trust
            Agreement that provides for the issuance of mortgage pass-through certificates
            (the “Certificates”)
            that
            in the aggregate evidence the entire interest in Mortgage Loans or certificates
            or securities evidencing an interest therein and other property owned
            by the
            Trust created by such Trust Agreement. These Standard Terms are a part
            of, and
            are incorporated by reference into, the Trust Agreement.

           

          STANDARD
            PROVISIONS

           

          NOW,
            THEREFORE, in consideration of the mutual promises, covenants, representations,
            and warranties made in the Trust Agreement and as hereinafter set forth,
            the
            Depositor, the Trustee, the Securities Administrator, the Custodians
            and the
            Master Servicer agree as follows:

           

          ARTICLE
            I

           

          DEFINITIONS

           

          Section
            1.01 Defined
            Terms.

           

          Except
            as
            otherwise specified herein or in the Trust Agreement or as the context
            may
            otherwise require, whenever used in these Standard Terms, the following
            words
            and phrases shall have the meanings specified in this Article. Capitalized
            words
            and phrases used herein but not defined herein or in the Trust Agreement
            shall,
            when applied to a Trust, have the meanings set forth in the Servicing
            Agreement(s) assigned to such Trust as in effect on the date of this
            Agreement.
            In the event of a conflict between the Trust Agreement and these Standard
            Terms,
            the Trust Agreement shall govern. Unless otherwise specified, all calculations
            described herein shall be made on the basis of a 360-day year consisting
            of
            twelve 30-day months.

           

          “10-K
            Filing Deadline”:
            As
            defined in Section 3.02.

           

          “Accounting
            Date”:
            With
            respect to each Distribution Date, the last day of the month preceding
            the month
            in which such Distribution Date occurs.

           

          “Additional
            Form 10-D Disclosure”:
            As
            defined in Section 3.02.

           

          “Additional
            Form 10-K Disclosure”:
            As
            defined in Section 3.02.

           

          “Additional
            Servicer”:
            Each
            affiliate of each Servicer that Services any of the Mortgage Loans and
            each
            Person that is not an affiliate of each such Servicer, that Services
            10% or more
            of the Mortgage Loans. For the avoidance of doubt, the Master Servicer
            and
            Securities Administrator are Additional Servicers.

           

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

           

          “Administrative
            Cost Rate”:
            Not
            applicable.

           

          “Advance”:
            The
            aggregate amount of the (i) advances made by a Servicer on any Servicer
            Remittance Date in respect of delinquent Monthly Payments pursuant to
            the
            applicable Sale and Servicing Agreement, (ii) any advances made by the
            Master
            Servicer (or by the Trustee, as successor Master Servicer, pursuant to
            Section
            3.05 in the event the Master Servicer fails to make such advances as
            required)
            in respect of any such delinquent Monthly Payment pursuant to Section
            3.05 and
            (iii) amounts necessary to preserve the Trust’s interest in the Mortgaged
            Premises or the Mortgage Loans, including without limitation, property
            taxes or
            insurance premiums not paid as required by the Mortgagor and advanced
            by the
            related Servicer or successor servicer.

           

          “Affiliate”:
            Any
            person or entity controlling, controlled by, or under common Control
            with the
            Depositor, the Trustee, the Securities Administrator, a Custodian, the
            Master
            Servicer or any Servicer. “Control” means the power to direct the management and
            policies of a person or entity, directly or indirectly, whether through
            ownership of voting securities, by contract or otherwise. “Controlling” and
“controlled” shall have meanings correlative to the foregoing.

           

          “Aggregate
            Principal Distribution Amount”:
            The
            amount specified in the Trust Agreement.

           

          “ARM
            Loan”:
            An
“adjustable rate” Mortgage Loan, the Note Rate of which is subject to periodic
            adjustment in accordance with the terms of the Note.

           

          “Assignment
            Agreement”:
            Any
            Assignment, Assumption and Recognition Agreement or Agreements identified
            in the
            Trust Agreement to which the Depositor is a party.

           

          “Available
            Distribution Amount”:
            Unless
            otherwise provided in the Trust Agreement, on each Distribution Date
            the
            Available Distribution Amount shall equal (i) the sum of the following:
            (A) all
            amounts credited to the Collection Account as of the close of business
            on the
            related Distribution Date, (B) an amount equal to Monthly Advances made
            on or
            before the previous Distribution Date, to the extent such Monthly Advance
            was
            made from funds on deposit in any related Collection Account held for
            future
            distribution, (C) all Monthly Advances made with respect to such Distribution
            Date (to the extent not included in clause (B) above) and (D) all amounts
            deposited into the Certificate Account to effect a Terminating Purchase
            in
            accordance with Section 10.02 minus
            (ii) the
            sum of (A) any Principal Prepayments (including Liquidation Proceeds,
            Insurance
            Proceeds and Condemnation Proceeds) or Payoffs received after the related
            Principal Prepayment Period, (B) Monthly Payments collected but due on
            a Due
            Date or Dates subsequent to the related Due Period and (C) reinvestment
            income
            on amounts deposited in any Collection Account to the extent included
            in (i)
            above.

           

          “Back-Up
            Certification”:
            As
            defined in Section 3.02. 

           

          “Bankruptcy
            Loss”:
            Any
            reduction in the total amount owed by a Borrower on a Mortgage Loan occurring
            as
            a result of a final order of a court in a bankruptcy proceeding.

           

          

          
            
              
                
                

              

              
                2

                
                  

                

              

              
                
                

              

            

          

          

          

           

          “Beneficial
            Owner”:
            With
            respect to a Book-Entry Security, the Person who is registered as owner
            of that
            Certificate in the books of the Clearing Agency for that Certificate
            or in the
            books of a Person maintaining an account with such Clearing Agency.

           

          “Benefit
            Plan Affidavit”:
            An
            affidavit substantially in the form of Exhibit
            E
            hereto.

           

          “Benefit
            Plan Opinion”:
            An
            opinion of counsel satisfactory to the Trustee and the Securities Administrator
            (and upon which the Trustee, the Master Servicer, the Securities Administrator
            and the Depositor shall be entitled to rely) to the effect that the purchase
            or
            holding of such Certificate by the prospective transferee will not result
            in any
            non-exempt prohibited transactions under Section 406 of ERISA or Section
            4975 of
            the Code and will not subject the Trustee, the Securities Administrator,
            the
            Master Servicer or the Depositor to any obligation in addition to those
            undertaken by such parties in the Trust Agreement, which opinion of counsel
            shall not be an expense of the Trust or any of the above parties. 

           

          “Bond
            Level Reports”:
            Shall
            mean the reports prepared by the Securities Administrator in substantially
            the
            form attached as Schedule I hereto.

           

          “Book-Entry
            Custodian”:
            The
            custodian appointed pursuant to Section 5.03(d).

           

          “Book-Entry
            Securities”:
            The
            Classes of Certificates, if any, specified as such in the Trust Agreement
            for a
            Series.

           

          “Borrower”:
            The
            individual or individuals obligated to repay a Mortgage Loan.

           

          “Business
            Day”:
            Any day
            that is not (i) a Saturday or Sunday, or (ii) a legal holiday in the
            State of
            New York and the state in which the Corporate Trust Office or the principal
            offices of the Securities Administrator, the Master Servicer or any Servicer
            are
            located, or (iii) a day on which the banking or savings and loan institutions
            in
            the State of New York and the state in which the Corporate Trust Office
            or the
            principal office of the Securities Administrator, the Master Servicer
            or any
            Servicer is located are authorized or obligated by law or executive order
            to be
            closed.

           

          “Certificate”:
            Any
            security issued under the Trust Agreement and designated as such.

           

          “Certificate
            Account”:
            The
            account or accounts created and maintained for a Trust pursuant to Section
            3.01
            hereof.

           

          “Certificate
            Balance”:
            With
            respect to each Class of Certificates or Interests, as of the close of
            business
            on any Distribution Date, the initial balance of such Class of Certificates
            or
            Interests set forth in the Trust Agreement reduced by (a) all principal
            payments
            previously distributed to such Class of Certificates or Interests in
            accordance
            with the Trust Agreement, and (b) all Realized Losses, if any, previously
            allocated to such Class of Certificates or Interests pursuant to the
            Trust
            Agreement.

           

          “Certificate
            of Title Insurance”:
            A
            certificate of title insurance issued pursuant to a master title insurance
            policy.

           

          

          
            
              
                
                

              

              
                3

                
                  

                

              

              
                
                

              

            

          

          

          

           

          “Certificate
            Rate”:
            With
            respect to the Certificates, as to each Distribution Date, the rate specified
            as
            such in the Trust Agreement.

           

          “Certificate
            Register”and
            “Certificate
            Registrar”:
            The
            register maintained and the registrar appointed pursuant to Section
            5.04
            hereof.

           

          “Certificated
            Subordinated Certificates”:
            The
            Classes of Certificates, if any, specified as such in the Trust Agreement
            for a
            Series.

           

          “Certification
            Parties”:
            As
            defined in Section 3.02.

           

          “Certifying
            Person”:
            As
            defined in Section 3.02.

           

          “Class”:
            Collectively, all of the Certificates bearing the same designation.

           

          “Class
            B Interests”:
            As set
            forth in the Trust Agreement.

           

          “Clearing
            Agency”:
            The
            Depository Trust Company, or any successor organization or any other
            organization registered as a “clearing agency” pursuant to Section 17A of the
            Securities Exchange Act of 1934, as amended, and the regulations of the
            Commission thereunder.

           

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

           

          “Closing
            Date”:
            The
            date on which Certificates are issued by a Trust as set forth in the
            related
            Trust Agreement.

           

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

           

          “Collection
            Account”:
            The
            collection account or accounts identified in or established in connection
            with
            the Servicing Agreement or Agreements identified in the Trust
            Agreement.

           

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

           

          “Compensating
            Interest Payment”:
            With
            respect to the Mortgage Loans and any Distribution Date, an amount equal
            to the
            excess of (x) the aggregate of any Prepayment Interest Shortfalls with
            respect
            to the Mortgage Loans and such Distribution Date over (y) the aggregate
            of any
            amounts required to be paid by any Servicer in respect of such shortfalls
            but
            not paid; provided that the aggregate Compensating Interest Payment to
            be paid
            by the Master Servicer for any Distribution Date shall not exceed the
            Master
            Servicing Fee that would be payable to the Master Servicer in respect
            of the
            Mortgage Loans and Distribution Date without giving effect to any Compensating
            Interest Payment.

           

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

           

          

          
            
              
                
                

              

              
                4

                
                  

                

              

              
                
                

              

            

          

          

          

           

          “Contract
            of Insurance Holder”:
            Any FHA
            approved mortgagee identified as such in the Trust Agreement or any Servicing
            Agreement.

           

          “Contractually
            Delinquent”:
            With
            respect to any Mortgage Loan, having one or more uncured delinquencies
            in
            respect of payment at any time during the term of such Mortgage
            Loan.

           

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

           

          “Corporate
            Trust Office”:
            The
            respective principal corporate trust office of the Trustee or the Securities
            Administrator, as applicable, at which at any particular time its corporate
            trust business shall be administered.

           

          “Custodian”:
            The
            Custodian or Custodians identified in the Trust Agreement, which shall
            hold all
            or a portion of the Trustee Mortgage Loan Files with respect to a
            Series.

           

          “Custody
            Agreement”:
            The
            Master Custodial Agreement or other Custodial Agreements identified in
            the Trust
            Agreement.

           

          “Cut-off
            Date”:
            The
            date specified as such in the Trust Agreement.

           

          “Defect
            Discovery Date”:
            With
            respect to a Mortgage Loan, the date on which any of the Trustee, the
            Securities
            Administrator, the Master Servicer or any Servicer first discovers a
            Qualification Defect affecting the Mortgage Loan.

           

          “Depositor”:
            GS
            Mortgage Securities Corp., a Delaware corporation, and its
            successors.

           

          “Disqualified
            Organization”:
            Either
            (a) the United States, (b) any state or political subdivision thereof,
            (c) any
            foreign government, (d) any international organization, (e) any agency
            or
            instrumentality of any of the foregoing, (f) any tax-exempt organization
            (other
            than a cooperative described in Section 521 of the Code) that is exempt
            from
            federal income tax unless such organization is subject to tax under the
            unrelated business taxable income provisions of the Code, (g) any organization
            described in Section 1381(a)(2)(C) of the Code, or (h) any other entity
            identified as a disqualified organization by the REMIC Provisions. A
            corporation
            will not be treated as an instrumentality of the United States or any
            state or
            political subdivision thereof if all of its activities are subject to
            tax and,
            with the exception of the Federal Home Loan Mortgage Corporation, a majority
            of
            its board of directors is not selected by such governmental
            unit.

           

          “Disqualified
            Organization
            Affidavit”:
            An
            affidavit substantially in the form of Exhibit
            F-2.

           

          “Distribution
            Account”:
            An
            Eligible Account maintained by the Securities Administrator on behalf
            of the
            Trustee for the REMIC. Unless otherwise provided in the Trust Agreement,
            the
            Distribution Account shall be considered an asset of the REMIC.

           

          “Distribution
            Date”:
            Shall
            have the meaning set forth in the Trust Agreement.

           

          “Distribution
            Statement”:
            As
            defined in Section 4.01.

           

          

          
            
              
                
                

              

              
                5

                
                  

                

              

              
                
                

              

            

          

          

          

           

          “Due
            Date”:
            The
            first day of a calendar month.

           

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

           

          “EDGAR”:
            The
            Commission’s Electronic Data Gathering and Retrieval System.

           

          “Eligible
            Account”:
            A trust
            account (i)
            maintained by a depository institution, the long-term unsecured debt
            obligations
            are rated by the Rating Agency in one of its two highest rating categories
            at
            the time of any deposit therein, (ii) maintained with the Securities
            Administrator or the Trustee and satisfies either clause (i) or (iii)
            hereof or
            (iii) an account otherwise deemed an Eligible Account by S&P. If the
            definition of Eligible Account is met, any Certificate Account may be
            maintained
            with the Trustee, the Securities Administrator or the Master Servicer
            or any of
            their respective Affiliates. 

           

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

           

          “Errors
            and Omissions Insurance Policy”:
            An
            errors and omissions insurance policy to be maintained by the Master
            Servicer
            pursuant to Section 8.02 or a Servicer pursuant to the related Servicing
            Agreement.

           

          “Event
            of
            Default”:
            With
            respect to each Servicer, a Servicer Event of Default and with respect
            to the
            Master Servicer, a Master Servicer Event of Default.

           

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

           

          “FHLMC”:
            The
            Federal Home Loan Mortgage Corporation, a corporate instrumentality of
            the
            United States created and existing under Title III of the Emergency Home
            Finance
            Act of 1970, as amended, or any successor thereto.

           

          “Fidelity
            Bond”:
            A
            fidelity bond to be maintained by the Master Servicer pursuant to Section
            8.02
            or a Servicer pursuant to the related Servicing Agreement.

           

          “Final
            Certification”:
            A
            certification as to the completeness of each Trustee Mortgage Loan File
            substantially in the form of Exhibit
            B
            hereto
            provided by a Custodian on or before the first anniversary of the Closing
            Date
            pursuant to Section 2.02
            hereof.

           

          “Fiscal
            Year”:
            Unless
            otherwise provided in the Trust Agreement, the fiscal year of the Trust
            shall
            run from January 1 (or from the Closing Date, in the case of the first
            fiscal
            year) through the last day of
            December.

           

          “FNMA”:
            The
            Federal National Mortgage Association, a federally chartered and privately
            owned
            corporation organized and existing under the Federal National Mortgage
            Association Charter Act, or any successor thereto.

           

          “Form
            8-K Disclosure Information”:
            As
            defined in Section 3.02.

           

          

          
            
              
                
                

              

              
                6

                
                  

                

              

              
                
                

              

            

          

          

          

           

          “Fraud
            Losses”:
            Losses
            on Mortgage Loans resulting from fraud, dishonesty or misrepresentation
            in the
            origination of such Mortgage
            Loans.

           

          “GSMC”:
            Goldman
            Sachs Mortgage Company,
            and its successors and assigns.

           

          “Holders”or
            “Certificateholders”:
            The
            holders of the Certificates, as shown on the Certificate Register.

           

          “Independent”:
            When
            used with respect to any specified Person, another Person who (a) is
            in fact
            independent of the Depositor, the Initial Purchaser, the Trustee, the
            Securities
            Administrator, the Master Servicer, each Servicer or GSMC, any obligor
            upon the
            Certificates or any Affiliate of the Depositor, the Initial Purchaser,
            the
            Trustee, the Securities Administrator, the Master Servicer, each Servicer
            or
            GSMC or such obligor, (b) does not have any direct financial interest
            or any
            material indirect financial interest in the Depositor, the Initial Purchaser,
            the Trustee, the Securities Administrator, the Master Servicer, each
            Servicer or
            GSMC or in any such obligor or in an Affiliate of the Depositor, the
            Trustee,
            the Securities Administrator, the Master Servicer, each Servicer or GSMC
            or such
            obligor, and (c) is not connected with the Depositor, the Initial Purchaser,
            the
            Trustee, the Securities Administrator, the Master Servicer, each Servicer
            or
            GSMC or any such obligor as an officer, employee, promoter, underwriter,
            trustee, partner, director or person performing similar functions. Whenever
            it
            is provided herein that any Independent Person’s opinion or certificate shall be
            furnished to the Trustee or the Securities Administrator, such Person
            shall be
            appointed by the Depositor, the Initial Purchaser, the Trustee, the Securities
            Administrator, the Master Servicer, any applicable Servicer or GSMC in
            the
            exercise of reasonable care by such Person, as the case may be, and approved
            by
            the Securities Administrator, and such opinion or certificate shall state
            that
            the Person executing the same has read this definition and that such
            Person is
            independent within the meaning thereof.

           

          “Initial
            Certificate Balance”:
            With
            respect to any Certificate or Class of Certificates, the Certificate
            Balance of
            such Certificate or Class of Certificates as of the Closing Date.

           

          “Initial
            Purchaser”:
            Goldman, Sachs
&
            Co.

           

          “Insurance
            Proceeds”:
            Proceeds
            of any federal insurance, 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 the procedures that the related Servicer
            would
            follow in servicing mortgage loans held for its own account.

           

          “Insurer”:
            Any
            issuer of an insurance policy relating to the Mortgage Loans or Certificates
            of
            a
            Series.

           

          “Interest”:
            The
            REMIC interests that are established by the Trust for purposes of the
            REMIC
            Provisions. The Interests shall be Regular Interests in, and assets of,
            the
            REMICs specified in the Trust Agreement.

           

          “Interest
            Rate Cap Counterparty”
            Shall
            have the meaning set forth in the Trust Agreement.

           

          

          
            
              
                
                

              

              
                7

                
                  

                

              

              
                
                

              

            

          

          

          

           

          "LIBOR":
            For any
            Interest Accrual Period (other than the initial Interest Accrual Period),
            the
            offered rate for one-month United States dollar deposits which appears
            on
            Telerate Page 3750, as reported by Bloomberg Financial Markets Commodities
            News
            (or such other page as may replace Telerate Page 3750 for the purpose
            of
            displaying comparable rates), as of 11:00 a.m. (London time) on the LIBOR
            Determination Date applicable to such Interest Accrual Period. If such
            rate does
            not appear on Telerate Page 3750 (or such other page as may replace Telerate
            Page 3750 for the purpose of displaying comparable rates), the rate for
            that day
            will be determined on the basis of the rates at which deposits in United
            States
            dollars are offered by the Reference Banks at approximately 11:00 a.m.,
            London
            time, on that day to leading banks in the London interbank market for
            a period
            of one month commencing on the first day of the relevant Interest Accrual
            Period. The Securities Administrator will request the principal London
            office of
            each of the Reference Banks to provide a quotation of its rate to the
            Securities
            Administrator. If at least two such quotations are provided, the rate
            for that
            day will be the arithmetic mean of the quotations. If fewer than two
            quotations
            are provided as requested, the rate for that day will be the arithmetic
            mean of
            the rates quoted by major banks in New York City, selected by the Securities
            Administrator, at approximately 11:00 a.m., New York City time, on that
            day for
            loans in United States dollars to leading European banks for a one-month
            period
            (commencing on the first day of the relevant Interest Accrual Period).
            If none
            of such major banks selected by the Securities Administrator quotes such
            rate to
            the Securities Administrator, LIBOR for such LIBOR Determination Date
            will be
            the rate in effect with respect to the immediately preceding LIBOR Determination
            Date.

           

          "LIBOR
            Determination Date":
            With
            respect to any Interest Accrual Period and any Floating Rate Certificate,
            the
            second London Business Day prior to the date on which such Interest Accrual
            Period commences. Absent manifest error, the Securities Administrator’s
            determination of LIBOR will be conclusive. 

           

          “Liquidated
            Mortgage Loan”:
            Any
            Mortgage Loan for which the applicable Servicer has determined (and reported
            to
            the Master Servicer) that it has received all amounts that it expects
            to recover
            from or on account of such Mortgage Loan, whether from Insurance Proceeds,
            Liquidation Proceeds or otherwise.

           

          “Liquidation
            Loss”:
            With
            respect to any Liquidated Mortgage Loan, the excess of (a) the sum of
            (i) the
            outstanding principal balance of such Mortgage Loan, (ii) all accrued
            and unpaid
            interest thereon, and (iii) the amount of all Advances and other expenses
            incurred with respect to such Mortgage Loan (including expenses of enforcement
            and foreclosure) over (b) Liquidation Proceeds realized from such Mortgage
            Loan.

           

          “Liquidation
            Proceeds”:
            Amounts,
            other than Insurance Proceeds and Condemnation Proceeds, received by
            the related
            Servicer in connection with the liquidation of a defaulted Mortgage Loan
            through
            trustee’s sale, foreclosure sale or otherwise, including amounts received
            following the disposition of an REO Property pursuant to the applicable
            Servicing Agreement less costs and expenses of such foreclosure
            sale.

           

          “Loan
            Level Report”:
            Shall
            mean the report prepared by the Master Servicer in substantially the
            form set
            forth in Schedule II hereto.

           

          

          
            
              
                
                

              

              
                8

                
                  

                

              

              
                
                

              

            

          

          

          

           

          “Loan-to-Value
            Ratio”:
            For
            purposes of the REMIC Provisions, the ratio that results when the Unpaid
            Principal Balance of a Mortgage Loan is divided by the fair market value
            of the
            Mortgaged Premises (or, in the case of a Mortgage Loan that is secured
            by a
            leasehold interest, the fair market value of the leasehold interest and
            any
            improvements thereon). For purposes of determining that ratio, the fair
            market
            value of the Mortgaged Premises (or leasehold interest, as the case may
            be) must
            be reduced by (i) the full amount of any lien on the Mortgaged Premises
            (or
            leasehold interest, as the case may be) that is senior to the Mortgage
            Loan and
            (ii) a pro rata portion of any lien that is in parity with the
            Mortgage
            Loan.

           

          "London
            Business Day":
            A day on
            which commercial banks in London are open for business (including dealings
            in
            foreign exchange and foreign currency deposits).

           

          “Lost
            Document
            Affidavit”:
            An
            affidavit, in recordable form, in which the Seller of a Mortgage Loan
            represents, warrants and covenants that: (i) immediately prior to the
            transfer
            of such Mortgage Loan under the related Sale Agreement, such Seller was
            the
            lawful owner of the Mortgage Loan and the Seller has not canceled, altered,
            assigned or hypothecated the mortgage note or the related Mortgage, (ii)
            the
            missing document was not located after a thorough and diligent search
            by the
            Seller, (iii) in the event that the missing document ever comes into
            the
            Seller’s possession, custody or power, the Seller covenants immediately and
            without further consideration to surrender such document to the respective
            Custodian, and (iv) that it shall indemnify and hold harmless the Trust,
            its
            successors, and assigns, against any loss, liability, or damage, including
            reasonable attorney’s fees, resulting from the unavailability of any originals
            of any such documents or of a complete chain of intervening endorsements,
            as the
            case
            may
            be.

           

          “Master
            Servicer”:
            Shall
            have the meaning set forth in the recitals hereto.

           

          “Master
            Servicer Account”:
            An
            Eligible Account established by the Master Servicer pursuant to Section
            3.01
            hereof.

           

          “Master
            Servicer Event of Default”:
            Those
            events of default described in Section 8.04 hereof.

           

          “Master
            Servicer Fee Rate”:
            Not
            applicable.

           

          “Master
            Servicer Remittance Date”:
            With
            respect to each Distribution Date, shall be a date which occurs two Business
            Days prior to such Distribution Date, unless the Securities Administrator
            and
            Master Servicer are the same person, and then the Distribution
            Date.

           

          “Master
            Servicing Fee”:
            Shall
            have the meaning set forth in the Trust Agreement.

           

          “Modification
            Loss”:
            A
            decrease in the total payments due from a Borrower as a result of a modification
            of such Mortgage Loans following a default or reasonably expected default
            thereon. If a Modification Loss results in a decrease in the Note Rate
            of a
            Mortgage Loan, such Modification Loss shall be treated as occurring on
            each Due
            Date to the extent of such decrease.

           

          “Month
            End Interest
            Shortfall”:
            For any
            Distribution Date, the aggregate Prepayment Interest Shortfall Amount
            for the
            Mortgage Loans, to the extent not paid out of the Servicer’s Servicing Fee
            pursuant to the applicable Servicing Agreement.

           

          

          
            
              
                
                

              

              
                9

                
                  

                

              

              
                
                

              

            

          

          

          

           

          “Monthly
            Advance”:
            The
            aggregate amount of the (i) advances made by a Servicer on any Servicer
            Remittance Date in respect of delinquent Monthly Payments pursuant to
            the
            applicable Servicing Agreement and (ii) any advances made by the Master
            Servicer
            (or the Trustee, as successor Master Servicer, pursuant to Section 3.05
            in the
            event the Master Servicer fails to make such advances as required) in
            respect of
            any such delinquent Monthly Payment pursuant to Section 3.05.

           

          “Monthly
            Payment”:
            With
            respect to any Mortgage Loan, the scheduled monthly payment of principal
            thereof
            and interest thereon due in any month under the terms thereof.

           

          “Mortgage
            Loan”:
            The
            mortgage loans sold by the Depositor to the Trust as listed on the Mortgage
            Loan
            Schedule to the Trust Agreement. Unless the context indicates otherwise
            the term
“Mortgage Loan” includes any REO Property held by the
            Trust.

           

          “Mortgage
            Loan
            Schedule”:
            The
            list of Mortgage Loans sold by the Depositor to the Trust, which Schedule
            is
            attached to the Trust Agreement and to the applicable Custody Agreement,
            and
            which shall set forth for each Mortgage Loan the following
            information:

           

          (a)
            the
            Originator’s loan number;

           

          (b)
            the
            Borrower’s name;

           

          (c)
            the
            original principal balance;

           

          (d)
            the
            Scheduled Principal Balance as of the close of business on the Cut off
            Date;

           

          (e)
            the
            maturity date of the mortgage loan; and

           

          (f)
            the
            mortgage loan interest rate;

           

          together
            with such additional information as may be reasonably requested by the
            Securities Administrator or the Master Servicer.

           

          “Mortgaged
            Premises”:
            The
            real property securing repayment of the debt evidenced by a Note.

           

          “Mortgagor”:
            Borrower.

           

          “Net
            Rate”:
            Unless
            otherwise provided in the Trust Agreement, with respect to each Mortgage
            Loan,
            the Note Rate of that Mortgage Loan less the Administrative Cost Rate
            applicable
thereto.

           

          “Non-U.S.
            Person”:
            A
            foreign person within the meaning of Treasury Regulation Section 1.860G-3(a)(1)
            (i.e.,
            a
            person other than (i) a citizen or resident of the United States, (ii)
            a
            corporation or partnership that is organized under the laws of the United
            States
            or any jurisdiction thereof or therein, (iii) an estate that is subject
            to
            United States federal income tax regardless of the source of its income
            or (iv)
            a trust if a court within the United States is able to exercise primary
            supervision over the administration of such trust and one or more United
            States
            Persons have the authority to control all substantial decisions of the
            trust)
            who would be subject to United States income tax withholding pursuant
            to Section
            1441 or 1442 of the Code on income derived from the Residual
            Certificates.

           

          

          
            
              
                
                

              

              
                10

                
                  

                

              

              
                
                

              

            

          

          

          

           

          “Non-U.S.
            Person
            Affidavit”:
            An
            affidavit substantially in the form of Exhibit
            G-1
            hereto.

           

          “Note”:
            A
            manually executed written instrument evidencing the Borrower’s promise to repay
            a stated sum of money, plus
            interest, to the holder of the Note by a specific date according to a
            schedule
            of principal and interest payments.

           

          “Note
            Rate”:
            The
            rate of interest borne by each Note according to its terms.

           

          “Opinion
            of
            Counsel”:
            A
            written opinion of counsel, who may be counsel for the Depositor or a
            Servicer,
            acceptable to the Trustee, the Securities Administrator, the Master Servicer
            and
            the Servicer, as applicable. An Opinion of Counsel relating to tax matters
            must
            be an opinion of Independent counsel.

           

          “Originator”:
            Any
            other originator contemplated by Item 1110 (§ 229.1110) of Regulation
            AB.

           

          “Paying
            Agent”:
            The
            paying agent appointed pursuant to Section 5.08
            hereof.

           

          “Payoff”:
            Any
            payment or other recovery of principal on a Mortgage Loan equal to the
            Unpaid
            Principal Balance of such Mortgage Loan, received in advance of the last
            scheduled Due Date, including any prepayment penalty or premium thereon,
            which
            is accompanied by an amount of interest representing scheduled interest
            from the
            Due Date interest was last paid by the Mortgagor to the date of such
            prepayment.

           

          “PCAOB”:
            The
            Public Company Accounting Oversight Board.

           

          “Percentage
            Interest”:
            With
            respect to any Certificate to which principal is assigned as of the Closing
            Date, the portion of the Class evidenced by such Certificate, expressed
            as a
            percentage, the numerator of which is the initial Certificate Balance
            of such
            Certificate and the denominator of which is the aggregate Certificate
            Balance of
            all of the Certificates of such Class as of the Closing Date. With respect
            to
            any Certificate to which a principal balance is not assigned as of the
            Closing
            Date, the portion of the Class evidenced by such Certificate, expressed
            as a
            percentage, as stated on the face of such Certificate.

           

          “Permitted
            Investments”:
            Permitted Investments shall consist of the following:

           

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

           

          (ii)
            repurchase obligations (the collateral for which is held by a third party,
            the
            Trustee or the Securities Administrator, or any of their respective affiliates)
            with respect to any security described in clause (i) above, provided
            that the
            long-term or short-term unsecured debt obligations of the party agreeing
            to
            repurchase such obligations are at the time rated by each Rating Agency
            in its
            highest long-term unsecured debt rating categories;

           

          

          
            
              
                
                

              

              
                11

                
                  

                

              

              
                
                

              

            

          

          

          

           

          (iii)
            certificates of deposit, time deposits and bankers’ acceptances of any bank or
            trust company (including the Trustee or the Securities Administrator
            or an
            affiliate of either) incorporated under the laws of the United States
            or any
            state, provided
            that the
            long-term unsecured debt obligations of such bank or trust company at
            the date
            of acquisition thereof have been rated by each Rating Agency in one of
            its two
            highest long-term unsecured debt rating categories;

           

          (iv)
            commercial paper (having original maturities of not more than 270 days)
            of any
            corporation (including an affiliate of the Trustee or the Securities
            Administrator) incorporated under the laws of the United States or any
            state
            thereof which on the date of acquisition has been rated by each Rating
            Agency in
            its highest short-term unsecured debt rating available (i.e.,
“P-1”
            by Moody’s Investors Service, Inc., “A-1+” by Standard & Poor’s Ratings
            Services and “F1+” by Fitch, if rated by such rating agency);

           

          (v)
            money
            market funds administered by the Trustee or the Securities Administrator
            or any
            of their respective affiliates provided that such money market funds
            are rated
            by each Rating Agency (i) in its highest short-term unsecured debt rating
            category available (i.e., “P-1” by Moody’s Investors Service, Inc. “A-1+” by
            Standard & Poor’s Ratings Services and “F-1+” by Fitch, Inc.) or (ii) in one
            of its two highest long-term unsecured debt rating categories; and

           

          (vi)
            any
            other demand, money market or time deposit or obligation, or interest-bearing
            or
            other security or investment as would not affect the then current rating
            of the
            Certificates by any Rating Agency (which shall include money market funds
            rated
            in the highest long-term rating category with portfolios consisting solely
            of
            obligations in clauses (i) through (iv) above);

           

          provided,
            however,
            that no
            investment described above shall constitute a Permitted Investment (A)
            if such
            investment evidences either the right to receive (i) only interest with
            respect
            to the obligations underlying such instrument or (ii) both principal
            and
            interest payments derived from obligations underlying such instrument
            if the
            interest and principal payments with respect to such instrument provide
            a yield
            to maturity at par greater than 120% of the yield to maturity at par
            of the
            underlying obligations or (B) if such investment is not a “permitted investment”
for purposes of the REMIC Provisions; and provided
            further,
            that no
            investment described above shall constitute a Permitted Investment unless
            such
            investment matures no later than the Business Day immediately preceding
            the
            Distribution Date or the Master Servicer Remittance Date, as applicable,
            on
            which the funds invested therein are required to be distributed (or,
            in the case
            of an investment that is an obligation of the institution in which the
            account
            is maintained, no later than such Distribution
            Date).
            Neither the Securities Administrator nor the Master Servicer shall sell
            or
            permit the sale of any Permitted Investment unless they shall have determined
            that such a sale would not result in a prohibited transaction in which
            a gain
            would be realized under the REMIC Provisions.

           

          

          
            
              
                
                

              

              
                12

                
                  

                

              

              
                
                

              

            

          

          

          

           

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

           

          “Plan”:
            Any
            employee benefit plan or retirement arrangement, including individual
            retirement
            accounts, educational savings accounts and annuities, Keogh plans and
            collective
            investment funds in which such plans, accounts, annuities or arrangements
            are
            invested, that are described in or subject to the Plan Asset Regulations,
            ERISA
            or corresponding provisions of the
            Code.

           

          “Plan
            Asset Regulations”:
            The
            Department of Labor regulations set forth in 29 C.F.R. § 2510.3-101, as amended
            from time to
            time.

           

          “Plan
            Investor”:
            Any
            Plan, any Person acting on behalf of a Plan or any Person using the assets
            of
            a
            Plan.

           

          “Prepayment
            Period”:
            Unless
            otherwise specified in the Trust Agreement, with respect to each Distribution
            Date, the calendar month preceding the month in which such Distribution
            Date
occurs.

           

          “Prepayment
            Interest Shortfall”:
            With
            respect to any Distribution Date and any Principal Prepayment Amount,
            the
            difference between (i) one full month’s interest at the applicable Note Rate
            (after giving effect to any applicable Relief Act Reduction), as reduced
            by the
            applicable Servicing Fee Rate, on the outstanding principal balance of
            such
            Mortgage Loan immediately prior to such prepayment and (ii) the amount
            of
            interest actually received with respect to such Mortgage Loan in connection
            with
            such Principal Prepayment Amount.

           

          “Prime
            Rate”:
            With
            respect to any Distribution Date, the rate published as the “Prime Rate” in the
“Money Rates” section or other comparable section of The
            Wall Street Journal
            on such
            date. In the event The
            Wall Street Journal
            publishes a prime rate range, the average of that range, as determined
            by the
            Securities Administrator, shall be the Prime Rate. In the event The
            Wall Street Journal
            no
            longer publishes a “Prime Rate” entry, the Securities Administrator shall
            designate a new methodology for determining the Prime Rate based on comparable
            data.

           

          “Principal
            Prepayment
            Amount”:
            As
            defined in the Trust Agreement.

           

          “Private
            Residual
            Certificate”:
            Any
            Class of Certificates designated as such in the Trust Agreement.

           

          “Private
            Certificate”:
            Any
            Class of Certificates designated as such in the Trust Agreement.

           

          “Purchase
            Price”:
            With
            respect to a Mortgage Loan purchased from the Trust, an amount equal
            to the
            Scheduled Principal Balance of the Mortgage Loan, plus
            accrued
            and unpaid interest thereon at the Note Rate to the last day of the month
            in
            which the purchase occurs, plus
            the
            amount of any costs and damages incurred by the Trust as a result of
            any
            violation of any applicable federal, state, or local predatory or abusive
            lending law arising from or in connection with the origination of such
            Mortgage
            Loan, and less
            any
            amounts received in respect of such Mortgage Loan and being held in the
            Collection
            Account.

           

          

          
            
              
                
                

              

              
                13

                
                  

                

              

              
                
                

              

            

          

          

          

           

          “Purchaser”:
            The
            Person that purchases a Mortgage Loan from the Trust pursuant to Section
            2.03
            hereof.

           

          “QIB
            Certificate”:
            As
            defined in Section 5.5(a), a Rule 144A Agreement or a certificate substantially
            to the same
            effect.

           

          “Qualification
            Defect”:
            With
            respect to a Mortgage Loan, (a) a defective document in the Trustee Mortgage
            Loan File, (b) the absence of a document in the Trustee Mortgage Loan
            File, or
            (c) the breach of any representation, warranty or covenant with respect
            to the
            Mortgage Loan made by the applicable Seller or Servicer or the Depositor
            but
            only if the affected Mortgage Loan would cease to qualify as a “qualified
            mortgage” for purposes of the REMIC Provisions. With respect to a REMIC Regular
            Interest or a mortgage certificate described in Section 860G(a)(3) of
            the Code,
            the failure to qualify as a “qualified mortgage” for purposes of the REMIC
            Provisions.

           

          “Qualified
            Institutional Buyer”:
            Any
“qualified institutional buyer” as defined in clause (a)(1) of Rule
            144A.

           

          “Rating
            Agency”:
            Any
            nationally recognized statistical rating agency, or its successor, that
            on the
            Closing Date rated one or more Classes of the Certificates at the request
            of the
            Depositor and identified in the Trust Agreement. If such agency or a
            successor
            is no longer in existence, the “Rating Agency” shall be such nationally
            recognized statistical rating agency, or other comparable Person, designated
            by
            the Depositor, notice of which designation shall be given to the Securities
            Administrator. References herein to any long-term rating category of
            a Rating
            Agency shall mean such rating category without regard to any plus or
            minus or
            numerical designation.

           

          “Realized
            Loss”:
            A
            Liquidation Loss, a Modification Loss or a Bankruptcy Loss, in each case,
            to the
            extent not covered by Insurance Proceeds.

           

          “Record
            Date”:
            Shall
            have the meaning set forth in the Trust Agreement.

           

          “Regular
            Interest”:
            An
            interest in a REMIC that is designated in the Trust Agreement as a “regular
            interest” under the REMIC Provisions.

           

          “Regular
            Certificate”:
            Any
            Certificate other than a Residual Certificate and that represents a Regular
            Interest in a REMIC or a combination of Regular Interests in a
            REMIC.

           

          "Reference
            Banks":
            Four
            major banks in the London interbank market selected by the Securities
            Administrator.

           

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

           

          

          
            
              
                
                

              

              
                14

                
                  

                

              

              
                
                

              

            

          

          

          

           

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

           

          “Regulation
            S Global Security”:
            The
            meaning specified in Section 5.05(b).

           

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

           

          “REMIC”:
            With
            respect to each Trust, each real estate mortgage investment conduit,
            within the
            meaning of the REMIC Provisions, for such
            Trust.

           

          “REMIC
            Provisions”:
            Provisions of the Code relating to real estate mortgage investment conduits,
            which appear at Sections 860A through 860G of the Code, related Code
            provisions,
            and regulations, announcements and rulings thereunder, as the foregoing
            may be
            in effect from time to
            time.

           

          “Remittance
            Report”:
            The
            report (either a data file or hard copy) that is prepared by each Servicer
            for
            the Master Servicer which contains the information specified in Schedule
            III
            hereto.

           

          “REO
            Disposition”:
            The
            receipt by the applicable Servicer of Insurance Proceeds and other payments
            and
            recoveries (including Liquidation Proceeds) which the Servicer recovers
            from the
            sale or other disposition of an REO Property.

           

          “REO
            Property”:
            Mortgaged Premises acquired by the Trust in foreclosure or similar
            actions.

           

          “Reportable
            Event”:
            As
            defined in Section 3.02.

           

          “Reporting
            Servicer”:
            As
            defined in Section 3.02.

           

          “Request
            for
            Release”:
            A
            request signed by an Officer of any Servicer, requesting that the Trustee
            (or
            applicable Custodian) release the Trustee Mortgage Loan File to such
            Servicer
            for the purpose set forth in such release, in accordance with the terms
            of the
            Servicing Agreement and these Standard
            Terms.

           

          “Reserve
            Fund”:
            Unless
            otherwise provided in the Trust Agreement, any fund in the Trust Estate
            other
            than (a) the Certificate Account, Distribution Account, the Master Servicer
            Account and Termination Account and (b) any other fund that is expressly
            excluded from a
            REMIC.

           

          

          
            
              
                
                

              

              
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          “Residual
            Certificate”:
            The
            Class RC and Class R Certificates designated as such in the Trust
            Agreement.

           

          “Residual
            Interest”:
            An
            interest in a REMIC that is designated as a “residual interest” under the REMIC
            Provisions.

           

          “Residual
            Transferee
            Agreement”:
            An
            agreement substantially in the form of Exhibit
            F
            hereto.

           

          “Responsible
            Officer”:
            When
            used with respect to the Trustee or the Securities Administrator, any
            senior
            vice president, any vice president, any assistant vice president, any
            assistant
            treasurer, any trust officer, any assistant secretary in the Corporate
            Trust
            Office of the Trustee or the Securities Administrator, as the case may
            be, or
            any other officer of the Trustee or the Securities Administrator customarily
            performing functions similar to those performed by the persons who at
            the time
            shall be such officers and having direct responsibility for the administration
            of this Agreement, and also to whom with respect to a particular corporate
            trust
            matter such matter is referred because of such officer’s knowledge of and
            familiarity with the particular subject; provided,
            however,
            when
            used with respect to the Master Servicer, any senior vice president,
            any
            assistant vice president, any trust officer, or any other officer of
            the Master
            Servicer customarily performing functions similar to those performed
            by any such
            named officer and having direct responsibility for the master servicing
            of the
            Mortgage Loans under this Trust Agreement. With respect to any other
            Person, the
            chairman of the board, the president, a vice president (however designated),
            the
            treasurer or controller.

           

          “Rule
            144A”:
            Rule
            144A promulgated by the Commission under the Securities Act, as the same
            may be
            amended from time to
            time.

           

          “Rule
            144A
            Agreement”:
            An
            agreement substantially in the form of Exhibit
            C
            hereto.

           

          “Rule
            144A Certificates”:
            Any
            Class of Certificates designated as such in the Trust Agreement.

           

          “Sale
            Agreement”:
            The
            Sale
            and Servicing Agreement or Sale and Servicing Agreements, as defined
            in the
            Trust Agreement. 

           

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

           

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

           

          

          
            
              
                
                

              

              
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          “Scheduled
            Principal
            Balance”:
            For any
            Mortgage Loan as of any Due Date subsequent to the Cut-off Date up to
            and
            including the date on which such Mortgage Loan is finally liquidated
            or
            repurchased from the Trustee, the scheduled principal balance thereof
            as of the
            Cut-off Date, increased by the amount of negative amortization, if any,
            with
            respect thereto, and reduced by (i) the principal portion of all Monthly
            Payments due on or before such Due Date, whether or not paid by the Borrower
            or
            advanced by a Servicer, the Master Servicer, the Securities
            Administrator or
            an
            Insurer, net of any portion thereof that represents principal due on
            a Due Date
            occurring on or before the date on which such proceeds were received,
            (ii) the
            principal portion of all Prepayments, including Liquidation Proceeds,
            Condemnation Proceeds and Insurance Proceeds, and Payoffs received on
            or before
            the last day of the Prepayment Period preceding such date of determination,
            and
            (iii) without duplication, the amount of any Realized Loss that has occurred
            with respect to such Mortgage
            Loan.

           

          “Securities
            Account”:
            As set
            forth in the Trust Agreement.

           

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

           

          “Securities
            Administrator”:
            As set
            forth in the Trust Agreement.

           

          “Securities
            Intermediary”:
            As set
            forth in the Trust Agreement.

           

          “Seller”:
            The
            Loan Seller or Loan Sellers identified in the Trust Agreement.

           

          “Senior
            Collateral Group Percentage”:
            The
            percentage, if any, calculated as set forth in the Trust Agreement.

           

          “Senior
            Prepayment Percentage”:
            The
            percentage, if any, calculated as set forth in the Trust Agreement.

           

          “Series”:
            A group
            of Certificates issued by a separate
            Trust.

           

          “Servicemembers
            Shortfall”:
            Interest losses on a Mortgage Loan resulting from application of the
            Servicemembers’ Civil Relief Act, as amended.

           

          “Servicer”:
            The
            Servicer or Servicers identified in the Servicing Agreement
            or Agreements.

           

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

           

          

          
            
              
                
                

              

              
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          “Servicer
            Compensation”:
            The
            Servicing Fee and any additional compensation as specified in the Servicing
            Agreement or Agreements.

           

          “Servicer
            Event of Default”:
            With
            respect to each Servicer, shall have the meaning set forth in the applicable
            Servicing Agreement.

           

          “Servicer
            Mortgage
            Loan File”:
            With
            respect to each Mortgage Loan, the related Mortgage File, as that term
            is
            defined in the related Servicing Agreement.

           

          “Servicer
            Remittance Date”:
            Shall
            mean the 18th
            day of
            each month or, if such day is not a Business Day, the immediately preceding
            Business Day, or such other day as set forth in the related Sale and
            Servicing
            Agreement.

           

          “Servicing
            Advance”:
            Amounts
            advanced by the applicable Servicer as necessary to preserve the Trust’s
            interest in the Mortgaged Premises or the Mortgage Loans.

           

          “Servicing
            Agreement”:
            The
            Sale and Servicing Agreement or Sale and Servicing Agreements, as defined
            in the
            Trust Agreement. 

           

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

           

          “Servicing
            Fee”:
            Unless
            otherwise provided in the Trust Agreement, in any month, an amount equal
            to
            one-twelfth of the Servicing Fee Rate multiplied by the aggregate Scheduled
            Principal Balance of the Mortgage Loans as of the Due Date preceding
            a
            Distribution Date without taking into account any payment of principal
            due or
            made on such Due
            Date.

           

          “Servicing
            Fee Rate”:
            The
            rate or rates specified as such in the applicable Servicing
            Agreement.

           

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

           

          “Shortfall”:
            Month
            End Interest Shortfall and Servicemembers’ Shortfall.

           

          “Special
            Tax
            Consent”:
            The
            written consent of the Holder of a Residual Certificate to any tax (or
            risk
            thereof) arising out of a proposed transaction or activity that may be
            imposed
            upon such Holder or that may affect adversely the value of such Holder’s
            Residual Certificate.

           

          “Special
            Tax
            Opinion”:
            An
            Opinion of Counsel that a proposed transaction or activity will not (a)
            affect
            adversely the status of any REMIC as a REMIC or of the Regular Interests
            as the
“regular interests” therein under the REMIC Provisions, (b) affect the payment
            of interest or principal on the Regular Interests, or (c) result in the
            encumbrance of the Mortgage Loans by a tax
            lien.

           

          

          
            
              
                
                

              

              
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          “Standard
            Terms”:
            These
            Standard Terms, as amended or supplemented, incorporated by reference
            in a Trust
            Agreement.

           

          “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 a Servicer or related
            Subservicer.

           

          “Subservicer”:
            Any
            Person that services Mortgage Loans on behalf of a Servicer 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
            require to be performed by a Servicer under the applicable Servicing
            Agreement
            that are identified in Item 1122(d) of Regulation AB.

           

          “Supplemental
            Trust Agreement”:
            Any
            Supplemental Trust Agreement by and between the Trustee, the Master Servicer
            and
            the Securities Administrator.

           

          “Tax
            Matters
            Person”:
            The
            Securities Administrator which will act as tax matters person (within
            the
            meaning of the REMIC Provisions) of a
            REMIC.

           

          “Terminating
            Purchase”:
            The
            purchase of all Mortgage Loans and each REO Property owned by a Trust
            pursuant
            to Section 10.02
            hereof.

           

          “Termination
            Account”:
            An
            escrow account maintained by the Securities Administrator into which
            any Trust
            funds not distributed on the Distribution Date on which the earlier of
            (a) a
            Terminating Purchase or (b) the final payment or other Liquidation of
            the last
            Mortgage Loan remaining in the Trust or the disposition of the last REO
            Property
            remaining in the Trust is made are deposited. The Termination Account
            shall be
            an Eligible Account.

           

          “Termination
            Price”:
            An
            amount
            equal to the greater of (a) the sum of (i) 100% of the aggregate outstanding
            principal balance of each Mortgage Loan (other than Liquidated Mortgage
            Loans)
            remaining in the Trust on the day of such purchase, plus accrued interest
            thereon at the Note Rate and the amount of any outstanding Servicing
            Advances on
            such Mortgage Loans to the Due Date in the month in which the Termination
            Price
            is distributed to Certificateholders, less Bankruptcy Losses that would
            otherwise have been allocated to the Certificates and (ii) the lesser
            of (A) the
            Scheduled Principal Balance of the Mortgage Loan for each REO Property
            or other
            property remaining in the Trust, plus accrued interest thereon at the
            Note Rate
            (less the related Servicing Fee Rate) to the Due Date in the month in
            which the
            Termination Price is distributed to Certificateholders, and (B) the sum
            of the
            aggregate fair market value of any such REO Property and all other property
            of
            the Trust, and (b) the aggregate fair market value of all of the Mortgage
            Loans
            remaining in the Trust on the date of such purchase, plus all REO Property
            and
            any other property remaining in the Trust on the date of such purchase.
            The
            respective amounts under clause (a)(ii)(B) and clause (b) above shall
            be
            determined by the Securities Administrator in consultation with the Initial
            Purchaser (or, if the Initial Purchaser is unwilling or unable to serve
            in that
            capacity, a financial advisor selected by the Securities Administrator
            in a
            commercially reasonable manner, whose fees will be an expense of the
            Depositor
            (or other party causing the Termination Purchase)), based upon the mean
            of bids
            from at least three recognized broker/dealers that deal in similar assets)
            as of
            the close of business on the third Business Day preceding the date upon
            which
            notice of any such termination is furnished to Certificateholders pursuant
            to
            Section 9.03; provided,
            however,
            that in
            determining such aggregate fair market value, the Securities Administrator
            shall
            be entitled to conclusively rely on such bids or the opinion of a nationally
            recognized investment banker (the fees of which shall be an expense of
            the
            Trust). The fair market value of the REO Property and other property
            of the
            Trust shall be based upon the inclusion of (i) accrued interest to the
            last day
            of the month in which the Termination Price is distributed to the
            Certificateholders, at the applicable Note Rate (less the related Servicing
            Fee
            Rate) on the Scheduled Principal Balance of each Mortgage Loan related
            to an REO
            Property and (ii) the amount of any costs and damages incurred by the
            Trust as a
            result of any violation of any applicable federal, state, or local predatory
            or
            abusive lending law arising from or in connection with the origination
            of any
            Mortgage Loans remaining in the Trust.

           

          

          
            
              
                
                

              

              
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          “Transferee
            Agreement”:
            An
            agreement substantially in the form of Exhibit
            D
            hereto.

           

          “Trust”:
            The
            trust formed pursuant to the Trust
            Agreement.

           

          “Trust
            Agreement” or
            this“Agreement”:
            The
            Master Servicing and Trust Agreement, dated as of January 1, 2007, among
            the
            Depositor, the Custodians, the Master Servicer, the Securities Administrator
            and
            the Trustee relating to the issuance of Certificates, and into which
            these
            Standard Terms are incorporated by reference.

           

          “Trust
            Estate”:
            The
            segregated pool of assets sold and assigned to the Trustee for the benefit
            of
            the Certificateholders by the Depositor pursuant to the conveyance clause
            of the
            Trust Agreement.

           

          “Trust
            Receipt”:
            A
            certification as to the completeness of each Trustee Mortgage Loan File
            substantially in the form of Exhibit
            A
            hereto
            provided by a Custodian pursuant to Section 2.02
            hereof.

           

          “Trustee”:
            The
            bank or trust company identified as the Trustee in the Trust Agreement,
            and its
            successors and assigns.

           

          “Trustee
            Advance”:
            Not
            applicable.

           

          “Trustee
            Fee”:
            Not
            applicable.

           

          “Trustee
            Fee Rate”:
            Not
            applicable.

           

          “Trustee
            Mortgage
            Loan File”:
            With
            respect to each Mortgage Loan, unless otherwise provided in the Trust
            Agreement,
            collectively, the following documents, together with any other Mortgage
            Loan
            documents held by the Trustee or the related Custodian with respect to
            such
            Mortgage Loan:

           

          

          
            
              
                
                

              

              
                20

                
                  

                

              

              
                
                

              

            

          

          

          

           

          (a)
            The
            original executed mortgage note endorsed, “Pay to the order of ________________
            or in the name of the Trustee, Deutsche Bank National Trust Company,
            as trustee
            under a Master Servicing and Trust Agreement, dated as of January 1,
            2007,
            without recourse”, and signed in the name of the Seller (or an affiliate of such
            Seller, if applicable) by an officer of such Seller (or an affiliate
            of such
            Seller, if applicable), or a Lost Document Affidavit with a copy of the
            original
            mortgage note attached; provided that unless otherwise provided in the
            related
            Sale and Servicing Agreement or if the mortgage note has been left blank,
            the
            words “Deutsche Bank National Trust Company, as trustee under a Master Servicing
            and Trust Agreement, dated as of January 1, 2007” shall be inserted into the
            blank; and provided that the mortgage note shall include all intervening
            original endorsements showing a complete chain of title from the originator
            to
            such Seller (or an affiliate of such Seller, if applicable);

           

          (b)
            The
            original executed Mortgage, or a certified copy thereof, in either case
            with
            evidence of recording noted thereon;

           

          (c)
            Except for Mortgage Loans registered on MERS, the original assignment
            of each
            Mortgage from the related Seller (or its affiliate, if applicable) delivered
            in
            blank in recordable form;

           

          (d)
            The
            original or copy of a policy of title insurance, a certificate of title,
            or
            attorney’s opinion of title (accompanied by an abstract of title), as the case
            may be, with respect to each Mortgage Loan;

           

          (e)
            Except for Mortgage Loans originated through MERS, originals of any intervening
            assignments of the mortgage necessary to show a complete chain of title
            from the
            original mortgagee to the Seller, or certified copies thereof, in either
            case
            with evidence of recording noted thereon; provided, that such intervening
            assignments may be in the form of blanket assignments, a copy of which,
            with
            evidence of recording noted thereon, shall be acceptable;

           

          (f)
            Originals of all modification agreements, or certified copies thereof,
            in either
            case with evidence of recording noted thereon if recordation is required
            to
            maintain the lien of the mortgage or is otherwise required, or, if recordation
            is not so required, an original or copy of any such modification
            agreement;

           

          (g)
            To
            the extent applicable, an original power of attorney, or a certified
            copy
            thereof, in either case with evidence of recordation thereon if necessary
            to
            maintain the lien on the Mortgage or if the document to which such power
            of
            attorney relates is required to be recorded, or, if recordation is not
            so
            required, an original or copy of such power of attorney; and

           

          (h)
            An
            original or copy of any surety agreement or guaranty agreement.

           

          Notwithstanding
            the foregoing, with respect to any power of attorney, mortgage, assignment,
            intervening assignment, assumption agreement, modification agreement
            or deed of
            sale for which a certified copy is delivered in accordance with the foregoing,
            the copy must be certified as true and complete by the appropriate public
            recording office, or, if the original has been submitted for recording
            but has
            not yet been returned from the applicable recording office, an officer
            of the
            Seller (or a predecessor owner, a title company, closing/settlement/escrow
            agent
            or company or closing attorney) must certify the copy as a true copy
            of the
            original submitted for recordation. Copies of blanket intervening assignments,
            however, need not be certified.

           

          

          
            
              
                
                

              

              
                21

                
                  

                

              

              
                
                

              

            

          

          

          

           

          “UCC”:
            The
            Uniform Commercial Code as in effect in the jurisdiction that governs
            the
            interpretation of the substantive provisions of the Trust Agreement,
            as such Uniform Commercial Code may be amended from time to time.

           

          “Underlying
            MBS”:
            As set
            forth in the Trust Agreement.

           

          “Unpaid
            Principal
            Balance”:
            With
            respect to any Mortgage Loan, the outstanding principal balance payable
            by the
            related Borrower under the terms of the
            Note.

           

          “U.S.
            Bank”:
            U.S.
            Bank National Association and its successors.

           

          “U.S.
            Person”:
            A
            Person other than a Non-U.S.
            Person.

           

          “Voting
            Rights”:
            The
            portion of the voting rights of all of the Certificates which is allocated
            to
            any Certificate. Unless otherwise provided in the Trust Agreement, (a)
            if any
            Class of Certificates does not have a Certificate Balance or has an initial
            Certificate Balance that is less than or equal to 1% of the aggregate
            Certificate Balance of all of the Certificates, then 1% of Voting Rights
            shall
            be allocated to each Class of such Certificates having no Certificate
            Balance or
            a Certificate Balance equal to or less than 1% of the aggregate Certificate
            Balance of all Certificates; provided,
            however,
            that
            each class of Residual Interest Certificateholders in a multiple REMIC
            Series
            shall be treated as a separate Class of Certificateholders, and the balance
            of
            Voting Rights shall be allocated among the remaining Classes of Certificates
            in
            proportion to their respective Certificate Balances following the most
            recent
            Distribution Date, and (b) if no Class of Certificates has an initial
            Certificate Balance less than 1% of the aggregate Certificate Balance,
            then all
            of the Voting Rights shall be allocated among all the Classes of Certificates
            in
            proportion to their respective Certificate Balances following the most
            recent
            Distribution Date. Voting Rights allocated to each Class of Certificates
            shall
            be allocated in proportion to the respective Percentage Interests of
            the Holders
thereof.

           

          “Wells
            Fargo Bank”:
            Wells
            Fargo Bank, N.A., and its successors.

           

          “Withholding
            Agent”:
            The
Securities
            Administrator or
            its
            designated Paying Agent or other person who is liable to withhold federal
            income
            tax from a distribution on a Residual Certificate under Sections 1441
            and 1442
            of the Code and the Treasury regulations thereunder.

           

          

          
            
              
                
                

              

              
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          ARTICLE
            II

           

          MORTGAGE
            LOAN FILES

           

          Section
            2.01 Mortgage
            Loan Files.

           

          Pursuant
            to the Trust Agreement, the Depositor has sold to the Trustee, for the
            benefit
            of the Certificateholders, without recourse all the right, title and
            interest of
            the Depositor in and to the Mortgage Loans, any and all rights, privileges
            and
            benefits accruing to the Depositor under each Assignment Agreement, each
            Sale
            Agreement, and each Servicing Agreement with respect to the Mortgage
            Loans,
            including the rights and remedies with respect to the enforcement of
            any and all
            representations, warranties and covenants under such agreements and all
            other
            agreements and assets included or to be included in the Trust for the
            benefit of
            the Certificateholders as set forth in the conveyance clause of the Trust
            Agreement. Such assignment includes all of the Depositor’s rights to Monthly
            Payments on the Mortgage Loans due after the Cut-off Date, and all other
            payments of principal (and interest) made on or after the Cut-off Date
            that are
            reflected in the initial aggregate Certificate Balance for a Trust.

          

          In
            connection with such transfer and assignment, the Depositor shall deliver,
            or
            has caused to be delivered, to the Trustee or the related Custodian on
            or before
            the Closing Date, with respect to each Mortgage Loan, the Trustee Mortgage
            Loan
            File that was delivered to such Custodian by the Servicer. If any Mortgage
            or an
            assignment of a Mortgage to the Trustee or any prior assignment is in
            the
            process of being recorded on the Closing Date, the Depositor shall cause
            each
            such original recorded document or certified copy thereof, to be delivered
            to
            the Trustee or the related Custodian promptly following its recordation
            and
            return to the Depositor.

           

          The
            Depositor hereby directs the Trustee and the Securities Administrator,
            not in
            their individual capacities but solely in such capacities, to enter into
            the
            Supplemental Trust Agreement, and (solely in the case of the Trustee)
            each of
            the Step 2 Assignment Agreements, to make any representations and warranties
            of
            such party set forth therein and to perform their respective obligations
            thereunder.

           

          Section
            2.02 Acceptance
            by the Trustee.

           

          (a)
            By
            its execution of the Trust Agreement, the Trustee acknowledges and declares
            that
            it or the applicable Custodian holds and will hold or has agreed to hold
            (in
            each case through the applicable Custodian) all documents delivered to
            it or any
            such Custodian from time to time with respect to a Mortgage Loan and
            all assets
            included in the definition of “Trust Estate” in the Trust Agreement in trust for
            the exclusive use and benefit of all present and future Certificateholders.
            The
            Trustee represents and warrants that (i) it acquired the Mortgage Loans
            on
            behalf of the Trust from the Depositor in good faith, for value, and
            without
            actual notice or actual knowledge of any adverse claim, lien, charge,
            encumbrance or security interest (including, without limitation, federal
            tax
            liens or liens arising under ERISA) (it being understood that the Trustee
            has
            not undertaken searches (lien records or otherwise) of any public records),
            (ii)
            except as permitted in the Trust Agreement, it has not and will not,
            in any
            capacity, assert any claim or interest in the Mortgage Loans and will
            hold (or
            its agent will hold) such Mortgage Loans and the proceeds thereof in
            trust
            pursuant to the terms of the Trust Agreement, and (iii) it has not encumbered
            or
            transferred its right, title or interest in the Mortgage Loans.

           

          

          
            
              
                
                

              

              
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          (b)
            The
            applicable Custodian has reviewed, for the benefit of the Certificateholders
            and
            the parties hereto, each Trustee Mortgage Loan File and has delivered
            to the
            Trustee (with a copy to the Depositor) on the Closing Date a Trust Receipt,
            in
            the form annexed hereto as Exhibit
            A
            (the
“Trust
            Receipt”)
            with
            respect to each Mortgage Loan to the effect that, except as specifically
            noted
            on a schedule of exceptions thereto (the “Exceptions
            List”):

           

          (i)
            all
            documents required to be delivered to it pursuant to clause (a) through
            (e) and
            (g) of the definition of Trustee Mortgage Loan File are in the Trustee’s or
            applicable Custodian’s possession,
            provided
            that,

           

          (A)
            such
            Custodian shall have no obligation to verify the receipt of any such
            documents
            the existence of which was not made known to such Custodian by the Trustee
            Mortgage Loan File, and

           

          (B)
            such
            Custodian shall have no obligation to determine whether recordation of
            any such
            modification is necessary;

           

          (ii)
            all
            documents have been examined by such Custodian and appear regular on
            their face
            and to relate to the Mortgage Loans; 

           

          (iii)
            based only on such Custodian’s examination of the foregoing documents, the
            information set forth on the Mortgage Loan Schedule representing each
            Mortgage
            Loan accurately reflects the Originator loan number, the borrower’s name, the
            original principal balance, the maturity date of the mortgage loan and
            the
            mortgage loan interest rate; and 

           

          (iv)
            that
            each mortgage note has been endorsed and each assignment of mortgage
            has been
            assigned as described in the definition of Trustee Mortgage Loan File,
            provided
            that
            such Custodian shall have no obligation to confirm that the assignments
            are in
            recordable form.

           

          In
            making
            the verification required by this Section 2.02(b), the applicable Custodian
            has
            conclusively relied on the Mortgage Loan Schedule attached hereto, and
            such
            Custodian shall have no obligation to independently verify the correctness
            of
            such Mortgage Loan Schedule.

           

          (c)
            It is
            understood that before delivering the Trust Receipt, the applicable Custodian,
            on behalf of the Trustee, has examined the Mortgage Loan Documents to
            confirm
            the following (and shall report any exceptions to these confirmations
            in the
            Exceptions Report attached to the Trust Receipt):

           

          (i)
            each
            mortgage note, mortgage, guaranty and deed of sale bears a signature
            or
            signatures that appear on their face to be original and that purport
            to be that
            of the Person or Persons named as the maker and mortgagor/trustor or,
            if
            photocopies are permitted, that such copies bear a reproduction of such
            signature or signatures;

           

          

          
            
              
                
                

              

              
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          (ii)
            the
            mortgage and the assignment include the endorsement required pursuant
            to clause
            (a) of the definition of Trustee Mortgage Loan File;

           

          (iii)
            the
            original principal amount of the indebtedness secured by the mortgage
            is
            identical to the original principal amount of the mortgage note;

           

          (iv)
            the
            interest rate shown on the Mortgage Loan Schedule is identical to the
            interest
            rate shown on the mortgage note;

           

          (v)
            the
            assignment of the mortgage from the related Seller (or its affiliate,
            if
            applicable) to the Trustee is in the form required pursuant to clause
            (c) of the
            definition of Trustee Mortgage Loan File, and bears the signature of
            the related
            Seller (or its affiliate, if applicable) that appears to be an original
            or, if
            photocopies are permitted, such copies bear a reproduction of such signature
            or
            signatures; and

           

          (vi)
            if
            intervening assignments are included in the Trustee Mortgage Loan File,
            each
            such intervening assignment bears the signature of the mortgagee and/or
            the
            Purchaser (and any subsequent assignors) that appears to be an original
            or, if
            photocopies are permitted, that such copies bear a reproduction of such
            signature or signatures.

           

          (d)
            On or
            before December 29, 2007, each Custodian shall deliver to the Trustee
            (or any
            assignee of the Trustee) a Final Certification in the form of Exhibit
            B
            evidencing the completeness of such Trustee Mortgage Loan File for each
            related
            Mortgage Loan (provided,
            however,
            that
            such Custodian shall not be required nor does it intend to re-examine
            the
            contents of the Trustee Mortgage Loan File for any of the Mortgage Loans
            in
            connection with entering into this Agreement). An updated exceptions
            report for
            the Mortgage Loans is attached to such Custodian’s Final Certification to be
            delivered under this Section 2.02.

           

          (e)
            Upon
            the written request of a Servicer, the Depositor or the Trustee, no later
            than
            the fifth Business Day of each month, commencing in January 2007, each
            Custodian
            shall deliver to each related Servicer (or such other party responsible
            for
            recordation of any mortgages and/or assignments as specified in the related
            Sale
            and Servicing Agreement), GS Mortgage Securities Corp., as depositor,
            and the
            Trustee in hard copy format (and if requested, in electronic format),
            the
            exceptions list required by this Section 2.02, updated to remove exceptions
            cured since the date on which the applicable Custodial Receipt was issued.
            In
            addition, such monthly reports shall list any document with respect to
            which the
            applicable Seller delivered a copy certifying that the original had been
            sent
            for recording, until such time as the applicable Seller delivers to the
            applicable Custodian the original of such document or a copy thereof
            certified
            by the appropriate public recording office. The data collection schedule
            attached to the applicable Trust Receipt shall not be included unless
            specifically requested in advance by such Servicer, the Depositor or
            the
            Trustee; provided,
            that in
            no event shall the WFB Custodian be required to furnish a data collection
            schedule. No Custodian shall be under a duty to review, inspect or examine
            such
            documents to determine that any of them are genuine, recordable, enforceable
            or
            appropriate for their prescribed purpose. During the term of this Agreement,
            in
            the event a Custodian discovers any nonconformity with the review set
            forth in
            this Section 2.02 with respect to such Trustee Mortgage Loan Files, such
            Custodian shall give written notice of such defect to such Servicer,
            the
            Depositor and the Trustee.

           

          

          
            
              
                
                

              

              
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          (f)
            In
            lieu of the Trustee taking possession of the Trustee Mortgage Loan Files
            and
            reviewing such files itself, one or more Custodians shall hold the Trustee
            Mortgage Loan Files on its behalf pursuant to the Custodial Agreements
            and
            review them as provided in this Section 2.02. The Depositor shall, upon
            notice
            of the appointment of a Custodian, deliver or cause to be delivered all
            documents to such Custodian that would otherwise be deliverable to the
            Trustee.
            In such event, each such Custodian shall provide to the Trustee, within
            the
            specified times, the Trust Receipt and the Final Certifications with
            respect to
            those Mortgage Loans held and reviewed by such Custodian and may deliver
            (or
            cause such Custodian to deliver) such Certifications and electronically
            deliver
            Reports to the Depositor in satisfaction of the Trustee’s obligation to prepare
            such Certifications and Reports (it being understood that absent actual
            knowledge that the information in any such Certification or Report is
            inaccurate
            or incomplete, the Trustee may conclusively rely thereon). The Trustee
            shall
            notify the applicable Custodian of any notices delivered to the Trustee
            with
            respect to those Trustee Mortgage Loan Files.

           

          Section
            2.03 Purchase
            of Mortgage Loans by a Servicer, a Seller, GSMC or the
            Depositor.

           

          (a)
            Servicer
            Breach.
            In
            addition to taking any action required pursuant to Section 7.01 hereof,
            upon
            discovery by a Responsible Officer of the Master Servicer, the Securities
            Administrator or the Trustee of any breach by any Servicer of any
            representation, warranty or covenant under the related Servicing Agreement,
            which breach materially and adversely affects the value of any Mortgage
            Loan or
            the interest of the Trust therein (it being understood that any such
            breach
            shall be deemed to have materially and adversely affected the value of
            the
            related Mortgage Loan or the interest of the Trust therein if the Trust
            incurs
            or may incur a loss as a result of such breach), the party discovering
            such
            breach shall give prompt written notice thereof to the other party. Upon
            discovery by a Responsible Officer of the Trustee of such breach or receipt
            of
            notice thereof, the Trustee shall promptly request that such Servicer
            of such
            Mortgage Loan cure such breach, and if such Servicer does not cure such
            breach
            in all material respects by the end of the cure period set forth in the
            related
            Servicing Agreement, shall enforce such Servicer’s obligation under such
            Servicing Agreement to purchase such Mortgage Loan from the Trustee.
            Notwithstanding the foregoing, however, if such breach results in or
            is a
            Qualification Defect, such cure, purchase or substitution must take place
            within
            75 days of the Defect Discovery Date.

           

          (b)
            Sellers’
            Breach.
            Upon
            discovery by a Responsible Officer of the Master Servicer, the Securities
            Administrator or the Trustee or notice to the Master Servicer, the Securities
            Administrator or the Trustee of any defective or missing document (as
            described
            in the related Sale Agreement) in a Trustee Mortgage Loan File, or of
            any breach
            by any Seller of any representation, warranty or covenant under the related
            Sale
            Agreement, which defect or breach materially and adversely affects the
            value of
            any Mortgage Loan or the interest of the Trust therein (it being understood
            that
            any such defect or breach shall be deemed to have materially and adversely
            affected the value of the related Mortgage Loan or the interest of the
            Trust
            therein if the Trust incurs a loss as a result of such defect or breach),the
            parties discovering or receiving notice of such defect or breach shall
            notify
            the Trustee. Upon discovering or receipt of notice of such breach, the
            Trustee
            shall promptly request that such Seller cure such breach and, if such
            Seller
            does not cure such defect or breach in all material respects by the end
            of the
            cure period specified in such Sale Agreement and any extension of the
            cure
            period granted as permitted by such Sale Agreement, shall enforce such
            Seller’s
            obligation under such Sale Agreement to purchase such Mortgage Loan from
            the
            Trustee.

           

          

          
            
              
                
                

              

              
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          In
            the
            event any Servicer has breached a representation or warranty under the
            related
            Servicing Agreement that is substantially identical to a representation
            or
            warranty breached by a Seller, the Trustee shall first proceed against
            such
            Servicer. If such Servicer does not within 60 days (or such other period
            provided in the related Servicing Agreement) after notification of the
            breach,
            either take steps to cure such breach (which may be evidenced by a certificate
            asking for an extension of time in which to effectuate a cure) or complete
            the
            purchase of the Mortgage Loan, then (i) the Trustee, shall enforce the
            obligations of the Seller under the related Sale Agreement to cure such
            breach
            or to purchase the Mortgage Loan from the Trust, and (ii) such Seller
            shall
            succeed to the rights of the Trustee to enforce the obligations of the
            Servicer
            to cure such breach or repurchase such Mortgage Loan under the Servicing
            Agreement with respect to such Mortgage Loan.

           

          Notwithstanding
            the foregoing, however, if any breach of a representation or warranty
            by the
            Servicer or of a Seller is a Qualification Defect, a cure or purchase
            must take
            place within 75 days of the Defect Discovery Date.

           

          (c)
            GSMC
            Breach.
            Upon
            its discovery or notice to it of any breach by GSMC of any representation,
            warranty or covenant under any Assignment Agreement which materially
            and
            adversely affects the value of any Mortgage Loan or the interest of the
            Trust
            therein (it being understood that any such defect or breach shall be
            deemed to
            have materially and adversely affected the value of the related Mortgage
            Loan or
            the interest of the Trust therein if the Trust incurs a loss as a result
            of such
            defect or breach), the Securities Administrator, shall promptly request
            that
            GSMC cure such breach and, if GSMC does not cure such breach in all material
            respects within 90 days from the date on which it is notified of the
            breach,
            shall enforce GSMC’s obligation under such Assignment Agreement to purchase such
            Mortgage Loan from the Trustee.

           

          (d)
            Depositor
            Breach.
            Within
            90 days of the earlier of its discovery or receipt of notice by the Depositor
            of
            the breach of any of its representations or warranties set forth in Section
            2.04
            hereof with respect to any Mortgage Loan, which breach materially and
            adversely
            affects the value of the related Mortgage Loan or the interest of the
            Trust
            therein (it being understood that any such defect or breach shall be
            deemed to
            have materially and adversely affected the value of the related Mortgage
            Loan or
            the interest of the Trust therein if the Trust incurs a loss as a result
            of such
            defect or breach), the Depositor shall (i) cure such breach in all material
            respects, or (ii) purchase the Mortgage Loan from the Trustee.

           

          In
            the
            event the Depositor has breached a representation or warranty under Section
            2.04
            hereof that is substantially identical to a representation or warranty
            breached
            by a Servicer or Seller, the Trustee shall first proceed against the
            applicable
            Servicer or Seller, as appropriate. If such Servicer or Seller, as appropriate,
            does not within the cure period set forth in the related Sale Agreement
            or
            Servicing Agreement, as applicable, either take steps to cure such breach
            (which
            may be evidenced by a certificate asking for an extension of time in
            which to
            effectuate a cure) or complete the purchase of or substitution for the
            Mortgage
            Loan, then (i) the Trustee shall enforce the obligations of the Depositor
            to
            cure such breach or to purchase the Mortgage Loan from the Trust, and
            (ii) the
            Depositor shall succeed to the rights of the Trustee to enforce the obligations
            of such Servicer or Seller to cure such breach or repurchase such Mortgage
            Loan
            under the related Servicing Agreement or Sale Agreement, as applicable,
            with
            respect to such Mortgage Loan.

           

          

          
            
              
                
                

              

              
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          Notwithstanding
            the foregoing, however, if any breach of a representation or warranty
            by the
            Depositor is a Qualification Defect, a cure or purchase must take place
            within
            75 days of the Defect Discovery Date.

           

          (e)
            Purchase
            Price.
            The
            purchase of any Mortgage Loan from the Trust pursuant to this Section
            2.03 shall
            be effected for its Purchase Price. If the Purchaser is the related Servicer,
            the Purchase Price shall be deposited in the Collection Account. If the
            Purchaser is other than such Servicer, an amount equal to the Purchase
            Price
            shall be deposited into the Certificate Account. Within five Business
            Days of
            its receipt of such funds or certification by the appropriate Servicer
            that such
            funds have been deposited in the related Collection Account, the Trustee
            shall
            release or cause the related Servicer to cause the applicable Custodian
            to
            release to the Purchaser or its designee the related Trustee Mortgage
            Loan File
            and, at the request of the Purchaser, the Trustee shall execute and deliver
            such
            instruments of transfer or assignment, in each case without recourse,
            in form as
            presented by the Purchaser and satisfactory to the Trustee, as shall
            be
            necessary to vest in the Purchaser title to any Mortgage Loan released
            pursuant
            hereto and the Trustee shall have no further responsibility with regard
            to such
            Trustee Mortgage Loan File.

           

          (f)
            Determination
            of Purchase Price.
            The
            Securities Administrator will be responsible for determining the Purchase
            Price
            for any Mortgage Loan that is sold by the Trust or with respect to which
            provision is made for the escrow of funds pursuant to this Section 2.03
            and
            shall at the time of any purchase or escrow certify such amounts to the
            Depositor; provided
            that the
            Securities Administrator may consult with the Servicer to determine the
            Purchase
            Price unless such Servicer is the Purchaser of such Mortgage Loan. If,
            for
            whatever reason, the Securities Administrator shall determine that there
            is a
            miscalculation of the amount to be paid to the Trust, the Securities
            Administrator shall from monies in a Distribution Account return any
            overpayment
            that the Trust received as a result of such miscalculation to the applicable
            Purchaser upon the discovery of such overpayment, and the Securities
            Administrator shall collect from the applicable Purchaser for deposit
            to the
            Securities Account any underpayment that resulted from such miscalculation
            upon
            the discovery of such underpayment. Recovery may be made either directly
            or by
            set-off of all or any part of such underpayment against amounts owed
            by the
            Trust to such Purchaser.

           

          (g)
            Qualification
            Defect.
            If (A)
            any person required to cure or purchase under subsections 2.03(a), 2.03(b),
            2.03(c) or 2.03(d) of these Standard Terms or under a separate agreement
            for a
            Mortgage Loan affected by a Qualification Defect fails to perform within
            the
            earlier of (1) 75 days of the Defect Discovery Date or (2) the time limit
            set
            forth in those subsections or that separate agreement or (B) no person
            is
            obligated to cure or purchase a Mortgage Loan affected by a Qualification
            Defect, the Trustee shall dispose of such Mortgage Loan in such manner
            and for
            such price as the Trustee determines are appropriate, provided
            that the
            removal of such Mortgage Loan occurs no later than the 90th day from
            the Defect
            Discovery Date. If the Servicer is not the person required to cure or
            repurchase
            the Mortgage Loan, the Trustee may consult with such Servicer to determine
            an
            appropriate manner of disposition for and price for such Mortgage Loan.
            It is
            the express intent of the parties that a Mortgage Loan affected by a
            Qualification Defect be removed from the Trust by the 90th day from the
            Defect
            Discovery Date so that the related REMIC(s) will continue to qualify
            as a REMIC.
            Accordingly, the Trustee is not required to sell an affected Mortgage
            Loan for
            its fair market value nor shall the Trustee be required to make up any
            shortfall
            resulting from the sale of such Mortgage Loan. The person failing to
            perform
            under subsections 2.03(a), 2.03(b), 2.03(c) or 2.03(d) of these Standard
            Terms
            shall be liable to the Trust for (i) any difference between (A) the Unpaid
            Principal Balance of the Mortgage Loan plus
            accrued
            and unpaid interest thereon at the Note Rate to the date of disposition
            and (B)
            the net amount received by the Trustee from the disposition (after the
            payment
            of related expenses), (ii) interest on such difference at the Note Rate
            (less
            the Administrative Cost Rate) from the date of disposition to the date
            of
            payment and (iii) any legal and other expenses incurred by or on behalf
            of the
            Trust in seeking such payments. The Trustee shall pursue the legal remedies
            of
            the Trust on the Trust’s behalf and the Trust shall reimburse the Trustee for
            any legal or other expenses of the Trustee related to such pursuit not
            recovered
            from such person.

           

          

          
            
              
                
                

              

              
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          (h)
            Unless otherwise provided in the applicable Sale Agreement, and notwithstanding
            Section 2.03(b) hereof, if a Seller concludes at the end of any applicable
            cure
            period (and any extension thereof) that a document required to be included
            in
            the Trustee Mortgage Loan File cannot be found or replaced, the Seller
            may, in
            lieu of immediately repurchasing the related Mortgage Loan, provide (a)
            a Lost
            Document Affidavit and (b) Opinion of Counsel that the missing document
            does not
            constitute a Qualification Defect. In that event, the Trustee shall not
            require
            such Seller immediately to repurchase the Mortgage Loan, but, if at any
            time
            there is any loss, liability, or damage, including reasonable attorney’s fees,
            resulting from the unavailability of any originals of any such documents
            or of a
            complete chain of intervening endorsements, as the case may be (collectively,
            “Losses”),
            the
            Trustee shall enforce the Seller’s obligation to indemnify the Trust for such
            Losses. Expenses of the Trustee related to such enforcement not recovered
            from
            the Seller shall be reimbursed by the Trust.

           

          (i)
            Notices.
            Any
            Person required under this Section 2.03 to give notice or to make a request
            of
            another Person to give notice shall give such notice or make such request
            promptly.

           

          (j)
            No
            Other Enforcement Obligation.
            Except
            as specifically set forth herein, none of the Master Servicer, the Securities
            Administrator or the Trustee shall have any responsibility to enforce
            any
            provision of a Sale Agreement, Servicing Agreement or Assignment Agreement
            assigned to it hereunder, to oversee compliance thereof, or to take notice
            of
            any breach or default thereof. No successor servicer shall have any obligation
            to repurchase a Mortgage Loan except to the extent specifically set forth
            in the
            Servicing Agreement signed by such substitute servicer.

           

          Section
            2.04 Representations
            and Warranties of the Depositor.

           

          The
            Depositor hereby represents and warrants to the Trustee that as of the
            Closing
            Date or as of such other date specifically provided herein:

           

          

          
            
              
                
                

              

              
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          (a)
            The
            Depositor has been duly incorporated and is validly existing as a corporation
            in
            good standing under the laws of the State of Delaware with full power
            and
            authority (corporate and other) to enter into and perform its obligations
            under
            the Trust Agreement;

           

          (b)
            The
            Trust Agreement has been duly executed and delivered by the Depositor,
            and,
            assuming due authorization, execution and delivery by the Trustee, the
            Securities Administrator and the Master Servicer, constitutes a legal,
            valid and
            binding agreement of the Depositor, enforceable against it in accordance
            with
            its terms, subject to bankruptcy, insolvency, reorganization, moratorium
            or
            other similar laws affecting creditors’ rights generally and to general
            principles of equity regardless of whether enforcement is sought in a
            proceeding
            in equity or at law;

           

          (c)
            The
            execution, delivery and performance by the Depositor of the Trust Agreement
            and
            the consummation of the transactions contemplated thereby do not require
            the
            consent or approval of, the giving of notice to, the registration with,
            or the
            taking of any other action in respect of, any state, federal or other
            governmental authority or agency, except such as has been obtained, given,
            effected or taken prior to the date thereof;

           

          (d)
            The
            execution and delivery of this Trust Agreement have been duly authorized
            by all
            necessary corporate action on the part of the Depositor; neither the
            execution
            and delivery by the Depositor of the Trust Agreement, nor the consummation
            by
            the Depositor of the transactions therein contemplated, nor consummation
            of the
            transactions therein contemplated, nor compliance by the Depositor with
            the
            provisions thereof, will conflict with or result in a breach of, or constitute
            a
            default under, any of the provisions of the articles of incorporation
            or by-laws
            of the Depositor or any law, governmental rule or regulation or any judgment,
            decree or order binding on the Depositor or any of its properties, or
            any of the
            provisions of any indenture, mortgage, deed of trust, contract or other
            instrument to which the Depositor is a party or by which it is
            bound;

           

          (e)
            There
            are no actions, suits or proceedings pending or, to the knowledge of
            the
            Depositor, threatened against the Depositor, before or by any court,
            administrative agency, arbitrator or governmental body (A) with respect
            to any
            of the transactions contemplated by the Trust Agreement or (B) with respect
            to
            any other matter which in the judgment of the Depositor will be determined
            adversely to the Depositor and will if determined adversely to the Depositor
            materially adversely affect its ability to perform its obligations under
            the
            Trust Agreement;

           

          (f)
            Except for the sale to the Trustee, the Depositor has not assigned or
            pledged
            any mortgage note or the related mortgage or any interest or participation
            therein;

           

          (g)
            The
            Depositor has acquired its ownership in the Mortgage Loans in good faith
            and
            without notice of any adverse claim;

           

          (h)
            The
            Depositor has not canceled, satisfied or subordinated in whole or in
            part, or
            rescinded any Mortgage, and the Depositor has not released any Mortgaged
            Premises from the lien of the related mortgage, in whole or in part,
            nor has the
            Depositor executed an instrument that would effect any such release,
            cancellation, subordination or rescission (except in connection with
            an
            assumption agreement or other agreement offered by the related federal
            insurer,
            to the extent such approval was required); and

           

          

          
            
              
                
                

              

              
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          (i)
            The
            Securities Account constitutes a “securities account” (as defined in Section
            8-501(a) of the UCC). The Underlying MBS has been credited to the Securities
            Account. The Securities Intermediary has agreed to treat all assets credited
            to
            the Securities Account as “financial assets” (as defined in Section 8-102(a)(9)
            of the UCC).

           

          It
            is
            understood and agreed that the representations and warranties set forth
            in this
            Section 2.04 shall survive delivery of the respective Trustee Mortgage
            Loan
            Files to the Trustee (or the applicable Custodian) and shall inure to
            the
            benefit of the Trustee notwithstanding any restrictive or qualified endorsement
            or assignment. Upon the discovery by the Depositor, the Master Servicer,
            the
            Securities Administrator or the Trustee of a breach of the foregoing
            representations and warranties, the party discovering such breach shall
            give
            prompt written notice to the other parties to the Trust Agreement, and
            in no
            event later than two Business Days from the date of such discovery. It
            is
            understood and agreed that the obligations of the Depositor set forth
            in Section
            2.03(d) to cure or repurchase a Mortgage Loan constitute the sole remedies
            available to the Certificateholders or to the Trustee on their behalf
            respecting
            a breach of the representations and warranties contained in this Section
            2.04.
            It is further understood and agreed that the Depositor shall be deemed
            not to
            have made the representations and warranties in this Section 2.04 with
            respect
            to, and to the extent of, representations and warranties made, as to
            the matters
            covered in this Section 2.04, by the Servicer in any Servicing Agreement
            or the
            Seller in any Sale Agreement assigned to the Trustee.

           

          It
            is
            understood and agreed that the Depositor has made no representations
            or
            warranties to the Trust other than those contained in this Section 2.04
            and any
            Assignment Agreement. GSMC has made no representations or warranties
            to the
            Trust other than those in any Assignment Agreement, or in any Sale Agreement
            under which GSMC is acting as Seller, and no other Affiliate of the Depositor
            has made any representations or warranty of any kind to the Trustee or
            the
            Trust. Neither the Depositor, GSMC, nor any of the directors, officers,
            employees or agents of either such entity shall be under any liability
            to the
            Trust or the Certificateholders and all such Persons shall be indemnified
            and
            held harmless by the Trust for any claims, losses, penalties, forfeitures,
            legal
            fees and related costs, judgments, and any other costs, fees and expenses
            that
            such Persons may sustain as a result of or arising out of or based upon
            any
            breach of a representation, warranty or covenant made by any Servicer
            or Seller
            or any failure by any Servicer or Seller to perform its obligations in
            strict
            compliance with the terms of the related Servicing or Sale Agreement
            or the
            failure of the Securities Administrator or the Trustee to perform its
            duties
            hereunder; provided, however, that this provision shall not protect the
            Depositor against any breach of warranties or representations made in
            Section
            2.04 herein, or the Depositor against any breach of representations or
            warranties made in any Assignment Agreement or Sale Agreement.

           

          

          
            
              
                
                

              

              
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          ARTICLE
            III

           

          ADMINISTRATION
            OF THE TRUST

           

          Section
            3.01 The
            Collection Accounts; the Master Servicer Account;
            the Distribution Accounts and the Certificate Account.

           

          (a)
            Servicer
            and Master Servicer Remittances.

           

          (i)
            On or
            prior to the Closing Date, the Servicers shall have established one or
            more
            separate Collection Accounts as provided in the related Servicing Agreement,
            each of which shall be an Eligible Account. All Monthly Payments and
            other
            amounts collected
            by each Servicer on the Mortgage Loans, shall, to the extent provided
            in the
            related Servicing Agreement, be deposited by such Servicer within one
            Business
            Day of receipt (or within 2 Business Days in the case of Liquidation
            Proceeds,
            Insurance Proceeds and Condemnation Proceeds) into the related Collection
            Account.

           

          (ii)
            On
            each Servicer Remittance Date, each Servicer is required to remit to
            the Master
            Servicer all payments received during the related Due Period or Prepayment
            Period in respect of the Mortgage Loans serviced by it, less certain
            deductions
            as described herein and in each Servicing Agreement. The Master Servicer
            will
            establish and maintain a separate account for the benefit of the Trustee
            (the
“Master
            Servicer Account”)
            which
            account may be a sub-account of the Certificate Account, and shall be
            an
            Eligible Account for so long as Wells Fargo Bank is both the Master Servicer
            and
            the Securities Administrator. The amounts remitted by the Servicers to
            the
            Master Servicer shall be credited to the Master Servicer Account. 

           

          (iii)
            On
            each Master Servicer Remittance Date, the Master Servicer shall remit
            to the
            Securities Administrator the amounts received from the Servicers on the
            related
            Servicer Remittance Date, net of any fees, expenses and other amounts
            payable to
            the Master Servicer hereunder. The
            amounts remitted by the Master Servicer to the Securities Administrator
            will be
            credited to the REMIC I Distribution Account which will be established
            and
            maintained by the Securities Administrator.

           

          (iv)
            On
            each Distribution Date, amounts on deposit in the REMIC I Distribution
            Account
            (net of any expenses payable to the Securities Administrator under Section
            11.04
            hereof or to the Trustee under Section 9.05 hereof) will be allocated
            by the
            Securities Administrator to pay amounts due on the REMIC I Interests,
            in
            accordance with Section 3.01 of the Trust Agreement. Such amounts will
            then be
            passed through the REMIC II Distribution Account and to the Certificate
            Account
            for distribution to the Certificateholders in accordance with Section
            3.01 of
            the Trust Agreement.

           

          

          
            
              
                
                

              

              
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          (b)
            Accounts.
            The
            Securities Administrator shall establish and maintain one or more Eligible
            Accounts in its own name in trust for the benefit of the Certificateholders.
            The
            account held by the REMIC that directly owns the Mortgage Loans shall
            be the
“REMIC
            I Distribution Account”
which
            account may be a sub-account of the Certificate Account and the account
            held by
            the REMIC that owns all interests in REMIC I shall be the “REMIC
            II Distribution Account”
which
            account may be a sub-account of the Certificate Account. In addition,
            the
            Securities Administrator shall establish and maintain an account for
            the benefit
            of the Certificateholders into which it shall deposit all amounts to
            be
            distributed on each Distribution Date (the “Certificate
            Account”).
            Each
            account shall be an Eligible Account. On each Distribution Date, the
            Securities
            Administrator shall deposit into the REMIC I Distribution Account the
            following
            amounts, to the extent not previously deposited therein:

           

          (i)
            all
            amounts remitted by the Master Servicer to the Securities Administrator
            pursuant
            to Section 3.01(a)(iii);

           

          (ii)
            all
            Monthly Advances made pursuant to Section 3.05; and

           

          (iii)
            the
            amount (if any) required to effect a redemption in accordance with the
            terms of
            the Trust Agreement and received from the Master Servicer or the
            Depositor.

           

          (c)
            Deposits.
            In the
            event a Servicer or the Securities Administrator has remitted to the
            Master
            Servicer Account or to the REMIC I Distribution Account, respectively,
            in error,
            any amount not required to be remitted in accordance with the definition
            of
            Available Distribution Amount, either may at any time direct the Master
            Servicer
            or the Securities Administrator, as applicable, to withdraw such amount
            from
            such account for repayment to such Servicer or Master Servicer, as applicable,
            by delivery of an Officer’s Certificate to the Master Servicer or the Securities
            Administrator which describes the amount deposited in error and the Master
            Servicer or the Securities Administrator, as applicable, shall withdraw
            such
            amount from the Master Servicer Account or the REMIC I Distribution Account,
            as
            applicable, and pay such amount as directed, but only to the extent it
            agrees
            that the amount so described was deposited in error.

           

          (d)
            Withdrawal.
            On each
            Distribution Date, the Securities Administrator shall transfer the Available
            Distribution Amount on deposit in the REMIC I Distribution Account to
            the REMIC
            II Distribution Account and then to the Certificate Account in accordance
            with
            the amounts set forth in the statement prepared pursuant to Section 4.01
            and
            shall distribute such amounts to holders of the Regular Interests and
            Residual
            Interest of the applicable REMICs, in accordance with Article III of
            the Trust
            Agreement, in the order of priority set forth therein.

           

          (e)
            Accounting.
            The
            Master Servicer shall keep and maintain separate accounting (to the extent
            provided to it by each Servicer), on a Mortgage Loan by Mortgage Loan
            basis, for
            the purpose of justifying any payment to and from the Master Servicer
            Account.
            No later than 21 days after each Distribution Date, the Master Servicer
            shall,
            upon written request, forward to the Depositor and the Securities Administrator,
            a statement setting forth the balance of the Master Servicer Account
            as of the
            close of business on the last day of the month of the Distribution Date
            and
            showing, for the one calendar month covered by the statement, any deposits
            and
            or withdrawals from the Master Servicer Account.

           

          

          
            
              
                
                

              

              
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          (f)
            Investments
            by the Master Servicer or the Securities Administrator.
            Any
            investment by the Master Servicer or the Securities Administrator of
            amounts
            received hereunder shall be in Permitted Investments only. All income
            and gain
            realized from any such investment of amounts in the Master Servicer Account
            shall be for the benefit of the Master Servicer and shall be subject
            to its
            withdrawal on order from time to time, and shall not be part of the Trust
            Estate. All income and gain realized from any such investment of amounts
            in the
            Certificate Account shall be for the benefit of the Securities Administrator
            and
            shall be subject to its withdrawal on order from time to time. In the
            event of a
            loss or reduction in the amount to be remitted by the Master Servicer
            to the
            Securities Administrator on the Master Servicer Remittance Date or the
            amount to
            be remitted by the Securities Administrator on the Distribution Date
            because of
            a loss on a Permitted Investment, the Master Servicer or the Securities
            Administrator, as applicable, shall be required to deposit the amount
            of such
            loss into the Master Servicer Account or the Certificate Account, as
            applicable,
            within one Business Day of realization of such loss from its own funds
            without
            reimbursement.

           

          (g)
            Compensating
            Interest.
            The
            amount of the Master Servicing Fee payable to the Master Servicer in
            respect of
            any Distribution Date shall be reduced by the amount of any Compensating
            Interest Payment for such Distribution Date, but only to the extent such
            Compensating Interest Payment is not actually made by a Servicer on the
            applicable Servicer Remittance Date. Such amount shall not be treated
            as an
            Advance and shall not be reimbursable to the Master Servicer.

           

          Section
            3.02 Filings
            with the Commission.

           

          (a)
            As
            further set forth in Section 8.01(e), the Master Servicer and the Securities
            Administrator shall deliver (and the Master Servicer and Securities
            Administrator shall cause any Additional Servicer engaged by it to deliver)
            to
            the Depositor and the Securities Administrator on or before March 15
            of each
            year, commencing in March 2007, an officer’s certificate stating, as to the
            signer thereof, that (i) a review of such party’s activities during the
            preceding calendar year or portion thereof and of such party’s performance under
            this Agreement, or such other applicable agreement in the case of an
            Additional
            Servicer, has been made under such officer’s supervision and (ii) to the best of
            such officer’s knowledge, based on such review, such party has fulfilled all its
            obligations under this Agreement, or such other applicable agreement
            in the case
            of an Additional Servicer, in all material respects throughout such year
            or
            portion thereof, or, if there has been a failure to fulfill any such
            obligation
            in any material respect, specifying each such failure known to such officer
            and
            the nature and status thereof. Promptly after receipt of each such officer’s
            certificate, the Depositor shall review such officer’s certificate and consult
            with each such party, as applicable, as to the nature of any failures
            by such
            party, in the fulfillment of any of such party’s obligations hereunder or, in
            the case of an Additional Servicer, under such other applicable
            agreement.

           

          The
            Master Servicer shall enforce any obligation of the Servicers, to the
            extent set
            forth in the related Servicing Agreement, to deliver to the Master Servicer
            an
            annual statement of compliance within the time frame set forth in, and
            in such
            form and substance as may be required pursuant to, the related Servicing
            Agreement The Master Servicer shall include such annual statements of
            compliance
            with its own annual statement of compliance to be submitted to the Securities
            Administrator pursuant to this Section.

           

          

          
            
              
                
                

              

              
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          (b)
            The
            Depositor shall prepare or cause to be prepared the initial current report
            on
            Form 8-K. Thereafter within four Business Days after the occurrence of
            an event
            requiring disclosure in a current report on Form 8-K (each such event,
            a
“Reportable
            Event”),
            and
            if requested by the Depositor, the Master Servicer shall sign on behalf
            of the
            Depositor and the Securities Administrator shall prepare and file with
            the
            Commission any Form 8-K, as required by the Exchange Act. Any disclosure
            or
            information related to a Reportable Event or that is otherwise required
            to be
            included on Form 8-K (“Form
            8-K Disclosure Information”)
            shall
            be determined and prepared by and at the direction of the Depositor pursuant
            to
            this Section 3.02 and the Securities Administrator shall have no duty
            or
            liability for any failure hereunder to determine or prepare any Form
            8-K
            Disclosure Information or any Form 8-K, except as set forth in this Section
            3.02. 

           

          As
            set
            forth on Exhibit K hereto, for so long as the Trust is subject to the
            Exchange
            Act reporting requirements, no later than the end of business on the
            second
            Business Day after the occurrence of a Reportable Event (i) certain parties
            to
            the GSR Mortgage Loan Trust 2007-AR1 Mortgage Pass-Through Certificates,
            Series
            2007-AR1 transaction shall be required to provide to the Securities
            Administrator and Depositor, to the extent known, in form compatible
            with the
            Commission’s Electronic Data Gathering and Retrieval System (“EDGAR”), or in
            such other form as otherwise agreed upon by the Securities Administrator
            and
            such party, the form and substance of any Form 8-K Disclosure Information,
            if
            applicable and (ii) the Depositor shall approve, as to form and substance,
            or
            disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
            Information. The Depositor shall be responsible for any reasonable fees
            and
            expenses assessed or incurred by the Securities Administrator in connection
            with
            including any Form 8-K Disclosure Information on Form 8- K pursuant to
            this
            paragraph. 

           

          After
            preparing the Form 8-K, the Securities Administrator shall forward
            electronically a draft copy of the Form 8-K to the Depositor for review.
            No
            later than 12:00 noon New York City time on the fourth Business Day after
            the
            Reportable Event, a duly authorized representative of the Master Servicer
            in
            charge of the master servicing function shall sign the Form 8-K and return
            such
            signed Form 8-K to the Securities Administrator, and no later than 5:00
            p.m. New
            York City time on such Business Day the Securities Administrator shall
            file such
            Form 8-K with the Commission. If a Form 8-K cannot be filed on time or
            if a
            previously filed Form 8-K needs to be amended, the Securities Administrator
            will
            follow the procedures set forth in Section 3.02(e). Promptly (but no
            later than
            one Business Day) after filing with the Commission, the Securities Administrator
            will make available on its internet website (located at www.ctslink.com)
            a final
            executed copy of each Form 8-K prepared by the Securities Administrator.
            The
            signing party at the Master Servicer can be contacted at 9062 Old Annapolis
            Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust, GSR
            2007-AR1.
            The parties to this Agreement acknowledge that the performance by the
            Securities
            Administrator of its duties under this Section 3.02(b) related to the
            timely
            preparation and filing of Form 8-K is contingent upon such parties strictly
            observing all applicable deadlines in the performance of their duties
            under this
            Section 3.02. The Securities Administrator shall have no liability for
            any loss,
            expense, damage, claim arising out of or with respect to any failure
            to properly
            prepare and/or timely file such Form 8-K, where such failure results
            from the
            Securities Administrator’s inability or failure to receive on a timely basis,
            any information from any other party hereto needed to prepare, arrange
            for
            execution or file such Form 8-K, not resulting from its own negligence,
            bad
            faith or willful misconduct.

           

          

          
            
              
                
                

              

              
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          (c)
            Within fifteen days after each Distribution Date (subject to permitted
            extensions under the Exchange Act), the Securities Administrator shall
            prepare
            and file, and the Master Servicer shall sign on behalf of the Depositor
            and file
            with the Commission any distribution report on Form 10-D required by
            the
            Exchange Act, in form and substance as required by the Exchange Act.
            The
            Securities Administrator shall file each Form 10-D with a copy of the
            related
            Monthly Statement attached thereto. Any disclosure in addition to the
            monthly
            statement that is required to be included on Form 10-D (“Additional Form 10-D
            Disclosure”) shall be determined and prepared by and at the direction of the
            Depositor pursuant to the following paragraph and the Securities Administrator
            will have no duty or liability for any failure hereunder to determine
            or prepare
            any Additional Form 10-D Disclosure, except as set forth in this Section
            3.02.

           

          As
            set
            forth on Exhibit L hereto, within five calendar days after the related
            Distribution Date, (i) certain parties to the GSR Mortgage Loan Trust
            2007-AR1
            Mortgage Pass-Through Certificates, Series 2007-AR1 transaction shall
            be
            required to provide to the Securities Administrator and the Depositor,
            to the
            extent known, in EDGAR-compatible form, or in such other form as otherwise
            agreed upon by the Securities Administrator and such party, the form
            and
            substance of any Additional Form 10-D Disclosure, if applicable and (ii)
            the
            Depositor will approve, as to form and substance, or disapprove, as the
            case may
            be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D.
            The
            Depositor shall be responsible for any reasonable fees and expenses assessed
            or
            incurred by the Securities Administrator in connection with any Additional
            Form
            10-D Disclosure on Form 10-D pursuant to this Section 3.02(c).

           

          After
            preparing the Form 10-D, the Securities Administrator shall forward
            electronically a draft copy of the Form 10-D to the Depositor for review.
            No
            later than two Business Days following the tenth calendar day after the
            related
            Distribution Date, a duly authorized representative of the Master Servicer
            in
            charge of the master servicing function shall sign the Form 10-D and
            return such
            signed Form 10-D to the Securities Administrator and Depositor, and no
            later
            than 5:00 p.m. New York City time on the fifteenth calendar day after
            such
            Distribution Date the Securities Administrator shall file such Form 10-D
            with
            the Commission. If a Form 10-D cannot be filed on time or if a previously
            filed
            Form 10-D needs to be amended, the Securities Administrator will follow
            the
            procedures set forth in Section 3.02(e). Promptly (but no later than
            one
            Business Day) after filing with the Commission, the Securities Administrator
            will make available on its internet website (located at www.ctslink.com)
            a final
            executed copy of each Form 10-D prepared by the Securities Administrator.
            The
            signing party at the Master Servicer can be contacted at 9062 Old Annapolis
            Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust, GSR
            2007-AR1.
            Each party to this Agreement acknowledges that the performance by the
            Securities
            Administrator of its duties under this Section 3.02(c) related to the
            timely
            preparation and filing of Form 10-D is contingent upon such parties strictly
            observing all applicable deadlines in the performance of their duties
            under this
            Section 3.02. The Securities Administrator shall have no liability for
            any loss,
            expense, damage or claim arising out of or with respect to any failure
            to
            properly prepare and/or timely file such Form 10-D, where such failure
            results
            from the Securities Administrator’s inability or failure to receive on a timely
            basis, any information from any other party hereto needed to prepare,
            arrange
            for execution or file such Form 10-D, not resulting from its own negligence,
            bad
            faith or willful misconduct.

           

          

          
            
              
                
                

              

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

          

          (d)
            Within 90 days after the end of each fiscal year of the Trust or such
            earlier
            date as may be required by the Exchange Act (the “10-K
            Filing Deadline”)
            (it
            being understood that the fiscal year for the Trust ends on December
            31 of each
            year), commencing in March 2007, the Securities Administrator shall prepare
            and
            file on behalf of the Depositor an annual report on Form 10-K, in form
            and
            substance as required by the Exchange Act. Each such Form 10-K shall
            include the
            following items, in each case to the extent they have been delivered
            to the
            Securities Administrator within the applicable time frames set forth
            in this
            Agreement and the related Servicing Agreement: (i) an annual compliance
            statement for each Servicer, each Additional Servicer, the Master Servicer
            and
            the Securities Administrator (each, a “Reporting
            Servicer”)
            as
            described under Section 3.02(a), (ii)(A) the annual reports on assessment
            of
            compliance with servicing criteria for each Reporting Servicer, as described
            under Section 8.01(e) and Section 11.01(c), and (B) if each Reporting
            Servicer’s
            report on assessment of compliance with servicing criteria described
            under
            Section 8.01(e) and Section 11.01(c) identifies any material instance
            of
            noncompliance, disclosure identifying such instance of noncompliance,
            or if each
            Reporting Servicer’s report on assessment of compliance with servicing criteria
            described under Section 8.01(e) and Section 11.01(c) is not included
            as an
            exhibit to such Form 10-K, disclosure that such report is not included
            and an
            explanation why such report is not included, (iii)(A) the registered
            public
            accounting firm attestation report for each Reporting Servicer, as described
            under Section 8.01(f) and Section 11.01(d), and (B) if any registered
            public
            accounting firm attestation report described under Section 8.01(f) and
            Section
            11.01(d) identifies any material instance of noncompliance, disclosure
            identifying such instance of noncompliance, or if any such registered
            public
            accounting firm attestation report is not included as an exhibit to such
            Form
            10-K, disclosure that such report is not included and an explanation
            why such
            report is not included, and (iv) a Sarbanes-Oxley Certification as described
            in
            Section 3.02(f). Any disclosure or information in addition to the disclosure
            or
            information specified in items (i) through (iv) above that is required
            to be
            included on Form 10-K (“Additional
            Form 10-K Disclosure”)
            shall
            be determined and prepared by and at the direction of the Depositor pursuant
            to
            the following paragraph and the Securities Administrator shall have no
            duty or
            liability for any failure hereunder to determine or prepare any Additional
            Form
            10-K Disclosure, except as set forth in this Section 3.02(d).

           

          

          
            
              
                
                

              

              
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          As
            set
            forth on Exhibit M hereto, no later than March 1 of each year that the
            Trust is
            subject to the Exchange Act reporting requirements, commencing in 2008,
            (i)
            certain parties to the GSR Mortgage Loan Trust 2007-AR1 Mortgage Pass-Through
            Certificates, Series 2007-AR1 transaction shall be required to provide
            to the
            Securities Administrator and the Depositor, to the extent known, in
            EDGAR-compatible form, or in such other form as otherwise agreed upon
            by the
            Securities Administrator and such party, the form and substance of any
            Additional Form 10-K Disclosure, if applicable and (ii) the Depositor
            shall
            approve, as to form and substance, or disapprove, as the case may be,
            the
            inclusion of the Additional Form 10-K Disclosure on Form 10-K. The Depositor
            shall be responsible for any reasonable fees and expenses assessed or
            incurred
            by the Securities Administrator in connection with including any Additional
            Form
            10-K Disclosure on Form 10-K pursuant to this Section 3.02(d).

           

          After
            preparing the Form 10-K, the Securities Administrator shall forward
            electronically a draft copy of the Form 10-K to the Depositor for review.
            No
            later than 12:00 noon New York City time on the fourth Business Day prior
            to the
            10-K Filing Deadline, a senior officer of the Depositor shall sign the
            Form 10-K
            and return such signed Form 10-K to the Securities Administrator. If
            a Form 10-K
            cannot be filed on time or if a previously filed Form 10-K needs to be
            amended,
            the Securities Administrator will follow the procedures set forth in
            3.02(e).
            Promptly (but no later than one Business Day) after filing with the Commission,
            the Securities Administrator will make available on its internet website
            located
            at (located at www.ctslink.com) a final executed copy of each Form 10-K
            prepared
            by the Securities Administrator. The parties to this Agreement acknowledge
            that
            the performance by the Securities Administrator of its duties under this
            Section
            3.02(d) related to the timely preparation and filing of Form 10-K is
            contingent
            upon such parties (and any Additional Servicer or Servicing Function
            Participant) strictly observing all applicable deadlines in the performance
            of
            their duties under this Section 3.02(d), Section 3.02(f), Section 3.02(a),
            Sections 8.01(e) and (f) and Sections 11.01(c) and (d). The Securities
            Administrator shall have no liability for any loss, expense, damage,
            claim
            arising out of or with respect to any failure to properly prepare and/or
            timely
            file such Form 10-K, where such failure results from the Securities
            Administrator’s inability or failure to receive on a timely basis, any
            information from any other party hereto needed to prepare, arrange for
            execution
            or file such Form 10-K, not resulting from its own negligence, bad faith
            or
            willful misconduct.

           

          

          
            
              
                
                

              

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

          

          (e)
            Prior
            to January 30 of the first year in which the Securities Administrator
            is able to
            do so under applicable law, the Master Servicer shall sign and the Securities
            Administrator shall prepare and file a Form 15 relating to the automatic
            suspension of reporting in respect of the Trust under the Exchange Act.
            

           

          In
            the
            event that the Securities Administrator becomes aware that it will be
            unable to
            timely file with the Commission all or any required portion of any Form
            8-K,
            10-D or 10-K required to be filed by this Agreement because required
            disclosure
            information was either not delivered to it or delivered to it after the
            delivery
            deadlines set forth in this Agreement or for any other reason, the Securities
            Administrator will immediately notify the Depositor. In the case of Form
            10-D
            and 10-K, the parties to this Agreement will cooperate and cause such
            other
            Servicers or Servicing Function Participants, as applicable, to cooperate,
            to
            prepare and file a Form 12b-25 and a 10-D/A and 10-K/A as applicable,
            pursuant
            to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Securities
            Administrator will, upon receipt of all required Form 8-K Disclosure
            Information
            and upon the approval and direction of the Depositor, include such disclosure
            information on the next Form 10-D. In the event that any previously filed
            Form
            10-D or 10-K needs to be amended, the Securities Administrator shall
            notify the
            Depositor and prepare any necessary 10-D/A or 10-K/A. Any Form 15, Form
            12b-25
            or any amendment to Form 8-K or 10-D shall be signed by a duly authorized
            representative of the Master Servicer in charge of the master servicing
            function. Any amendment to Form 10-K shall be signed by the Depositor.
            The
            parties to this Agreement acknowledge that the performance by the Securities
            Administrator of its duties under this Section 3.02(e) related to the
            timely
            preparation and filing of Form 15, a Form 12b-25 or any amendment to
            Form 8-K,
            10-D or 10-K is contingent upon each such party performing its duties
            under this
            Section. The Securities Administrator shall have no liability for any
            loss,
            expense, damage or claim arising out of or with respect to any failure
            to
            properly prepare and/or timely file any such Form 15, Form 12b-25 or
            any
            amendments to Forms 8-K, 10-D or 10-K, where such failure results from
            the
            Securities Administrator’s inability or failure to receive on a timely basis,
            any information from or on behalf of any other party hereto needed to
            prepare,
            arrange for execution or file such Form 15, Form 12b-25 or any amendments
            to
            Forms 8-K, 10-D or 10-K, not resulting from its own negligence, bad faith
            or
            willful misconduct.

           

          

          
            
              
                
                

              

              
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          (f)
            Each
            Form 10-K shall include a Sarbanes-Oxley Certification, required to be
            included
            therewith pursuant to the Sarbanes-Oxley Act. Each Servicer, the Securities
            Administrator and the Master Servicer shall cause any Servicing Function
            Participant engaged by it to provide to the Person who signs the Sarbanes-Oxley
            Certification (the “Certifying
            Person”),
            by
            March 15 of each year in which the Trust is subject to the reporting
            requirements of the Exchange Act and otherwise within a reasonable period
            of
            time upon request, a certification (each, a “Back-Up
            Certification”),
            in
            the form attached hereto as Exhibit
            I,
            upon
            which the Certifying Person, the entity for which the Certifying Person
            acts as
            an officer, and such entity’s officers, directors and Affiliates (collectively
            with the Certifying Person, “Certification
            Parties”)
            can
            reasonably rely. The senior officer of the Depositor shall serve as the
            Certifying Person on behalf of the Trust. In the event the Master Servicer,
            the
            Securities Administrator, the Trustee or any Servicing Function Participant
            engaged by parties is terminated or resigns pursuant to the terms of
            this
            Agreement, or any applicable sub-servicing agreement, as the case may
            be, such
            party shall provide a Back-Up Certification to the Certifying Person
            pursuant to
            this Section 3.02(f) with respect to the period of time it was subject
            to this
            Agreement or any applicable sub-servicing agreement, as the case may
            be.

           

          The
            Master Servicer shall enforce any obligation of the Servicers, to the
            extent set
            forth in the related Servicing Agreement, to deliver to the Master Servicer
            a
            certification similar to the Back-Up Certification within the time frame
            set
            forth in, and in such form and substance as may be required pursuant
            to, the
            related Servicing Agreement. 

           

          (g)
            The
            Securities Administrator shall promptly file, and exercise its reasonable
            best
            efforts to obtain a favorable response to, no-action requests, or other
            appropriate exemptive relief with the Commission seeking the usual and
            customary
            exemption from such reporting requirements granted to issuers of securities
            similar to the Certificates if and to the extent the Depositor shall
            deem any
            such relief to be necessary or appropriate. Unless otherwise advised
            by the
            Depositor, the Securities Administrator shall assume that the Depositor
            is in
            compliance with the preceding sentence. In no event shall the Securities
            Administrator have any liability for the execution or content of any
            document
            required to be filed by the 1934 Act. The Depositor agrees to promptly
            furnish
            to the Securities Administrator, from time to time upon request, such
            further
            information, reports, and financial statements within its control related
            to the
            Trust Agreement and the Mortgage Loans as the Depositor reasonably deems
            appropriate to prepare and file all necessary reports with the
            Commission.

           

          

          
            
              
                
                

              

              
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          Section
            3.03 Securities
            Administrator to Cooperate; Release of Mortgage Files.

           

          The
            Trustee, shall, if requested by any Servicer, execute a power of attorney
            pursuant to which such Servicer, on behalf of the Trustee, shall authorize,
            make, constitute and appoint designated officers of such Servicer with
            full
            power to execute in the name of the Trustee (without recourse, representation
            or
            warranty) any deed of reconveyance, any substitution of trustee documents
            or any
            other document to release, satisfy, cancel or discharge any Mortgage
            or Mortgage
            Loan serviced by such Servicer upon its payment in full or other liquidation;
            provided, however, that such power of appointment shall be limited to
            the powers
            limited above; and provided, further, that such Servicer shall promptly
            forward
            to the Trustee for its files copies of all documents executed pursuant
            to such
            power of appointment.

           

          Pursuant
            to the Custodial Agreement, any Servicer may submit a Request for Release
            to
            have delivered to it the related Trustee Mortgage Loan File and a release
            of the
            Mortgaged Premises from the lien of the Mortgage. No expenses incurred
            in
            connection with any instrument of satisfaction or deed of reconveyance
            shall be
            chargeable to a Collection Account, the Master Servicer Account or the
            Certificate Account.

           

          Upon
            receipt of any other Request for Release for purposes of servicing a
            Mortgage
            Loan, including but not limited to, collection under any Insurance Policy,
            title
            insurance policy, primary mortgage insurance policy, flood insurance
            policy or
            hazard insurance policy or to effect a partial release of any Mortgaged
            Premises
            from the lien of the Mortgage, the Securities Administrator, on behalf
            of the
            Trustee, within five Business Days of receipt of such Request for Release,
            shall
            release, or shall cause the related Servicer to cause the applicable
            Custodian
            to release, the related Trustee Mortgage Loan File to such Servicer.
            Upon
            receipt of an Officer’s Certificate of the Servicer stating that such Mortgage
            Loan was liquidated and that all amounts received or to be received in
            connection with such liquidation which are required to be deposited into
            the
            Collection Account or the Certificate Account have been so deposited,
            or that
            such Mortgage Loan has become an REO Property, the related Trustee Mortgage
            Loan
            File shall be released by the Trustee (or the applicable Custodian) to
            such
            Servicer.

           

          Any
            Servicer may execute a written certification to have delivered to it,
            pursuant
            to the Custodial Agreement, court pleadings, requests for trustee’s sale or
            other documents necessary to the foreclosure or trustee’s sale in respect of a
            Mortgaged Premises or to any legal action brought to obtain judgment
            against any
            Borrower on the Note or Mortgage or to obtain a deficiency judgment,
            or to
            enforce any other remedies or rights provided by the Note or Mortgage
            or
            otherwise available at law or in equity.

           

          Section
            3.04 Amendments
            to Servicing Agreement.

           

          Each
            Servicing Agreement may be amended or supplemented from time to time
            by the
            related Servicer, the Master Servicer, the Securities Administrator and
            the
            Trustee without the consent of any of the Certificateholders to (a) cure
            any
            ambiguity, (b) correct or supplement any provisions therein which may
            be
            inconsistent with any other provisions therein, (c) modify, eliminate
            or add to
            any of its provisions to such extent as shall be necessary or appropriate
            to
            maintain the qualification of the Trust (or certain assets thereof) as
            one or
            more REMICs, at all times that any Certificates are outstanding or (d)
            make any
            other provisions with respect to matters or questions arising under such
            Servicing Agreement or matters arising with respect to the servicing
            of the
            Mortgage Loans which are not covered by such Servicing Agreement which
            shall not
            be inconsistent with the provisions of such Servicing Agreement, provided
            that
            such action shall not adversely affect in any material respect the interests
            of
            any Certificateholder. Any such amendment or supplement shall be deemed
            not to
            adversely affect in any material respect any Certificateholder if there
            is
            delivered to the Trustee and the Securities Administrator written notification
            from each Rating Agency that rated the applicable Certificates to the
            effect
            that such amendment or supplement will not cause that Rating Agency to
            reduce or
            qualify the then current rating assigned to such Certificates, as well
            as an
            Opinion of Counsel (at the expense of the applicable Servicer) that such
            amendment or supplement will not result in the loss by the Trust or the
            assets
            thereof of REMIC status or result in the imposition of any taxes on the
            Trust or
            any REMIC.

           

          

          
            
              
                
                

              

              
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          Each
            Servicing Agreement may also be amended from time to time by the related
            Servicer, the Master Servicer, the Securities Administrator and the Trustee
            with
            the consent of the Holders of Certificates entitled to at least 66% of
            the
            Voting Rights for the purpose of adding any provisions to or changing
            in any
            manner or eliminating any of the provisions of such Servicing Agreement
            or of
            modifying in any manner the rights of the Holders of Certificates; provided,
            however,
            that no
            such amendment shall (A) reduce in any manner the amount of, or delay
            the timing
            of, payments received on Mortgage Loans which are required to be distributed
            on
            any Certificate without the consent of the Holder of such Certificate,
            (B)
            adversely affect in any material respect the interests of the Holders
            of any
            Class of Certificates, or (C) reduce the aforesaid percentage of Certificates
            the Holders of which are required to consent to any such amendment, unless
            each
            Holder of a Certificate affected by such amendment consents. For purposes
            of the
            giving or withholding of consents pursuant to this Section 3.04, Certificates
            registered in the name of the Depositor or an Affiliate thereof shall
            be
            entitled to Voting Rights with respect to matters affecting such
            Certificates.

           

          Upon
            delivery of a written request to the Trustee, the Securities Administrator
            and/or the Master Servicer together with a certification from the related
            Servicer that any such amendment or supplement is permitted hereby, the
            Securities Administrator and Trustee shall join in any such amendment
            or
            supplement.

           

          Promptly
            after the execution of any such amendment the Securities Administrator
            shall
            notify each Certificateholder and the Master Servicer of such amendment
            and,
            upon written request, shall furnish a copy of such amendment to each
            Certificateholder.

           

          It
            shall
            not be necessary for the consent of Certificateholders under this Section
            3.04
            to approve the particular form of any proposed amendment, but it shall
            be
            sufficient if such consent shall approve the substance thereof. The manner
            of
            obtaining such consents and of evidencing the authorization of the execution
            thereof by Certificateholders shall be subject to such reasonable regulations
            as
            the Securities Administrator may prescribe.
            Prior to consenting to any amendment pursuant to this Section 3.04, the
            Trustee,
            the Securities Administrator and the Master Servicer shall be entitled
            to
            receive an Opinion of Counsel (at the expense of the applicable Servicer)
            that
            such amendment is authorized and permitted pursuant to the terms of this
            Trust
            Agreement and the applicable Servicing Agreement.

           

          

          
            
              
                
                

              

              
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          Section
            3.05 Monthly
            Advances by Master Servicer or Trustee.

           

          (a)
            Under
            the terms of each Servicing Agreement, on the Business Day prior to each
            Servicer Remittance Date, the related Servicer is obligated to make a
            Monthly
            Advance with respect to any delinquencies as of the related Distribution
            Date,
            unless such Servicer furnishes to the Master Servicer, an Officer’s Certificate
            evidencing the determination by such Servicer, in its reasonable judgment,
            that
            such Monthly Advance would be non-recoverable from Liquidation Proceeds,
            Condemnation Proceeds, Insurance Proceeds or otherwise with respect to
            such
            Mortgage Loan (a “Non-Recoverability
            Certificate”).
            If
            (i) a Servicer reports a delinquency on a Remittance Report, and (ii)
            such
            Servicer, by 11:00 a.m. (New York Time) on the related Distribution Date,
            neither makes a Monthly Advance nor provides the Securities Administrator
            and
            the Master Servicer or Trustee, as applicable, with a Non-Recoverability
            Certificate with respect to such delinquency, then subject to paragraph
            (b)
            below, the Master Servicer shall deposit, from its own funds, on the
            Master
            Servicer Remittance Date, the amount of such Monthly Advance not made
            by the
            Servicer into the Certificate Account for distribution to Certificateholders
            as
            provided in the Trust Agreement. If the Master Servicer fails to make
            a Monthly
            Advance as required by the preceding sentence, then the Securities Administrator
            shall notify the Trustee of such failure, and the Trustee (as successor
            to the
            Master Servicer pursuant to Section 8.06) shall deposit, from its own
            funds, on
            the Distribution Date, the amount of such Monthly Advance into the Certificate
            Account. Notwithstanding the foregoing, if either the Master Servicer
            or the
            Trustee (as successor to the Master Servicer pursuant to Section 8.06),
            in their
            reasonable judgment, determine that such Monthly Advance would be
            non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance
            Proceeds or otherwise with respect to such Mortgage Loan, then neither
            the
            Master Servicer nor the Trustee, as applicable, shall be obligated to
            make such
            Monthly Advance.

           

          (b)
            Each
            Servicer is obligated under the applicable Servicing Agreement to remit
            to the
            Master Servicer the required remittance on each Servicer Remittance Date.
            If (i)
            a Servicer fails to remit such remittance on any Servicer Remittance
            Date and
            (ii) such failure is not cured by 11 a.m. (New York Time) on the related
            Master
            Servicer Remittance Date, then, to the extent permitted by the related
            Servicing
            Agreement, the Master Servicer shall withdraw the amount of such required
            remittance from such Collection Account, to the extent that such amount
            is on
            deposit in such Collection Account, and shall deposit such amount in
            the
            Certificate Account.

           

          (c)
            All
            Monthly Advances (together with, in the case of the Master Servicer and
            the
            Trustee, interest thereon at a rate equal to the prevailing Prime Rate
            plus
            2.0%)
            shall be reimbursable to the related Servicer, the Master Servicer or
            the
            Trustee, as the case may be, on a first priority basis from deposits
            to the
            Collection Account of late collections, Insurance Proceeds, Liquidation
            Proceeds
            and Condemnation Proceeds from the related Mortgage Loan as to which
            a Monthly
            Advance has been made. The Master Servicer or the Trustee’s right to
            reimbursement as provided in this paragraph (c) shall not negate its
            obligation
            to continue to make Monthly Advances as provided in paragraph (a) of
            this
            Section 3.05. To the extent Monthly Advances are not recoverable as set
            forth in
            the first sentence of this paragraph (c), the Master Servicer or the
            Trustee, as
            the case may be, shall be entitled to recover such Monthly Advances as
            provided
            in Section 3.01(b).

           

          

          
            
              
                
                

              

              
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          (d)
            To
            the extent that any Servicer is required to pay penalty interest pursuant
            to the
            related Servicing Agreement, and the Master Servicer or the Trustee makes
            any
            Monthly Advance, the Master Servicer or the Trustee, as applicable, in
            its
            individual capacity shall be entitled to retain such penalty
            interest.

           

          Section
            3.06 Enforcement
            of Servicing Agreement.

           

          Subject
            to Article VIII hereof, the Master Servicer agrees to comply with the
            terms of
            each Servicing Agreement and to enforce the terms and provisions thereof
            against
            the related Servicer for the benefit of the Certificateholders.

           

          ARTICLE
            IV

           

          REPORTING/REMITTING
            TO CERTIFICATEHOLDERS

           

          Section
            4.01 Statements
            to Certificateholders.

           

          (a)
            Distribution
            Date Statement.
            On each
            Distribution Date, the Securities Administrator shall prepare a statement
            as to
            such distribution (the “Distribution
            Statement”),
            based
            solely on information provided by the Servicers in the related Remittance
            Reports, and on each Distribution Date, such statement will be made available
            at
            a website located at www.ctslink.com to the Depositor, any Interest Rate
            Cap
            Counterparty and each Certificateholder, setting forth:

           

          (i)
            the
            class factor for each Class of Certificates;

           

          (ii)
            the
            aggregate Scheduled Principal Balance of each Pool and/or Group of Mortgage
            Loans;

           

          (iii)
            the
            Available Distribution Amount, the Aggregate Principal Distribution Amount
            and
            the Principal Prepayment Amount for such Distribution Date;

           

          (iv)
            the
            amount of such distribution to the Holders of Certificates of such Class
            to be
            applied to reduce the Certificate Balance thereof, separately identifying
            the
            amounts, if any, of any Payoffs, Principal Prepayments made by the Mortgagor,
            Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds;

           

          (v)
            the
            amount of such distribution to the Holders of Certificates of such Class
            allocable to interest, and the Certificate Rate applicable to each Class
            (separately identifying (A) the amount of such interest accrued during
            the
            calendar month preceding the month of such Distribution Date, and (B)
            the amount
            of interest from previous calendar months;

           

          (vi)
            the
            aggregate amount of the Servicing Fees and the Master Servicing Fee paid
            as
            required under the Servicing Agreements and the Trust Agreement and any
            other
            fees or expenses paid out of the Available Distribution Amount for such
            Distribution Date as permitted hereunder;

           

          

          
            
              
                
                

              

              
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          (vii)
            if
            applicable, the aggregate amount of outstanding Monthly Advances included
            in
            such distribution, the aggregate amount of Monthly Advances reimbursed
            during
            the calendar month preceding the Distribution Date (including such amounts
            reimbursed to the Master Servicer or Trustee) and the aggregate amount
            of
            unreimbursed Monthly Advances at the close of business on such Distribution
            Date;

           

          (viii)
            LIBOR for such Distribution Date

           

          (ix)
            the
            Certificate Rate for each Class of Certificates for such Distribution
            Date;

           

          (x)
            the
            amount of any Basis Risk Shortfalls on any Floating Rate Certificates
            that have
            the benefit of an Interest Rate Cap Agreement;

           

          (xi)
            the
            amount of any Interest Rate Cap Amounts on any such Certificates referenced
            in
            clause (xii) above

           

          (xii)
            the
            amounts, if any, deposited into any Basis Risk Reserve Fund on such Distribution
            Date, and the balance of each Basis Risk Reserve Fund, after such deposits,
            on
            such Distribution Date;

           

          (xiii)
            the number and aggregate Scheduled Principal Balance of the Mortgage
            Loans
            outstanding as of the last Business Day of the calendar month preceding
            such
            Distribution Date;

           

          (xiv)
            the
            number and aggregate Scheduled Principal Balance of Mortgage Loans as
            reported
            to the Securities Administrator by the Servicer, (A) that are current,
            30 days
            contractually delinquent, 60 days contractually delinquent, 90 days
            contractually delinquent or 120 days or more contractually delinquent
            (each
            to
            be calculated using the Mortgage Bankers Association (MBA) method), (B)
            as to
            which foreclosure proceedings have been commenced, (C) as to which the
            Mortgagor
            is subject to a bankruptcy proceeding and (D) secured by REO
            Properties;

           

          (xv)
            with
            respect to any mortgaged property acquired on behalf of Certificateholders
            through foreclosure or deed in lieu of foreclosure during the preceding
            calendar
            month, the Scheduled Principal Balance of the related Mortgage Loan as
            of the
            last Business Day of the calendar month preceding the Distribution
            Date;

           

          (xvi)
            the
            aggregate Certificate Balance of each Class of Certificates (and, in
            the case of
            any Certificate with no Certificate Balance, the notional amount of such
            Class)
            after giving effect to the distribution to be made on such Distribution
            Date,
            and separately identifying any reduction thereof on account of Realized
            Losses;

           

          (xvii)
            the aggregate amount of (A) Payoffs and Principal Prepayments made by
            Mortgagors, (B) Liquidation Proceeds, Condemnation Proceeds and Insurance
            Proceeds, and (C) Realized Losses incurred during the related Prepayment
            Period;

           

          

          
            
              
                
                

              

              
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          (xviii)
            the aggregate amount of any Mortgage Loan that has been repurchased from
            the
            Trust;

           

          (xix)
            the
            aggregate Shortfall, if any, allocated to each Class of Certificates
            at the
            close of business on such Distribution Date;

           

          (xx)
            the
            Certificate Rate for each Class of Certificates applicable to such Distribution
            Date; and

           

          (xxi)
            the
            Senior Collateral Group Percentages, the Senior Prepayment Percentages,
            the
            Subordinate Percentages and the Subordinate Prepayment Percentages, if
            any, for
            such Distribution Date. 

           

          In
            the
            case of information furnished pursuant to clauses (i) through (iii) above,
            the
            amounts shall be expressed, with respect to any Certificate, as a dollar
            amount
            per $1,000 denomination; provided,
            however,
            that if
            any Class of Certificates does not have a Certificate Balance, then the
            amounts
            shall be expressed as a dollar amount per 10% Percentage Interest.

           

          In
            addition to the Distribution Statement that includes the information
            listed
            above, the Securities Administrator shall prepare and file a statement including
            such
            other
            information as is required by Form 10-D, including, but not limited to,
            the
            information required by Item 1121 (§229.1121) of Regulation AB.

           

          In
            addition to the Distribution Statement specified above, the Securities
            Administrator shall prepare and make available to each Certificateholder
            (with
            respect to clauses (i) and (ii) below) and each Holder of a Residual
            Certificate
            (with respect to clauses (iii) and (iv) below), if any, on each Distribution
            Date a statement setting forth: (i) in the case of a Trust with respect
            to which
            one or more REMIC elections have been or will be made, any reports required
            to
            be provided to Holders by the REMIC Provisions; (ii) such other customary
            information as the Securities Administrator deems necessary or desirable,
            or
            which a Certificateholder reasonably requests, to enable Certificateholders
            to
            prepare their tax returns; (iii) the amounts actually distributed with
            respect
            to the Residual Certificates of such Class on such Distribution Date;
            and (iv)
            the aggregate Certificate Balance, if any, of the Residual Certificates
            of such
            Class after giving effect to any distribution made on such Distribution
            Date,
            separately identifying the amount of Realized Losses allocated to such
            Residual
            Certificates of such Class on such Distribution Date.

           

          Within
            a
            reasonable period of time after the end of each calendar year, the Securities
            Administrator shall prepare and furnish a statement, containing the information
            set forth in clauses (i) through (iv) above (based on information provided
            by
            the Master Servicer), to each Person who at any time during the calendar
            year
            was a Holder that requests such statement, aggregated for such calendar
            year or
            portion thereof during which such Person was a Certificateholder. Such
            obligation of the Securities Administrator shall be deemed to have been
            satisfied to the extent that substantially comparable information shall
            be
            provided by the Master Servicer or the Securities Administrator pursuant
            to any
            requirements of the Code as from time to time are in force.

           

          

          
            
              
                
                

              

              
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          Within
            a
            reasonable period of time after the end of each calendar year, the Securities
            Administrator shall prepare and shall furnish to each Person who at any
            time
            during the calendar year was a Holder of a Residual Certificate a statement,
            upon request, containing the information provided pursuant to the second
            preceding paragraph aggregated for such calendar year thereof during
            which such
            Person was a Certificateholder. Such obligation of the Securities Administrator
            shall be deemed to have been satisfied to the extent that substantially
            comparable information shall be provided by the Securities Administrator
            pursuant to any requirements of the Code as from time to time are in
            force.

           

          Section
            4.02 Remittance
            Reports
            and other Reports from the
            Servicers.

           

          To
            the
            extent received from any Servicer and the Master Servicer, the Securities
            Administrator shall make the information in each Remittance Report available
            to
            the Depositor, the Trustee, or any Certificateholder upon written request
            therefor. In addition, upon written request from the Depositor, the Trustee,
            the
            Securities Administrator or any Certificateholder (such party, the “Requesting
            Party”),
            the
            Securities Administrator shall use commercially reasonable efforts to
            obtain
            from each Servicer and subsequently provide to the Requesting Party any
            other
            reports or information that may be obtained by the Securities Administrator
            from
            any Servicer pursuant to the related Servicing Agreement; provided, however,
            that if the Securities Administrator incurs costs pursuant to the Servicing
            Agreement with respect to any particular request, the Securities Administrator
            shall be entitled to reimbursement from the Requesting Party for such
            costs,
            together with any other reasonable costs incurred by it for obtaining
            or
            delivering the reports or information specified by such request. Upon
            the
            request of the Depositor, if permitted pursuant to a Sale and Servicing
            Agreement, the Master Servicer shall request, on an annual basis beginning
            one
            year after the Closing Date, copies of the related Servicer’s internal quality
            control reports (it being understood that the Master Servicer shall have
            no
            responsibility for, or be deemed to have, constructive notice of any
            information
            contained therein or determinable therefrom). Neither the Master Servicer,
            the
            Securities Administrator nor any agent of the Securities Administrator
            shall be
            under any duty to recalculate, verify or recompute the information provided
            to
            it under any Servicing Agreement by the applicable Servicer.

           

          Section
            4.03 Compliance
            with Withholding Requirements.

           

          Notwithstanding
            any other provisions of the Trust Agreement, the Securities Administrator
            shall
            comply with all federal withholding requirements respecting payments
            of interest
            or principal to the extent of accrued original issue discount on Certificates
            to
            each Holder of such Certificates who (a) is not a “United States person,” within
            the meaning of Code Section 7701(a)(30), (b) fails to furnish its TIN
            to the
            Securities Administrator, (c) furnishes the Securities Administrator
            an
            incorrect TIN, (d) fails to report properly interest and dividends, (e)
            under
            certain circumstances, fails to provide the Securities Administrator
            or the
            Certificateholder’s securities broker with a certified statement, signed under
            penalties of perjury, that the TIN provided by such Certificateholder
            to the
            Securities Administrator or such broker is correct and that the
            Certificateholder is not subject to backup withholding or (f) otherwise
            fails to
            satisfy any applicable certification requirements relating to the withholding
            tax. The consent of such a Certificateholder shall not be required for
            such
            withholding. In the event the Securities Administrator, on behalf of
            the
            Trustee, does withhold the amount of any otherwise required distribution
            from
            interest payments on the Mortgage Loans (including principal payments
            to the
            extent of accrued original issue discount) or Monthly Advances thereof
            to any
            Certificateholder pursuant to federal withholding requirements, the Securities
            Administrator shall indicate with any payments to such Certificateholders
            the
            amount withheld. In addition, if any United States federal income tax
            is due at
            the time a Non-U.S. Person transfers a Residual Certificate, the Securities
            Administrator, on behalf of the Trustee, or other Withholding Agent may
            (1)
            withhold an amount equal to the taxes due upon disposition of such Residual
            Certificate from future distributions made with respect to such Residual
            Certificate to the transferee thereof (after giving effect to the withholding
            of
            taxes imposed on such transferee), and (2) pay the withheld amount to
            the
            Internal Revenue Service unless satisfactory written evidence of payment
            by the
            transferor of the taxes due has been provided to the Securities Administrator
            or
            such Withholding Agent. Moreover, Securities Administrator, on behalf
            of the
            Trustee, or other Withholding Agent may (1) hold distributions on a Residual
            Certificate, without interest, pending determination of amounts to be
            withheld,
            (2) withhold other amounts, if any, required to be withheld pursuant
            to United
            States federal income tax law from distributions that otherwise would
            be made to
            such transferee on each Residual Certificate that it holds, and (3) pay
            to the
            Internal Revenue Service all such amounts withheld.

           

          

          
            
              
                
                

              

              
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          Section
            4.04 Reports
            of Certificate Balances to The Depository Trust Company.

           

          If
            and
            for so long as any Certificate is held by The Depository Trust Company,
            on each
            Distribution Date, the Securities Administrator shall give notice to
            The
            Depository Trust Company (and shall promptly thereafter confirm in writing)
            the
            following: (a) the amount to be reported pursuant to clause (c) and (d)
            of each
            statement provided to Holders of Certificates pursuant to Section 4.01
            in
            respect of the next succeeding distribution, (b) the Record Date for
            such
            distribution, (c) the Distribution Date for such distribution and (d)
            the
            aggregate Certificate Balance of each Class of Certificates to be reported
            pursuant to clause (i) of the first paragraph of Section 4.01 in such
            month.

           

          Section
            4.05 Preparation
            of Regulatory Reports.

           

          Notwithstanding
            any other provision of this Agreement, the Securities Administrator has
            not
            assumed, and shall not by its performance hereunder be deemed to have
            assumed,
            any of the duties or obligations of the Depositor or any other Person
            with
            respect to (a) the registration of the Certificates pursuant to the Securities
            Act, (b) the issuance or sale of the Certificates, or (c) compliance
            with the
            provisions of the Securities Act, the Exchange Act, or any offering circular,
            applicable federal or state securities or other laws including, without
            limitation, any requirement to update the registration statement or prospectus
            relating to the Certificates in order to render the same not materially
            misleading to investors.

           

          Section
            4.06 Management
            and Disposition of REO Property.

           

          The
            Master Servicer shall enforce the obligation of each Servicer under any
            Servicing Agreement to dispose of any REO Property acquired by such Servicer
            on
            behalf of the Trust before the end of the third calendar year following
            the
            calendar year in which the related REO Property was acquired; provided
            that the
            Master Servicer shall waive such requirement if the Master Servicer,
            the Trustee
            and the Securities Administrator (a) receive an Opinion of Counsel (obtained
            at
            the expense of the party requesting such Opinion of Counsel) indicating
            that,
            under then-current law, the REMIC may hold such REO Property for a period
            longer
            than three years without threatening the REMIC status of any related
            REMIC or
            causing the imposition of a tax upon any such REMIC or (b) such Servicer
            applies
            for and is granted an extension of such three year period pursuant to
            Code
            Sections 860G(a)(8) and 856(e)(3) (the applicable period provided pursuant
            to
            such Opinion of Counsel or such Code Section being referred to herein
            as an
“Extended
            Holding Period”).
            In
            that event, the Master Servicer shall direct such Servicer to sell any
            REO
            Property remaining after such date in an auction before the end of the
            Extended
            Holding Period.

           

          

          
            
              
                
                

              

              
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          ARTICLE
            V

           

          THE
            INTERESTS AND THE SECURITIES

           

          Section
            5.01 REMIC
            Interests.

           

          The
            Trust
            Agreement will set forth the terms of the Regular Interests and Residual
            Interest of each REMIC. Unless otherwise specified in the Trust Agreement,
            (a)
            the Regular Interests in each REMIC will be “regular interests” for purposes of
            the REMIC Provisions; (b) the Trustee will be the owner of the Regular
            Interests
            in any REMIC held by another REMIC formed pursuant to the terms of the
            Trust
            Agreement, and such Regular Interests may not be transferred to any person
            other
            than a successor trustee appointed pursuant to Section 8.07 hereof unless
            the
            party desiring the transfer obtains a Special Tax Opinion; and (c) such
            Regular
            Interests will be represented by the respective Interests.

           

          Section
            5.02 The
            Certificates.

           

          The
            Certificates shall be designated in the Trust Agreement. The Certificates
            in the
            aggregate will represent the entire beneficial ownership interest in
            the Trust
            Estate. On the Closing Date, the aggregate Certificate Balance of the
            Certificates will equal the aggregate Scheduled Principal Balance of
            the
            Mortgage Loans as of the Cut-off Date. The Certificates will be substantially
            in
            the forms annexed to the Trust Agreement. Unless otherwise provided in
            the Trust
            Agreement, the Certificates of each Class will be issuable in registered
            form,
            in denominations of authorized Percentage Interests as described in the
            definition thereof. Each Certificate will share ratably in all rights
            of the
            related Class.

           

          Upon
            original issue, the Certificates shall be executed by the Trustee and
            delivered
            by the Securities Administrator and the Securities Administrator shall
            cause the
            Certificates to be authenticated by the Certificate Registrar to or upon
            the
            order of the Depositor upon receipt by the Trustee of the documents specified
            in
            Section 2.01. The Certificates shall be executed and attested by manual
            or
            facsimile signature on behalf of the Trustee by an authorized Officer
            under its
            seal imprinted thereon. Certificates bearing the manual or facsimile
            signatures
            of individuals who were at any time the proper Officers of the Trustee
            shall
            bind the Trustee, notwithstanding that such individuals or any of them
            have
            ceased to hold such offices prior to the authentication and delivery
            of such
            Certificates or did not hold such offices at the date of such Certificates.
            No
            Certificate shall be entitled to any benefit under this Agreement or
            be valid
            for any purpose, unless there appears on such Certificate a certificate
            of
            authentication substantially in the form provided in the Trust Agreement
            executed by the Certificate Registrar by manual signature, and such certificate
            of authentication shall be conclusive evidence, and the only evidence,
            that such
            Certificate has been duly authenticated and delivered hereunder. All
            Certificates shall be dated the date of their execution.

           

          

          
            
              
                
                

              

              
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          Section
            5.03 Book-Entry
            Securities.

           

          (a)
            The
            Book-Entry Securities will be represented initially by one or more certificates
            registered in the name designated by the Clearing Agency. The Depositor
            and the
            Securities Administrator may for all intents and purposes (including
            the making
            of payments on the Book-Entry Securities) deal with the Clearing Agency
            as the
            authorized representative of the Beneficial Owners of the Book-Entry
            Securities
            for as long as those Certificates are registered in the name of the Clearing
            Agency. The rights of Beneficial Owners of the Book-Entry Securities
            shall be
            limited by law to those established by law and agreements between such
            Beneficial Owners and the Clearing Agency and Clearing Agency Participants.
            The
            Beneficial Owners of the Book-Entry Securities shall not be entitled
            to
            certificates for the Book-Entry Securities as to which they are the Beneficial
            Owners, except as provided in subsection (c) below. Requests and directions
            from, and votes of, the Clearing Agency, as Holder, shall not be deemed
            to be
            inconsistent if they are made with respect to different Beneficial Owners.
            Without the consent of the Depositor, the Trustee and the Securities
            Administrator, a Book-Entry Security may not be transferred by the Clearing
            Agency except to another Clearing Agency that agrees to hold the Book-Entry
            Security for the account of the respective Clearing Agency Participants
            and
            Beneficial Owners.

           

          (b)
            Neither the Depositor, the Trustee nor the Securities Administrator will
            have
            any liability for any aspect of the records relating to or payment made
            on
            account of Beneficial Owners of the Book-Entry Securities held by the
            Clearing
            Agency, for monitoring or restricting any transfer of beneficial ownership
            in a
            Book-Entry Security or for maintaining, supervising or reviewing any
            records
            relating to such Beneficial Owners.

           

          (c)
            A
            Book-Entry Security will be registered in fully registered, certificated
            form to
            Beneficial Owners of Book-Entry Securities or their nominees, rather
            than to the
            Clearing Agency or its nominee, if (a) the Depositor advises the Securities
            Administrator and Trustee in writing that the Clearing Agency is no longer
            willing or able to discharge properly its responsibilities as depository
            with
            respect to the Book-Entry Securities, and the Depositor is unable to
            locate a
            qualified successor within 30 days, (b) the Depositor, at its option,
            elects to
            terminate the book-entry system operating through the Clearing Agency
            or (c)
            after the occurrence of an Event of Default, Beneficial Owners representing
            at
            least a majority of the aggregate outstanding Certificate Balance of
            the
            Book-Entry Securities advise the Clearing Agency in writing that the
            continuation of a book-entry system through the Clearing Agency is no
            longer in
            the best interests of the Beneficial Owners. Upon the occurrence of any
            such
            event, the Securities Administrator shall notify the Clearing Agency,
            which in
            turn will notify all Beneficial Owners of Book-Entry Securities through
            Clearing
            Agency Participants, of the availability of certificated Certificates.
            Upon
            surrender by the Clearing Agency or the Book-Entry Custodian of the certificates
            representing the Book-Entry Securities and receipt of instructions for
            re-registration, the Securities Administrator will reissue the Book-Entry
            Securities as certificated Certificates to the Beneficial Owners identified
            in
            writing by the Clearing Agency. Neither the Depositor, the Trustee nor
            the
            Securities Administrator shall be liable for any delay in the delivery
            of such
            instructions and may rely conclusively on, and shall be protected in
            relying on,
            such instructions. Such certificated Certificates shall not constitute
            Book-Entry Securities. All reasonable costs associated with the preparation
            and
            delivery of certificated Certificates shall be borne by the Trust.

           

          

          
            
              
                
                

              

              
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          (d)
            The
            Securities Administrator is hereby initially appointed as Book-Entry
            Custodian
            with respect to the Book-Entry Securities, and hereby agrees to act as
            such in
            accordance herewith and in accordance with the agreement that it has
            with the
            Clearing Agency authorizing it to act as such (it being understood that
            should
            any conflict arise between the provisions hereof and the provisions of
            the
            agreement between the Securities Administrator and the Clearing Agency,
            the
            agreement with the Clearing Agency will control). The Book-Entry Custodian
            may,
            and, if it is no longer qualified to act as such, the Book-Entry Custodian
            shall, appoint, by a written instrument delivered to the Depositor and,
            if the
            Securities Administrator is not the Book-Entry Custodian, the Securities
            Administrator, any other transfer agent (including the Clearing Agency
            or any
            successor Clearing Agency) to act as Book-Entry Custodian under such
            conditions
            as the predecessor Book-Entry Custodian and the Clearing Agency or any
            successor
            Clearing Agency may prescribe; provided
            that the
            predecessor Book-Entry Custodian shall not be relieved of any of its
            duties or
            responsibilities by reason of such appointment of other than the Clearing
            Agency. If the Securities Administrator resigns or is removed in accordance
            with
            the terms hereof, the successor securities administrator, or, if it so
            elects,
            the Clearing Agency shall immediately succeed to its predecessor’s duties as
            Book-Entry Custodian. The Depositor shall have the right to inspect,
            and to
            obtain copies of, any Certificates held as Book-Entry Securities by the
            Book-Entry Custodian.

           

          Section
            5.04 Registration
            of Transfer and Exchange of Certificates.

           

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

           

          Subject
            to Section 5.05, upon surrender for registration of transfer of any Certificate
            at the Corporate Trust Office of the Securities Administrator or at any
            other
            office or agency of the Securities Administrator maintained for such
            purpose,
            the Securities Administrator shall execute and the Certificate Registrar
            shall
            authenticate and deliver, in the name of the designated transferee or
            transferees, one or more new Certificates of the same Class of a like
            aggregate
            Percentage Interest.

           

          At
            the
            option of the Certificateholders, each Certificate may be exchanged for
            other
            Certificates of the same Class with the same and authorized denominations
            and a
            like aggregate Percentage Interest, upon surrender of such Certificate
            to be
            exchanged at any such office or agency. Whenever any Certificates are
            so
            surrendered for exchange, the Securities Administrator shall execute
            and cause
            the Certificate Registrar to authenticate and deliver the Certificates
            which the
            Certificateholder making the exchange is entitled to receive. Every Certificate
            presented or surrendered for transfer or exchange shall (if so required
            by the
            Securities Administrator) be duly endorsed by, or be accompanied by a
            written
            instrument of transfer in the form satisfactory to the Securities Administrator
            duly executed by, the Holder thereof or his attorney duly authorized
            in
            writing.

           

          

          
            
              
                
                

              

              
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          No
            service charge to the Certificateholders shall be made for any transfer
            or
            exchange of Certificates, but the Securities Administrator may require
            payment
            of a sum sufficient to cover any tax or governmental charge that may
            be imposed
            in connection with any transfer or exchange of Certificates.

           

          All
            Certificates surrendered for transfer and exchange shall be destroyed
            by the
            Certificate Registrar.

           

          The
            Securities Administrator will cause the Certificate Registrar (unless
            the
            Securities Administrator is acting as Certificate Registrar) to provide
            notice
            to the Securities Administrator of each transfer of a Certificate, and
            the
            Certificate Registrar will provide the Securities Administrator with
            an updated
            copy of the Certificate Register on January 1 and July 1 of each
            year.

           

          Section
            5.05 Restrictions
            on Transfer.

           

          (a)
            No
            transfer of any Private Certificate shall be made unless that transfer
            is made
            pursuant to an effective registration statement under the Securities
            Act and
            effective registration or qualification under applicable state securities
            laws,
            or is made in a transaction that does not require such registration or
            qualification. Any Holder of a Private Certificate shall, and, by acceptance
            of
            such Private Certificate, does agree to, indemnify the Depositor, the
            Certificate Registrar and the Securities Administrator against any liability
            that may result if any transfer of such Certificates by such Holder is
            not
            exempt from registration under the Securities Act and all applicable
            state
            securities laws or is not made in accordance with such federal and state
            laws.
            Neither the Depositor, the Certificate Registrar nor the Securities
            Administrator is obligated to register or qualify any Private Certificate
            under
            the Securities Act or any other securities law or to take any action
            not
            otherwise required under this Agreement to permit the transfer of such
            Certificates without such registration or qualification. Neither the
            Certificate
            Registrar nor the Securities Administrator shall register any transfer
            of a
            Private Certificate (other than a Residual Certificate) unless and until
            the
            prospective transferee provides (a) the Securities Administrator with
            an
            agreement certifying to facts which, if true, would mean that the proposed
            transferee is a Qualified Institutional Buyer (a “QIB
            Certificate”),
            or,
            if the Private Certificate to be transferred is not a Rule 144A Certificate,
            a
            Transferee Agreement, and in any case unless and until the transfer otherwise
            complies with the provisions of this Section 5.05. If so provided in
            the Trust
            Agreement, the prospective transferee will be deemed to have provided
            a QIB
            Certificate upon acceptance of the Certificate. If a proposed transfer
            does not
            involve a Rule 144A Certificate, the Securities Administrator or the
            Certificate
            Registrar shall require that the transferor and transferee certify as
            to the
            factual basis for the registration exemption(s) relied upon, and if the
            transfer
            is made within two years of the acquisition thereof by a non-Affiliate
            of the
            Depositor from the Depositor or an Affiliate of the Depositor, or the
            Securities
            Administrator or the Certificate Registrar also may require an Opinion
            of
            Counsel that such transfer may be made without registration or qualification
            under the Securities Act and applicable state securities laws, which
            Opinion of
            Counsel shall not be obtained at the expense of the Depositor, the Certificate
            Registrar or the Securities Administrator. Notwithstanding the foregoing,
            no QIB
            Certificate, Transferee Agreement or Opinion of Counsel shall be required
            in
            connection with the initial transfer of the Private Certificates and
            no Opinion
            of Counsel shall be required in connection with the transfer of the Private
            Certificates by a broker or dealer, if such broker or dealer was the
            initial
            transferee.

           

          

          
            
              
                
                

              

              
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          (b)
            Any
            Private Certificate sold in offshore transactions in reliance on Regulation
            S
            shall be issued initially in the form of one or more permanent global
            Certificates in definitive, fully registered form without interest coupons
            with
            the applicable legends set forth in Exhibit A to the Trust Agreement
            added to
            the forms of such Certificates (each, a “Regulation
            S Global Security”),
            which
            shall be deposited on behalf of the subscribers for such Certificates
            represented thereby with the Trustee, as custodian for DTC and registered
            in the
            name of a nominee of DTC, duly executed and authenticated by the Trustee
            as
            hereinafter provided. The aggregate principal amounts of the Regulation
            S Global
            Securities may from time to time be increased or decreased by adjustments
            made
            on the records of the Trustee or DTC or its nominee, as the case may
            be, as
            hereinafter provided..

           

          (c)
            By
            acceptance of a Rule 144A Certificate or a Regulation S Global Security,
            whether
            upon original issuance or subsequent transfer, each Holder of such a
            Certificate
            acknowledges the restrictions on the transfer of such Certificate set
            forth
            thereon and agrees that it will transfer such a Certificate only as provided
            herein. In addition, each Holder of a Regulation S Global Security shall
            be
            deemed to have represented and warranted to the Trustee, the Certificate
            Registrar, the Securities Administrator and the Depositor and any of
            their
            respective successors that: (i) such Person is not a U.S. person within
            the
            meaning of Regulation S and was, at the time the buy order was originated,
            outside the United States and (ii) such Person understands that such
            Certificates have not been registered under the Securities Act, and that
            (x)
            until the expiration of the 40-day distribution compliance period (within
            the
            meaning of Regulation S), no offer, sale, pledge or other transfer of
            such
            Certificates or any interest therein shall be made in the United States
            or to or
            for the account or benefit of a U.S. person (each as defined in Regulation
            S),
            (y) if in the future it decides to offer, resell, pledge or otherwise
            transfer
            such Certificates, such Certificates may be offered, resold, pledged
            or
            otherwise transferred only (A) to a person which the seller reasonably
            believes
            is a “qualified institutional buyer” (a “QIB”) as defined in Rule 144A, that is
            purchasing such Certificates for its own account or for the account of
            a
            qualified institutional buyer to which notice is given that the transfer
            is
            being made in reliance on Rule 144A or (B) in an offshore transaction
            (as
            defined in Regulation S) in compliance with the provisions of Regulation
            S, in
            each case in compliance with the requirements of this Agreement; and
            it will
            notify such transferee of the transfer restrictions specified in this
            Section.

           

          The
            Depositor (or, upon direction of the Depositor, the Securities Administrator,
            which directions shall specify the information to be provided, and at
            the
            expense of the Depositor or the Securities Administrator) shall provide
            to any
            Holder of a Rule 144A Certificate and any prospective transferee designated
            by
            such Holder information regarding the related Certificates and the Mortgage
            Loans and such other information as shall be necessary to satisfy the
            condition
            to eligibility set forth in Rule 144A(d)(4) for transfer of any such
            Rule 144A
            Certificate without registration thereof under the Securities Act pursuant
            to
            the registration exemption provided by Rule 144A.

           

          

          
            
              
                
                

              

              
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          (d)
            Notwithstanding any provision to the contrary herein, so long as a Global
            Security representing any Private Certificate remains outstanding and
            is held by
            or on behalf of DTC, transfers of a Global Security representing any
            such
            Certificates, in whole or in part, shall only be made in accordance with
            this
            Section 5.05(d).

           

          
            	 	
                    (A)

                  	
                    Subject
                      to clauses (B) and (C) of this Section 5.05(d), transfers of
                      a Global
                      Security representing any Private Certificate shall be limited
                      to
                      transfers of such Global Security, in whole or in part, to
                      nominees of DTC
                      or to a successor of DTC or such successor’s
                      nominee.

                  

          

           

          
            	 	
                    (B)

                  	
                    Rule
                      144A Certificate to Regulation S Global Security.
                      If a holder of a beneficial interest in a Rule 144A Certificate
                      deposited
                      with or on behalf of DTC wishes at any time to exchange its
                      interest in
                      such Rule 144A Certificate for an interest in a Regulation
                      S Global
                      Security, or to transfer its interest in such Rule 144A Certificate
                      to a
                      Person who wishes to take delivery thereof in the form of an
                      interest in a
                      Regulation S Global Security, such holder, provided
                      such holder is not a U.S. person, may, subject to the rules
                      and procedures
                      of DTC, exchange or cause the exchange of such interest for
                      an equivalent
                      beneficial interest in the Regulation S Global Security. Upon
                      receipt by
                      the Securities Administrator, as Certificate Registrar, of
                      (I)
                      instructions from DTC directing the Securities Administrator,
                      as
                      Certificate Registrar, to be credited a beneficial interest
                      in a
                      Regulation S Global Security in an amount equal to the beneficial
                      interest
                      in such Rule 144A Certificate to be exchanged but not less
                      than the
                      minimum denomination applicable to such holder’s Certificates held through
                      a Regulation S Global Security, (II) a written order given
                      in accordance
                      with DTC’s procedures containing information regarding the participant
                      account of DTC and, in the case of a transfer pursuant to and
                      in
                      accordance with Regulation S, the Euroclear or Clearstream
                      account to be
                      credited with such increase and (III) a certificate in the
                      form of Exhibit
                      C-2 hereto given by the holder of such beneficial interest
                      stating that
                      the exchange or transfer of such interest has been made in
                      compliance with
                      the transfer restrictions applicable to the Global Securities,
                      including
                      that the holder is not a U.S. person, and pursuant to and in
                      accordance
                      with Regulation S, the Securities Administrator, as Certificate
                      Registrar,
                      shall reduce the principal amount of the Rule 144A Certificate
                      and
                      increase the principal amount of the Regulation S Global Security
                      by the
                      aggregate principal amount of the beneficial interest in the
                      Rule 144A
                      Certificate to be exchanged, and shall instruct Euroclear or
                      Clearstream,
                      as applicable, concurrently with such reduction, to credit
                      or cause to be
                      credited to the account of the Person specified in such instructions
                      a
                      beneficial interest in the Regulation S Global Security equal
                      to the
                      reduction in the principal amount of the Rule 144A
                      Certificate.

                  

          

           

          

          
            
              
                
                

              

              
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                    (C)

                  	
                    Regulation
                      S Global Security to Rule 144A Certificate.
                      If a holder of a beneficial interest in a Regulation S Global
                      Security
                      deposited with or on behalf of DTC wishes at any time to transfer
                      its
                      interest in such Regulation S Global Security to a Person who
                      wishes to
                      take delivery thereof in the form of an interest in a Rule
                      144A
                      Certificate, such holder may, subject to the rules and procedures
                      of DTC,
                      exchange or cause the exchange of such interest for an equivalent
                      beneficial interest in a Rule 144A Certificate. Upon receipt
                      by the
                      Securities Administrator, as Certificate Registrar, of (I)
                      instructions
                      from DTC directing the Securities Administrator, as Certificate
                      Registrar,
                      to cause to be credited a beneficial interest in a Rule 144A
                      Certificate
                      in an amount equal to the beneficial interest in such Regulation
                      S Global
                      Security to be exchanged but not less than the minimum denomination
                      applicable to such holder’s Certificates held through a Rule 144A
                      Certificate, to be exchanged, such instructions to contain
                      information
                      regarding the participant account with DTC to be credited with
                      such
                      increase, and (II) a certificate in the form of Exhibit C-3
                      hereto given
                      by the holder of such beneficial interest and stating, among
                      other things,
                      that the Person transferring such interest in such Regulation
                      S Global
                      Security reasonably believes that the Person acquiring such
                      interest in a
                      Rule 144A Certificate is a QIB, is obtaining such beneficial
                      interest in a
                      transaction meeting the requirements of Rule 144A and in accordance
                      with
                      any applicable securities laws of any State of the United States
                      or any
                      other jurisdiction, then the Securities Administrator, as Certificate
                      Registrar, will reduce the principal amount of the Regulation
                      S Global
                      Security and increase the principal amount of the Rule 144A
                      Certificate by
                      the aggregate principal amount of the beneficial interest in
                      the
                      Regulation S Global Security to be transferred and the Securities
                      Administrator, as Certificate Registrar, shall instruct DTC,
                      concurrently
                      with such reduction, to credit or cause to be credited to the
                      account of
                      the Person specified in such instructions a beneficial interest
                      in the
                      Rule 144A Certificate equal to the reduction in the principal
                      amount of
                      the Regulation S Global Security.

                  

          

           

          
            	 	
                    (D)

                  	
                    Other
                      Exchanges.
                      In the event that a Global Security is exchanged for Certificates
                      in
                      definitive registered form without interest coupons, pursuant
                      to Section
                      5.03(c) hereof, such Certificates may be exchanged for one
                      another only in
                      accordance with such procedures as are substantially consistent
                      with the
                      provisions above (including certification requirements intended
                      to insure
                      that such transfers comply with Rule 144A, comply with Rule
                      501(a)(1),
                      (2), (3) or (7) or are to non-U.S. persons in compliance with
                      Regulation S
                      under the Securities Act, as the case may
                      be).

                  

          

           

          

          
            
              
                
                

              

              
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                    (E)

                  	
                    Restrictions
                      on U.S. Transfers.
                      Transfers of interests in the Regulation S Global Security
                      to U.S. persons
                      (as defined in Regulation S) shall be limited to transfers
                      made pursuant
                      to the provisions of Section
                      5.05(d)(C).

                  

          

           

          (e)
            ERISA
            Restrictions.
            No
            Private Certificate (a
            “Certificated
            Subordinated Security”)
            or
            Residual Certificate shall be transferred unless the prospective transferee
            provides the Securities Administrator and Certificate Registrar with
            a properly
            completed Benefit Plan Affidavit. The holder of any Private Certificate
            or
            Residual Certificate in book-entry form shall be deemed to make the
            representations in the Benefit Plan Affidavit.

           

          Prior
            to
            the termination of any class of certificates which have the benefit of
            an
            interest rate cap agreement, each beneficial owner of a Certificate
            of such class or any interest therein, will be deemed to have represented,
            by
            virtue of its acquisition or holding of a such Certificate,
            or interest therein, that either (i) it is not a Plan or (ii) the acquisition
            and holding of such Certificate are eligible for the exemptive relief
            available
            under the statutory exemption for nonfiduciary service providers under
            Section
            408(b)(17) of ERISA and Section 4975(d)(20) of the Code, Department of
            Labor
            Prohibited Transaction Class Exemption 84-14, 90-1, 91-38, 95-60 or 96-23
            or
            some other applicable exemption.

          

          (f)
            Residual
            Certificates.
            No
            Residual Certificate (including any beneficial interest therein) may
            be
            transferred to a Disqualified Organization. In addition, no Residual
            Certificate
            (including any beneficial interest therein) may be transferred unless
            (i) the
            proposed transferee provides the Securities Administrator or the Certificate
            Registrar with (A) a Residual Transferee Agreement, (B) if the proposed
            transferee is a U.S. Person, a U.S. Person and Affidavit Pursuant to
            Sections
            860D(a)(6)(A) and 860E(e)(4) of the Code, and (C) if the proposed transferee
            is
            a Non-U.S. Person, a Non-U.S. Person Affidavit and Affidavit Pursuant
            to
            Sections 860D(a)(6)(A) and 860E(e)(4) of the Code, and (ii) the interest
            transferred involves the entire interest in a Residual Certificate or
            an
            undivided interest therein (unless the transferor or the transferee provides
            the
            Securities Administrator or the Certificate Registrar with an Opinion
            of Counsel
            (which shall not be an expense of the Securities Administrator or the
            Certificate Registrar, as applicable) that the transfer will not jeopardize
            the
            REMIC status of any related REMIC). Furthermore, if a proposed transfer
            involves
            a Rule 144A Certificate, the Securities Administrator or the Certificate
            Registrar shall require the transferee to certify as to facts that, if
            true,
            would mean that the proposed transferee is a Qualified Institutional
            Buyer; and,
            if a proposed transfer involves a Private Certificate that is not a Rule
            144A
            Certificate, (1) the Securities Administrator or the Certificate Registrar
            shall
            require that the transferee certify as to the factual basis for the registration
            exemption(s) relied upon, and (2) if the transfer is made within two
            years from
            the acquisition of the Certificate by a non-Affiliate of the Depositor
            from the
            Depositor or an Affiliate of the Depositor, the Securities Administrator
            or the
            Certificate Registrar also may require an Opinion of Counsel that such
            transfer
            may be made without registration or qualification under the Securities
            Act and
            applicable state securities laws, which Opinion of Counsel shall not
            be obtained
            at the expense of the Securities Administrator or the Certificate Registrar,
            as
            applicable. In any event, neither the Securities Administrator nor the
            Certificate Registrar shall effect any transfer of a Residual Certificate
            except
            upon notification of such transfer to the Securities Administrator or
            the
            Certificate Registrar, as applicable. Notwithstanding the foregoing,
            no Opinion
            of Counsel shall be required in connection with the initial transfer
            of the
            Residual Certificates or their transfer by a broker or dealer, if such
            broker or
            dealer was the initial transferee. Notwithstanding the fulfillment of
            the
            prerequisites described above, the Securities Administrator or the Certificate
            Registrar may refuse to recognize any transfer to the extent necessary
            to avoid
            a risk of disqualification of any related REMIC as a REMIC or the imposition
            of
            a tax upon any such REMIC.

           

          

          
            
              
                
                

              

              
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          Upon
            notice to the Securities Administrator that any legal or beneficial interest
            in
            any portion of the Residual Certificates has been transferred, directly
            or
            indirectly, to a Disqualified Organization or agent thereof (including
            a broker,
            nominee, or middleman) in contravention of the foregoing restrictions,
            such
            transferee shall be deemed to hold the Residual Certificate in constructive
            trust for the last transferor who was not a Disqualified Organization
            or agent
            thereof, and such transferor shall be restored as the owner of such Residual
            Certificate as completely as if such transfer had never occurred, provided that
            the
            Securities Administrator may, but is not required to, recover any distributions
            made to such transferee with respect to the Residual Certificate and
            return such
            recovery to the transferor. The Securities Administrator, on behalf of
            the
            Trustee, agrees to furnish to the Internal Revenue Service and to any
            transferor
            of the Residual Certificate or such agent (within 60 days of the request
            therefor by the transferor or agent) such information necessary for the
            computation of the tax imposed under Section 860E(e) of the Code and
            as
            otherwise may be required by the Code, including but not limited to the
            present
            value of the total anticipated excess inclusions with respect to the
            Residual
            Certificate (or portion thereof) for periods after such transfer. At
            the
            election of the Securities Administrator, the cost to the Securities
            Administrator of computing and furnishing such information may be charged
            to the
            transferor or such agent referred to above; however, the Securities
            Administrator shall not be excused from furnishing such
            information.

           

          If
            a tax
            or a reporting cost is borne by any REMIC as a result of the transfer
            of a
            Residual Certificate or any beneficial interest therein in violation
            of the
            restrictions set forth in this Section, the transferor shall pay such
            tax or
            cost and, if such tax or cost is not so paid, the Securities Administrator,
            on
            behalf of the Trustee, shall pay such tax or cost with amounts that otherwise
            would have been paid to the transferee of the Residual Certificate (or
            beneficial interest therein). In that event, neither the transferee nor
            the
            transferor shall have any right to seek repayment of such amounts from
            the
            Depositor, the Securities Administrator, any REMIC, or the other Holders
            of any
            of the Certificates, and none of such parties shall have any liability
            for
            payment of any such tax or reporting cost.

           

          Section
            5.06 Mutilated,
            Destroyed, Lost or Stolen Certificates.

           

          If
            (a)
            any mutilated Certificate is surrendered to the Securities Administrator
            or the
            Certificate Registrar, or the Securities Administrator and the Certificate
            Registrar receive evidence to their satisfaction of the destruction,
            loss or
            theft of any Certificate, and (b) there is delivered to the Securities
            Administrator, the Trustee and the Certificate Registrar such security
            or
            indemnity as may be required by them to save each of them harmless, then,
            in the
            absence of actual knowledge by the Securities Administrator or the Certificate
            Registrar that such Certificate has been acquired by a bona fide purchaser,
            the
            Securities Administrator shall execute and cause the Certificate Registrar
            to
            authenticate and deliver, in exchange for or in lieu of any such mutilated,
            destroyed, lost or stolen Certificate, a new Certificate of the same
            Class and
            of like tenor and Percentage Interest. Upon the issuance of any new Certificate
            pursuant to this Section, the Securities Administrator may require the
            payment
            of a sum sufficient to cover any tax or other governmental charge that
            may be
            imposed in relation thereto and any other expenses (including the fees
            and
            expenses of the Certificate Registrar) connected therewith. Any replacement
            Certificate issued pursuant to this Section shall constitute complete
            and
            indefeasible evidence of ownership in the Trust, as if originally issued,
            whether or not the destroyed, lost or stolen Certificate shall be found
            at any
            time.

           

          

          
            
              
                
                

              

              
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          Section
            5.07 Persons
            Deemed Owners.

           

          Prior
            to
            due presentation of a Certificate for registration of transfer, the Securities
            Administrator, the Certificate Registrar and any agent of any of them
            may treat
            the person in whose name any Certificate is registered as the owner of
            such
            Certificate for the purpose of receiving distributions and for all other
            purposes whatsoever, and neither the Securities Administrator, the Certificate
            Registrar nor any agent of any of them shall be affected by notice to
            the
            contrary.

           

          Section
            5.08 Appointment
            of Paying Agent.

           

          The
            Securities Administrator may, with the consent of the Trustee (if such
            Paying
            Agent is other than Wells Fargo), appoint a Paying Agent for the purpose
            of
            making distributions to Certificateholders. The Securities Administrator
            shall
            cause such Paying Agent (if other than the Securities Administrator)
            to execute
            and deliver to the Securities Administrator an instrument in which such
            Paying
            Agent shall agree with the Securities Administrator that such Paying
            Agent will
            hold all sums held by it for the payment to Certificateholders in an
            Eligible
            Account in trust for the benefit of the Certificateholders entitled thereto
            until such sums shall be paid to the Certificateholders. All funds remitted
            by
            the Securities Administrator to any such Paying Agent for the purpose
            of making
            distributions shall be paid to Certificateholders on each Distribution
            Date and
            any amounts not so paid shall be returned on such Distribution Date to
            the
            Securities Administrator. The initial Paying Agent shall be Wells Fargo
            Bank.

           

          ARTICLE
            VI

           

          THE
            DEPOSITOR

           

          Section
            6.01 Liability
            of the Depositor.

           

          The
            Depositor shall be liable in accordance herewith only to the extent of
            the
            obligations specifically imposed by the Trust Agreement and undertaken
            by the
            Depositor under the Trust Agreement.

           

          Section
            6.02 Merger
            or Consolidation of the Depositor.

           

          Subject
            to the following paragraph, the Depositor will keep in full effect its
            corporate
            existence, rights and franchises under the laws of the jurisdiction of
            its
            organization, and will obtain and preserve its qualification to do business
            in
            each jurisdiction in which such qualification is or shall be necessary
            to
            protect the validity and enforceability of the Trust Agreement, the Certificates
            or any of the Mortgage Loans and to perform its duties under the Trust
            Agreement.

           

          

          
            
              
                
                

              

              
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          The
            Depositor may be merged or consolidated with or into any Person, or transfer
            all
            or substantially all of their respective assets to any Person, in which
            case any
            Person resulting from any merger or consolidation to which the Depositor
            shall
            be a party, or any Person succeeding to the business of the Depositor,
            shall be
            the successor of the Depositor without the execution or filing of any
            paper or
            any further act on the part of any of the parties hereto, anything herein
            to the
            contrary notwithstanding.

           

          ARTICLE
            VII

           

          TERMINATION
            OF SERVICING ARRANGEMENTS

           

          Section
            7.01 Termination
            and Substitution of Servicer.

           

          Upon
            the
            occurrence of any Servicer Event of Default for which any Servicer may
            be
            terminated pursuant to the related Servicing Agreement, the Master Servicer,
            in
            accordance with Section 8.01(a) hereof, may, and shall, at the direction
            of the
            Certificateholders holding 66% of the Voting Rights, terminate such Servicing
            Agreement. The Holders of Certificates evidencing at least 66% of the
            Voting
            Rights of Certificates affected by a Servicer Event of Default may waive
            such
            Servicer Event of Default; provided,
            however,
            that
            (a) a
            Servicer Event of Default with respect to any Servicer’s obligation to make
            Monthly Advances may be waived only by all of the holders of the Certificates
            affected by such Servicer Event of Default and (b) no such waiver is
            permitted
            that would materially adversely affect any non-consenting Certificateholder.
            Subject to the conditions set forth below in this Section 7.01, the Master
            Servicer, at the direction of the Certificateholders holding 66% of the
            Voting
            Rights, shall, concurrently with such termination, either assume the
            duties of
            the terminated Servicer under the applicable Servicing Agreement or appoint
            another servicer to enter into such Servicing Agreement.

           

          Notwithstanding
            the foregoing, the Master Servicer may not terminate a Servicer without
            cause
            unless the Master Servicer or a successor servicer is appointed concurrently
            with such termination. There may be a transition period of not longer
            than
            ninety (90) days prior to the effective date of the servicing transfer
            to the
            successor Servicer or Master Servicer, as applicable, provided,
            however,
            that
            during
            such transition period, the Master Servicer or successor servicer shall
            use
            commercially reasonable efforts to perform the duties of the terminated
            Servicer
            in its capacity as successor servicer.

           

          If
            the
            Master Servicer terminates a Servicer, the Master Servicer may name another
            mortgage loan service company and such mortgage loan service company
            shall be
            acceptable to each Rating Agency and such mortgage loan service company
            shall
            assume, satisfy, perform and carry out all liabilities, duties, responsibilities
            and obligations that are to be, or otherwise were to have been, satisfied,
            performed and carried out by such terminated Servicer under the related
            Servicing Agreement. Such successor servicer shall be a mortgage loan
            servicing
            institution, with except in the case of Avelo Mortgage L.L.C., or any
            successor
            in interest, a net worth of at least $25,000,000. In the event that the
            Master
            Servicer cannot appoint a substitute servicer, it shall petition a court
            of
            competent jurisdiction for the appointment of a substitute servicer meeting
            the
            foregoing requirements. 

           

          

          
            
              
                
                

              

              
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          In
            the
            event any Servicer resigns or is terminated as provided above and the
            Master
            Servicer has not appointed a successor servicer (or no successor servicer
            has
            accepted such appointment) prior to the effective date of such resignation
            or
            termination, then the Master Servicer shall serve as successor servicer
            and
            shall succeed to, satisfy, perform and carry out all obligations which
            otherwise
            were to have been satisfied, performed and carried out by such Servicer
            under
            the terminated Servicing Agreement until another successor servicer has
            been
            appointed and has accepted its appointment. In no event shall the Master
            Servicer be deemed to have assumed the obligations of a Servicer to purchase
            any
            Mortgage Loan from the Trust pursuant to any Servicing Agreement or any
            obligations of a Servicer which were incurred thereunder prior to the
            date the
            Master Servicer assumes the obligations of the Servicer under the related
            Servicing Agreement. As compensation to the Master Servicer for any servicing
            obligations fulfilled or assumed by the Master Servicer, the Master Servicer
            shall be entitled to any servicing compensation to which such Servicer
            would
            have been entitled if the Servicing Agreement with such Servicer had
            not been
            terminated; provided,
            however, that
            the
            Master Servicer shall not be (a) liable for any acts or omissions of
            the
            Servicer, (b) obligated to make Advances if it is prohibited from doing
            so under
            applicable law, (c) responsible for expenses of the Servicer pursuant
            to the
            terms of the Servicing Agreement or (d) obligated to deposit losses on
            any
            Permitted Investments directed by the Servicer.

           

          In
            no
            event shall the Master Servicer be deemed to have assumed the obligations
            of a
            Servicer to purchase any Mortgage Loan from the Trust. Notwithstanding
            the foregoing, if a Servicer Event of Default shall occur, the Master
            Servicer
            shall, by notice in writing to the applicable Servicer, which may be
            delivered
            by telecopy, immediately terminate all of the rights and obligations
            of such
            Servicer thereafter arising under the applicable Servicing Agreement,
            but
            without prejudice to any rights it may have as a Certificateholder or
            to
            reimbursement of Advances and other advances of its own funds, and the
            Master
            Servicer shall act as provided in this Section 7.01 to carry out the
            duties of
            such Servicer, including the obligation to make any Advance the nonpayment
            of
            which was a Servicer Event of Default. Any such action taken by the Master
            Servicer must be prior to the distribution of the relevant Distribution
            Date.

          The
            Servicer being terminated as a result of an Event of Default shall bear
            all
            costs of a servicing transfer as set forth in the applicable Servicing
            Agreement.

           

            As
            set
            forth in the applicable Servicing Agreement, the Master Servicer shall
            be
            entitled to be reimbursed from such Servicer (or by the Trust Estate,
            if such
            Servicer is unable to fulfill its obligations hereunder) for all costs
            associated with the transfer of servicing from the predecessor Servicer,
            including, without limitation, any costs or expenses associated with
            the
            complete transfer of all servicing data and the completion, correction
            or
            manipulation of such servicing data as may be required by the succeeding
            servicer to correct any errors or insufficiencies in the servicing data
            or
            otherwise to enable the succeeding servicer to service the Mortgage Loans
            properly and effectively. If the terminated Servicer does not pay such
            reimbursement within thirty (30) days of its receipt of an invoice therefore,
            such reimbursement shall be an expense of the Trust and the Master Servicer
            shall be entitled to withdraw such reimbursement from amounts on deposit
            in the
            Certificate Account pursuant to the terms hereof; provided that,
            in
            accordance with the applicable Servicing Agreement, the terminated Servicer
            shall reimburse the Trust for any such expense incurred by the Trust;
            and
provided,
            further,
            that
            the
            Master Servicer shall decide whether and to what extent it is in the
            best
            interest of the Certificateholders to pursue any remedy against any party
            obligated to make such reimbursement.

           

          

          
            
              
                
                

              

              
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          No
            Certificateholder, solely by virtue of such holder’s status as a
            Certificateholder, will have any right under the Trust Agreement to institute
            any proceeding with respect to the Trust Agreement or any Servicing Agreement,
            Custodial Agreement or any Assignment Agreement, unless such holder previously
            has given to the Trustee written notice of default and unless the
            Certificateholders evidencing at least 25% of Voting Rights have made
            written
            request upon the Trustee to institute such proceeding in its own name
            and have
            offered to the Trustee reasonable indemnity, and the Trustee for 60 days
            has
            neglected or refused to institute any such proceeding.

           

          Section
            7.02 Notification
            to Certificateholders.

           

          (a)
            Upon
            any termination pursuant to Section 7.01 above or appointment of a successor
            to
            any Servicer or the Master Servicer, the Securities Administrator shall
            give
            prompt written notice thereof to the Certificateholders at their respective
            addresses appearing in the Certificate Register, and to each Rating
            Agency.

           

          (b)
            Within sixty (60) days after the occurrence of any Servicer Event of
            Default
            involving any Servicer, the Securities Administrator shall transmit by
            mail to
            all Holders of Certificates and each Rating Agency, the Trustee and the
            Master
            Servicer notice of each such Servicer Event of Default or occurrence
            known to a
            Responsible Officer of the Trustee unless such default shall have been
            cured or
            waived.

           

          ARTICLE
            VIII

           

          ADMINISTRATION
            AND SERVICING OF MORTGAGE LOANS

          BY
            THE MASTER SERVICER

           

          Section
            8.01 Duties
            of the Master Servicer; Enforcement of Servicer’s and Master Servicer’s
            Obligations.

           

          (a)
            The
            Master Servicer, on behalf of the Trustee, the Securities Administrator,
            the
            Depositor and the Certificateholders, shall monitor the performance of
            the
            Servicers under the Servicing Agreements, and (except as set forth below)
            shall
            use its reasonable good faith efforts to cause the Servicers to duly
            and
            punctually to perform their duties and obligations thereunder. Upon the
            occurrence of a Servicer Event of Default of which a Responsible Officer
            of the
            Master Servicer has actual knowledge under a Servicing Agreement, the
            Master
            Servicer shall promptly notify the Securities Administrator and Trustee
            and
            shall specify in such notice the action, if any, the Master Servicer
            plans to
            take in respect of such default. So long as any such default shall be
            continuing, the Master Servicer may (i) terminate all of the rights and
            powers
            of such Servicer pursuant to the applicable provisions of the Servicing
            Agreement; (ii) exercise any rights it may have to enforce the Servicing
            Agreement against such Servicer; (iii) waive any such default under the
            Servicing Agreement in accordance with Section 7.01 hereof or (iv) take
            any
            other action with respect to such default as is permitted thereunder.
            Except as
            set forth in Section 4.06 hereof, the Master Servicer shall have no duty
            to
            supervise any Servicer’s activities related to the servicing or administration
            of defaulted or delinquent Mortgage Loans or the management and disposition
            of
            any REO Properties.

           

          

          
            
              
                
                

              

              
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          (b)
            The
            Master Servicer shall pay the costs of monitoring the Servicers as required
            hereunder (including costs associated with (i) termination of any Servicer
            or
            (ii) the appointment of a successor servicer and shall, to the extent
            permitted
            by the related Servicing Agreement, seek reimbursement therefor initially
            from
            the terminated Servicer. In the event the full costs associated with
            the
            transition of servicing responsibilities to the Master Servicer are not
            paid for
            by the predecessor Servicer or successor servicer (provided
            that
            such
            successor Servicer is not the Master Servicer), the
            Master Servicer may be reimbursed therefor by the Trust for out of pocket
            costs
            incurred by the Master Servicer associated with any such transfer of
            servicing
            duties from a Servicer to any other successor servicer.

           

          (c)
            None
            of the Depositor, the Securities Administrator nor the Trustee shall
            consent to
            the assignment by any Servicer of such Servicer’s rights and obligations under
            the related Servicing Agreement without the prior written consent of
            the Master
            Servicer, which consent shall not be unreasonably withheld.

           

          (d)
            The
            Master Servicer shall not assume liability for any Servicer’s representations
            and warranties if it becomes a successor servicer.

           

          (e)
            On or
            prior to the Closing Date, the Master Servicer shall deliver to the Depositor
            a
            certification in the form of Exhibit
            J
            attached
            hereto specifying the items it will address in its assessment of compliance
            with
            the servicing criteria under this Section 8.01. On or before March 15
            of each
            year, commencing in March 2007, the Master Servicer, at its own expense,
            shall
            furnish, and shall cause any Servicing Function Participant engaged by
            it to
            furnish, each at its own expense, to the Securities Administrator and
            the
            Depositor, an assessment of compliance with the Relevant Servicing Criteria
            that
            contains (i) a statement by such party of its responsibility for assessing
            compliance with the Servicing Criteria, (ii) a statement that such party
            used
            the Servicing Criteria to assess compliance with the Relevant Servicing
            Criteria, (iii) such party’s assessment of compliance with the Relevant
            Servicing Criteria as of and for the fiscal year covered by the Form
            10-K
            required to be filed pursuant to Section 3.02(e), including, if there
            has been
            any material instance of noncompliance with the Relevant Servicing Criteria,
            a
            discussion of each such failure and the nature and status thereof, and
            (iv) a
            statement that a registered public accounting firm has issued an attestation
            report on such party’s assessment of compliance with the Relevant Servicing
            Criteria as of and for such period. 

           

          No
            later
            than the end of each fiscal year for the Trust for which a 10-K is required
            to
            be filed, the Master Servicer shall forward to the Securities Administrator
            the
            name of each Servicing Function Participant engaged by it and what Relevant
            Servicing Criteria will be addressed in the report on assessment of compliance
            prepared by such Servicing Function Participant. When the Master Servicer
            and
            the Trustee (or any Servicing Function Participant engaged by them) submits
            its
            assessment to the Securities Administrator, such parties will also at
            such time
            include the assessment and attestation pursuant to Section 8.01(f) and
            11.01(d)
            of each Servicing Function Participant engaged by it.

           

          

          
            
              
                
                

              

              
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          Promptly
            after receipt of each such report on assessment of compliance, (i) the
            Depositor
            shall review each such report and, if applicable, consult with the Master
            Servicer, the Securities Administrator and any Servicing Function Participant
            engaged by such parties as to the nature of any material instance of
            noncompliance with the Relevant Servicing Criteria by each such party,
            and (ii)
            the Securities Administrator shall confirm that the assessments, taken
            as a
            whole, address all of the Servicing Criteria and, taken individually,
            address
            the Relevant Servicing Criteria for each party as set forth on Exhibit
            J and on
            any similar exhibit set forth in each Servicing Agreement in respect
            of the
            applicable Servicer and notify the Depositor of any exceptions. None
            of such
            parties shall be required to deliver any such assessments until April
            15 in any
            given year so long as such party has received written confirmation from
            the
            Depositor that a Form 10-K is not required to be filed in respect of
            the Trust
            for the preceding calendar year.

           

          The
            Master Servicer shall enforce any obligation of a Servicer (and the applicable
            Servicing Agreement will provide that each Servicer shall enforce any
            obligations of an Additional Servicer engaged by such Servicer), to the
            extent
            set forth in the related Servicing Agreement (or, in the case of an Additional
            Servicer, such applicable agreement), to deliver to the Master Servicer
            an
            annual report on assessment of compliance within the time frame set forth
            in,
            and in such form and substance as may be required pursuant to, the related
            Servicing Agreement (or, in the case of an Additional Servicer, such
            applicable
            agreement). The Master Servicer shall include such annual report on assessment
            of compliance with its own assessment of compliance to be submitted to
            the
            Securities Administrator pursuant to this Section 8.01.

           

          (f)
            On or
            before March 15 of each calendar year, commencing in March 2007, the
            Master
            Servicer, at its own expense, shall cause, and shall cause any Servicing
            Function Participant engaged by it to cause, each at its own expense,
            a
            registered public accounting firm (which may also render other services
            to the
            Master Servicer or such other Servicing Function Participants, as the
            case may
            be) that is a member of the American Institute of Certified Public Accountants
            to furnish a report to the Securities Administrator and the Depositor
            (and, in
            the case of any other Servicing Function Participant, the Master Servicer)
            to
            the effect that (i) it has obtained a representation regarding certain
            matters
            from the management of such party, which includes an assertion that such
            party
            has complied with the Relevant Servicing Criteria, and (ii) on the basis
            of an
            examination conducted by such firm in accordance with standards for attestation
            engagements issued or adopted by the PCAOB, it is expressing an opinion
            as to
            whether such party’s compliance with the Relevant Servicing Criteria was fairly
            stated in all material respects, or it cannot express an overall opinion
            regarding such party’s assessment of compliance with the Relevant Servicing
            Criteria. In the event that an overall opinion cannot be expressed, such
            registered public accounting firm shall state in such report why it was
            unable
            to express such an opinion. Such report must be available for general
            use and
            not contain restricted use language. 

           

          
            
              
              

            

            
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          Promptly
            after receipt of such report from the Master Servicer or any Servicing
            Function
            Participant engaged by the Master Servicer, (i) the Depositor shall review
            the
            report and, if applicable, consult with such parties as to the nature
            of any
            defaults by such parties, in the fulfillment of any of each such party’s
            obligations hereunder or under any other applicable agreement, and (ii)
            the
            Securities Administrator shall confirm that each assessment submitted
            pursuant
            to Section 8.01(e) and Section 11.01(c) is coupled with an attestation
            meeting
            the requirements of this Section and shall notify the Depositor of any
            exceptions. Neither the Master Servicer nor any Servicing Function Participant
            engaged by the Master Servicer shall be required to deliver or cause
            the
            delivery of such reports until April 15 in any given year so long as
            it has
            received written confirmation from the Depositor that a 10-K is not required
            to
            be filed in respect of the Trust for the preceding fiscal year.

           

          The
            Master Servicer shall enforce any obligation of a Servicer (and the applicable
            Servicing Agreement will provide that each Servicer shall enforce any
            obligations of an Additional Servicer engaged by such Servicer), to the
            extent
            set forth in the related Servicing Agreement (or, in the case of an Additional
            Servicer, such applicable agreement), to deliver to the Master Servicer
            an
            attestation within the time frame set forth in, and in such form and
            substance
            as may be required pursuant to, the related Servicing Agreement (or,
            in the case
            of an Additional Servicer, such applicable agreement). The Master Servicer
            shall
            include such annual report on assessment of compliance with its own assessment
            of compliance to be submitted to the Securities Administrator pursuant
            to this
            Section 8.01.

           

          (g)
            The
            Master Servicer shall give prior written notice to the Depositor of the
            appointment of any Subcontractor by it and a written description (in
            form and
            substance satisfactory to the Depositor) of the role and function of
            each
            Subcontractor utilized by the Master Servicer, specifying (i) the identity
            of
            each such Subcontractor and (ii) which elements of the servicing criteria
            set
            forth under Item 1122(d) of Regulation AB will be addressed in assessments
            of
            compliance provided by each such Subcontractor.

           

          (h)
            The
            Master Servicer shall notify the Depositor and the Sponsor within five
            days of
            its gaining knowledge thereof (i) of any legal proceedings pending against
            the
            Master Servicer of the type described in Item 1117 (§ 229.1117) of Regulation
            AB, (ii) of any merger, consolidation or sale of substantially all of
            the assets
            of the Master Servicer and (iii) if the Master Servicer shall become
            (but only
            to the extent not previously disclosed) at any time an affiliate of any
            of the
            Depositor, any Servicer, any Originator contemplated by Item 1110 (§ 229.1110)
            of Regulation AB, any significant obligor contemplated by Item 1112 (§ 229.1112)
            of Regulation AB, any enhancement or support provider contemplated by
            Items 1114
            or 1115 (§§ 229.1114-1115) of Regulation AB or any successor thereto or any
            other material party to the Trust Fund contemplated by Item 1100(d)(1)
            (§
229.1100(d)(1)) of Regulation AB, as applicable.

           

          

          
            
              
                
                

              

              
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          Section
            8.02 Maintenance
            of Fidelity Bond and Errors and Omissions Insurance.

           

          (a)
            The
            Master Servicer shall maintain with responsible companies, at its own
            expense, a
            blanket Fidelity Bond and an Errors and Omissions Insurance Policy, with
            broad
            coverage on all directors, officers, employees or other persons acting
            in any
            capacity requiring such persons to handle funds, money, documents or
            papers
            relating to the related Mortgage Loans (“Master
            Servicing Employees”).
            Any
            such Fidelity Bond and Errors and Omissions Insurance Policy shall be
            in the
            form of the Mortgage Banker’s Blanket Bond or the Financial Institution Bond and
            shall protect and insure the Master Servicer against losses, including
            forgery,
            theft, embezzlement, fraud, errors and omissions and negligent acts of
            the
            Master Servicer Employees. Such Fidelity Bond and Errors and Omissions
            Insurance
            Policy also shall protect and insure the Master Servicer against losses
            in
            connection with the release or satisfaction of a related Mortgage Loan
            without
            having obtained payment in full of the indebtedness secured thereby.
            No
            provision of this Section 8.02 requiring such Fidelity Bond and Errors
            and
            Omissions Insurance Policy shall diminish or relieve the Master Servicer
            from
            its duties and obligations as set forth in this Agreement. The minimum
            coverage
            under any such bond and insurance policy shall be at least equal to the
            corresponding amounts required by Fannie Mae or Freddie Mac. Upon the
            request of
            the Securities Administrator, the Master Servicer shall cause to be delivered
            to
            the Securities Administrator a certificate of insurance of the insurer
            and the
            surety including a statement from the surety and the insurer that such
            fidelity
            bond and insurance policy shall in no event be terminated or materially
            modified
            without thirty (30) days’ prior written notice to the Securities Administrator.
            The Master Servicer shall (i) require each Servicer to maintain an Errors
            and
            Omissions Insurance Policy and a Fidelity Bond in accordance with the
            provisions
            of the applicable Servicing Agreement, (ii) cause each Servicer to provide
            to
            the Master Servicer certificates evidencing that such policy and bond
            is in
            effect and to furnish to the Master Servicer any notice of cancellation,
            non-renewal or modification of the policy or bond received by it, as
            and to the
            extent provided in the applicable Servicing Agreement, and (iii) furnish
            copies
            of the certificates and notices referred to in clause (ii) to the Securities
            Administrator upon its request.

           

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

           

          

          
            
              
                
                

              

              
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          Section
            8.03 Representations
            and Warranties of the Master Servicer.

           

          (a)
            The
            Master Servicer hereby represents and warrants to the Depositor, the
            Securities
            Administrator and the Trustee, for the benefit of the Certificateholders,
            as of
            the Closing Date that:

           

          (i)
            it is
            a national banking association validly existing and in good standing
            under the
            laws of the United States, and as Master Servicer has full power and
            authority
            to transact any and all business contemplated by this Trust Agreement
            and to
            execute, deliver and comply with its obligations under the terms of this
            Trust
            Agreement, the execution, delivery and performance of which have been
            duly
            authorized by all necessary corporate action on the part of the Master
            Servicer;

           

          (ii)
            the
            execution and delivery of this Trust Agreement by the Master Servicer
            and its
            performance and compliance with the terms of this Trust Agreement will
            not (A)
            violate the Master Servicer’s charter or bylaws, (B) violate any law or
            regulation or any administrative decree or order to which it is subject
            or (C)
            constitute a default (or an event which, with notice or lapse of time,
            or both,
            would constitute a default) under, or result in the breach of, any material
            contract, agreement or other instrument to which the Master Servicer
            is a party
            or by which it is bound or to which any of its assets are subject, which
            violation, default or breach would materially and adversely affect the
            Master
            Servicer’s ability to perform its obligations under this Trust
            Agreement;

           

          (iii)
            this Trust Agreement constitutes, assuming due authorization, execution
            and
            delivery hereof by the other respective parties hereto, a legal, valid
            and
            binding obligation of the Master Servicer, enforceable against it in
            accordance
            with the terms hereof, except as such enforcement may be limited by bankruptcy,
            insolvency, reorganization, moratorium and other laws affecting the enforcement
            of creditors’ rights in general, and by general equity principles (regardless of
            whether such enforcement is considered in a proceeding in equity or at
            law);

           

          (iv)
            the
            Master Servicer is not in default with respect to any order or decree
            of any
            court or any order or regulation of any federal, state, municipal or
            governmental agency to the extent that any such default would materially
            and
            adversely affect its performance hereunder;

           

          (v)
            the
            Master Servicer is not a party to or bound by any agreement or instrument
            or
            subject to any charter provision, bylaw or any other corporate restriction
            or
            any judgment, order, writ, injunction, decree, law or regulation that
            may
            materially and adversely affect its ability as Master Servicer to perform
            its
            obligations under this Trust Agreement or that requires the consent of
            any third
            person to the execution of this Trust Agreement or the performance by
            the Master
            Servicer of its obligations under this Trust Agreement;

           

          

          
            
              
                
                

              

              
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          (vi)
            no
            litigation is pending or, to the best of the Master Servicer’s knowledge,
            threatened against the Master Servicer that would prohibit its entering
            into
            this Trust Agreement or performing its obligations under this Trust
            Agreement;

           

          (vii)
            the
            Master Servicer, or an affiliate thereof the primary business of which
            is the
            servicing of conventional residential mortgage loans, is a FNMA and FHLMC
            approved seller/servicer;

           

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

           

          (ix)
            the
            consummation of the transactions contemplated by this Trust Agreement
            are in the
            ordinary course of business of the Master Servicer.

           

          (b)
            It is
            understood and agreed that the representations and warranties set forth
            in this
            Section shall survive the execution and delivery of this Trust Agreement.
            The
            Master Servicer shall indemnify the Depositor, the Securities Administrator
            and
            the Trustee and hold them harmless against any loss, damages, penalties,
            fines,
            forfeitures, reasonable legal fees and related costs, judgments, and
            other
            reasonable costs and expenses resulting from any claim, demand, defense
            or
            assertion based on or grounded upon, or resulting from, a material breach
            of the
            Master Servicer’s representations and warranties contained in Section 8.03(a)
            above. It is understood and agreed that the enforcement of the obligation
            of the
            Master Servicer set forth in this Section to indemnify the Depositor,
            the
            Securities Administrator and the Trustee constitutes the sole remedy
            of the
            Depositor and the Trustee, respecting a breach of the foregoing representations
            and warranties. Such indemnification shall survive any termination of
            the Master
            Servicer as Master Servicer hereunder and any termination of this Trust
            Agreement.

           

          Any
            cause
            of action against the Master Servicer relating to or arising out of the
            breach
            of any representations and warranties made in this Section shall accrue
            upon
            discovery of such breach by either the Depositor, the Master Servicer,
            the
            Securities Administrator or the Trustee or notice thereof by any one
            of such
            parties to the other parties.

           

          Section
            8.04 Master
            Servicer Events of Default.

           

          Each
            of
            the following shall constitute a Master Servicer Event of Default:

           

          (a)
            any
            failure by the Master Servicer to remit to the Securities Administrator
            any
            payment required to be made under the terms of this Trust Agreement which
            continues unremedied for a period of two (2) Business Days after the
            date upon
            which written notice of such failure, requiring the same to be remedied,
            shall
            have been given to the Master Servicer (with a copy to the Trustee) by
            the
            Securities Administrator;

           

          

          
            
              
                
                

              

              
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            (b)
              failure by the Master Servicer to duly observe or perform, in any material
              respect, any other covenants, obligations or agreements of the Master
              Servicer
              as set forth in this Trust Agreement which failure continues unremedied
              for a
              period of thirty (30) days after the date on which written notice of
              such
              failure, requiring the same to be remedied, shall have been given to
              the Master
              Servicer by the Securities Administrator;

             

            (c)
              failure by the Master Servicer to maintain its license to do business
              in any
              jurisdiction where the Mortgaged Premises are located if such license
              is
              required;

          

           

          (d)
            a
            decree or order of a court or agency or supervisory authority having
            jurisdiction for the appointment of a conservator or receiver or liquidator
            in
            any insolvency, bankruptcy, readjustment of debt, marshaling of assets
            and
            liabilities or similar proceedings, or for the winding-up or liquidation
            of its
            affairs, shall have been entered against the Master Servicer and such
            decree or
            order shall have remained in force, undischarged or unstayed for a period
            of
            sixty (60) days;

           

          (e)
            the
            Master Servicer shall consent to the appointment of a conservator or
            receiver or
            liquidator in any insolvency, bankruptcy, readjustment of debt, marshaling
            of
            assets and liabilities or similar proceedings of or relating to the Master
            Servicer or relating to all or substantially all of its property;

           

          (f)
            the
            Master Servicer shall admit in writing its inability to pay its debts
            as they
            become due, file a petition to take advantage of any applicable insolvency
            or
            reorganization statute, make an assignment for the benefit of its creditors,
            or
            voluntarily suspend payment of its obligations for three (3) Business
            Days;

           

          (g)
            an
            affiliate of the Master Servicer that performs any back-up servicer duties
            of
            the Master Servicer or any servicing duties assumed by the Master Servicer
            as
            successor servicer under any Servicing Agreement ceases to meet the
            qualifications of a FNMA or FHLMC servicer;

           

          (h)
            the
            Master Servicer attempts to assign this Trust Agreement or its responsibilities
            hereunder or to delegate its duties hereunder (or any portion thereof)
            without
            the consent of the Trustee and the Depositor; or

           

          (i)
            the
            indictment of the Master Servicer for the taking of any action by the
            Master
            Servicer, any employee thereof, any Affiliate or any director or employee
            thereof that constitutes fraud or criminal activity in the performance
            of its
            obligations under the Trust Agreement, in each case, where such indictment
            materially and adversely affects the ability of the Master Servicer to
            perform
            its obligations under the Trust Agreement (subject to the condition that
            such
            indictment is not dismissed within ninety (90) days).

           

          In
            each
            and every such case, so long as a Master Servicer Event of Default shall
            not
            have been remedied, in addition to whatever rights the Trustee may have
            at law
            or equity to damages, including injunctive relief and specific performance,
            the
            Trustee, by notice in writing to the Master Servicer, may terminate with
            cause
            all the rights and obligations of the Master Servicer under this Trust
            Agreement.

           

          

          
            
              
                
                

              

              
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            Upon
              receipt by the Master Servicer of such written notice, all authority
              and power
              of the Master Servicer under this Trust Agreement, shall pass to and
              be vested
              in any successor master servicer appointed hereunder that accepts such
              appointments. Upon written request from the Trustee, the Master Servicer
              shall
              prepare, execute and deliver to the successor entity designated by
              the Trustee
              any and all documents and other instruments related to the performance
              of its
              duties hereunder as the Master Servicer and, place in such successor’s
              possession all such documents, together with any Mortgage Files related
              to any
              pool of Mortgage Loans with respect to which it acts as a successor
              servicer,
              and do or cause to be done all other acts or things necessary or appropriate
              to
              effect the purposes of such notice of termination, at the Master Servicer’s sole
              expense. The Master Servicer shall cooperate with the Trustee and such
              successor
              master servicer in effecting the termination of the Master Servicer’s
              responsibilities and rights hereunder, including without limitation,
              the
              transfer to such successor master servicer for administration by it
              of all cash
              amounts that shall at the time be credited to the Master Servicer Account
              or are
              thereafter received with respect to the Mortgage Loans.

             

          

          The
            Master Servicer being terminated shall bear and agrees to reimburse the
            Trustee
            and the successor master servicer from all costs, damages, expenses and
            liabilities incurred by them in connection with the transfer of master
            servicing, including but not limited to, legal fees and expenses, accounting
            fees and expenses. If the terminated Master Servicer does not pay any
            such costs
            and expenses within thirty (30) days of its receipt of an invoice therefore,
            the
            Trust shall reimburse the Trustee (or successor master servicer therefore)
            and
            the Trustee shall be entitled to withdraw such reimbursement from amounts
            on
            deposit in the Certificate Account pursuant to Section 3.01(a)(iv); provided
            that the terminated Master Servicer shall reimburse the Trust for any
            such
            expense incurred by the Trust.

           

          Section
            8.05 Waiver
            of Default.

           

          By
            a
            written notice, the Trustee may waive any default by the Master Servicer
            in the
            performance of its obligations hereunder and its consequences. Upon any
            waiver
            of a past default, such default shall cease to exist, and any Master
            Servicer
            Event of Default arising therefrom shall be deemed to have been remedied
            for
            every purpose of this Trust Agreement. No such waiver shall extend to
            any
            subsequent or other default or impair any right consequent thereon except
            to the
            extent expressly so waived.

           

          Section
            8.06 Successor
            to the Master Servicer.

           

          Upon
            termination of the Master Servicer’s responsibilities and duties under this
            Trust Agreement, the Trustee, at the direction of the Depositor, shall
            appoint a
            successor, which shall succeed to all rights and assume all of the
            responsibilities, duties and liabilities of the Master Servicer under
            this Trust
            Agreement prior to the termination of the Master Servicer. In connection
            with
            such appointment and assumption, the Trustee may make such arrangements
            for the
            compensation of such successor out of payments on Mortgage Loans as it
            and such
            successor shall agree; provided,
            however,
            that in
            no event shall the Master Servicing Fee paid to such successor master
            servicer
            exceed that paid to the Master Servicer hereunder. In the event that
            the Master
            Servicer’s duties, responsibilities and liabilities under this Trust Agreement
            are terminated, the Master Servicer shall continue to discharge its duties
            and
            responsibilities hereunder until the effective date of such termination
            with the
            same degree of diligence and prudence that it is obligated to exercise
            under
            this Trust Agreement and shall take no action whatsoever that might impair
            or
            prejudice the rights of its successor. The termination of the Master
            Servicer
            shall not become effective until a successor shall be appointed pursuant
            hereto
            and shall in no event (a) relieve the Master Servicer of responsibility
            for the
            representations and warranties made pursuant to Section 8.03(a) hereof
            and the
            remedies available to the Trustee under Section 8.03(b) hereof, it being
            understood and agreed that the provisions of Section 8.03 hereof shall
            be
            applicable to the Master Servicer notwithstanding any such sale, assignment,
            resignation or termination of the Master Servicer or the termination
            of this
            Trust Agreement; or (b) affect the right of the Master Servicer to receive
            payment and/or reimbursement of any amounts accruing to it hereunder
            prior to
            the date of termination (or during any transition period in which the
            Master
            Servicer continues to perform its duties hereunder prior to the date
            the
            successor master servicer fully assumes its duties).

           

          

          
            
              
                
                

              

              
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          If
            no
            successor master servicer has accepted its appointment within ninety
            (90) days
            of the time the Trustee receives the resignation of the Master Servicer,
            the
            Trustee shall be the successor master servicer in all respects under
            the Trust
            Agreement and shall have all the rights and powers and be subject to
            all the
            responsibilities, duties and liabilities relating thereto, including
            the
            obligation to make Monthly Advances; provided,
            however,
            that
            any
            failure to perform any duties or responsibilities caused by the Master
            Servicer’s failure to provide information required by these Standard Terms shall
            not be considered a default by the Trustee hereunder. In the Trustee’s capacity
            as such successor, the Trustee shall have the same limitations on liability
            herein granted to the Master Servicer. As compensation therefor, the
            Trustee
            shall be entitled to receive the compensation, reimbursement and indemnities
            otherwise payable to the Master Servicer under these Standard Terms,
            including
            the fees and other amounts payable pursuant to Section 8.07 hereof.

           

          Any
            successor master servicer appointed as provided herein, shall execute,
            acknowledge and deliver to the Master Servicer and to the Trustee (a)
            an
            instrument accepting such appointment hereunder, wherein the successor
            shall
            make the representations and warranties set forth in Section 8.03(a)
            hereof and
            (b) if the Depositor is subject to Exchange Act reporting with respect
            to the
            Certificates, the certification required pursuant to the first sentence
            of
            Section 8.01(e) hereof, and whereupon such successor shall become fully
            vested
            with all of the rights, powers, duties, responsibilities, obligations
            and
            liabilities of the Master Servicer, with like effect as if originally
            named as a
            party to this Trust Agreement. Any termination or resignation of the
            Master
            Servicer or termination of this Trust Agreement shall not affect any
            claims that
            the Trustee may have against the Master Servicer arising out of the Master
            Servicer’s actions or failure to act prior to any such termination or
            resignation.

           

          Upon
            a
            successor’s acceptance of appointment as such, the Master Servicer shall notify
            by mail the Trustee of such appointment.

           

          Section
            8.07 Fees
            and Other Amounts Payable to the Master Servicer.

           

          The
            Master Servicer and the Trustee, as successor Master Servicer, shall
            be entitled
            to either retain or withdraw from the Master Servicer Account, (a) the
            Master
            Servicing Fee, (b) amounts necessary to reimburse itself for any previously
            unreimbursed Advances and any Advances the Master Servicer deems to be
            non-recoverable from the related Mortgage Loan proceeds, (c) an aggregate
            annual
            amount to indemnify the Master Servicer for amounts due in accordance
            with
            Section 8.01(b), 8.11 and 8.12 hereof, and (d) any other amounts that
            it or the
            Trustee, as successor Master Servicer is entitled to receive hereunder
            for
            reimbursement, indemnification or otherwise. The Master Servicer shall
            be
            required to pay all expenses incurred by it in connection with its activities
            hereunder and shall not be entitled to reimbursement therefor except
            as provided
            in this Trust Agreement. 

           

          

          
            
              
                
                

              

              
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          Section
            8.08 Merger
            or Consolidation.

           

          Any
            Person into which the Master Servicer may be merged or consolidated,
            or any
            Person resulting from any merger, conversion, other change in form or
            consolidation to which the Master Servicer shall be a party, or any Person
            succeeding to the business of the Master Servicer, shall be the successor
            to the
            Master Servicer hereunder, without the execution or filing of any paper
            or any
            further act on the part of any of the parties hereto, anything herein
            to the
            contrary notwithstanding; provided,
            however,
            that the
            successor or resulting Person to the Master Servicer shall (a) be a Person
            (or
            have an Affiliate) that is qualified and approved to service mortgage
            loans for
            Fannie Mae and FHLMC (provided
            that
            a
            successor master servicer that satisfies subclause (a) through an Affiliate
            agrees to service the Mortgage Loans in accordance with all applicable
            Fannie
            Mae and FHLMC guidelines) and (b) have a net worth of not less than
            $25,000,000.

           

          Section
            8.09 Resignation
            and Removal of Master Servicer.

           

          Except
            as
            otherwise provided in Sections 8.08 and 8.10 hereof, the Master Servicer
            shall
            not resign from the obligations and duties hereby imposed on it unless
            the
            Master Servicer’s duties hereunder are no longer permissible under applicable
            law or are in material conflict by reason of applicable law with any
            other
            activities carried on by it and cannot be cured. Any such determination
            permitting the resignation of the Master Servicer shall be evidenced
            by an
            Opinion of Counsel that shall be Independent to such effect delivered
            to the
            Trustee. No such resignation shall become effective until a successor
            master
            servicer shall have been appointed by the Trustee, at the direction of
            the
            Depositor, and until such successor shall have assumed, the Master Servicer’s
            responsibilities and obligations under this Trust Agreement. Notice of
            such
            resignation shall be given promptly by the Master Servicer and the Depositor
            to
            the Trustee.

           

           

          In
            the
            event that the Master Servicer fails to comply with the provisions of
            Section
            3.02, the Depositor may at any such time remove the Master Servicer by
            written
            instrument, in duplicate, which instrument shall be delivered to the
            Master
            Servicer so removed and to the Trustee. In any such event the Trustee
            shall
            appoint a successor master servicer, at the direction of the Depositor,
            by
            written instrument, in duplicate, which instrument shall be delivered
            to the
            Master Servicer so removed, to the Depositor and to the successor master
            servicer. If the Trustee and Depositor execute such an instrument, then
            the
            Trustee shall deliver copies of such instrument to the Certificateholders
            and
            each Servicer.

           

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

           

          Except
            as
            expressly provided herein, the Master Servicer shall not assign or transfer
            any
            of its rights, benefits or privileges hereunder to any other Person,
            or delegate
            to or subcontract with, or authorize or appoint any other Person to perform
            any
            of the duties, covenants or obligations to be performed by the Master
            Servicer
            without the prior written consent of Freddie Mac; provided,
            however,
            that the
            Master Servicer shall have the right with the prior written consent of
            the
            Trustee and the Depositor (which shall not be unreasonably withheld)
            and upon
            delivery to the Trustee and the Depositor of a letter from each Rating
            Agency to
            the effect that such action shall not result in a downgrade or withdrawal
            of the
            ratings assigned to any of the Certificates, to delegate or assign to
            or
            subcontract with or authorize or appoint any qualified Person to perform
            and
            carry out any duties, covenants or obligations to be performed and carried
            out
            by the Master Servicer hereunder. Notice of such permitted assignment
            shall be
            given promptly by the Master Servicer to the Depositor and the Trustee.
            If,
            pursuant to any provision hereof, the duties of the Master Servicer are
            transferred to a successor master servicer, the entire amount of the
            Master
            Servicing Fee and other compensation payable to the Master Servicer pursuant
            hereto shall thereafter be payable to such successor master servicer,
            but in no
            event shall the Master Servicing Fee payable to the successor master
            servicer
            exceed that payable to the predecessor master servicer.

           

          

          
            
              
                
                

              

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

           

          Neither
            the Master Servicer nor any of the directors, officers, employees or
            agents of
            the Master Servicer shall be under any liability to the Trustee, the
            Depositor,
            the Securities Administrator or the Certificateholders for any action
            taken or
            for refraining from the taking of any action in good faith pursuant to
            this
            Trust Agreement, or for errors in judgment; provided,
            however,
            that
            this provision shall not protect the Master Servicer or any such person
            against
            any liability that would otherwise be imposed by reason of willful malfeasance,
            bad faith or negligence in the performance of its duties or by reason
            of
            reckless disregard for its obligations and duties under this Trust Agreement.
            The Master Servicer and any director, officer, employee or agent of the
            Master
            Servicer may rely in good faith on any document prima
            facie
            properly
            executed and submitted by any Person respecting any matters arising hereunder.
            The Master Servicer shall be under no obligation to appear in, prosecute
            or
            defend any legal action that is not incidental to its duties as Master
            Servicer
            with respect to the Mortgage Loans under this Trust Agreement and that
            in its
            opinion may involve it in any expenses or liability; provided,
            however,
            that the
            Master Servicer may in its sole discretion undertake any such action
            that it may
            deem necessary or desirable in respect to this Trust Agreement and the
            rights
            and duties of the parties hereto and the interests of the Certificateholders
            hereunder. In such event, the legal expenses and costs of such action
            and any
            liability resulting therefrom, shall be liabilities of the Trust, and
            the Master
            Servicer shall be entitled to be reimbursed therefor out of the Master
            Servicer
            Account in accordance with the provisions of Section 8.07 and Section
            8.12.

           

          The
            Master Servicer shall not be liable for any acts or omissions of any
            Servicer
            except to the extent that damages or expenses are incurred as a result
            of such
            act or omissions and such damages and expenses would not have been incurred
            but
            for the negligence, willful malfeasance, bad faith or recklessness of
            the Master
            Servicer in supervising, monitoring and overseeing the obligations of
            each
            Servicer under this Trust Agreement.

          

          
            
              
                
                

              

              
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            Section
              8.12 Indemnification;
              Third-Party Claims.

             

            The
              Master Servicer agrees to indemnify the Depositor, the Securities Administrator
              and the Trustee, and hold them harmless against, any and all claims,
              losses,
              penalties, fines, forfeitures, legal fees and related costs, judgments,
              and any
              other costs, liability, fees and expenses that the Depositor, the Securities
              Administrator or the Trustee may sustain as a result of the Master
              Servicer’s
              willful malfeasance, bad faith or negligence in the performance of
              its duties
              hereunder or by reason of its reckless disregard for its obligations
              and duties
              under this Trust Agreement. Each of the Depositor, the Securities Administrator
              and the Trustee shall, immediately upon notice to it, notify the Master
              Servicer
              if a claim is made by a third party with respect to this Trust Agreement
              or the
              Mortgage Loans which would entitle the Depositor, the Securities Administrator
              or the Trustee, as the case may be, to indemnification under this Section
              8.12,
              whereupon the Master Servicer shall assume the defense of any such
              claim and pay
              all expenses in connection therewith, including counsel fees and expenses,
              and
              promptly pay, discharge and satisfy any judgment or decree which may
              be entered
              against it or them in respect of such claim.

             

          

          The
            Trust
            will indemnify the Master Servicer and hold it harmless against any and
            all
            claims, losses, penalties, fines, forfeitures, legal fees and related
            costs,
            judgments, and any other costs, liabilities, fees and expenses that the
            Master
            Servicer may incur or sustain in connection with, arising out of or related
            to
            this Trust Agreement, any Servicing Agreement, any Assignment Agreement,
            the
            Custodial Agreement or the Certificates, except to the extent that any
            such
            loss, liability or expense (a) is related to (i) a material breach of
            the Master
            Servicer’s representations and warranties in the Trust Agreement or (ii) the
            Master Servicer’s willful malfeasance, bad faith or negligence or by reason of
            its reckless disregard of its duties and obligations under any such agreement
            or
            (b) does not constitute an “unanticipated expense” within the meaning of
            Treasury Regulation Section 1.860G-1(b)(3)(ii). The Master Servicer shall
            be
            entitled to reimburse itself for any such indemnified amount from funds
            on
            deposit in the Master Servicer Account.

           

          ARTICLE
            IX

           

          CONCERNING
            THE TRUSTEE

           

          Section
            9.01 Duties
            of Trustee.

          

            The
              Trustee, prior to the occurrence of a Master Servicer Event of Default
              and after
              the curing of any such Master Servicer Event of Default, undertakes
              to perform
              such duties and only such duties as are specifically set forth in the
              Trust
              Agreement. Notwithstanding anything to the contrary herein, the appointment
              of
              Wells Fargo Bank as Securities Administrator to perform the duties
              and
              obligations specifically set forth in Sections 2.03, 3.01, 3.02, 3.03,
              3.05,
              4.01, 4.03, 4.04, 5.02, 5.03, 5.04, 5.08, 7.01, 7.02 and 10.03 hereof,
              and any
              other duties and obligations as may be set forth in a letter agreement
              between
              Wells Fargo Bank, and the Trustee, shall not release the Trustee from
              its duty
              to perform such duties and obligations hereunder; provided,
              however,
              that
              the Trustee shall not be liable for any action or failure to act by
              the
              Securities Administrator hereunder. During a Master Servicer Event
              of Default
              relating to the Trustee of which a Responsible Officer of the Trustee
              has
              notice, the Trustee shall exercise such of the rights and powers vested
              in it by
              the Trust Agreement, and use the same degree of care and skill in their
              exercise
              as a prudent Person would exercise or use under the circumstances in
              the conduct
              of such Person’s own affairs.

             

          

          
            
              
                
                

              

              
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            The
              Trustee upon receipt of all resolutions, certificates, statements,
              reports,
              documents, orders or other instruments created by any Person other
              than itself
              and furnished to it which are specifically required to be furnished
              pursuant to
              any provision of the Trust Agreement, Custody Agreement, Servicing
              Agreement,
              Sale Agreement or Assignment Agreement shall examine them to determine
              whether
              they conform on their face to the requirements of such agreement; provided,
              however,
              that the
              Trustee shall not be under any duty to recalculate, verify or recompute
              the
              information provided to it hereunder by any Servicer or the Depositor.
              If any
              such instrument is found not to conform to the requirements of such
              agreement in
              a material manner, the Trustee shall take action as it deems appropriate
              to have
              the instrument corrected, and if the instrument is not corrected to
              its
              satisfaction, then it will provide notice thereof to the other parties
              hereto
              and to the Certificateholders.

             

          

          No
            provision of the Trust Agreement shall be construed to relieve the Trustee
            from
            liability for its own negligent action, its own negligent failure to
            act or its
            own willful misconduct; provided,
            however,
            that:

           

          (a)
            Prior
            to the
            occurrence of any Master
            Servicer Event
            of
            Default and after the curing of all of such Events of Default, the
            respective duties and obligations of the Trustee shall be determined
            solely by
            the express provisions of the Trust Agreement (including the obligation
            of the
            Trustee to enforce each Custody Agreement against the related Custodian,
            each
            Sale Agreement against the related Seller, each Assignment Agreement
            against
            GSMC and otherwise to act as owner under such agreements for the benefit
            of the
            Certificateholders), the Trustee shall not be liable except for the performance
            of the respective duties and obligations as are specifically set forth
            in the
            Trust Agreement, no implied covenants or obligations shall be read into
            the
            Trust Agreement against the Trustee and, in the absence of bad faith
            on the part
            of the Trustee, the Trustee may conclusively rely, as to the truth of
            the
            statements and the correctness of the opinions expressed therein, upon
            any
            certificates or opinions furnished to the Trustee that conform to the
            requirements of the Trust Agreement;

           

          (b)
            The
            Trustee shall not be personally liable for an error of judgment made
            in good
            faith by an Officer of the Trustee unless it shall be proved that the
            Trustee
            was negligent in ascertaining the pertinent facts;

           

          (c)
            The
            Trustee shall not be personally liable with respect to any action taken,
            suffered or omitted to be taken by it in good faith in accordance with
            the
            direction of Holders of Certificates entitled to at least 25% of the
            Voting
            Rights relating to the time, method and place of conducting any proceeding
            for
            any remedy available to the Trustee, or exercising any trust or power
            conferred
            upon the Trustee, under the Trust Agreement;

           

          (d)
            Any
            determination of negligence, bad faith, willful misconduct or breach
            of conduct
            of the Trustee shall be made only upon a finding that there is clear
            and
            convincing evidence (and not upon the mere preponderance of evidence)
            thereof in
            a proceeding before a court of competent jurisdiction in which the Trustee
            has
            had an opportunity to defend; and

          

          
            
              
                
                

              

              
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            (e)
              In no
              event shall the Trustee be held liable for the actions or omissions
              of the
              Master Servicer, Securities Administrator, any Servicer or Custodian
              (excepting
              the Trustee’s own actions as Servicer or Custodian). 

             

          

          Section
            9.02 Certain
            Matters Affecting the Trustee.

           

          (a)
            Except as otherwise provided in Section 9.01 hereof:

           

          (i)
            The
            Trustee may request and rely and shall be protected in acting or refraining
            from
            acting upon any resolution, certificate of auditors or any other certificate,
            statement, instrument, opinion, report, notice, request, consent, order,
            appraisal, bond or other paper or document believed by it to be genuine
            and to
            have been signed or presented by the proper party or parties. Further,
            the
            Trustee may accept a copy of the vote of the Board of Directors of any
            party
            certified by its clerk or assistant clerk or secretary or assistant secretary
            as
            conclusive evidence of the authority of any person to act in accordance
            with
            such vote, and such vote may be considered as in full force and effect
            until
            receipt by the Trustee of written notice to the contrary;

           

          (ii)
            The
            Trustee may, in the absence of bad faith on its part, rely upon a certificate
            of
            an Officer of the appropriate Person whenever in the administration of
            the Trust
            Agreement the Trustee shall deem it desirable that a matter be proved
            or
            established (unless other evidence be herein specifically prescribed)
            prior to
            taking, suffering or omitting any action hereunder;

           

          (iii)
            The
            Trustee may consult with counsel and the advice of such counsel or any
            Opinion
            of Counsel shall be full and complete authorization and protection in
            respect of
            any action taken or suffered or omitted by it hereunder in good faith
            and in
            accordance with such advice or Opinion of Counsel;

           

          (iv)
            The
            Trustee shall not be under any obligation to exercise any of the trusts
            or
            powers vested in it by the Trust Agreement or to institute, conduct or
            defend
            any litigation thereunder or in relation thereto at the request, order
            or
            direction of any of the Certificateholders, pursuant to the provisions
            of the
            Trust Agreement, unless such Certificateholders shall have offered to
            the
            Trustee security or indemnity reasonably satisfactory to it against the
            costs,
            expenses and liabilities which may be incurred therein or thereby;

          

          
            
              
                
                

              

              
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            (v)
              The
              Trustee shall not be liable for any action taken, suffered or omitted
              by it in
              good faith and believed by it to be authorized or within the discretion
              or
              rights or powers conferred upon it by the Trust Agreement;

             

            (vi)
              The
              Trustee shall not be bound to make any investigation into the facts
              or matters
              stated in any resolution, certificate, statement, instrument, opinion,
              report,
              notice, request, consent, order, approval, bond or other paper or document,
              unless requested in writing to do so by Holders of Certificates entitled
              to at
              least 25% of the Voting Rights; provided,
              however,
              that if
              the payment reasonably satisfactory to it within a reasonable time
              to the
              Trustee of the costs, expenses or liabilities likely to be incurred
              by it in the
              making of such investigation is, in the opinion of the Trustee not
              assured to
              the Trustee by the security afforded to it by the terms of the Trust
              Agreement,
              the Trustee may require indemnity reasonably satisfactory to it against
              such
              expense or liability as a condition to taking any such action;

             

          

          (vii)
            The
            Trustee may execute any of the trusts or powers under the Trust Agreement
            or
            perform any duties hereunder either directly or by or through agents
            or
            attorneys and the Trustee shall not be responsible for any misconduct
            or
            negligence on the part of any agent or attorney appointed with due care
            by it
            under the Trust Agreement, provided that any agent appointed by the Trustee
            hereunder shall be entitled to all of the protections of the Trustee
            under this
            Agreement including, without limitation, the indemnification provided
            for under
            Section 9.05 hereof;

           

          (viii)
            Whenever the Trustee is authorized herein to require acts or documents
            in
            addition to those required to be provided it in any matter, it shall
            be under no
            obligation to make any determination whether or not such additional acts
            or
            documents should be required unless obligated to do so under Section
            9.01;

           

          (ix)
            The
            permissive right or authority of the Trustee to take any action enumerated
            in
            this Agreement shall not be construed as a duty or obligation;

           

          (x)
            The
            Trustee shall not be deemed to have notice of any matter, including without
            limitation any Event of Default, unless one of its Responsible Officers
            has
            actual knowledge thereof or unless written notice thereof is received
            by the
            Trustee at its Corporate Trust Office and such notice references the
            applicable
            Certificates generally, the applicable Servicer or Seller, the Trust
            or this
            Agreement;

           

          (xi)
            The
            Trustee shall not be required to expend or risk its own funds or otherwise
            incur
            financial liability for the performance of any of its duties hereunder
            or the
            exercise of any of its rights or powers (except with respect to its obligation
            to make Monthly Advances as successor Master Servicer pursuant hereto)
            if there
            is reasonable ground for believing that the repayment of such funds or
            indemnity
            reasonably satisfactory to it against such risk or liability is not assured
            to
            it, and none of the provisions contained in this Agreement shall in any
            event
            require the Trustee to perform, or be responsible for the manner of performance
            of, any of the obligations of the Securities Administrator, any Servicer
            or the
            Master Servicer under this Agreement except with respect to the Trustee’s
            obligation to make Monthly Advances pursuant hereto as successor Master
            Servicer
            or any successor master servicer under this Agreement and during such
            time, if
            any, as the Trustee shall be the successor to, and be vested with the
            rights,
            duties, powers and privileges of the Master Servicer in accordance with
            the
            terms of this Agreement;

          

          
            
              
                
                

              

              
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            (xii)
              Subject to the other provisions of this Agreement and without limiting
              the
              generality of this Section 9.02, the Trustee shall not have any duty
              (A) to see
              to any recording, filing or depositing of this Agreement or any agreement
              referred to herein or any financing statement or continuation statement
              evidencing a security interest, or to see the maintenance of any such
              recording
              of filing or depositing or to any rerecording, refiling or redepositing
              any
              thereof, (B) to see to any insurance, (C) to see to the payment or
              discharge of
              any tax, assessment or other governmental charge or any lien or encumbrance
              of
              any kind owing with respect to, assessed or levied against, any part
              of the
              Trust Estate other than from funds available in the Certificate Account,
              or (D)
              to confirm or verify the contents of any reports or certificates of
              any Servicer
              delivered to the Trustee pursuant to this Agreement believed by the
              Trustee to
              be genuine and to have been signed or presented by the proper party
              or
              parties;

             

          

          (xiii)
            The Trustee shall not be required to give any bond or surety in respect
            of the
            execution of the Trust Estate created hereby or the powers granted hereunder;
            and

           

          (xiv)
            Anything in this Agreement to the contrary notwithstanding, in no event
            shall
            the Trustee be liable for special, indirect or consequential loss or
            damage of
            any kind whatsoever (including but not limited to lost profits), even
            if the
            Trustee has been advised of the likelihood of such loss or damage and
            regardless
            of the form of action.

           

          (b)
            All
            rights of action under the Trust Agreement or under any of the Certificates,
            enforceable by the Trustee may be enforced by it without the possession
            of any
            of the Certificates, or the production thereof at the trial or other
            proceeding
            relating thereto, and any such suit, action or proceeding instituted
            by the
            Trustee shall be brought in its name for the benefit of all the Holders
            of such
            Certificates, subject to the provisions of the Trust Agreement. Any recovery
            of
            judgment shall, after provision for the payment of the reasonable compensation,
            expenses, disbursements and advances of the Trustee, its agents and counsel,
            be
            for the ratable benefit of the Holders in respect of which such judgment
            has
            been recovered.

           

          Section
            9.03 Trustee
            Not Liable for Certificates or Mortgage Loans.

           

          The
            recitals contained in the Trust Agreement and in the Certificates (other
            than
            the signature of the Trustee, the acknowledgments by the Trustee in Section
            2.02
            hereof and the representations and warranties made in Section 9.13 hereof)
            shall
            be taken as the statements of the Depositor, and the Trustee assumes
            no
            responsibility for their correctness. The Trustee makes no representations
            or
            warranties as to the validity or sufficiency of the Trust Agreement,
            any
            Supplemental Trust Agreement or of the Certificates (other than the signature
            of
            the Trustee on the Certificates) or of any Mortgage Loan or related document.
            The Trustee shall not be accountable for the use or application by the
            Depositor
            of any of the Certificates or of the proceeds of such Certificates, or
            for the
            use or application of any funds paid to the Depositor in respect of the
            Mortgage
            Loans or deposited in or withdrawn from any Collection Account, the Master
            Servicer Account or the Certificate Account or Collection Account other
            than any
            funds, if any, held by the Trustee in accordance with Sections 3.01 and
            3.02 or
            as owner of the Regular Interests of any REMIC.

           

          

          
            
              
                
                

              

              
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          Section
            9.04 Trustee
            May Own Certificates.

           

          The
            Trustee in its individual capacity or any other capacity may become the
            owner or
            pledgee of Certificates with the same rights it would have if it were
            not
            Trustee.

           

          Section
            9.05 Trustee’s
            Fees and Expenses
            and Indemnification.

           

          Pursuant
            to the Trust Agreement, the Trustee shall be paid by the Securities
            Administrator. The Trustee shall be entitled to reimbursement for all
            reasonable
            expenses and disbursements incurred or made by the Trustee in accordance
            with
            any of the provisions of the Trust Agreement (including but not limited
            to the
            reasonable compensation and the expenses and disbursements of its counsel
            and of
            all persons not regularly in its employ) except any such expense, disbursement
            or advance as may arise from its negligence, bad faith, willful misconduct
            or
            breach of contract by the Trustee. The Trustee and any director, officer,
            employee or agent of the Trustee shall be indemnified and held harmless
            by the
            Trust against any loss, liability or expense thereof, including reasonable
            attorney’s fees and expenses, incurred, arising out of or in connection with the
            Trust Agreement, any Custody Agreement, any Supplemental Trust Agreement
            or the
            Certificates, including, but not limited to, any such loss, liability,
            or
            expense including counsel fees and expenses, incurred in connection with
            any
            legal action against the Trust or the Trustee or any director, officer,
            employee
            or agent thereof, or the performance of any of the Trustee’s duties under the
            Trust Agreement other than any loss, liability or expense incurred by
            reason of
            willful misfeasance, bad faith, negligence, willful misconduct or breach
            of
            contract in the performance of duties under the Trust Agreement or by
            reason of
            reckless disregard of obligations and duties under the Trust Agreement
            or that
            do not constitute “unanticipated expenses” within the meaning of Treasury
            Regulation Section 1.860G-1(b)(3)(ii). The provisions of this Section
            9.05 shall
            survive the resignation or removal of the Trustee and the termination
            of this
            Agreement.

           

          Section
            9.06 Eligibility
            Requirements for Trustee.

           

          The
            Trustee shall at all times be a corporation or national banking association
            that
            is not an Affiliate of the Depositor organized and doing business under
            the laws
            of any state or the United States of America, authorized under such laws
            to
            exercise corporate trust powers, having a combined capital and surplus
            of at
            least $50,000,000 and subject to supervision or examination by federal
            or state
            authority. If such corporation publishes reports of its conditions at
            least
            annually, pursuant to law or to the requirements of the aforesaid supervising
            or
            examining authority, then for the purposes of this Section the combined
            capital
            and surplus of such corporation shall be deemed to be its combined capital
            and
            surplus as set forth in its most recent report of conditions so published.
            In
            case at any time the Trustee shall cease to be eligible in accordance
            with the
            provisions of this Section, the Trustee shall resign immediately in the
            manner
            and with the effect specified in Section 9.07.

          

          
            
              
                
                

              

              
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            Section
              9.07 Resignation
              and Removal of the Trustee.

             

            The
              Trustee may at any time resign and be discharged from the trusts created
              pursuant to the Trust Agreement by giving sixty (60) days prior written
              notice
              thereof to the Depositor, the Master Servicer and to all Certificateholders.
              Upon receiving such notice of resignation, the Depositor shall promptly
              appoint
              a successor trustee by written instrument, in triplicate, which instrument
              shall
              be delivered to the resigning Trustee and to the successor trustee.
              A copy of
              such instrument shall be delivered to the Depositor, the Certificateholders
              and
              each Servicer by the Depositor. If no successor trustee shall have
              been so
              appointed and have accepted appointment within thirty (30) days after
              the giving
              of such notice of resignation, the resigning Trustee may petition any
              court of
              competent jurisdiction for the appointment of a successor trustee.

             

          

          The
            Depositor may at any time remove the Trustee and appoint a successor
            trustee
            upon sixty (60) days prior written notice, in duplicate, which instrument
            shall
            be delivered to the Trustee so removed and to the successor trustee.
            If the
            Depositor executes such an instrument, then the Depositor shall deliver
            a copy
            of such instrument to the Certificateholders, the Trustee and each
            Servicer.

           

          The
            Holders of Certificates entitled to at least 51% of the Voting Rights
            may at any
            time remove the Trustee and appoint a successor trustee by written instrument
            or
            instruments, in triplicate, signed by such Holders or their attorneys-in-fact
            duly authorized, one complete set of which instruments shall be delivered
            to
            each of the Depositor, the Trustee so removed and the successor trustee
            so
            appointed. A copy of such instrument shall be delivered to the
            Certificateholders and each Servicer and Seller by the Depositor.

           

          Any
            resignation or removal of the Trustee and appointment of a successor
            trustee
            pursuant to any of the provisions of this Section shall not become effective
            until acceptance of appointment by the successor trustee as provided
            in Section
            9.08 hereof.

           

          Section
            9.08 Successor
            Trustee.

           

          Any
            successor trustee appointed as provided in Section 9.07 shall execute,
            acknowledge and deliver to the Depositor and to the predecessor trustee
            an
            instrument accepting such appointment under the Trust Agreement and thereupon
            the resignation or removal of the predecessor trustee shall become effective
            and
            such successor trustee without any further act, deed or conveyance, shall
            become
            fully vested with all the rights, powers, duties and obligations of its
            predecessor thereunder, with the like effect as if originally named as
            trustee
            therein. The predecessor trustee shall deliver to the successor trustee,
            all
            Trustee Mortgage Loan Files and related documents and statements held
            by it
            under the Trust Agreement and the Depositor and the predecessor trustee
            shall
            execute and deliver such instruments and do such other things as may
            reasonably
            be required for more fully and certainly vesting and confirming in the
            successor
            trustee, all such rights, powers, duties and obligations.

          

          
            
              
                
                

              

              
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            No
              successor trustee shall accept appointment as provided in this Section
              unless at
              the time of such acceptance such successor trustee shall be eligible
              under the
              provisions of Section 9.06 hereof.

             

            Upon
              acceptance of appointment by a successor trustee as provided in this
              Section,
              the Depositor shall mail notice of the succession of such trustee under
              the
              Trust Agreement to all Holders of Certificates at their addresses as
              shown in
              the Certificate Register. If the Depositor fails to mail such notice
              within ten
              (10) days after acceptance of appointment by the successor trustee,
              the Trustee
              shall cause such notice to be mailed at the expense of the
              Depositor.

             

          

          Notwithstanding
            anything to the contrary contained herein, the appointment of any successor
            Trustee pursuant to any provisions of this Agreement will be subject
            to the
            prior written consent of the Trustee, which consent will not be unreasonably
            withheld.

           

          Section
            9.09 Merger
            or Consolidation of Trustee.

           

          Any
            corporation into which the Trustee may be merged or converted or with
            which it
            may be consolidated or any corporation resulting from any merger, conversion
            or
            consolidation to which the Trustee shall be a party, or any corporation
            succeeding to the corporate trust business of the Trustee shall be the
            successor
            of the Trustee under the Trust Agreement, provided
            such
            corporation shall be eligible under the provisions of Section 9.06, without
            the
            execution or filing of any paper or any further act on the part of any
            of the
            parties hereto, anything herein to the contrary notwithstanding.

           

          Section
            9.10 Appointment
            of Co-Trustee or Separate Trustee.

           

          For
            the
            purpose of meeting any legal requirements of any jurisdiction in which
            any part
            of the Trust or property securing the same may at the time be located,
            the
            Depositor and the Trustee acting jointly shall have the power and shall
            execute
            and deliver all instruments to appoint one or more Persons approved by
            the
            Trustee to act as co-trustee or co-trustees, jointly with the Trustee,
            or
            separate trustee or trustees, of all or any part of the Trust, and to
            vest in
            such Person or Persons, in such capacity, such title to the Trust, or
            any part
            thereof, and, subject to the other provisions of this Section 9.10, such
            powers,
            duties, obligations, rights and trusts as the Depositor and the Trustee
            may
            consider necessary or desirable. If the Depositor shall not have joined
            in such
            appointment within fifteen (15) days after the receipt by it of a request
            so to
            do, the Trustee alone shall have the power to make such appointment.
            No
            co-trustee or separate trustee(s) hereunder shall be required to meet
            the terms
            of eligibility as a successor trustee under Section 9.06 hereof and no
            notice to
            Holders of Certificates of the appointment of co-trustee(s) or separate
            trustee(s) shall be required under Section 9.08 hereof.

           

          In
            the
            case of any appointment of a co-trustee or separate trustee pursuant
            to this
            Section 9.10 all rights, powers, duties and obligations conferred or
            imposed
            upon the Trustee shall be conferred or imposed upon and exercised or
            performed
            by the Trustee and such separate trustee or co-trustee jointly, except
            to the
            extent that under any law of any jurisdiction in which any particular
            act or
            acts are to be performed the Trustee shall be incompetent or unqualified
            to
            perform such act or acts, in which event such rights, powers, duties
            and
            obligations (including the holding of title to the Trust or any portion
            thereof
            in any such jurisdiction) shall be exercised and performed by such separate
            trustee or co-trustee at the direction of the Trustee.

          

          
            
              
                
                

              

              
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            Any
              notice, request or other writing given to the Trustee shall be deemed
              to have
              been given to each of the then separate trustees and co-trustees, as
              effectively
              as if given to each of them. Every instrument appointing any separate
              trustee or
              co-trustee shall refer to the Trust Agreement and the conditions of
              this Article
              IX. Each separate trustee and co-trustee, upon its acceptance of the
              trusts
              conferred, shall be vested with the estates or property specified in
              its
              instrument of appointment, either jointly with the Trustee or separately,
              as may
              be provided therein, subject to all the provisions of the Trust Agreement,
              specifically including every provision of the Trust Agreement relating
              to the
              conduct of, affecting the liability of, or affording protection to,
              the Trustee.
              Every such instrument shall be filed with the Trustee. No trustee (including
              the
              Trustee) shall be responsible for the actions of any co-trustee.

             

          

          Any
            separate trustee or co-trustee may, at any time, constitute the Trustee,
            its
            agent or attorney-in-fact, with full power and authority, to the extent
            not
            prohibited by law, to do any lawful act under or in respect of the Trust
            Agreement on its behalf and in its name. If any separate trustee or co-trustee
            shall die, become incapable of acting, resign or be removed, all of its
            estates,
            properties, rights, remedies and trusts shall vest in and be exercised
            by the
            Trustee, to the extent permitted by law, without the appointment of a
            new or
            successor trustee.

           

          Section
            9.11 Appointment
            of Custodians.

           

          The
            Trustee may appoint one or more Custodians to hold all or a portion of
            the
            Trustee Mortgage Loan Files as agent for the Trustee, by entering into
            a custody
            agreement. The appointment of any Custodian may at any time be terminated
            and a
            substitute custodian appointed therefor by the Trustee. Subject to this
            Article
            IX, the Trustee agrees to comply with the terms of each custody agreement
            and to
            enforce the terms and provisions thereof against the Custodians for the
            benefit
            of the Certificateholders. Each Custodian shall be a depository institution
            or
            trust company subject to supervision by federal or state authority, shall
            have
            combined capital and surplus of at least $10,000,000 and shall be qualified
            to
            do business in the jurisdiction in which it holds any Trustee Mortgage
            Loan
            File. Any such Custodian may not be an affiliate of the Depositor or
            any Seller
            or Servicer. The Trustee shall not be responsible or liable for the acts
            or
            omissions of any Custodian appointed by it hereunder (except for a Custodian
            which is an affiliate of the Trustee). Any indemnification due a Custodian
            under
            a Custody Agreement shall be an obligation of the Purchaser, as stated
            in such
            Custody Agreement.

           

          Section
            9.12 Delegation
            of Obligations.

          
             

            The
              parties hereto and the Certificateholders hereby acknowledge that the
              Trustee
              may delegate or assign to or subcontract with or authorize or appoint
              any
              qualified Person to perform and carry out certain non-fiduciary duties
              or
              obligations relating to the administration of the Trust; provided,
              however,
              in no
              event shall any such delegation, assignment, authorization or appointment
              relieve the Trustee of its liability with regard to any fiduciary duties
              or
              obligations hereunder. Any such agent shall nevertheless be entitled
              to all the
              rights, benefits and protections afforded to the Trustee under Article
              IX, to
              the extent assigned to any such agent by the Trustee. 

          

          
            
              
                
                

              

              
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            Section
              9.13 Representation
              and Warranties of the Trustee.

             

            The
              Trustee hereby represents and warrants to the Depositor that as of
              the Closing
              Date or as of such other date specifically provided herein:

             

          

          (a)
            It is
            a national banking association and has been duly organized, and is validly
            existing in good standing under the laws of the United States of America
            with
            full power and authority (corporate and other) to enter into and perform
            its
            obligations under the Trust Agreement;

           

          (b)
            The
            Trust Agreement has been duly executed and delivered by it, and, assuming
            due
            authorization, execution and delivery by the Depositor and the other
            parties
            hereto, constitutes a legal, valid and binding agreement of such entity,
            enforceable against it in accordance with its terms, subject to bankruptcy,
            insolvency, reorganization, moratorium or other similar laws affecting
            creditors’ rights generally and to general principles of equity regardless of
            whether enforcement is sought in a proceeding in equity or at law;

           

          (c)
            The
            execution, delivery and performance by it of the Trust Agreement and
            the
            consummation of the transactions contemplated thereby do not require
            the consent
            or approval of, the giving of notice to, the registration with, or the
            taking of
            any other action in respect of, any state, federal or other governmental
            authority or agency, except such as has been obtained, given, effected
            or taken
            prior to the date thereof;

           

          (d)
            The
            execution and delivery of this Trust Agreement by it have been duly authorized
            by all necessary corporate action on its part; neither the execution
            and
            delivery by it of the Trust Agreement, consummation of the transactions
            therein
            contemplated, nor compliance by it with the provisions thereof, will
            conflict
            with or result in a breach of, or constitute a default under, any of
            the
            provisions of its articles of organization or by-laws or any law, governmental
            rule or regulation or any judgment, decree or order binding on it to
            its
            knowledge or any of its properties, or any of the provisions of any indenture,
            mortgage, deed of trust, contract or other instrument to which it is
            a party or
            by which it is bound;

           

          (e)
            There
            are
            no actions, suits or proceedings pending or, to its knowledge, threatened
            or
            asserted against it, before or by any court, administrative agency, arbitrator
            or governmental body (i) with respect to any of the transactions contemplated
            by
            the Trust Agreement or (ii) with respect to any other matter which in
            its
            judgment will be determined adversely to it and will if determined adversely
            to
            it materially adversely affect its ability to perform its obligations
            under the
            Trust Agreement;
            and

           

          (f)
            It
            meets all of the eligibility requirements set forth in Section 9.06
            hereof.

          

          
            
              
                
                

              

              
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            ARTICLE
              X

             

            TERMINATION
              OF TRUST

             

            Section
              10.01 Qualified
              Liquidation.

             

            The
              Provisions of this Article X are subject to the requirement that any
              termination
              shall be a “qualified liquidation” of each associated REMIC unless 100% of the
              affected holders of interests in each such REMIC have consented to
              waive such
              requirements. For this purpose “affected holders” shall mean each holder of a
              regular or residual interest which would likely receive a smaller amount
              in
              final distributions if the termination were not a “qualified liquidation” and
              REMIC owed taxes as a result hereof.

             

          

          Section
            10.02 Termination.

           

          The
            party
            designated in Section 4.03 of the Trust Agreement may, at its option,
            make or
            cause a Person to make a Terminating Purchase for the Termination Price
            at the
            time and on the terms and conditions specified in the Trust Agreement.
            Upon such
            Terminating Purchase or the final payment or other liquidation (or any
            advance
            with respect thereto) of the last Mortgage Loan remaining in the Trust
            or the
            disposition of the last REO Property remaining in the Trust, the respective
            obligations and responsibilities under the Trust Agreement of the Depositor,
            the
            Master Servicer, the Trustee and the Securities Administrator shall terminate
            upon payment to the Certificateholders of all amounts held by or on behalf
            of
            the Securities Administrator and required hereunder to be so paid and
            upon
            deposit of unclaimed funds otherwise distributable to Certificateholders
            in the
            Termination Account. Notwithstanding the foregoing, in no event shall
            the Trust
            created hereby continue beyond the expiration of twenty-one (21) years
            from the
            death of the last survivor of the descendants of Joseph P. Kennedy, the
            late
            ambassador of the United States to the Court of St. James, living on
            the date
            hereof.

           

          The
            Trust
            also may be terminated and the Certificates retired if the Securities
            Administrator determines, based upon an Opinion of Counsel, that the
            REMIC
            status of any related REMIC has been lost or that a substantial risk
            exists that
            such REMIC status will be lost for the then-current taxable year.

           

          Section
            10.03 Procedure
            for Termination.

           

          The
            party
            designated in Section 4.03 of the Trust Agreement shall advise the Securities
            Administrator in writing of its election to cause a Terminating Purchase,
            no
            later than the Distribution Date in the month preceding the Distribution
            Date on
            which the Terminating Purchase will occur.

           

          Notice
            of
            the Distribution Date on which any such termination shall occur (or the
            Distribution Date on which final payment or other Liquidation of the
            last
            Mortgage Loan remaining in the Trust or the disposition of the last REO
            Property
            remaining in the Trust will be distributed to Certificateholders, as
            reflected
            in the Remittance Report for such month (the “Final
            Distribution Date”)
            shall
            be given promptly by the Securities Administrator by letter to
            Certificateholders mailed (a) in the event such notice is given in connection
            with a Terminating Purchase, not earlier than the 15th day of the month
            preceding such final distribution and not later than the 5th
            day of
            the month of such final distribution or (b) otherwise during the month
            of such
            final distribution on or before the Servicer Remittance Date in such
            month, in
            each case specifying (i) the Final Distribution Date and that final payment
            of
            the Certificates will be made upon presentation and surrender of Certificates
            at
            the office of the Securities Administrator therein designated on that
            date, (ii)
            the amount of any such final payment and (iii) that the Record Date otherwise
            applicable to such Final Distribution Date is not applicable, payments
            being
            made only upon presentation and surrender of the Certificates at the
            office of
            the Securities Administrator. The Securities Administrator shall give
            such
            notice to the Certificate Registrar at the time such notice is given
            to
            Certificateholders. In the event such notice is given in connection with
            a
            Terminating Purchase, the purchaser shall deliver to the Securities
            Administrator for deposit in the Certificate Account on the Business
            Day
            immediately preceding the Final Distribution Date an amount in next day
            funds
            equal to the Termination Price, as the case may be.

           

          

          
            
              
                
                

              

              
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          Upon
            presentation and surrender of the Certificates on a Distribution Date
            by
            Certificateholders, the Securities Administrator shall distribute to
            Certificateholders (a) the amount otherwise distributable on such Distribution
            Date, if not in connection with Terminating Purchase, or (b) if in connection
            with a Terminating Purchase, an amount determined as follows: with respect
            to
            each Certificate with an outstanding Certificate Balance, the outstanding
            Certificate Balance thereof, plus
            interest
            thereon through the Accounting Date preceding the Distribution Date fixed
            for
            termination and any previously unpaid interest, net of unrealized losses,
            Realized Interest Shortfall and Shortfall with respect thereto; and in
            addition,
            with respect to each Residual Certificate, the Percentage Interest evidenced
            thereby multiplied by the difference between the Termination Price and
            the
            aggregate amount to be distributed as provided in the first clause of
            this
            sentence and the next succeeding sentence.

           

          Upon
            the
            receipt of a request for release from the Master Servicer, the applicable
            Custodian shall promptly release to the purchaser the Trustee Mortgage
            Loan
            Files for the remaining Mortgage Loans and shall execute all assignments,
            endorsements and other instruments without recourse necessary to effectuate
            such
            transfer. The Trust shall terminate immediately following the deposit
            of funds
            in the Termination Account as provided below.

           

          In
            the
            event that all of the Certificateholders shall not surrender their Certificates
            within six months after the Final Distribution Date specified in the
            above-mentioned written notice, the Securities Administrator shall give
            a second
            written notice to the remaining Certificateholders to surrender their
            Certificates and receive the final distribution with respect thereto,
            net of the
            cost of such second notice. If within one year after the second notice
            all the
            Certificates shall not have been surrendered for cancellation, the Securities
            Administrator may take appropriate steps, or may appoint an agent to
            take
            appropriate steps, to contact the remaining Certificateholders concerning
            surrender of their Certificates, and the cost thereof shall be paid out
            of the
            amounts otherwise payable on such Certificates. Any funds payable to
            Certificateholders that are not distributed on the Final Distribution
            Date shall
            be deposited in a Termination Account, which shall be an Eligible Account,
            to be
            held for the benefit of Certificateholders not presenting and surrendering
            their
            Certificates in the aforesaid manner, and shall be disposed of in accordance
            with this Section. The Securities Administrator shall establish the Termination
            Accounts, which shall be Eligible Accounts, on or about the Closing
            Date.

          

          
            
              
                
                

              

              
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            Section
              10.04 Additional
              Termination Requirements.

             

            (a)
              In
              the event of a Terminating Purchase as provided in Section 10.02, the
              Trust
              shall be terminated in accordance with the following additional requirements,
              unless the Securities Administrator and the Trustee receive (i) a Special
              Tax
              Opinion and (ii) a Special Tax Consent from each of the Holders of
              the Residual
              Certificates (unless the Special Tax Opinion specially provides that
              no
              REMIC-level tax will result from the Terminating Purchase):

             

          

          (i) Within
            ninety (90) days prior to the Final Distribution Date, the Depositor
            and the
            Trustee on behalf of the related REMIC shall adopt a plan of complete
            liquidation meeting the requirements of a qualified liquidation under
            the REMIC
            Provisions (which plan may be adopted by the Securities Administrator’s
            attachment of a statement specifying the first day of the 90-day liquidation
            period to the REMIC’s final federal income tax return) and the REMIC will sell
            all of its assets (other than cash);

           

          (ii) Upon
            making final payment on the Regular Certificates or the deposit of any
            unclaimed
            funds otherwise distributable to the holders of the Regular Certificates
            in the
            Termination Account on the Final Distribution Date, the Securities Administrator
            shall distribute or credit, or cause to be distributed or credited, pro rata,
            to the
            Holders of the Residual Certificates representing ownership of the residual
            interest in such REMIC all cash on hand relating to such REMIC after
            such final
            payment (other than cash retained to meet claims), and such REMIC shall
            terminate at that time; and

           

          (iii) In
            no
            event may the final payment on the Certificates be made after the 90th
            day from
            the date on which the plan of complete liquidation is adopted. A payment
            into
            the Termination Account with respect to any Certificate pursuant to Section
            10.03 shall be deemed a final payment on, or final distribution with
            respect to,
            such Certificate for the purposes of this clause.

           

          (b)
            By
            its acceptance of a Residual Certificate, the Holder thereof hereby (i)
            authorizes such action as may be necessary to adopt a plan of complete
            liquidation of any related REMIC and (ii) agrees to take such action
            as may be
            necessary to adopt a plan of complete liquidation of any related REMIC upon the
            written request of the Trustee, which authorization shall be binding
            upon all
            successor Holders of Residual Certificates.

           

          ARTICLE
            XI

           

          CONCERNING
            THE SECURITIES ADMINISTRATOR

           

          Section
            11.01 Certain
            Matters Affecting the Securities Administrator.

           

           

          (a) Except
            as
            otherwise provided herein:

          

          
            
              
                
                

              

              
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            (i) The
              Securities Administrator may rely and shall be protected in acting
              or refraining
              from acting upon any resolution, certificate of auditors or any other
              certificate, statement, instrument, opinion, report, notice, request,
              consent,
              order, appraisal, bond or other paper or document believed by it to
              be genuine
              and to have been signed or presented by the proper party or parties.
              Further,
              the Securities Administrator may accept a copy of the vote of the board
              of
              directors of any party certified by its clerk or assistant clerk or
              secretary or
              assistant secretary as conclusive evidence of the authority of any
              person to act
              in accordance with such vote, and such vote may be considered as in
              full force
              and effect until receipt by the Securities Administrator of written
              notice to
              the contrary;

             

          

          (ii) The
            Securities Administrator may, in the absence of bad faith on its part,
            rely upon
            a certificate of an Officer of the appropriate Person whenever in the
            administration of the Trust Agreement the Securities Administrator shall
            deem it
            desirable that a matter be proved or established (unless other evidence
            be
            herein specifically prescribed) prior to taking, suffering or omitting
            any
            action hereunder;

           

          (iii) The
            Securities Administrator may consult with counsel and the written advice
            of such
            counsel or any Opinion of Counsel shall be full and complete authorization
            and
            protection in respect of any action taken or suffered or omitted by it
            hereunder
            in good faith and in accordance with such written advice or Opinion of
            Counsel;

           

          (iv) The
            Securities Administrator shall not be under any obligation to exercise
            any of
            the trusts or powers vested in it by the Trust Agreement or to institute,
            conduct or defend any litigation thereunder or in relation thereto at
            the
            request, order or direction of any of the Certificateholders, pursuant
            to the
            provisions of the Trust Agreement, unless such Certificateholders shall
            have
            offered to the Securities Administrator reasonable security or indemnity
            against
            the costs, expenses and liabilities which may be incurred therein or
            thereby;

           

          (v) The
            Securities Administrator shall not be personally liable for any action
            taken,
            suffered or omitted by it in good faith and believed by it to be authorized
            or
            within the discretion or rights or powers conferred upon it by the Trust
            Agreement;

           

          (vi) The
            Securities Administrator shall not be bound to make any investigation
            into the
            facts or matters stated in any resolution, certificate, statement, instrument,
            opinion, report, notice, request, consent, order, approval, bond or other
            paper
            or document, unless requested in writing to do so by Holders of Certificates
            entitled to at least 25% of the Voting Rights; provided, however, that
            if the
            payment within a reasonable time to the Securities Administrator of the
            costs,
            expenses or liabilities likely to be incurred by it in the making of
            such
            investigation is, in the opinion of the Securities Administrator not
            assured to
            the Securities Administrator by the security afforded to it by the terms
            of the
            Trust Agreement, the Securities Administrator may require indemnity against
            such
            expense or liability as a condition to taking any such action;

          

          
            
              
                
                

              

              
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            (vii) The
              Securities Administrator may execute any of the trusts or powers under
              the Trust
              Agreement or perform any duties hereunder either directly or by or
              through
              agents or attorneys and the Securities Administrator shall not be responsible
              for any misconduct or negligence on the part of any agent or attorney
              appointed
              with due care by it under the Trust Agreement, provided that any agent
              appointed
              by the Securities Administrator hereunder shall be entitled to all
              of the
              protections of the Securities Administrator under this Agreement;

             

          

          (viii) Whenever
            the Securities Administrator is authorized herein to require acts or
            documents
            in addition to those required to be provided it in any matter, it shall
            be under
            no obligation to make any determination whether or not such additional
            acts or
            documents should be required unless obligated to do so hereunder;

           

          (ix) The
            permissive right or authority of the Securities Administrator to take
            any action
            enumerated in this Agreement shall not be construed as a duty or
            obligation;

           

          (x) The
            Securities Administrator shall not be deemed to have notice of any matter,
            including without limitation any Event of Default, unless one of its
            Responsible
            Officers has actual knowledge thereof or unless written notice thereof
            is
            received by the Securities Administrator at its Corporate Trust Office
            and such
            notice references the applicable Certificates generally, the applicable
            Servicer
            or Seller, the Trust or this Agreement;

           

          (xi) The
            Securities Administrator shall not be required to expend or risk its
            own funds
            or otherwise incur financial liability for the performance of any of
            its duties
            hereunder or the exercise of any of its rights or powers if there is
            reasonable
            ground for believing that the repayment of such funds or adequate indemnity
            against such risk or liability is not assured to it, and none of the
            provisions
            contained in this Agreement shall in any event require the Securities
            Administrator to perform, or be responsible for the manner of performance
            of,
            any of the obligations of any Servicer or the Master Servicer under this
            Agreement;

           

          (xii) Subject
            to the other provisions of this Agreement and without limiting the generality
            of
            this Section 11.01, the Securities Administrator shall not have any duty
            (A) to
            see to any recording, filing or depositing of this Agreement or any agreement
            referred to herein or any financing statement or continuation statement
            evidencing a security interest, or to see the maintenance of any such
            recording
            of filing or depositing or to any rerecording, refiling or redepositing
            any
            thereof, (B) to see to any insurance, (C) to see to the payment or discharge
            of
            any tax, assessment or other governmental charge or any lien or encumbrance
            of
            any kind owing with respect to, assessed or levied against, any part
            of the
            Trust Estate other than from funds available in the Certificate Account,
            or (D)
            to confirm or verify the contents of any reports or certificates of any
            Servicer
            delivered to the Securities Administrator pursuant to this Agreement
            believed by
            the Securities Administrator to be genuine and to have been signed or
            presented
            by the proper party or parties;

           

          

          
            
              
                
                

              

              
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          (xiii) The
            Securities Administrator shall not be required to give any bond or surety
            in
            respect of the execution of the Trust Estate created hereby or the powers
            granted hereunder; and

           

          (xiv) Anything
            in this Agreement to the contrary notwithstanding, in no event shall
            the
            Securities Administrator be liable for special, indirect or consequential
            loss
            or damage of any kind whatsoever (including but not limited to lost profits),
            even if the Securities Administrator has been advised of the likelihood
            of such
            loss or damage and regardless of the form of action.

           

          (b) All
            rights of action under the Trust Agreement or under any of the Certificates,
            enforceable by the Securities Administrator may be enforced by it without
            the
            possession of any of the Certificates, or the production thereof at the
            trial or
            other proceeding relating thereto, and any such suit, action or proceeding
            instituted by the Securities Administrator shall be brought in name of
            the
            Trustee for the benefit of all the Holders of such Certificates, subject
            to the
            provisions of the Trust Agreement. Any recovery of judgment shall, after
            provision for the payment of the reasonable compensation, expenses,
            disbursements and advances of the Securities Administrator, its agents
            and
            counsel, be for the ratable benefit of the Holders in respect of which
            such
            judgment has been recovered.

           

          (c) On
            or
            prior to the Closing Date, the Securities Administrator shall deliver
            to the
            Depositor a certification in the form of Exhibit J attached hereto specifying
            the items it will address in its assessment of compliance with the servicing
            criteria under this Section 11.01. On or before March 15 of each year,
            commencing in March 2007, the Securities Administrator, at its own expense,
            shall furnish, and each such party shall cause any Servicing Function
            Participant engaged by it to furnish, each at its own expense, to the
            Securities
            Administrator and the Depositor, a report on an assessment of compliance
            with
            the Relevant Servicing Criteria that contains (i) a statement by such
            party of
            its responsibility for assessing compliance with the Servicing Criteria,
            (ii) a
            statement that such party used the Servicing Criteria to assess compliance
            with
            the Relevant Servicing Criteria, (iii) such party’s assessment of compliance
            with the Relevant Servicing Criteria as of and for the fiscal year covered
            by
            the Form 10-K required to be filed pursuant to Section 3.02(e), including,
            if
            there has been any material instance of noncompliance with the Relevant
            Servicing Criteria, a discussion of each such failure and the nature
            and status
            thereof, and (iv) a statement that a registered public accounting firm
            has
            issued an attestation report on such party’s assessment of compliance with the
            Relevant Servicing Criteria as of and for such period. 

          

          
            
              
                
                

              

              
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            Promptly
              after receipt of each such report on assessment of compliance, (i)
              the Depositor
              shall review each such report and, if applicable, consult with the
              Master
              Servicer, the Securities Administrator and any Servicing Function Participant
              engaged by such parties as to the nature of any material instance of
              noncompliance with the Relevant Servicing Criteria by each such party,
              and (ii)
              the Securities Administrator shall confirm that the assessments, taken
              as a
              whole, address all of the Servicing Criteria and, taken individually,
              address
              the Relevant Servicing Criteria for each party as set forth on Exhibit
              J
              and on
              any similar exhibit set forth in each Servicing Agreement in respect
              of the
              applicable Servicer and notify the Depositor of any exceptions. None
              of such
              parties shall be required to deliver any such assessment until April
              15 in any
              given year if such party has received written confirmation from the
              Depositor
              that a Form 10-K is not required to be filed in respect of the Trust
              for the
              preceding calendar year.

             

          

          (d) On
            or
            before March 15 of each year, commencing in March 2007, the Securities
            Administrator, at its own expense, shall cause, and shall cause any Servicing
            Function Participant engaged by it to cause, each at its own expense,
            a
            registered public accounting firm (which may also render other services
            to the
            Securities Administrator, or such other Servicing Function Participants,
            as the
            case may be) that is a member of the American Institute of Certified
            Public
            Accountants to furnish a report to the Depositor (and, in the case of
            any other
            Servicing Function Participant, the Master Servicer) to the effect that
            (i) it
            has obtained a representation regarding certain matters from the management
            of
            such party, which includes an assertion that such party has complied
            with the
            Relevant Servicing Criteria, and (ii) on the basis of an examination
            conducted
            by such firm in accordance with standards for attestation engagements
            issued or
            adopted by the PCAOB, it is expressing an opinion as to whether such
            party’s
            compliance with the Relevant Servicing Criteria was fairly stated in
            all
            material respects, or it cannot express an overall opinion regarding
            such
            party’s assessment of compliance with the Relevant Servicing Criteria. In the
            event that an overall opinion cannot be expressed, such registered public
            accounting firm shall state in such report why it was unable to express
            such an
            opinion. Such report must be available for general use and not contain
            restricted use language. 

           

          Promptly
            after receipt of such report from the Securities Administrator or any
            Servicing
            Function Participant engaged by such parties, (i) the Depositor shall
            review the
            report and, if applicable, consult with or cause the Master Servicer
            to consult
            with such parties as to the nature of any defaults by such parties, in
            the
            fulfillment of any of each such party’s obligations hereunder or under any other
            applicable agreement and (ii) the Securities Administrator shall confirm
            that
            each assessment submitted pursuant to Section 8.01(e) or Section 11.01(c)
            is
            coupled with an attestation meeting the requirements of this Section
            and shall
            notify the Depositor of any exceptions. Neither the Securities Administrator
            nor
            any Servicing Function Participant shall be required to deliver any such
            assessment until April 15 in any given year if such party has received
            written
            confirmation from the Depositor that a Form 10-K is not required to be
            filed in
            respect of the Trust for the preceding calendar year.

          

          
            
              
                
                

              

              
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            (e) The
              Securities Administrator shall give prior written notice to the Depositor
              of the
              appointment of any Subcontractor by it and a written description (in
              form and
              substance satisfactory to the Depositor) of the role and function of
              each
              Subcontractor utilized by the Securities Administrator, specifying
              (i) the
              identity of each such Subcontractor and (ii) which elements of the
              servicing
              criteria set forth under Item 1122(d) of Regulation AB will be addressed
              in
              assessments of compliance provided by each such Subcontractor.

             

          

          (f) The
            Securities Administrator shall notify the Depositor and the Sponsor within
            five
            (5) days of its gaining knowledge thereof (i) of any legal proceedings
            pending
            against the Securities Administrator of the type described in Item 1117
            (§
229.1117) of Regulation AB, (ii) of any merger, consolidation or sale
            of
            substantially all of the assets of the Securities Administrator and (iii)
            if the
            Securities Administrator shall become (but only to the extent not previously
            disclosed) at any time an affiliate of any of the Depositor, any Servicer,
            any
            Originator contemplated by Item 1110 (§ 229.1110) of Regulation AB, any
            significant obligor contemplated by Item 1112 (§ 229.1112) of Regulation AB, any
            enhancement or support provider contemplated by Items 1114 or 1115 (§§
229.1114-1115) of Regulation AB or any successor thereto or any other
            material
            party to the Trust Fund contemplated by Item 1100(d)(1) (§ 229.1100(d)(1)) of
            Regulation AB, as applicable.

           

          Section
            11.02 Securities
            Administrator Not Liable for Certificates or Mortgage
            Loans. 

           

          The
            recitals contained in the Trust Agreement and in the Certificates (other
            than
            the signature of the Securities Administrator and the representations
            and
            warranties made in Section 11.07 hereof) shall be taken as the statements
            of the
            Depositor, and the Securities Administrator assumes no responsibility
            for their
            correctness. The Securities Administrator makes no representations or
            warranties
            as to the validity or sufficiency of the Trust Agreement, any Supplemental
            Trust
            Agreement or of the Certificates (other than the signature of the Securities
            Administrator on the Certificates) or of any Mortgage Loan or related
            document.
            The Securities Administrator shall not be accountable for the use or
            application
            by the Depositor of any of the Certificates or of the proceeds of such
            Certificates, or for the use or application of any funds paid to the
            Depositor
            in respect of the Mortgage Loans or deposited in or withdrawn from any
            Collection Account, the Master Servicer Account or the Certificate Account
            other
            than any funds held by or on behalf of the Securities Administrator in
            accordance with Sections 3.01 and 3.05.

           

          Section
            11.03 Securities
            Administrator May Own Certificates. 

           

          The
            Securities Administrator in its individual capacity or any other capacity
            may
            become the owner or pledgee of Certificates with the same rights it would
            have
            if it were not Securities Administrator.

          

          
            
              
                
                

              

              
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            Section
              11.04 Securities
              Administrator’s Fees, Expenses and Indemnification. 

             

            The
              Securities Administrator shall be entitled to reimbursement for all
              reasonable
              expenses and disbursements incurred or made by the Securities Administrator
              in
              accordance with any of the provisions of the Trust Agreement (including
              but not
              limited to the reasonable compensation and the expenses and disbursements
              of its
              counsel and of all persons not regularly in its employ) except any
              such expense,
              disbursement or advance as may arise from its negligence, bad faith,
              willful
              misconduct or breach of contract by the Securities Administrator or
              any expense
              that does not constitute an “unanticipated expense” with the meaning of Treasury
              Regulation Section 1.860G-1(b)(3)(ii). On each Distribution Date, the
              Securities
              Administrator may withdraw from the amount on deposit in the REMIC
              I
              Distribution Account, its expenses (in accordance with this agreement).
              The
              Securities Administrator, each Custodian and any director, officer,
              employee or
              agent of the Securities Administrator and each Custodian shall be indemnified
              and held harmless by the Trust against any loss, liability or expense
              thereof,
              including reasonable attorney's fees and expenses, incurred, arising
              out of or
              in connection with the Trust Agreement, any custody agreement, any
              Supplemental
              Trust Agreement or the Certificates, including, but not limited to,
              any such
              loss, liability, or expense incurred in connection with any legal action
              against
              the Trust, such Custodian or the Securities Administrator or any director,
              officer, employee or agent thereof, or the performance of any of the
              Securities
              Administrator’s or Custodian’s duties under the Trust Agreement, any custody
              agreement or any Supplemental Trust Agreement other than any loss,
              liability or
              expense incurred by reason of willful misfeasance, bad faith, negligence,
              willful misconduct or breach of contract (except with respect to a
              Custodian) in
              the performance of its respective duties under the Trust Agreement,
              any custody
              agreement or any Supplemental Trust Agreement or by reason of reckless
              disregard
              of obligations and duties under the Trust Agreement, any custody agreement
              or
              any Supplemental Trust Agreement or any expense that does not constitute
              an
“unanticipated expense” with the meaning of Treasury Regulation Section
              1.860G-1(b)(3)(ii). The Securities Administrator hereby agrees to pay
              the fees
              and expenses of the Custodians pursuant to the terms of a separate
              agreement
              between each Custodian and the Securities Administrator and the payment
              of such
              fees and expenses (as set forth in such separate agreement) shall be
              the sole
              obligation of the Securities Administrator; provided, however, that
              the
              Depositor shall pay any indemnified amounts to the Custodians. The
              provisions of
              this Section 11.04 shall survive (a) the termination of the Trust Agreement,
              any
              custody agreement or any Supplemental Trust Agreement and (b) the resignation
              or
              removal of the Securities Administrator or a Custodian, as the case
              may
              be.

             

          

          Section
            11.05 Resignation
            and Removal of the Securities Administrator. 

           

          The Securities
            Administrator may at any time resign and be discharged from the trusts
            created
            pursuant to the Trust Agreement and any Supplemental Trust Agreement
            by giving
            written notice thereof to the Depositor, the Master Servicer, the Trustee
            and to
            all Certificateholders. Upon receiving (which may be the Trustee) such
            notice of
            resignation, the Trustee shall promptly appoint a successor securities
            administrator by written instrument, in triplicate, which instrument
            shall be
            delivered to the resigning Securities Administrator and to the successor
            securities administrator. A copy of such instrument shall be delivered
            to the
            Depositor, the Certificateholders and each Servicer by the Trustee. If
            no
            successor securities administrator shall have been so appointed and have
            accepted appointment within sixty (60) days after the giving of such
            notice of
            resignation, the resigning Securities Administrator may petition any
            court of
            competent jurisdiction for the appointment of a successor securities
            administrator.

           

          

          
            
              
                
                

              

              
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            The
              Trustee may at any time remove the Securities Administrator and appoint
              a
              successor securities administrator by written instrument, in duplicate,
              which
              instrument shall be delivered to the Securities Administrator so removed
              and to
              the successor securities administrator. If the Trustee executes such
              an
              instrument, then the Trustee shall deliver a copy of such instrument
              to the
              Certificateholders, the Depositor and each Servicer.

             

          

          The
            Holders of Certificates entitled to at least 51% of the Voting Rights
            may at any
            time remove the Securities Administrator and appoint a successor securities
            administrator by written instrument or instruments, in triplicate, signed
            by
            such Holders or their attorneys-in-fact duly authorized, one complete
            set of
            which instruments shall be delivered to each of the Depositor, the Trustee,
            the
            Securities Administrator so removed and the successor securities administrator
            so appointed. A copy of such instrument shall be delivered to the
            Certificateholders and each Servicer and Seller by the Securities
            Administrator.

           

           

          In
            the
            event that the Securities Administrator fails to comply with the provisions
            of
            Section 3.02, the Depositor may at any such time remove the Securities
            Administrator by written instrument, in duplicate, which instrument shall
            be
            delivered to the Securities Administrator so removed and to the Trustee.
            In any
            such event the Trustee shall appoint a successor securities administrator
            by
            written instrument, in duplicate, which instrument shall be delivered
            to the
            Securities Administrator so removed, to the Depositor and to the successor
            securities administrator. If the Trustee and Depositor execute such an
            instruments, then the Trustee shall deliver copies of such instruments
            to the
            Certificateholders and each Servicer.

           

           

          Any
            resignation or removal of the Securities Administrator and appointment
            of a
            successor securities administrator pursuant to any of the provisions
            of this
            Section shall not become effective until acceptance of appointment by
            the
            successor securities administrator as provided in Section 11.06 hereof.
            

           

          Section
            11.06 Successor
            Securities Administrator. 

           

          Any
            successor securities administrator appointed as provided in Section 11.05
            shall
            execute, acknowledge and deliver to the Trustee and to the predecessor
            Securities Administrator an instrument accepting such appointment under
            the
            Trust Agreement and any Supplemental Trust Agreement and thereupon the
            resignation or removal of the predecessor Securities Administrator shall
            become
            effective and such successor securities administrator without any further
            act,
            deed or conveyance, shall become fully vested with all the rights, powers,
            duties and obligations of its predecessor thereunder, with the like effect
            as if
            originally named as securities administrator therein. The predecessor
            Securities
            Administrator shall deliver to the successor securities administrator,
            all
            Trustee Mortgage Loan Files and related documents and statements held
            by it
            under the Trust Agreement and the Trustee and the predecessor Securities
            Administrator shall execute and deliver such instruments and do such
            other
            things as may reasonably be required for more fully and certainly vesting
            and
            confirming in the successor securities administrator, all such rights,
            powers,
            duties and obligations.

           

          

          
            
              
                
                

              

              
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            Upon
              acceptance of appointment by a successor securities administrator as
              provided in
              this Section, the Trustee shall mail notice of the succession of such
              securities
              administrator under the Trust Agreement to all Holders of Certificates
              at their
              addresses as shown in the Certificate Register.

             

          

          Notwithstanding
            anything to the contrary contained herein, the appointment of any successor
            securities administrator pursuant to any provisions of this Agreement
            will be
            subject to the prior written consent of the Trustee, which consent will
            not be
            unreasonably withheld.

           

          Section
            11.07 Representations
            and Warranties of the Securities Administrator. 

           

          The
            Securities Administrator hereby represents and warrants to the Depositor,
            the
            Master Servicer and the Trustee that as of the Closing Date or as of
            such other
            date specifically provided herein:

           

          (a) It
            is a
            national banking association and has been duly organized, and is validly
            existing in good standing under the laws of the United States with full
            power
            and authority (corporate and other) to enter into and perform its obligations
            under the Trust Agreement;

           

          (b) The
            Trust
            Agreement has been duly executed and delivered by it, and, assuming due
            authorization, execution and delivery by the Depositor, constitutes a
            legal,
            valid and binding agreement of such entity, enforceable against it in
            accordance
            with its terms, subject to bankruptcy, insolvency, reorganization, moratorium
            or
            other similar laws affecting creditors' rights generally and to general
            principles of equity regardless of whether enforcement is sought in a
            proceeding
            in equity or at law;

           

          (c) The
            execution, delivery and performance by it of the Trust Agreement and
            the
            consummation of the transactions contemplated thereby do not require
            the consent
            or approval of, the giving of notice to, the registration with, or the
            taking of
            any other action in respect of, any state, federal or other governmental
            authority or agency, except such as has been obtained, given, effected
            or taken
            prior to the date thereof,

           

          (d) The
            execution and delivery of this Trust Agreement by it have been duly authorized
            by all necessary corporate action on its part; none of the execution
            and
            delivery by it of the Trust Agreement, consummation of the transactions
            therein
            contemplated, or compliance by it with the provisions thereof, will conflict
            with or result in a breach of, or constitute a default under, any of
            the
            provisions of its articles of organization or by-laws or any law, governmental
            rule or regulation or any judgment, decree or order binding on it to
            its
            knowledge or any of its properties, or any of the provisions of any indenture,
            mortgage, deed of trust, contract or other instrument to which it is
            a party or
            by which it is bound; and

           

          (e) There
            are
            no actions, suits or proceedings pending or, to its knowledge, threatened
            or
            asserted against it, before or by any court, administrative agency, arbitrator
            or government body (A) with respect to any of the transactions contemplated
            by
            the Trust Agreement or (B) with respect to any other matter which in
            its
            judgment will be determined adversely to it and will if determined adversely
            to
            it materially adversely affect its ability to perform its obligations
            under the
            Trust Agreement.

           

          

          
            
              
                
                

              

              
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          Section
            11.08 Eligibility
            Requirements for the Securities Administrator.

           

          The
            Securities Administrator shall at all times be a corporation or national
            banking
            association that is not an Affiliate of the Depositor organized and doing
            business under the laws of any state or the United States of America,
            authorized
            under such laws to exercise corporate trust powers, having a combined
            capital
            and surplus of at least $50,000,000 and subject to supervision or examination
            by
            federal or state authority. If such corporation or national banking association
            publishes reports of its conditions at least annually, pursuant to law
            or to the
            requirements of the aforesaid supervising or examining authority, then
            for the
            purposes of this Section the combined capital and surplus of such corporation
            shall be deemed to be its combined capital and surplus as set forth in
            its most
            recent report of conditions so published. In case at any time the Securities
            Administrator shall cease to be eligible in accordance with the provisions
            of
            this Section, the Securities Administrator shall resign immediately in
            the
            manner and with the effect specified in Section 11.05. In addition, the
            Securities Administrator (a) may not be an originator of Mortgage Loans,
            the
            Master Servicer, a Servicer, the Depositor or an affiliate of the Depositor
            unless the Securities Administrator is in an institutional trust department
            of
            the Securities Administrator and (b) must be rated at least “A/F1” by Fitch, if
            Fitch is a Rating Agency that has rated the Securities Administrator,
            or the
            equivalent rating by S&P or Moody’s. 

           

          ARTICLE
            XII

           

          REMIC
            TAX PROVISIONS

           

          Section
            12.01 REMIC
            Administration.

           

          (a)
            (i)Unless
            otherwise specified in the Trust Agreement, the Securities Administrator
            shall
            elect (on behalf of each REMIC to be created) to have the Trust (or designated
            assets thereof) treated as one or more REMICs on Form 1066 or other appropriate
            federal tax or information return for the taxable year ending on the
            last day of
            the calendar year in which the Certificates are issued as well as on
            any
            corresponding state tax or information return necessary to have the Trust
            (or
            such assets) treated as a REMIC under state law.

           

          (ii)
            In
            order to enable the Securities Administrator to perform its duties as
            set forth
            herein, the Depositor shall provide or cause to be provided to the Securities
            Administrator, within ten (10) days after the Closing Date, all information
            or
            data that the Securities Administrator reasonably determines to be relevant
            for
            tax purposes to the valuations and offering prices of the Certificates
            (security
            instruments), including, without limitation, the price, yield, prepayment
            assumption and projected cash flows of the Certificates and the Mortgage
            Loans.
            Thereafter, the Depositor shall provide to the Securities Administrator,
            promptly upon request therefor, any additional information or data that
            the
            Securities Administrator may from time to time reasonably request in
            order to
            enable the Securities Administrator to perform its duties as set forth
            herein.

          

          
            
              
                
                

              

              
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            (b)
              The
              Securities Administrator shall pay any and all tax related expenses
              (not
              including taxes) of each REMIC, including but not limited to any professional
              fees or expenses related to audits or any administrative or judicial
              proceedings
              with respect to such REMIC that involve the Internal Revenue Service
              or state
              tax authorities, but only to the extent that (i) such expenses are
              ordinary or
              routine expenses, including expenses of a routine audit but not expenses
              of
              litigation (except as described in (ii)); or (ii) such expenses or
              liabilities
              (including taxes and penalties) are attributable to the negligence
              or willful
              misconduct of the Securities Administrator in fulfilling its duties
              hereunder
              (including its duties as tax return preparer). The Securities Administrator
              shall be entitled to reimbursement of the expenses to the extent provided
              in
              clause (i) above from the Certificate Account, but only to the extent
              such
              expenses are “unanticipated expenses” for purposes of Treasury Regulation
              Section 1.860G-1(b)(3)(ii).

             

          

          (c)
            The
            Securities Administrator shall prepare any necessary forms for election
            as well
            as all of the Trust’s and each REMIC’s federal and any appropriate state tax and
            information returns. The Trustee shall sign and the Securities Administrator
            shall file such returns on behalf of each REMIC. The expenses of preparing
            and
            filing such returns shall be borne by the Securities Administrator.

           

          (d)
            The
            Securities Administrator shall perform all reporting and other tax compliance
            duties that are the responsibility of the Trust and each REMIC under
            the REMIC
            Provisions or New York tax law. Among its other duties, if required by
            the REMIC
            Provisions, the Securities Administrator acting as agent of each REMIC,
            shall
            provide (i) to the Treasury or other governmental authority such information
            as
            is necessary for the application of any tax relating to the transfer
            of a
            Residual Certificate to any Disqualified Organization and (ii) to the
            Securities
            Administrator such information as is necessary for the Securities Administrator
            to discharge its obligations under the REMIC Provisions to report tax
            information to the Certificateholders.

           

          (e)
            The
            Depositor, the Securities Administrator, the Trustee and the Holders
            of the
            Residual Certificates shall take any action or cause any REMIC to take
            any
            action necessary to create or maintain the status of such REMIC as a
            REMIC under
            the REMIC Provisions and shall assist each other as necessary to create
            or
            maintain such status.

           

          (f)
            The
            Depositor, the Securities Administrator, the Trustee and the Holders
            of the
            Residual Certificates shall not take any action, or fail to take any
            action, or
            cause any REMIC to take any action or fail to take any action that, if
            taken or
            not taken, as the case may be, could endanger the status of any such
            REMIC as a
            REMIC unless the Securities Administrator has received an Opinion of
            Counsel (at
            the expense of the party seeking to take or to fail to take such action)
            to the
            effect that the contemplated action or failure to act will not endanger
            such
            status.

           

          (g)
            Any
            taxes that are imposed upon the Trust or any REMIC by federal or state
            (including local) governmental authorities (other than taxes paid by
            a party
            pursuant to Section 10.02 hereof or as provided in the following sentence)
            shall
            be allocated in the same manner as Realized Losses are allocated. 

           

          

          
            
              
                
                

              

              
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          (h)
            Wells
            Fargo Bank shall acquire a Residual Certificate in each REMIC and Wells
            Fargo
            Bank will act as the Tax Matters Person of each REMIC and perform various
            tax
            administration functions of each REMIC as its agent, as set forth in
            this
            Section, provided that Wells Fargo Bank shall not have to sign a Residual
            Transferee Agreement as required under Section 5.05(c) of these Standard
            Terms.
            If Wells Fargo Bank or an Affiliate is unable for any reason to fulfill
            its
            duties as Tax Matters Person for a REMIC, the holder of the largest Percentage
            Interest of the Residual Certificates in such REMIC shall become the
            successor
            Tax Matters Person of such REMIC.

           

          (i)
            The
            Tax Matters Person shall apply for an employer identification number
            with the
            Internal Revenue Service via a Form SS-4 or other comparable method for
            each
            REMIC, for the trust created for any Supplemental Interest Trust and
            for any
            other trust created pursuant to the Trust Agreement or any other document
            named
            therein. In connection with the foregoing, the Tax Matters Person shall
            provide
            the name and address of the person who can be contacted to obtain information
            required to be reported to the holders of Regular Interests in each REMIC
            as
            required by IRS Form 8811.

           

          (j)
            For
            purposes of compliance with the REMIC Provisions, the amount of any expenses
            payable from the Trust Fund or the Termination Price, in each case pursuant
            to
            Section 4.03 of the Trust Agreement, that reduces amounts otherwise
            distributable to the Certificates (other than the Residual Certificates)
            and
            that do not constitute “unanticipated expenses” of a REMIC within the meaning of
            Treasury Regulation Section 1.860G-1(b)(3)(ii) shall be treated, first,
            as
            having been distributed on the Certificates that suffered such reduction
            to the
            extent of such reduction and, next, as having been paid by the beneficial
            holders of such Certificates to the parties to whom such expenses were
            payable.

           

          Section
            12.02 Prohibited
            Activities.

           

          Except
            as
            otherwise provided in the Trust Agreement, none of the Depositor, the
            Trustee,
            the Securities Administrator, each Servicer, the Master Servicer nor
            the Holders
            of the Residual Certificates, nor the Trustee shall engage in, nor shall
            the
            Master Servicer permit, any of the following transactions or activities
            unless
            it has received (a) a Special Tax Opinion and (b) a Special Tax Consent
            from
            each of the Holders of the Residual Certificates (unless the Special
            Tax Opinion
            specially provides that no REMIC-level tax will result from the transaction
            or
            activity in question):

           

          (i)
            the
            sale or other disposition of, or substitution for, any of the Mortgage
            Loans
            except pursuant to (A) a foreclosure or default with respect to such
            Mortgage
            Loans, (B) the bankruptcy or insolvency of any REMIC, (C) the termination
            of any
            REMIC pursuant to Section 10.02, or (D) a purchase (but not a substitution)
            in
            accordance with Section 2.03;

          

          
            
              
                
                

              

              
                96

                
                  

                

              

              
                
                

              

            

          

          

          

          
             

            (ii)
              the
              acquisition of any Mortgage Loans for the Trust after the Closing Date
              except
              during the three-month period beginning on the Closing Date pursuant
              to a fixed
              price contract in effect on the Closing Date that has been reviewed
              and approved
              by tax counsel acceptable to the Securities Administrator;

             

          

          (iii)
            the
            sale or other disposition of any investment in the Certificate Account
            or the
            Distribution Account at a gain;

           

          (iv)
            the
            sale or other disposition of any asset held in a Reserve Fund for a period
            of
            less than three months (a “Short-Term
            Reserve Fund Investment”)
            if
            such sale or disposition would cause 30% or more of a REMIC’s income from such
            Reserve Fund for the taxable year to consist of a gain from the sale
            or
            disposition of Short-Term Reserve Fund Investments;

           

          (v)
            the
            withdrawal of any amounts from any Reserve Fund except (A) for the distribution
            pro rata
            to the
            Holders of the Residual Certificates representing ownership of the residual
            interest in the related REMIC or (B) to provide for the payment of Trust
            expenses or amounts payable on the Certificates in the event of defaults
            or late
            payments on the Mortgage Loans or lower than expected returns on funds
            held in
            the Certificate Account or the Distribution Account, as provided under
            Section
            860G(a)(7) of the Code;

           

          (vi)
            the
            acceptance of any contribution to the Trust except the following cash
            contributions: (A) a contribution received during the three-month period
            beginning on the Closing Date, (B) a contribution to a Reserve Fund owned
            by a
            REMIC that is made pro rata
            by the
            Holders of the Residual Certificates representing ownership of the residual
            interest in the related REMIC, (C) a contribution to facilitate a Terminating
            Purchase that is made within the 90-day period beginning on the date
            on which a
            plan of complete liquidation is adopted pursuant to Section 10.04(a)(A),
            or (D)
            any other contribution approved by the Securities Administrator after
            consultation with tax counsel;

           

          (vii)
            except in the case of a Mortgage Loan that is a default, or as to which,
            in the
            reasonable judgment of any Servicer, default is reasonably foreseeable,
            the
            Master Servicer shall not permit any modification of any material term
            of a
            Mortgage Loan (including, but not limited to, the interest rate, the
            principal
            balance, the amortization schedule, the remaining term to maturity, or
            any other
            term affecting the amount or timing of payments on the Mortgage Loan)
            unless the
            Master Servicer has received an Opinion of Counsel (at the expense of
            the party
            seeking to modify the Mortgage Loan) to the effect that such modification
            would
            not be treated as giving rise to a new debt instrument for REMIC purposes;
            or

           

          (viii)
            any other transaction or activity that is not contemplated by the Trust
            Agreement.

          

          
            
              
                
                

              

              
                97

                
                  

                

              

              
                
                

              

            

          

          

          

          
             

            Any
              party
              causing the Trust to engage in any of the activities prohibited in
              this Section
              shall be liable for the payment of any tax and any associated cost
              imposed on
              the Trust pursuant to Code Section 860F(a)(1) or 860G(d) as a result
              of the
              Trust engaging in such activities and indemnify the Trust and the Master
              Servicer for such amounts.

             

          

          ARTICLE
            XIII

           

          MISCELLANEOUS
            PROVISIONS

           

          Section
            13.01 Amendment
            of Trust Agreement.

           

          The
            Trust
            Agreement may be amended or supplemented from time to time by the Master
            Servicer, the Depositor, the Securities Administrator and the Trustee
            without
            the consent of any of the Certificateholders to (a) cure any ambiguity,
            (b)
            correct or supplement any provisions herein which may be inconsistent
            with any
            other provisions herein, (c) modify, eliminate or add to any of its provisions
            to such extent as shall be necessary or appropriate to maintain the
            qualification of the Trust (or any assets thereof) either as a REMIC,
            as
            applicable under the Code at all times that any Certificates are outstanding,
            (d) conform to the terms of this Agreement to the terms described in
            the
            Prospectus dated January 5, 2007, together with the Prospectus Supplement
            thereto dated January 30, 2007,
            or
            (e) make any other provisions with respect to matters or questions arising
            under
            the Trust Agreement or matters arising with respect to the Trust which
            are not
            covered by the Trust Agreement which shall not be inconsistent with the
            provisions of the Trust Agreement, provided that such action shall not
            adversely
            affect in any material respect the interests of any Certificateholder.
            Any such
            amendment or supplement shall be deemed not to adversely affect in any
            material
            respect any Certificateholder if there is delivered to the Securities
            Administrator and the Trustee written notification from each Rating Agency
            that
            rated the applicable Certificates to the effect that such amendment or
            supplement will not cause that Rating Agency to reduce the then current
            rating
            assigned to such Certificates, as well as an Opinion of Counsel that
            such
            amendment or supplement will not result in the loss by the Trust or the
            assets
            thereof of REMIC status and that all conditions precedent have been
            satisfied.

           

          The
            Trust
            Agreement may also be amended from time to time by the Depositor, the
            Master
            Servicer, the Securities Administrator and the Trustee with the consent
            of the
            Holders of Certificates entitled to at least 66% of the Voting Rights
            for the
            purpose of adding any provisions to or changing in any manner or eliminating
            any
            of the provisions of the Trust Agreement or of modifying in any manner
            the
            rights of the Holders of Certificates; provided,
            however,
            that no
            such amendment shall (a) reduce in any manner the amount of, or delay
            the timing
            of, payments received on Mortgage Loans which are required to be distributed
            on
            any Certificate without the consent of the Holder of such Certificate,
            (b)
            adversely affect in any material respect the interests of the Holders
            of any
            Class of Certificates, or (c) reduce the aforesaid percentage of Certificates
            the Holders of which are required to consent to any such amendment, unless
            each
            Holder of a Certificate affected by such amendment consents. For purposes
            of the
            giving or withholding of consents pursuant to this Section 13.01, Certificates
            registered in the name of the Depositor or an Affiliate shall be entitled
            to
            Voting Rights with respect to matters affecting such Certificates.

          

          
            
              
                
                

              

              
                98

                
                  

                

              

              
                
                

              

            

          

          

          

          
             

            Prior
              to
              consenting to any amendment, each of the Securities Administrator,
              the Trustee
              and the Master Servicer shall be entitled to receive an Opinion of
              Counsel from
              the Depositor stating that the proposed amendment is authorized and
              permitted
              pursuant to this Trust Agreement and that all conditions precedent
              have been
              satisfied. No amendment affecting the rights, duties and indemnities
              of the
              Custodians shall be entered into without the Custodians’ consent.

             

          

          Promptly
            after the execution of any such amendment, the Securities Administrator
            shall
            notify Certificateholders of such amendment and, upon written request,
            furnish a
            copy of such amendment to any Certificateholder.

           

          It
            shall
            not be necessary for the consent of Certificateholders under this Section
            13.01
            to approve the particular form of any proposed amendment, but it shall
            be
            sufficient if such consent shall approve the substance thereof. The manner
            of
            obtaining such consents and of evidencing the authorization of the execution
            thereof by Certificateholders shall be subject to such reasonable regulations
            as
            the Securities Administrator may prescribe.

           

          Section
            13.02 Recordation
            of Agreement; Counterparts.

           

          To
            the
            extent required by applicable law, the Trust Agreement is subject to
            recordation
            in all appropriate public offices for real property records in all the
            counties
            or other comparable jurisdictions in which any or all of the properties
            subject
            to the Mortgages are situated, and in any other appropriate public recording
            office or elsewhere, such recordation to be effected by the applicable
            Custodian
            (except with respect to Deutsche Bank), on behalf of the Trustee, at
            the expense
            of the Trust, but only if such recordation is requested by the Depositor
            and
            accompanied by an Opinion of Counsel (which shall not be an expense of
            the
            Depositor or any Custodian) to the effect that such recordation materially
            and
            beneficially affects the interests of the Certificateholders. 

           

          For
            the
            purpose of facilitating the recordation of the Trust Agreement as herein
            provided, and for any other purpose, the Trust Agreement may be executed
            simultaneously in any number of counterparts, each of which counterparts
            shall
            be deemed to be an original, and such counterparts shall constitute but
            one and
            the same instrument.

           

          Section
            13.03 Limitation
            on Rights of Certificateholders.

           

          The
            death
            or incapacity of any Certificateholder shall not operate to terminate
            the Trust
            Agreement or the Trust, nor entitle such Certificateholder’s legal
            representatives or heirs to claim an accounting or to take any action
            or
            proceeding in any court for a partition or winding up of the Trust, nor
            otherwise affect the rights, obligations and liabilities of the parties
            hereto
            or any of them.

           

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

          

          
            
              
                
                

              

              
                99

                
                  

                

              

              
                
                

              

            

          

          

          

          
             

            No
              Certificateholder shall have any right by virtue of any provision of
              the Trust
              Agreement to institute any suit, action or proceeding in equity or
              at law upon
              or under or with respect to the Trust Agreement or any Sale Agreement,
              Servicing
              Agreement, Custody Agreement or Assignment Agreement, unless such Holder
              previously shall have given to the Securities Administrator a written
              notice of
              default and of the continuance thereof, as hereinbefore provided, and
              unless
              also the Holders of Certificates entitled to at least 25% of the Voting
              Rights
              shall have made written request upon the Trustee to institute such
              action, suit
              or proceeding in its own name as Trustee under the Trust Agreement
              and shall
              have offered to the Trustee indemnity reasonably satisfactory to it
              against the
              costs, expenses and liabilities to be incurred therein or thereby,
              and the
              Trustee, for fifteen (15) days after its receipt of such notice, request
              and
              offer of indemnity, shall have neglected or refused to institute any
              such
              action, suit or proceeding. It is understood and intended, and expressly
              covenanted by each Certificateholder with every other Certificateholder
              and the
              Securities Administrator, that no one or more Holders of Certificates
              shall have
              any right in any manner whatever by virtue of any provision of the
              Trust
              Agreement to affect, disturb or prejudice the rights of the Holders
              of any other
              of such Certificates, or to obtain or seek to obtain priority over
              or preference
              to any other such Holder, or to enforce any right under the Trust Agreement,
              except in the manner therein provided and for the equal, ratable and
              common
              benefit of all Certificateholders. For the protection and enforcement
              of the
              provisions of this Section, each and every Certificateholder, the Master
              Servicer, the Securities Administrator and the Trustee shall be entitled
              to such
              relief as can be given either at law or in equity.

             

          

          Section
            13.04 [Reserved].

           

          Section
            13.05 Notices.

           

          All
            demands and notices under the Trust Agreement shall be in writing and
            shall be
            deemed to have been duly given if personally delivered at or mailed by
            first-class mail, postage prepaid, or by express delivery service, to
            addresses,
            telecopy numbers or email addresses set forth in the Trust Agreement.
            Any notice
            required or permitted to be mailed to a Certificateholder shall be given
            by
            first-class mail, postage prepaid, or by express delivery service, at
            the
            address of such Holder as shown in the Certificate Register. Any notice
            so
            mailed within the time prescribed in the Trust Agreement shall be conclusively
            presumed to have been duly given, whether or not the Certificateholder
            receives
            such notice. A copy of any notice required to be telecopied hereunder
            also shall
            be mailed to the appropriate party in the manner set forth above. A copy
            of any
            notice given hereunder to any other party shall be delivered to the Securities
            Administrator.

           

          Section
            13.06 Severability
            of Provision.

           

          If
            any
            one or more of the covenants, agreements, provisions or terms of the
            Trust
            Agreement shall be for any reason whatsoever held invalid, then such
            covenants,
            agreements, provisions or terms shall be deemed severable from the remaining
            covenants, agreements, provisions or terms of the Trust Agreement and
            shall in
            no way affect the validity or enforceability of the other provisions
            of the
            Trust Agreement or of the Certificates or the rights of the Holders
            thereof.

          

          
            
              
                
                

              

              
                100

                
                  

                

              

              
                
                

              

            

          

          

          

          
             

            Section
              13.07 Sale
              of Mortgage Loans.

             

            It
              is the
              express intent of the Depositor and the Trustee that the conveyance
              of the
              Mortgage Loans by the Depositor to the Trustee pursuant to the Trust
              Agreement
              be construed as a sale of the Mortgage Loans by the Depositor to the
              Trustee. It
              is, further, not the intention of the Depositor and the Trustee that
              such
              conveyance be deemed a pledge of the Mortgage Loans by the Depositor
              to the
              Trustee to secure a debt or other obligation of the Depositor. However,
              in the
              event that, notwithstanding the intent of the parties, the Mortgage
              Loans are
              held to continue to be property of the Depositor then (a) the Trust
              Agreement
              also shall be deemed to be a security agreement within the meaning
              of Article 9
              of the UCC; (b) the conveyance by the Depositor provided for in the
              Trust
              Agreement shall be deemed to be a grant by the Depositor to the Trustee
              of a
              security interest in all of the Depositor’s right, title and interest in and to
              the Mortgage Loans and all amounts payable to the holders of the Mortgage
              Loans
              in accordance with the terms thereof and all proceeds of the conversion,
              voluntary or involuntary, of the foregoing into cash, instruments,
              securities or
              other property, including without limitation all amounts, other than
              investment
              earnings, from time to time held or invested in any Collection Account
              or the
              Certificate Account, whether in the form of cash, instruments, securities
              or
              other property; (c) the possession by the Trustee or its agent of Notes
              and such
              other items of property as constitute instruments, money, negotiable
              documents
              or chattel paper shall be deemed to be “possession by the secured party” for
              purposes of perfecting the security interest pursuant to Section 9-313
              of the
              UCC; and (d) notifications to persons holding such property, and
              acknowledgments, receipts or confirmations from persons holding such
              property,
              shall be deemed notifications to, or acknowledgments, receipts or confirmations
              from, financial intermediaries, bailees or agents (as applicable) of
              the Trustee
              for the purpose of perfecting such security interest under applicable
              law. The
              Depositor and the Trustee shall, to the extent consistent with the
              Trust
              Agreement, take such actions as may be necessary to ensure that, if
              the Trust
              Agreement were deemed to create a security interest in the Mortgage
              Loans, such
              security interest would be deemed to be a perfected security interest
              of first
              priority under applicable law and will be maintained as such throughout
              the term
              of the Trust Agreement.

             

          

          Section
            13.08 Notice
            to Rating Agencies

           

          (a)
            The
            Securities Administrator shall use its best efforts promptly to provide
            notice
            to each Rating Agency with respect to each of the following of which
            an Officer
            of the Securities Administrator has actual knowledge:

           

          (i)
            any
            material change or amendment to the Trust Agreement or any agreement
            assigned to
            the Trust;

           

          (ii)
            the
            occurrence of any Event of Default under a Servicing Agreement;

           

          (iii)
            the
            resignation, termination or merger of the Depositor, the Securities
            Administrator, the Trustee or any Servicer or Custodian;

          

          
            
              
                
                

              

              
                101

                
                  

                

              

              
                
                

              

            

          

          

          

          
             

            (iv)
              the
              purchase of Mortgage Loans pursuant to Section 2.03;

             

            (v)
              the
              final payment to Certificateholders;

             

            (vi)
              any
              change in the location of any Collection Account, Reserve Fund or Certificate
              Account; and

             

          

          (vii)
            any
            event that would result in the inability of any Servicer to make Advances
            regarding delinquent Mortgage Loans.

           

          (b)
            The
            Securities Administrator shall promptly make available, through a website
            located at www.ctslink.com, if practicable, to each Rating Agency copies
            of the
            following:

           

          (i)
            each
            report to Certificateholders described in Section 4.01; and

           

          (ii)
            upon
            written request of any such Person, a hard copy of each Annual Compliance
            Statement and other reports provided by the Servicer under each Servicing
            Agreement.

           

          (c)
            Any
            notice pursuant to this Section 13.08 shall be in writing and shall be
            deemed to
            have been duly given if personally delivered or mailed by first class
            mail,
            postage prepaid or by express delivery service to each Rating Agency
            at the
            address specified in the Trust Agreement.

           

          Section
            13.09 Custodians’
            Limitation of Liability.

           

          Each
            Custodian shall be entitled to the same rights, protections, immunities
            and
            indemnities hereunder as afforded under its respective Custodial Agreement
            and
            the Trust Agreement.

           

          

           

          

          

          
            
              
                
                

              

              
                102

                
                  

                

              

              
                
                

              

            

          

          

          Exhibit
            A

          FORM
            OF TRUST RECEIPT

          

          [See
            each
            Custodial Agreement]

          

          

          

          

          
            
              
                
                

              

              
                Exhibit
                  A-1

                
                  

                

              

              
                
                

              

            

          

          

          Exhibit
            B

          FORM
            OF FINAL CERTIFICATION

          

          [Date]

          

          Goldman
            Sachs Mortgage Company 

          85
            Broad
            Street

          New
            York,
            New York 10004 

          Attn.:
            Christina House

          

          Deutsche
            Bank National Trust Company

          1761
            East
            St. Andrew Place

          Santa
            Ana, CA 92705-4934

          Attention:
            GSR 2007-AR1

          

          
            	
                    RE:

                  	
                    The
                      Master Servicing and Trust Agreement dated as of January 1,
                      2007 (the
                      “Trust
                      Agreement”),
                      among GS Mortgage Securities Corp., as Depositor, Deutsche
                      Bank National
                      Trust Company, as a Custodian and as Trustee, Wells Fargo Bank,
                      N.A., as
                      Master Servicer, Securities Administrator and a Custodian,
                      and U.S. Bank
                      National Association, as a Custodian, and the Standard Terms
                      to Master
                      Servicing and Trust Agreement (January 2007 Edition) incorporated
                      by
                      reference thereto (the “Standard
                      Terms”)
                      

                  

          

          

          

          Ladies
            and Gentlemen:

          

          In
            accordance with the provision of Section
            2.02
            of the
            above-referenced Standard
            Terms,
            the
            undersigned, as the Custodian, hereby certifies (subject to any exceptions
            listed on the exception report attached hereto) that as to each Mortgage
            Loan
            listed on the attached Mortgage Loan Schedule, it has reviewed the Trustee
            Mortgage Loan File
            and has
            determined that (a) (i) all documents required to be delivered to it
            pursuant to
clauses
            (a) through (e) and (g) of the definition of Trustee Mortgage Loan
            File
            are in
            its possession; provided
            that the
            Custodian has no obligation to verify the receipt of any such documents
            the
            existence of which was not made known to the Custodian by the Trustee
            Mortgage Loan File,
            and
provided,
            further,
            that the
            Custodian has no obligation to determine whether recordation of any such
            modification is necessary; (b) such documents have been reviewed by it
            and
            appear regular on their face and to relate to such Mortgage Loans; provided,
            however,
            that
            the Custodian makes no representation and has no responsibilities as
            to the
            authenticity of such documents, their compliance with applicable law,
            or the
            collectability of any of the Mortgage Loans relating thereto; and (c)
            each
            Mortgage Note has been endorsed and each assignment has been assigned
            as
            required under Section
            2.02
            of the
Standard
            Terms.

          

          

          
            
              
                
                

              

              
                Exhibit
                  B-1

                
                  

                

              

              
                
                

              

            

          

          

          [DEUTSCHE
            BANK NATIONAL TRUST COMPANY,
            as

          Custodian]
            [U.S.
            BANK NATIONAL ASSOCIATION,
            as

          Custodian]
            [WELLS
            FARGO BANK, N.A.,
            as
            Custodian]

           

          By:
            _____________________________

                 Name:

                 Title:

           

          

          
            
              
                
                

              

              
                Exhibit
                  B-2

                
                  

                

              

              
                
                

              

            

          

          

          Exhibit
            C-1

          

          

          FORM
            OF RULE 144A AGREEMENT — QIB CERTIFICATION

          

          ______________,
            20__

           

          

            Wells
              Fargo Bank, N.A.

            Sixth
              Street and Marquette Avenue

            Minneapolis

            Minnesota
              55479

            Attention:
              GSR 2007-AR1

          

           

          GS
            Mortgage Securities Corp.

          85
            Broad
            Street

          New
            York,
            New York 10004

          

          
            	
                    Re:

                  	
                    GS
                      Mortgage Securities Corp.,
                      Depositor

                  

          

          
            	 	
                    GSR
                      Mortgage Loan Trust 2007-AR1,

                  

          

          
            	 	
                    Pass-Through
                      Certificates Series 2007-AR1

                  

          

          having
            an original principal amount of $  

          

          Ladies
            and Gentlemen:

          

          In
            connection with our proposed purchase of the Certificates referred to
            above (the
“Certificates”),
            we
            confirm that:

           

          (A) We
            have
            received a copy of the Offering Supplement dated _________ __, 20__ (the
            “Offering
            Circular”),
            relating to the Certificates and such other information and documents
            as we deem
            necessary in order to make our investment decision. We acknowledge that
            we have
            read and agree to the restrictions on duplication and circulation of
            the
            Offering Circular and the matters stated in the section entitled “Notice to
            Investors.”

           

          (B) We
            are a
“qualified institutional buyer” (as that term is defined in Rule 144A under the
            Securities Act). We area aware that the sale of the Certificates to us
            is being
            made in reliance on Rule 144A under the Securities Act. We are acquiring
            the
            Certificates for our own account or for the account of a qualified institutional
            buyer.

           

          (C) We
            understand that the offer and sale of the Certificates has not been registered
            under the Securities Act and that the Certificates may not be offered,
            sold, or
            otherwise transferred in the absence of such registration or an applicable
            exemption therefrom. We agree, on our own behalf and on behalf of any
            accounts
            for which we are acting as hereinafter stated, that we will not offer,
            sell,
            pledge or otherwise transfer any Certificate, or any interest therein,
            except
            (1) (A) in accordance with Rule 144A under the Securities Act to a “qualified
            institutional buyer” (as defined therein), or (B) pursuant to an effective
            registration statement under the Securities Act, and (2) in accordance
            with all
            applicable securities laws of the states of the United States or any
            other
            applicable jurisdiction.

           

          

          
            
              
                
                

              

              
                C-1-1

                
                  

                

              

              
                
                

              

            

          

          

          

           

          (D) We
            understand that, on any proposed resale of any Certificates, we will
            be required
            to furnish to the Depositor and to the Trustee such certificates, legal
            opinions
            and other information as the Depositor, or the Trustee may reasonably
            require to
            confirm that the proposed sale complies with the foregoing restrictions.
            We
            further understand that the Certificates purchased by us will bear a
            legend to
            the foregoing effect.

           

          (E) We
            acknowledge that none of the Depositor, Goldman, Sachs & Co. (the
“Initial
            Purchaser”),
            the
            Trustee, the Securities Administrator, or any person acting on behalf
            of the
            Depositor, the Initial Purchaser, the Trustee or the Securities Administrator
            has made any representations concerning the Trust or the offer and sale
            of the
            Certificates, except as set forth in the Offering Circular.

          

            (F) We
              acknowledge that the Depositor, the Initial Purchaser, the Trustee,
              the
              Securities Administrator and others will rely on the truth and accuracy
              of the
              foregoing acknowledgments, representations and agreements, and agree
              that if any
              of the foregoing acknowledgments, representations and agreements are
              no longer
              accurate we shall promptly notify the Depositor, the Initial Purchaser,
              and the
              Trustee.

             

          

          The
            Transferee hereby agrees to indemnify and hold harmless the Depositor,
            the
            Trustee and the Initial Purchaser from and against any and all loss,
            damage or
            liability (including attorney’s fees) due to or arising out of a breach of any
            representation or warranty, confirmation or statement contained in this
            letter.

           

          The
            Depositor, the Trustee, the Securities Administrator and the Initial
            Purchaser
            are entitled to rely upon this letter and are irrevocably authorized
            to produce
            this letter or a copy hereof to any interested party in any administrative
            or
            legal proceedings or official inquiry with respect to the matters covered
            hereby.

           

          Capitalized
            terms used but not otherwise defined herein shall have the meanings assigned
            to
            such terms in the Master Servicing and Trust Agreement, dated as of January
            1,
            2007, among GS Mortgage Securities Corp., as Depositor, Deutsche Bank
            National
            Trust Company, as a Custodian and as Trustee, Wells Fargo Bank, N.A.,
            as Master
            Servicer, Securities Administrator and a Custodian, and U.S. Bank National
            Association, as a Custodian, and the Standard Terms to Master Servicing
            and
            Trust Agreement (January 2007 Edition) incorporated by reference
            thereto.

           

          

          Sincerely,

           

          [Name
            of
            Transferee]

           

          By:
            _____________________

                
            Name: ________________

                
            Title: _________________

          

          

          
            
              
                
                

              

              
                C-1-2

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            C-2

          

          FORM
            OF
            TRANSFER CERTIFICATE

          FOR
            TRANSFER FROM RULE 144A CERTIFICATE

          TO
            REGULATION S GLOBAL SECURITY

          (Transfers
            pursuant to § 5.05(d)(B)

          of
            the
            Agreement)  

          
            

          

          

            Wells
              Fargo Bank, N.A.

            Sixth
              Street and Marquette Avenue

            Minneapolis

            Minnesota
              55479

            Attention:
              GSR 2007-AR1

          

           

          GS
            Mortgage Securities Corp.

          85
            Broad
            Street

          New
            York,
            New York 10004

          

          
            	
                    Re:

                  	
                    GS
                      Mortgage Securities Corp.,
                      Depositor

                  

          

          
            	 	
                    GSR
                      Mortgage Loan Trust 2007-AR1,

                  

          

          
            	 	
                    Pass-Through
                      Certificates Series 2007-AR1

                  

          

          

           

          Reference
            is hereby made to the Master Servicing and Trust Agreement dated as of
            January
            1, 2007 (the “Trust Agreement”), among GS Mortgage Securities Corp., as
            Depositor, Deutsche Bank National Trust Company, as a Custodian and as
            Trustee,
            Wells Fargo Bank, N.A., as Master Servicer, Securities Administrator
            and a
            Custodian, and U.S. Bank National Association, as a Custodian, and the
            Standard
            Terms to Master Servicing and Trust Agreement (January 2007 Edition)
            incorporated by reference thereto (the “Standard Terms” and together with the
            Trust Agreement, the “Agreement”) Capitalized terms used but not defined herein
            shall have the meanings given to them in the Agreement.

           

          This
            letter relates to U.S. $ 
            aggregate principal amount of Securities which are held in the form of
            a Rule
            144A Certificate with DTC in the name of [name of transferor]  
            (the
“Transferor”) to effect the transfer of the Securities in exchange for an
            equivalent beneficial interest in a Regulation S Global Security.

           

          In
            connection with such request, the Transferor does hereby certify that
            such
            transfer has been effected in accordance with the transfer restrictions
            set
            forth in the Agreement and the Securities and in accordance with Rule
            904 of
            Regulation S, and that:

           

          a. the
            offer
            of the Securities was not made to a person in the United States; 

           

          b. at
            the
            time the buy order was originated, the transferee was outside the United
            States
            or the Transferor and any person acting on its behalf reasonably believed
            that
            the transferee was outside the United States;

           

          

          
            
              
                
                

              

              
                C-2-1

                
                  

                

              

              
                
                

              

            

          

          

          

           

          c. no
            directed selling efforts have been made in contravention of the requirements
            of
            Rule 903 or 904 of Regulation S, as applicable;

           

          d. the
            transaction is not part of a plan or scheme to evade the registration
            requirements of the United States Securities Act of 1933, as amended;
            and

           

          
            	 	
                    e.

                  	
                    the
                      transferee is not a U.S. person (as defined in Regulation
                      S).

                  

          

           

          

          
            
              
                
                

              

              
                C-2-2

                
                  

                

              

              
                
                

              

            

          

          

          You
            are
            entitled to rely upon this letter and are irrevocably authorized to produce
            this
            letter or a copy hereof to any interested party in any administrative
            or legal
            proceedings or official inquiry with respect to the matters covered hereby.
            Terms used in this certificate have the meanings set forth in Regulation
            S.

           

          

          

          
            

            _____________________

            [Name
              of
              Transferee]

             

            By:
              _____________________

                  
              Name: ________________

                  
              Title: _________________

          

          Date:
            _________________, _________

          

          

          

          

          

          
            
              
                
                

              

              
                C-2-3

                
                  

                

              

              
                
                

              

            

          

          

          

          EXHIBIT
            C-3

          

          FORM
            OF
            TRANSFER CERTIFICATE FOR TRANSFER 

          FROM
            REGULATION S GLOBAL SECURITY

          TO
            RULE
            144A CERTIFICATE

          (Transfers
            pursuant to § 5.05(d)(C)

          of
            the
            Agreement)

          
            
              

            

          

          

            Wells
              Fargo Bank, N.A.

            Sixth
              Street and Marquette Avenue

            Minneapolis

            Minnesota
              55479

            Attention:
              GSR 2007-AR1

          

           

          GS
            Mortgage Securities Corp.

          85
            Broad
            Street

          New
            York,
            New York 10004

          

          
            	Re:	
                    GS
                      Mortgage Securities Corp., Depositor

                    
                      GSR
                        Mortgage Loan Trust 2007-AR1,

                      Pass-Through
                        Certificates Series 2007-AR1

                    

                  

          

          
             

             

          

          Reference
            is hereby made to the Master Servicing and Trust Agreement dated as of
            January
            1, 2007 (the “Trust Agreement”), among GS Mortgage Securities Corp., as
            Depositor, Deutsche Bank National Trust Company, as a Custodian and as
            Trustee,
            Wells Fargo Bank, N.A., as Master Servicer, Securities Administrator
            and a
            Custodian, and U.S. Bank National Association, as a Custodian, and the
            Standard
            Terms to Master Servicing and Trust Agreement (January 2007 Edition)
            incorporated by reference thereto (the “Standard Terms” and together with the
            Trust Agreement, the “Agreement”). Capitalized terms used but not defined herein
            shall have the meanings given to them in the Agreement.

           

          This
            letter relates to U.S. $ 
            aggregate principal amount of Securities which are held in the form of
            a
            Regulations S Global Security in the name of [name of transferor]  
            (the
“Transferor”) to effect the transfer of the Securities in exchange for an
            equivalent beneficial interest in a Rule 144A Certificate.

           

          In
            connection with such request, and in respect of such Securities, the
            Transferor
            does hereby certify that such Securities are being transferred in accordance
            with (i) the transfer restrictions set forth in the Agreement and the
            Securities
            and (ii) Rule 144A under the United States Securities Act of 1933, as
            amended,
            to a transferee that the Transferor reasonably believes is purchasing
            the
            Securities for its own account or an account with respect to which the
            transferee exercises sole investment discretion, the transferee and any
            such
            account is a qualified institutional buyer within the meaning of Rule
            144A, in a
            transaction meeting the requirements of Rule 144A and in accordance with
            any
            applicable securities laws of any state of the United States or any other
            jurisdiction.

           

           

          Exhibit
            C-3-1

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          
            
              

              _____________________

              [Name
                of
                Transferee]

               

              By:
                _____________________

                    
                Name: ________________

                    
                Title: _________________

            

            Date:
              _________________, _________

            

            

 

          

          

          

          Exhibit
            C-3-2

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

          Exhibit
            D

          

          FORM
            OF TRANSFEREE AGREEMENT

           

          
            ______________,
              20__

             

          

          

            Wells
              Fargo Bank, N.A.

            Sixth
              Street and Marquette Avenue

            Minneapolis

            Minnesota
              55479

            Attention:
              GSR 2007-AR1

          

           

          GS
            Mortgage Securities Corp.

          85
            Broad
            Street

          New
            York,
            New York 10004

          

          
            	
                    Re:

                  	
                    GS
                      Mortgage Securities Corp.,
                      Depositor

                  

          

          
            	 	
                    GSR
                      Mortgage Loan Trust 2007-AR1,

                  

          

          
            	 	
                    Pass-Through
                      Certificates Series 2007-AR1

                  

          

          
            	 	
                    having
                      an original principal amount of $

                  

          

          

          Ladies
            and Gentlemen:

          

          In
            connection with our proposed purchase of the Certificates referred to
            above (the
“Certificates”),
            we
            confirm that:

           

          (A) We
            have
            received a copy of the Offering Supplement, dated __________ ___, 20 
            (the
“Offering
            Circular”),
            relating to the Certificates and such other information and documents
            as we deem
            necessary in order to make our investment decision. We acknowledge that
            we have
            read and agree to the matters stated in the Section entitled “Notice to
            Investors,” and the restrictions on duplication and circulation of the Offering
            Circular.

           

          (B) We
            understand that any subsequent transfer of the Certificates is subject
            to
            certain restrictions and conditions set forth in the Master Servicing
            and Trust
            Agreement, dated as of January 1, 2007, among GS Mortgage Securities
            Corp., as
            Depositor, Deutsche Bank National Trust Company, as a Custodian and as
            Trustee,
            Wells Fargo Bank, N.A., as Master Servicer, Securities Administrator
            and a
            Custodian, and U.S. Bank National Association, as a Custodian,
            and the
            Standard Terms to Master Servicing and Trust Agreement (January 2007
            Edition)
            incorporated by reference thereto (the
            “Trust
            Agreement”),
            and
            we agree to be bound by, and not to resell, pledge or otherwise transfer
            the
            Certificates except in compliance with such restrictions and conditions
            and the
            Securities Act of 1933, as amended (the “Securities
            Act”)
            and
            our failure to comply with the foregoing agreement shall render any purported
            transfer to be null and void.

           

          (C) We
            understand that the offer and sale of the Certificates has not been registered
            under the Securities Act and that the Certificates may not be offered,
            sold, or
            otherwise transferred in the absence of such registration or an applicable
            exemption thereof. We agree, on our own behalf and on behalf of any accounts
            for
            which we are acting as hereinafter stated, that we will not offer, sell,
            pledge
            or otherwise transfer any Certificate or any interest therein, except
            (A) in
            accordance with Rule 144A under the Securities Act to a “qualified institutional
            buyer” (as defined therein), (B) to an institutional “accredited investor” (as
            defined below) that, prior to such transfer, furnishes to the Trustee
            a signed
            letter contained certain representations and agreements relating to the
            restrictions on transfer of the Certificates (the form of which letter
            can be
            obtained from the Trustee), or (C) pursuant to an effective registration
            statement under the Securities Act, and we further agree to provide to
            any
            person purchasing any of the Certificates from us a notice advising such
            person
            that resale of the Certificates are restricted as stated herein.

           

          

          
            
              
                
                

              

              
                Exhibit
                  D-1

                
                  

                

              

              
                
                

              

            

          

          

          

           

          (D) We
            understand that, on any proposed resale of any Certificates, we will
            be required
            to furnish to the Depositor and to the Trustee of such certificates,
            legal
            opinions and other information as the Depositor or the Trustee may reasonably
            require to confirm that the proposed sale complies with the foregoing
            restrictions. We further understand that the Certificates purchased by
            us will
            bear a legend to the foregoing effect.

           

          (E) We
            are an
            institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
            (7) of Regulation D under the Securities Act) and have knowledge and
            experience
            in financial and business matters as to be capable of evaluating the
            merits and
            risks of our investment in the Certificates, and we and any accounts
            for which
            we are acting are each able to bear the economic risks of our or their
            investment.

           

          (F) We
            are
            acquiring the Certificates purchased by us for our own account or for
            one or
            more accounts (each of which is an institutional “accredited investor”) as to
            each of which we exercise sole investment discretion.

           

          (G) We
            are
            acquiring at least the required minimum principal amount of the Certificates
            for
            each account for which we are purchasing such Certificates and will not
            offer,
            sell, pledge or otherwise transfer any such Certificates or any interest
            therein
            at any time except in the Required Minimum denomination.

           

          (H) We
            have
            been furnished all information regarding the Certificates that we have
            requested
            from the Depositor and the Trustee.

           

          (I) We
            acknowledge that neither the Trust, the Depositor, Goldman, Sachs & Co. (the
“Initial
            Purchaser”)
            nor
            the Trustee nor any person acting on behalf of the Trust, the Depositor,
            the
            Initial Purchaser or the Trustee has made any representations concerning
            the
            Trust or the offer and sale of the Certificates, except as set forth
            in the
            Offering Circular.

           

          (J) We
            have
            such knowledge and experience in financial and business matters that
            we are
            capable of evaluating the merits and risks of purchasing the
            Certificates.

           

          (K) If
            we are
            acquiring any of the Certificates as fiduciary or agent for one or more
            accounts, we represent that we have sole investment discretion with respect
            to
            each such amount and that we have full power to make the forgoing
            acknowledgments, representations and agreements with respect to each
            such
            account as set forth.

           

          

          
            
              
                
                

              

              
                Exhibit
                  D-2

                
                  

                

              

              
                
                

              

            

          

          

          

           

          (L) We
            acknowledge that the Depositor, the Initial Purchaser, the Trustee, and
            others
            will rely on the truth and accuracy of the foregoing acknowledgments,
            representations and agreements, and agree that if any of the foregoing
            acknowledgments, representations and agreements are no longer accurate
            we shall
            promptly notify the Depositor, the Initial Purchaser and the
            Trustee.

           

          The
            Transferee hereby agrees to indemnify and hold harmless the Trust, the
            Depositor, the Trustee, and the Initial Purchaser from and against any
            and all
            loss, damage or liability (including attorney’s fees) due to or arising out of a
            breach of any representation or warranty, confirmation or statement contained
            in
            this letter.

           

          The
            Depositor, the Trustee, and the Initial Purchaser are entitled to rely
            upon this
            letter and are irrevocably authorized to produce this letter or a copy
            hereof to
            any interested party in any administrative or legal proceedings or official
            inquiry with respect to the matters covered hereby.

           

          Capitalized
            terms used but not otherwise defined herein shall have the meanings assigned
            to
            such terms in the Trust Agreement.

           

           

          
            

            Sincerely,

             

            [Name
              of
              Transferee]

             

            By:
              _____________________

                  
              Name: ________________

                  
              Title: _________________

            

          

          

          

          

          
            
              
                
                

              

              
                Exhibit
                  D-3

                
                  

                

              

              
                
                

              

            

          

          

          Exhibit
            E

          

          FORM
            OF BENEFIT PLAN AFFIDAVIT

          

          
            	
                    Re:

                  	
                    GS
                      Mortgage Securities Corp.,

                  

          

          
            	 	
                    as
                      Depositor

                  

          

          
            	 	
                    GSR
                      Mortgage Loan Trust

                  

          

          
            	 	
                    2007-AR1
                      (the “Trust”)

                  

          

           

          
            	
                    STATE
                      OF ________

                  	
                    )

                  
	 	
                    )
                      ss.:

                  
	
                    CITY
                      OF __________

                  	
                    )

                  

          

          

          Under
            penalties of perjury, I, the undersigned, declare that, to the best of
            my
            knowledge and belief, the following representations are true, correct,
            and
            complete.

           

          1. I
            am a
            duly authorized signatory of _______________, a ____________ (the “Transferee”),
            whose
            taxpayer identification number is _______________, and on behalf of which
            I have
            the authority to make this affidavit.

          2. The
            Transferee is acquiring the _________ and __________ Certificates (the
            “Certificates”),
            each
            representing an interest in the Trust, for certain assets of which one
            or more
            real estate mortgage investment conduit (“REMIC”)
            elections are to be made under Section 860D of the Internal Revenue Code
            of
            1986, as amended (the “Code”).

          3. The
            Transferee understands that the Certificates will bear the following
            legend:

          

          NO
            TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
            TRANSFEREE PROVIDES THE TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT
            THAT SUCH
            TRANSFEREE (1) IS NEITHER AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
            ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME
            SECURITY
            ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE
            OF 1986, AS AMENDED (THE “CODE”), (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING
            ON BEHALF OF, OR USING THE ASSETS OF, ANY SUCH PLAN OR (2) IF THE CERTIFICATE
            (OTHER THAN A RESIDUAL CERTIFICATE) HAS BEEN SUBJECT TO AN ERISA-QUALIFYING
            UNDERWRITING, IS AN INSURANCE COMPANY PURCHASING SUCH CERTIFICATES WITH
            FUNDS
            CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN
            SECTION V(E) OF THE PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”))
            AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS
            I
            AND III OF PTCE 95-60; OR (B) AN OPINION OF COUNSEL SATISFACTORY TO THE
            TRUSTEE
            AND THE SECURITIES ADMINISTRATOR, UPON WHICH THE TRUSTEE, THE SECURITIES
            ADMINISTRATOR, THE MASTER SERVICER AND THE DEPOSITOR SHALL BE ENTITLED
            TO RELY
            TO THE EFFECT THAT THE PURCHASE OR HOLDING OF SUCH CERTIFICATE BY THE
            PROSPECTIVE TRANSFEREE WILL NOT RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS
            UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT
            THE
            TRUSTEE, THE SECURITIES ADMINISTRATOR, THE MASTER SERVICER OR THE DEPOSITOR
            TO
            ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN BY SUCH PARTIES IN THE
            TRUST
            AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST
            FUND OR
            ANY OF THE ABOVE PARTIES. A TRANSFEREE OF A BOOK-ENTRY CERTIFICATE SHALL
            BE
            DEEMED TO HAVE MADE A REPRESENTATION AS REQUIRED IN THE TRUST
            AGREEMENT.

           

          

          
            
              
                
                

              

              
                Exhibit
                  E-1

                
                  

                

              

              
                
                

              

            

          

          

          

           

          4. The
            Transferee either:

          

          (a) is
            neither an employee benefit plan or other retirement arrangement subject
            to
            section 406 of the Employee Retirement Income Security Act of 1974, as
            amended
            (“ERISA”),
            or
            Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
            nor a
            person acting on behalf of, or using the assets of, any such plan or
            arrangement; or

          

          (b) if
            the
            Certificates (other than a Residual Certificate) have been subject to
            an
            ERISA-Qualifying Underwriting, is an insurance company purchasing such
            Certificates with funds contained in an “insurance company general account” (as
            such term is defined in Section V(e) of the Prohibited Transaction Class
            Exemption 95-60 (“PTCE
            95-60”))
            and
            the purchase and holding of such Certificate are covered under Sections
            I and
            III of PTCE 95-60; or

          

          (c) a
            Benefit
            Plan Opinion satisfactory to the Trustee, upon which the Trustee, the
            Securities
            Administrator, the Master Servicer and the Depositor shall be entitled
            to rely
            to the effect that the purchase or holding of such Certificate by the
            prospective transferee will not result in any non-exempt prohibited transactions
            under Section 406 of ERISA or Section 4975 of the Code and will not subject
            the
            Trustee, the Securities Administrator, the Master Servicer or the Depositor
            to
            any obligation in addition to those undertaken by such parties in the
            Trust
            Agreement, which Benefit Plan Opinion shall not be an expense of the
            Trust or
            any of the above parties. 

          

          
            
              
                
                

              

              
                Exhibit
                  E-2

                
                  

                

              

              
                
                

              

            

          

          

          

          IN
            WITNESS WHEREOF, the Transferee has caused this instrument to be duly
            executed
            on its behalf, by its duly authorized officer on this ____day of ________,
            20 .

           

          [Name
            of
            Transferee]

           

          By:
            __________________________

                
            Name:

                
            Title:

          

          

          

          

          Personally
            appeared before me ________________, known or proved to me to be the
            same person
            who executed the foregoing instrument and to be a _________________________
            of
            the Transferee, and acknowledged to me that he executed the same as his
            or her
            free act and deed and as the free act and deed of the Transferee.

          

          

          Subscribed
            and sworn to before me this

          ______
            day of ________________, 20 .

          

           

          ______________________________________

          Notary
            Public

          

           

          My
            commission expires: __________________________

          

          

          

          

          

          
            
              
                
                

              

              
                Exhibit
                  E-3

                
                  

                

              

              
                
                

              

            

          

          

          Exhibit
            F

          

          FORM
            OF RESIDUAL TRANSFEREE AGREEMENT

          

          

          _________________

          (DATE)

          

          

          GS
            Mortgage Securities Corp.

          85
            Broad
            Street

          New
            York,
            New York 10004

          

          

            Wells
              Fargo Bank, N.A.

            Sixth
              Street and Marquette Avenue

            Minneapolis

            Minnesota
              55479

            Attention:
              GSR 2007-AR1

          

           

          
            	 	
                    Re:

                  	
                    Master
                      Servicing and Trust Agreement, dated as of January
                      1,
                      2007, among GS Mortgage Securities Corp., as Depositor, Wells
                      Fargo Bank,
                      N.A., as Master Servicer, Securities Administrator and a Custodian,
                      Deutsche Bank National Trust Company, as a Custodian and Trustee
                      of GSR
                      Mortgage Loan Trust 2007-AR1, and U.S. Bank National Association,
                      as a
                      Custodian

                  

          

          

          Ladies
            and Gentlemen:

          

          In
            connection with the purchase on the date hereof of the captioned securities
            (the
“Residual
            Certificate”),
            to be
            issued pursuant to the Master Servicing and Trust Agreement, dated as
            of
January
            1,
            2007,
            among GS Mortgage Securities Corp., Wells
            Fargo Bank, N.A.,
            as
            Master Servicer, Securities Administrator and a Custodian, Deutsche Bank
            National Trust Company, as Trustee and a Custodian (the “Trustee”),
            and
            U.S. Bank National Association, as a Custodian, which incorporates by
            reference
            the Standard Terms to Trust Agreement, January 2007 Edition (the “Standard
            Terms to Trust Agreement”)
            (collectively, the “Trust
            Agreement”),
            the
            undersigned hereby certifies and covenants to the transferor, the Depositor,
            the
            Trustee and the Trust as follows:

           

          1. We
            certify that on the date hereof we have simultaneously herewith delivered
            to you
            an affidavit certifying, among other things, that (A) we are not a Disqualified
            Organization and (B) we are not purchasing such Residual Certificate
            on behalf
            of a Disqualified Organization. We understand that any breach by us of
            this
            certification may cause us to be liable for a tax imposed upon transfers
            to
            Disqualified Organizations.

           

          2. We
            acknowledge that we will be the beneficial owner of the Residual Certificate
            and
            that the Residual Certificate will be registered in our name and not
            in the name
            of a nominee.

           

          3. We
            certify that no purpose of our purchase of the Residual Certificate is
            to avoid
            or impede the assessment or collection of tax.

           

          

          
            
              
                
                

              

              
                Exhibit
                  F-1

                
                  

                

              

              
                
                

              

            

          

          

          

           

          4. (A)
            We
            understand that the Residual Certificate represents for federal income
            tax
            purposes a “residual interest” in a real estate mortgage investment conduit and
            (B) we understand that as the holder of the Residual Certificate we will
            be
            required to take into account, in determining our taxable income, our
            pro rata
            percentage interest of the taxable income of each REMIC formed pursuant
            to the
            Trust Agreement in accordance with all applicable provisions of the Internal
            Revenue Code of 1986, as amended (the “Code”).

           

          5. We
            understand that if, notwithstanding the transfer restrictions, any of
            the
            Residual Certificates is in fact transferred to a Disqualified Organization,
            a
            tax may be imposed on the transferor of such Residual Certificate. We
            agree that
            any breach by us of these representations shall render such transfer
            of such
            Residual Certificate by us absolutely null and void and shall cause no
            rights in
            the Residual Certificate to vest in the transferee.

           

          6. The
            sale
            to us and our purchase of the Residual Certificates constitutes a sale
            for tax
            and all other purposes and each party thereto has received due and adequate
            consideration. In our view, the transaction represents fair value, representing
            the results of arms length negotiations and taking into account our analysis
            of
            the tax and other consequences of investment in the Residual
            Certificates.

           

          7. Unless
            this provision is explicitly waived by the transferor to us of the Residual
            Certificates, we expect that the purchase of the Residual Certificates,
            together
            with the receipt of the price, if any, therefor will be economically
            neutral or
            profitable to us overall, after all related expenses (including taxes)
            have been
            paid and based on conservative assumptions with respect to discount rates,
            prepayments and other factors necessary to evaluate profitability.

           

          8. We
            are a
“U.S. Person” within the meaning of Section 7701(a)(30) of the Code. We are duly
            organized and validly existing under the laws of the jurisdiction of
            our
            organization. We are neither bankrupt nor insolvent nor do we have reason
            to
            believe that we will become bankrupt or insolvent. We have conducted
            and are
            conducting our business so as to comply in all material respects with
            all
            applicable statutes and regulations. The person executing and delivering
            this
            letter on our behalf is duly authorized to do so, the execution and delivery
            by
            us of this letter and the consummation of the transaction on the terms
            set forth
            herein are within our corporate power, and upon such execution and delivery,
            this letter will constitute our legal, valid and binding obligation,
            enforceable
            against us in accordance with its terms, subject, as to the enforcement
            of
            remedies, to applicable bankruptcy, reorganization, insolvency, moratorium
            and
            other laws affecting the right of creditors generally and to general
            principles
            of equity and the discretion of the court (regardless of whether enforcement
            of
            such remedies is considered in a proceeding in equity or at law).

           

          9. Neither
            the execution and delivery by us of this letter, nor the compliance by
            us with
            the provisions hereof, nor the consummation by us of the transactions
            as set
            forth herein, will (A) conflict with or result in a breach of, or constitute
            a
            default or result in the acceleration of any obligation under, our certificate
            of incorporation or by-laws or, after giving effect to the consents or
            the
            taking of the actions contemplated by clause (B) of this subparagraph,
            any of
            the provisions of any law, governmental rule, regulation, judgment, decree
            or
            order binding on us or our properties, or any of the provisions of any
            indenture
            or mortgage or any other contract or instrument to which we are a party
            or by
            which we or any of our properties is bound, or (B) require the consent
            of or
            notice to or any filing with, any person, entity or governmental body,
            which has
            not been obtained or made by us.

           

          

          
            
              
                
                

              

              
                Exhibit
                  F-2

                
                  

                

              

              
                
                

              

            

          

          

          

           

          10. We
            anticipate being a profit-making entity on an ongoing basis.

           

          11. We
            have
            filed all required federal and state income tax returns and have paid
            all
            federal and state income taxes due; we intend to file and pay all such
            returns
            and taxes in the future. We acknowledge that as the holder of the Residual
            Certificates, to the extent the Residual Certificates would be treated
            as a
            noneconomic residual interest within the meaning of U.S. Treasury Regulation
            Section 1.860E-1(c)(2), we may incur tax liabilities in excess of cash
            flows
            generated by the Residual Certificates and that we intend to pay taxes
            associated with holding the Residual Certificates as they become
            due.

           

          12. We
            agree
            that in the event that at some future time we wish to transfer any interest
            in
            the Residual Certificates, we will transfer such interest in the Residual
            Certificates only to a transferee that:

           

          (a) is
            not a
            Disqualified Organization and is not purchasing such interest in the
            Residual
            Certificates on behalf of a Disqualified Organization, and

           

          (b) has
            delivered to the Trustee a transferee agreement in the form of Exhibit
            D to the
            Standard Terms to Trust Agreement and an affidavit in the form of Exhibit
            G-1 or
            Exhibit G-2, as applicable, to the Standard Terms to Trust Agreement
            and, if
            requested by the Trustee, an opinion of counsel, in form acceptable to
            the
            Trustee, that the proposed transfer will not cause the Residual Certificates
            to
            be held by a Disqualified Organization.

           

          13. We
            are
            knowledgeable and experienced in financial, business and tax matters
            generally
            and in particular, the investment risks and tax consequences of REMIC
            residuals
            that provide little or no cash flow, and are capable of evaluating the
            merits
            and risks of an investment in the Residual Certificates; we are able
            to bear the
            economic risks of an investment in the Residual Certificates.

           

          14. In
            addition, we acknowledge that the Trustee will not register the transfer
            of a
            Residual Certificate to a transferee that is not a “U.S. Person” within the
            meaning of Section 7701(a)(30) of the Code. 

           

          15. Capitalized
            terms used herein but not defined herein shall have the meanings ascribed
            to
            such terms in the Standard Terms to Trust Agreement.

           

          16. We
            hereby
            designate the Trustee as our fiduciary to perform the duties of the tax
            matters
            person for each REMIC formed pursuant to the Trust Agreement.

           

          (signature
            page follows)

           

          

          
            
              
                
                

              

              
                Exhibit
                  F-3

                
                  

                

              

              
                
                

              

            

          

          

          IN
            WITNESS WHEREOF, the undersigned has caused this Agreement be validly
            executed
            by its duly authorized representative as of the day and year first above
            written.

           

          

          _______________________________

          [Name
            of
            Transferee]

           

          By:
            ________________________________

           

          Its:
            ________________________________

           

          Taxpayer
            ID # ________________________

          

          

          

          Personally
            appeared before me ________________, known or proved to me to be the
            same person
            who executed the foregoing instrument and to be a _________________________
            of
            the Transferee, and acknowledged to me that he executed the same as his
            or her
            free act and deed and as the free act and deed of the Transferee.

          

          

          Subscribed
            and sworn to before me this

          ______
            day of ________________, 20__.

           

           

          ______________________________________

          Notary
            Public

          

          

          My
            commission expires: _________________________

          

          

          

          

          

          
            
              
                
                

              

              
                Exhibit
                  F-4

                
                  

                

              

              
                
                

              

            

          

          

           

          Exhibit
            G-1

          

          FORM
            OF NON-U.S. PERSON AFFIDAVIT

          AND
            AFFIDAVIT PURSUANT TO SECTIONS

          860D(a)(6)(A)
            and 860E(e)(4)

          OF
            THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

          

          

          Re: GS
            Mortgage Securities Corp., Depositor

          GSR
            Mortgage Loan Trust

          2007-AR1
            (the “Trust”)

          

          
             

            
              	
                      STATE
                        OF ________

                    	
                      )

                    
	 	
                      )
                        ss.:

                    
	
                      CITY
                        OF __________

                    	
                      )

                    

            

             

          

          

          Under
            penalties of perjury, I, the undersigned, declare that to the best of
            my
            knowledge and belief, the following representations are true, correct
            and
            complete:

           

          1. I
            am a
            duly authorized officer of ___________________ (the “Transferee”),
            and
            on behalf of which I have the authority to make this affidavit.

           

          2. The
            Transferee is acquiring all or a portion of the securities (the “Residual
            Certificates”),
            which
            represent a residual interest in one or more real estate mortgage investment
            conduits (each, a “REMIC”)
            for
            which elections are to be made under Section 860D of the Internal Revenue
            Code
            of 1986, as amended (the “Code”).

           

          3. The
            Transferee is a foreign person within the meaning of Treasury Regulation
            Section
            1.860G-3(a)(1) (i.e.,
            a
            person other than (i) a citizen or resident of the United States, (ii)
            a
            corporation or partnership that is organized under the laws of the United
            States
            or any jurisdiction thereof or therein, (iii) an estate that is subject
            to
            United States federal income tax regardless of the source of its income
            or (iv)
            a trust if a court within the United States is able to exercise primary
            supervision over the administration of such trust and one or more United
            States
            Persons have the authority to control all substantial decisions of the
            trust)
            who would be subject to United States income tax withholding pursuant
            to Section
            1441 or 1442 of the Code on income derived from the Residual Certificates
            (a
“Non-U.S.
            Person”).

           

          4. The
            Transferee agrees that it will not hold the Residual Certificates in
            connection
            with a trade or business in the United States, and the Transferee understands
            that it will be subject to United States federal income tax under Sections
            871
            and 881 of the Code in accordance with Section 860G of the Code and any
            Treasury
            regulations issued thereunder on “excess inclusions” that accrue with respect to
            the Residual Certificates during the period the Transferee holds the
            Residual
            Certificates.

           

           

          Exhibit
            G-1-1

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

           

          5. The
            Transferee understands that the federal income tax on excess inclusions
            with
            respect to the Residual Certificates may be withheld in accordance with
            Section
            860G(b) of the Code from distributions that otherwise would be made to
            the
            Transferee on the Residual Certificates and, to the extent that such
            tax has not
            been imposed previously, that such tax may be imposed at the time of
            disposition
            of any such Residual Certificate pursuant to Section 860G(b) of the
            Code.

           

          6. The
            Transferee agrees (i) to file a timely United States federal income tax
            return
            for the year in which disposition of a Residual Certificate it holds
            occurs (or
            earlier if required by law) and will pay any United States federal income
            tax
            due at that time and (ii) if any tax is due at that time, to provide
            satisfactory written evidence of payment of such tax to the Trustee or
            its
            designated paying agent or other person who is liable to withhold federal
            income
            tax from a distribution on the Residual Certificates under Sections 1441
            and
            1442 of the Code and the regulations thereunder (the “Withholding
            Agent”).

           

          7. The
            Transferee understands that until it provides written evidence of the
            payment of
            tax due upon the disposition of a Residual Certificate to the Withholding
            Agent
            pursuant to paragraph 6 above, the Withholding Agent may (i) withhold
            an amount
            equal to such tax from future distributions made with respect to the
            Residual
            Certificate to subsequent transferees (after giving effect to the withholding
            of
            taxes imposed on such subsequent transferees), and (ii) pay the withheld
            amount
            to the Internal Revenue Service.

           

          8. The
            Transferee understands that (i) the Withholding Agent may withhold other
            amounts
            required to be withheld pursuant to United States federal income tax
            law, if
            any, from distributions that otherwise would be made to such transferee
            on each
            Residual Certificate it holds and (ii) the Withholding Agent may pay
            to the
            Internal Revenue Service amounts withheld on behalf of any and all former
            holders of each Residual Certificate held by the Transferee.

           

          9. The
            Transferee understands that if it transfers a Residual Certificate (or
            any
            interest therein) to a United States Person (including a foreign person
            who is
            subject to net United States federal income taxation with respect to
            such
            Residual Certificate), the Withholding Agent may disregard the transfer
            for
            federal income tax purposes if the transfer would have the effect of
            allowing
            the Transferee to avoid tax on accrued excess inclusions and may continue
            to
            withhold tax from future distributions as though the Residual Certificate
            were
            still held by the Transferee.

           

          10. The
            Transferee understands that a transfer of a Residual Certificate (or
            any
            interest therein) to a Non-U.S. Person (i.e.,
            a
            foreign person who is not subject to net United States federal income
            tax with
            respect to such Residual Certificate) will not be recognized unless the
            Withholding Agent has received from the transferee an affidavit in substantially
            the same form as this affidavit containing these same agreements and
            representations.

           

          11. The
            Transferee understands that distributions on a Residual Certificate may
            be
            delayed, without interest, pending determination of amounts to be
            withheld.

           

           

          Exhibit
            G-1-2

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

           

          12. The
            Transferee is not a “Disqualified Organization” (as defined below), and the
            Transferee is not acquiring a Residual Certificate for the account of,
            or as
            agent or nominee of, or with a view to the transfer of direct or indirect
            record
            or beneficial ownership to, a Disqualified Organization. For the purposes
            hereof, a Disqualified Organization is any of the following: (i) the
            United
            States, any State or political subdivision thereof, any foreign government,
            any
            international organization, or any agency or instrumentality of any of
            the
            foregoing; (ii) any organization (other than a farmer’s cooperative as defined
            in Section 521 of the Code) that is exempt from federal income taxation
            (including taxation under the unrelated business taxable income provisions
            of
            the Code); (iii) any rural telephone or electrical service cooperative
            described
            in Section 1381(a)(2)(C) of the Code; or (iv) any other entity treated
            as a
“disqualified organization” within the meaning of Section 860E(e)(5) of the
            Code. In addition, a corporation will not be treated as an instrumentality
            of
            the United States or of any state or political subdivision thereof if
            all of its
            activities are subject to tax and, with the exception of the Federal
            Home Loan
            Mortgage Corporation, a majority of its board of directors is not selected
            by
            such governmental unit.

           

          13. The
            Transferee agrees to consent to any amendment of the Trust Agreement
            that shall
            be deemed necessary by the Depositor (upon the advice of counsel to the
            Depositor) to constitute a reasonable arrangement to ensure that no interest
            in
            a Residual Certificate will be owned directly or indirectly by a Disqualified
            Organization.

           

          14. The
            Transferee acknowledges that Section 860E(e) of the Code would impose
            a
            substantial tax on the transferor or, in certain circumstances, on an
            agent for
            the Transferee, with respect to any transfer of any interest in any Residual
            Certificate to a Disqualified Organization.

           

          Capitalized
            terms used and not otherwise defined herein shall have the meanings assigned
            to
            them in the Master Servicing and Trust Agreement, dated as of January
            1, 2007,
            among GS Mortgage Securities Corp., as Depositor, Deutsche Bank National
            Trust
            Company, as a Custodian and as Trustee, Wells Fargo Bank, N.A., as Master
            Servicer, Securities Administrator and a Custodian, and U.S. Bank National
            Association, as a Custodian,
            and the
            Standard Terms to Master Servicing and Trust Agreement (January 2007
            Edition)
            incorporated by reference thereto.

           

           

          Exhibit
            G-1-3

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          IN
            WITNESS WHEREOF, the Transferee has caused this instrument to be duly
            executed
            on its behalf, by its duly authorized officer as of the _______ day of
            _____________, 20__.

           

          .
             

            

            _______________________________

            [Name
              of
              Transferee]

             

            By:
              ________________________________

             

            Its:
              ________________________________

          

                

          

          

          Personally
            appeared before me ___________________________, known or proved to me
            to be the
            same person who executed the foregoing instrument and to be a
            ______________________ of the Transferee, and acknowledged to me that
            he or she
            executed the same as his or her free act and deed and as the free act
            and deed
            of the Transferee.

           

          Subscribed
            and sworn before me this ______ day of __________, 20__.

           

          
            _______________________________

          

          Notary
            Public

          

          

          My
            commission expires the _____ day of ________________, 20__.

           

          

          Exhibit
            G-1-4

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          Exhibit
            G-2

          

          FORM
            OF U.S. PERSON AFFIDAVIT

          AND
            AFFIDAVIT PURSUANT TO SECTIONS

          860D(a)(6)(A)
            and 860E(e)(4)

          OF
            THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

          

          

          
            	
                    Re:

                  	
                    GS
                      Mortgage Securities Corp.,
                      Depositor

                  

          

          
            	 	
                    GSR
                      Mortgage Loan Trust

                  

          

          
            	 	
                    2007-AR1
                      (the “Trust”)

                  

          

          

          
             

            
              	
                      STATE
                        OF ________

                    	
                      )

                    
	 	
                      )
                        ss.:

                    
	
                      CITY
                        OF __________

                    	
                      )

                    

            

             

          

          

          Under
            penalties of perjury, I, the undersigned declare that, to the best of
            my
            knowledge and belief, the following representations are true, correct
            and
            complete:

           

          1. I
            am a
            duly authorized officer of ______________________ (the “Transferee”),
            on
            behalf of which I have the authority to make this affidavit.

           

          2. The
            Transferee is acquiring all or a portion of the securities (the “Residual
            Certificates”), which represent a residual interest in one or more real estate
            mortgage investment conduits (each, a “REMIC”)
            for
            which elections are to be made under Section 860D of the Internal Revenue
            Code
            of 1986, as amended (the “Code”).

           

          3. The
            Transferee either is (i) a citizen or resident of the United States,
            (ii) a
            domestic partnership or corporation, (iii) an estate that is subject
            to United
            States federal income tax regardless of the source of its income, (iv)
            a trust
            if a court within the United States is able to exercise primary supervision
            over
            the administration of such trust and one or more United States Persons
            have the
            authority to control all substantial decisions of the trust, or (v) a
            foreign
            person who would be subject to United States income taxation on a net
            basis on
            income derived from the Residual Certificates (a “U.S.
            Person”).

           

          4. The
            Transferee is a not a “Disqualified Organization” (as defined below), and the
            Transferee is not acquiring a Residual Certificate for the account of,
            or as
            agent or nominee of, or with a view to the transfer of direct or indirect
            record
            or beneficial ownership to, a Disqualified Organization. For the purposes
            hereof, a Disqualified Organization is any of the following: (i) the
            United
            States, any state or political subdivision thereof, any foreign government,
            any
            international organization, or any agency or instrumentality of any of
            the
            foregoing; (ii) any organization (other than a farmer’s cooperative as defined
            in Section 521 of the Code) that is exempt from federal income taxation
            (including taxation under the unrelated business taxable income provisions
            of
            the Code); (iii) any rural telephone or electrical service cooperative
            described
            in § 1381(a)(2)(C) of the Code; or (iv) any other entity treated as a
“disqualified organization” within the meaning of Section 860E(e)(5) of the
            Code. In addition, a corporation will not be treated as an instrumentality
            of
            the United States or of any state or political subdivision thereof if
            all of its
            activities are subject to tax and, with the exception of the Federal
            Home Loan
            Mortgage Corporation, a majority of its board of directors is not selected
            by
            such governmental unit.

           

        

         

        
          Exhibit
            G-2-1

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

           

          5. The
            Transferee agrees to consent to any amendment of the Trust Agreement
            that shall
            be deemed necessary by the Depositor (upon the advice of counsel to the
            Depositor) to constitute a reasonable arrangement to ensure that no interest
            in
            a Residual Certificate will be owned directly or indirectly by a Disqualified
            Organization.

           

          6. The
            Transferee acknowledges that Section 860E(e) of the Code would impose
            a
            substantial tax on the transferor or, in certain circumstances, on an
            agent for
            the Transferee, with respect to any transfer of any interest in any Residual
            Certificate to a Disqualified Organization.

           

          Capitalized
            terms used and not otherwise defined herein shall have the meanings assigned
            to
            them in the Master Servicing and Trust Agreement, dated as of January
            1, 2007,
            among GS Mortgage Securities Corp., as Depositor, Deutsche Bank National
            Trust
            Company, as a Custodian and as Trustee, Wells Fargo Bank, N.A., as Master
            Servicer, Securities Administrator and a Custodian, and U.S. Bank National
            Association, as a Custodian,
            and the
            Standard Terms to Master Servicing and Trust Agreement (January 2007
            Edition)
            incorporated by reference thereto.

           

          IN
            WITNESS WHEREOF, the Transferee has caused this instrument to be duly
            executed
            on its behalf, by its duly authorized officer this ____ day of ______,
            20__.

           

          
             

            

            _______________________________

            [Name
              of
              Transferee]

             

            By:
              ________________________________

             

            Its:
              ________________________________

          

           

              

          

          Personally
            appeared before me ___________________, known or proved to me to be the
            same
            person who executed the foregoing instrument and to be a _______________
            of the
            Transferee, and acknowledged to me that he or she executed the same as
            his or
            her free act and deed and as the free act and deed of the
            Transferee.

           

          Subscribed
            and sworn before me this ____ day of ________, 20__.

          
            
              

              _______________________________

            

            Notary
              Public

             

          

           

          

          My
            commission expires the ____ day of ____________________, 20__.

           

          

          Exhibit
            G-2-2

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

          Exhibit
            H

          

          FORM
            OF CERTIFICATION TO BE PROVIDED TO THE DEPOSITOR BY THE 

          SECURITIES
            ADMINISTRATOR

          

          GS
            Mortgage Securities Corp.

          85
            Broad
            Street

          New
            York,
            New York 10004

          

          
            	Re:	
                    GS
                      Mortgage Securities Corp.,
                      Depositor

                  

          

          GSR
            Mortgage Loan Trust 2007-AR1 (the “Trust”)

          

          Reference
            is made to the Master Servicing and Trust Agreement, dated as of January
            1, 2007
            (the “Trust
            Agreement”),
            by
            and among U.S. Bank National Association, as a Custodian, Wells Fargo
            Bank,
            N.A., as Master Servicer (the “Master
            Servicer”),
            as
            Securities Administrator (the “Securities
            Administrator”)
            and as
            a Custodian, Deutsche Bank National Trust Company, as Trustee (the “Trustee”)
            and as
            a Custodian, and GS Mortgage Securities Corp., as Depositor (the “Depositor”)
            and the
            Standard Terms to Master Servicing and Trust Agreement (January
            2007
            Edition) incorporated by reference thereto.
            The
            Securities Administrator hereby certifies to the Depositor, and its officers,
            directors and affiliates, and with the knowledge and intent that they
            will rely
            upon this certification, that:

           

          
            	 	
                    (i)

                  	
                    The
                      Securities Administrator has reviewed the annual report on
                      Form 10-K for
                      the fiscal year [ ], and all reports on Form 8-K containing
                      distribution
                      reports filed in respect of periods included in the year covered
                      by that
                      annual report, relating to the above-referenced
                      trust;

                  

          

           

          
            	 	
                    (ii)

                  	
                    Subject
                      to paragraph (iv), the distribution information in the distribution
                      reports contained in all Monthly Form 8-K’s included in the year covered
                      by the annual report on Form 10-K for the calendar year [___],
                      taken as a
                      whole, does not contain any untrue statement of a material
                      fact or omit to
                      state a material fact required by the Trust Agreement to be
                      included
                      therein and necessary to make the statements made, in light
                      of the
                      circumstances under which such statements were made, not misleading
                      as of
                      the last day of the period covered by that annual
                      report;

                  

          

           

          
            	 	
                    (iii)

                  	
                    The
                      distribution information required to be provided by the Securities
                      Administrator under the Trust Agreement is included in these
                      reports.

                  

          

           

          
            	 	
                    (iv)

                  	
                    In
                      compiling the distribution information and making the foregoing
                      certifications, the Securities Administrator has relied upon
                      information
                      furnished to it by the Master Servicer under the Trust Agreement.
                      The
                      Securities Administrator shall have no responsibility or liability
                      for any
                      inaccuracy in such reports resulting from information so provided
                      by the
                      Master Servicer.

                  

          

           

          (signature
            page follows)

           

          

          
            
              
                
                

              

              
                Exhibit
                  H-1

                
                  

                

              

              
                
                

              

            

          

          

          

          

          Date:

          Wells
            Fargo Bank, N.A.,

          as
            Securities Administrator

           

           

          By: ____________________________

          Name: __________________________

          Title: ___________________________

          

          

          

          
            
              
                
                

              

              
                Exhibit
                  H-2

                
                  

                

              

              
                
                

              

            

          

          

          

          Exhibit
            I

          

          FORM
            OF CERTIFICATION TO BE PROVIDED TO THE DEPOSITOR BY THE 

          MASTER
            SERVICER

          

          

          GS
            Mortgage Securities Corp.

          85
            Broad
            Street

          New
            York,
            New York 10004

          

          
            	Re:	
                    GS
                      Mortgage Securities Corp.,
                      Depositor

                  

          

          GSR
            Mortgage Loan Trust 2007-AR1 (the “Trust”)

          

          Reference
            is made to the Master Servicing and Trust Agreement, dated as of January
            1, 2007
            (the “Trust
            Agreement”),
            by
            and among U.S. Bank National Association, as a Custodian, Wells Fargo
            Bank,
            N.A., as Master Servicer (the “Master
            Servicer”),
            as
            Securities Administrator (the “Securities
            Administrator”)
            and as
            a Custodian, Deutsche Bank National Trust Company, as Trustee (the “Trustee”)
            and as
            a Custodian, and GS Mortgage Securities Corp., as Depositor (the “Depositor”)
            and the
            Standard Terms to Master Servicing and Trust Agreement (January
            2007
            Edition) incorporated by reference thereto.
            The
            Master Servicer hereby certifies to the Depositor, the Securities Administrator
            and the Trustee, and their respective officers, directors and affiliates,
            and
            with the knowledge and intent that they will rely upon this certification,
            that:

           

          
            	 	
                    (i)

                  	
                    Based
                      on our knowledge, the information prepared by the Master Servicer
                      and
                      relating to the mortgage loans master serviced by the Master
                      Servicer and
                      provided by the Master Servicer to the Securities Administrator
                      and the
                      Trustee and in its reports to the Securities Administrator
                      and the Trustee
                      is accurate and complete in all material respects as of the
                      last day of
                      the period covered by such report;

                  

          

           

          
            	 	
                    (ii)

                  	
                    Based
                      on our knowledge, the servicing information required to be
                      provided to the
                      Securities Administrator and the Trustee by the Master Servicer
                      pursuant
                      to the Trust Agreement has been provided to the Securities
                      Administrator
                      and the Trustee;

                  

          

           

          
            	 	
                    (iii)

                  	
                    Based
                      upon the review required under the Trust Agreement, and except
                      as
                      disclosed in its reports, the Master Servicer as of the last
                      day of the
                      period covered by such reports has fulfilled its obligations
                      under the
                      Trust Agreement; and

                  

          

           

          
            	 	
                    (iv)

                  	
                    In
                      compiling the distribution information and making the foregoing
                      certifications, the Master Servicer has relied upon information
                      furnished
                      to it by the servicers under the respective servicing agreements.
                      The
                      Master Servicer shall have no responsibility or liability for
                      any
                      inaccuracy in such reports resulting from information so provided
                      by such
                      servicers.

                  

          

           

          

          
            
              
                
                

              

              
                Exhibit
                  I-1

                
                  

                

              

              
                
                

              

            

          

          

          

          

          Date:

          Wells
            Fargo Bank, N.A.,

          as
            Master
            Servicer

           

           

          By: ____________________________

          Name: __________________________

          Title: ___________________________

          

          

          

          
            
              
                
                

              

              
                Exhibit
                  I-2

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            J

           

          FORM
            OF
            CERTIFICATION REGARDING SERVICING CRITERIA TO BE 

          ADDRESSED
            IN REPORT ON ASSESSMENT OF COMPLIANCE

           

          

          To:

          

          Goldman
            Sachs Mortgage Company

          85
            Broad
            Street, 26th
            Floor

          New
            York,
            New York 10004 

          

          GS
            Mortgage Securities Corp.

          85
            Broad
            Street

          New
            York,
            New York 10004

          

          Reference
            is made to that certain Standard Terms to Master Servicing and Trust
            Agreement
            (January 2007 Edition) (the “Agreement”),
            which
            is incorporated by reference in the Master Servicing and Trust Agreement,
            dated
            as of January 1, 2007 (the “Trust
            Agreement”),
            by
            and among U.S. Bank National Association, as a Custodian, Wells Fargo
            Bank,
            N.A., as Master Servicer (the “Master
            Servicer”),
            as
            Securities Administrator (the “Securities
            Administrator”)
            and as
            a Custodian, Deutsche Bank National Trust Company, as Trustee (the “Trustee”)
            as a
            Custodian, and GS Mortgage Securities Corp., as Depositor (the “Depositor”),
            with
            respect to GSR Mortgage Loan Trust Mortgage Pass-Through Certificates,
            Series
            2007-AR1. This certification is delivered pursuant to Section 8.01 and
            11.01 of
            the Agreement. Capitalized terms used herein but not otherwise defined
            shall
            have the meanings set forth in the Agreement.

          

          _________________________,
            the undersigned, a duly authorized _______________ of Wells Fargo Bank,
            N.A.,
            does hereby certify that the assessment of compliance to be delivered
            by Wells
            Fargo Bank, N.A. shall address, at a minimum, the criteria identified
            below as
“Applicable Servicing Criteria” as identified by a mark in the column titled
“Applicable Servicing Criteria.”

          

          
            	 	 
	
                    Servicing
                      Criteria

                  	
                    Applicable

                    Servicing

                    Criteria
                      for 

                    Wells
                      Fargo

                  
	
                    Reference

                  	
                    Criteria

                  	 
	 	
                    General
                      Servicing Considerations

                  	 
	 	 	 
	
                    1122(d)(1)(i)

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

                  	
                    X

                  
	
                    1122(d)(1)(ii)

                  	
                     

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

                  	
                    X

                  
	
                    1122(d)(1)(iii)

                  	
                     

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

                  	 

          

           

          
            
              
              

            

            
              Exhibit
                J-1

              
                

              

            

            
              
              

            

          

           

          
            	 	 
	
                    Servicing
                      Criteria

                  	
                    Applicable

                    Servicing

                    Criteria
                      for 

                    Wells
                      Fargo

                  
	
                    Reference

                  	
                    Criteria

                  	 
	
                    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

                  
	
                    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

                  

          

           

          
            
              
              

            

            
              Exhibit
                J-2

              
                

              

            

            
              
              

            

          

           

          
            	 	 
	
                    Servicing
                      Criteria

                  	
                    Applicable

                    Servicing

                    Criteria
                      for 

                    Wells
                      Fargo

                  
	
                    Reference

                  	
                    Criteria

                  	 
	
                    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

                  
	
                    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.

                  	 
	
                    1122(d)(4)(iv)

                  	
                     

                    Payments
                      on mortgage loans, including any payoffs, made in accordance
                      with the
                      related mortgage loan documents are posted to the Servicer’s obligor
                      records maintained no more than two business days after receipt,
                      or such
                      other number of days specified in the transaction agreements,
                      and
                      allocated to principal, interest or other items (e.g., escrow)
                      in
                      accordance with the related mortgage loan documents.

                  	 
	
                    1122(d)(4)(v)

                  	
                     

                    The
                      Servicer’s records regarding the mortgage loans agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                  	 
	
                    1122(d)(4)(vi)

                  	
                     

                    Changes
                      with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                      loan modifications or re-agings) are made, reviewed and approved
                      by
                      authorized personnel in accordance with the transaction agreements
                      and
                      related pool asset documents.

                  	 
	
                    1122(d)(4)(vii)

                  	
                     

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

                  	 
	
                    1122(d)(4)(viii)

                  	
                     

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

                  	 
	
                    1122(d)(4)(ix)

                  	
                     

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

                  	 

          

           

          
            
              
              

            

            
              Exhibit
                J-3

              
                

              

            

            
              
              

            

          

           

          
            	 	 
	
                    Servicing
                      Criteria

                  	
                    Applicable

                    Servicing

                    Criteria
                      for 

                    Wells
                      Fargo

                  
	
                    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 related mortgage
                      loans,
                      or such other number of days specified in the transaction
                      agreements.

                  	 
	
                    1122(d)(4)(xi)

                  	
                     

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

                  	 
	
                    1122(d)(4)(xii)

                  	
                     

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

                  	 
	
                    1122(d)(4)(xiii)

                  	
                     

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

                  	 
	
                    1122(d)(4)(xiv)

                  	
                     

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

                  	
                    X

                  
	 	 	 

          

          

          

          

          
            
              
                
                

              

              
                Exhibit
                  J-4

                
                  

                

              

              
                
                

              

            

          

          

          

          EXHIBIT
            K

           

          Form
            8-K
            Disclosure Information

          

          
            	
                    FORM
                      8-K DISCLOSURE INFORMATION

                     

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1.01- Entry into a Material Definitive Agreement

                     

                    Disclosure
                      is required regarding entry into or amendment of any definitive
                      agreement
                      that is material to the securitization, even if depositor is
                      not a party.
                      

                     

                    Examples:
                      servicing agreement, custodial agreement.

                     

                    Note:
                      disclosure not required as to definitive agreements that are
                      fully
                      disclosed in the prospectus

                  	
                    All
                      parties (other than the Custodians) entering into such material
                      definitive
                      agreement

                  
	
                    Item
                      1.02- Termination of a Material Definitive Agreement

                     

                    Disclosure
                      is required regarding termination of any definitive agreement
                      that is
                      material to the securitization (other than expiration in accordance
                      with
                      its terms), even if depositor is not a party. 

                     

                    Examples:
                      servicing agreement, custodial agreement.

                  	
                    All
                      parties (other than the Custodians) requesting the termination
                      of a
                      material definitive agreement

                  
	
                    Item
                      1.03- Bankruptcy or Receivership

                     

                    Disclosure
                      is required regarding the bankruptcy or receivership, with
                      respect to any
                      of the following: 

                  	
                    Depositor

                  
	
                    ▪
                      Sponsor (Seller)

                  	
                    Depositor/Sponsor
                      (Seller)

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Affiliated Servicer

                  	
                    Servicer

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

                  	
                    Servicer

                  
	
                    ▪
                      Other material servicers

                  	
                    Servicer

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Significant Obligor

                  	
                    Depositor

                  
	
                    ▪
                      Credit Enhancer (10% or more)

                  	
                    Depositor

                  

          

           

          
            
              
              

            

            
              Exhibit
                K-1

              
                

              

            

            
              
              

            

          

           

          
            	
                    FORM
                      8-K DISCLOSURE INFORMATION

                     

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	 	 
	
                    ▪
                      Derivative Counterparty

                  	
                    Depositor

                  
	
                    ▪
                      Custodian

                  	
                    Custodian

                  
	
                    Item
                      2.04- Triggering Events that Accelerate or Increase a Direct
                      Financial
                      Obligation or an Obligation under an Off-Balance Sheet
                      Arrangement

                     

                    Includes
                      an early amortization, performance trigger or other event,
                      including event
                      of default, that would materially alter the payment priority/distribution
                      of cash flows/amortization schedule.

                     

                    Disclosure
                      will be made of events other than waterfall triggers which
                      are disclosed
                      in the monthly statements to the certificateholders.

                  	
                    Depositor

                    Master
                      Servicer

                    Securities
                      Administrator

                  
	
                    Item
                      3.03- Material Modification to Rights of Security
                      Holders

                     

                    Disclosure
                      is required of any material modification to documents defining
                      the rights
                      of Certificateholders, including the Pooling and Servicing
                      Agreement.

                  	
                    Securities
                      Administrator

                    Depositor

                  
	
                    Item
                      5.03- Amendments of Articles of Incorporation or Bylaws; Change
                      of Fiscal
                      Year

                    Disclosure
                      is required of any amendment “to the governing documents of the issuing
                      entity”.

                  	
                    Depositor

                  
	
                    Item
                      6.01- ABS Informational and Computational
                      Material

                  	
                    Depositor

                  
	
                    Item
                      6.02- Change of Servicer or Securities Administrator

                     

                    Requires
                      disclosure of any removal, replacement, substitution or addition
                      of any
                      master servicer, affiliated servicer, other servicer servicing
                      10% or more
                      of pool assets at time of report, other material servicers
                      or
                      trustee.

                  	
                    Master
                      Servicer/Securities Administrator/Depositor/

                    Servicer

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

                  	
                    Servicer/Master
                      Servicer/Depositor

                  
	
                    Reg
                      AB disclosure about any new Trustee is also required.

                  	
                    Successor
                      Trustee

                  
	
                    Item
                      6.03- Change in Credit Enhancement or External
                      Support

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

                  	
                    Depositor/Securities
                      Administrator

                  

          

           

          
            
              
              

            

            
              Exhibit
                K-2

              
                

              

            

            
              
              

            

          

           

          
            	
                    FORM
                      8-K DISCLOSURE INFORMATION

                     

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

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

                  	
                    Depositor

                  
	
                    Item
                      6.04- Failure to Make a Required Distribution

                  	
                    Securities
                      Administrator

                  
	
                    Item
                      6.05- Securities Act Updating Disclosure

                     

                    If
                      any material pool characteristic differs by 5% or more at the
                      time of
                      issuance of the securities from the description in the final
                      prospectus,
                      provide updated Reg AB disclosure about the actual asset
                      pool.

                  	
                    Depositor

                  
	
                    If
                      there are any new servicers or originators required to be disclosed
                      under
                      Regulation AB as a result of the foregoing, provide the information
                      called
                      for in Items 1108 and 1110 respectively.

                  	
                    Depositor

                  
	
                    Item
                      7.01- Reg FD Disclosure

                  	
                    All
                      parties (other than the Custodians and the Trustee)

                  
	
                    Item
                      8.01- Other Events

                     

                    Any
                      event, with respect to which information is not otherwise called
                      for in
                      Form 8-K, that the registrant deems of importance to
                      certificateholders.

                  	
                    Depositor

                  
	
                    Item
                      9.01- Financial Statements and Exhibits

                  	
                    Responsible
                      party for reporting/disclosing the financial statement or
                      exhibit

                  

          

          

           

          

           

          

           

          

          
            
              
                
                

              

              
                Exhibit
                  K-3

                
                  

                

              

              
                
                

              

            

          

          

          

          EXHIBIT
            L

           

          Additional
            Form 10-D Disclosure

          

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                     

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1: Distribution and Pool Performance Information

                     

                  	 
	
                    Information
                      included in the [Monthly Statement]

                  	
                    Servicer

                    Master
                      Servicer

                    Securities
                      Administrator

                  
	
                    Any
                      information required by 1121 which is NOT included on the [Monthly
                      Statement]

                  	
                    Depositor

                  
	
                    Item
                      2: Legal Proceedings

                     

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

                  	 
	
                    ▪
                      Issuing Entity (Trust Fund)

                  	
                    Master
                      Servicer, Securities Administrator and Depositor

                  
	
                    ▪
                      Sponsor (Seller)

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

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Custodian

                  	
                    Custodian

                  
	
                    ▪
                      1110(b) Originator

                  	
                    Depositor

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

                  	
                    Servicer

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

                  	
                    Depositor

                  
	
                    Item
                      3: Sale of Securities and Use of Proceeds

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

                     

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

                  	
                    Depositor

                  

          

           

          
            
              
              

            

            
              Exhibit
                L-1

              
                

              

            

            
              
              

            

          

           

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                     

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	 	 
	
                    Item
                      4: Defaults Upon Senior Securities

                     

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

                     

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

                  	
                    Securities
                      Administrator

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

                     

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

                  	
                    Securities
                      Administrator

                  
	
                    Item
                      6: Significant Obligors of Pool Assets

                     

                    Item
                      1112(b) - Significant
                      Obligor Financial Information*

                  	
                    Depositor

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

                  	 
	
                    Item
                      7: Significant Enhancement Provider Information

                     

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

                  	 
	
                    ▪
                      Determining applicable disclosure threshold

                  	
                    Depositor

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

                  	
                    Depositor

                  
	
                    Item
                      1115(b) - Derivative Counterparty Financial
                      Information*

                  	 
	
                    ▪
                      Determining current maximum probable exposure

                  	
                    Depositor

                  
	
                    ▪
                      Determining current significance percentage

                  	
                    Depositor

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

                  	
                    Depositor

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

                  	 

          

           

          
            
              
              

            

            
              Exhibit
                L-2

              
                

              

            

            
              
              

            

          

           

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                     

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	 	 
	
                    Item
                      8: Other Information

                     

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

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

                  
	
                    Item
                      9: Exhibits

                  	 
	
                    Monthly
                      Statement to Certificateholders

                  	
                    Securities
                      Administrator

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

                  	
                    Depositor

                  

          

          

           

          

           

          

          
            
              
                
                

              

              
                Exhibit
                  L-3

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            M

          

          Additional
            Form 10-K Disclosure

          

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1B: Unresolved Staff Comments

                     

                  	
                    Depositor

                  
	
                    Item
                      9B: Other Information

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

                  	
                    Any
                      party responsible for disclosure items on Form 8-K

                  
	
                    Item
                      15: Exhibits, Financial Statement Schedules

                  	
                    Securities
                      Administrator

                    Depositor

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

                  	 
	
                    Significant
                      Obligor Financial Information*

                  	
                    Depositor

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

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

                  	 
	
                    ▪
                      Determining applicable disclosure threshold

                  	
                    Depositor

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

                  	
                    Depositor

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

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

                  	 
	
                    ▪
                      Determining current maximum probable exposure

                  	
                    Depositor

                  
	
                    ▪
                      Determining current significance percentage

                  	
                    Depositor

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

                  	
                    Depositor

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

                  	 

          

           

          
            
              
              

            

            
              Exhibit
                M-1

              
                

              

            

            
              
              

            

          

           

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	 	 
	
                    Reg
                      AB Item 1117: Legal Proceedings

                     

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

                  	 
	
                    ▪
                      Issuing Entity (Trust Fund)

                  	
                    Master
                      Servicer, Securities Administrator and Depositor

                  
	
                    ▪
                      Sponsor (Seller)

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

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Custodian

                  	
                    Custodian

                  
	
                    ▪
                      1110(b) Originator

                  	
                    Depositor

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

                  	
                    Servicer

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

                  	
                    Depositor

                  
	
                    Reg
                      AB Item 1119: Affiliations and Relationships

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

                  	
                    Depositor
                      as to (a) 

                    Sponsor/Seller
                      as to (a)

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor/Sponsor

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

                  	
                    Depositor/Sponsor

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

                  	
                    Depositor
                      as to (a) 

                    Sponsor/Seller
                      as to (a)

                  

          

           

          
            
              
              

            

            
              Exhibit
                M-2

              
                

              

            

            
              
              

            

          

           

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	 	 
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor/Sponsor

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

                  	
                    Depositor/Sponsor

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

                  	
                    Depositor
                      as to (a) 

                    Sponsor/Seller
                      as to (a)

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor/Sponsor

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

                  	
                    Depositor/Sponsor

                  

          

          

          

          

          
            
              
                
                

              

              
                Exhibit
                  M-3

                
                  

                

              

              
                
                

              

            

          

          

          

          SCHEDULE
            I

          

          BOND
            LEVEL REPORT

          

          

          

          

          

          

          

          
            
              
                
                

              

              
                I-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            II

          

          LOAN
            LEVEL REPORT

          

          

          

          

          

          

          

          
            
              
                
                

              

              
                II-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            III

          

          REMITTANCE
            REPORT

          

          

          

          
            	
                    Data
                      Field

                  	
                    Investor_ID

                  	
                    Category_ID

                  	
                    Servicer
                      loan number

                  	
                    Investor
                      Loan #

                  	
                    PIF
                      Principal Amount

                  	
                    PIF
                      Net Interest Paid

                  	
                    PIF
                      date

                  	
                    Beginning
                      scheduled note rate

                  	
                    Ending
                      note rate

                  	
                    Beginning
                      schedule service fee

                  	
                    Ending
                      service fee

                  
	
                    Format

                  	
                    Number
                      (no decimals)

                  	
                    Number
                      (no decimals)

                  	
                    Number
                      (no decimals)

                  	
                    Number
                      (no decimals)

                  	
                    Number
                      (two decimals)

                  	
                    Number
                      (two decimals)

                  	
                    Date
                      (mm/dd/yy) format

                  	
                    Number
                      (seven Decimals)

                  	
                    Number
                      (seven decimals)

                  	
                    Number
                      (seven decimals)

                  	
                    Number
                      (seven decimals)

                  
	
                    Description

                  	
                    ID
                      number used by your company for the investor

                  	
                    ID
                      number used by your company for the specific deal.

                  	
                    Servicer
                      Loan Number - loan number used at your company.

                  	
                    Loan
                      number used by Investor

                  	
                    Paid-in-full
                      principal balance amount

                  	
                    Net
                      interest paid the loan was paid-in-full

                  	
                    Enter
                      the date the loan was paid-in-full. Leave blank if no PIF
                      transaction.

                  	
                    Beginning
                      scheduled note rate before the servicer's monthly activity.
                      Can be blank
                      for act/act pools.

                  	
                    Ending
                      scheduled loan note rate after servicer's monthly activity
                      (sch/sch) or
                      the ending actual loan note rate after servicer's activity
                      (act/act).

                  	
                    Beginning
                      scheduled servicer service fee rate before the servicer's monthly
                      activity. Can be blank for act/act pools.

                  	
                    Ending
                      scheduled servicer service fee rate after the servicer's monthly
                      activity.

                  
	
                    Example:

                  	
                    1000

                  	
                    2

                  	
                    1234

                  	
                    56789

                  	
                    0.00

                  	
                    0.00

                  	
                     

                  	
                    0.0887500

                  	
                    0.0887500

                  	
                    0.0025000

                  	
                    0.0025000

                  

          

          

          
             

          

          
            	
                    Ending
                      due date

                  	
                    Beginning
                      schedule 100% P&I

                  	
                    Ending
                      100% P&I

                  	
                    Beginning
                      security balance

                  	
                    Ending
                      security balance

                  	
                    Ending
                      part UPB

                  	
                    Ending
                      100% UPB

                  	
                    Principal

                    remitted

                  	
                    Interest
                      remitted

                  	
                    Principal

                  	
                    Curtailment

                  
	
                    Date
                      (mm/dd/yy) format

                  	
                    Number
                      (two decimals)

                  	
                    Number
                      (two decimals)

                  	
                    Number
                      (two decimals)

                  	
                    Number
                      (two decimals)

                  	
                    Number
                      (two decimals)

                  	
                    Number
                      (two decimals)

                  	
                    Number
                      (two decimals)

                  	
                    Number
                      (two decimals)

                  	
                    Number
                      (two decimals)

                  	
                    Number
                      (two decimals)

                  
	
                    Ending
                      actual loan due date

                  	
                    Beginning
                      scheduled 100% monthly payment amount before the servicer's
                      monthly
                      activity. Can be blank for act/act pools.

                  	
                    Ending
                      100% scheduled monthly loan payment amount after servicer's
                      monthly
                      activity (sch/sch) or the ending 100% actual monthly loan payment
                      amount
                      after servicer's activity (act/act).

                  	
                    (Sch/Sch)
                      beginning scheduled balance.

                    (Act/Act)
                      beginning 100% Actual balance or the beginning participation
                      Actual
                      balance for participation loans.

                  	
                    (Sch/Sch)
                      Ending scheduled balance.

                    (Act/Act)
                      Ending 100% Actual balance or the ending participation Actual
                      balance for
                      participation loans.

                  	
                    Ending
                      actual participation loan principal balance after servicer's
                      monthly
                      activity.

                  	
                    Ending
                      100% actual principal balance after servicer's monthly
                      activity.

                  	
                    (Sch/Sch)
                      --- Add scheduled principal + Curtailments + payoff/liquidation
                      amount
                      (Act/Act) --- Add actual principal + curtailments + payoff/liquidation
                      amounts.

                  	
                    For
                      Sch/Sch loans, enter the scheduled net
                      interest
                      amount remitted. For Act/Act loans, enter the net interest
                      amount
                      remitted. Net Interest should equal the Gross Interest Amount
                      minus
                      Service Fee Amount.

                  	
                    (Sch/Sch)
                      --- scheduled principal (Act/Act) --- actual principal
                      paid

                  	
                    Curtailment
                      amount

                  
	
                    07/01/02

                  	
                    4475.51

                  	
                    4475.51

                  	
                    557866.38

                  	
                    557516.76

                  	
                    557866.38

                  	
                    557866.38

                  	
                    349.62

                  	
                    4009.67

                  	
                    349.62

                  	
                    0.00

                  

          

          

          
            
              
              

            

            
              III-1

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